(Numbers in EUR million except per share data) Half year Half year 2011 2010 % Change Volume (m unit cases) 1,036 1,009 3% Net Sales Revenue 3,396 3,300 3% Cost of goods sold 2,096 1,955 7% Comparable EBIT 249 322 -23% Comparable Net Profit 146 202 -28% Comparable EPS (EUR) 0.40 0.55 -27%
- Top line: Volume growth was led by a 6% increase in developing and a 3% increase in emerging markets. Net sales revenue growth included a 3% increase in emerging, an 8% increase in developing and a 1% increase in established markets.
- Categories: Sparkling beverages volume increased by 6% in the first six months of 2011, while energy drinks volume grew by 41%, water and juice volume declined by 3% and 8% respectively.
- Brands: All premium sparkling brands grew ahead of total volume growth, with Coca-Cola growing 8%, Coca-Cola Zero 9%, Fanta 4% and Sprite 7%.
- Share gains: In the first six months of 2011, we grew our market share in sparkling beverages across most of our key markets including Russia, Nigeria, Austria, Ireland, Ukraine, Romania, Italy, the Czech Republic and Poland.
- Restructuring: We continue to expect benefits from restructuring initiatives of approximately €38 million in 2011.
- Comparable o perating profit: The adverse impact of commodity costs and continued economic challenges in certain key markets, resulted in a decline in comparable EBIT.
- Net debt: At the end of the first six months of 2011 our net debt was €1,916 million.
- Cash flow: We generated free cash flow of €117 million in the first six months of 2011.
- 3yr guidance: We expect free cash flow of €1.6 billion in 2011-2013 and cumulative capital expenditure of €1.5 billion.