(Numbers in € million except per share data) Half year Half year  
  2011 2010 % Change
Volume (m unit cases) 1,036 1,009 3%
Net Sales Revenue 3,396 3,300 3%
Cost of goods sold 2,096 1,955 7%
Comparable EBIT 249 322 -23%
Comparable Net Profit 146 202 -28%
Comparable EPS (€) 0.40 0.55 -27%


  • Top line: Volume growth was led by a 6% increase in developing and a 3% increase in emerging markets. Net sales revenue growth included a 3% increase in emerging, an 8% increase in developing and a 1% increase in established markets.
  • Categories: Sparkling beverages volume increased by 6% in the first six months of 2011, while energy drinks volume grew by 41%, water and juice volume declined by 3% and 8% respectively.
  • Brands: All premium sparkling brands grew ahead of total volume growth, with Coca‑Cola growing 8%, Coca‑Cola Zero 9%, Fanta 4% and Sprite 7%.
  • Share gains: In the first six months of 2011, we grew our market share in sparkling beverages across most of our key markets including Russia, Nigeria, Austria, Ireland, Ukraine, Romania, Italy, the Czech Republic and Poland.
  • Restructuring: We continue to expect benefits from restructuring initiatives of approximately €38 million in 2011.
  • Comparable operating profit: The adverse impact of commodity costs and continued economic challenges in certain key markets, resulted in a decline in comparable EBIT.
  • Net debt: At the end of the first six months of 2011 our net debt was €1,916 million.
  • Cash flow: We generated free cash flow of €117 million in the first six months of 2011.
  • 3yr guidance: We expect free cash flow of €1.6 billion in 2011-2013 and cumulative capital expenditure of €1.5 billion.

Dimitris Lois, Chief Executive Officer of Coca‑Cola Hellenic, commented:
In the second quarter, we delivered an improved top-line performance as we continue to win in the marketplace with our strong brand portfolio. Despite improved operating efficiencies, restructuring savings, and revenue growth management initiatives, high commodity prices combined with challenging economic conditions hindered our profitability.

Consumer confidence remains fragile in most of our markets while the importance of the modern trade channel continues to increase. Looking into the remainder of the year we will grow revenue ahead of volume, win with our customers across all channels and drive cost leadership initiatives. Commodities are still expected to increase by low double-digits for the year. We remain committed to recover a substantial portion of this increase.

We have a uniquely diverse geography and the world’s most loved brands coupled with low per capita consumption. Our unmatched execution capabilities and our strong market positions in our countries, which we strategically advance every day, leave us very well placed to leverage the opportunities ahead.”

Contact Information

Company contact:
Coca‑Cola Hellenic
Oya Gur Tel: +30 210 618 3255
Investor Relations Director email: oya.gur@cchellenic.com
Panagiotis Vergis Tel: +30 210 618 3124
Investor Relations Associate email : panagiotis.vergis@cchellenic.com
European press contact: Tel: +44 20 7269 7206
Financial Dynamics London email: greg.quine@fd.com
Greg Quine