Coca Cola Hellenic’s full year profits rise 6% in 2010


AFP

ATHENS — Coca Cola Hellenic, one of Europe’s main non-alcoholic drinks bottlers, on Wednesday said its net profits had risen by six percent in 2010 despite the region’s troubled finances. Net profits last year increased to 423.2 million euros (US$577 million) while volume inched up one percent to 2.1 billion unit cases, the company said. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) increased by three percent to 1.047 billion euros. Total operating expenses were up five percent to 2.099 billion euros.

“We are pleased to report that Coca-Cola Hellenic delivered a solid performance in 2010, despite the persistent macro economic challenges across our geography,” CCH managing director Doros Constantinou said in a statement. “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,” he said. Coca Cola Hellenic is a regional subsidiary of the US giant and is one of the biggest bottlers of non-alcoholic beverages in Europe. CCH operates in 28 countries in Europe and Africa and employs a workforce of over 44,000. “As we manage the business for the long-term we will be increasing our net capital expenditure to 1.5 billion euros for 2011-2013,” Constantinou said. “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 euros for 2011-2013,” he said.