FULL YEAR HIGHLIGHTS
FOURTH QUARTER HIGHLIGHTS
- Free cash outflow of €94 million for the last quarter of 2010, compared to the free cash inflow of €27 million in the prior year period.
- Volume of 481 million unit cases, 6% above the fourth quarter of 2009. Net sales revenue of €1,495 million, 7% above the prior year period.
- On a comparable basis, operating profit (EBIT) of €61 million, 1% above the prior year period.
- On a comparable basis, net profit of €33 million, compared to €6 million in the prior year period, and earnings per share of €0.09, compared to €0.01 in the prior year period.
Note: For the definition of comparable basis and EBIT refer to “Reconciliation of Reported to Comparable Financial Indicators” below.
Doros Constantinou, Chief Executive Officer of Coca‑Cola Hellenic, commented: "We are pleased to report that Coca‑Cola Hellenic delivered a solid performance in 2010, despite the persistent macro economic challenges across our geography. We continued to win in the marketplace, improve operating efficiency and maintain our strong cash flow generation. At the same time Coca‑Cola Hellenic’s geographic diversity enabled us to deliver a strong set of results.
Looking to the current year, we are encouraged that some of our key countries are exhibiting signs of economic improvement. However, we remain cautious as other key countries are continuing to endure economic challenges, and we are facing industry wide pressure on commodity prices. As we manage the business for the long-term we will be increasing our net capital expenditure to €1.5 billion for 2011 – 2013. At the same time, we remain focused on improving the efficiency of our business, and strengthening the ways in which we serve our customers. We are confident that we will continue to generate significant cash flow and are raising our three-year rolling free cash flow target to approximately €1.6 billion for 2011-2013. "