HIGHLIGHTS FOR THE FULL YEAR • Volume of 1,404 million unit cases, 4% ahead of the same period in 2003,

• Operating profit of €421.8 million (underlying* €434.7 million) versus €377.9 million, 12% ahead of the same period in 2003,

• Increase in net income to €272.1 million (underlying* €281.9 million) from €231.9 million, 17% increase compared to the same period in 2003.


• Volume of 326 million unit cases, 3% ahead of the same period in 2003,

• Operating profit of €27.4 million (underlying* €40.3 million) versus €23.5 million, 17% ahead of the same period in 2003,

• A net loss of -€1.1 million (underlying* €8.7 million) from net income €14.0 million in the same period in 2003.


* Reconciliation of GAAP and non-GAAP measures:




Three Months Ended        Year Ended

 December 31, 2004      December 31, 2004

                   (Euro in millions)

Operating profit

Restructuring charges

Underlying operating profit

                   € 27.4                         € 421.8

                      12.9                               12.9

                      40.3                             434.7





Net income

Restructuring charges

Tax on restructuring charges

Underlying net income

                   (€ 1.1)                        € 272.1

                      12.9                               12.9

                       (3.1)                              (3.1)

                     € 8.7                          € 281.9



Doros Constantinou, Managing Director of Coca‑Cola HBC, commented:

‘I am pleased to report strong underlying earnings growth for Coca‑Cola HBC with continued margin expansion despite challenging trading conditions. Although volume was softer than planned, our volume to value strategy including the pursuit of operational efficiency and better asset utilisation, resulted in improved underlying profitability and returns on invested capital.

Having completed a detailed review of our longer-term prospects, I am pleased to confirm that Coca‑Cola HBC is well positioned to continue on its successful path of delivering strong, sustainable organic profit growth. Near-term, we expect a rebound in volume growth from 2004 levels. Despite higher raw material costs in 2005, our revenue growth and other cost saving initiatives should allow us to maintain our current gross margins. Longer-term, we continue to see exciting prospects, as past and future investment provide a robust platform for growth. Our continuing focus on broadening our beverage portfolio and optimising our execution is expected to deliver strong growth from our markets, as it has done since our inception in 2000. In recognition of our future prospects, we are proposing to raise our dividend by 40% for 2004, and will look to maintain our dividends within a payout ratio of 20-30% which approximates a Dividend Per Share (DPS) increase of 5% per annum.’

                                                                                                                                                  February 15, 2005