Europe is Flat But Coca-Cola Achieves Solid Global Growth

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Europe is Flat But Coca-Cola Achieves Solid Global Growth

Europe is Flat But Coca-Cola Achieves Solid Global Growth
February 14
14:45 2011

Having achieved solid worldwide volume growth of 5%, Coca-Cola has reported a 3% increase in operating income to $8.4b for 2010 on net revenue ahead by 13% to $35.1b. Comparable currency neutral net revenue was ahead by 14% to $34.5b, reflecting 5% growth in concentrate sales, 1% positive price/mix and an 8% benefit from structural changes, arising from the acquisition of Coca-Cola Enterprises’ North American bottling business. On a currency neutral basis, operating income was up by 11%.

The CCE acquisition is expected to yield 2011 cost synergies of $140-150m. This is in addition to the $150m in annual synergies previously identified in North America. Productivity initiatives are well on track and on plan to achieve the group’s target of $500m in annualised savings by year-end 2011.

Muhtar Kent, chairman and chief executive of Coca-Cola.

In Europe reported net revenue for the full year increased 1%, with 1% positive price/mix and the impact of structural changes partially offset by a 2% currency impact. Full-year concentrate sales were even. Full-year reported operating income increased 1% and comparable currency neutral operating income increased 3% due to positive revenue growth and continued tight management of operating expenses.

“Now, as we enter 2011, we do so with solid momentum. This year marks the 125th anniversary of Coca-Cola, and the second year of our 2020 Vision,” says Muhtar Kent, chairman and chief executive of Coca-Cola. “The fact that we are a thriving business after nearly 125 years is a testament to our youth, not our age. There is something special indeed about an enterprise that is in a state of constant renewal and dynamic growth. And while we recognise that challenges remain in our worldwide marketplace, we are confident that we are advancing our global momentum to deliver long-term sustainable growth and value for our shareowners.”

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