investor presentation - coca-cola hbc...company multon, together with the coca-cola company (tccc)...
TRANSCRIPT
Disclaimer
Unless otherwise indicated, the condensed consolidated interim financial statements and the financial and operating data or other information included herein relate to Coca-Cola HBC AG and its subsidiaries (‚Coca-Cola HBC‛ or the ‚Company‛ or ‚we‛ or the ‚Group‛).
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 2014 and future years, business strategy and the effects of the global economic slowdown, the impact of the sovereign debt crisis, currency volatility, our recent acquisitions, and restructuring initiatives on our business and financial condition, our future dealings with The Coca-Cola Company, budgets, projected levels of consumption and production, projected raw material and other costs, estimates of capital expenditure, free cash flow, effective tax rates 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 and events could differ materially from those anticipated in the forward-looking statements for many reasons, including the risks described in the annual report on Form 20-F filed with the U.S. Securities and Exchange Commission (File No 1-31466.) for Coca-Cola Hellenic Bottling Company S.A. and its subsidiaries for the year ended 31 December 2012.
Although we believe that, as of the date of this document, 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 our directors, employees, advisors nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. After the date of the condensed consolidated interim financial statements included in this document, unless we are required by law or the rules of the UK Financial Conduct Authority 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.
2.1 billion unit
cases sold or
50 billion servings per annum
583 million
population growing on average
at a ~1% per annum
28 countries of
operation over 3
continents with significant exposure in
Emerging Markets
38,089 employees 68 plants in operation and
324 warehouses & distribution centers
Coca-Cola HBC at a glance
3 Source: All numbers are FY2013 data unless otherwise stated; market share data Nielsen
# 1 in Sparkling
Beverages in 23 out of 24 markets
€7 billion
revenues Ten consecutive
quarters of currency neutral revenue per
case growth (as at Q4 2013)
Milestones
4
Hellenic Bottling Company S.A.
(HBC) is incorporated in
Greece
CCH listed on NYSE through a
sponsored ADR programm
HBC listed on the Athens Exchange
Formation of Coca-Cola Hellenic (CCH) through the
combination of HBC and CCB. Listings in Athens, London and
Sydney Stock Exchanges
Acquisition of SOCIB, second
largest franchise
bottler of TCCC in Italy
Kar-Tess acquired HBC
CCH expands to cover whole of
Russia in addition to Lithuania, Estonia
and Latvia
CCH acquires Russian fruit juice company Multon, together with The
Coca-Cola Company (TCCC)
Delisting from Australian Stock
Exchange
Formation of Coca-Cola Beverages
(CCB) from de-merger of European
operations of Coca-Cola Amatil
Limited
Admitted to trading in the
premium segment of the London
Stock Exchange
Inclusion in the FTSE 100 and FTSE
ALL-SHARE indices
Partners in Growth
for 60 years
Owners of the Trademarks
Concentrate supply
Brand development
Consumer marketing
The Coca-Cola system
5
Bottling
Sales and distribution
Customer management
In-outlet execution
Investment in production
facilities, equipment,
vehicles
Hellenic is the second largest Coca-Cola bottler globally
Source: FY 2012 results based on publicly available information Note: Sales are translated into Euros based on the respective 2012 average exchange rates
Coca-Cola Enterprises (Belgium, France, GB, Netherlands, Luxemburg, Norway, Sweden) Volume 1.25bn uc Sales €6.2bn 7 countries
Coca-Cola Femsa (Mexico,
Central America-Guatemala, Nicaragua, Costa Rica, Panama, Colombia, Venezuela, Brazil, Argentina- Philippines)
Volume 3.0bn uc Sales €8.8bn 9 Countries
Coca-Cola Icecek (Turkey,
Pakistan, Kazakhstan, Azerbaijan, Kyrgyzstan, Turkmenistan, Jordan, Iraq, Syria and Tajikistan) Volume 0.85bn uc Sales €1.8bn 10 Countries
Coca-Cola Amatil (Australia, New Zealand, Fiji, Indonesia and Papua New Guinea)
Volume 0.6bn uc Sales €3.5bn 5 Countries
ARCA Continental (Mexico, Ecuador and Northern Argentina)
Volume 1.35 bn uc Sales € 3.3 bn 3 Countries
Coca-Cola HBC Volume 2.1bn uc Sales €7.0bn 28 Countries
6
33%
37%
32%
9%
16%
18%
58%
47%
50%
Comparable EBIT
Net sales revenue
Volume unit cases
A diverse and balanced country portfolio
Total = €454 M
Total = €6,874M
Total = 2,061M
2013 Split
7
Population: 77 million
GDP: $ 12,559 Population: 415 million
GDP: $ 7,199
Population: 91 million
GDP: $ 36,917
Our extensive territorial reach offers a balanced volume profile
8
FY 2013 Volume Split
Russia19%
Italy14%
Nigeria10%
Poland8%
Romania7%
Greece5%
Austria4%
Switzerland4%
Serbia and Montenegro
4%
Ukraine4%
Other Developing11%
Other Emerging6%
Other Established4%
Meeting consumer needs with a diverse
product portfolio
9
Juice 6.0%
Sparkling
beverages 63.1%
2013
volume:
2.1 bn u.c.
2001 2013
Water 18.5%
RTD Tea 4.8%
2001
volume:
1.1 bn u.c.
Other still 0.7%
Energy drinks 0.7%
Low-calorie sparkling
beverages 6.2%
Sparkling
beverages 90%
Water 6%
Still beverages 4%
10
Emerging markets
Sparkling
beverages, 67%
Low-calorie
sparkling beverages,
2%
Energy Drinks,
1%
Water, 17%
Juice, 8%
RTD Tea, 5%
2013 Volume
288
218
210
135
103
Industry Sparkling Per Capita
Emerging
Coca-Cola HBC Average
Established
Developing
European Average
Sparkling Volume Market Share: 42% Sparkling Market Size Opportunity : ~1bn unit cases NARTD Volume Market Share: 23% NARTD Market Size Opportunity: ~3.4bn unit cases
Source: The Coca-Cola Company
Source: Nielsen FY12; Adjusted for coverage ratios
Russia38%
Nigeria20%
Romania14%
Serbia and Montenegro
8%
Ukraine8%
Other Countries
12%
Poland, 44%
Hungary, 20%
Czech Republic,
15%
Croatia, 7%
Baltics, 7%
Slovakia, 6%
Slovenia, 2%
Developing markets
2013 Volume
Sparkling beverages,
65%
Low-calorie
sparkling beverages,
6%
Energy
Drinks, 1%
Water, 14%
Juice, 5%
RTD Tea, 8% Other Still, 1%
288
218
210
135
103
Industry Sparkling Per Capita
Emerging
Coca-Cola HBC Markets
Established
Developing
European Average
Sparkling Volume Market Share: 34% Sparkling Market Size Opportunity : ~540m unit cases NARTD Volume Market Share: 14% NARTD Market Size Opportunity: ~2.3bn unit cases
Source: Nielsen FY12; Adjusted for coverage ratios
Source: The Coca-Cola Company
11
288218
210
135
103
Industry Sparkling Per Capita
Emerging
Coca-Cola HBC Markets
Established
Developing
European Average
Sparkling Volume Market Share: 53% Sparkling Market Size Opportunity : ~410 m unit cases NARTD Volume Market Share: 13% NARTD Market Size Opportunity: ~4.4bn unit cases
Italy, 45%
Greece, 15%
Austria, 14%
Switzerland, 13%
Island of Ireland,
11%
Cyprus, 2%
Established markets
2013 Volume Split
Sparkling
beverages, 55%
Low-
calorie sparkling
beverages, 13%
Water;
23%
Juice;
4%
RTD Tea;
3%Other Still;
2%
Source: The Coca-Cola Company
Source: Nielsen FY12; Adjusted for coverage ratios
12
2.069
2.105
2.087 2.085
2.061
1. 950
2. 040
2. 130
2009 2010 2011 2012 2013
2.467 2.760 2.828 3.195 3.229
1.1491.140 1.162
1.148 1.106
2.928 2.862 2.835 2.702 2.540
- 500
500
1. 500
2. 500
3. 500
4. 500
5. 500
6. 500
7. 500
2009 2010 2011 2012 2013Established Developing Emerging
651687
523453 454
0
100
200
300
400
500
600
700
800
2009 2010 2011 2012 2013
Financial highlights
in million unit cases
in million Euros
9,9% 10,1%
7,7% 6,4% 6,6%
Net Sales Revenue
6,544 6,762 6,824 7,045
13
Volume Reported NSR per unit case
3,163,23
3,27
3,383,34
2, 50
3, 50
2009 2010 2011 2012 2013
40,3% 40,4%37,7%
35,9% 35,5%
- 5, 0%
5, 0%
15, 0%
25, 0%
35, 0%
45, 0%
2009 2010 2011 2012 2013
Gross Profit Margin
30,4% 30,3%30,0%
29,4%
28,9%
27, 0%
28, 5%
30, 0%
31, 5%
2009 2010 2011 2012 2013
OPEX as a % of revenue Comparable EBIT and
EBIT margin
6,874
Split by segment
Cost structure
Concentrate, 34%
Sugar, 13%
PET, 8%
Aluminium, 5%
Other Raw Materials, 18%
Depreciation, 4%
Overheads & Haulage, 18%
Sales, 37%
Warehouse &
Distribution, 31%
Administration,
22%
Marketing, 10%
These are based on our FY 2013 numbers
14
0,0%
0,5%
1,0%
1,5%
2,0%
2,5%
3,0%
3,5%
4,0%
4,5%
5,0%
Jan/12 Mar/12 May/12 Jul/12 Sep/12 Nov/12 Jan/13 Mar/13 May/13 Jul/13 Sep/13 Nov/13 Jan/14
CCHBC 4.250% '16 YTW CCHBC 2.3750% '20 YTW
15
June 2012: •Second Greek Elections •Scenarios on Grexit become stronger •CCH Spreads are at peak levels •Moody’s & S&P downgrade CCH due to Country Risk •CCH access to Debt Capital Market becomes very expensive
May 2012: •First Greek Elections •Scenarios on Grexit •CCH Spreads start to rise
October 2012: • Re-listing &
Re-domiciliation Announcement
April 2013: • Re-domiciliation CCHBC AG • Trading of CCHBC AG shares on
LSE
10th June 2013:
• Announcement and Pricing of the NEW €800M Bond
• Announcement to Tender the 2014 €500m Bond
18th June 2013:
• Settlement of new €800M Bond (& €500M Bond Tender)
Very Successful Refinancing
Source: Bloomberg as at 11 February 2014.
Yie
ld o
f o
ur
20
16
/20
20
Bo
nd
s(%
)
0
1.000
2.000
3.000
4.000
5.000
6.000
7.000
8.000
Jan-11 Jun-11 Nov-11 Apr-12 Sep-12 Feb-13 Jul-13 Dec-13
Volume 1 year average Since London Listing
Shareholder structure
US 19%
UK 23%
Continental Europe
39%
Rest of the world 16%
Retail Investors 3%
Free Float54%
Kar-Tess23%
The Coca-Cola Company
23%
16 Shareholders as of 31 December 2013 * Source: Bloomberg as at 31 Dec 2013; ADV= Average Daily Volume
Corporate governance
17
• ADR program on NYSE since 2002
• Full SOX compliance history
• Enhancement of corporate governance through:
1. Appointment of an additional independent non-executive director
2. Board members subject to re-election on an annual basis
3. Nominations committee, majority of its members independent
• Committed to adhering to the UK Corporate Governance Code
Making good progress towards our sustainability goals
2,40
2,30
2,24 2,25
2,20
2009 2010 2011 2012 2013
Water use ratio l/lpb
- 23% from 2004
baseline
21,617,6
14,512,3 10,8
2009 2010 2011 2012 2013
million kg
Landfilled waste
- 74% from 2004
baseline
CO2 ratio Waste ratio Gr/lpb
71,570,1
66,1
61,660,1
2009 2010 2011 2012 2013 E
gCO2/lpb
-32% from 2004
baseline
11,210,2 9,4
8,5 8,7
2009 2010 2011 2012 2013
-37% from 2004
baseline
Further details on our sustainability goals and initiatives can be found at www.coca-colahellenic.com 18
An industry leader in Sustainability
Included for a sixth consecutive year in both the Dow Jones Sustainability World Index and Dow Jones STOXX Sustainability Index. 1st on the DJSI Europe Index 2nd on the DJSI World Index of the top ranking beverage companies in sustainability
Member 2012/13
In 2010: The only European non-alcoholic ready-to-drink beverage company to achieve GRI A+ ranking for comprehensiveness and transparency
GRI A+
For more information please see our sustainability reports at http://www.coca-colahellenic.com/sustainability/
Listed on the FTSE4Good index
19
The Opportunity We See…
• Emerging markets exposure
• Market Share Growth
• Per Capita development
Business Growth
Margin Leverage
• Operating cost control
• Production Infrastructure rationalisation
• Logistics and route-to-market optimisation
• Revenue-generating Capex investments
21
39
98
135 139
173 182
223 226 232 237
298307
340 340
423
468
596
We have a diverse geographical footprint offering long-term attractive growth potential
2012 Total sparkling category servings per capita
Source: The Coca-Cola Company, as of 2012 data
‘per capita consumption’: Average number of 237ml or 8oz servings consumed per person per year in a specific market. Coca-Cola Hellenic’s per capita consumption is calculated by multiplying our unit case volume by 24 and dividing by the population.
Established
Developing
Emerging
210
219
103
22
Winning in the marketplace
Focus on Cost leadership
Generate solid Free Cash Flow
Revenue ahead of volume
Our Strategy
23
Solid track record of winning in the marketplace
24
We are #1 in volume share in sparkling beverages*
We gained volume and value share in sparkling beverages*
Market shares are measured by Nielsen; Cyprus, FYROM, Moldova and Montenegro are not measured.
in 20 out of 24
in 23 out of 24
We reached highest ever sparkling share in 12 countries
out of 24
12
Package mix- Channel Mix: Driving revenue ahead of volume
25
39% 61%
*
(*) FY2013 Volume Split
Sparkling beverages,
63,1%Low calorie
sparkling beverages,
6,2%
Water, 18,5%
Juice, 6,0%
RTD Tea, 4,8% Energy
drinks, 0,7% Other still, 0,7%
Category Mix (Brand)
Package-mix Single serve Multi serve Future Consumption
69%
Channel Mix* Immediate Consumption
31%
We have clear category priorities: Sparkling, RTD-Tea and Energy
Energy
Sparkling •Leverage Trademark Coca-Cola with focus on Regular and Zero
• Increase per capita consumption
• Further grow Fanta, focusing on orange flavour
•Drive Sprite availability in immediate consumption channels
•Single-serve focus, OBPPC
Water
RTD-Tea
Juice • Focus on profitability, capitalising on strong local
brands
• Single serve packs
• Flavoured water and HORECA
• Focus on increasing market penetration and trial
• Bring new people to the category
• Reinforce naturalness and low calorie refreshment
• Best tasting products with premium quality
• Leverage strong brand equity in Cappy, Amita, Dobry
• Innovation
• Approach driven by stage of development of local energy category
• Focus on ‚on-the-go‛ channels
Drive Growth in:
Selective approach in:
26
Driving Trademark Coca-Cola is a key priority
2%
4%4%
2% 2%
-2%
2%
-1%
0%
-1%
2009 2010 2011 2012 2013
TM Coca-Cola Total Volume
27
Optimising our cost base to enhance competitiveness
Infrastructure optimisation
Logistics excellence
Manage OPEX and Working Capital
SAP is a key enabler
28
Shared Services Centre enables to centralise and standardise processes
Benefits:
• Leverage SAP benefits
• Improve productivity
• Enhance business support
• Improve internal control / governance
• Enable local management to focus on value added activities
Roll Out:
• Phase I: Live in 22 countries for key Finance and HR functions
• Phase II: Pilot live in Q4 2013, starting with Bulgaria, Romania (Finance) , Switzerland (Finance) and Italy (HR)
• Integration of more countries and processes planned ” followed by best practice application
Standardising
processes
Consolidating synergies
Applying global best
practice
29
Infrastructure optimisation
1. The right physical distribution network
2. Leverage scale by exploiting collaborative opportunities
3. Efficient solutions matching customer/channel requirements
4. Accurate and automated data exchange
5. With the right people in the right roles
Number of plants
-26% since 2009*
Number of distribution centers
-9% since 2009
Number of warehouses
-17% since 2009
30
(*) In established and developing markets; for the group -15%
Strong and sustainable cash flow generation
31
in million Euros
in million Euros Solid track record of returning
cash to shareholders
In the last 13 years we have returned to our
shareholders total cash of more
than €2.1 billion
6,9%6,5%
5,9% 5,9%5,4%
0, 0%
1, 0%
2, 0%
3, 0%
4, 0%
5, 0%
6, 0%
7, 0%
8, 0%
2009 2010 2011 2012 2013
CAPEX as as % of NSR 370
259
181
83
-18- 50
0
50
100
150
200
250
300
350
400
2009 2010 2011 2012 2013
2009 2010 2011 2012 2013
Working Capital
546 549
427
341
413
0
100
200
300
400
500
600
2009 2010 2011 2012 2013
Free Cash Flow
33
Key messages for the fourth quarter
Volume growth
Continuing market share gains
Increase in currency neutral revenue per case for the tenth
consecutive quarter
Improvement in OPEX as a % of net sales revenue
Growth in absolute EBIT, margin and EPS
Negative working capital position
Strong free cash flow growth
Financial performance overview
34
Q4 ’13 Q4 ’12 Ch. FY ’13 FY ’12 Ch.
Volume (m u.c.) 481 477 +1% 2,061 2,085 -1%
Net Sales Revenue (€m) 1,575 1,605 -2% 6,874 7,045 -2%
Comp. Gross Profit
Margin % 34.1% 34.6% -50bps 35.5% 35.9% -40bps
Opex % NSR 29.8% 31.1% -130bps 28.9% 29.4% -50bps
Comp. EBIT (€ m) 68 56 +23% 454 453 -
Comp. EBIT
Margin % 4.3% 3.5% +90bps 6.6% 6.4% +20bps
Comparable EPS (€) 0.09 0.06 +50% 0.81 0.78 +4%
Free Cash Flow (€m) 68 -21 nm 413 341 +21%
Financial indicators on a comparable basis exclude the recognition of restructuring costs, unrealised commodity hedging results and non-recurring items.
Total Coca-Cola HBC
Established markets
Developing markets
Emerging markets
Volume +1% -1%
Currency neutral revenue per case +0.9% +1.1%
Q4 ‘13 FY ‘13
Volume stable -4%
Currency neutral revenue per case -4.3% -1.2%
Volume -5% -3%
Currency neutral revenue per case +3.4% +0.8%
Volume +4% +2%
Currency neutral revenue per case +3.9% +3.5%
Tenth consecutive quarter of growth in currency neutral net sales revenue per case
35
Input cost increase in line with our expectations
“ Q4 2013
Currency neutral input cost per case increased by low single digits
EU sugar costs increased year-on-year
World sugar costs remained on a downward trend
PET resin costs increased year-on-year
Lower aluminium costs in the quarter
36
Q4 ’13 Q4 ’12 Ch.
Net Sales Revenue (€ m) 1,575 1,605 -2%
Comp. Operating Expenses (€ m) (469) (499) -6%
Comp. OPEX as % of NSR 29.8% 31.1% -130bps
FY ’13 FY ’12 Ch.
Net Sales Revenue (€ m) 6,874 7,045 -2%
Comp. Operating Expenses (€ m) (1,987) (2,074) -4%
Comp. OPEX as % of NSR 28.9% 29.4% -50bps
Financial indicators on a comparable basis exclude the recognition of restructuring costs, unrealized commodity hedging results and specific non-recurring items.
Continued focus on increasing operational efficiency
37
Financial indicators on a comparable basis exclude the recognition of restructuring costs, unrealised commodity hedging results and specific non-recurring items
12
Change vs. Q4 ‘12 m Euros % Ch.
Emerging
Developing
Established
Group
1
5
6
23%
9%
nm
13%
Q4 ’12 comparable EBIT Q4 ‘13 comparable EBIT
Q4 comparable EBIT
m Euros
All segments contributed to growth in operating profit
38
Q4 & FY 2013 summary
Benefits from 2013 restructuring initiatives expected at €32m on an annualised basis
Total benefits in 2013 (from 2012 and 2013 initiatives) were approximately €57m
Total pre-tax restructuring charges amounted to €56m in 2013 (€31m in Q4)
Restructuring focus continued to be in established markets
FY 2014 targets
We expect pre-tax restructuring charges of €35m
Total benefits in 2014 (from 2013 and 2014 initiatives) are expected at €33m YTD
Benefits from 2014 initiatives are expected to amount to €25m on an annualised basis
Restructuring update
39
EBITDA
Change in Working Capital
Net Capital Expenditure
Free Cash Flow
Q4 ’13 Q4 ’12 Abs Ch.
FY ’13 FY ’12 Abs Ch.
132 100 +32 756 758 -2
76 19 +57 98 84 +14
(115) (122) +7 (372) (412) +40
68 -21 +89 413 341 +71
* Differences in the absolute year-over-year change are due to rounding
in million Euros
Impressive Working Capital performance and Free Cash Flow growth
40
in million
January 2014
September 2015
November 2016
June 2020
Repaid Jan 2014
Financial ratios
December 2013
December 2012
Net Debt €1.6bn €1.7bn
Net Debt / Comp. EBITDA 1.9x 2.1x
Debt maturity portfolio
Diversified financial profile
41
Currency neutral net sales revenue per case is expected to grow year-on-year at a
higher rate than 2013
Currency neutral input costs per case to remain broadly stable year-on-year
FX headwind is estimated to be significantly higher than the 2013 hit on EBIT
Comparable Effective Tax Rate between 24%-26%
Annual Capital Expenditure 5.5% - 6.5% of net sales revenue for the medium term
Reiterating our expectations for approximately €1.3bn of Free Cash Flow in the 2013-
2015 period
Financial indicators on a comparable basis exclude the recognition of restructuring costs, unrealised commodity hedging results and specific non-recurring items
2014 Financial outlook
42
Stable -5%
481m u.c.
477m u.c.
+4%
Q4 ‘12 Established Developing Emerging Q4 ‘13
Emerging markets were the key volume driver in Q4
44
% y-o-y growth Q4 ‘13 FY ’13
Sparkling 1% 1%
Trademark Coca-Cola 2% 2%
Coca-Cola Zero 14% 15%
Energy 6% 4%
Tea -8% -5%
Juice 6% 1%
Multon 11% 11%
Water stable -7%
Volume growth in all key categories in Q4, with the exception of ready-to-drink tea
46
“ Italy: Volume declined by low single digits in the quarter, with Coca-Cola Zero up by 21%. Underlying macroeconomic and trading environment remains challenging.
“ Greece: Volume declined by low single digits, with the rate of decline steadily moderating through the year. All key categories showed sequential improvements in the rate of decline with the exception of ready-to-drink tea.
“ Switzerland: Volume increased by low single digits. Underlying trading conditions have remained stable.
Trademark Coca-Cola
+1%
Coca-Cola Zero
+13%
RTD-Tea -13%
Volume Stable
Currency neutral net sales revenue per case
-4%
Juice +4%
Established markets – stable performance in a challenging consumer environment
47
“ Poland: Volume declined by high single digits, following a mid single-digit increase in the prior year. Sparkling declined by high single digits, while our juice category grew by mid-teens.
“ Hungary: Volume declined by low single digits, Coca-Cola Zero was the key outperformer growing by high-teens for another quarter.
“ Czech Rep.: Volume declined by mid single digits, driven by a low-teens decline in water. Trademark Coca-Cola products grew by low single digits.
Trademark Coca-Cola
-5%
Juice +10%
Volume -5%
Currency neutral net sales revenue per case
+3%
Coca-Cola Zero +3%
Developing markets – negative trends in a volatile environment
48
“ Russia: Volume grew by high single-digits in the fourth quarter, following mid-teens increase in the prior-year period. Growth in all key categories with the exception of water. Multon juice business grew by low double digits for the eighth consecutive quarter.
“ Nigeria: Volume grew by high single digits in the fourth quarter, cycling a high single-digit growth rate in the prior year. Sparkling beverages grew by mid single digits and water by strong double digits.
“ Romania: Volume declined by low single digits, mainly due to a difficult macroeconomic environment; Coca-Cola Zero and juice grew by strong double digits.
Trademark Coca-Cola
+5%
Water +5%
Juice +5%
Volume +4%
Currency neutral net sales revenue per case
+4%
Emerging markets – improved performance supported by strong activation
49
Most known brands in the world Diverse geographic footprint with strong emerging market exposure
Low per capita consumption with great potential to grow
Solid track record of winning in the marketplace
Strong focus on cost leadership and history of solid cash generation
Long-term growth drivers
51
For further information on Coca-Cola Hellenic please visit our website at:
www.coca-colahellenic.com or contact our Investor Relations team
[email protected] +30.210.6183 100