2011 2010 % Change
Volume (m unit cases) 434 431 1%
Net Sales Revenue (€ m) 1,416 1,377 3%
Cost of goods sold (€ m) 895 842 6%
Comparable EBIT (€ m) 28 57 -51%
Comparable Net (Loss) /Profit (€ m) (1) 29 n/a
Comparable EPS (€) - 0.08 n/a


  • Top line: Volume growth led by a 3% increase in emerging markets. Net sales revenue growth included a 2% increase in developing and a 7% increase in emerging markets.
  • Categories: Sparkling beverages volume increased by 3% in the quarter, while ready-to-drink tea grew by 5%. On the other hand water volume declined by 4% and juice by 8%.
  • Brands: Trademark Coca‑Cola grew by 4%. Coca‑Cola Zero increased by 8% in established markets and 14% in developing markets. Brand Coca‑Cola grew by 3% and 9% in developing and emerging markets respectively.
  • Share gains: In Q1 2011 we expanded our sparkling share across most of our key markets including Russia, Greece, Nigeria, Romania, Italy, the Czech Republic and Ireland.
  • Restructuring: We continue to expect benefits from restructuring initiatives of approximately €38m in 2011.
  • Comparable Operating profit: the adverse impact on top line from the timing of Easter this year, together with increased commodity costs resulted in a decline in comparable EBIT.
  • Net debt: At the end of the first quarter net debt stood at €1,893m.
  • Cash flow: Free cash outflow of €68m in the quarter, which we expect to normalise through the course of the year.
  • 3yr guidance: Expected free cash flow of €1.6 billion in 2011-2013, with cumulative capital expenditure of €1.5 billion.

Doros Constantinou, Chief Executive Officer of Coca‑Cola Hellenic, commented:

“Once again the geographic diversity of our markets allowed us to deliver volume and revenue growth in the first quarter of 2011 despite the impact of the timing of Easter this year. However, increasing commodity prices during our seasonally least significant trading period reduced our profitability for the quarter.

While input costs will remain a challenge throughout the year, we expect trading conditions to improve as we move into our more important summer selling period during the second quarter. We will continue to balance the need to offset significant increases in commodity prices with the ability of our consumers to bear increased cost and our strategy of strengthening our market position.

We believe that our focus on execution in the marketplace and the added benefits of our new customer centric initiatives across our diverse geographic territory will enable us to create value both in the near and longer term.”

Contact Information

Company contact:  
Coca‑Cola Hellenic  
Oya Gur Tel: +30 210 618 3255
Investor Relations Director
Panagiotis Vergis Tel: +30 210 618 3124
Investor Relations Manager email:
European press contact:  
Financial Dynamics London Tel: +44 20 7269 7206
Greg Quine email: