A strong start in a challenging year

                                                             FIRST QUARTER HIGHLIGHTS

• Volume of 311 million unit cases, 4% above 2004 on a reported basis, (6% above 2004 on a like-for-like selling day basis),

• Steady progress in underlying operating profit (EBIT) to €48 million (reported: €43 million), 9% above prior year.

Underlying net profit of €15 million (reported: €13 million), 19% above prior year,

Underlying EPS of €0.06 (reported: €0.06), 19% above prior year,

• Cash flow generated from operating activities less capital expenditure strengthened to €33 million versus €6 million in quarter 1 of 2004.

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

‘These results reflect strong organic volume growth, mix improvement, cost control and favourable currency impact. Our continued focus on market execution has enabled us to deliver a strong performance across the majority of our countries and all beverage categories, against a tough prior year comparison. In addition, operational efficiencies and aggressive cost controls have partially offset higher raw material prices.

It was particularly pleasing to see volume improvement and market share gains in our developing markets following the weaker volumes we experienced last year. Importantly, we continued to improve profitability in the Italian market and once again delivered excellent growth in Russia and Romania. We are excited to have broadened our presence in Russia with the acquisition of Multon and are optimistic about its prospects going forward.’

                                                                                                                                                     12 MAY 2005