GREECE: Net profit up 22% at CCHBC
European soft drinks bottler Coca-Cola Hellenic Bottling Company (CCHBC) has reported a 22% rise in net profit for 2005 to EUR308m, broadly in line with analysts' forecasts.
Total revenues rose from EUR4.25bn to EUR4.78bn, while underlying operating profit (EBIT) increased by 11% to EUR481m. Like-for-like volume growth for the year was 9%, but including acquisitions volumes rose by 12% to 1,578m unit cases.
CCHBC recorded the strongest volume gains in emerging markets, particularly Russia and Ukraine. Developing markets, such as Poland, also saw significant growth, but volumes in established markets were flat.
Net income in the fourth quarter of 2005 reached EUR7.6m, against a loss of EUR69.5m in the fourth quarter of 2004 when the company booked a EUR40m restructuring charge. Fourth-quarter EBIT rose by 26% to EUR42m. Volumes were 8% up in the fourth quarter, or 12% including acquisitions.
"We are very pleased to report another year of strong performance, the fifth consecutive year since Coca-Cola HBC was formed," said managing director, Doros Constantinou. "In 2005, we took a number of initiatives that were the drivers behind this growth with a key focus on marketplace execution, expansion of our product offerings and an on-going emphasis on supply chain improvements, mitigating the negative effect of significantly higher raw material costs."
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