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Interim Profits Plunge at Coca-Cola Hellenic

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Interim Profits Plunge at Coca-Cola Hellenic

Interim Profits Plunge at Coca-Cola Hellenic
August 05
15:06 2011

The adverse impact of commodity costs and continued economic challenges in certain key markets, have resulted in a 23% decline in comparable EBIT to Eur249m at Coca-Cola Hellenic for the first half ended July 1st 2011, despite a 3% increase in net sales to Eur3.37b, and a similar rise in volume. Comparable net profit dropped 28% to Eur146m.

 

Volume growth was led by a 6% increase in developing and a 3% increase in emerging markets. Net sales revenue growth included a 3% increase in emerging, an 8% increase in developing and a 1% increase in established markets.

 

During the first half of 2011, Coca-Cola Hellenic grew its share in sparkling beverages across most of its key markets includingRussia, Nigeria, Austria, Ireland, Ukraine, Romania, Italy, the Czech Republic and Poland. The group is continuing to expect benefits from restructuring initiatives of approximately Eur38 million in 2011.

 

“Despite improved operating efficiencies, restructuring savings, and revenue growth management initiatives, high commodity prices combined with challenging economic conditions hindered our profitability,” comments Dimitris Lois, chief executive of Coca-Cola Hellenic. “Commodities are still expected to increase by low double-digits for the year. We remain committed to recover a substantial portion of this increase.”

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