Highlights for the nine months
- Operating cash flow net of capital expenditure of €519 million in the first nine months of 2009, an increase of €250 million compared to the prior year period.
- Volume of 1,617 million unit cases, flat compared to prior year period (on a like-for-like selling day basis and excluding Socib S.p.A., 1,553 million unit cases, 4% below the prior year period). Net sales revenue of €5,151 million, 4% below the prior year period.
- On a comparable basis, operating profit (EBIT) of €591 million, 1% below the prior year period.
- On a comparable basis, net profit of €411 million, 3% below the prior year period, and earnings per share of €1.13, 3% below the prior year period.
Third quarter highlights
- Volume of 584 million unit cases, 4% below the prior year period (excluding Socib S.p.A., 566 million unit cases, 7% below the prior year period). Net sales revenue of €1,885 million, 9% below the prior year period.
- On a comparable basis, operating profit (EBIT) of €281 million, 2% below the prior year period.
- On a comparable basis, net profit of €210 million, 1% below the prior year period, and earnings per share of €0.58, flat compared to the prior year period.
Financial indicators on a comparable basis exclude the recognition of restructuring costs and non-recurring items and include the effect of the results of Socib S.p.A.
Doros Constantinou, Chief Executive Officer of Coca‑Cola Hellenic, commented:
“Our results today, which demonstrated a further expansion in EBIT margin, highlight the continued progress we are making on our near-term strategic priorities of driving increased cash flow, growing market share and improving the efficiency of our operations. These factors have helped to mitigate the effects of weak economic conditions that have led to reduced consumer spending, less favourable channel mix and significant adverse currency movements. In line with our update given in early August, we witnessed a further deterioration in trading conditions during the third quarter, particularly within our developing and emerging market segments. We expect the economic environment in these segments to continue to remain highly challenging for the balance of this year and into next year, and we continue to believe the timing of the recovery will lag that of our established markets.
Although the economic outlook is still uncertain, the fundamentals of our business remain strong and we continue to drive excellent execution in the marketplace, evidenced by the share gains we achieved in the third quarter in the non-alcoholic ready-to-drink beverage category. We remain confident that the skill of our local management teams and ongoing financial discipline will enable us to deliver our free cash flow guidance of at least €1.2 billion between 2009 and 2011.”
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