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.