Half Year Highlights
- Operating cash flow net of capital expenditure increased by €172 million from an outflow of €50 million in the first half of 2008 to an inflow of €122 million in the first half of 2009.
- Volume of 1,033 million unit cases, 2% above the first half of 2008 (986 million unit cases, 3% below the first half of 2008 on a like-for-like selling day basis). Net sales revenue of €3,266 million, 1% below 2008.
- On a comparable basis, operating profit (EBIT) of €310 million, 1% below the prior year period.
- On a comparable basis, net profit of €201 million, 4% below the prior year period, and earnings per share of €0.55, 5% below the prior year period.
Second Quarter Highlights
- Volume of 593 million unit cases, 1% above the second quarter of 2008 (excluding Socib S.p.A., 576 million unit cases, 2% below the second quarter of 2008). Net sales revenue of €1,891 million, 3% below the second quarter of 2008.
- On a comparable basis, operating profit (EBIT) of €269 million, 9% above the prior year period.
- On a comparable basis, net profit of €194 million, 7% above the prior year period, and earnings per share of €0.53, 6% above the 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 as presented below exclude the recognition of restructuring costs and non-recurring items and include the effect of the results of Socib S.p.A.
Doros Constantinou, Managing Director of Coca‑Cola Hellenic, commented:
"Challenging global economic conditions continued to impact negatively consumer spending and our sales volumes in the second quarter. However, we gained volume and value share in the nonalcoholic ready-to-drink category across many of our key markets in the first half of the year, which bears testament to our strong portfolio of products and marketplace execution. Whilst negative currency and channel mix trends adversely impacted our revenues, we were delighted to see the benefit of our cost saving initiatives, together with lower commodity costs, contribute to a solid operating profit performance in the quarter with comparable EBIT margin expansion. The successful integration of our acquired Italian business, Socib S.p.A., also contributed to these positive results.
In addition, we achieved strong cash flow generation in the first six months, resulting from significant improvements in working capital management and lower capital expenditure.
We expect trading conditions in the second half of the year to continue to be challenging. However, we remain on track to deliver our targeted cost savings of between €115 and €120 million in 2009, and will continue to leverage best-in-class marketing programmes and superior in-outlet execution to win in the marketplace."
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