5 Nov, 2008 - Coca-Cola Hellenic today posted its results for the nine months ending 26 September.
Highlights
Volume of 1,623 million unit cases, 4% above 2007. Net sales revenue rose to €5,389 million, 8% above 2007.
Operating profit (EBIT) of €600 million, 3% below prior year.
Net profit of €422 million, 3% below prior year, and earnings per share of €1.16, 3% below prior year.
Q3 Highlights
Volume of 610 million unit cases, 4% above 2007. Net sales revenue rose to €2,075 million, 9% above 2007.
Operating profit (EBIT) of €286 million was flat compared to the prior year.
Net profit of €213 million, flat compared to the prior year, and earnings per share of €0.58, 2% below prior year.
Doros Constantinou, Managing Director of Coca-Cola Hellenic, commented: “In the third quarter net sales revenue grew 9%, a solid performance given we were cycling strong comparable growth of 15% last year. Similarly, EBIT growth, whilst stable compared with last year’s very strong quarter, has improved over the preceding quarter as we benefit from our cost cutting and pricing initiatives.
"Our market place execution remains very strong in this challenging economic environment, with market share gains in almost all of our territories. An ongoing focus on cost reductions together with the positive impact from recent pricing actions is expected to support the achievement of our full year guidance. In addition, as part of our current business planning cycle, we continue to look for opportunities to further reduce our cost base and improve operating leverage in response to the current economic environment with the aim of strengthening profitability in 2009.
"We continue to manage our business for the long term, and believe that the breadth of our geographical coverage, resilience of our product portfolio and strong sales and marketing capabilities will enable Hellenic to outperform in an industry that continues to exhibit positive trends.”