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COCA COLA HELLENIC BOTTLING CO 6-K 2011
SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
November 2011
Coca-Cola Hellenic Bottling Company S.A. (Translation of Registrants Name Into English)
9 Fragoklissias Street, 151 25 Maroussi, Athens, Greece (Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F x Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes o No x
RESULTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2011
HIGHLIGHTS FOR THE NINE MONTHS
· Top line: Volume was flat in the first nine months with a 3% increase in developing markets, fully offset by a 1% decline in established and emerging markets. Net sales revenue grew ahead of volume with a 3% increase in developing markets and a stable performance in established and emerging markets.
· Categories: Sparkling beverages volume increased by 3% in the first nine months of 2011, while energy drinks volume showed strong double digit growth. On the other hand, water and juice volume declined by 6% and 7%, respectively.
· Brands: All premium sparkling brands grew ahead of total volume, with Coca-Cola growing 6%, Coca-Cola Zero growing 9%, and Fanta and Sprite growing 2%, each.
· Share gains: In the first nine months of 2011, we gained both volume and value share in sparkling beverages across most of our key markets including Austria, Switzerland, Poland, Ukraine, the Czech Republic, Serbia, and Ireland.
· Restructuring: We expect benefits from restructuring initiatives of approximately 42 million in 2011.
· Comparable operating profit: The continuing adverse impact of commodity costs and persisting economic challenges across most of our territories resulted in a decline in comparable EBIT.
· Net debt: At the end of the first nine months of 2011, our net debt was 1,714 million.
· Cash flow: We generated free cash flow of 416 million in the first nine months of 2011.
· Free Cash Flow and Capex guidance: We revised our free cash flow guidance of 1.6 billion for 2011-2013 to 1.35 billion and cumulative capital expenditure from 1.5 billion to 1.35 billion.
Dimitris Lois, Chief Executive Officer of Coca-Cola Hellenic, commented:
During the third quarter we continued to expand our leadership position in the marketplace by growing value share in the ready-to-drink category in twenty four out of our twenty eight markets. Consistent with our revenue growth strategy, we also achieved net sales revenue per unit case growth of 4% on a currency neutral basis.
The sharp deterioration in consumer confidence and continued pressure from input costs combined with the impact on our comparable results of last years heat wave in several key countries impacted both volume and profitability in the third quarter. In the fourth quarter, we will maintain focus on our strategic initiatives, revenue growth management, cost leadership and free cash flow generation while winning in the marketplace.
We are proud that our commitment to sustainable, profitable growth has been recognised for the fourth consecutive year through our inclusion in the Dow Jones Sustainability Index. Long term, our market execution capabilities, leading brands, broad geographic footprint with attractive growth prospects and our financial discipline leaves us confident in our ability to continue to create value for our shareholders.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements that involve risks and uncertainties. These statements may generally, but not always, be identified by the use of words such as believe, outlook, guidance, intend, expect, anticipate, plan, target and similar expressions to identify forward-looking statements. All statements other than statements of historical facts, including, among others, statements regarding our future financial position and results, our outlook for 2011 and future years, business strategy and the effects of our recent acquisitions, and restructuring initiatives on our business and financial condition, our future dealings with The Coca-Cola Company, budgets, projected levels of consumption and production, projected raw material and other costs, estimates of capital expenditure and plans and objectives of management for future operations, are forward-looking statements. You should not place undue reliance on such forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect our current expectations and assumptions as to future events and circumstances that may not prove accurate. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons, including the risks described in our annual report on Form 20-F filed with the U.S. Securities and Exchange Commission (File No 1-31466).
Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot assure you that our future results, level of activity, performance or achievements will meet these expectations. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. After the date of the condensed consolidated interim financial statements included in this document, unless we are required by law to update these forward-looking statements, we will not necessarily update any of these forward-looking statements to conform them either to actual results or to changes in our expectations.
Reconciliation of Reported to Comparable Financial Indicators
(1) EBIT or Operating profit refers to profit before tax excluding finance income / costs and share of results of equity method investments. (2) Profit after tax attributable to owners of the parent
Financial indicators presented on a comparable basis exclude the recognition of restructuring costs incurred in both periods under review. In addition the Group has entered into certain commodity derivatives in order to mitigate its exposure to commodity price risk transactions. These transactions however do not qualify for hedge accounting and is principally related to managing the exposure to sugar price volatility. The fair value gains and losses on the derivatives are immediately recognised in the income statement in the line cost of goods sold. The Groups comparable results exclude the unrealised gains/losses of this hedging activity. These gains/losses will be reflected in comparable results in the period that the underlying transactions occur.
Group Operational Review
Coca-Cola Hellenic Bottling Company S.A. (Coca-Cola Hellenic or we or the Group) achieved comparable earnings per share of 0.43 in the third quarter, demonstrating a sequential improvement over previous quarters of 2011. Unit case volume declined 5% in the quarter as we cycled our exceptional performance during the third quarter of 2010 due to the heat wave in some of our key emerging and developing markets. Additionally, low consumer confidence across Europe and unseasonably cold and rainy weather conditions in Central and Eastern Europe in July and August accentuated trading conditions in the third quarter.
In the third quarter of 2011, we gained volume share in sparkling beverages in twenty-three out of our twenty-eight markets. In the non-alcoholic ready to drink beverages category, we gained value share in twenty-four of our markets.
Sales of Trademark Coca-Cola products increased by 2% in the third quarter of 2011 driven primarily by strong growth of Coca-Cola Zero in established and developing markets. Sparkling beverages volume decreased by 1% in the third quarter, cycling strong performance in Russia and Ukraine in the comparable prior year period. Volume in the sparkling beverages category grew by 3% in the first nine months of 2011. Our energy drinks business grew by 25% in the third quarter continuing its strong growth trend across all of our reporting segments. The decline in the juice category slowed to mid single-digits in the third quarter of 2011. Volume in the water category decreased in the low double-digits in the third quarter of 2011 where more than three quarters of the loss is coming from Russia, Ukraine and Poland due to the cycling of exceptionally hot summer weather last year. However, the package mix in the water category continued to improve across all operating segments.
The ongoing roll out of our occasion based brand, package, price and channel strategy drove an improved package mix and net sales revenue across the Group while consumers continue to shop more in the modern trade channel.
Net sales revenue outperformed volume reflecting our commitment to grow revenues ahead of volume. On a currency neutral basis net sales revenue decreased by 1% in the third quarter as we implemented further revenue growth initiatives in selective markets. The positive impact of our revenue growth initiatives was diluted by an unfavourable foreign currency development, primarily in emerging markets. The impact of increased commodity prices primarily for PET resin, sugar, juice concentrate, and fuel continues to be a significant driver of our reduced profitability. Comparable operating profit decreased by 27% in the third quarter and comparable operating profit margin declined by 368 basis points to 11.4%.
Working capital improved by 137 million in the third quarter of 2011 primarily due to effective inventory and receivables management. We generated 299 million of free cash flow in the third quarter of 2011, with free cash flow for the nine months of 2011 amounting to 416 million.
In September 2011, we finalised our transaction in Nigeria whereby minority shareholders in Nigerian Bottling Company were bought out for a total consideration of 99 million (excluding transaction costs) and delisted the company from the Nigerian Stock Exchange. The buy-out of minority interest in Coca-Cola HBC Serbia A.D. was also finalised in September for a total consideration of 17 million.
Our efforts related to sustainability have been recognised for the fourth consecutive year and we have been included in the Dow Jones Sustainability Index (DJSI), the premier global sustainability benchmark. Coca-Cola Hellenic is one of only three beverage companies worldwide to earn a place on the DJSI World index, and one of just two to make it into the DJSI Europe index.
Operational Review by Reporting Segments
Established markets
· Unit case volume in our established markets segment declined by 3% in the third quarter of 2011 driven by weak consumer sentiment in Greece and Italy and cycling a decline of 4% in the comparable prior year period. Unit case volume declined by 1% in the first nine months of 2011, cycling a 5% decline in the comparable prior year period.
· Net sales revenue declined by 1% in the quarter, as positive price mix and a favourable currency impact was more than offset by lower volume and negative channel mix.
· Volume in Italy declined by mid single-digits in the third quarter of 2011 and remained flat in the first nine months. Consumer confidence is declining in Italy as the government voted for additional austerity measures to control the deepening debt crisis. We outperformed the market as the total alcohol free beverages market contracted by high single-digits in the third quarter. Cola-Cola Zero was the key volume contributor by low double-digits. Both package mix and channel mix was positive as a result of our continued investments behind the immediate consumption channel. The overall VAT rate was increased by one percent in Italy effective from 19 September 2011.
· Volume in Switzerland increased by low single-digits for both periods under review. Trademark Coca-Cola products, led by Coca-Cola Zero, posting low double-digits growth, supported volume in the third quarter. The energy category continued its positive momentum benefiting from recent listings in the two largest retailers in Switzerland. Package mix was positive as single serve packages outperformed multi-serve packages. However, channel mix was affected negatively as growth in the immediate consumption channel was slower than in the future consumption channel due to poor weather conditions in July and August.
· Volume in Greece declined by mid single-digits in the third quarter of 2011 and by high single-digits in the first nine months. Third quarter performance improved over previous quarters in the year due to our focus on market execution behind our occasion based brand, package, price and channel strategy and the impact of improved tourism over last year. The austerity measures taken in the quarter including pension and salary reductions in the public sector, imposition of a solidarity tax and additional real estate tax, reduced disposable income further maintaining consumer confidence at all time low levels. Coca-Cola Zero grew by mid single-digits in both periods. Effective from 1 September 2011 VAT for all commercial beverages except still water was increased from 13% to 23%. In addition our business was impacted by a corresponding VAT increase in the hotel, restaurant and cafe channel.
· Volume in Ireland declined by low single-digits in the third quarter of 2011 with the first nine months of the year growing by low single-digits. Economic conditions remain challenging particularly in the Republic of Ireland. Trademark Coca-Cola products and water were the main volume drivers in the quarter. In August, we kicked off the first 2012 Olympics programme in Northern Ireland around the Olympic Torch relay.
· The established markets segment contributed 98 million to our comparable operating profit in the third quarter of 2011 and 237 million in the first nine months of 2011. Lower volume increased raw material costs and unfavourable channel mix, more than offset the benefits from price and mix and favourable foreign currency movements.
Operational Review by Reporting Segments (continued)
Developing markets
· Unit case volume in our developing markets segment declined by 2% in the third quarter of 2011 and increased by 3% in the first nine months, cycling a decline of 1% in both comparable prior year periods.
· Net sales revenue declined by 4% in the third quarter of 2011, as the benefits of revenue growth initiatives were more than offset by lower volume, unfavourable currency movements and higher discounts in the modern trade channel.
· Volume in Poland declined by mid single-digits in the third quarter with the first nine months of the year growing by mid single-digits. In addition to declining consumer confidence, performance was negatively affected by cold and rainy weather in July while cycling the heat wave of last year. All beverage categories declined by double-digits in July and August and we outperformed in a declining market. The core sparkling beverages category grew by mid single-digits in the third quarter of 2011 driven by a mid single-digits increase in brand Coca-Cola, a high single-digits increase in Coca-Cola Zero and low double-digit increase in Sprite.
· Volume in Hungary increased by mid single-digits in the third quarter of 2011 and by low single-digits in the first nine months of the year. Core sparkling beverages grew by mid single-digits in the third quarter driven primarily by Coca-Cola Zero posting an increase in the mid-teens. Coca-Cola, Coca-Cola light and Fanta sales increased by mid single-digits supported by warm weather conditions in August and September, a new Fanta flavour launch and promotional activities. As of 1 September 2011 a public health tax was imposed on beverages with sugar and caffeine content higher than a specific amount which were passed on through pricing initiatives in both categories.
· Volume in the Czech Republic declined in the low single-digits in the third quarter with the first nine months of the year growing by low single-digits. On a year to date basis we are outperforming a declining alcohol free beverages market. Sales of core sparkling beverages increased by mid-teens in both periods under review with Coca-Cola regular posting strong double-digits growth in the third quarter despite the unseasonably cold weather in July and most part of August. The Czech government is implementing a two stage VAT increase strategy whereby the lower VAT band will be increased from 10% to 14% effective from January 2012 and to 17.5% in January 2013.
· The developing markets segment contributed 33 million to our comparable operating profit for the third quarter of 2011 and 64 million in the first nine months of 2011. Lower volume, increased raw material prices, negative price mix and unfavourable currency movements were the key drivers of lower profitability in the third quarter.
Operational Review by Reporting Segments (continued)
Emerging markets
· Unit case volume in our emerging markets segment declined by 7% in the third quarter cycling an increase of 14% in the comparable prior year period. Unit case volume declined by 1% in the first nine months of 2011, cycling a 5% increase in the comparable prior year period.
· Net sales revenue decreased by 5% in the third quarter of 2011, as a result of lower volume and unfavourable currency movements more than offsetting improved pricing and category mix.
· Volume in Russia declined by low double-digits in the third quarter cycling 30% growth from prior year which resulted from an exceptionally hot summer in 2010. Volume declined by low single-digits in the first nine months of the year. Trademark Coca-Cola products grew by low single-digits resulting in a 1.5% share gain in the sparkling beverages category. Fanta posted double-digit growth for another quarter on the back of very successful launch of Fanta Grape. Our Multon business gained share in the juice category despite increased competition from value brands.
· Volume in Nigeria decreased by mid single-digits in the third quarter of 2011 while maintaining a low single-digits increase in the first nine months of the year. Volume growth decelerated in Nigeria highlighting that the economy is not immune to the global economic downturn. Sales of Coca-Cola regular increased by low single-digits in the third quarter. Water volume was weak due to the floodings in the western and northern regions of the country as well as competitive pressure from local water brands affecting off-takes.
· Volume in Romania decreased by mid single-digits for both periods under review. Sales of Coca-Cola regular increased by low single-digits capitalising on its strong brand equity and supported by our commercial strategy. The improvement in package mix highlights our effective commercial strategy in the marketplace.
· Volume in Ukraine declined by 23% in the third quarter cycling 26% growth during last years heat wave. Volume declined by low double-digits in the first nine months of the year. Low consumer confidence coupled with a significant decline in tourism on the Black Sea coast contributed to the weak performance in the quarter. Despite the challenging trading conditions we grew our volume share in sparkling beverages by more than three percentage points and value share grew faster. We have also launched our Euro 2012 campaign with Ukraine being one of the two host countries.
· The emerging markets segment contributed 88 million to our comparable operating profit in the third quarter and 167 million in the first nine months of 2011. In the third quarter, the benefits from revenue growth management initiatives and cost savings were more than offset by a significant increase in commodity costs, lower volume and unfavourable currency movements primarily driven by the Belarusian Rouble.
Business Outlook
During the first nine months of 2011, consumer confidence in many of our territories continued to deteriorate, with a notable slowdown during the third quarter. Economic challenges remain throughout Europe as the sovereign debt crisis in countries like Greece, Italy, Spain and Portugal continues to impact growth in the Eurozone.
In this environment we remain committed to strengthen our business by taking the long term view it deserves. We are focuced on winning in the marketplace. We will also seek sustainable growth by increasing our share of consumers disposable income. Revenue growth initiatives will remain a priority to drive net revenue growth ahead of volume. A critical element of our revenue growth strategy is our customised occasion based brand, package, price, and channel strategy which addresses affordability, while increasing transactions and building brand equity. Pricing initiatives are another element of this strategy and we will continue to identify pricing opportunities selectively in the remainder of the year. We will continue to invest behind our strategic initiatives and cost leadership and drive capital expenditure and direct marketing investments to capture them.
Our view on raw material prices in 2011 is unchanged. We continue to expect an increase in the low double-digits for the year primarily due to world sugar, PET, juice and fuel prices. Our overall revenue growth strategy is focused on recovering most of this increase. For 2012, we expect raw material prices to increase in the high single-digits in aggregate primarily due to our expectation of an increase in EU sugar and juice prices.
Our relentless focus on operating expenses and working capital management together with our restructuring initiatives will continue to be another major tool to mitigate the impact of rising raw material costs. We are on track with our previously communicated restructuring initiatives and have identified additional opportunities to further improve efficiencies and reduce costs. We now expect approximately 58 million in restructuring costs for 2011. We expect initiatives for 2011 and initiatives taken in 2010 to yield approximately 42 million in total benefits in 2011. This years restructuring initiatives are expected to yield 46 million annualised benefits from 2012 onwards.
Currency volatility across our territory increased in the third quarter and based on current spot rates, we expect a negative impact from currency movements in 2011.
The effective tax rate for 2011 is expected to be approximately 26% primarily due to the change in the mix of countries contributing to profitability, limitation of deductibility of certain expenses, changes in tax rates having an impact on deferred tax assets and liabilities, and utilisation of one-off tax benefits in prior years in certain countries.
We expect to generate free cash flow of 1.4 billion for the three year period ending 31 December 2012 compared to our previous guidance of 1.5 billion. In addition, we update our guidance of free cash flow for the three year period ending 31 December 2013 to 1.35 billion compared to our previous guidance of 1.6 billion. We believe that in light of two consecutive years of commodity price pressure, increased economic volatility and declining consumer confidence the free cash flow we will be generating is extremely strong. We also plan to invest 1.35 billion in net capital expenditure in both the 2010 to 2012 period and 2011 to 2013 period. This reflects our continued confidence in the long term potential of our business. Our recent communication during our plant opening in Rostov, Russia referring to a joint investment with The Coca-Cola Company of $3 billion in the next five years in Russia will constitute a significant part of this total capex investment.
While our business is being impacted by declining consumer confidence, we will continue to plan for the long term. We are convinced that we are pursuing the right strategy which is being executed by our teams on a daily basis across a geography that offers ample scope for growth. This strategy enables us to solidify our leadership in our markets and continue to win at the point of sale. We are exploiting our revenue growth management strategy, improving operating efficiencies by focusing on cost leadership, and strengthening our free cash flow to create value for our stakeholders.
Group Financial Review
Summary Profit & Loss
(1) Refer to the Reconciliation of Reported to Comparable Financial Indicators section in page 2. (2) We define Adjusted EBITDA as operating profit before deductions for depreciation and impairment of property, plant and equipment (included both in cost of goods sold and in operating expenses), amortisation and impairment of and adjustments to intangible assets, stock option compensation and other non-cash items, if any.
Net sales revenue
Net sales revenue per unit case increased by 1% in both the first nine months and third quarter of 2011, in each case compared to the respective prior year periods. On a currency neutral basis, net sales revenue per unit case increased by approximately 2% in the first nine months and by 4% in the third quarter of 2011 compared to the respective prior year periods. In the first nine months of 2011, net sales revenue per unit case for the established and developing markets decreased by approximately 1%, whereas it increased for the emerging markets by approximately 6%, in each case on a currency neutral basis.
Group Financial Review (continued)
Cost of goods sold
Comparable cost of goods sold increased by approximately 5% and 2% in the first nine months of 2011 and the third quarter of 2011 respectively. Comparable cost of goods sold per unit case increased by 5% and 7% in the first nine months of 2011 and the third quarter of 2011, in each case compared to the respective prior year periods, mainly reflecting higher commodity costs.
Gross profit
Comparable gross profit margins decreased from 41.2% in the first nine months of 2010 to 38.5% in the first nine months of 2011 and from 41.9% in the third quarter of 2010 to 38.9% in the third quarter of 2011. On a unit case basis, comparable gross profit decreased by approximately 6% in both the first nine months and the third quarter of 2011, in each case versus the respective prior year periods. On a currency neutral basis, comparable gross profit per unit case decreased by approximately 5% in the first nine months of 2011 and the third quarter of 2011, in each case versus the respective prior year periods.
Operating expenses
Total comparable operating expenses increased by 1% in the first nine months of 2011 and decreased by 1% in the third quarter of 2011, in each case versus the respective prior year periods. The year to date increase reflects an increase in warehouse, distribution, administration costs and direct marketing expenses which was only partly offset by operating expenses decreases achieved through earlier cost saving initiatives.
Operating profit
Comparable operating profit decreased by 25%, from 623 million in the first nine months of 2010 to 468 million in the first nine months of 2011. For the third quarter, comparable operating profit decreased by 27%, from 301 million in the third quarter of 2010 to 220 million in the third quarter of 2011 mainly due to increased commodity and raw materials costs. Our comparable operating margin decreased from 11.8% in the first nine months of 2010 to 8.8% in the first nine months of 2011 and from 15.1% in the third quarter of 2010 to 11.4% in the third quarter of 2011.
Net finance costs
Net finance costs during the third quarter and during the first nine months of 2011 were higher by 0.6 million and 9.5 million respectively compared to the same periods of the prior year. This was mainly due to the ineffectiveness charge arising from our hedge accounting relationships, the early issuance of the new 300 million bond in March 2011 leading to a negative interest rate spread, costs associated with the early refinancing of the 500 million Revolving Credit Facility that took place in May 2011 and the portfolio restructuring from floating to fixed interest rates that took place in June and July last year. All these negative effects more than offset the positive impact from the non-recurrence of the interest rate options valuation that had a negative impact during the first nine months last year.
Tax
On a comparable basis, Coca-Cola Hellenics effective tax rate for the first nine months of 2011 was approximately 25% similar to the respective prior year period. The Groups effective tax rate varies quarterly depending on the mix of taxable profits by territory, non-deductibility of certain expenses, non-taxable income and other one-off tax items across its territories.
Net profit
On a comparable basis, net profit was 302 million in the first nine months of 2011, compared to net profit of 419 million the prior year period. In the third quarter of 2011, comparable net profit was 156 million, compared to 217 million in the prior year period, driven mainly by the decreased operating profit.
Cash flow
Cash inflow from operating activities was 711 million in the first nine months 2011, versus cash inflow of 904 million in the prior year period. Cash inflow from operating activities net of capital expenditure was 416 million for the first nine months of 2011, compared to cash inflow of 643 million in the comparable prior year period.
Capital expenditure
Our capital expenditure, net of receipts from the disposal of assets and including principal repayments of finance lease obligations, amounted to 295 million in the first nine months of 2011, compared to 261 million in the prior year period.
Supplementary Information
The financial measures Operating Profit, Adjusted EBITDA, Capital Expenditure and Free Cash Flow consist of the following reported amounts in the condensed consolidated interim financial statements:
Coca-Cola Hellenic
Coca-Cola Hellenic is one of the worlds largest bottlers of products of The Coca-Cola Company with annual sales of more than 2 billion unit cases. It has broad geographic reach with operations in 28 countries serving a population of more than 560 million people. Coca-Cola Hellenic offers a diverse range of ready-to-drink non-alcoholic beverages in the sparkling, juice, water, sport, energy, ready to drink tea and coffee categories. Coca-Cola Hellenic is committed to promoting sustainable development in order to create value for its business and for society. This includes providing products that meet the beverage needs of consumers, fostering an open and inclusive work environment, conducting our business in ways that protect and preserve the environment and contribute to the socio-economic development of our local communities.
Coca-Cola Hellenics shares are listed on the Athens Exchange (ATHEX: EEEK), with a secondary listing on the London (LSE: CCB) stock exchange. Coca-Cola Hellenics American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE: CCH). Coca-Cola Hellenic is included in the Dow Jones Sustainability and FTSE4Good Indexes. For more information, please visit www.coca-colahellenic.com.
Financial information in this announcement is presented on the basis of
Conference call
Coca-Cola Hellenic will host a conference call with financial analysts to discuss the nine months year of 2011 financial results on 8 November 2011 at 4:00 pm, Athens time (2:00 pm, London time and 9:00 am, New York time). Interested parties can access the live, audio webcast of the call through Coca-Cola Hellenics website (www.coca-colahellenic.com).
Contact Information
Condensed consolidated interim balance sheet (unaudited)
(1) Comparative figures have been restated where necessary to reflect changes in accounting policy as detailed in Note 1.
The notes on pages 20 to 30 are an integral part and should be read in conjunction
Condensed consolidated interim income statement (unaudited)
(1) Comparative figures have been restated where necessary to reflect changes in accounting policy as detailed in Note 1.
The notes on pages 20 to 30 are an integral part and should be read in conjunction
Condensed consolidated interim statement of comprehensive income (unaudited)
(1) Comparative figures have been restated where necessary to reflect changes in accounting policy as detailed in Note 1.
The notes on pages 20 to 30 are an integral part and should be read in conjunction
Condensed consolidated interim income statement (unaudited)
(1) Comparative figures have been restated where necessary to reflect changes in accounting policy as detailed in Note 1.
The notes on pages 20 to 30 are an integral part and should be read in conjunction
Condensed consolidated interim statement of comprehensive income (unaudited)
(1) Comparative figures have been restated where necessary to reflect changes in accounting policy as detailed in Note 1.
The notes on pages 20 to 30 are an integral part and should be read in conjunction
Condensed consolidated interim statement of changes in equity (unaudited)
The notes on pages 20 to 30 are an integral part and should be read in conjunction
Condensed consolidated interim statement of changes in equity (unaudited) (continued)
Comparative figures have been restated where necessary to reflect changes in accounting policy as detailed in Note 1.
The notes on pages 20 to 30 are an integral part and should be read in conjunction
Condensed consolidated interim cash flow statement (unaudited)
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