The Greek-based soft drinks group, Coca Cola Hellenic Bottling Co. (CCHBC), posted a group net profit for 2002 of €35.3m, ahead of analysts’ forecasts. Analysts had been forecasting net profit of around €30.8m, with estimates ranging from €25.3m to €35m.
“The significant turnaround achieved in 2002 is a result of our ability to manage all aspects of our business including profitable volume growth, successful cost management and implementation of operational efficiencies,” the company said.
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CCHBC stated that earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 17% to €579m on sales 13% higher at €3.97 billion. Sales volumes reached 1.268m unit cases, up 17% from 2001.
The company said it was expecting to almost double net profit in 2003 and it also raised its EBITDA growth target from between 10% and 12% to between 11% and 13%.
