IFRS Results IFRS Results IFRS Results IFRS Results

1
IFRS Results IFRS Results IFRS Results IFRS Results
for the six months ended for the six months ended for the six months ended for the six months ended
29 June 2012 29 June 2012 29 June 2012 29 June 2012
Results Presentation Results Presentation Results Presentation Results Presentation
21 August 2012 21 August 2012 21 August 2012 21 August 2012
Disclaimer Disclaimer Disclaimer Disclaimer
The information contained herein includes forard!loo"ing statements hich are
#ased on current ex$ectations and assum$tions a#out future e%ents& 'ou should not
$lace undue reliance on these forard loo"ing statements& These forard!loo"ing
statements are su#(ect to ris"s) uncertainties and assum$tions a#out *oca!*ola
+ellenic including) among other things) macroeconomic conditions and their effect on
consumer confidence and dis$osa#le income) the effect of ac,uisitions to our
#usiness and financial condition) our relationshi$ ith The *oca!*ola *om$an-)
currenc- fluctuations) $ricing of ra materials) the im$act of future taxation and
2
currenc- fluctuations) $ricing of ra materials) the im$act of future taxation and
estimates of ca$ital ex$enditure& These and other ris"s are descri#ed in *oca!*ola
+ellenic.s Annual Re$ort on Form 20!F filed ith the /S Securities and 0xchange
*ommission& As a result) our actual results could differ materiall- from those
antici$ated in the forard loo"ing statements& 1o one underta"es to $u#licl- u$date
or re%ise an- forard!loo"ing statement unless re,uired #- la& /nless otherise
s$ecified) all financial information $resented herein is #ased on *oca!*ola +ellenic.s
IFRS financial statements&
2rou$ results o%er%ie 2rou$ results o%er%ie 2rou$ results o%er%ie 2rou$ results o%er%ie
3olume 4m uc5 !26 !76
1et sales 48m5 916 916
Re$orted 0:IT 48m5 !2;6 !1<6
+1.12 =2.12
3
Re$orted 0:IT 48m5 !2;6 !1<6
*om$ara#le 0:IT 48m5 !276 !176
Re$orted 0PS 485 !726 !1<6
*om$ara#le 0PS 485 !2<6 !176
4>5 Financial indicators on a com$ara#le #asis exclude the recognition of restructuring costs and unrealised commodit- hedging results&
*?2S 2ross Profit 0:IT 1et Profit 0PS *?2S 2ross Profit 0:IT 1et Profit 0PS
Re$orted results 42)19<&15 1)27;&0 1@9&9 91&2 0&2< 42)09<&95 1)299&A 271&9 172&< 0&7;
Restructuring costs ! ! 1;&@ 1<&0 0&0B ! ! 1@&A 17&< 0&07
*ommodit- hedging B&2 B&2 B&2 2&9 0&01 ! ! ! ! !
*om$ara#le results 42)190&95 1)2B1&2 191&; 109&1 0&70 42)09<&95 1)299&A 2BA&; 1B@&0 0&B0
+alf -ear 2012 +alf -ear 2012 +alf -ear 2012 +alf -ear 2012 +alf -ear 2011 +alf -ear 2011 +alf -ear 2011 +alf -ear 2011
Reconciliation of Re$orted to Reconciliation of Re$orted to Reconciliation of Re$orted to Reconciliation of Re$orted to
*om$ara#le Financial Indicators *om$ara#le Financial Indicators *om$ara#le Financial Indicators *om$ara#le Financial Indicators
*om$ara#le results 42)190&95 1)2B1&2 191&; 109&1 0&70 42)09<&95 1)299&A 2BA&; 1B@&0 0&B0
*?2S 2ross Profit 0:IT 1et $rofit 0PS *?2S 2ross Profit 0:IT 1et $rofit 0PS
Re$orted results 41)2<<&05 ;B0&@ 1A2&; 119&@ 0&77 41)201&B5 ;;A&2 21B&7 1B1&B 0&79
Restructuring costs ! ! B&2 7&; 0&01 ! ! @&; <&@ 0&01
?ther items
*ommodit- hedging @&B @&B @&B B&< 0&01 ! ! ! ! !
*om$ara#le results 41)2BA&@5 ;B;&0 197&7 12;&A 0&7< 41)201&B5 ;;A&2 221&0 1B;&0 0&B0
4num#ers in 8m) exce$t earnings $er share data5
=2 2012 =2 2012 =2 2012 =2 2012 =2 2011 =2 2011 =2 2011 =2 2011
B
4>5 Financial indicators on a com$ara#le #asis exclude the recognition of restructuring costs incurred in all $eriods under re%ie and unrealised
commodit- hedging results during 2012&
=2 +ighlights =2 +ighlights =2 +ighlights =2 +ighlights
C 76 %olume decline) incor$orating an A6 and ;6 decrease in esta#lished and
de%elo$ing mar"ets res$ecti%el-D %olume in emerging mar"ets gre #- 26&
C *urrenc- neutral re%enue $er case increased #- 76 in the ,uarter) excluding
the h-$erinflation im$act of :elarus&
C Total re%enue gre #- 16 in the ,uarter) ahead of %olume&
C *oca!*ola Eero gre #- A6) registering high single!digit groth in
<
C *oca!*ola Eero gre #- A6) registering high single!digit groth in
esta#lished and strong dou#le!digit groth in emerging mar"ets&
C Fe gre or maintained our s$ar"ling %olume share in most "e- mar"ets
including Ital-) SitGerland) Austria) Poland) Russia) /"raine) Romania and
:ulgaria&
C Fe also gre or maintained our 1ARTD %alue share in SitGerland) Austria)
Ital-) Ireland) Poland) +ungar-) the *Gech Re$u#lic) Russia) Romania)
/"raine and :ulgaria among others&
C *om$ara#le o$erating $rofit declined #- 82Am in =2) $redominantl- due to
unfa%oura#le foreign currenc- mo%ements&
Factors influencing o$erating Factors influencing o$erating Factors influencing o$erating Factors influencing o$erating
$erformance $erformance $erformance $erformance
C Reduced dis$osa#le income and $ersistentl- lo consumer confidence le%els in
our 0/ mar"ets together ith unseasona#le et eather in *entral and 0astern
0uro$e and unfa%oura#le com$ara#le num#ers -ear on -ear) affected to$ line in
=2&
C The continuous shift in demand toards at!home consum$tion had an ad%erse
im$act on $ac"age mix during the ,uarter&
C *urrenc- neutral in$ut costs $er case) excluding the im$act of :elarus) gre #-
<6 in =2) dri%en #- 0/ sugar $rices&
@
<6 in =2) dri%en #- 0/ sugar $rices&
C ?ur re%enue groth management initiati%es) dri%en #- ?:PP*) ena#led us to
more than offset in$ut cost increases in a#solute terms&
C *urrenc- fluctuations resulted in a$$roximatel- 870m negati%e im$act on =2
o$erating $rofit) mainl- due to transactional im$act in *?2S&
C *urrenc- neutral o$erating ex$enses) excluding the im$act of :elarus)
increased #- 26 in the ,uarter&
C In =2 free cash flo generation reached 812Am&
C During the ,uarter) fi%e more countries transitioned to our Shared Ser%ices
*entre& As of June 2012) a total of 10 countries are utilising the *entre&
+1 H12 change =2 H12 change
3olume 4m u&c&5 77B !<6 1AB !A6
1et sales re%enue 48m5 1)7B9 !<6 ;7< !A6
*om$ara#le 0:IT 485> ;; !B<6 <9 !796
*om$& 0:IT margin> <&;6 !B0; #$s A&06 !B09 #$s
0sta#lished mar"ets 0sta#lished mar"ets 0sta#lished mar"ets 0sta#lished mar"ets
C 3olume in Ital- declined #- (ust under 106 in the ,uarter and mid
single!digits in the first half of 2012& Deteriorating economic
conditions and declining consumer sentiment negati%el- affected to$
line& Fe maintained %olume and %alue share in the s$ar"ling
#e%erages categor- as ell as %alue share in total 1ARTD in =2&
;
C 3olume in SitGerland declined #- mid single!digits in #oth $eriods
under re%ie& The strong Siss Franc relati%e to the 0uro results in
cross!#order acti%it- ith 2erman- and France& Pac"age mix
im$ro%ed in the ,uarter dri%en #- s$ar"ling #e%erages& Fe gained
share in #oth s$ar"ling #e%erages and total 1ARTD in =2&
C 3olume in 2reece declined in the lo teens in the first six months and
#- high single!digits in =2) as our com$ara#le num#ers are im$acted
#- the im$lementation of a a%e of austerit- measures in the second
half of 2011 including a 10$$ increase in 3AT rate&
C 3olume in Ireland declined in the lo dou#le!digits in =2 and in the
high single!digits in the first six months of the -ear& *ontinuous
challenging economic conditions and unseasona#l- et eather)
negati%el- affected our to$ line in =2& 3olume of *oca!*ola Eero gre
in the mid!teens and Fanta gre #- 276 in the ,uarter&
C Ioer %olume) increased ra material costs) negati%e categor- and
$ac"age mix dro%e the decline in $rofita#ilit- in the segment) des$ite
a #enefit in o$erating ex$enses&
4>5 Financial indicators on a com$ara#le #asis exclude the recognition of restructuring costs and unrealised commodit- hedging results&
De%elo$ing mar"ets De%elo$ing mar"ets De%elo$ing mar"ets De%elo$ing mar"ets
C 3olume in Poland declined #- high single!digits in =2 and #- mid
single!digits in the first six months of the -ear& Poor eather in the
,uarter and an unfa%oura#le #ase effect due to an 1A6 groth in the
same $eriod last -ear) ad%ersel- affected to$ line in the ,uarter&
Successful 0uro 2012 acti%ation and the continuous im$lementation
of our ?:PP* strateg- su$$orted a lo single!digits increase in the
+1 H12 change =2 H12 change
3olume 4m u&c&5 1AA !B6 109 !;6
1et sales re%enue 48m5 <B9 !@6 720 !A6
*om$ara#le 0:IT 485> @ !A26 1@ !<;6
*om$& 0:IT margin> 1&06 !B77 #$s B&96 !<<0 #$s
A
of our ?:PP* strateg- su$$orted a lo single!digits increase in the
sales %olume of Trademar" *oca!*ola $roducts& Fe gained #oth
%olume and %alue share in the s$ar"ling #e%erages categor- in =2&
C 3olume in +ungar- declined in the mid single!digits in =2) com$ared
to a high single!digit increase in the same $eriod last -ear& *oca!*ola
Eero %olume gre #- lo dou#le!digits in the ,uarter) hile (uice
%olume gre #- lo single!digits reflecting our focus on the 1lt P0T
#ottle&
C 3olume in the *Gech Re$u#lic declined in the high single!digits in #oth
$eriods under consideration& The successful launch of the Fanta
Stra#err-JKii su$$orted high single!digits %olume groth for the
#rand in the ,uarter& *oca!*ola Eero) gre #- lo single!digits&
Pac"age mix im$ro%ed in =2) dri%en #- s$ar"ling #e%erages&
C ?ur de%elo$ing mar"ets segment as the most affected #- higher
in$ut costs& In addition) during the ,uarter) loer %olume and negati%e
im$act from currenc- mo%ements more than offset the #enefits of our
re%enue groth initiati%es) resulting in loer o$erating $rofits&
4>5 Financial indicators on a com$ara#le #asis exclude the recognition of restructuring costs and unrealised commodit- hedging results&
0merging mar"ets 0merging mar"ets 0merging mar"ets 0merging mar"ets
C 3olume in Russia increased in the lo dou#le!digits in the ,uarter)
reflecting dou#le!digit groth in all categories exce$t ater) hich gre
#- lo single!digits& *oca!*ola gre #- 276) Fanta #- 2@6) hile #oth
our core (uice #rand Do#r- and our $remium #rand Rich registered 126
%olume groth in =2& Fe gained #oth %olume and %alue share in the
s$ar"ling categor- and %alue share in total 1ARTD in the ,uarter&
+1 H12 change =2 H12 change
3olume 4m u&c&5 BAA ! 292 26
1et sales re%enue 48m5 1)<7B 106 9B1 176
*om$ara#le 0:IT 485> 110 796 119 7<6
*om$& 0:IT margin> ;&16 91B@#$s 12&@6 920< #$s
9
s$ar"ling categor- and %alue share in total 1ARTD in the ,uarter&
C 3olume in 1igeria declined #- mid single!digits in =2) and #- high single!
digits in the first six months of the -ear) mainl- due to the continuous
social unrest in the 1orth and the negati%e im$act on dis$osa#le income
from a B76 reduction in the State fuel su#sid-&
C 3olume in Romania declined in the lo single!digits in #oth $eriods under
re%ie& Trademar" *oca!*ola $roducts %olume gre in the lo single!
digits) dri%en #- a 7@6 increase in *oca!*ola Eero& Pac"age mix
im$ro%ed) hile e gained share in s$ar"ling #e%erages in =2&
C 3olume in /"raine declined in the high single!digits in #oth $eriods under
re%ie& 0conomic uncertaint- and $olitical %olatilit- continue to ha%e an
ad%erse im$act on demand& ?ur successful 2012 acti%ation cam$aign
resulted in mid single!groth in the %olume of Trademar" *oca!*ola
$roducts and $ac"age mix im$ro%ement in =2&
C :enefits from re%enue groth initiati%es and higher %olume) more than
offset higher in$ut costs and o$erating ex$enses) as ell as unfa%oura#le
currenc- mo%ements) resulting in higher o$erating $rofit&
4>5 Financial indicators on a com$ara#le #asis exclude the recognition of restructuring costs and unrealised commodit- hedging results&
:usiness outloo" :usiness outloo" :usiness outloo" :usiness outloo"
C Fe ex$ect challenging trading conditions to $ersist across most of our mar"ets&
C Fe no ex$ect a mid single!digits increase in in$ut costs in the full -ear)
com$ared to high single!digits $re%iousl-) reflecting loer P0T $rices
C ?ur re%enue groth management strateg-) dri%en #- ?:PP* initiati%es) is
focused on full- offsetting the in$ut cost increase in a#solute terms in the full!
-ear&
C The #enefit from the easing in the in$ut cost en%ironment is ex$ected to #e full-
offset #- unfa%oura#le currenc- mo%ements&
10
offset #- unfa%oura#le currenc- mo%ements&
C :ased on current s$ot rates) e ex$ect an a$$roximatel- 8<<m negati%e im$act
from currenc- mo%ements on 2012 0:IT) mainl- due to the ea"ening of the 0uro
relati%e to the /SL) and the im$act of the 0uroGone de#t crisis on some of our
de%elo$ing and emerging mar"et currencies&
C In light of the continued %olatilit- in the external en%ironment) e are accelerating
the im$lementation of our restructuring initiati%es and e no ex$ect to incur $re!
tax restructuring charges of 8100m in 2012& The related #enefits are estimated at
8;0m on an annualised #asis& Total #enefits from restructuring initiati%es are
ex$ected to reach 8<0m in 2012&
C Fe reiterate our guidance for the three!-ear $eriod ending in Decem#er 201B)
ex$ecting free cash flo generation of 81&B<#n& Fe also ex$ect cumulati%e ca$ital
ex$enditure of 81&B<#n in the same $eriod&
IFRS Results IFRS Results IFRS Results IFRS Results
11
Financial ?%er%ie Financial ?%er%ie Financial ?%er%ie Financial ?%er%ie
IFRS Results IFRS Results IFRS Results IFRS Results
for six months ended for six months ended for six months ended for six months ended
29 June 2012 29 June 2012 29 June 2012 29 June 2012
Six Months 2012N Six Months 2012N Six Months 2012N Six Months 2012N
POI highlights 4re$orted5 POI highlights 4re$orted5 POI highlights 4re$orted5 POI highlights 4re$orted5
0/R? 4million5 0/R? 4million5 0/R? 4million5 0/R? 4million5
Six Months Six Months Six Months Six Months
2012 2012 2012 2012
Six Months Six Months Six Months Six Months
2011 2011 2011 2011
2012 %s 2012 %s 2012 %s 2012 %s
2011 2011 2011 2011
3olume 4million u&c&5 1)010&< 1)07@&7 !26
1et Sales Re%enue 7)B72&1 7)79<&; 16
2ross Profit 1)27;&0 1)299&A !<6
12
?$erating 0x$enses 41)0B9&<5 41)0<1&15 06
Restructuring *osts 41;&@5 41@&A5 <6
?$erating Profit 40:IT5 ?$erating Profit 40:IT5 ?$erating Profit 40:IT5 ?$erating Profit 40:IT5 1@9&9 1@9&9 1@9&9 1@9&9 271&9 271&9 271&9 271&9 !2;6 !2;6 !2;6 !2;6
1et Profit 91&2 172&< !716
0:ITDA 7@;&@ B2<&0 !1B6
2ross Profit Margin 7@&06 7A&76
0:IT Margin <&06 @&A6
0:ITDA Margin 10&;6 12&<6
0/R? 4million5 0/R? 4million5 0/R? 4million5 0/R? 4million5
Six Months Six Months Six Months Six Months
2012 2012 2012 2012
Six Months Six Months Six Months Six Months
2011 2011 2011 2011
2012 %s 2012 %s 2012 %s 2012 %s
2011 2011 2011 2011
3olume 4million u&c&5 1)010&< 1)07@&7 !26
1et Sales Re%enue 7)B72&1 7)79<&; 16
2ross Profit 1)2B1&2 1)299&A !<6
?$erating 0x$enses 41)0B9&<5 41)0<1&15 06
Six Months 2012N Six Months 2012N Six Months 2012N Six Months 2012N
POI highlights 4com$ara#le5 POI highlights 4com$ara#le5 POI highlights 4com$ara#le5 POI highlights 4com$ara#le5
?$erating 0x$enses 41)0B9&<5 41)0<1&15 06
?$erating Profit 40:IT5 ?$erating Profit 40:IT5 ?$erating Profit 40:IT5 ?$erating Profit 40:IT5 191&; 191&; 191&; 191&; 2BA&; 2BA&; 2BA&; 2BA&; !276 !276 !276 !276
1et Profit 109&1 1B@&0 !2<6
0:ITDA 7A;&B BB0&7 !126
2ross Profit Margin 7@&26 7A&76
0:IT Margin <&@6 ;&76
0:ITDA Margin 11&76 17&06
17
4>5 Financial indicators on a com$ara#le #asis exclude the recognition of restructuring costs and unrealised commodit- hedging results&
Six Months 2012N Six Months 2012N Six Months 2012N Six Months 2012N
2ross Profit 4re$orted5 2ross Profit 4re$orted5 2ross Profit 4re$orted5 2ross Profit 4re$orted5
0/R? 4million5 0/R? 4million5 0/R? 4million5 0/R? 4million5
Six Months Six Months Six Months Six Months
2012 2012 2012 2012
Six Months Six Months Six Months Six Months
2011 2011 2011 2011
2012 %s 2012 %s 2012 %s 2012 %s
2011 2011 2011 2011
1et Sales Re%enue 7)B72&1 7)79<&; 16
*ost of Sales 42)19<&15 42)09<&95 <6
1B
*ost of Sales 42)19<&15 42)09<&95 <6
2ross Profit 1)27;&0 1)299&A !<6
C 1et sales re%enue $er unit case as u$ #- 12 cent 4 B65 %s 2011
C *ost of sales $er unit case as u$ #- 1< cents 4;65 %s 2011
C 2ross $rofit $er unit case decreased #- 7 cents 4!265 %s 2011
C
2ross $rofit margin decreased #- 220#$s to 7@&06
Six Months 2012N Six Months 2012N Six Months 2012N Six Months 2012N
?$ex $er unit case 4com$ara#le5 ?$ex $er unit case 4com$ara#le5 ?$ex $er unit case 4com$ara#le5 ?$ex $er unit case 4com$ara#le5
0/R? 0/R? 0/R? 0/R?
Six Six Six Six
Months Months Months Months
2012 2012 2012 2012
Six Six Six Six
Months Months Months Months
2011 2011 2011 2011
2012 %s 2012 %s 2012 %s 2012 %s
2011 2011 2011 2011
Sales 0&79 0&7A B6
Mar"eting 0&12 0&12 !B6
1<
4>5 Financial indicators on a com$ara#le #asis exclude the recognition of restructuring costs incurred& Discre$ancies in groth rates are due to
rounding&
Mar"eting 0&12 0&12 !B6
Farehouse J Distri#ution 0&72 0&70 76
Administration 0&21 0&21 26
Total o$erating Total o$erating Total o$erating Total o$erating
ex$enses ex$enses ex$enses ex$enses
1&0B 1&0B 1&0B 1&0B 1&01 1&01 1&01 1&01 26 26 26 26
Six Months 2012 N Six Months 2012 N Six Months 2012 N Six Months 2012 N
1et Profit 4re$orted5 1et Profit 4re$orted5 1et Profit 4re$orted5 1et Profit 4re$orted5
0/R? 4million5 0/R? 4million5 0/R? 4million5 0/R? 4million5
Six Six Six Six
Months Months Months Months
2012 2012 2012 2012
Six Months Six Months Six Months Six Months
2011 2011 2011 2011
2012 %s 2012 %s 2012 %s 2012 %s
2011 2011 2011 2011
?$erating $rofit 40:IT5 1@9&9 271&9 !2;6
Finance costs O other 4B7&15 4BB&05 !26
1@
Profit #efore tax 12@&A 1A;&9 !776
Tax 47B&;5 4<1&25 !726
Minorit- interests 40&95 4B&25 !;96
1et Profit 1et Profit 1et Profit 1et Profit 91&2 91&2 91&2 91&2 172&< 172&< 172&< 172&< !716 !716 !716 !716
0arnings $er Share 4in euros5 0arnings $er Share 4in euros5 0arnings $er Share 4in euros5 0arnings $er Share 4in euros5 0&2< 0&2< 0&2< 0&2< 0&7; 0&7; 0&7; 0&7; !726 !726 !726 !726
Six Months 2012N Six Months 2012N Six Months 2012N Six Months 2012N
1et Profit 4com$ara#le5 1et Profit 4com$ara#le5 1et Profit 4com$ara#le5 1et Profit 4com$ara#le5
0/R? 4million5 0/R? 4million5 0/R? 4million5 0/R? 4million5
Six Six Six Six
Months Months Months Months
2012 2012 2012 2012
Six Six Six Six
Months Months Months Months
2011 2011 2011 2011
2012 %s 2012 %s 2012 %s 2012 %s
2011 2011 2011 2011
?$erating $rofit 40:IT5 191&; 2BA&; !276
Finance costs O other 4B7&15 4BB&05 !26
1;
4>5 Financial indicators on a com$ara#le #asis exclude the recognition of restructuring costs and unrealised commodit- hedging results&
Profit #efore tax 1BA&@ 20B&; !2;6
Tax 47A&@5 4<B&<5 !296
Minorit- interests 40&95 4B&25 !;96
1et Profit 1et Profit 1et Profit 1et Profit 109&1 109&1 109&1 109&1 1B@&0 1B@&0 1B@&0 1B@&0 !2<6 !2<6 !2<6 !2<6
0arnings $er Share 4in euros5 0arnings $er Share 4in euros5 0arnings $er Share 4in euros5 0arnings $er Share 4in euros5 0&70 0&70 0&70 0&70 0&B0 0&B0 0&B0 0&B0 !2<6 !2<6 !2<6 !2<6
Six Months 2012 Six Months 2012 Six Months 2012 Six Months 2012N NN N
Free *ash Flo Free *ash Flo Free *ash Flo Free *ash Flo
0/R? 4million5 0/R? 4million5 0/R? 4million5 0/R? 4million5
Six Months Six Months Six Months Six Months
2012 2012 2012 2012
Six Months Six Months Six Months Six Months
2011 2011 2011 2011
2012 2012 2012 2012
%s 2011 %s 2011 %s 2011 %s 2011
Ad(usted 0:ITDA> Ad(usted 0:ITDA> Ad(usted 0:ITDA> Ad(usted 0:ITDA> 7@;&@ 7@;&@ 7@;&@ 7@;&@ B2<&0 B2<&0 B2<&0 B2<&0 4<;&B5 4<;&B5 4<;&B5 4<;&B5
*hange in For"ing *a$ital 4@7&15 499&95 7@&A
1A
4>5 Fe define ad(usted 0:ITDA as o$erating $rofit #efore deductions for de$reciation 4included #oth in cost of goods sold and in
o$erating ex$enses5) im$airment of $ro$ert-) $lant and e,ui$ment) stoc" o$tion com$ensation) im$airment of intangi#le assets)
amortisation of and ad(ustments to intangi#le assets and other non!cash items&
Tax $aid 47;&15 47A&@5 1&<
Ioss J 42ain5 on asset dis$& 2&0 42&@5 B&@
*ash Flo from o$erations *ash Flo from o$erations *ash Flo from o$erations *ash Flo from o$erations 2@9&B 2@9&B 2@9&B 2@9&B 2A7&9 2A7&9 2A7&9 2A7&9 41B&<5 41B&<5 41B&<5 41B&<5
1et ca$ital ex$enditure 41;7&A5 41@@&<5 4;&75
Free *ash Flo Free *ash Flo Free *ash Flo Free *ash Flo 9<&@ 9<&@ 9<&@ 9<&@ 11;&B 11;&B 11;&B 11;&B 421&A5 421&A5 421&A5 421&A5
0/R? 4million5 0/R? 4million5 0/R? 4million5 0/R? 4million5 29!Jun!12 29!Jun!12 29!Jun!12 29!Jun!12 71!Dec!11 71!Dec!11 71!Dec!11 71!Dec!11
Total non!current assets Total non!current assets Total non!current assets Total non!current assets <)2@9&@ <)2@9&@ <)2@9&@ <)2@9&@ <)1A<&1 <)1A<&1 <)1A<&1 <)1A<&1
In%entories @19&0 B<1&<
Trade and other recei%a#les 1)2@9&@ 1)122&B
*ash and e,ui%alents B@@&0 B;@&1
Total current assets Total current assets Total current assets Total current assets 2)7<B&@ 2)7<B&@ 2)7<B&@ 2)7<B&@ 2)0<0&0 2)0<0&0 2)0<0&0 2)0<0&0
Total assets Total assets Total assets Total assets ;)@2B&2 ;)@2B&2 ;)@2B&2 ;)@2B&2 ;)27<&1 ;)27<&1 ;)27<&1 ;)27<&1
Six Months 2012 Six Months 2012 Six Months 2012 Six Months 2012N NN N
:alance sheet :alance sheet :alance sheet :alance sheet
Short!term #orroings 2@B&; 721&<
?ther current lia#ilities 2)00A&7 1)<99&9
Total current lia#ilities Total current lia#ilities Total current lia#ilities Total current lia#ilities 2)2;7&0 2)2;7&0 2)2;7&0 2)2;7&0 1)921&B 1)921&B 1)921&B 1)921&B
Iong!term #orroings 1)9;1&9 1)97B&<
?ther non!current lia#ilities B;A&A B@@&0
Total non!current lia#ilities Total non!current lia#ilities Total non!current lia#ilities Total non!current lia#ilities 2)B<0&; 2)B<0&; 2)B<0&; 2)B<0&; 2)B00&< 2)B00&< 2)B00&< 2)B00&<
Total e,uit- Total e,uit- Total e,uit- Total e,uit- 2)900&< 2)900&< 2)900&< 2)900&< 2)917&2 2)917&2 2)917&2 2)917&2
Total e,uit- and lia#ilities Total e,uit- and lia#ilities Total e,uit- and lia#ilities Total e,uit- and lia#ilities ;)@2B&2 ;)@2B&2 ;)@2B&2 ;)@2B&2 ;)27<&1 ;)27<&1 ;)27<&1 ;)27<&1
19
=2 2012N =2 2012N =2 2012N =2 2012N
POI highlights 4re$orted5 POI highlights 4re$orted5 POI highlights 4re$orted5 POI highlights 4re$orted5
0/R? 4million5 0/R? 4million5 0/R? 4million5 0/R? 4million5 =2 2012 =2 2012 =2 2012 =2 2012 =2 2011 =2 2011 =2 2011 =2 2011
2012 %s 2012 %s 2012 %s 2012 %s
2011 2011 2011 2011
3olume 4million u&c&5 <A<&0 @02&< !76
1et Sales Re%enue 1)99<&@ 1)9;9&@ 16
2ross Profit ;B0&@ ;;A&2 !<6
20
?$erating 0x$enses 4<<7&;5 4<<;&25 !16
Restructuring *osts 4B&25 4@&;5 !7;6
?$erating Profit ?$erating Profit ?$erating Profit ?$erating Profit 1A2&; 1A2&; 1A2&; 1A2&; 21B&7 21B&7 21B&7 21B&7 !1<6 !1<6 !1<6 !1<6
1et $rofit 119&@ 1B1&B !1<6
0:ITDA 2A<&0 711&9 !96
2ross Profit Margin 7;&16 79&76
0:IT Margin 9&26 10&A6
0:ITDA Margin 1B&76 1<&A6
=2 2012N =2 2012N =2 2012N =2 2012N
POI highlights 4com$ara#le5 POI highlights 4com$ara#le5 POI highlights 4com$ara#le5 POI highlights 4com$ara#le5
0/R? 4million5 0/R? 4million5 0/R? 4million5 0/R? 4million5 =2 2012 =2 2012 =2 2012 =2 2012 =2 2011 =2 2011 =2 2011 =2 2011
2012 %s 2012 %s 2012 %s 2012 %s
2011 2011 2011 2011
3olume 4million u&c&5 <A<&0 @02&< !76
1et Sales Re%enue 1)99<&@ 1)9;9&@ 16
2ross Profit ;B;&0 ;;A&2 !B6
21
4>5 Financial indicators on a com$ara#le #asis exclude the recognition of restructuring costs and unrealised commodit- hedging results&
?$erating 0x$enses 4<<7&;5 4<<;&25 !16
?$erating Profit 40:IT5 ?$erating Profit 40:IT5 ?$erating Profit 40:IT5 ?$erating Profit 40:IT5 197&7 197&7 197&7 197&7 221&0 221&0 221&0 221&0 !176 !176 !176 !176
1et Profit 12;&A 1B;&0 !176
0:ITDA 29B&2 71;&; !;6
2ross Profit Margin 7;&B6 79&76
0:IT Margin 9&;6 11&26
0:ITDA Margin 1B&;6 1@&06
=2 2012N =2 2012N =2 2012N =2 2012N
2ross Profit 4re$orted5 2ross Profit 4re$orted5 2ross Profit 4re$orted5 2ross Profit 4re$orted5
0/R? 4million5 0/R? 4million5 0/R? 4million5 0/R? 4million5 =2 2012 =2 2012 =2 2012 =2 2012 =2 2011 =2 2011 =2 2011 =2 2011
2012 %s 2012 %s 2012 %s 2012 %s
2011 2011 2011 2011
1et Sales Re%enue 1)99<&@ 1)9;9&@ 16
*ost of Sales 41)2<<&05 41)201&B5 B6
22
2ross Profit ;B0&@ ;;A&2 !<6
C 1et sales re%enue $er unit case as u$ #- 17 cents 4B65 %s =2 2011
C *ost of sales $er unit case increased #- 1< cents 4A65 %s =2 2011
C 2ross $rofit $er unit case decreased #- 7 cents 4265 %s =2 2011
C 2ross $rofit margin decreased to 7;&16 from 79&76 4a decrease
of 220 #$s %ersus last -ear5
=2 2012N =2 2012N =2 2012N =2 2012N
?$ex $er unit case 4com$ara#le5 ?$ex $er unit case 4com$ara#le5 ?$ex $er unit case 4com$ara#le5 ?$ex $er unit case 4com$ara#le5
0/R? 0/R? 0/R? 0/R?
=2 2012 =2 2012 =2 2012 =2 2012 =2 2011 =2 2011 =2 2011 =2 2011
2012 %s 2012 %s 2012 %s 2012 %s
2011 2011 2011 2011
Sales 0&7B 0&77 76
Mar"eting 0&12 0&17 !76
27
4>5 Financial indicators on a com$ara#le #asis exclude the recognition of restructuring costs& Discre$ancies in groth rates are due to rounding&
Mar"eting 0&12 0&17 !76
Farehouse J Distri#ution 0&70 0&29 B6
Administration 0&19 0&1A 76
Total o$erating Total o$erating Total o$erating Total o$erating
ex$enses ex$enses ex$enses ex$enses
0&9< 0&9< 0&9< 0&9< 0&92 0&92 0&92 0&92 26 26 26 26
=2 2012N =2 2012N =2 2012N =2 2012N
1et Profit 4re$orted5 1et Profit 4re$orted5 1et Profit 4re$orted5 1et Profit 4re$orted5
0/R? 4million5 0/R? 4million5 0/R? 4million5 0/R? 4million5 =2 2012 =2 2012 =2 2012 =2 2012 =2 2011 =2 2011 =2 2011 =2 2011
2012 %s 2012 %s 2012 %s 2012 %s
2011 2011 2011 2011
?$erating $rofit 1A2&; 21B&7 !1<6
2B
Finance costs O other 421&<5 42B&@5 !176
Profit #efore tax 1@1&2 1A9&; !1<6
Tax 4B0&A5 4B<&15 !106
Minorit- interests 40&A5 47&25 !;<6
1et $rofit 1et $rofit 1et $rofit 1et $rofit 119&@ 119&@ 119&@ 119&@ 1B1&B 1B1&B 1B1&B 1B1&B !1<6 !1<6 !1<6 !1<6
0arnings $er Share 4in euros5 0arnings $er Share 4in euros5 0arnings $er Share 4in euros5 0arnings $er Share 4in euros5 0&77 0&77 0&77 0&77 0&79 0&79 0&79 0&79 !1<6 !1<6 !1<6 !1<6
=2 2012N =2 2012N =2 2012N =2 2012N
1et Profit 4com$ara#le5 1et Profit 4com$ara#le5 1et Profit 4com$ara#le5 1et Profit 4com$ara#le5
0/R? 4million5 0/R? 4million5 0/R? 4million5 0/R? 4million5 =2 2012 =2 2012 =2 2012 =2 2012 =2 2011 =2 2011 =2 2011 =2 2011
2012 %s 2012 %s 2012 %s 2012 %s
2011 2011 2011 2011
?$erating $rofit 197&7 221&0 !176
Finance costs O other 421&<5 42B&@5 !176
2< 4>5 Financial indicators on a com$ara#le #asis exclude the recognition of restructuring costs and unrealised commodit- hedging results&
Finance costs O other 421&<5 42B&@5 !176
Profit #efore tax 1;1&A 19@&B !176
Tax 4B7&25 4B@&25 !@6
Minorit- interests 40&A5 47&25 !;<6
1et $rofit 1et $rofit 1et $rofit 1et $rofit 12;&A 12;&A 12;&A 12;&A 1B;&0 1B;&0 1B;&0 1B;&0 !176 !176 !176 !176
0arnings $er Share 4in euros5 0arnings $er Share 4in euros5 0arnings $er Share 4in euros5 0arnings $er Share 4in euros5 0&7< 0&7< 0&7< 0&7< 0&B0 0&B0 0&B0 0&B0 !176 !176 !176 !176
Than" -ou Than" -ou Than" -ou Than" -ou
26
Than" -ou Than" -ou Than" -ou Than" -ou
For further information on *oca!*ola
+ellenic $lease %isit our e#site atN
&coca!colahellenic&com
or contact our
In%estor Relations team at
In%estor&relationsPcchellenic&com
970 210 @1A7 100