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Coca-Cola Hellenic Bottling Company S.A. Q2 2010 Earnings Call Transcript

The resilience of the Coca-Cola brand was evidenced by cog zero which grew 4% with high single digit brand growth in both our established and developing segments. This growth was offset by volume decline of the Fanta brand. However, we expect Fanta to benefit from future investments in sampling programs and the formulation of Fanta Orange and Lemon which have already been successfully introduced in several countries.

Overall the sparkling beverage category continues to remain essential focus of our marketing plans both for the remainder of the year and into 2011.

With rising taxation and high unemployment placing ongoing pressure on households’ disposable incomes in several countries, we continue to witness a first channel mix as consumers will choose spending in immediate consumption channel.

As a result the volume of single served packages declined by 4% in both the second quarter and first half of the year. A shift in marketing mix towards increased activation and promotional activity in larger form at retail stores has resulted in volumes of multi-serve packages declining by only 1% in both periods under review.

Despite ongoing economic concerns, we remain strongly committed to investing in our brands and the market place to deliver long-term sustainable growth for our business. Together with The Coca-Cola Company we are implementing channel-specific promotional programs and new flavor and packaging innovations to ensure our brands and packages remain highly relevant to consumers in the current environment. This enables us to maintain or gain share in the non-alcoholic budget drink category across the majority of our markets in the first half of the year.

The difficult economic conditions are most evident in our established segment where volume declined by 5% in the quarter. The effect of austerity measures in Cyprus and Greece and Ireland continues to negatively impact consumer spending in these markets.

The challenges in Greece are further compounded by pressure on the tourism sector which is contributing to faster volume decline over our more profitable single-serve package in this country.

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