THREE MONTHS 2009 HIGHLIGHTS
- Operating cash flow net of capital expenditure increased by €68 million from an outflow of €59 million in the first quarter of 2008 to an inflow of €9 million in the first quarter of 2009.
- Volume of 441 million unit cases, 3% above 2008 (410 million unit cases, 4% below 2008 on a like-for-like selling day basis). Net sales revenue remained stable at €1,374 million, compared to €1,373 million, in 2008.
- On a comparable basis, operating profit (EBIT) of €41 million, 38% below prior year period, largely attributable to negative currency movements.
- On a comparable basis, net profit of €7 million, 74% below prior year, and earnings per share was €0.02, 75% below prior year period.
1. Like-for-like selling day basis excludes the impact of prior year acquisitions and the three additional selling days in the first quarter of 2009.
2. 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. as presented below.
Doros Constantinou, Managing Director of Coca‑Cola Hellenic, commented:
"The first quarter of 2009 witnessed difficult trading conditions across certain key markets reflective of continued challenges in the global economic environment. However, despite lower overall consumer spending, our strong execution in the marketplace continues to drive share gains in many of our key markets and we successfully implemented price increases in accordance with our plans. Nonetheless, continuing volatility in currency markets had a material impact on our profitability for the quarter.
Our continuing Group-wide focus on cost saving programmes, disciplined use of capital, and tight working capital management, has resulted in significantly improved free cash flow generation during the first quarter. We expect continued benefits from this ongoing focus, which, together with lower expected commodity costs, should support profitability throughout the rest of the year.
Near term trading conditions remain challenging and difficult to predict. However, we believe that our robust capital structure together with the actions we are implementing will further strengthen our competitive position, leaving us well placed to capitalise on the positive long-term prospects of our markets."
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