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Solid Growth at European-focused Coca Cola Enterprises

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Solid Growth at European-focused Coca Cola Enterprises

Solid Growth at European-focused Coca Cola Enterprises
February 09
12:44 2012

Coca-Cola Enterprises, the world’s third largest independent Coca-Cola bottler, has increased revenue by 11.5% to $8.3 billion with volume sales up 3.5% for 2011. Reported full-year operating income was $1.0 billion.

Since disposing of its North American operations, Coca-Cola Enterprises is now focused purely on Europe, where it is the sole licensed bottler for products of The Coca-Cola Company in Great Britain, Belgium, continental France, Luxembourg, Monaco, the Netherlands, Norway, and Sweden.

Revenue was up 5.5% on a currency neutral basis, when compared to 2010 pro forma results. Operating income increased by 17% over prior year pro forma results, and by 9% on a comparable and currency neutral basis.

The volume increase reflects 3.5% growth in the group’s sparkling brands and approximately 3% growth in still beverages. Key highlights in 2011 included volume growth of 3.5% for core Coca-Cola trademark brands, and more than 40% for energy brands, driven by Monster and the introduction of Powerade Energy in Great Britain. Coca-Cola Enterprises also recorded solid growth from Capri Sun and Ocean Spray in stills. On a territory basis, volume increased in both Great Britain and continental Europe by 2.5% and 4.5% respectively.

“2011 marks the sixth consecutive year of volume and profit growth in our legacy territories,” says John Brock, chairman and chief executive of Coca-Cola Enterprises. “While we continue to face ongoing marketplace and macroeconomic challenges, the results from our first full year of operating exclusively as a European bottler reinforce the confidence we have in the long-term potential of today’s Coca-Cola Enterprises.”

He continues: “Throughout the year, we made consistent progress against key initiatives, including the integration of Norway and Sweden and the completion of our $1 billion share repurchase program.”

In line with its long-term objective of creating increasing levels of shareowner value, Coca-Cola Enterprises initiated a new $1 billion share repurchase program in January 2012, with a goal of repurchasing at least $500 million of its shares by the year end.

For 2012, Coca-Cola Enterprises expects revenue to grow in a high single-digit range, with operating income growth in mid single-digits. “In 2012, we expect to deliver another year of growth as we continue to enhance our brand portfolio, improve the service we provide to our customers, and maximize the value of excellent marketplace opportunities, including the 2012 Olympic Games in London, which we are working to make the greenest ever,” says John Brock.

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