Coca-Cola Hellenic Swings To Profit In Q4 Despite Sales Decline
Published:04-February-2010
By Staff Reporter
Coca-Cola Hellenic Bottling has reported net profit was €3.1m for the fourth quarter of fiscal 2009 compared to a net loss of €194.8m in the same quarter last year. Sales for the quarter decreased 12% to €1.39bn compared to €1.59bn for the same quarter previous year.
Operating income for the quarter was €62.9m compared to operating loss of €144.9m for the previous year quarter.
For the full year 2009 the net sales was €6.54bn, a decline of 6% compared to €6.98bn for the prior year. Operating income for the full year was €638.8m compared to €454.6m for a year ago period. Net profit for the year soared to €399.2m compared to of €227.6m in the prior year.
Net sales revenue for the full year declined by approximately 6%, driven by a 4.5% decrease in volume and 7.5% negative currency impact, partly offset by a 2.5% increase from pricing and mix and 3.5% positive contribution from the Socib acquisition.
Doros Constantinou, chief executive officer of Coca-Cola Hellenic, said: "In a year of significant external challenges, we have successfully adapted our business to near-term economic realities, whilst maintaining our long-term focus on market leadership. This enabled a strong cash flow performance, resulting in a return of capital to shareholders and a more efficient capital structure.
“We therefore issue guidance of approximately EUR1.5 billion free cash flow to be generated over the three year period ending 2012. Concurrently, we will continue to manage our business for the long-term, focusing on identifying new growth opportunities."
Coca-Cola Hellenic said that a combined system focus on brand marketing and promotional programs and quality outlet execution will continue to support its goal of achieving further share gains in the non-alcoholic ready-to-drink beverage category.
In particular, the company is planning to roll-out the SAP 'Wave 2' technology in further countries, which is expected to offer a significant competitive advantage for the company in the long-run.
