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COCA-COLA HBC S.A. - Half-yearly Report
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PR Newswire
London, August 21
RESULTS FOR THE SIX MONTHS ENDED 29 JUNE 2012
HALF YEAR HIGHLIGHTS
Half year Half year
2012 2011 % Change
Volume (m unit cases) 1,011 1,036 -2%
Net Sales Revenue (¤ m) 3,432 3,396 1%Comparable Cost of Goods Sold (¤ 2,191 2,096 5% m) Comparable EBIT (¤ m)
192 249 -23% Comparable Net Profit (¤ m) 109 146 -25% Comparable EPS (¤) 0.30 0.40 -25%
- Top line: Net sales revenue grew by 1% while volume declined by 2% in the first half of 2012. Volume was flat in emerging markets and declined by 5% and 4% in established and developing markets, respectively.
- Categories: Volume in the sparkling beverages category declined by 1% while energy drinks volume increased by 5%. Volume in the tea category was flat while water and juice categories declined by 6% each.
- Brands: Trademark Coca-Cola products volume was flat with Coca-Cola growing by 1% and Coca-Cola Zero growing by 9%.
- Share gains: We gained or maintained volume share in sparkling beverages in most of our markets including Italy, Switzerland, Austria, Poland, Russia, Ukraine, Romania and Bulgaria.
- Comparable operating profit: Revenue growth initiatives fully off-set both total input cost increases and higher operating expenses in the first half on a currency neutral basis. A combination of lower volume and unfavourable foreign currency movements resulted in a ¤57 million year on year decrease in comparable EBIT.
- Free cash flow and capex: We generated free cash flow of ¤96 million in the first half of the year. For the period 2012-2014 we plan to make cumulative capital expenditures of ¤1.45 billion and expect to generate free cash flow of ¤1.45 billion.
Dimitris Lois, Chief Executive Officer of Coca-Cola Hellenic, commented:
"We continued to win in the marketplace, while operating in an increasingly volatile and challenging external environment. Currency neutral net sales revenue per unit case grew by 3%, excluding the hyperinflation impact of Belarus.
We continue to witness prolonged macroeconomic uncertainty in all of our EU markets. The pressure from input costs is expected to ease in the second half of the year, though almost all of the benefit is expected to be offset by increasing pressures from unfavourable exchange rate movements. Our focus remains on winning in the marketplace, while at the same time growing value faster than volume and improving our operating cost base and efficiency, leading to solid free cash flow generation in 2012 and beyond.
We remain committed to investing in our business and are confident we have the right strategy and solid plans to navigate through today's tough environment and create long-term sustainable value for our shareholders. Continuous cost base optimisation, productivity improvements and successful market place execution leave us strongly positioned to benefit from an eventual market recovery."
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements that involve risks and uncertainties. These statements may generally, but not always, be identified by the use of words such as `believe', `outlook', `guidance', `intend', `expect', `anticipate', `plan', `target' and similar expressions to identify forward-looking statements. All statements other than statements of historical facts, including, among others, statements regarding our future financial position and results, our outlook for 2012 and future years, business strategy and the effects of our recent acquisitions, and restructuring initiatives on our business and financial condition, our future dealings with The Cocaâ¤'Cola Company, budgets, projected levels of consumption and production, projected raw material and other costs, estimates of capital expenditure or free cash flow and plans and objectives of management for future operations, are forward-looking statements. You should not place undue reliance on such forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect our current expectations and assumptions as to future events and circumstances that may not prove accurate. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons, including the risks described in our annual report on Form 20-F filed with the U.S. Securities and Exchange Commission (File No 1-31466). Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot assure you that our future results, level of activity, performance or achievements will meet these expectations. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. After the date of the condensed consolidated financial statements included in this document, unless we are required by law to update these forward-looking statements, we will not necessarily update any of these forward-looking statements to conform them either to actual results or to changes in our expectations.
Reconciliation of Reported to Comparable Financial Indicators
Group Financial Results Half year 2012
(numbers in ¤ million
except per share data)
COGS1 Gross EBIT3 Adjusted Net EPS6
Profit2 EBITDA4 profit5 (¤)
Reported (2,195.1) 1,237.0 169.9 367.6 91.2 0.25
Restructuring costs - - 17.6 15.6 15.0 0.04
Commodity Hedging 4.2 4.2 4.2 4.2 2.9 0.01
Comparable (2,190.9) 1,241.2 191.7 387.4 109.1 0.30
Group Financial Results Half year 2011
(numbers in ¤ million
except per share data)
COGS1 Gross EBIT3 Adjusted Net EPS6
Profit2 EBITDA4 profit5 (¤)
Reported (2,095.9) 1,299.8 231.9 425.0 132.5 0.37
Restructuring costs - - 16.8 15.3 13.5 0.03
Comparable (2,095.9) 1,299.8 248.7 440.3 146.0 0.40
Group Financial Results Second quarter 2012
(numbers in ¤ million
except per share data)
COGS1 Gross EBIT3 Adjusted Net EPS6
Profit2 EBITDA4 profit5 (¤)
Reported (1,255.0) 740.6 182.7 285.0 119.6 0.33
Restructuring costs - - 4.2 2.8 3.7 0.01
Commodity Hedging 6.4 6.4 6.4 6.4 4.5 0.01
Comparable (1,248.6) 747.0 193.3 294.2 127.8 0.35
Group Financial Results Second quarter 2011
(numbers in ¤ million
except per share data)
COGS1 Gross EBIT3 Adjusted Net EPS6
Profit2 EBITDA4 profit5 (¤)
Reported (1,201.4) 778.2 214.3 311.9 141.4 0.39
Restructuring costs - - 6.7 5.8 5.6 0.01
Comparable (1,201.4) 778.2 221.0 317.7 147.0 0.401 Reported COGS refers to cost of goods sold.
2 Reported Gross Profit refers to gross profit.
3 Reported EBIT refers to operating profit
4 Reported adjusted EBITDA refers to operating profit before deductions for depreciation and impairment of property, plant and equipment (included both in cost of goods sold and in operating expenses), amortisation and impairment of and adjustments to intangible assets, stock option compensation and other non-cash items, if any.
5 Reported Net Profit refers to profit after tax attributable to owners of the parent.
6 Reported EPS refers to basic earnings per share.
Financial indicators presented on a comparable basis exclude the
recognition of restructuring costs incurred in both periods under review. In
addition, the Group has entered into certain commodity derivatives
transactions in order to mitigate its exposure to commodity price risk. Though
these transactions are economic hedging activities that aim to manage our
exposure to sugar and aluminum price volatility, they do not qualify for hedge
accounting. The fair value gains and losses on the derivatives are immediately
recognised in the income statement in the cost of goods sold line item. The
Group's comparable results exclude the unrealised gains or losses resulting
from the mark-to-market valuation of this hedging activity. These gains or
losses will be reflected in the comparable results in the period when the
underlying transactions will occur, to match the profit or loss impact of the
underlying transactions.
Group Operational Review
During the second quarter of 2012, Coca-Cola Hellenic Bottling
Company S.A. (`Coca-Cola Hellenic' or `we' or the `Group') grew revenue ahead
of volume for the fourth consecutive quarter, whilst continuing to win in the
marketplace, delivering on our strategic priorities.
Unit case volume declined by 3% in the second quarter, cycling a 4%
increase in the comparable prior year period. Unit case volume declined by 2%
in the first half of 2012 cycling a 3% increase. Lower volume was due to
reduced disposable income, persistently low consumer confidence levels in our
EU markets and unseasonably rainy weather in late May and June across Central
and Eastern Europe. Consumer confidence levels in most of our EU markets
remain significantly below the EU average and disposable income levels
continue to deteriorate. Volatility, uncertainty and economic slowdown
continued to be the determining factors across our EU markets. Reflecting
these factors, our comparable earnings per share stood at ¤0.35 in the second
quarter of 2012, a ¤0.05 decline from the respective prior year period.
In the second quarter of 2012, we gained or maintained volume share
in sparkling beverages and value share in the non-alcoholic ready-to-drink
beverages ("NARTD") category in most of our markets. Some of the markets in
which we achieved volume share gains in sparkling beverages were Italy,
Switzerland, Austria, Poland, Russia, Ukraine, Romania and Bulgaria. In the
NARTD category, we gained or maintained value share in Switzerland, Austria,
Italy, Ireland, Poland, Hungary, the Czech Republic, Russia, Romania, Ukraine
and Bulgaria, among others.
Sparkling beverages volume declined by 2% in the second quarter and
1% in the first half of 2012. The sales of trademark Coca-Cola products
declined by 2% in the second quarter and were flat in the first half.
Coca-Cola Zero grew by 8% in the second quarter thus registering 9% growth in
the first half with volume growth across all three reporting segments. Our
energy drinks business grew by 5% both in the second quarter and the first
half as a result of growth in established and emerging markets. Sales of ready
to drink tea were up by 1% in the second quarter driven by a mid-teens
increase in emerging markets and were flat in the first half. Sales in the
water and juice categories declined by 6% each in the first half of 2012, with
a similar rate of decline also in the second quarter.
The continuous shift in demand towards at-home consumption had an
adverse impact on package mix during the second quarter. This was further
accentuated by unseasonably wet weather during the quarter, which primarily
affected the immediate consumption channel. Package mix improved in the water
category across all three reporting segments in line with our strategy of
focusing on immediate consumption packs and the premium segment as well as the
most profitable future consumption packages.
Our revenue growth initiatives including the continued successful execution of our occasion based brand, package, price and channel strategy ("OBPPC") as well as our pricing initiatives, once again, enabled us to deliver on our commitment to grow revenue ahead of volume. On a currency neutral basis, net sales revenue per unit case increased by 3% in the second quarter, excluding the positive hyperinflation impact of our business in Belarus. On a reported basis including Belarus, net sales revenue per unit case increased by 4%.
Our revenue growth initiatives more than off-set in absolute terms the total negative impact from higher input costs in the quarter, as well as the adverse effect of lower volume. Our comparable EBIT was ¤28 million lower year on year, predominantly due to unfavourable foreign currency impact.
Currency neutral operating expenses per unit case excluding the impact of Belarus increased by 2% in the second quarter driven by negative operating leverage due to lower volume. Including Belarus, currency neutral operating expenses per unit case increased by 3%.
We continue to focus on improving operating efficiencies and productivity and are also executing on our restructuring plans for 2012. In the beginning of the third quarter, we announced the consolidation of our production infrastructure in Bulgaria in addition to the announcements we made in the first quarter regarding Austria, Greece and Poland.
During the second quarter of 2012, Hungary, Italy, Moldova, Romania, and Switzerland, transitioned to our Shared Services Centre as part of our commitment to improve productivity and efficiency through the centralisation and standardisation of certain finance and human resources processes. As at the end of the first half of 2012, we have successfully transitioned 10 of our countries to the Shared Service Centre.
We generated free cash flow of ¤128 million in the second quarter of 2012 and ¤96 million for the first half, compared to ¤185 million and ¤117 million, respectively, in the comparable prior year periods. In the second quarter, working capital increased by ¤26 million year-on-year.
We continued to work towards our goal to build 20 Combined Heat and
Power ("CHP") plants by 2015, one of the largest CHP programmes in our
industry. On 1 June 2012, we inaugurated our ninth CHP plant at our facility
in Kiev, Ukraine. The plant is expected to have 40% lower CO2 emission and be
32% more energy efficient than would be the case with traditional power
generation.
On 29 June 2012, we celebrated the world's largest river festival,
Danube Day, in 11 of our countries with more than 81 million people attending.
Celebrations focused on conserving water resources and included water-themed
musical and cultural performances, distribution of educational material,
riverbank clean-ups, and rehabilitation of wildlife habitats. Together with
The Coca-Cola Company we have been successfully supporting this event since
2005 and working together with the International Commission for the Protection
of the Danube River, local governments, NGOs, educational institutions and
others concerned with environmental protection.
Operational Review by Reporting Segments
Established markets
Half year Half year % Q2 Q2 %
2012 2011 Change 2012 2011 Change
Volume (m unit cases) 334.3 353.1 -5% 184.1 200.1 -8%
Net sales revenue (¤ m) 1,349.2 1,421.6 -5% 735.0 800.1 -8%
Operating profit 66.6 130.1 -49% 58.1 96.6 -40%
(EBIT in ¤ m) Comparable operating profit (Comparable EBIT in ¤ m) 76.5 138.5
-45% 59.0 97.0 -39%
- Unit case volume in our established markets segment declined by 8% in the second quarter of 2012, cycling a 1% increase in the comparable prior year period. Unit case volume declined by 5% in the first half, cycling flat volume performance in the comparable prior year period.
- Net sales revenue declined by 8% in the quarter due to lower volume and negative category and package mix offsetting favourable currency movements.
- Volume in Italy declined just under 10% in the second quarter and mid single-digits in the first half of 2012. Based on the European Commission survey, consumer confidence dropped by more than 12 index points in the second quarter versus the first quarter of 2012. Sales volume of Coca-Cola Zero increased by 29% in the quarter supporting sparkling beverages volume. Package mix improved driven by water, reflecting our single-serve focus in the category. The Italian government recently announced the postponement of the planned 2 percentage points increase in the VAT rate, to July 2013. We maintained volume and value share in sparkling beverages and value share in the overall NARTD categories during the quarter.
- Volume in Switzerland declined in the mid single-digits in both periods under review primarily due to the appreciation of the Swiss Franc which resulted in increased cross border trade activity with Germany and France. The strong currency continued to negatively impact the tourism industry as well. Coca-Cola Zero, registered low single-digits volume growth in the quarter. Package mix improved in the quarter driven by sparkling beverages, highlighting the benefits of our activation around Euro 2012 and effective implementation of OBPPC. We gained volume and value share in both overall NARTD and sparkling beverages categories in the second quarter.
- Volume in Greece declined in the high single-digits in the second quarter and in the low-teens in the first half of 2012, showing a deceleration in the rate of decline for the third consecutive quarter. We are still cycling the implementation of the latest wave of austerity measures in the second half of 2011, including the 10 percentage points increase in the VAT rate in the third quarter of 2011. - Volume in Ireland declined in the low double-digits in the second quarter and in the high single-digits in the first half of 2012. The weak performance was attributable to continued challenging economic conditions and unseasonably wet weather. Core sparkling beverages continue to show more resilience. Coca-Cola Zero grew volume in the mid-teens and Fanta supported by the recent launch of Fanta Mango Passion Fruit flavour, grew volume by 23%.
- Comparable operating profit in the established markets segment declined to ¤59 million in the second quarter and ¤77 million in the first half of 2012. Lower volume, increased raw material costs, negative category and package mix drove the decline in profitability, despite a benefit in operating expenses.
Operational Review by Reporting Segments (continued)
Developing markets
Half year Half year % Q2 Q2 %
2012 2011 Change 2012 2011 Change
Volume (m unit cases) 188.1 195.7 -4% 108.7 116.5 -7%
Net sales revenue (¤ m) 548.9 582.8 -6% 319.7 347.9 -8%
Operating profit 1.0 23.9 -96% 14.6 30.0 -51%
(EBIT in ¤ m)
Comparable operating profit 5.6 31.2 -82% 15.6 36.1 -57%
(Comparable EBIT in ¤ m)
- Unit case volume in our developing markets segment declined by 7%
in the second quarter of 2012, cycling an 11% increase in the comparable prior
year period. Unit case volume declined by 4% in the first half, cycling a 6%
increase in the comparable prior year period.
- Net sales revenue declined by 8% in the quarter as the benefits of our revenue growth initiatives were more than offset by lower volume and unfavourable currency movements.
- Volume in Poland declined in the high single-digits in the second quarter, and in the mid single-digits in the first half of 2012. Poland had the toughest comparable prior year period among our key markets as it cycled 18% volume growth. Weather in the second quarter of 2012 was unseasonably wet. Sales volume of trademark Coca-Cola products increased by low single-digits and package mix improved in the sparkling beverages category reflecting our successful Euro 2012 activation and effectiveness of our OBPPC strategy. Our energy category posted strong double-digit volume growth in both periods under review due to the launch of Monster energy drink at the end of the first quarter of 2012. We grew both volume and value share in the sparkling beverages category in the second quarter. - Volume in Hungary declined in the mid single-digits in the second quarter and in the low single-digits in the first half of 2012 as we cycled a high-single digits increase in volume in the second quarter of 2011. Coca-Cola Zero was the best performer in the quarter growing in the low double-digits. Our juice category volume grew by low single-digits driven by our focus on 1lt PET package. The energy category continued to be negatively impacted by the public health tax which was introduced in the third quarter of 2011. - Volume in the Czech Republic declined in the high single-digits in both the second quarter and the first half of 2012. The 4 percentage points increase in the VAT rate in January 2012 and declining consumer sentiment were the reasons behind the weak performance. Coca-Cola Zero volume grew by low single-digits and Fanta volume grew by high single-digits supported by the successful launch of Fanta Strawberry Kiwi Flavour. Our ready-to-drink tea category grew in the low single-digits supported by flavour expansion through new launches. Package mix improved slightly in the second quarter driven primarily by an improvement in sparkling beverages category. - Comparable operating profit in the developing markets segment was ¤16 million in the second quarter and ¤6 million in the first half of 2012. Our developing markets segment was impacted the most by increasing input costs. In the second quarter, benefits of our revenue growth initiatives were more than offset by increased commodity costs, lower volume and unfavourable foreign currency movements driven primarily by the depreciation of the Polish Zloty.
Operational Review by Reporting Segments (continued)
Emerging markets
Half year Half year % Q2 Q2 %
2012 2011 Change 2012 2011 Change
Volume (m unit cases) 488.1 487.5 - 292.2 285.9 2%
Net sales revenue (¤ m) 1,534.0 1,391.3 10% 940.9 831.6 13%
Operating profit 102.3 77.9 31% 110.0 87.7 25%
(EBIT in ¤ m)
Comparable operating profit 109.6 79.0 39% 118.7 87.9 35%
(Comparable EBIT in ¤ m)
- Unit case volume in our emerging markets segment increased by 2% in the second quarter of 2012, cycling a 4% increase in the comparable prior year period. Unit case volume was flat in the first half, cycling a 3% increase in the comparable prior year period.
- Net sales revenue increased by 13% in the second quarter as a result of our revenue growth initiatives, higher volume and marginally favourable currency movements.
- Volume in Russia increased in the low double-digits in the second quarter with double digit growth across all beverage categories with the exception of water, which grew by low single-digits. Volume increased in the high single-digits in the first half of 2012. Volume growth in the second quarter was driven by Coca-Cola growing by 23%, Fanta growing by 26% and Dobry Juice growing by 12%. A Pulpy single serve package was launched in June as an important juice drink innovation in the Russian market. We gained volume and value share in the sparkling beverages and value share in the NARTD categories. This was also the seventh consecutive quarter of share growth for Coca-Cola. Our juice business doubled its growth rate compared to the first quarter reflecting the benefits of the successful implementation of our synergy project.
- Volume in Nigeria declined in the mid single-digits in the second quarter and in the high single-digits in the first half of 2012. Continued religious unrest in Northern Nigeria and the negative impact on disposable income from 43% reduction of the fuel subsidy in January 2012 were the main factors impacting performance. Volume in our juice category grew by mid single-digits driven by increased availability and marketing support.
- Volume in Romania declined in the low single-digits in both periods under review. Coupled with the recent political uncertainty, macroeconomic conditions remain challenging. Trademark Coca-Cola products' volume grew in the low single-digits due to Coca-Cola Zero posting 36% growth. Package mix in the sparkling beverages category improved as single-serve volume increased by double-digits, supported by our successful OBPPC initiatives. We grew both volume and value share in the sparkling beverages category in the second quarter.
- Volume in Ukraine declined in the high single-digits in both periods under review. Economic uncertainty driven by political volatility and lower purchasing power due to higher utility and fuel costs impacted demand negatively in the quarter. Volume of trademark Coca-Cola products grew by mid single-digits in the quarter driven by our Euro 2012 activation which included the biggest ever national promotion and activation in key accounts. Volume in our tea category grew in the mid-teens benefiting from the overall growth in the category. Package mix improved in the quarter, reflecting our focus on execution around Euro 2012. We gained volume and value share in both overall NARTD and sparkling beverages categories in the second quarter.
- Comparable operating profit in the emerging markets segment increased by 35% in the second quarter and by 39% in the first half of 2012 driven primarily by increased profitability in Russia. The benefits of our revenue growth initiatives and higher volume were only partially offset by increased commodity costs, higher operating expenses, and unfavourable foreign currency movements driven by the Russian Ruble, Serbian Dinar and Romanian Leu.
Business Outlook
In the second half of the year we expect challenging trading conditions to persist across most of our markets, reflecting the ongoing macroeconomic uncertainty and volatility in Europe. We anticipate that disposable income will deteriorate further and consumer confidence will continue to remain low as our consumers face an increasingly unpredictable environment. As a result of this, private consumption is expected to decline in 2012 across a number of key countries including Greece, Italy, Ireland, Hungary and the Czech Republic.
We have observed an easing in input costs primarily driven by lower PET prices. In this framework, our current outlook for currency neutral input costs per unit case is an increase in the mid single-digits for the full year, still driven by EU sugar prices. We expect the benefits from this improvement to be fully offset by unfavourable foreign currency movements due primarily to the depreciation of the euro against the US dollar and the impact of the Eurozone debt crisis on some of our developing and emerging market currencies. We expect our revenue growth strategy to fully recover the increase in total input costs in absolute terms. Our key priority is to grow volume and value shares in the sparkling beverages, tea and energy categories, with value growing faster than volume. In the juice category, we maintain a selective approach focusing on immediate consumption and the most profitable future consumption packages on a country-by-country basis. In the water category, our goal is to grow value ahead of volume by focusing on immediate consumption packs and the premium segment, as well as the most profitable future consumption packages.
We will continue to differentiate ourselves from our competitors by focusing on execution excellence in the market place. This consistent focus, further supported by our OBPPC strategy, enables us to pursue gaining or maintaining market share. We aim to continue growing currency neutral net sales revenue per unit case year-on-year as we continue to strengthen our market position across our territory.
While staying relevant to our consumers, we are driving cost efficiencies through our restructuring initiatives and other operating efficiency improvement projects. Our shared services organisation will expand its operations with the majority of our countries planned to complete their transition in the second half of 2012.
The continuing volatility in the external environment and our ongoing focus in driving operational efficiency and productivity have led us to accelerate our restructuring initiatives ensuring that we do not compromise on our ability to grow when markets allow. We now expect approximately ¤100 million in restructuring costs for 2012, compared to ¤50 million previously communicated. As a result, the expected savings from initiatives for 2012 and initiatives taken in 2011 should be accelerated from ¤40 million to ¤50 million. Expected annualised benefits from 2013 onwards should increase from ¤35 million to ¤70 million.
Foreign currency fluctuations are expected to continue through the rest of the year and based on current spot rates we anticipate a significant negative impact at operating income level from currency movements in 2012.
We expect our comparable effective tax rate for the mid-term to range between 25-27%.
We are committed to maintaining strong discipline in working capital management. Our guidance for both free cash flow and capital expenditure for the three year period ending 31 December 2014 remains at ¤1.45 billion each.
Our long-term prospects for sustainable growth and value creation for our shareholders remain unchanged. We are executing on a strategy that is enabling us to drive revenue growth, pursuing increasing levels of cost optimisation, and generating solid free cash flow while making Coca-Cola Hellenic an even stronger competitor as we continue winning in the marketplace. These fundamentals place us well for an eventual economic upturn and will allow us to capitalise on the opportunities available in our markets.
Group Financial Review
Selected Income Statement and Other Items
Half year
2012 2011 %
¤ million ¤ million Change
Volume (m unit cases) 1,010.5 1,036.3 -2%
Net sales revenue 3,432.1 3,395.7 1%
Cost of goods sold (2,195.1) (2,095.9) 5% Comparable Cost of goods sold1 (2,190.9)
(2,095.9) 5% Gross profit 1,237.0 1,299.8 -5% Comparable Gross Profit1 1,241.2 1,299.8 -5% Operating expenses (1,049.5) (1,051.1) - Operating profit (EBIT) 169.9 231.9 -27%
Comparable operating profit (comparable EBIT)1 191.7 248.7 -23% Adjusted EBITDA2 367.6 425.0 -14% Comparable Adjusted EBITDA1,2 387.4
440.3 -12% Total finance costs, net (44.0) (43.2) 2% Tax (34.7) (51.2) -32%
Profit after tax attributable to owners of the parent 91.2 132.5 -31% Comparable profit after tax attributable to owners of the parent1 109.1 146.0 -25% Basic earnings per share (¤) 0.25 0.37 -32% Comparable basic earnings per share (¤)1 0.30 0.40 -25% Net cash from operating activities3 269.4
283.9 -5%
Free cash flow3 95.6 117.4 -19%
Capital expenditure3 (173.8) (166.5) 4%
Second quarter
2012 2011 %
¤ million ¤ million Change
Volume (m unit cases) 585.0 602.5 -3%
Net sales revenue 1,995.6 1,979.6 1%
Cost of goods sold (1,255.0) (1,201.4) 4% Comparable Cost of goods sold1 (1,248.6)
(1,201.4) 4% Gross profit 740.6 778.2 -5% Comparable Gross Profit1 747.0 778.2 -4% Operating expenses (553.7) (557.2) -1% Operating profit (EBIT) 182.7 214.3 -15%
Comparable operating profit (comparable EBIT)1 193.3 221.0 -13% Adjusted EBITDA2 285.0 311.9 -9% Comparable Adjusted EBITDA1,2 294.2
317.7 -7% Total finance costs, net (22.3) (24.1) -7% Tax (40.8) (45.1) -10%
Profit after tax attributable to owners of the parent 119.6 141.4 -15% Comparable profit after tax attributable to owners of the parent1 127.8 147.0 -13% Basic earnings per share (¤) 0.33 0.39 -15% Comparable basic earnings per share (¤)1 0.35 0.40 -13% Net cash from operating activities3 230.6
288.6 -20% Free cash flow3 127.7 184.9 -31% Capital expenditure3 (102.9)
(103.7) -1% 1 Refer to the `Reconciliation of Reported to Comparable Financial Indicators' section in page 2.
2 We define Adjusted EBITDA as operating profit before deductions for depreciation and impairment of property, plant and equipment (included both in cost of goods sold and in operating expenses), amortisation and impairment of and adjustments to intangible assets, stock option compensation and other non-cash items, if any (refer to p.13).
3 Refer to `Supplementary Information' section in page 14.
Net sales revenue
Net sales revenue per unit case increased by 4% in the first half of 2012 and in the second quarter of 2012 on both a reported and currency neutral basis, in each case compared to the respective prior year periods. In the first half of 2012, net sales revenue per unit case decreased by approximately 1% in the established markets and increased in the developing and emerging markets by 3% and 11% respectively, in each case on a currency neutral basis.
Cost of goods sold
Comparable cost of goods sold increased by 5% in the first half and 4% in the second quarter of 2012. Comparable cost of goods sold per unit case increased by 7% both during the first half and the second quarter of 2012, compared to the respective prior year periods, mainly reflecting higher commodity costs, especially sugar. Gross profit Comparable gross profit margins decreased from 38.3% in the first half of 2011 to 36.2% in the first half of 2012 and from 39.3% in the second quarter of 2011 to 37.4% in the second quarter of 2012. On a per unit case basis, comparable gross profit decreased by approximately 2% in the first half of 2012 and by 1% in the second quarter of 2012, compared to the respective prior year periods. On a currency neutral basis, comparable gross profit per unit case also decreased by 1% in the first half and in the second quarter of 2012, compared to the respective prior year periods.
Operating expenses
Operating expenses on a currency neutral basis increased by 1% in the first half of 2012 and remained stable in the second quarter of 2012, in each case versus the respective prior year periods, as increased sales, warehouse and distribution expenses more than offset the lower marketing and administration expenses. Operating profit Comparable operating profit decreased from ¤249 million in the first half of 2011 to ¤192 million in the first half of 2012. For the second quarter, comparable operating profit decreased by 13%, from ¤221 million in the second quarter of 2011 to ¤193 million in the second quarter of 2012, mainly due to the increased raw materials costs and the unfavourable foreign currency impact. Our comparable operating margin decreased from 7.3% in the first half of 2011 to 5.6% in the first half of 2012 and from 11.2% in the second quarter of 2011 to 9.7% in the second quarter of 2012.
Total finance costs, net
Total finance costs, net, during the first half of 2012 were higher by ¤1 million and during the second quarter of 2012 were lower by ¤2 million, compared to the same periods of the prior year.
Tax
On a comparable basis, Coca-Cola Hellenic's effective tax rate for the first half of 2012 was approximately 26% compared to 27% in the respective prior year period. The Group's effective tax rate varies quarterly as a consequence of a combination of factors including the mix of profits reported for tax purposes and one-off tax items.
Profit after tax attributable to owners of the parent
On a comparable basis, profit after tax attributable to owners of the parent was ¤109 million in the first half of 2012, compared to profit after tax attributable to owners of the parent of ¤146 million in the prior year period. In the second quarter of 2012, comparable profit after tax attributable to owners of the parent was ¤128 million, compared to ¤147 million in the prior year period, driven mainly by the decreased operating profit.
Net cash from operating activities
Net cash from operating activities was ¤269 million in the first half of 2012, versus cash inflow of ¤284 million in the prior year period. Net cash from operating activities net of capital expenditure was ¤96 million for the first half of 2012, compared to ¤117 million in the respective prior
year
period.
Capital expenditure
Our capital expenditure, net of receipts from the disposal of assets and
including principal repayments of finance lease obligations, amounted to ¤174
million in the first half of 2012, compared to ¤167 million in the respective
prior year period.
Supplementary Information
The financial measures Operating Profit, Adjusted EBITDA, Capital Expenditure and Free Cash Flow
consist of the following reported amounts in the condensed consolidated interim financial
statements:
First half
2012 2011
¤ million ¤ million
Profit after tax 92.1 136.7 Tax charged to the income statement 34.7 51.2 Total finance costs, net 44.0 43.2 Share of results of equity method investments (0.9) 0.8 Operating profit 169.9 231.9 Depreciation of property, plant and equipment 193.1 185.7 Amortisation of intangible assets 1.4 1.7 Employee share options 3.2 4.3 Other non-cash items - 1.4 Adjusted EBITDA 367.6 425.0 Losses / (gains) on disposal of non-current assets 2.0 (2.6) Increase in working capital (63.1) (99.9) Tax paid (37.1) (38.6) Net cash from operating activities 269.4 283.9
Payments for purchases of property, plant and equipment (162.6) (142.4) Principal repayments of finance lease obligations (12.8) (27.8) Proceeds from sale of property, plant and equipment
1.6 3.7 Capital expenditure (173.8) (166.5) Net cash from operating activities 269.4 283.9
Capital expenditure (173.8) (166.5)
Free Cash flow 95.6 117.4
Second quarter
2012 2011
¤ million ¤ million
Profit after tax 120.4 144.6 Tax charged to the income statement 40.8 45.1 Finance costs, net 22.3 24.1 Share of results of equity method investments (0.8) 0.5 Operating profit 182.7 214.3 Depreciation of property, plant and equipment 100.0 94.6 Amortisation and adjustments to intangible assets 0.7 0.8 Employee share options 1.6 2.2 Adjusted EBITDA 285.0 311.9 Losses / (gains) on disposal of non-current assets 1.6 (1.5) Increase in working capital (40.3) (14.0) Tax paid (15.7) (7.8) Net cash from operating activities 230.6 288.6
Payments for purchases of property, plant and equipment (98.7) (93.0) Principal repayments of finance lease obligations
(5.4) (13.3) Proceeds from sale of property, plant and equipment 1.2 2.6 Capital Expenditure (102.9) (103.7) Net cash from operating activities 230.6 288.6 Capital expenditure (102.9) (103.7) Free Cash flow 127.7 184.9
Coca-Cola Hellenic
Coca-Cola Hellenic is one of the world's largest bottlers of products of The Coca-Cola Company with annual sales of more than 2 billion unit cases. It has broad geographic reach with operations in 28 countries serving a population of more than 570 million people. Coca-Cola Hellenic offers a diverse range of ready-to-drink non-alcoholic beverages in the sparkling, juice, water, sport, energy, ready to drink tea and coffee categories. Coca-Cola Hellenic is committed to promoting sustainable development in order to create value for its business and for society. This includes providing products that meet the beverage needs of consumers, fostering an open and inclusive work environment, conducting our business in ways that protect and preserve the environment and contribute to the socio-economic development of our local communities.
Coca-Cola Hellenic`s shares are listed on the Athens Exchange (ATHEX: EEEK), with a secondary listing on the London stock exchange (LSE: CCB). Coca-Cola Hellenic's American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE: CCH). Coca-Cola Hellenic is included in the Dow Jones Sustainability and FTSE4Good Indexes. For more information, please visit www.coca-colahellenic.com.
Financial information in this announcement is presented on the basis
of International Financial Reporting Standards (`IFRS').
Conference call
Coca-Cola Hellenic will host a conference call with financial analysts to
discuss the second quarter of 2012 financial results on 21 August 2012 at 4:00
pm, Athens time (2:00 pm, London time and 9:00 am, New York time). Interested
parties can access the live, audio webcast of the call through Coca-Cola
Hellenic's website (www.coca-colahellenic.com).
Contact Information
Company contact:
Coca-Cola Hellenic
Oya Gur Tel: +30 210 618 3255
Investor Relations Director email: oya.gur@cchellenic.com
Tel: +30 210 618 3124
Panagiotis Vergis email : panagiotis.vergis@cchellenic.com
Investor Relations Manager
European press contact:
Pendomer Communications London Tel: +44 20 3603 5222
Greg Quine email: greg.quine@pendomer.com
Condensed consolidated interim balance sheet (unaudited)
As at As at
29 June 2012 31 December 2011
Note ¤ million ¤ million
Assets
Intangible assets 4 1,957.0 1,947.7
Property, plant and equipment 4 3,121.5 3,051.5
Other non-current assets 191.1 185.9
Total non-current assets 5,269.6 5,185.1
Inventories 619.0 451.5
Trade and other receivables 1,269.6 1,122.4
Cash and cash equivalents 5 466.0 476.1
Total current assets 2,354.6 2,050.0
Total assets 7,624.2 7,235.1
Liabilities
Short-term borrowings 5 264.7 321.5
Other current liabilities 2,008.3 1,599.9
Total current liabilities 2,273.0 1,921.4
Long-term borrowings 5 1,971.9 1,934.5
Other non-current liabilities 478.8 466.0
Total non-current liabilities 2,450.7 2,400.5
Total liabilities 4,723.7 4,321.9
Equity
Owners of the parent 2,883.1 2,895.3
Non-controlling interests 17.4 17.9
Total equity 2,900.5 2,913.2
Total equity and liabilities 7,624.2 7,235.1
Condensed consolidated interim income statement (unaudited)
Six months
Six months to to
29 June 2012 1 July 2011
Note ¤ million ¤ million
Net sales revenue 3 3,432.1 3,395.7
Cost of goods sold (2,195.1) (2,095.9)
Gross profit 1,237.0 1,299.8
Operating expenses (1,049.5) (1,051.1)
Restructuring costs 6 (17.6) (16.8)
Operating profit 3 169.9 231.9
Finance income 4.5 3.3
Finance costs (46.8) (46.5)
Loss on net monetary position (1.7) -
Total finance costs, net 7 (44.0) (43.2)
Share of results of equity method
investments 0.9 (0.8
Profit before tax 126.8 187.9
Tax 8 (34.7) (51.2)
Profit after tax 92.1 136.7
Attributable to:
Owners of the parent 91.2 132.5
Non-controlling interests 0.9 4.2
92.1 136.7
Basic earnings per share (¤) 9 0.25 0.37 Diluted earnings per share (¤) 9 0.25 0.36
Condensed consolidated interim statement of comprehensive income
(unaudited)
Six months to Six months to
29 June 2012 1 July 2011
¤ million ¤ million
Profit after tax for the period 92.1 136.7
Other comprehensive income:
Cash flow hedges:
Amounts of losses during the period (8.9) (1.3)
Amounts of losses reclassified to
profit and loss for the period 5.3 6.2
Foreign currency translation 34.6 (19.3)
Share of other comprehensive income of
equity method investments 1.0 (1.4)
Actuarial losses (24.5) -
Income tax relating to components of
other comprehensive income 6.4 0.1
Other comprehensive income for the period, net
of tax 13.9 (15.7)
Total comprehensive income for the period 106.0 121.0
Total comprehensive income attributable to:
Owners of the parent 105.1 121.9
Non-controlling interests 0.9 (0.9)
106.0 121.0
Condensed consolidated interim income statement (unaudited)
Three months to Three months to
29 June 2012 1 July 2011
Note ¤ million ¤ million
Net sales revenue 3 1,995.6 1,979.6
Cost of goods sold (1,255.0) (1,201.4)
Gross profit 740.6 778.2
Operating expenses (553.7) (557.2)
Restructuring costs 6 (4.2) (6.7
Operating profit 3 182.7 214.3
Finance income 2.2 1.9
Finance costs (23.4) (26.0)
Loss on net monetary position (1.1 -
Total finance costs, net 7 (22.3) (24.1)
Share of results of equity method
investments 0.8 (0.5)
Profit before tax 161.2 189.7
Tax 8 (40.8) (45.1)
Profit after tax 120.4 144.6
Attributable to:
Owners of the parent 119.6 141.4
Non-controlling interests 0.8 3.2
120.4 144.6
Basic and diluted profits per share (¤) 9 0.33
0.39
Condensed consolidated interim statement of comprehensive income
(unaudited)
Three months
Three months to to
29 June 2012 1 July 2011
¤ million ¤ million
Profit after tax for the period 120.4 144.6
Other comprehensive income: Available-for-sale financial assets: Valuation losses during the period -
(0.2)
Cash flow hedges: Amounts of gains / (losses) during the period 6.5
(6.1)
Amounts of losses reclassified to profit and loss for the period 4.3
6.3
Foreign currency translation (29.8)
11.6
Share of other comprehensive income of equity method investments 1.1
(0.1)
Actuarial losses (9.8)
Income tax relating to components of other comprehensive income 0.2
0.1
Other comprehensive income for the period, net of tax (27.5)
11.6
Total comprehensive income for the period 92.9
156.2
Total comprehensive income attributable to:
Owners of the parent 92.1 154.2
Non-controlling interests 0.8 2.0
92.9 156.2
Condensed consolidated interim statement of changes in equity (unaudited)
Attributable to owners of the parent Non- Total
Share Share Treasury Exchange Other Retained Controlling equity
capital premium shares equalisation reserves earnings Total interests
¤ ¤ ¤ reserve ¤ ¤ ¤
million million million ¤ million million million million ¤ million ¤ million
Balance as at 1
January
2011 183.1 1,119.2 (57.2) (129.2) 375.4 1,460.8 2,952.1 108.7 3,060.8
Shares issued to
employees
exercising
stock options 0.2 4.3 - - - - 4.5 - 4.5
Share-based
compensation:
Options - - - - 4.3 - 4.3 - 4.3
Movement in
treasury
shares - - - - (0.2) - (0.2) - (0.2
Capitalisation of
share
premium reserve 549.7 (549.7) - - - - - - -
Expenses relating
to
share capital
increase
(net of tax of
¤1.2m) - (4.8) - - - - (4.8 - (4.8
Return of capital
to
shareholders (183.2) - 1.7 - - - (181.5) - (181.5)
Share capital
increase in
subsidiary in
Serbia - - - - - (0.8) (0.8) 1.2 0.4
Purchase of shares
held
by non-controlling
interests - - - - - (11.2 (11.2) (2.2) (13.4)
Appropriation of
reserves - - - - 0.5 (0.5 - - -
Dividends - - - - - - - (2.9) (2.9)
549.8 569.0 (55.5) (129.2) 380.0 1,448.3 2,762.4 104.8 2,867.2
Profit for the
period net
of tax - - - - - 132.5 132.5 4.2 136.7
Other
comprehensive
income for the
period, net of tax - - - (15.6) 5.0 - (10.6) (5.1) (15.7)
Total
comprehensive
income for the
period net of tax1 - - - (15.6 5.0 132.5 121.9 (0.9) 121.0
Balance as at 1
July 2011 549.8 569.0 (55.5) (144.8 385.0 1,580.8
2,884.3 103.9 2,988.2
Shares issued to
employees
exercising stock
options - 0.2 - - - - 0.2 - 0.2
Share-based
compensation:
Options - - - - 3.8 - 3.8 - 3.8
Movement in
treasury
shares - - - - (0.2) - (0.2) - (0.2)
Purchase of shares
held by
non-controlling
interests - - - (8.7) - (43.4) (52.1) (92.2) (144.3)
Hyperinflation
impact - - - - - (7.8) (7.8) - (7.8)
Dividends - - - - - - - (3.6) (3.6)
549.8 569.2 (55.5) (153.5) 388.6 1,529.6 2,828.2 8.1 2,836.3
Profit for the
period net of tax - - - - - 136.4 136.4 (0.3) 136.1
Other
comprehensive
income for the
period, net of tax - - - (44.4) 0.4 (25.3) (69.3) 10.1 (59.2)
Total
comprehensive
income for the
period net of tax - - - (44.4) 0.4 111.1 67.1 9.8 76.9
Balance as at 31
December 2011 549.8 569.2 (55.5) (197.9) 389.0 1,640.7 2,895.3 17.9 2,913.2
Condensed consolidated interim statement of changes in equity (unaudited)
Attributable to owners of the parent
Reserve
for return
Share of capital Share Treasury Exchange Other Retained Non - Total
capital and premium shares equalisationreserves earnings Total controlling equity
¤ transfers ¤ ¤ reserve ¤ ¤ ¤ interests ¤
million ¤ million million million ¤ million million million million ¤ million million
Balance as at 1
January
2012 549.8 - 569.2 (55.5) (197.9) 389.0 1,640.7 2,895.3 17.9 2,913.2
Share-based
compensation:
Options - - - - - 3.2 - 3.2 - 3.2
Movement in
treasury
shares - - - - - 0.3 - 0.3 - 0.3
Purchase of
shares held
by
non-controlling
interests - - - - - - (0.9) (0.9) (1.2) (2.1)
Hyperinflation
impact - - - - - - 3.5 3.5 - 3.5
Return of
capital to
shareholders - (124.6) - 1.2 - - - (123.4 - (123.4)
Reduction of
share
capital to
extinguish
accumulated
losses of
the parent
company - (55.0) - - - - 55.0 - - -
Appropriation
of
reserves - - - - - (4.1) 4.1 - - -
Dividends - - - - - - - - (0.2) (0.2)
549.8 (179.6) 569.2 (54.3) (197.9 388.4 1,702.4 2,778.0 16.5 2,794.5
Profit for the
period net
of tax - - - - - - 91.2 91.2 0.9 92.1
Other
comprehensive
income for the
period,
net of tax - - - - 35.6 (2.3) (19.4) 13.9 - 13.9
Total
comprehensive
income for the
period net
of tax[2] - - - - 35.6 (2.3) 71.8 105.1 0.9 106.0
Balance as at
29 June
2012 549.8 (179.6) 569.2 (54.3) (162.3) 386.1 1,774.2 2,883.1 17.4 2,900.5
Condensed consolidated interim cash flow statement (unaudited)
Six months to Six months to
29 June 2012 1 July 2011
Note ¤ million ¤ million
Operating activities Profit after tax for the period 92.1 136.7 Total finance costs, net 7 44.0 43.2 Share of results of equity method investments (0.9) 0.8 Tax charged to the income statement 34.7 51.2 Depreciation of property, plant and equipment 4 193.1 185.7 Employee share options 3.2 4.3 Amortisation of intangible assets 4
1.4 1.7
Other non-cash items - 1.4
367.6 425.0
Losses / (gains) on disposal of non-current assets 2.0 (2.6) Increase in inventories (163.7) (173.0) Increase in trade and other receivables (168.1) (249.8) Increase in trade and other payables 268.7 322.9 Tax paid (37.1) (38.6) Net cash from operating activities
269.4 283.9
Investing activities Payments for purchases of property, plant and equipment (162.6) (142.4) Proceeds from sales of property, plant and equipment 1.6 3.7 Net (payments for) / receipts from investments (5.6) 1.3 Interest received 4.5 3.5 Net receipts from disposal of subsidiary 17 - 11.1 Net payments for acquisition of joint venture 17 - (2.5) Net cash used in investing activities
(162.1) (125.3)
Financing activities Return of capital to shareholders - (181.5) Payment of expenses relating to share capital increase - (6.0) Purchase of shares held by non-controlling interests 11 (10.4 (13.4) Proceeds from shares issued to employees exercising stock options - 4.5 Dividends paid - (2.9) Proceeds from external borrowings 774.1 803.4 Repayments of external borrowings (812.5) (437.5) Principal repayments of finance lease obligations (12.8) (27.8) Interest paid (56.4) (51.9) Net cash (used in) / from financing activities
(118.0) 86.9
(Decrease) / increase in cash and cash equivalents
(10.7) 245.5
Movement in cash and cash equivalents Cash and cash equivalents at 1 January 476.1 326.1 (Decrease) / increase in cash and cash equivalents (10.7) 245.5 Effect of changes in exchange rates 1.3 (4.4) Hyperinflation impact on cash (0.7) - Cash and cash equivalents at the end of the period
466.0 567.2
1. Accounting policies
The accounting policies used in the preparation of the condensed
consolidated interim financial statements of Coca-Cola Hellenic Bottling
Company S.A. (`Coca-Cola Hellenic' or the `Group') are consistent with those
used in the annual financial statements for the year ended 31 December 2011,
except for the adoption, as of 1 January 2012, of the revision to
International Financial Reporting Standard ("IFRS") 7 Financial Instrument
Disclosures - disclosures on transfers of financial assets. The adoption of
this revised accounting standard did not have a significant impact on the
current or prior periods.
Basis of preparation
These condensed consolidated interim financial statements have been prepared in accordance with IFRS as issued by the International Accounting Standards Board (`IASB') and IFRS as adopted by the European Union (`EU') applicable to Interim Financial Reporting (`IAS 34'). IFRS as adopted by the EU differs in certain respects from IFRS as issued by the IASB. However, the differences have no impact on the Group's condensed consolidated interim financial statements for the periods presented. These condensed consolidated interim financial statements should be read in conjunction with the 2011 annual financial statements, which include a full description of the Group's accounting policies.
Operating results for the first half of 2012 are not indicative of the results that may be expected for the year ending 31 December 2012 because of business seasonality. Business seasonality results from higher unit case sales of the Group's products in the warmer months of the year. The Group's methods of accounting for fixed costs such as depreciation and interest expense are not significantly affected by business seasonality.
Costs that are incurred unevenly during the financial year are anticipated or deferred in the interim report only if it would also be appropriate to anticipate or defer such costs at the end of the financial year.
Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual profit or loss.
These condensed consolidated interim financial statements were approved for issue by the Board of Directors on 16 August 2012.
2. Exchange rates
The Group's reporting currency is the euro (¤). Coca-Cola Hellenic translates the income statements of subsidiary operations to the euro at average exchange rates and the balance sheet at the closing exchange rate for the period, except for subsidiaries operating in a hyperinflationary environment as explained in Note 7.
The principal exchange rates used for transaction and translation purposes in respect of one euro were:
Average for the period ended Closing as at
29 June 2012 1 July 2011 29 June 2012 31 December 2011
US dollar 1.30 1.41 1.25 1.31
UK sterling 0.82 0.88 0.80 0.83
Polish zloty 4.23 3.95 4.25 4.40
Nigerian naira 202.76 214.21 194.43 204.79
Hungarian forint 292.63 269.46 286.20 306.54
Swiss franc 1.20 1.27 1.20 1.22
Russian rouble 39.54 40.34 41.02 41.27
Romanian leu 4.39 4.17 4.44 4.30
Serbian dinar 111.13 101.72 115.31 102.65
Czech koruna 25.17 24.39 25.96 25.75
Ukrainian hryvnia 10.38 11.18 9.97 10.44
3. Segmental analysis
The Group has one business, being the production, distribution and sale of
non-alcoholic, ready-to-drink beverages. The Group operates in 28 countries
and its financial results are reported in the following three reportable
segments:
Established: Austria, Cyprus, Greece, Italy, Northern Ireland, Republic of
Ireland and Switzerland.
Developing: Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania,
Poland, Slovakia and Slovenia.
Emerging: Armenia, Belarus, Bosnia and Herzegovina, Bulgaria, FYROM,
Moldova, Montenegro, Nigeria, Romania, Russia, Serbia and
Ukraine.
Information on the Group's segments is as follows:
Three months ended Six months ended
29 June 2012 1 July 2011 29 June 2012 1 July 2011
Volume in unit cases(2)
(million)
Established countries 184.1 200.1 334.3 353.1
Developing countries 108.7 116.5 188.1 195.7
Emerging countries 292.2 285.9 488.1 487.5
Total volume 585.0 602.5 1,010.5 1,036.3
Net sales revenue (¤ million)
Established countries 735.0 800.1 1,349.2 1,421.6
Developing countries 319.7 347.9 548.9 582.8
Emerging countries 940.9 831.6 1,534.0 1,391.3
Total net sales revenue 1,995.6 1,979.6 3,432.1 3,395.7
Adjusted EBITDA(1) (¤ million)
Established countries 91.0 127.5 131.7 192.8
Developing countries 31.1 50.0 32.8 63.5
Emerging countries 162.9 134.4 203.1 168.7
Total adjusted EBITDA 285.0 311.9 367.6 425.0
Depreciation and impairment of
property,
plant and equipment(¤ million)
Established countries (32.3) (30.1) (63.7) (60.4)
Developing countries (16.0) (19.3) (30.9) (38.2)
Emerging countries (51.7) (45.2) (98.5) (87.1)
Total Depreciation and (100.0) (94.6) (193.1) (185.7)
impairment of
property, plant and equipment
Amortisation of intangible
assets(¤ million)
Established countries (0.1) (0.2) (0.3) (0.5)
Developing countries (0.1) (0.1) (0.2) (0.2)
Emerging countries (0.5) (0.5) (0.9) (1.0)
Total amortisation of (0.7) (0.8) (1.4) (1.7)
intangible assets
(1) We define adjusted EBITDA as operating profit before deductions for
depreciation (included both in cost of goods sold and in operating expenses),
impairment of property, plant and equipment, stock option compensation,
impairment of intangible assets, amortisation of and adjustments to intangible
assets and other non-cash items.
(2) One unit case corresponds to approximately 5.678 litres or 24 servings,
being a typically used measure of volume. Volume data is derived from unaudited
operational data.
3. Segmental analysis (continued)
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