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COCA-COLA HBC S.A. - 3rd Quarter Results

Date : 11/08/2012 @ 12:21PM
Source : PR Newswire (US)
Stock : Coca-cola Hbc (PC) (CCHBY)
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COCA-COLA HBC S.A. - 3rd Quarter Results

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COCA-COLA HBC S.A. - 3rd Quarter Results
             RESULTS FOR THE NINE MONTHS ENDED 28 SEPTEMBER 2012

HIGHLIGHTS FOR THE NINE MONTHS

                                  Nine Months Nine Months
                                     2012        2011     % Change
Volume (m unit cases)                1,605       1,618      -1%
Net Sales Revenue (€ m)              5,468       5,326       3%

Comparable Cost of Goods Sold (€ 3,473 3,275 6% m) Comparable EBIT (€ m)

                 412         468       -12%
Comparable Net Profit (€ m)           265         302       -12%
Comparable EPS (€)                   0.73        0.83       -12%

- Top line: Net sales revenue grew by 3%, while volume declined by 1% in the first nine months of 2012. Emerging markets posted a 3% volume increase, which was more than offset by a 5% volume decline in established markets and a 2% volume decline in developing markets.

- Categories: In the first nine months of 2012, volume in the sparkling beverages category was flat. Volume in the tea category grew by 3%, while energy drinks volume grew by 5%. In the water and juice categories, volume declined by 4% and 6% respectively.

- Brands: Volume of trademark Coca-Cola products grew by 1% in the first nine months of 2012, with Coca-Cola growing by 2% and Coca-Cola Zero growing by 10%.

- Share gains: We gained or maintained volume share in sparkling beverages in most of our markets including Italy, Austria, Switzerland, Poland, Russia, Ukraine, Romania, the Czech Republic and Bulgaria.

- Comparable operating profit (EBIT): The positive impact of our revenue growth initiatives was more than offset by a combination of higher input costs and unfavourable currency movements. As a result, comparable EBIT declined by €56 million in the first nine months.

- Free cash flow and capex: We generated free cash flow of €381 million in the first nine months of 2012, while working capital improved by €35 million year-on-year. We continue to expect to generate free cash flow of €1.45 billion for the 2012-2014 period, while also targeting cumulative capital expenditures of €1.45 billion, over the same period.

Dimitris Lois, Chief Executive Officer of Coca-Cola Hellenic, commented:

"We achieved both volume and revenue growth in the third quarter, with revenue continuing to grow faster than volume. This performance demonstrates that our strategy, executed with excellence, delivers the desired top line results, even in the current economic climate.


Notwithstanding the encouraging results of the third quarter, we
see the overall macroeconomic volatility and input cost pressures persisting.
The environment in which we operate remains very challenging, particularly
across our established markets. We remain focused on delivering on our
strategic priorities: strengthening our leadership position in the
marketplace, driving revenue growth and executing on our cost optimization and
process efficiency plans.

In addition, our business continues to generate significant free cash flow, enabling us to invest in sustainable growth, thus creating long-term value for our shareholders.


The recently announced voluntary share exchange offer by Coca-Cola
HBC AG will facilitate a premium listing of the Group on the London Stock
Exchange and forms part of our commitment to enhance shareholder value. It
reflects the international nature of our business, as well as our shareholder
base. At the same time it will give us access to the largest pool of
international investors, on the most liquid equity market in Europe providing
flexibility to fund our future growth on competitive terms."

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS


This document contains forward-looking statements that involve
risks and uncertainties. These statements may generally, but not always, be
identified by the use of words such as `believe', `outlook', `guidance',
`intend', `expect', `anticipate', `plan', `target' and similar expressions to
identify forward-looking statements. All statements other than statements of
historical facts, including, among others, statements regarding our future
financial position and results, our outlook for 2012 and future years,
business strategy and the effects of our recent acquisitions, and
restructuring initiatives on our business and financial condition, our future
dealings with The Coca-Cola Company, budgets, projected levels of consumption
and production, projected raw material and other costs, estimates of capital
expenditure, free cash flow or effective tax rates and plans and objectives of
management for future operations, are forward-looking statements. You should
not place undue reliance on such forward-looking statements. By their nature,
forward-looking statements involve risk and uncertainty because they reflect
our current expectations and assumptions as to future events and circumstances
that may not prove accurate. Our actual results could differ materially from
those anticipated in the forward-looking statements for many reasons,
including the risks described in our annual report on Form 20-F filed with the
U.S. Securities and Exchange Commission (File No 1-31466).

Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot assure you that our
future results, level of activity, performance or achievements will meet these
expectations. Moreover, neither we nor any other person assumes responsibility
for the accuracy and completeness of the forward-looking statements. After the
date of the condensed consolidated interim financial statements included in
this document, unless we are required by law to update these forward-looking
statements, we will not necessarily update any of these forward-looking
statements to conform them either to actual results or to changes in our
expectations.

Reconciliation of Reported to Comparable Financial Indicators


Group Financial                                     Nine months 2012
Results
(numbers in €
million
except per share
data)
                         COGS1         Gross    Operating           EBIT4 Adjusted          Net EPS7
                                     Profit2    Expenses3                  EBITDA5      profit6  (€)
Reported             (3,476.3)       1,992.1    (1,586.4)           380.9    675.5        237.7 0.65
Restructuring costs          -             -            -            24.8     22.8         21.9 0.06
Commodity hedging8         3.0           3.0            -             3.0      3.0          2.2 0.01
Non-recurring items9         -             -          3.6             3.6      3.6          2.9 0.01
Comparable           (3,473.3)       1,995.1    (1,582.8)           412.3    704.9        264.7 0.73
 
Group Financial                                     Nine months 2011
Results
(numbers in €
million
except per share
data)
                         COGS1   Gross    Operating                 EBIT4 Adjusted          Net EPS7
                               Profit2    Expenses3                        EBITDA5      profit6  (€)
Reported             (3,275.8) 2,049.7    (1,582.0)                 443.1    732.1        280.7 0.77
Restructuring costs          -       -            -                  24.6     23.1         20.3 0.06
Commodity hedging8         0.6     0.6            -                   0.6      0.6          0.6    -
Non-recurring items9         -       -            -                     -        -            -    -
Comparable           (3,275.2) 2,050.3    (1,582.0)                 468.3    755.8        301.6 0.83
 
Group Financial                                    Third quarter 2012
Results
(numbers in €
million
except per share
data)
                         COGS1   Gross    Operating                 EBIT4 Adjusted          Net EPS7
                               Profit2    Expenses3                        EBITDA5      profit6  (€)
Reported             (1,281.2)   755.1      (536.9)                 211.0    307.9        146.5 0.40
Restructuring costs          -       -            -                   7.2      7.2          6.9 0.02
Commodity hedging8       (1.2)   (1.2)            -                 (1.2)    (1.2)        (0.7)    -
Non-recurring items9         -       -        (3.6)                   3.6      3.6          2.9 0.01
Comparable           (1,282.4)   753.9      (533.3)                 220.6    317.5        155.6 0.43
 
Group Financial                                    Third quarter 2011
Results
(numbers in €
million
except per share
data)
                         COGS1   Gross              Operating  EBIT4      Adjusted     Net      EPS7
                               Profit2              Expenses3              EBITDA5 profit6       (€)
Reported             (1,179.9)   749.9                (530.9)  211.2         307.1   148.2      0.41
Restructuring costs          -       -                      -    7.8           7.8     6.8      0.02
Commodity hedging8         0.6     0.6                      -    0.6           0.6     0.6         -
Non-recurring items9         -       -                      -      -             -       -         -
Comparable           (1,179.3)   750.5                (530.9)  219.6       

315.5 155.6 0.43

1 Reported COGS refers to cost of goods sold.

2 Reported Gross Profit refers to gross profit.

3 Reported Operating Expenses refers to operating expenses.

4 Reported EBIT refers to operating profit.


5 Reported Adjusted EBITDA refers to operating profit before
deductions for depreciation and impairment of property, plant and equipment
(included both in cost of goods sold and in operating expenses), amortisation
and impairment of and adjustments to intangible assets, employee share options
and other non-cash items, if any (refer to page 13).

6 Reported Net Profit refers to profit after tax attributable to owners of the parent.

7 Reported EPS refers to basic earnings per share.


8 The Group has entered into certain commodity derivatives
transactions in order to mitigate its exposure to commodity price risk. Though
these transactions are economic hedging activities that aim to manage our
exposure to sugar and aluminium price volatility, they do not qualify for
hedge accounting. The fair value gains and losses on the derivatives are
immediately recognised in the income statement in the cost of goods sold line
item. The Group's comparable results exclude the unrealised gains or losses
resulting from the mark-to-market valuation of this hedging activity. These
gains or losses will be reflected in the comparable results in the period when
the underlying transactions will occur, to match the profit or loss impact of
the underlying transactions.

9 Non-recurring items refer to the costs relating to the change of
the Group's parent entity from Coca-Cola Hellenic Bottling Company S.A., a
company incorporated under the laws of Greece, to Coca-Cola HBC AG, a company
incorporated under the laws of Switzerland, and the listing of Coca-Cola HBC
AG on the premium segment of London Stock Exchange plc.

Group Operational Review


Coca-Cola Hellenic Bottling Company S.A. "Coca-Cola Hellenic" or
"we" or the "Group") achieved both volume and revenue growth in the third
quarter of 2012, with revenue continuing to grow faster than volume. Unit case
volume increased by 2% in the third quarter, partly reflecting a favourable
base effect from a 5% volume decline from the prior year third quarter. In the
first nine months of the year, volume declined by 1%, compared to flat volume
performance in the same period last year.

In the third quarter of 2012, we gained or maintained volume share in sparkling beverages and value share in the non-alcoholic ready-to-drink beverages ("NARTD") category in most of our markets. Some of the markets in which we gained or maintained share in sparkling beverages were Austria, Poland, Russia, Ukraine, Romania, the Czech Republic and Bulgaria. In the NARTD category, we gained or maintained value share in Switzerland, Austria, Hungary, the Czech Republic, Russia, Romania, Ukraine and Bulgaria, among others.


Volume of sparkling beverages increased by 3% in the third quarter
and was flat year-over-year in the first nine months. The sales of trademark
Coca-Cola products grew by 3% in the third quarter and by 1% in the nine-month
period. In the third quarter, volume of Coca-Cola increased by 4% and
Coca-Cola Zero by 12%, registering growth across all of our reporting
segments. In the first nine months of the year, Coca-Cola and Coca-Cola Zero
grew by 2% and 10% respectively. Volume sales in our ready-to-drink tea
category increased by 8% in the quarter and by 3% year-to-date driven by
double-digit growth in the emerging markets segment. Our energy drinks
business grew by 5% in both periods under consideration. Volume in our juice
category declined by 6% in both the third quarter and the first nine months,
and volume in our water category declined by 1% in the quarter and by 4% in
the first nine months of 2012.

The overall macroeconomic and trading environment remains very
challenging across most of our territories, reflecting reduced disposable
income, rising unemployment rates and persistently low consumer confidence.
Amidst this backdrop, package mix continues to be negatively affected by the
continuous shift of demand towards modern trade and at-home consumption. Our
occasion-based brand, package, price and channel strategy ("OBPPC") is focused
on mitigating the adverse impact on package mix, while addressing consumer
affordability.

On a currency neutral basis, net sales revenue per unit case
increased by 2% in the third quarter and by 3% in the first nine months of the
year, excluding the positive hyperinflation impact of our business in Belarus.
Including the impact of Belarus, currency neutral net sales revenue per case
increased by 3% in the quarter and by 4% in the first nine months of the year.

In line with our expectations, currency neutral input costs per unit case grew by 4.5% in the quarter and by 6% in the first nine months of the year, driven by higher EU sugar prices. At the same time, currency neutral operating expenses per unit case declined by 2% in the third quarter.

Our comparable EBIT in the third quarter stood at €221 million, registering a marginal improvement over the prior year quarter levels. The positive impact of our revenue growth initiatives and higher volume offset pressures from higher year-over-year input costs and unfavourable currency movements.


Reflecting all of the above factors and trends in the market, our comparable
earnings per share reached €0.43 in the third quarter, flat compared to the
comparable prior year period.

We continue the implementation of our restructuring initiatives
with the aim of improving operational efficiency and productivity amidst an
increasingly challenging external environment. In the first nine months of the
year we have incurred a total of €25 million of pre-tax restructuring charges.
We anticipate execution of the majority of our plans during the fourth
quarter, placing us in a position to capture related benefits in both 2012 and
mainly, 2013.

During the third quarter of 2012, Austria, Slovenia, Serbia,
Montenegro, Croatia and Bosnia, transitioned certain processes to our Shared
Services Centre in Sofia. Currently, 19 of our countries have been
successfully integrated with the Shared Service Centre. We remain focused on
increasing efficiency through the centralisation and standardisation of
certain finance and human resources processes and we plan to integrate more
countries and processes over the next 12-18 months.

We generated free cash flow of €285 million in the third quarter of
2012 and €381 million for the nine months, compared to €299 million and €416
million respectively in the comparable prior year periods. In the third
quarter, cash generated from working capital reduction was approximately €135
million.

Sustainability is deeply embedded in our corporate culture. In this
respect, we are very proud to have been included in the Dow Jones
Sustainability Indexes ("DJSI") for the fifth consecutive year, as one of the
world's top ranking beverage companies in sustainability. We are one of only
four companies in the beverage industry to attain inclusion in the DJSI World
Index and one of just two companies in the beverage industry to be included in
the DJSI Europe Index.

On 11 October 2012, Coca-Cola HBC AG, a Swiss company incorporated
by Kar-Tess Holding, announced the submission of a voluntary share exchange
offer to acquire all outstanding ordinary registered shares and all American
depositary shares of Coca-Cola Hellenic, each representing one Coca-Cola
Hellenic share, for new ordinary registered shares of Coca-Cola HBC AG and
American depositary shares of Coca-Cola HBC AG. Coca-Cola HBC AG has announced
that the purpose of the exchange offer is to facilitate a listing of the Group
on the premium segment of the London Stock Exchange and a listing on the New
York Stock Exchange, under a new Swiss holding company. Coca-Cola HBC AG will
at the same time apply for a parallel listing of its shares on the Athens
Exchange, subject to the necessary approvals.

Operational Review by Reporting Segment

 
Established markets
                                Nine    Nine      %
                              months  months            Q3    Q3      %
                                2012    2011 Change   2012  2011 Change
Volume (m unit cases)          522.5   548.1    -5%  188.2 195.0    -3%
Net sales revenue (€ m)      2,097.3 2,202.5    -5%  748.1 780.9    -4%
Operating profit               132.8   224.5   -41%   66.2  94.4   -30%
(EBIT in € m)
Comparable operating profit    149.6   236.7   -37%   73.1  98.2   -26%
(Comparable EBIT in € m)

- Unit case volume in our established markets segment decreased by 3% in the third quarter of 2012, following a similar rate of decline in the comparable prior year period. Unit case volume declined by 5% in the nine months, following a 1% decline in the comparable prior year period.

- Net sales revenue declined by 4% in the quarter mainly reflecting lower volume and to a lesser extent negative category mix which more than offset a small benefit from favourable currency movements.


- Volume in Italy declined by low single-digits in the third
quarter. In the first nine months of 2012, volume declined by mid
single-digits year-over-year. The overall environment continues to be affected
by the sovereign debt crisis as unemployment in September reached
double-digits for the first time in ten years and consumer confidence declined
further in the quarter. Against this backdrop, sales volume of Coca-Cola Zero
grew by 33%, reflecting strong execution and sampling. The implementation of
our OBPPC driven initiatives resulted to an improved package mix for the
quarter, with single-serve packs mix improving in both sparkling beverages and
water.

- Volume in Ireland declined by mid single-digits in both periods
under review. Coca-Cola Zero continues to resonate well with consumers, in a
challenging environment, growing by mid single-digits in the quarter. Fanta
also grew in the low single-digits. Our single-serve focus, particularly in
sparkling beverages, had a positive impact on package mix, which improved both
in the third quarter and the first nine months of the year.

- Volume in Switzerland declined in the mid single-digits in both
periods under review. The strong Swiss Franc relative to the Euro continues to
result in significantly increased cross-border shopping. Among sparkling
beverages, Fanta fared better, registering mid single-digit growth. Volume in
our tea category grew by low single-digits in the third quarter. Package mix
continued to improve, on the back of the strong performance of single-serve
packs in our water category.

- Volume in Greece declined in the mid-teens, both during the third
quarter and the first nine months of the year. The macroeconomic environment
remains extremely challenging. Official unemployment exceeds 25% and the
finalisation of a new €13.5 billion austerity package is expected to reduce
further an already suppressed disposable income. We continue to focus on
remaining relevant to the Greek consumer by investing in our brands and
offering affordable products. At the same time, we are taking the necessary
steps to improve our operational efficiency in the country and maintain tight
working capital management.

- Comparable operating profit in the established markets segment declined to €73 million in the third quarter and €150 million in the first nine months. Increased commodity costs, lower volume, as well as negative category mix drove the decline in profitability, more than offsetting the benefit of lower operating expenses in the third quarter.

Operational Review by Reporting Segment (continued)

 
Developing markets
                                Nine    Nine      %
                              months  months            Q3    Q3      %
                                2012    2011 Change   2012  2011 Change
Volume (m unit cases)          302.2   309.4    -2%  114.1 113.7      -
Net sales revenue (€ m)        890.6   917.6    -3%  341.7 334.8     2%
Operating profit                26.2    55.9   -53%   25.2  32.0   -21%
(EBIT in € m)
Comparable operating profit     31.9    64.4   -50%   26.3  33.2   -21%
(Comparable EBIT in € m)
- Unit case volume in our developing markets segment was flat in
the third quarter of 2012, following a 2% decrease in the comparable prior
year period. Unit case volume declined by 2% in the nine months of 2012,
following a 3% increase in the comparable prior year period.

- Net sales revenue increased by 2% in the quarter as positive price and country mix more than offset the negative impact of currency translation and category mix.


- Volume in Poland grew by low single-digits in the third quarter.
For the first nine months of 2012 volume declined by low single-digits.
Premium sparkling beverages were the key drivers of growth in the quarter, in
line with our category strategy. Coca-Cola grew by mid single-digits, while
Coca-Cola Zero, Fanta and Sprite registered double-digit growth in the third
quarter. Package mix was stable, driven by the improved performance of
single-serve packs in our water category.

- Volume in the Czech Republic grew by low single-digits in the third quarter. In the first nine months of 2012, volume in the country declined by mid single-digits. Successful activation, particularly in the modern trade, supported sparkling volume in the quarter. Volume of both Coca-Cola and Coca-Cola Zero grew by mid single-digits, while Fanta grew in the high-teens, also benefiting by the recent launch of Fanta Strawberry & Kiwi. The launch of Nestea Green Tea Peach earlier in the year contributed to a low double-digit volume growth for our tea category in the quarter.


- Volume in Hungary declined by mid single-digits during both
periods under review, as the conditions in the country remain challenging.
Consumer confidence is among the lowest in Europe, while GDP continues to
contract. Against this backdrop, sparkling beverages' volume declined by mid
single-digits in the quarter. Our strategy to increase distribution coverage
resulted in high-teens growth for Coca-Cola Zero. Volume in our tea category
increased by low single-digits, reflecting our focus to drive distribution of
Nestea Green Tea with stevia. During this quarter we began to fully cycle the
impact of the public health tax, which was introduced in September 2011.

- Comparable operating profit in the developing markets segment was
€26 million in the third quarter and €32 million in the first nine months of
2012. Increased commodity costs, driven by higher sugar prices, negative
category mix and unfavourable currency movements more than offset the benefits
from our revenue growth initiatives and lower operating expenses.

Operational Review by Reporting Segment (continued)

 
Emerging markets
                                                     Nine months Nine months      %     Q3    Q3      %
                                                            2012        2011 Change   2012  2011 Change
Volume (m unit cases)                                      779.8       760.5     3%  291.7 273.0     7%
Net sales revenue (€ m)                                  2,480.5     2,205.4    12%  946.5 814.1    16%
Operating profit                                           221.9       162.7    36%  119.6  84.8    41%
(EBIT in € m)
Comparable operating profit (Comparable EBIT in € m)       230.8       167.2    38%  121.2  88.2    37%

- Unit case volume in our emerging markets segment grew by 7% in the third quarter of 2012, following a 7% decline in the comparable prior year period. Unit case volume was 3% higher in the first nine months of 2012, following a 1% decline in the comparable prior year period.

- Net sales revenue grew by 16% in the third quarter, mainly as a result of our revenue growth initiatives and higher volume, as well as better category mix and favourable translation currency impact.


- Volume in Russia grew by just under 10% in the third quarter,
following a low double-digit decline in the same period last year. In the
first nine months of 2012, volume grew by high single-digits. Volume grew
across all key categories during the quarter, with the exception of water.
Strong activation in conjunction with the successful launch of our 1.5L
bottle, contributed to 18% growth for brand Coca-Cola, marking the eighth
consecutive quarter of volume expansion and share gain. Fanta grew by 15% and
Sprite by 7% in the quarter. Juice volume increased in the mid-teens, with
growth driven by both our mainstream brand Dobry, as well as our premium brand
Rich. We continued to win in the marketplace, gaining share in the sparkling
beverages category during the quarter.

- Volume in Nigeria grew by mid single-digits in the third quarter,
following a mid single-digit decline in the corresponding period last year.
Volume declined by mid single-digits in the first nine months of 2012. In
addition to a more favourable base effect, our strategy to expand distribution
coverage by increasing availability across key categories, supported volume in
the quarter. Sales of trademark Coca-Cola products registered mid single-digit
growth in the quarter, while Sprite increased by low single-digits. Volume
grew in the high-teens in our juice category and in the low-teens in our water
category.

- Volume in Romania increased by high single-digits in the third
quarter, following a mid single-digit decline in the corresponding period last
year. Volume in the first nine months of the year grew by low single-digits.
Strong execution and good weather conditions during the key summer selling
period supported volume in the third quarter. Volume of sparkling beverages
grew by mid-teens, driven by double digit growth across all key brands. Our
tea category volume increased by mid single-digits during the quarter. Package
mix remained strong with sparkling single-serve packs growing by low
double-digits.

- Volume in Ukraine declined by mid single-digits in the third
quarter. In the first nine months volume decreased by high single-digits.
During the quarter, volume decline was driven by our water category. Core
sparkling beverages grew by mid single-digits, reflecting a mid-teens growth
in Coca-Cola, a high single-digit growth in Sprite and a mid single-digit
growth in Fanta. Our tea volume grew in the mid-teens, due to strong
activation. Socio-economic uncertainty remains a key factor determining demand
in the country and thus we expect volatility to continue.

- Comparable operating profit in the emerging markets segment
increased by 37% in the third quarter and by 38% in the first nine months of
2012. The benefits of our revenue growth initiatives, higher volume and better
category mix more than offset the negative impact of increased commodity
costs, higher operating expenses and unfavourable currency movements.

Business Outlook

For the remainder of the year, we expect the challenging business conditions to persist across most of our territories. Economic uncertainty and austerity measures impact disposable income and consumer confidence, particularly as the uncertainty driven by the unresolved Eurozone sovereign debt crisis remains.

In light of the factors outlined above, the ongoing volatility in the marketplace, particularly in our established markets, and the unfavourable base effect of last year's fourth quarter, we expect a deceleration in the growth of currency neutral revenue per unit case in the fourth quarter of 2012.


Our strategic priorities remain unchanged. We are focusing on
growing revenue ahead of volume, while continuing to win in the marketplace.
We also remain focused on growing currency neutral revenue per unit case
through OBPPC driven initiatives, as well as pricing. At the same time,
respecting and addressing affordability are key elements of our strategy, if
we are to remain relevant to consumers. We are constantly balancing all
aspects of this equation in order to determine the optimum mix in each of our
markets. We are confident that this is the right strategy to drive profitable
volume and revenue growth.

In the second half of 2012, the input costs environment is evolving according to our estimates and, in this respect we continue to expect currency neutral input costs per case to increase by mid single-digits in the full year. In addition, we anticipate that the benefits of our revenue growth management strategy will offset expected increases in total input costs, in absolute terms.


We remain focused on improving operational efficiency and
productivity across our organisation by executing the previously announced
accelerated restructuring plans in the fourth quarter. We therefore continue
to expect approximately €100 million of restructuring costs for 2012. The
total savings from initiatives of 2012 and initiatives taken in 2011 are
expected to reach €50 million. Expected annualised benefits from 2013 onwards
remain approximately €70 million.

We continue to expect a significant negative impact on full year operating profitability from currency movements. This reflects both current spot rates for any remaining open positions, as well as the timing of our positions taken against various currencies under our hedging policy.

We expect our comparable effective tax rate for the mid-term to remain unchanged, ranging between 25-27%.

Our emphasis on free cash flow generation and tight working capital management continues. Our guidance for both free cash flow and capital expenditure for the three year period ending 31 December 2014 remains at €1.45 billion each.


We remain positive about the medium-term prospects of our business.
Our geographic footprint offers ample scope for growth and we are confident
that we have the right strategy that will enable us to grow in a sustainable
and profitable way when the external environment begins to stabilize. In the
short-term, we remain focused on reinforcing our position in the marketplace,
becoming leaner and more efficient and taking all the necessary steps that
will allow Coca-Cola Hellenic to reach its next stage of development.

Group Financial Review

 
Selected Income Statement and Other Items                                 Nine months
                                                                       2012      2011    %
                                                                  € million € million Change
Volume (m unit cases)                                               1,604.5   1,618.0   -1%
Net sales revenue                                                   5,468.4   5,325.5   3%
Cost of goods sold                                                (3,476.3) (3,275.8)   6%
Comparable cost of goods sold1                                    (3,473.3)
(3,275.2)   6%
Gross profit                                                        1,992.1   2,049.7   -3%
Comparable gross profit1                                            1,995.1   2,050.3   -3%
Operating expenses                                                (1,586.4) (1,582.0)    -
Comparable operating expenses                                     (1,582.8) (1,582.0)    -
Operating profit (EBIT)                                               380.9     443.1  -14%
Comparable operating profit (comparable EBIT)1                        412.3     468.3  -12%
Adjusted EBITDA2                                                      675.5     732.1   -8%
Comparable adjusted EBITDA1,2                                         704.9
    755.8   -7%
Total finance costs, net                                               68.4      64.0   7%
Tax                                                                    74.2      98.0  -24%
Profit after tax attributable to owners of the parent                 237.7     280.7  -15%
Comparable profit after tax attributable to owners of the parent1     264.7     301.6  -12%
Basic earnings per share (€)                                           0.65      0.77  -16%
Comparable basic earnings per share (€)1                               0.73      0.83  -12%
Net cash from operating activities                                    675.3
    710.8   -5%
Free cash flow3                                                       380.8     416.1   -8%
Capital expenditure3                                                (294.5)   (294.7)    -
                                                                         Third quarter
                                                                       
                                                                       2012      2011       %
                                                                  € million € million  Change
Volume (m unit cases)                                                 594.0     581.7      2%
Net sales revenue                                                   2,036.3   1,929.8      6%
Cost of goods sold                                                (1,281.2) (1,179.9)      9%
Comparable cost of goods sold1                                    (1,282.4)
(1,179.3)      9%
Gross profit                                                          755.1     749.9      1%
Comparable gross profit1                                              753.9     750.5       -
Operating expenses                                                  (536.9)   (530.9)      1%
Comparable operating expenses                                       (533.3)   (530.9)       -
Operating profit (EBIT)                                               211.0     211.2       -
Comparable operating profit (comparable EBIT)1                        220.6     219.6       -
Adjusted EBITDA2                                                      307.9     307.1       -
Comparable adjusted EBITDA1,2                                         317.5
    315.5      1%
Total finance costs, net                                               24.4      20.8     17%
Tax                                                                    39.5      46.8    -16%
Profit after tax attributable to owners of the parent                 146.5     148.2     -1%
Comparable profit after tax attributable to owners of the parent1     155.6     155.6       -
Basic earnings per share (€)                                           0.40      0.41     -2%
Comparable basic earnings per share (€)1                               0.43      0.43       -
Net cash from operating activities                                    405.9
    426.9     -5%
Free cash flow3                                                       285.2     298.7     -5%
Capital expenditure3                                                (120.7)

(128.2) -6% 1 Refer to the `Reconciliation of Reported to Comparable Financial Indicators' section on page 3.

2 We define Adjusted EBITDA as operating profit before deductions for depreciation and impairment of property, plant and equipment (included both in cost of goods sold and in operating expenses), amortisation and impairment of and adjustments to intangible assets, employee share options and other non-cash items, if any (refer to page 13).

3 Refer to `Supplementary Information' section on page 13.

Net sales revenue


Net sales revenue per unit case increased by 4% in the first nine
months of 2012 and 3% in the third quarter of 2012 on both a reported and
currency neutral basis, in each case compared to the respective prior year
periods. In the first nine months of 2012, net sales revenue per unit case
decreased by approximately 1% in the established markets and increased in the
developing and emerging markets by 3% and 10% respectively, in each case on
a
currency neutral basis.

Cost of goods sold

Comparable cost of goods sold increased by 6% in the first nine months of 2012
and 9% in the third quarter of 2012. Comparable cost of goods sold per unit
case increased by 7% during the first nine months of 2012 and 6% in the third
quarter of 2012, compared to the respective prior year periods, mainly
reflecting higher commodity costs, especially sugar.

Gross profit


Comparable gross profit margins decreased from 38.5% in the first
nine months of 2011 to 36.5% in the first nine months of 2012 and from 38.9%
in the third quarter of 2011 to 37.0% in the third quarter of 2012. On a per
unit case basis, comparable gross profit decreased by approximately 2% both in
the first nine months and the third quarter of 2012, compared to the
respective prior year periods. On a currency neutral basis, comparable gross
profit per unit case also decreased by 1% in the first nine months of 2012 and
2% in the third quarter of 2012, compared to the respective prior year
periods.

Operating expenses


Comparable operating expenses on a currency neutral basis remained
relatively stable in the first nine months of 2012 and increased by 1% in the
third quarter of 2012, in each case versus the respective prior year periods,
as increased sales, administration, warehouse and distribution expenses offset
the lower marketing expenses.

Operating profit

Comparable operating profit decreased from €468 million in the
first nine months of 2011 to €412 in the first nine months of 2012, mainly due
to the increased raw materials costs and the unfavourable foreign currency
impact. For the third quarter, comparable operating profit remained relatively
stable, from €220 million in the third quarter of 2011 to €221 million in the
third quarter of 2012. Our comparable operating margin decreased from 8.8% in
the first nine months of 2011 to 7.5% in the first nine months of 2012 and
from 11.4% in the third quarter of 2011 to 10.8% in the third quarter of 2012.

Total finance costs, net

Total finance costs, net, were higher by €4.4 million during the first nine months of 2012 and by €3.6 million during the third quarter of 2012, compared to the same periods of the prior year.

Tax

On a comparable basis, Coca-Cola Hellenic's effective tax rate for the first nine months of 2012 was approximately 23% compared to 25% in the respective prior year period. The Group's effective tax rate varies quarterly as a consequence of a combination of factors including the mix of profits reported for tax purposes and one-off tax items.

Profit after tax attributable to owners of the parent


On a comparable basis, profit after tax attributable to owners of
the parent was €265 million in the first nine months of 2012, compared to
profit after tax attributable to owners of the parent of €302 million in the
prior year period, driven mainly by the decreased operating profit. Both in
the third quarter of 2012 and in the respective prior year period, comparable
profit after tax attributable to owners of the parent was €156 million.

Net cash from operating activities


Net cash from operating activities was €675 million in the first
nine months of 2012 versus €711 million in the prior year period. Net cash
from operating activities net of capital expenditure was €381 million for the
first nine months of 2012, compared to €416 million in the respective prior
year period.

Capital expenditure

Our capital expenditure, net of receipts from the disposal of assets and
including principal repayments of finance lease obligations, amounted to €294
million in the first nine months of 2012 versus €295 million in the respective
prior year period.

Supplementary Information
 
The financial measures Adjusted EBITDA, Capital Expenditure and Free Cash Flow consist of the
following reported amounts in the condensed consolidated interim financial statements:
                                                            Nine months
                                                             2012      2011
                                                        € million € million
Profit after tax                                            240.2     283.3
Tax charged to the income statement                          74.2      98.0
Total finance costs, net                                     68.4      64.0
Share of results of equity method investments               (1.9)     (2.2)
Operating profit                                            380.9     443.1
Depreciation of property, plant and equipment               287.2     278.9
Amortisation of intangible assets                             2.5       2.6
Employee share options                                        4.9       6.1
Other non-cash items                                            -       1.4
Adjusted EBITDA                                             675.5     732.1
Losses / (gains) on disposal of non-current assets            2.3     (0.8)
Decrease in working capital                                  71.8      37.3
Tax paid                                                   (74.3)    (57.8)
Net cash from operating activities                          675.3     710.8

Payments for purchases of property, plant and equipment (279.3) (261.1) Principal repayments of finance lease obligations (17.7) (38.7) Proceeds from sale of property, plant and equipment

           2.5       5.1
Capital expenditure                                       (294.5)   (294.7)
 
Net cash from operating activities                          675.3     710.8
Capital expenditure                                       (294.5)   (294.7)
Free cash flow                                              380.8     416.1

                                                           Third quarter
                                                             2012      2011
                                                        € million € million
Profit after tax                                            148.1     146.6
Tax charged to the income statement                          39.5      46.8
Total finance costs, net                                     24.4      20.8
Share of results of equity method investments               (1.0)     (3.0)
Operating profit                                            211.0     211.2
Depreciation of property, plant and equipment                94.1      93.2
Amortisation and adjustments to intangible assets             1.1       0.9
Employee share options                                        1.7       1.8
Adjusted EBITDA                                             307.9     307.1
Losses on disposal of non-current assets                      0.3       1.8
Decrease in working capital                                 134.9     137.2
Tax paid                                                   (37.2)    (19.2)
Net cash from operating activities                          405.9     426.9

Payments for purchases of property, plant and equipment (116.7) (118.7) Principal repayments of finance lease obligations

           (4.9)    (10.9)
Proceeds from sale of property, plant and equipment           0.9       1.4
Capital Expenditure                                       (120.7)   (128.2)
 
Net cash from operating activities                          405.9     426.9
Capital expenditure                                       (120.7)   (128.2)
Free cash flow                                              285.2     298.7

Coca-Cola Hellenic

Coca-Cola Hellenic is one of the world's largest bottlers of products of The Coca-Cola Company with annual sales of more than 2 billion unit cases. It has broad geographic reach with operations in 28 countries serving a population of more than 570 million people. Coca-Cola Hellenic offers a diverse range of ready-to-drink non-alcoholic beverages in the sparkling, juice, water, sport, energy, ready to drink tea and coffee categories. Coca-Cola Hellenic is committed to promoting sustainable development in order to create value for its business and for society. This includes providing products that meet the beverage needs of consumers, fostering an open and inclusive work environment, conducting our business in ways that protect and preserve the environment and contribute to the socio-economic development of our local communities.


Coca-Cola Hellenic's shares are listed on the Athens Exchange (ATHEX: EEEK),
with a secondary listing on the London Stock Exchange plc (LSE: CCB).
Coca-Cola Hellenic's American Depositary Receipts (ADRs) are listed on the New
York Stock Exchange (NYSE: CCH). Coca-Cola Hellenic is included in the Dow
Jones Sustainability and FTSE4Good Indexes. For more information, please visit
www.coca-colahellenic.com.

Financial information in this announcement is presented on the basis

           of International Financial Reporting Standards (`IFRS').

Conference call
Coca-Cola Hellenic will host a conference call with financial analysts to
discuss the nine months year of 2012 financial results on 8 November 2012 at
4:00 pm, Athens time (2:00 pm, London time and 9:00 am, New York time).
Interested parties can access the live, audio webcast of the call through
Coca-Cola Hellenic's website (
www.coca-colahellenic.com/investorrelations/webcasts).

Contact Information
 
Company contact:
Coca-Cola Hellenic
Oya Gur                                           Tel: +30 210 618 3255
Investor Relations Director               email: oya.gur@cchellenic.com
                                                  Tel: +30 210 618 3124
Panagiotis Vergis              email : panagiotis.vergis@cchellenic.com
Investor Relations Manager
International media:                              Tel: +44 20 7251 3801
RLM Finsbury London                  email: guy.lamming@rlmfinsbury.com
Guy Lamming                    email:charles.chichester@rlmfinsbury.com
Charles Chichester
Financial PR contact:
Pendomer Communications London                    Tel: +44 20 3603 5222
Greg Quine                               email: greg.quine@pendomer.com


                  Condensed consolidated interim balance sheet (unaudited)
                                                      As at          As at
                                               28 September    31 December
                                                       2012           2011
                                        Note      € million      € million
Assets
Intangible assets                          4        1,958.5        1,947.7
Property, plant and equipment              4        3,138.1        3,051.5
Other non-current assets                              187.9          185.9
Total non-current assets                            5,284.5        5,185.1
 
Inventories                                           528.4          451.5
Trade and other receivables                         1,099.5        1,122.4
Cash and cash equivalents                  5          540.4          476.1
Total current assets                                2,168.3        2,050.0
Total assets                                        7,452.8        7,235.1
 
Liabilities
Short-term borrowings                      5          600.1          321.5
Other current liabilities                           1,814.7        1,599.9
Total current liabilities                           2,414.8        1,921.4
 
Long-term borrowings                       5        1,550.9        1,934.5
Other non-current liabilities                         444.1          466.0
Total non-current liabilities                       1,995.0        2,400.5
Total liabilities                                   4,409.8        4,321.9
 
Equity
Owners of the parent                                3,025.1        2,895.3
Non-controlling interests                              17.9           17.9
Total equity                                        3,043.0        2,913.2
Total equity and liabilities                        7,452.8        7,235.1

Condensed consolidated interim income statement (unaudited)

                                             Nine months to       Nine months to
                                               28 September         30 September
                                                       2012                 2011
                                        Note      € million            € million
Net sales revenue                        3          5,468.4              5,325.5
Cost of goods sold                                 (3,476.3 )           (3,275.8 )
Gross profit                                        1,992.1              2,049.7
 
Operating expenses                                 (1,586.4 )           (1,582.0 )
Restructuring costs                      6            (24.8 )              (24.6 )
 
Operating profit                         3            380.9                443.1
 
Finance income                                          6.6                  6.4
Finance costs                                         (72.5 )              (70.4 )
Loss on net monetary position                          (2.5 )                  -
Total finance costs, net                 7            (68.4 )              (64.0 )
Share of results of equity method
investments                                             1.9                  2.2
Profit before tax                                     314.4                381.3
 
Tax                                      8            (74.2 )              (98.0 )
Profit after tax                                      240.2                283.3
 
Attributable to:
Owners of the parent                                  237.7                280.7
Non-controlling interests                               2.5                  2.6
                                                      240.2                283.3
 
Basic and diluted earnings per share     9                                 

0.77

(€)                                                    0.65
 
Condensed consolidated interim statement of comprehensive income (unaudited)
                                              Nine months to       Nine months to
                                                28 September         30 September
                                                        2012                 2011
                                                   € million            € million
Profit after tax for the period                        240.2               

283.3

 
Other comprehensive income:
Available-for-sale financial assets:
Valuation gains / (losses) during the period             0.2                 (0.4 )
Cash flow hedges:
Amounts of (losses) / gains during the period          (15.1 )             

11.9

Amounts of losses reclassified to
profit and loss for the period                           5.3               

8.5

Foreign currency translation                            46.2               (104.5 )
Share of other comprehensive income of
equity method investments                                0.5                 (1.2 )
Actuarial losses                                       (41.2 )              (38.9 )
Income tax relating to components of
other comprehensive income                              11.1               

4.0

Other comprehensive income for the period,
net of tax                                               7.0               (120.6 )
Total comprehensive income for the period              247.2               

162.7

 
Total comprehensive income attributable to:
Owners of the parent                                   244.7                155.1
Non-controlling interests                                2.5                  7.6
                                                       247.2                162.7

            Condensed consolidated interim income statement (unaudited)
                                              Three months to    Three months to
                                                 28 September       30 September
                                                         2012               2011
                                         Note       € million          € million
Net sales revenue                         3           2,036.3            1,929.8
Cost of goods sold                                   (1,281.2 )         (1,179.9 )
Gross profit                                            755.1              749.9
 
Operating expenses                                     (536.9 )           (530.9 )
Restructuring costs                       6              (7.2 )             (7.8 )
 
Operating profit                          3             211.0              211.2
 
Finance income                                            2.1                3.1
Finance costs                                           (25.7 )            (23.9 )
Loss on net monetary position                            (0.8 )                -
Total finance costs, net                  7             (24.4 )            (20.8 )
Share of results of equity method
investments                                               1.0                3.0
Profit before tax                                       187.6              193.4
 
Tax                                       8             (39.5 )            (46.8 )
Profit after tax                                        148.1              146.6
 
Attributable to:
Owners of the parent                                    146.5              148.2
Non-controlling interests                                 1.6               (1.6 )
                                                        148.1              146.6
 
Basic and diluted earnings per share (€)  9              0.40            

0.41


Condensed consolidated interim statement of comprehensive income (unaudited)
                                              Three months to       Three months to
                                                 28 September          30 September
                                                         2012                  2011
                                                    € million             € million
Profit after tax for the period                         148.1              

146.6

 
Other comprehensive income:
Available-for-sale financial assets:
Valuation gains / (losses) during the period              0.2                  (0.4 )
Cash flow hedges:
Amounts of (losses) / gains during the period            (6.2 )            

13.2

Amounts of losses reclassified to
profit and loss for the period                              -              

2.3

Foreign currency translation                             11.6                 (85.2 )
Share of other comprehensive income of
equity method investments                                (0.5 )            

0.2

Actuarial losses                                        (16.7 )               (38.9 )
Income tax relating to components of
other comprehensive income                                4.7              

3.9

Other comprehensive income for the period,
net of tax                                               (6.9 )              (104.9 )
Total comprehensive income for the period               141.2              

41.7

 
Total comprehensive income attributable to:
Owners of the parent                                    139.6                  33.2
Non-controlling interests                                 1.6                   8.5
                                                        141.2                  41.7

Condensed consolidated interim statement of changes in equity (unaudited)

                    Attributable to owners of the parent                                             Non-        Total
                                                   Exchange
                  Share     Share   Treasury   equalisation      Other   Retained             controlling
                capital   premium     shares        reserve   reserves   earnings     Total     interests       equity
                      €         €          €              €          €          €         €             €            €
                million   million    million        million    million    million   million       million      million
Balance as at 1
January 2011      183.1   1,119.2      (57.2 )       (129.2 )    375.4    1,460.8   2,952.1         108.7      3,060.8
Shares issued
to employees
exercising
stock options       0.2       4.5          -              -          -          -       4.7             -          4.7
Share-based
compensation:
Options               -         -          -              -        6.1          -       6.1             -          6.1
Movement in
treasury shares       -         -          -              -       (0.4 )        -      (0.4 )           -         (0.4 )
Capitalisation
of share
premium reserve   549.7    (549.7 )        -              -          -     
    -         -             -            -
Expenses
relating to
share
capital
increase (net
of tax
of €1.2m)             -      (4.8 )        -              -          -          -      (4.8 )           -         (4.8 )
Return of
capital to
shareholders     (183.2 )       -        1.7              -          -     
    -    (181.5 )           -       (181.5 )
Share capital
increase in
subsidiary in
Serbia                -         -          -              -          -       (0.8 )    (0.8 )         1.2          0.4
Purchase of
shares held by
non-controlling
interests             -         -          -           (8.7 )        -      (37.3 )   (46.0 )      (71.5)       (117.5 )
Appropriation
of reserves           -         -          -              -        0.5       (0.5 )       -             -            -
Dividends             -         -          -              -          -          -         -          (3.6    )    (3.6 )
                  549.8     569.2      (55.5 )       (137.9 )    381.6    1,422.2   2,729.4          34.8      2,764.2
Profit for the
period net of
tax                   -         -          -              -          -      280.7     280.7           2.6        283.3
Other
comprehensive
income for the
period, net of
tax                   -         -          -         (110.7 )     16.2      (31.1 )  (125.6 )         5.0       (120.6 )
Total
comprehensive
income for the
period net of
tax1                  -         -          -         (110.7 )     16.2      249.6     155.1           7.6        162.7
Balance as at
30 September
2011              549.8     569.2      (55.5 )       (248.6 )    397.8    1,671.8   2,884.5          42.4      2,926.9
Share-based
compensation:
Options               -         -          -              -        2.0          -       2.0             -          2.0
Purchase of
shares held by
non-controlling
interests             -         -          -              -          -      (17.3 )   (17.3 )       (22.9    )   (40.2 )
Hyperinflation
impact                -         -          -              -          -       (7.8 )    (7.8 )           -         (7.8 )
Dividends             -         -          -              -          -          -         -          (2.9    )    (2.9 )
                  549.8     569.2      (55.5 )       (248.6 )    399.8    1,646.7   2,861.4          16.6      2,878.0
Profit for the
period net of
tax                   -         -          -              -          -      (11.8 )   (11.8 )         1.3        (10.5 )
Other
comprehensive
income for the
period, net of
tax                   -         -          -           50.7      (10.8 )      5.8      45.7             -         45.7
Total
comprehensive
income for the
period net of
tax                   -         -          -           50.7      (10.8 )     (6.0 )    33.9           1.3         35.2
Balance as at
31 December
2011              549.8     569.2      (55.5 )       (197.9 )    389.0    

1,640.7 2,895.3 17.9 2,913.2



1 The amount included in the exchange equalisation reserve of
€110.7 million loss for the first nine months of 2011 represents the exchange
losses attributed to the owners of the parent of €109.5 million plus the share
of equity method investments of €1.2 million loss.

 The amount included in other reserves of €16.2 million gain for
the first nine months of 2011 consists of losses on valuation of
available-for-sale financial assets of €0.4 million, representing revaluation
losses for the period, cash flow hedges movement of €20.4 million (of which
€11.9 million represents revaluation gains for the period and €8.5 million
represents revaluation losses reclassified to profit and loss for the period)
and the deferred income tax loss of €3.8 million.

The amount of €249.6 million comprises of profit for the period of €280.7 million less actuarial losses of €38.9 million plus deferred income tax credit of €7.8 million.

The amount of €7.6 million gain included in non-controlling interests for the first nine months of 2011 represents the share of non-controlling interests in the exchange equalisation reserve of €5.0 million gain and in the retained earnings of €2.6 million income.

Condensed consolidated interim statement of changes in equity (unaudited)

                   Attributable to owners of the parent
 
                                   Treasury       Exchange                                            Non -
                  Share     Share             equalisation       Other    Retained              controlling    Total
                capital   premium    shares        reserve    reserves    earnings        Total   interests   equity
                      €         €         €              €           €           €            €           €        €
                million   million   million        million     million     million      million     million  million
Balance as at
1 January 2012    549.8     569.2     (55.5 )       (197.9 )     389.0     1,640.7      2,895.3        17.9  2,913.2
Shares issued
to
employees
exercising
stock options         -       0.1         -              -           -           -          0.1           -      0.1
Share-based
compensation:
Options               -         -         -              -         4.9           -          4.9           -      4.9
Movement in
treasury shares       -         -         -              -         0.5           -          0.5           -      0.5
Purchase of
shares
held by
non-controlling
interests             -         -         -              -           -        (0.9  )      (0.9 )      (1.2)    (2.1 )
Hyperinflation
impact                -         -         -              -           -         3.9          3.9           -      3.9
Return of
capital to
shareholders     (124.6 )       -       1.2              -           -           -       (123.4 )         -   (123.4 )
Reduction of
share
capital to
extinguish
accumulated
losses
of the parent
company           (55.0 )       -         -              -           -        55.0            -           -        -
Appropriation
of reserves           -         -         -              -        (4.1 )       4.1            -           -        -
Dividends             -         -         -              -           -           -            -        (1.3)    (1.3 )
                  370.2     569.3     (54.3  )      (197.9 )      390.3     1,702.8      2,780.4        15.4  2,795.8
Profit for the
period
net of tax            -         -         -              -           -       237.7        237.7         2.5    240.2
Other
comprehensive
income for the
period,
net of tax            -         -         -           46.7        (6.9 )     (32.8  )       7.0           -      7.0
Total
comprehensive
income for the
period
net of tax[2]         -         -          -          46.7        (6.9 )     204.9        244.7         2.5    247.2
Balance as at
28 September
2012              370.2     569.3      (54.3 )      (151.2 )      383.4   

1,907.7 3,025.1 17.9 3,043.0



[2] The amount included in the exchange equalisation reserve of
€46.7 million gain for the first nine months of 2012 represents the exchange
gains attributed to the owners of the parent of €46.2 million plus the share
of equity method investments of €0.5 million gain.

 The amount included in other reserves of €6.9 million loss for the
first nine months of 2012 consists of gains on valuation of available-for-sale
financial assets of €0.2 million, representing revaluation gains for the
period, cash flow hedges movement of €9.8 million (of which €15.1 million
represents revaluation losses for the period and €5.3 million represents
revaluation losses reclassified to profit and loss for the period) and the
deferred income tax credit of €2.7 million.

The amount credited to retained earnings of €204.9 million gain comprises of the profit for the nine months of 2012 of €237.7 million, the actuarial losses of the first nine months of 2012 of €41.2 million and a deferred income tax credit of €8.4 million.

 
                                 Condensed consolidated interim cash flow statement (unaudited)
                                                                         Nine months to             Nine months to
                                                                      28 September 2012          30 September 2011
                                                             Note             € million                  € million
Operating activities
Profit after tax for the period                                                   240.2                      283.3
Total finance costs, net                                       7                   68.4                       64.0
Share of results of equity method investments                                      (1.9)                      (2.2)
Tax charged to the income statement                                                74.2                       98.0
Depreciation of property, plant and equipment                  4                  287.2                      278.9
Employee share options                                                              4.9                        6.1
Amortisation of intangible assets                              4           
        2.5                        2.6
Other non-cash items                                                                  -                        1.4
                                                                                  675.5                      732.1
 
Losses / (gains) on disposal of non-current assets                                  2.3                       (0.8)
Increase in inventories                                                           (73.0)                     (21.2)
Decrease / (increase) in trade and other receivables                                7.0                     (116.2)
Increase in trade and other payables                                              137.8                      174.7
Tax paid                                                                          (74.3)                     (57.8 )
Net cash from operating activities                                                675.3                      710.8
 
Investing activities
Payments for purchases of property, plant and equipment                          (279.3)                    (261.1 )
Proceeds from sales of property, plant and equipment                                2.5                        5.1
Net (payments for) / receipts from investments                                     (5.8)                       3.1
Interest received                                                                   6.8                        6.4
Net receipts from disposal of subsidiary                      17                      -                       13.1
Net payments for acquisition of joint venture                 17                      -                       (2.5 )
Net cash used in investing activities                                            (275.8 )                   (235.9 )
Financing activities
Return of capital to shareholders                                                (123.4 )                   (181.5 )
Payment of expenses relating to share capital increase                                -                       (6.0 )
Purchase of shares held by non-controlling interests          11                  (11.9 )                    (58.7 )
Proceeds from shares issued to employees exercising stock
options                                                                             0.1                        4.7
Dividends paid                                                                     (1.3  )                    (3.6 )
Proceeds from external borrowings                                                 921.0                    1,213.1
Repayments of external borrowings                                              (1,033.3  )                (1,011.9 )
Principal repayments of finance lease obligations                                 (17.7  )                   (38.7 )
Interest paid                                                                     (69.4  )                   (78.8 )
Net cash used in financing activities                                            (335.9  )                  (161.4 )
 
Increase in cash and cash equivalents                                              63.6                      313.5
Movement in cash and cash equivalents
Cash and cash equivalents at 1 January                                            476.1                      326.1
Increase in cash and cash equivalents                                              63.6                      313.5
Effect of changes in exchange rates                                                 1.4                       (0.7 )
Hyperinflation impact on cash                                                      (0.7  )                       -
Cash and cash equivalents at the end of the period                                540.4                      638.9

1. Accounting policies


The accounting policies used in the preparation of the condensed
consolidated interim financial statements of Coca-Cola Hellenic Bottling
Company S.A. ("Coca-Cola Hellenic" or the "Group") are consistent with those
used in the annual financial statements for the year ended 31 December 2011,
except for the adoption, as of 1 January 2012, of the revision to
International Financial Reporting Standard ("IFRS") 7 Financial Instrument
Disclosures - disclosures on transfers of financial assets. The adoption of
this revised accounting standard did not have a significant impact on the
current or prior periods.

Basis of preparation


These condensed consolidated interim financial statements have been
prepared in accordance with IFRS as issued by the International Accounting
Standards Board ("IASB") and IFRS as adopted by the European Union ("EU")
applicable to Interim Financial Reporting ("IAS 34"). IFRS as adopted by the
EU differs in certain respects from IFRS as issued by the IASB. However, the
differences have no impact on the Group's condensed consolidated interim
financial statements for the periods presented. These condensed consolidated
interim financial statements should be read in conjunction with the 2011
annual financial statements, which include a full description of the Group's
accounting policies.

Operating results for the first nine months of 2012 are not
indicative of the results that may be expected for the year ending 31 December
2012 because of business seasonality. Business seasonality results from higher
unit case sales of the Group's products in the warmer months of the year. The
Group's methods of accounting for fixed costs such as depreciation and
interest expense are not significantly affected by business seasonality.

Costs that are incurred unevenly during the financial year are anticipated or deferred in the interim report only if it would also be appropriate to anticipate or defer such costs at the end of the financial year.

Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual profit or loss.

These condensed consolidated interim financial statements were approved for issue by the Board of Directors on 6 November 2012.

2. Exchange rates

The Group's reporting currency is the euro (€). Coca-Cola Hellenic translates the income statements of subsidiary operations to the euro at average exchange rates and the balance sheet at the closing exchange rate for the period, except for subsidiaries operating in a hyperinflationary environment as explained in Note 7.

The principal exchange rates used for transaction and translation purposes in respect of one euro were:


                    Average for the period ended             Closing as at
                  28 September        30 September     28 September 31 December 2011
                  2012                        2011             2012
US dollar                     1.28            1.41             1.29             1.31
UK sterling                   0.81            0.87             0.80             0.83
Polish zloty                  4.20            4.03             4.14             4.40
Nigerian naira              200.07          214.66           200.52           204.79
Hungarian forint            289.62          271.71           285.23           306.54
Swiss franc                   1.20            1.24             1.21             1.22
Russian Rouble               39.65           40.76            40.13            41.27
Romanian leu                  4.44            4.20             4.52             4.30
Serbian dinar               113.06          101.95           115.06           102.65
Czech koruna                 25.15           24.39            24.93            25.75
Ukrainian hryvnia            10.25           11.21            10.34            10.44
3. Segmental analysis

The Group has one business, being the production, distribution and sale of
non-alcoholic, ready-to-drink beverages. The Group operates in 28 countries
and its financial results are reported in the following three reportable
segments:

Established:   Austria, Cyprus, Greece, Italy, Northern Ireland, Republic of
               Ireland and Switzerland.
 
Developing:    Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania,
               Poland, Slovakia and Slovenia.
 
Emerging:      Armenia, Belarus, Bosnia and Herzegovina, Bulgaria, FYROM,
               Moldova, Montenegro, Nigeria, Romania, Russia, Serbia and
               Ukraine.

Information on the Group's segments is as follows:

                                                     Three months ended         Nine months ended
                                                  28 September 30 September 28 September 30 September
                                                          2012         2011         2012         2011
Volume in unit cases(1) (million)
Established countries                                    188.2        195.0        522.5        548.1
Developing countries                                     114.1        113.7        302.2        309.4
Emerging countries                                       291.7        273.0        779.8        760.5
Total volume                                             594.0        581.7      1,604.5      1,618.0
Net sales revenue (€ million)
Established countries                                    748.1        780.9      2,097.3      2,202.5
Developing countries                                     341.7        334.8        890.6        917.6
Emerging countries                                       946.5        814.1      2,480.5      2,205.4
Total net sales revenue                                2,036.3      1,929.8      5,468.4      5,325.5
Adjusted EBITDA(2) (€ million)
Established countries                                     97.7        126.5        229.4        319.3
Developing countries                                      41.5         50.2         74.3        113.7
Emerging countries                                       168.7        130.4        371.8        299.1
Total adjusted EBITDA                                    307.9        307.1        675.5        732.1
Depreciation and impairment of property, plant
and equipment
 
(€ million)
Established countries                                   (30.7)       (31.1)       (94,4)       (91.5)
Developing countries                                    (15.9)       (17.7)       (46.8)       (55.9)
Emerging countries                                      (47.5)       (44.4)      (146.0)      (131.5)
Total Depreciation and impairment of property,
plant and equipment                                     (94.1)       (93.2)      (287.2)      (278.9)
(1) One unit case corresponds to approximately 5.678 litres or 24 servings, being a typically
used measure of volume. Volume data is derived from unaudited operational data.
(2) We define Adjusted EBITDA as operating profit before deductions for depreciation and
impairment of property, plant and equipment (included both in cost of goods sold and in
operating expenses), amortisation and impairment of and adjustments to intangible assets,
employee share options and other non-cash items, if any.
 

3. Segmental analysis (continued)

                                           Three months ended                   Nine months ended
                                                  28 September 30 September 28 September 30 September
                                                          2012         2011         2012         2011
Amortisation of intangible
assets
 
(€ million)
Established countries                                    (0.2)        (0.2)        (0.5)        (0.7)
Developing countries                                     (0.1)        (0.1)        (0.3)        (0.3)
Emerging countries                                       (0.8)        (0.6)        (1.7)        (1.6)
Total amortisation of
intangible assets                                        (1.1)        (0.9)        (2.5)        (2.6)
Other non-cash items(€
million)
Established countries                                    (0.6)        (0.8)        (1.7)        (2.6)
Developing countries                                     (0.3)        (0.4)        (1.0)        (1.6)
Emerging countries                                       (0.8)        (0.6)        (2.2)        (3.3)
Total other non-cash items                               (1.7)        (1.8)        (4.9)        (7.5)
Operating profit (€ million)
Established countries                                     66.2         94.4        132.8        224.5
Developing countries                                      25.2         32.0         26.2         55.9
Emerging countries                                       119.6         84.8        221.9        162.7
Total operating profit                                   211.0        211.2        380.9        443.1
Reconciling items (€
million)
Finance costs, net                                      (24.4)       (20.8)       (68.4)       (64.0)
Share of results of equity
method investments                                         1.0          3.0          1.9          2.2
Tax                                                     (39.5)       (46.8)       (74.2)       (98.0)
Non-controlling interests                                (1.6)          1.6        (2.5)        (2.6)
Profit after tax
attributable to owners of
the parent                                               146.5        148.2        237.7        280.7
 

4. Tangible and intangible assets


                                            Property, plant    Intangible
                                              and equipment        assets
                                                  € million     € 

million

Opening net book value as at 1 January              3,051.5       1,947.7

2012

Additions                                             347.1             -
Disposals                                             (10.2 )           -
Classified to assets held for sale                     (4.7 )           -
Depreciation, impairment and amortisation            (287.2 )        (2.5 )
Foreign exchange differences                           40.6          13.3
Effect of hyperinflation                                1.0             -
Closing net book value as at 28 September           3,138.1       1,958.5
2012
5. Net debt

                                                As at
                                   28 September      31 December
                                           2012             2011
                                      € million        € million
Long-term borrowings                    1,550.9          1,934.5
Short-term borrowings                     600.1            321.5
Cash and cash equivalents               (540.4)           (476.1 )
Net debt                                1,610.6          1,779.9

Our net debt decreased during the nine months of 2012 by €169.3
million compared to 31 December 2011. This decrease in net debt was the result
of lower borrowings of €105.0 million, mainly due to net repayments of
external borrowings of €112.3 million and finance lease obligations of €17.7
million, as well as higher cash and cash equivalents of €64.3 million. During
the third quarter of 2012 the $500 million bond (book value €404.9 million,
excluding derivative liability) maturing in September 2013 was reclassified to
short term borrowings from long term borrowings.

6. Restructuring costs


Restructuring costs amounted to €24.8 million before tax in the
first nine months of 2012. The Group recorded €15.3 million, €5.2 million and
€4.3 million of restructuring charges in its established, developing and
emerging markets respectively. For the first nine months of 2011,
restructuring costs amounted to €24.6 million, of which €12.2 million, €8.5
million and €3.9 million related to the Group's established, developing and
emerging markets, respectively. The restructuring costs mainly concern
redundancy costs.

Restructuring costs amounted to €7.2 million before tax in the
third quarter of 2012. The Group recorded €5.4 million, €0.6 million and €1.2
million of restructuring charges in its established, developing and emerging
markets respectively. For the second quarter of 2011, restructuring costs
amounted to €7.8 million, of which €3.8 million, €1.2 million and €2.8 million
related to the Group's established, developing and emerging markets,
respectively. The restructuring costs mainly concern redundancy costs.

7. Total finance costs, net

                                              Nine months ended
                                      28 September          30 September
                                              2012                  2011
 
                                         € million             € million
Finance costs                                 72.8                  72.3
Net foreign exchange gains                    (0.3 )                (1.9 )
Interest income                               (6.6 )                (6.4 )
Loss on net monetary position                  2.5                     -
Total finance costs, net                      68.4                  64.0

                                             Three months ended
                                      28 September          30 September
                                              2012                  2011
 
                                         € million             € million
Finance costs                                 25.8                  25.1
Net foreign exchange gains                    (0.1 )                (1.2 )
Interest income                               (2.1 )                (3.1 )
Loss on net monetary position                  0.8                     -
Total finance costs, net                      24.4                  20.8

Total net finance costs, for the first nine months of 2012 were
higher by €4.4 million compared to the same period of last year, mainly due to
€2.5 million higher costs from the loss on net monetary position, €0.5 million
higher finance costs and €1.6 million lower positive impact of net foreign
exchange translation gains, partly offset by €0.2 million higher interest
income in 2012. Total net finance costs in the third quarter of 2012 were
higher by €3.6 million compared to the same period of last year, mainly due to
€1.0 million lower interest income, €1.1 million lower net foreign exchange
translation gains and €0.8 million higher costs from the loss on net monetary
position due to the hyperinflationary economy in Belarus.

Hyperinflation


Belarus has been considered to be a hyperinflationary economy since
the fourth quarter of 2011 as three year cumulative inflation exceeded 100%
and therefore Belarus is consolidated in terms of the measuring unit at the
balance sheet date and translated at the closing exchange rate. The
restatement was based on conversion factors derived from the Belarus Consumer
Price Index (CPI) as compiled by the National Statistical Committee of the
Republic of Belarus. The conversion factor used for September 2012 was 1.166
which resulted in a net monetary loss for the first nine months of 2012 of
€2.5 million.

8. Tax

The Group's effective tax rate for 2012 may differ from the Greek statutory tax rate of 20% as a consequence of a number of factors, the most significant of which are differing and higher rates in some countries in which we operate, the non-deductibility of certain expenses and one-off tax items.

9. Earnings per share


Basic earnings per share is calculated by dividing the net profit
attributable to the owners of the parent by the weighted average number of
shares outstanding during the period (first nine months of 2012: 363,115,684,
third quarter of 2012: 363,117,342, first nine months of 2011: 362,975,857,
third quarter of 2011: 363,092,289). Diluted earnings per share is calculated
by adjusting the weighted average number of ordinary shares outstanding to
assume conversion of all dilutive ordinary shares arising from exercising
employee stock options.

10. Share capital


During 2011, the Board of Directors resolved on the increase of
Coca-Cola Hellenic's share capital by issuing 354,512, 21,994, 28,749 and 313
new ordinary shares, as announced on 16 March, 24 June, 1 September 2011 and
13 December 2011 respectively, following the exercise of stock options
pursuant to the Coca-Cola Hellenic employees' stock option plan. Total
proceeds from the issuance of the shares under the stock option plan amounted
to €4.7 million.

On 6 May 2011, the Annual General Meeting of shareholders resolved
on the reorganisation of its share capital. The Group's share capital
increased by an amount equal to €549.7 million. This increase was effected by
capitalising the share premium reserve and increasing the nominal value of
each share from €0.50 to €2.00. The share capital was subsequently decreased
by an amount equal to €183.2 million by decreasing the nominal value of each
share from €2.00 to €1.50, and distributing such €0.50 per share difference to
shareholders in cash.

During the first and third quarter of 2012, the Board of Directors resolved on the increase of Coca-Cola Hellenic's share capital by issuing 5,334 new ordinary shares on 21 March 2012 and 6,165 new ordinary shares on 27 September 2012 , following the exercise of stock options pursuant to the Coca-Cola Hellenic employees' stock option plan. Total proceeds from the issuance of the shares under the stock option plan amounted to €0.1 million.


On 25 June 2012, the Annual General Meeting of shareholders
resolved to decrease the share capital of the Company by the amount of €124.6
million by decreasing the nominal value of the Company's share by €0.34 per
share, from €1.50 to €1.16 per share, and the return of the amount of the
decrease to the Company's shareholders in cash, i.e. a return of €0.34 per
share. Furthermore, on the same date, it was resolved to decrease the share
capital of the Company by the amount of €55.0 million by decreasing the
nominal value of the Company's share by €0.15 per share, from €1.16 to €1.01
per share, in order to extinguish accumulated losses of the parent company
Coca-Cola Hellenic Bottling Company S.A. in an equal amount.

The share capital on 28 September 2012 amounts to €370.2 million and is comprised of 366,553,507 shares with a nominal value of €1.01 each.

11. Non-controlling interests


On 8 June 2011, the Board of Directors of the Company's subsidiary
Nigerian Bottling Company plc ("NBC") resolved to propose a scheme of
arrangement between NBC and its minority shareholders, involving the
cancellation of part of the share capital of NBC. The transaction was approved
by the Board of Directors and General Assembly of NBC on 8 June 2011 and 22
July 2011 respectively and resulted in acquisition of the remaining 33.6% of
the voting shares of NBC bringing the Group's interest in the subsidiary to
100%. The transaction was completed in September 2011 and NBC was de-listed
from the Nigerian Stock Exchange. The consideration for the acquisition of non
controlling interests was €100.2 million, including transaction costs of €1.8
million, out of which €66.3 million was paid as of 28 September 2012 (as of 31
December 2011: €56.5 million). The difference between the consideration and
the carrying value of the interest acquired (€60.1 million) has been
recognised in retained earnings while the accumulated components recognised in
other comprehensive income have been reallocated within the equity of the
Group.

On 25 June 2010, the Group initiated a tender offer to purchase all
of remaining shares of the non-controlling interest in Coca-Cola HBC - Srbija
A.D., Zemun (`'CCH Serbia''). The tender offer was completed on 2 August 2010
and resulted in the Group increasing its stake in CCH Serbia to 91.2% as of 31
December 2010. In 2011, the Group acquired all the remaining interest in the
subsidiary. The consideration paid for the acquisition of non controlling
interest acquired in 2011 was €17.7 million and the carrying value of the
additional interest acquired was €11.4 million. The difference between the
consideration and the carrying value of the interest acquired has been
recognised in retained earnings.

On 16 December 2011, the Group announced that it had increased its
share in A.D. Pivara Skopje, the beer and alcohol-free beverages business in
the Former Yugoslav Republic of Macedonia, by acquiring 20.6% of non
controlling interests. The consideration paid was €39.8 million including
acquisition costs of €0.1 million. During the first half of 2012, the Group
acquired an additional 1.08% interest in A.D. Pivara Skopje. The consideration
paid was €2.1 million. The carrying value of the interest acquired by the
Group was €1.2 million. The difference between the consideration and the
carrying value of the interest acquired has been recognised in retained
earnings.

12. Dividends

No dividend was declared and paid for the fiscal years 2010 and 2011.

13. Contingencies


In 1992, our subsidiary Nigerian Bottling Company ("NBC") acquired
a manufacturing facility in Nigeria from Vacunak, a Nigerian Company. In 1994,
Vacunak filed a lawsuit against NBC, alleging that a representative of NBC had
orally agreed to rescind the sale agreement and instead enter into a lease
agreement with Vacunak. As part of its lawsuit Vacunak sought compensation for
rent and loss of business opportunities. NBC discontinued all use of the
facility in 1995.

In a judgement delivered by the Nigerian court of first instance on 28 June 2012, the court awarded Vacunak damages in an amount equivalent to approximately €7 million. NBC has filed an appeal against the judgment. Based on advice from NBC's outside legal counsel, we believe that it is unlikely that NBC will suffer material financial losses from this case. We have consequently not provided for any losses in relation to this case.

Except the above mentioned item, there have been no other significant changes in contingencies since 31 December 2011 (as described in the 2011 Annual Report available on the Coca-Cola Hellenic's web site: www.coca-colahellenic.com).

14. Commitments

As of 28 September 2012 the Group has capital commitments of €104.9 million (31 December 2011: €93.9 million), which mainly relate to plant and machinery equipment.


15. Number of employees

The average number of full-time equivalent employees in the first nine months of 2012 was 41,892 (42,088 for the first nine months of 2011).

16. Related party transactions

a) The Coca-Cola Company

As at 28 September 2012, The Coca-Cola Company and its subsidiaries (collectively, "TCCC") indirectly owned 23.2% (2011: 23.2%) of the issued share capital of Coca-Cola Hellenic.


Total purchases of concentrate, finished products and other
materials from TCCC and its subsidiaries during the first nine months and the
third quarter of 2012 amounted to €1,101.2 million and €399.2 million
(€1,057.2 million and €380.6 million in the respective prior year period).
Total net contributions received from TCCC for marketing and promotional
incentives during the same periods amounted to €42.9 million and €15.7 million
(€48.7 million and €24.8 million in the prior-year periods).

During the first nine months and the third quarter of 2012, the
Group sold €29.8 million and €17.6 million of finished goods and raw materials
respectively to TCCC (€24.0 million and €8.1 million in the prior-year
periods) while other income from TCCC was €12.7 million and €3.7 million
respectively (€13.8 million and €3.5 million in the prior year periods). Other
expenses from TCCC amounted to €3.1 million for the first nine months and €0.7
million for the third quarter of 2012 (€2.1 million in both prior year
periods).

As at 28 September 2012, the Group had a total amount of €60.6
million (€63.2 million as at 31 December 2011) due from TCCC, and had a total
amount due to TCCC of €176.5 million of trade payables (€179.8 million as at
31 December 2011) and other liabilities of €2.2 million (€7.6 million as at 31
December 2011).

b) Kar-Tess Holding

Frigoglass S.A. (`Frigoglass')


Frigoglass, a company listed on the Athens Exchange, is a
manufacturer of coolers, glass bottles and crowns. Frigoglass is related to
Coca-Cola Hellenic by way of a 43.7% (2011: 43.7%) ownership by the parent of
Kar-Tess Holding, which as at 28 September 2012 owned 23.3% (2011: 23.3%) of
the issued share capital of Coca-Cola Hellenic. Frigoglass has a controlling
interest in Frigoglass Industries Limited, a company in which Coca-Cola
Hellenic has a 23.9% interest, through its subsidiary in NBC.

During the first nine months and third quarter of 2012, the Group
made purchases of €116.1 million and €20.7 million respectively (€144.3
million and €31.0 million in the prior-year periods) of coolers, raw materials
and containers from Frigoglass and its subsidiaries and incurred maintenance
and other expenses of €5.3 million and €0.9 million respectively (€4.7 million
and €1.3 million in the prior-year periods). Other income from Frigoglass
during the first nine months and the third quarter of 2012 was €0.6 million
and nil respectively (€0.8 million and €0.1 million respectively in the
prior-year periods). As at 28 September 2012, Cocaâ€'Cola Hellenic owed €16.2
million (€14.4 million as at 31 December 2011) to, and was owed €1.2 million
(€1.2 million as at 31 December 2011) by Frigoglass.

c) Other related parties


During the first nine months and the third quarter of 2012, the
Group purchased €102.9 million and €31.8 million of raw materials and finished
goods (€94.1 million and €23.3 million in the prior-year periods) and had
purchases of fixed assets from other related parties of €0.2 million for the
first nine months and nil for the third quarter of 2012 (nil in both prior
year periods). In addition, the Group received reimbursement for direct
marketing expenses incurred of €0.1 million for the first nine months and nil
for the third quarter of 2012 (€0.1 million and nil in prior year periods).
Furthermore during the first nine months and the third quarter of 2012, the
Group incurred other expenses of €4.0 million and € 0.8 million (€5.0 million
and €1.0 million respectively in the prior-year periods) and recorded no
income from the sale of finished goods to other related parties (€1.5 million
and €0.3 million in the prior-year periods) and other income of €0.4 million
for the first nine months and €0.1 for the third quarter of 2012 (€0.2 million
and €0.1 in prior year periods). As at 28 September 2012, the Group owed €11.0
million (€8.5 million as at 31 December 2011) to, and was owed €0.6 million
(€1.0 million as at 31 December 2011) by other related parties.

There were no transactions between Coca-Cola Hellenic and the directors and senior management except for remuneration for the period ended 28 September 2012, as well as the prior year period.

There were no other significant transactions with related parties for the period ended 28 September 2012.

17. Disposal / acquisition of subsidiaries


In February 2011, we sold all our interests in Eurmatik S.r.l., the
vending operator in Italy. The consideration was €13.5 million and the cash
and cash equivalent disposed were €0.4 million. The disposal resulted in the
Group derecognising €12.0 million of intangible assets and €12.7 million of
net assets. The disposal of Eurmatik S.r.l resulted in a gain of €0.8 million
in the Group's established segment.

On 20 April 2011, the Group, along with TCCC, acquired through
Multon ZAO, the Russian juice joint venture, all outstanding shares of MS
Foods UAB, a company that owns 100% of the equity of Vlanpak FE, a fruit juice
and nectar producer in Belarus. Our share of the acquisition consideration was
€3.9 million including an assumption of debt of €1.4 million. The acquisition
has resulted in the Group recording of intangible assets of €2.9 million
in
its emerging segment.

18. Subsequent events

Following 28 September 2012 the Group incurred €8.8 million of restructuring costs before tax, of which €7.1 million, €1.3 million and €0.4 million related to the Group's established, developing and emerging markets respectively.

On 10 October 2012, The Coca Cola Company agreed to extend the term of the bottlers' agreements for a further 10 years until 2023.


On 11 October 2012 Coca-Cola HBC AG, a Swiss company incorporated
by Kar-Tess Holding, announced the submission of a voluntary share exchange
offer to acquire all outstanding ordinary registered shares and all American
depositary shares of Coca-Cola Hellenic, each representing one Coca-Cola
Hellenic Share for new ordinary registered shares of Coca-Cola HBC AG and
American depositary shares of Coca-Cola HBC AG. Coca-Cola HBC AG has announced
that the purpose of the exchange offer is to facilitate a premium listing of
the Group on the London Stock Exchange plc and a listing on the New York Stock
Exchange, under a new Swiss holding company. Coca-Cola HBC AG will at the same
time apply for a parallel listing of its shares on the Athens Exchange,
subject to the necessary approvals.

---------------------------------

Copyright er 8 PR Newswire



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