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Coca-Cola Hbc at a Glance Principal Milestones TABLE OF CONTENTS 004 005 006 007 Financial Short Chairman’s Managing highlights profile letter Director’s letter 008 012 016 020 Consistency Choice Enhanced 2006 and focus and variety market Fact sheet capabilities 022 024 026 028 Coca-Cola HBC Shareholders’ Governing Directors’ at a glance information bodies biographies 030 040 046 050 Operating Corporate Remuneration policy Social and financial governance and senior managers’ responsibility performance compensation 060 122 123 IFRS Glossary Forward-looking financial of terms statements statements WorldReginfo - 896af11b-c3e2-4d14-b32f-b5ba7fa99e71 PASSION FOR EXCELLENCE WorldReginfo - 896af11b-c3e2-4d14-b32f-b5ba7fa99e71 PASSION FOR EXCELLENCE 06 WorldReginfo - 896af11b-c3e2-4d14-b32f-b5ba7fa99e71 COCA-COLA HBC ANNUAL REPORT 2006 FINANCIAL HIGHLIGHTS Financial indicators* Reported figures In millions except per share data and ROIC 2006 2005 % change 2006 2005 % change Volume (unit cases) 1,788 1,578 +13 % 1,788 1,578 +13 % Net sales revenue € 5,616 € 4,780 +17 % € 5,616 € 4,780 +17 % Gross profit € 2,253 € 1,962 +15 % € 2,253 € 1,962 +15 % Operating profit (ΕΒΙΤ) € 576 € 501 +15 % € 507 € 461 +10 % Net profit € 380 € 320 +19 % € 334 € 308 +8 % Basic earnings per share € 1.58 € 1.34 +18 % € 1.39 € 1.29 +8 % EBITDA € 905 € 813 +11% € 875 € 808 +8 % ROIC 10.4% 9.4% +100 bps *NOTE: Financial indicators exclude the recognition of pre-acquisition tax losses, restructuring costs, 2006 exceptional items (refer table on page 35) and include the results of the acquired entities unless otherwise stated. WorldReginfo - 896af11b-c3e2-4d14-b32f-b5ba7fa99e71 004 005 SHORT PROFILE Coca-COLA HBC is one of the WorLD’S Largest bottLers of Coca-COLA ProdUcts. We OPerate in 28 coUntries, 16 of Which are members of the EUroPean Union and serve A POPULation of over 540 miLLion consUmers. We refresh OUR consUmers With estabLished GLobaL brands, comPLemented BY LocaL ProdUcts, offering A FULL range of beverage choices. Coca-COLA HBC’S shares are Listed on the Athens STOCK EXchange (ATHEX: EEEK), With secondarY Listings on the London (LSE: CCB) and AUstraLian (ASX: CHB) Stock EXchanges. Coca-COLA HBC’S American DEPOSITARY ReceiPts (ADRs) are Listed on the NEW York Stock EXchange (NYSE: CCH). 06 WorldReginfo - 896af11b-c3e2-4d14-b32f-b5ba7fa99e71 COCA-COLA HBC ANNUAL REPORT 2006 CHAIRMAN’S LEttER Coca-Cola HBC enjoyed its best year to date in Our drive for improved people development 2006. It was our sixth consecutive year of strong continues to gain momentum as we strive to build performance. We achieved a record net profit of sustainable management capabilities. In 2006, €380 million, an increase of 19% over last year. Coca-Cola HBC was named the top destination These results reflect the culture of excellence we for Irish graduates, the best place to work in the are applying across our operations. We constantly Ukraine and the third best workplace in Italy – as aim to provide superior financial results by being well as one of the top 100 employers in Europe. the preferred supplier to our customers and by offering unrivalled quality in end-outlet execution. As the Company continues to grow, the Board and I believe it is vital that we exercise a leadership We have also further strengthened our beverage position on issues surrounding sustainable portfolio of juices, waters and low-calorie development, which at the same time will underpin beverages to meet changing consumer needs and healthy financial performance. preferences. In 2006, we reached a milestone in our history, achieving sales of half a billion unit As we focus on our 2007 goals, I commend both cases of non-carbonated beverages representing, management and staff for their achievements one third of our sales. and finally, thank our shareowners, our business partners, our customers and consumers for their We aim to create value not only for our continued support, for without them, our progress shareholders and our customers but for all who would not have been possible. come into contact with our business. To achieve this, we strive to balance financial performance with social and environmental goals. This is not George A. David only the right thing for the community but also the CHAIRMAN right thing for our own long-term success. During 2006, we continued to instil this philosophy into the way we conduct our business. For example, to address growing consumer concerns over obesity we helped develop industry commitments to the EU Platform on Diet, Physical Activity and Health. We have also made progress in implementing certified management systems for quality, environment, health and safety achieving certification in 86% (ISO 9001), 72% (ISO 14001) and 27% (OHSAS 18001) of our facilities. We believe this to be one of the highest achievements in our industry. NOTE: Financial indicators exclude the recognition of pre-acquisition tax losses, restructuring costs, 2006 exceptional items (refer table on page 35) and include the results of the acquired entities unless otherwise stated. WorldReginfo - 896af11b-c3e2-4d14-b32f-b5ba7fa99e71 006 007 MANAgiNG DIRECTOR’S LEttER Coca-Cola HBC delivered a strong performance We are also working diligently to meet the in 2006, with sales volume of 1.8 billion unit challenges of our business environment. As the cases, which was 13% ahead of 2005. Operating cost of raw materials continues to rise, we are profit was up 15% to €576 million, while net driving supply chain efficiencies, rationalising profit increased to €380 million, 19% higher our infrastructure and redeploying assets. In than 2005. addition, we are optimising our production capacity and investing in PET and aseptic line These excellent results were balanced across technology. Lastly, we are focusing on product our country and beverage portfolios. Not only cost efficiency by reducing the weight of our was there strong growth in our developing and packaging — with both financial and emerging markets, but our established markets environmental benefits. also showed improved volume performance. Both our carbonated and non-carbonated beverage The fast-changing trade environment is becoming portfolios demonstrate strong organic growth, ever more sophisticated, with consolidation and and, as the economies in most of our developing a focus on value being key themes. We continue and emerging markets continue to strengthen, to exploit new channels and drive a profitable we see longer-term growth potential. package mix to achieve unrivalled end-outlet execution. We are also investing in our 12,000- We intend to grow carbonated beverages while strong salesforce and developing strong marketing continuing to broaden our range of non- initiatives as we aim to be the preferred supplier carbonated beverages to meet changing to our customers. Our positive outlook is also consumer preferences. In 2006, we continued to underpinned by rising per capita consumption focus on expanding our juice and water offerings in most of our countries and a strong product by acquiring high quality local brands. We innovation pipeline including the launch of Coke completed acquisitions of the Serbian juice group Zero in Greece, Switzerland, Ireland and other Fresh & Co and the mineral water operations of selected markets. Fonti del Vulture in Italy, jointly with The Coca-Cola Company. We also completed the As we look further into 2007, based upon the purchase of Lanitis Bros Limited of Cyprus, solid operating performance we have seen since increasing the number of countries in which we the inception of Coca-Cola HBC, we feel confident operate to 28 and introducing dairy beverages that we will be able to further strengthen our into our portfolio. By the end of 2006, non- market position to deliver another year of strong carbonated beverages had grown to represent earnings growth. 33% of our total sales volume, compared with 10% in 2001. Doros Constantinou To ensure that these excellent results are MANAGING DIRECTOR sustainable over the longer-term, we implemented a new strategic initiative in 2006. ‘Excellence Across the Board’ focuses on developing best-in-class commercial and distribution capabilities, as well as streamlining the management of financial resources. In particular, we are building powerful route-to- market systems and dynamic partnerships with customers to ensure that our execution in the marketplace is unparalleled. At the same time, we seek to optimise the use of our financial working capital and rethink internal processes. NOTE: Financial indicators exclude the recognition of pre-acquisition tax losses, restructuring costs, 2006 exceptional items (refer table on page 35) and include the results of the acquired entities unless otherwise stated. 06 WorldReginfo - 896af11b-c3e2-4d14-b32f-b5ba7fa99e71 CONSISTENCY AND FOCUS The achievement of another Year of strong financiaL Performance BY Coca-COLA HBC is the resULT of the consistent APPLication of A Proven BUsiness strategY, A ‘Passion for EXceLLence’ in marketPLace EXecUtion and A focUS on BUILding the caPabiLities of OUR PeoPLE. WorldReginfo - 896af11b-c3e2-4d14-b32f-b5ba7fa99e71 008 009 06 WorldReginfo - 896af11b-c3e2-4d14-b32f-b5ba7fa99e71 COCA-COLA HBC ANNUAL REPORT 2006 BUILdiNG PEOPLE CONSISTENCY CAPABILITIES AND We remain committed to the long-term FOCUS development of our people, supported by our training programmes and best practice conferences. Over 900 people across all functions and countries RigHT STRATEgiC FOCUS have completed our ‘Foundation in Marketplace Excellence’ and ‘Excel’ courses. These programmes Since the formation of Coca-Cola HBC in 2000, provide the opportunity for our employees to apply we have been delivering on our commitment to our core values of leadership and team work to consistently grow our business by maintaining a ‘real-life’ case studies, while enhancing business market-driven strategic focus. understanding through the transfer of best practices and cross-functional knowledge. In line with our goal of driving sustainable earnings growth over the longer-term, we implemented We have also defined an integrated model for in 2006, our new ‘Excellence Across the Board’ selection, development, assessment and training strategic initiative.
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