ATHENS, Greece, August 21, 2012 /PRNewswire/ --
Half year Half year 2012 2011 % Change Volume (m unit cases) 1,011 1,036 -2% Net Sales Revenue (EUR m) 3,432 3,396 1% Comparable Cost of Goods Sold (EUR m) 2,191 2,096 5% Comparable EBIT (EUR m) 192 249 -23% Comparable Net Profit (EUR m) 109 146 -25% Comparable EPS (EUR) 0.30 0.40 -25%
- Top line: Net sales revenue grew by 1% while volume declined by 2% in the first half of 2012. Volume was flat in emerging markets and declined by 5% and 4% in established and developing markets, respectively.
- Categories: Volume in the sparkling beverages category declined by 1% while energy drinks volume increased by 5%. Volume in the tea category was flat while water and juice categories declined by 6% each.
- Brands: Trademark Coca-Cola products volume was flat with Coca-Cola growing by 1% and Coca-Cola Zero growing by 9%.
- Share gains: We gained or maintained volume share in sparkling beverages in most of our markets including Italy, Switzerland, Austria, Poland, Russia, Ukraine, Romania and Bulgaria.
- Comparable o perating profit: Revenue growth initiatives fully off-set both total input cost increases and higher operating expenses in the first half on a currency neutral basis. A combination of lower volume and unfavourable foreign currency movements resulted in a €57 million year on year decrease in comparable EBIT.
- Free c ash flow and c apex : We generated free cash flow of €96 million in the first half of the year. For the period 2012-2014 we plan to make cumulative capital expenditures of €1.45 billion and expect to generate free cash flow of €1.45 billion.
Dimitris Lois, Chief Executive Officer of Coca-Cola Hellenic, commented:
"W e continued to win in the marketplace , w hile operating in an increasingly volatile and challenging external environment. Currency neutral net sales revenue per unit case grew by 3%, excluding the hyperinflation impact of Belarus.
We continue to witness prolonged macroeconomic uncertainty in all of our EU markets. The pressure from input costs is expected to ease in the second half of the year, though almost all of the benefit is expected to be offset by increasing pressures from unfavourable exchange rate movements. Our focus remains on winning in the marketplace, while at the same time growing value faster than volume and improving our operating cost base and efficiency, leading to solid free cash flow generation in 2012 and beyond. We remain committed to investing in our business and are confident we have the right strategy and solid plans to navigate through today's tough environment and create long-term sustainable value for our shareholders. Continuous cost base optimisation, productivity improvements and successful market place execution leave us strongly positioned to benefit from an eventual market recovery. "SOURCE Coca-Cola Hellenic Bottling Co SA
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