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View Annual Report Chairman’s Statement On behalf of the Board of Directors, I would like to thank all of our employees for their contribution in this successful year I am pleased to report that Coca-Cola HBC achieved In July, I was extremely saddened to report the death strong profit and volume growth in line with of Mr Constantine (Dino) Leventis. Dino had served expectations in 2002. as deputy chairman of the Board of Coca-Cola HBC and as chairman of the A.G. Leventis Foundation Despite difficult trading circumstances in many and his contribution over the years has been territories in terms of the economic environment immeasurable. From the sponsorship of agricultural and adverse weather conditions during the summer, schools and environmental projects in Nigeria to the volume increased by 7% to 1,268 million unit cases, promotion of Hellenic culture and the conservation net profit improved significantly to over n35 million, of significant archaeological sites and historic buildings compared to a loss of n20 million for 2001, EBITDA in Greece and Cyprus, as well as by providing support increased by 17% to n579 million and EBIT increased to international museums for Greek and Cypriot by 57% to n186 million (on a constant territory basis). antiquities, Dino worked tirelessly and will be sorely missed. I am pleased to announce that Mr Harry I am especially pleased to note the successful Leventis has since been appointed to the Board. integration into the company of the Russian territories acquired in late November 2001 and the In October 2002, the company was successfully listed Baltic states of Estonia, Latvia, and Lithuania acquired on the New York Stock Exchange. We anticipate that in January 2002. These countries are now very much this will result in greater access to the international a part of the company and reported particularly investment community and will expand investment strong performance during the year. analyst coverage of our company to provide a more accurate comparison within the alcohol-free beverage Other events of significance include the acquisition, industry and our international peer group. in partnership with The Coca-Cola Company, of two natural mineral water companies, Valser In closing, on behalf of the Board of Directors, Mineralquellen AG in Switzerland and Dorna Apemin I would like to thank all of our employees for their SA in Romania. With these acquisitions and the contribution in this successful year. It is because of continued rollout of juice, tea, coffee, water, sports the passion and enthusiasm of our people coupled and energy drinks across our territories, as well with our strong management team that I am as innovation in our very strong carbonated soft confident of continued progress in the years ahead. drinks range, we remain focused on our objective to become a more diversified alcohol-free beverage company. Corporate social responsibility continues to gain importance in the business world as a result of recent events in which the trust and reputation of a number of companies has suffered. Traditionally, Coca-Cola HBC has played a strong role in supporting each of the communities it serves. As the expectations of consumers and stakeholders today have changed, the management of Coca-Cola HBC is demonstrating its commitment and the Board of George A. David Directors is taking responsibility for this important Chairman aspect of corporate development. Coca-Cola HBC 3 urney Towards “a journey that will ensure ey Towards our company’s success in creating superior value”Wo ds World Class ney owards Wor Journey Towar owards World C Journey Towar Class Journey T s World Class ourney LASS orldJC Class Jour Journey towards increased its noncarbonated beverage volume from 13% to 15% as a proportion of our total volume. ORLD becoming a World Class This is particularly impressive given that total volume Selling Organisation increased by 7% during this period. Underlining W our confidence and expectations in this segment, Throughout 2002, Coca-Cola we anticipate that noncarbonated beverages will HBC and its employees were represent 20% of our total volume by 2004. A key s Journeyfocused on the pursuit of our growth area within thisTow sector is water. During 2002, a vision: becoming a World Class the acquisitions of the mineral water companies Selling Organisation. A great Dorna Apemin S.A. and Valser Mineralquellen AG, in OWARDS deal of progress was made in partnership with The Coca-Cola Company, marked an all key areas and a number of T important step to becoming a more diverse alcohol- milestones were reached. free beverage company. We have achieved an impressive record since In order to achieve these objectives, we rely heavily Coca-Cola HBC’s creation less than three years on the quality and effectiveness of our sales force, ago. Progress in implementing our plan to become a which builds our business, outlet by outlet, and orldWorld Class SellingClass Organisation continued in 2002 focuses on the detail required to growJou each category, and helped us to grow volume by 7% and EBITDA each brand, and each package. In the past year, we by 17% on a constant territory basis. Our focus on substantially increased the size of our sales team improving the performance of the underlying business and continued investing in the development of our led to a substantial increase in ROIC from 1.9% in sales people. We truly believe that by having a highly 2000 to 5.1% this year. Our business in Russia and trained and motivated sales force, we will successfully the Baltics, acquired in late 2001 and early 2002 activate our products in the marketplace and grow respectively, has made significant progress. Volume in our business. In 2002, the extensive placement of these countries increased by 17% and EBITDA grew single-serve cold drink equipment in the marketplace rdsby more than fourWorld times. These territories already and a relentless focus on marketClas activation resulted in s form a significant part of our company which will grow significant profitable volume growth. in the future. The right people at every level are key to our These successes demonstrate that we have the success. Therefore, we are dedicated to training and capability to grow rapidly and deliver results; they development, recognising the need to manage our rapidly growing business and to provide succession show that we have built strong teams at all levels; planning for all key management positions. and they underscore our ability to truly innovate and influence consumer tastes and trends. The successful listing on the New York Stock Exchange has substantially increased the visibility of ClassWe believe that the World Class Selling vision is theJourney Coca-Cola HBC. It gives us greater exposure to the optimal platform from which to further develop international investment community and facilitates Coca-Cola HBC, to maintain our strong momentum, direct comparison with our peer companies in the and to release the full potential of all our assets. non-alcoholic beverage sector across the world. Brand Coca-Cola products are the backbone of our 2002 was a highly successful year for Coca-Cola HBC, business and today represent over 50% of our sales. as the company rose above the significant challenges The prospects for the Coca-Cola brands remain very in the broader market to deliver very strong volume strong as we broaden, develop, and reinvigorate their and, more importantly, profit growth. But this is just ardsappeal to consumers, whoWorld now number more than the beginning. We have a long journeyCla ahead of us s 500 million across our 26 countries. and need to keep growing our brands, developing our people, activating the marketplace, and delivering Complementing this core strength, we aim to expand strong financial performance to achieve our single the opportunity that we see in the noncarbonated most important financial goal: return superior value to Towardsbeverage sector. Already in 2002, Coca-Cola HBC has our shareholders. World 5 LASS C rands WORLD brand (n): 1. a mark made to attest Bmanufacture or quality or to designate ownership Coca-Cola is the world’s most popular brand and consumer appetite remains strong for the portfolio of TCCC products: Coca-Cola, Coca-Cola light (also known as Diet Coca-Cola), Fanta, and Sprite. Much of Coca-Cola HBC’s strength lies in these core brands. Whilst these will remain absolutely focal to our future, we are complementing them by expanding and innovating within our portfolio to maximise the potential for profitable growth. Our goal over time is to become a more diverse alcohol-free beverage company providing a complete range of non-alcoholic beverages for every consumer and for every occasion. Exploiting carbonated soft drinks Throughout 2002, as in the past, we focused on making all Coca-Cola brands more appealing, available, and relevant for our many consumers, drawn from across our 26 diverse individual markets. In the past year, our people have created many thousands of local promotions, events, and sponsorship schemes to fortify and grow these brands in an enduring and meaningful way. Excellent examples of brand activation are the many beach programmes that we mounted during the peak summer season in markets such as Romania, Bulgaria, Greece, and Italy. There are 500 kilometres of sandy Baltic beaches, which are visited by an estimated six million consumers annually. To fully exploit this in.no.va.tion (n) re.ju.ve.nate (vt) 6 “Our goal over time is to provide a complete range of non-alcoholic beverages for every consumer and for every occasion” re.ju.ve.nate (vt): 1. to restore something’s condition, to make it more vigorous, dynamic and effective market, Coca-Cola HBC launched a marketing programme aimed at brand activation and product availability.
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