Second-Party Opinion Download

Project Details

Project

Coca-Cola İçecek A.Ş. Sustainability-Linked Bond Framework Second-Party Opinion (2022)

Client

Coca-Cola İçecek A.Ş.

Project Type

Sustainability Linked Bond or Note

Location

Turkey

Evaluation Date

Jan 2022

Evaluation Summary

Sustainalytics is of the opinion that the Coca-Cola İçecek A.Ş. Sustainability-Linked Bond Framework aligns with the Sustainability-Linked Bond Principles 2020. This assessment is based on the following: 

Selection of Key Performance Indicators (KPIs)

Coca-Cola İçecek A.Ş. Sustainability-Linked Bond Framework includes two KPIs: Water usage ratio (WUR) as litres of water used per litre of product produced (L/L) and Energy usage ratio (EUR) as megajoules of energy consumed per litre of product produced (MJ/L) (see Table 1). Sustainalytics considers the KPIs strong. 

Calibration of Sustainability Performance Targets (SPTs)

Sustainalytics considers the SPTs to be aligned with the Coca-Cola İçecek A.Ş. sustainability strategy. Sustainalytics further considers the SPTs ambitious, based on their past performance, peer performance and alignment with science-based trajectories.  

Bond Characteristics

Coca-Cola İçecek A.Ş. will link the bond’s financial/ structural characteristics to the achievement of the SPT(s), namely a step-up margin or premium payment in case the SPT(s) are not achieved, verified or performance targets are not published. 

Reporting

Coca-Cola İçecek A.Ş. commits to report on an annual basis on its performance on the KPIs and expects to include the relevant figures in the Investor Relations or Sustainability section of the Company’s website, aligned with the SLB Principles. 

Verification

Coca-Cola İçecek A.Ş. commits to having an external verifier provide limited assurance annually or for any date/period relevant for assessing the trigger of the SPT(s) performance. 

https://mstar-sustops-cdn-mainwebsite-s3.s3.amazonaws.com/docs/default-source/spos/coca-cola-İçecek-sustainability-linked-bond-framework-second-party-opinion.pdf?sfvrsn=e5921947_1