Coca-Cola HBC AG, the second largest bottler of the brands of The Coca-Cola Company, reports its financial results for the three-month period ended 28 March 2014.

First quarter highlights

- Gained or maintained market share in volume and value in 15 markets in Sparkling beverages and in 13 markets in NARTD1.

- Improvement in currency-neutral net sales revenue per unit case for the 11th consecutive quarter as incidence rate related pricing is implemented in addition to continued successful implementation of revenue growth management initiatives.

- Volume decline due to Easter phasing, value-accretive volume initiatives and country-specific issues, partially offset by continued solid growth in Russia.

- Comparable EBIT benefited from revenue growth management initiatives and favourable input costs, the impact of which was more than offset by higher than expected foreign currency headwinds and one-off operational expense items.

- Year-on-year reduction in the working capital balance sheet position.

- Action plan underway to fully mitigate the incremental impact of higher than expected foreign exchange headwind for the year.

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

“This quarter, Easter phasing and other timing issues combined with one-off items in some of our major markets has resulted in weak performance. Given the seasonality of our business, the first quarter is typically small and therefore, not indicative of our expected full-year performance.

In the first three months of the year, we have maintained our track record of winning in the marketplace by holding or expanding our market share in the majority of our markets. We have also continued to focus on our revenue growth initiatives, growing currency-neutral net sales revenue per case for the eleventh consecutive quarter. Moreover, we have made further progress on working capital management.

While the challenging trading conditions persist in most of our territories, our expectations for the full year remain unchanged.”

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