2012 Coca-Cola HBC Integrated Report

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BUILDING A STRONGERCOCA-COLA HELLENIC

Coca-Cola HBC AG2012 INTEGRATED REPORT


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COCA-COLA HELLENIC

OUR STRATEGY(p.14)

INITIATIVES THAT HELPED US TO MANAGE MATERIAL ISSUESAND DELIVER ON OUR STRATEGIC PRIORITIES

We aim to deliver sustainable and profitablegrowth ahead of the market, together withour Partners in growth, The Coca-ColaCompany, and enabled by our people.Our strategy has four dimensions:Community Trust, Consumer Relevance,Customer Preference, Cost Leadership.

- Living our Values (p.23)- Engaging our employees (p.23)- Developing talent (p.23)- How the Coca-Cola system works (p.9)

COMMUNITY TRUST:Caring for the communities in which weoperate by adding value, which helps uswin their trust, loyalty and build along-lasting reputation for our business.

- Managing the impact of our supply chain (p.26)- Prioritising safety (p.30)- Responsible sales and marketing (p.37)- Supporting active lifestyles (p.38)- Partnering with local communities (p.39)- Health and wellbeing of employees (p.23)- Managing waste (p.30)

CONSUMER RELEVANCE:

Developing our strong and diverseportfolio of leading internationalbeverage brands to meet the changingneeds of our consumers.

- Ensuring a balanced product mix (p.25)- Responding to consumer needs through product innovation (p.25)- Cold drink availability (p.34)- Responding to changing consumer behaviour with OBPPC (p.37)- Providing accurate nutritional information (p.38)- Leveraging the brand (p.38)

CUSTOMER PREFERENCE:Building strong relationships throughcollaboration and partnership to createsustainable value and profitable growthfor our business and our customers.

- Enhancing customer interaction and satisfaction (p.33)- Gaining trust and profit through joint value creation (p.33)- Winning in the marketplace (p.34)- Maintaining high standards o f product quality (p.30)

COST LEADERSHIP:Driving cost efficiency and effectivenessacross our operations for long-termsustainability.

- Optimising our infrastructure through process innovation (p.29)- Managing the impact of restructuring on employees (p.23)- Embedding a culture of personal cost ownership (p.23)- Reducing water use (p.30)- Developing cleaner energy systems (p.30)- Post-consumer packaging recycling and recovery (p.39)- Making our packaging more sustainable (p.27)- Embedding best practice in product sourcing (p.25)

OURVALUES(p.23)

AUTHENTICITYWe act with

integrity, and dowhat is right,

not just easy

EXCELLENCEWe strive to amaze,

with passion and speed

LEARNING

We listen and have anatural curiosity to learn

CARING FOR OUR PEOPLEWe believe in our people,invest in them andempower them

PERFORMING AS ONEWe believe in the powerof working together,contributing in everyinteraction

WINNING WITHCUSTOMERS

Our customers are at theheart of everythingwe do

2,085 2011: 2,087 7,045 2011: 6,824 453 2011: 523

135.1 2011: 135.2 341 2011: 427 56% 2011: 56%

20.0 2011: 21.2 728,301 2011: 776,377 0.69 2011: 0.86

PERFORMANCE SNAPSHOT

Six consecutive quarters of revenueper case growth.

Challenging macroeconomic conditionsparticularly in our established markets, havean adverse impact on per capita consumption.

EBIT was affected by higher input costs,unfavourable foreign currency fluctuationsand higher operating expenses.

Trademark Coca-Cola grew 2%,Brand Coca-Cola grew 3%.

The water footprint of our operations decreasedfurther, as all bottling plants are now connectedto wastewater treatment plants.

Solid free cash flow generation, despitereduced operating profitability.

The direct emissions from our operations isdecreasing as more of our plants energy needsare met by combined heat and power plants (CHP).

Employee engagement was maintained at thelevel of 56%, despite the challenging externaland performance environment.

Another large decline in accidentnumbers, demonstrating the benefits ofour Safety programme.

1Financial indicators on a comparable basis exclude the recognition of restructuring costs and unrealised commodity hedging results.2Population - weighted average per capita consumption.3Carbon emissions not directly comparable due to a change in reporting methodology.

VOLUMEIN MILLION UNIT CASES

NET SALES REVENUEIN MILLION EUROS

COMPARABLE EBIT 1IN MILLION EUROS

SPARKLING PER CAPITACONSUMPTION 2

FREE CASH FLOWIN MILLION EUROS

EMPLOYEE ENGAGEMENT

WATER FOOTPRINTBN LITRES WATER

CARBON EMISSIONSTONNES OF CO

2

3

SAFETY RATENUMBER OF LOST TIME ACCIDENTS > 1 DAYPER 100 EMPLOYEES

REPORTING ROADMAP


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2012 INTEGRATED REPORT 1

KEY PERFORMANCE INDICATORS(p.14)

MAIN AREAS OF RISK(p.52)

KEY STAKEHOLDERS VALUE CREATED

- Volume- Market shares- Net sales revenue- EPS- Free cash flow- ROIC- Employee engagement

- Macroeconomic environment volatility- Austerity plans- Consumer confidence

- Customers- Investors- Employees- Governments and regulators- Communities- Consumers

- Sales revenues- Cash return- Salaries- Employee development- Taxes- Investments- Superior products for all relevant occasions

- Safety- Carbon footprint- Water footprint- Sustainability indices

- Climate change- Supply chain- Product quality- Safety

- Communities- Employees- NGOs and IGOs- Packaging recovery organisations

- Disaster relief programmes- Water conservation programmes- Employee safety- Packaging recovery systems

- Per capita consumption- Quality index- Consumer complaints

- Declining consumer confidence- Consumer health- Disposable income pressures

- Consumers - Refreshment,energy and enjoyment

- Sports andphysical activity programmes

- Sponsorship

- Customer satisfaction- DIFOTAI- Channel profitability

- Shift in channel dynamics - Customers - Customer profitability- Local infrastructure development

- OpEx as % of NSR- Working capital- Water use ratio- Energy use ratio

- Input costs- Foreign exchange- Taxation

- Suppliers- Employees

- Payments to suppliers- Local procurement

CONTENTS

INTRODUCTION TO COCA-COLA HELLENICReporting roadmap 1About our Report 2-3Chairmans Letter6Our History7Business Model8-9

STRATEGIC PERFORMANCEChief Executives Review 12-13Strategic Framework 14-17Market Context 18-19

OPERATING REVIEWOur People22-23Product Portfolio 24-27Bottling and Distribution 28-31Sales and Customer Relationships 32-35Consumers and Communities 36-39

OUR PERFORMANCECountry Summary 41-47Financial Sustainability Review 48-49

Risks and opportunities52-53Governance and remuneration54-59

Shareholder information60-61Auditors validation62-63Glossary 64

For further details of our KPIs and how they fit into our strategy, see STRATEGIC FRAMEWORK


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COCA-COLA HELLENIC2

SCOPE OF THE REPORT

This Integrated Report outlines howCoca-Cola Hellenics strategy, corporategovernance, performance and prospectsenable us to create value over the short,medium and long term. It also includes full2012 data related to the bottling, distributionand sales activities in all 28 countries wherewe operate. It puts our risks and opportunities

into a broader economic, social andenvironmental context and begins todemonstrate the links between our financialand non-financial performance.

The Report outlines Coca-Cola Hellenicsoperations as at the year ended 31December 2012 and reviews the challengesthat Coca-Cola Hellenic has faced over thepast year, as well as how it has dealt withthem or plans to do so. It focuses on thoseissues that Coca-Cola Hellenic, inconsultation with its stakeholders, deems tobe most material to the business.

As at the date of publication of this IntegratedReport, the ultimate parent company of theCoca-Cola Hellenic group of companies (theGroup) is Coca-Cola HBC AG (CCHBC AG),a company incorporated under the laws ofSwitzerland in September 2012.

In April 2013, CCHBC AG became theholding company of the Group following

the successful completion of the shareexchange offer (the Share Exchange Offer)launched on 11 October 2012 by CCHBC AGto acquire all of the issued ordinary sharesof Coca-Cola Hellenic Bottling CompanyS.A. (CCH SA). On 22 April 2013, CCHBCAG announced that it had received validacceptances in respect of 96.85% of thetotal voting rights of CCH SA. On 29 April2013, 355,023,939 CCHBC AG shares wereadmitted to listing on the premium segmentof the UK Listing Authority and to tradingon the Main Market of the London StockExchange and CCHBC AG American

depositary shares, each representing oneCCHBC AG ordinary share, commencedtrading on the New York Stock Exchange.CCHBC AGs ordinary shares were alsoadmitted to trading on the Athens Exchangeon 29 April 2013.

As at the date of publication of thisIntegrated Report, CCHBC AG holds 96.85%

of the issued share capital of CCH SA andhas implemented a squeeze-out procedureand sell-out procedure in accordance withGreek law in order to acquire the remainingminority interests in CCH SA to acquire theentire issued share capital of CCH SA.

INTRODUCTION TO COCA-COLA HELLENIC

ABOUT OUR REPORT

This is Coca-Cola Hellenics first Integrated Report, markingthe tenth year of social, environmental and ethical reportingby Coca-Cola Hellenic and another step forward in disclosure.It seeks to meet the principles set out by the InternationalIntegrated Reporting Council (IIRC). Our commitment to value

creation for our stakeholders, innovation and sustainabilityleadership made this publication the natural evolution inour communication with stakeholders. Coca-Cola Hellenichas continuously targeted leadership in reporting since2004, when we were the first company in the non-alcoholicbeverage industry to report in accordance with the guidelines

of the Global Reporting Initiative (GRI).

For more information on the International Intergrating Reporting Council please visit: www.theiirc.organd for Global Reporting Initiative please visit: www.globalreporting.org


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REPORTING APPROACH

We have chosen to structure the narrativearound our business model to enable us todiscuss our impacts across the valuechain. We recognise that many investors,and not just those interested in sociallyresponsible investment (SRI), areincreasingly interested in environmental,social and governance issues and they arethe primary audience for this Report. Otherkey stakeholders will also be interested inour performance and we have addressed

the issues we feel are material to them.

To identify and prioritise Coca-ColaHellenics material issues, we rely on twomain sources of information. We undertakeon-going analyses of market trends throughmedia coverage, research and othersources; and we engage with externalstakeholders through surveys and directinterviews. An important element of thisengagement is our Stakeholder Panel, withwhom we work to improve our reporting.

Members of the Stakeholder Panel are

from NGOs, academia, investors, tradeassociations, suppliers and corporate socialresponsibility (CSR) think tanks. The Panelnoted that Coca-Cola Hellenic is alreadyamong CSR leaders but to progress furtherwill involve greater leadership, innovationand ensuring that our business makes anet positive contribution to society. Theirrecommendation to focus on creatingshared value has been an important driverbehind the development of our reportingapproach.

Some topics, which are addressed in thisReport are addressed in more detail in

other Coca-Cola Hellenic documents. Theseinclude our GRI Index, Communicationon Progress (COP) to the United NationsGlobal Compact (UNGC), Carbon DisclosureProject (CDP) submissions on carbon andwater and in-depth environmental data.Full financial statements are presentedin our statutory annual report and theAnnual Report in Form 20-F submitted tothe United States Securities and ExchangeCommission. All of these documents areavailable on our website atwww.coca-colahellenic.com.

AUDIT AND ASSURANCE

This Integrated Report has beenindependently audited.

The financial statements accompanyingthis Report were prepared according tointernational financial reporting standards(IFRS) as issued by the InternationalAccounting Standards Board (IASB) and asadopted by the European Union (EU) andaudited by PricewaterhouseCoopers (PwC).

Disclosing non-financial performance ismore complex as there is no single setof standards that covers all aspects. Weuse leading methodologies including theGlobal Reporting Initiative, the GreenhouseGas Protocol, the Global Water FootprintStandard and the London BenchmarkingGroup (LBG) to measure and report non-financial data.

Environmental, quality, health andsafety management systems and dataare audited annually by third partiesat all bottling plants. Both suppliers

and company-owned operations aresubject to independent assessments ofworkplace conditions and Coca-ColaHellenics compliance with industry codeson responsible sales and marketingand community investment is alsoindependently audited.

This Integrated Report has been assuredto the three principles of the AA 1000Assurance Standard (materiality,inclusiveness and responsivenes), bydenkstatt GmbH and assessed againstthe latest guiding principles and contentelements set out by the IIRC. We use the

GRI G3 guidelines as a guide specificallyto support global comparability and in2012 our Integrated Report and GRI Reportwere independently assessed to meet GRIapplication Level A+. For full details of ourassurance validation, please see page 62,and our website.


Forward-lookingstatements

This document contains forward-lookingstatements that involve risks anduncertainties. These statements maygenerally, but not always, be identifiedby the use of words such as believe,outlook, guidance, intend, expect,anticipate, plan, target and similarexpressions to identify forward-lookingstatements. All statements other thanstatements of historical facts, including,among others, statements regardingour future financial position and results,our outlook for 2013 and future years,business strategy and the effects of ourrecent acquisitions, and restructuringinitiatives on our business and financialcondition, our future dealings withThe Coca-Cola Company, budgets,projected levels of consumption andproduction, projected raw materialand other costs, estimates of capitalexpenditure, free cash flow or effectivetax rates and plans and objectives ofmanagement for future operations, areforward-looking statements. You should

not place undue reliance on suchforward-looking statements. By theirnature, forward-looking statementsinvolve risk and uncertainty becausethey reflect our current expectationsand assumptions as to future eventsand circumstances that may not proveaccurate. Actual results could differmaterially from those anticipated in theforward-looking statements for manyreasons, including the risks describedin our Annual Report on Form 20-F filedwith the US Securities and ExchangeCommission (File No 1- 31466).

YOU CAN FIND MOREINFORMATION IN OUR WEBSITE:

www.coca-colahellenic.com


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WHO WE AREAND WHAT WE DOCHAIRMANS LETTER6-7BUSINESS MODEL8-9


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COCA-COLA HELLENIC6

Our decision to produce this Report

reflects our commitment to create valuefor our stakeholders and our ability to leadsustainability in our industry. The Reportreflects an integrated view of our companyand the way we are managing economic,social and environmental impacts, risks andopportunities in our determination to build amore sustainable business.

Last year saw very challenging economicconditions for many of the countries inwhich we operate. In addition, issues suchas resource scarcity and food securityrepresent significant socio-economic and

environmental challenges for the world.Within this context, understanding the fullimpact of our business activities is extremelyimportant. In this report we aim to provide adeeper understanding of the many aspectsof our business, including performance,long-term prospects, governance andhow we create and deliver value to ourstakeholders.

The evolution of our business hasnecessitated some significant decisions tobe taken in order to position our companyfor a sustainable future, including thepremium listing on the London StockExchange for a new Swiss holding companyin Zug, Switzerland. These changeshave been driven by credible corporateimperatives: a stable economic andregulatory environment and broader accessto global financial markets.

ECONOMIC CONDITIONS ANDPERFORMANCE

The last 12 months of macroeconomicuncertainty continued to present challengesto our business, as indeed to the wholefast-moving consumer goods (FMCG)sector across our countries of operation.

The Eurozone sovereign debt crisis resultedin increased unemployment, a declinein disposable income and consumerconfidence, and depressing growth,especially in some of our established and

developing markets. Notwithstanding this,

I am confident that the successful executionof the Coca-Cola Hellenic business strategymakes us a leader in our sector in our abilityto grow and succeed, and equips us to takeadvantage of new opportunities to createshareholder value.

Our strategy, underpinned by core Valuesand led by the chief executive Dimitris Lois,provides both the focus and the flexibilityto enable us to respond positively andproactively to market conditions. The talentand passion of our employees, togetherwith our core strengths - winning in the

marketplace with unrivalled execution andworld class manufacture and distribution, -are enabling us to manage the risks to ourbusiness, identify and capture opportunitiesand innovate successfully within the contextof our markets. Furthermore, the Groupsdiverse portfolio means that we are notoverly dependent on any single market andensures that we are well positioned overthe long term.

Central to this has been our ability toestablish a high level of trust with suppliers,employees, customers, consumers,communities and other stakeholders.This has helped us to maintain and gainmarket share across most countries ofoperation and ensured that our brandsremain relevant to hundreds of millions ofconsumers. To help promote sustainabilityand corporate responsibility, we supportthe UN Global Compact and many of itslocal networks, as well as other businessinitiatives.

CORPORATE GOVERNANCE

On 29 April 2013 we announced thatCCHBC AG, our new Swiss holdingcompany, had been admitted to the

premium listing segment of the official listof the UK Listing Authority and to tradingon the London Stock Exchanges mainmarket for listed securities. In light of suchAdmission, the new holding company

will be required to comply with the UK

Corporate Governance Code, as describedin the Corporate Governance section of thisIntegrated Report, as well as other applicablelegislation and regulations.

In light of the changes introduced by theUK Corporate Governance Code, we havedecided to reflect certain aspects of theCode on a voluntary basis in this yearsreport, one year ahead of the mandatorydeadline. We will also continue to evolveour corporate governance and its reportingto provide a deeper understanding of ourbusiness and to proactively meet the

interests of all stakeholders. Ourcommitment to high standards ofgovernance guides the strategy throughoutour business.

CONCLUDING REMARKS

Coca-Cola Hellenic has deliveredsolid results in what has been anotherchallenging year and on behalf of the BoardI would like to thank all our employeesand stakeholders in making this possible.I am particularly proud that the companyhas been included in the Dow JonesSustainability Index for a fifth consecutiveyear and that we have achieved third placeamong the five Supersector leaders in thefood and beverages category of the 2012FTSE4Good Index. These independentratings demonstrate the commitment of ourbusiness to high environmental, social andgovernance performance.

I believe this Integrated Report furtherdemonstrates our relentless commitment toproviding an outstanding contribution to ourhost communities and creating value for allour stakeholders.

George David

Chairman

CHAIRMANS LETTER

I am very pleased to welcome you to Coca-Cola Hellenicsfirst Integrated Report which combines the informationpreviously available in the Annual Report with the data andstories from our journey towards sustainability.



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2011Completed construction of wastewatertreatment plants ensuring that 100% ofwastewater is treated.

All of Coca-Cola Hellenics plants certified to ISO 9001.

1969

Hellenic Bottling Company S.A.incorporated in Greece.

OUR HISTORY


For more information on history, please visitour website: www.coca-colahellenic.com

2004First CSR policies ratified for HumanRights, Equality of opportunity, HIV/AIDS,Health & Safety, Environment and Quality.

Published first GRI report in the non-alcoholic beverage industry.

2001Acquired remaining Russian Coca-Colaoperations.First bottling operation certified to ISO14001, commitment to certify alloperations.

2007Opened first industry owned PET-to-PET recycling plant in Europe.First country operations certified toISO 22000, commitment to certify alloperations.

2010Rolled out new anti-corruption training across all operations.

Received employer of choice awards in 16countries.

2013Admission of new Swiss holding companyto premium listing on the London StockExchange and completion of ShareExchange Offer.

2005Acquired mineral water companiesVlasinka in Serbia and Bankya in Bulgariaand fruit juice company Multon in Russia.Launched Green Danube partnershipwith ICPDR.Signed the UN Global Compact.Opening of first Combined Heat andPower plant in Hungary.

2002Listed on NYSE through a sponsored American depository share programme.Acquired mineral water companiesValser in Switzerland and Dorna Apeminin Romania.

Acquired bottling operations in the Baltics.FTSE4Good listing confirmed againststricter social and environmental criteria.

2008Included in the Dow Jones Sustainability

Indexes for the first time.Acquired Southern Italy Coca-Colabottling operation Socib.Launched external Stakeholder Panel.Committed to further CHP roll out toreduce CO

2from bottling operations by

more than 20%.

2006Acquired juice company Fresh & Co inSerbia, beverage and dairy companyLanitis in Cyprus and mineral watercompany Fonti del Vulture in Italy.

Launched front-of-pack nutritionallabelling in EU countries.

2003First country operations certified to OHSAS 18001, commitment to certify all operations.Acquired water companies Multivita inPoland and Rmerquelle in Austria.

2009Delisted from the Australian StockExchange.

Opened CHP plant in Romania.

2012Announced redomiciliation of holdingcompany to Switzerland and intention tolist on the London Stock Exchange

Listed among the top three mostsustainable Food & Beveragecompanies by the FTSE Group, based onenvironmental, social and governancecriteria.

1991

Hellenic Bottling Company S.A.shares listed on the Athens Exchange.

2000Hellenic Bottling Company S.A. acquired Coca-Cola Beverages Ltd to form Coca-Cola Hellenic Bottling Company S.A.Included in the social responsibility indexFTSE4Good Europe.



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COCA-COLA HELLENIC8

Water, CO2, sweetener,

juice, concentrate

Bottles, cans, cartons

INGREDIENTS

RESOURCES

Product manufacture

PACKAGING MATERIALS BOTTLING OPERATIONS DI

Coca-Cola Hellenic

71bottling plants

136brands207 flavours

2.1billionunit cases

Water, Energy, Fuel

PETglass

aluminiumcarton

value created

Human Capital40,232 employees

Sparkling beverages, juice,water and other still beverages

Financial Capital7,186 Shareholders

Social RelationshipsGovernmentsCommunitiesLicence to operate

Relationshipswith suppliers84,000 Suppliers

Intellectual Capitalbrands, standards,recipes, processes,manufacturing,reputation

BUSINESS MODEL


MATERIAL ISSUES: Product Innovation, procurement, water use, energy use, safety, employee engagement, people development, customer relationship,

Coca-Cola Hellenic is the worlds secondlargest bottler of products of The Coca-ColaCompany with annual sales of more than2 billion unit cases 1across 28 countriesand 3 continents, serving a population ofapproximately 581 million people.

We work closely with The Coca-ColaCompany to market brands and beveragecategories to customers, from large retailersand discounters, to thousands of smalleroutlets such as kiosks, hotels, restaurantsand cafs. We employ 40,232 people,operate 71 plants, manage 366 warehousesand distribution centres and run a fleet of18,000 vehicles. We source ingredients,raw materials, equipment and servicesfrom around 84,000 suppliers to producesparkling beverages, fruit juices, mineral

waters, sports and energy drinks andready-to-drink teas. Together these represent

a strong and diverse portfolio, led by theCoca-Cola brand. All our operations areunderpinned by an unwavering commitmentto leadership in sustainability.

The Coca-Cola Hellenic business modelis fundamental to our ability to createvalue and to build sustainable competitiveadvantage. We combine the insights,resources and experience of The Coca-ColaCompany with our own product portfolio,bottling, distribution and sales to delivervalue to our customers, consumers and thewider community. All this is made possiblethrough our dedicated people and ourcommitment to innovation, both of which arepivotal to delivering sustainable growth in theinterest of all stakeholders.

1In the Coca-Cola System, sales volume is typically reported in unit cases equating to approximately 5.678 litres or 24 x 8 ounce servings.

OUR MISSION IS TO REFRESHOUR CONSUMERS, PARTNERWITH OUR CUSTOMERS, REWARDOUR STAKEHOLDERS AND

ENRICH THE LIVES OF OUR LOCALCOMMUNITIES.OUR VISION IS TO BECOME THEUNDISPUTED LEADER IN EVERYMARKET IN WHICH WE COMPETE.


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The Coca-Cola Company is responsible tocreate demand. It also sources ingredients,manufactures and sells concentrates,beverage bases and syrups for bottlers,owns the brands, and is responsible forconsumer brand marketing initiatives.

As a bottling partner we are responsibleto deliver demand. We also manufacture,package, distribute, sell and merchandisethe finished branded beverages tocustomers, who then sell our products toconsumers. We are also responsible forcustomer marketing and outlet execution.

Our sixty year relationship with TheCoca-Cola Company continues to flourishwith significant mutual benefit. TheCoca-Cola Company holds a 23% stakein our business and is represented on theBoard by two Non-Executive members. Asboth a shareholder and a major supplierof our beverage products. The Coca-ColaCompany provides us with crucial insights,resources and experience to enhance ourbusiness operations.

We recently agreed to extend the bottlingagreements expiring in 2013 for a further 10years, (to December 2023) for all countriesin our portfolio.

sport & active lifestylesyouth developmentwater stewardship

disaster relief

internationallarge customers

581 millionconsumers

Consumer marketingwith TCCC

1.4 millioncold drink equipment units

1.6 millionoutlets

Trade marketingand activation tools

CUSTOMERS CONSUMERS

Communityprogrammes

15,785sales people

IBUTION

15,000sales cars and vans

3,000owned

and leasedtrucks

366warehouses

anddistribution

centers

28countries

Recycling and recoveryPacgaging complianceschemes

SALES

value sharedvalue added

Cash returnto shareholders

Salariesand employment

Taxes and fees

Paymentsto suppliers

Socio-economicdevelopment

40

HOW THE COCA-COLA SYSTEM WORKS


consumer health, licence to operate, winning in the marketplace, revenue growth, working capital management, free cash flow generation, cost leadership.

Our simplified diagram summarises how wegenerate and sustain value and illustrates ourmaterial issues and the relationships on which wedepend. It identifies the key inputs to our businessand the main outputs we produce. It also showsthe part of the value chain over which Coca-ColaHellenic has direct control and how it extends ateither end where we have less influence, but stillhave the ability to share the value we create.


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STRATEGICPERFORMANCEChief Executives Review12-13Strategic Framework14-17Market Context18-19


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2012 PERFORMANCE

In 2012, the majority of countries andcommunities in which we operateexperienced another challenging year,with the path to economic recovery stilluncertain. Despite this environment, wegrew revenue ahead of volume, increasingnet sales revenue by 3% year on year to

7,045 million. We generated free cashflow of 341 million and pursued costleadership through acceleratedrestructuring initiatives, infrastructureoptimisation, benefits from our sharedservices project and SAP Wave 2efficiencies. We also launched personalcost ownership (PCO) initiatives across theGroup, identifying opportunities at everyexpense line and leading a mindset changeamong our employees.

Our focus on winning in the marketplaceis particularly important in the currentoperating environment. We are leadersin the sparkling beverages category inall of our 28 markets. In 2012, Coca-ColaHellenic strengthened its position againstcompetition. In 21 out of 28 markets, wegained or maintained volume share in thesparkling category and gained or maintainedvalue share for the whole non-alcoholicready-to-drink (NARTD) segment in 23 out of28 markets.

These achievements have been drivenby Coca-Cola Hellenics relentless focuson availability, marketplace execution,customer partnering with joint value

creation initiatives and our occasion-basedbrand, package, price and channel (OBPPC)strategic tool, while investing in our brands.OBPPC enables us to tailor our offering tothe needs of different channels and the

affordability concerns of consumers. In2012 we expanded OBPPC to more marketsand product categories, building expertiseacross our territories.

PLAY TO WIN WITH OUR PEOPLE

Coca-Cola Hellenics goal is to deliver

sustainable long-term growth through our2020 Strategic Framework - Play to Win.Our approach is fully aligned with the 2020vision of The Coca-Cola Company that aimsto refresh the world, inspire moments ofoptimism and happiness, create value andmake a difference. Winning for us meansleading industry growth, investing inrevenue generating activities and creatingvalue for all our stakeholders.

Our Strategic Framework is a commitmentto live by the Coca-Cola Hellenic Values andenables our people to develop and performat the highest level every day, in every task.

It also includes four strategic priorities Community Trust, Consumer Relevance,Customer Preference and Cost Leadership our 4Cs. With 2012 representing the firstfull year in which we worked within thisnew framework, I have been proud to seehow people across the organisation havealready exhibited a sense of ownership andresponsibility for the strategy.

We are working to ensure that we have theculture in place to achieve operationalexcellence, combined with the talent to takeour business forward throughout the next

decade and beyond. I was pleased that ouremployee survey showed steady levels ofengagement and that our first Values surveyshowed how the majority of our people arealigned with the Coca-Cola Hellenic Values.

CHIEF EXECUTIVES REVIEW

To maintain relevance in a changing world, all companiesmust take greater account of their sustainability issues. AtCoca-Cola Hellenic, we are already working to achieve this,which is enabling us to become stronger, and more resilientas we get back to growth. The value proposition we offer our

shareholders and wider stakeholders is positioning Coca-ColaHellenic for continued competitive advantage and success.

STRATEGIC PERFORMANCE


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I would like to take this opportunity to thankall of our employees who have worked hardthis year to deliver results under challengingcircumstances. As well as having to work ina difficult market environment, our peopleare also part of the communities in whichthey live and many are faced with otherchallenges linked to austerity measures.Without their dedication, we would not beable to continue to win in the marketplaceand deliver value for all our stakeholders.

SOCIO-ECONOMIC IMPACTAs well as achieving a profit for shareholders,in 2012 we have been able to demonstratethe significant additional benefits thatCoca-Cola Hellenic brings to the communitiesin which we operate. We generate localemployment and income directly in ourplants, but also support employment,incomes and tax revenues throughout thelocal economy by purchasing goods andservices from a variety of suppliers andselling through a widespread distributionnetwork. This network includes hotels,restaurants, kiosks and supermarkets,

which depend on the consumption ofCoca-Cola products for an important shareof their revenues. Coca-Cola Hellenicslocal approach to markets ensures thataround 90% of our expenditure and profitsremain within our countries of operationand our tax payments in 2012 amounted toapproximately 65 million.

We recognise that the long-term growthof our business is tied to the sustainabledevelopment of our host communitiesthrough direct employment and the supportwe give to thousands of additional jobs inthe value chain. We commissioned socio-

economic impact studies in six of ourmarkets which demonstrated the valuecreated by the Group. We found that eacheuro we spend, and every person employedby Coca-Cola Hellenic, contributes manytimes this value to the local or nationaleconomy. These studies show thatCoca-Cola provides more than refreshment:it also provides a source of value througheconomic growth and vitality.

MOVE TO THE LONDONSTOCK EXCHANGE

On 29 April 2013 we announced that

CCHBC AG, our new Swiss holdingcompany, was admitted to the premiumsegment of the Official List of the UK ListingAuthority and to trading on the mainmarket for listed securities of the London

Stock Exchange (LSE). This move is a naturalevolution and progression for a group ofour size and geographical spread, as wellas a testament to our commitment toenhanced shareholder value. Given that 95%of revenue is generated outside Greece, itis appropriate for us to access the biggestfinancial market in Europe. The LSErepresents the most liquid equity marketin Europe with the largest number ofinternational listed stocks and fundsdedicated to multinational companies,providing the Group with improved accessto funds from equity markets and bondmarkets. By listing on the LSE we will betterreflect the international nature of Coca-ColaHellenics business and shareholder base,enhance the liquidity for holders of itsordinary shares, improve Coca- ColaHellenic Groups access to both theinternational equity and debt capital markets,and strengthen our position as a sectorleader.

LOOKING AHEAD

By continuing to build the trust andconfidence of consumers in our portfolioof brands and reinforcing our positionin the marketplace in a competitiveenvironment, we offer tangible value forall our stakeholders. In 2013, our strategicpriorities, aimed at strengthening ourbusiness, remain unchanged. With thesignificant steps we have taken in 2012, weare well positioned for sustainable success,with solid free cash flow generation andattractive long-term growth potential inour markets. The on-going volatility anduncertainty in the external environment will

require a sustained focus on restructuringand efficiency initiatives to ensure that ourcost base remains tightly controlled andhighly competitive.

I am privileged to lead a company thatimparts enjoyment and refreshmentto hundreds of millions of people. I amhonoured to be part of a team that lives bystrong values and strives to perform withpassion and excellence in everything we do.I am proud of the future we have mappedout for Coca-Cola Hellenic, an excitingjourney we share with our employees,

shareholders, customers and communities.

Dimitris LoisChief Executive Officer



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KPI RELEVANCE TO STRATEGY 2012 PERFORMANCE

VOLUMEVolume is measured in million unit cases soldwhere one unit case represents approximately24 servings of 8 ounces or 5,678 litres.

Volume sold and our related volume andvalue share are key indicators of marketcompetitiveness and demonstrate our abilityto win new consumers in the marketplace andkeep our products relevant.

Volume was flat at 2,085 million unit cases in2012. Emerging markets posted a 4% volumeincrease that was offset by a 2% volumedecline in developing markets and a 5%volume decline in established markets.

MARKET SHARESMarket shares are calculated by dividingour volume or revenue to the total volume or

revenue of the respective beverage category ineach of our 28 countries.

Winning in the marketplace is a key element of ourstrategy. The evolution of our market share, is an

important indicator of our position in the market.

We gained or maintained sparkling volumeshare in 21 markets during 2012. At the

same time, we gained or maintained ourNARTD value share in 23 of our countries.

NET SALES REVENUENet sales revenue comprises revenues from ourbusinesss primary activities.

This provides insight into the sales growth of ourbusiness and is therefore an important indicatorof financial and operational excellence.

Our net sales revenue grew by 3% year onyear while volume remained flat, reflectingour pursuit of growing revenue per case.

EPSEarnings per share is defined as net profit aftertax attributable to owners of the parent, dividedby the number of shares outstanding.

EPS is an indicator of our Groups profitabilityand in this sense an indicator of the value wecreate for our shareholders.

Comparable EPS reached 0.78 in 2012,registering a 13% year-over-year decline,reflecting the negative impact of higherinput costs and currency movements onprofitability.

FREE CASH FLOWFree cash flow represents the cash generated by

the Coca-Cola Hellenic operating activities, afterpayment for capital expenditure (net of receiptsfrom disposal of assets and including principalrepayments and before financing costs anddividents).

This measures liquidity of the business, based

on operating activities, including the efficientuse of working capital and taking into accountcapital expenditure.

We generated free cash flow of 341 million

in 2012 and 1.36 billion for the three- yearperiod between 2010 and 2012, reflectingthe accelerated restructuring undertakenin 2012. Our guidance for the 2013-2015period is for free cash flow of 1.35 billion.

RETURN ON INVESTED CAPITAL (ROIC)Return on invested capital measures the Groupssuccess in utilising its existing asset base andallocating capital expenditures.

This provides insight into the efficient use of ourassets, thus it can be used as an indicator of ouroperational efficiency.

In 2012, our ROIC stood at 7.6% comparedwith 8.5% in 2012, as a result of loweroperating profitability and our commitmentto continue to invest ahead of the curvetowards future growth.

EMPLOYEE ENGAGEMENTWe track the percentage of employeesanswering engagement questions positivelythrough a bi-annual Group-wide engagement

survey.

In times of macro-economic uncertainty andsignificant restructuring it is crucial to maintainhigh employee engagement to deliver the

Groups strategy and results.

Overall, employee engagement hasremained flat at 56% since 2010, and weachieved a high response rate of 87%.

STRATEGIC FRAMEWORK

Seven key performance indicators (KPIs) measure the overall success of the Coca-Cola Hellenic strategic framework:

We aim to deliver sustainable long termgrowth through our 2020 StrategicFramework Play to Win which was

developed in 2011 and has been embeddedacross the Group in 2012 through fourstrategic priorities, the Coca-Cola Hellenic4Cs:Community Trust, Consumer Relevance,Customer Preference, Cost Leadership

The execution of our 4Cs is led by six coreValues: Authenticity, Excellence, Learning,Caring for our people, Performing as one,and Winning with customers. These aresupported by two enablers, our People andHigh Performance Mindset.The Coca-Cola Company, our partners ingrowth, is at the core of our framework

supporting our strategy. We plan and report

against each of the 4Cs, ensuring ourapproach is consistent.

Our results are measured by specifickey performance indicators, whichare used by management and theBoard to gauge the success ofour strategy.

The 4Cs provide Coca-Cola Hellenicwith the flexibility to respond to adynamic, rapidly changing marketcombined with a clear focus

that unites our entire workforce.



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Our remaining KPIs link directly to each of the 4Cs. This enables a clear understanding of expectations across the business while alsoproviding transparency in our reporting.

COMMUNITY TRUST

Coca-Cola Hellenic has a substantial impact on the communities in which it operates. In order for us to achieve sustainable growth, weseek to create value for these communities and build our reputation as a trusted partner and a force for positive change. We aim to beopen, transparent and collaborative in all our actions. To achieve this priority, we use our Values to build a culture of working responsiblyand we engage with our wider stakeholders to help us understand where we can have the greatest positive impact. We focus on

improving all aspects of our environmental and social performance and integrating them into the heart of our operations.


SUSTAINABILITY INDICESWe benchmark our performance on theFTSE4Good Index and the Dow JonesSustainability Index (DJSI), which are

annual ratings used by analysts andinvestors.

These indices provide an externalevaluation of our sustainabilityprogrammes and enable us

to build a positive reputationfor Coca-Cola Hellenic withkey sustainability stakeholders.Inclusion is limited to top corporateperformers.

We scored 4.5/5 in the FTSE4Good Index, putting usamong the top five companies in the Food & Beveragessector. Our DJSI score of 79/100 ranked us in the top

four beverage companies. We aim to maintain ourposition within those indices, which requires continualimprovement.

CARBON FOOTPRINTWe measure direct and indirect carbonemissions from our operations andbeyond (Scopes 1, 2 and 3 as definedby the Greenhouse Gas Protocol). Thereporting methodology was slightlychanged in 2012.

For more information see:GRI report 3.11

Climate change representssignificant potential risks toCoca-Cola Hellenic, includingincreased energy costs andpotentialy volatile water andagricultural raw materials costsand availability, for example sugarand fruit juice.

Our operational carbon emissions (from production andtransport) was 728,301 tonnes in 2012 (776,377 in 2011).The global carbon footprint of our products, includingindirect emissions in the supply chain and for cooling,amounted to 4.86 million tonnes of CO

2 (2011: 4.96

million tonnes). We aim to reduce our absolute carbonemissions by 20% by 2020. Our target is set againsta 2004 baseline. We aim to reduce relative carbon

emissions by 40% by 2020.

WATER FOOTPRINTWe measure the water footprint frombottling operations and the global waterfootprint of our products, as defined bythe Water Footprint standard (blue, greenand grey water).

The sustainability of water use inour bottling operations is essentialto our social licence to operate.

Our operational water footprint was 20 billion litres in2012, 5.5% below 2011. The global water footprint ofour products, including the water footprint of packagingand ingredients, amounts to 967 billion litres. We aimto reduce our water footprint by 20% against a 2004baseline.

SAFETYWe measure the lost-time accident ratewithin our operations, which is defined as

the number of accidents with more thanone day of absence per 100 employees.

We believe that every work-relatedaccident is preventable. We are

developing a world-class safetyculture at Coca-Cola Hellenic tosupport our employees.

Our lost-time accident rate was 0.69 in 2012, animprovement on 0.9 in 2011 and a significant shift from

four years ago when it was at 3.8. However there werethree fatalities in 2012. Any loss of life is unacceptableand we continue to focus on preventing fatalities. We aimto achieve a lost-time accident rate of 0.55 in 2013 and0.43 by 2015 and continue to target zero fatalities.

COMMUNITYTRUST

CONSUMERRELEVANCE

CUSTOMERPREFERENCE

COSTLEADERSHIP



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CUSTOMER PREFERENCEProducts distributed by Coca-Cola Hellenic are sold to consumers through our customers, which include hypermarkets, supermarkets,discounters, kiosks, petrol stations, cinemas, leisure parks, hotels, restaurants and cafs among others. To ensure that our customerscontinue to stock, promote and sell our products, we focus on being their strategic partner of choice. We aim to be perceived as acompany with which it is easy to do business, that gets everything right the first time and that adds value on every occasion. To do thiswe partner with our customers to create sustainable value and profitable growth across all key channels for both them and us. We buildcollaborative customer relationships and ensure excellence in marketplace execution, through streamlined operations and processesdesigned to embed a sustainable selling culture within Coca-Cola Hellenic.


CUSTOMER SATISFACTIONWe measure relationship health and best beveragesupplier annually through the GfK customer satisfactionsurvey, across all countries and for key accounts. In2012, we extended our key account benchmark beyondbeverage companies to include other FMCG companies.

We want to become the partnerof choice for all our customersand we use the survey results toimprove our customer service andto promote opportunities for jointvalue creation.

In outlet execution, we scored 1st or2nd in performance and relationshiphealth in 11 of 26 countries (42%). Ourranking was maintained or improved in85% of countries. For key accounts, wescored 1st or 2nd in performance and

relationship health in 11 of 22 countries(50%). Our ranking was maintained orimproved in 82% of countries.

DIFOTAI (Deliver In Full On Time Accurately Invoiced)Customer logistics performance metric calculated asfollows: DIFOTAI = % of unit cases delivered in full x %delivered on time x % accurately invoiced.

Meeting and exceeding acustomers basic expectationsaround the accuracy andtimeliness of delivery and theflawless administration of orders.

In 2012 DIFOTAI improved by 3%compared to 2011, reaching an averageof 93% in the key customers results. Ourtarget for 2013 is to reach 97%.

CHANNEL PROFITABILITYThis measures the EBIT margin generated for Coca-ColaHellenic, from business with customers, as well as thegross margin generated for the customer from doingbusiness with Coca-Cola Hellenic.

Increase Coca-Cola HellenicsEBIT margin with internationalcustomers, which are growingfaster than the rest of the trade,

based on recent trends.

Coca-Cola Hellenics EBIT margin withinternational customers grew at a fasterrate than that of the rest of the business.

CONSUMER RELEVANCEWe are fortunate to produce and sell some of the worlds most recognised beverage brands. However, consumer needs and demandsare constantly evolving throughout Coca-Cola Hellenic markets and we aim to remain relevant to our consumers. We established clearcategory and brand priorities and we pursue a tailored OBPPC strategy, which identifies the right occasion, brand, package, price andchannel for each product, this is an important tool that we utilise in order to remain relevant to consumers. We also work closely with TheCoca-Cola Company and use consumer insights to capture clearly defined market opportunities. Our focus on this area enables us to

respond rapidly and appropriately to market trends, which in turn leads to success at the point of sale.


PER CAPITA CONSUMPTIONThis measures the average number of 237ml or 8ozservings consumed per person per year in a specificmarket. Per capita consumption is calculated by dividingunit case volume by 24 and dividing by the population.

This measures the growthpotential of a market.

In 2012, per capita consumption stayedflat compared to 2011 at 135 of servingsper capita.

QUALITY INDEXProduct and packaging quality are monitored incooperation with The Coca-Cola Company. The qualityindex measures Brix (0Bx), taste, carbonation, microappearance, date code, container condition, closurefunction, closure condition and net content, with a

maximum score of 100.

The quality index is an aspect ofbrand governance and ensuresthat our products and packagesmeet required specifications andconsumer expectations. It provides

an indicator of the consumerexperience.

In 2012, we achieved a product qualityindex of 94.4, short of our target of 97.Package quality index was 92.2, short ofour target of 98. Our target for 2013 forthe product quality index is 96.

CONSUMER COMPLAINTSWe track consumer complaints through consumer callcentres. All complaints are recorded monthly by category(both product and package issues) and reported in termsof number of complaints per million physical containerssold.

This provides a direct measure ofconsumer satisfaction.

In 2012, the consumer complaint rate was0.29 per million containers sold, abovethe target of 0.20 and above prior yearrate of 0.26. Our target for 2013 remainsat 0.20 per million containers sold.



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COST LEADERSHIPEffective cost management is an essential part of our long-term strategy for market leadership and sustainable growth. We aim to makethe business more competitive by creating a lean organisation, able to exploit efficiencies across our markets. Our focus areas includetight working capital management, operating expenses control and strong and sustained free cash flow generation. Such achievementswill allow Coca-Cola Hellenic to capture future growth opportunities through strategic, value-accretive investments. Steps we have taken tosupport this priority include infrastructure optimisation, warehouse and logistics excellence through the use of SAP, and moving some of the

transactional processes of Finance and Human Resources to a shared services centre.


OPERATING EXPENSES AS A PERCENTAGE OF NSRThis is calculated by dividing Coca-Cola Hellenics totaloperating expenses by total net sales revenues.

This quantifies the impact of ouroperating cost managementin relation to the growth of ourbusiness.

Comparable operating expenses stoodat 29.4% of total net sales revenue in2012, showing a 60bps improvementversus 2011.

WORKING CAPITALWe define this as current assets (excluding cash and cashequivalents and current tax assets), less current liabilities(excluding short-term borrowings, current tax liabilities)plus deposit liabilities on returnable containers.

This measures the operationalliquidity of our business, essentiallyshowing its ability to pay itscurrent liabilities and utilise itsassets. Improving working capital,

enables the company to maintaina strong cash position giving thenecessary flexibility to undertakestrategic investments in themarket, enabling us to return valueto our shareholders, and providesus with a solid platform for futuregrowth.

In 2012, cash generated from workingcapital reduction reached 84 million.

WATER USE RATIOWater use ratio is calculated as litres of water used inoperations per litre of produced beverages (l/lpb).

This measures the efficiency of ouroperations in terms of water use.

The water use ratio increased slightlyto 2.25l/lpb in 2012 (2011: 2.24l/lpb),missing our target of 2.14. In 2013, ourtarget is 2.12. We aim to achieve a 40%reduction by 2020 against 2004 baseline.

ENERGY USE RATIOEnergy use ratio is calculated as megajoules per litre ofproduced beverages (MJ/lpb)

This measures the efficiency of ouroperations in terms of energy use.

Our energy use ratio was 0.507, followinga change in reporting methodology.In 2013, our target is 0.47. We aim toachieve a 40% reduction by 2020 againsta 2004 baseline.



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MARKET CONTEXT

MACRO-ECONOMIC CONDITIONS

The whole fast-moving consumer goodssector across our territories is facedwith macro-economic challenges. Thedeepening of the sovereign debt crisis inthe Eurozone continued to contribute to

currency volatility and austerity measuresare affecting consumer spending in manyof the countries where we operate. It stillremains unclear when the situation mayimprove, so Coca-Cola Hellenic cannotmake assumptions in its planning thatsolid or even reasonable economic growthwill return in the near term. Instead, ourbusiness must ensure it can be highperforming in the current environment, aslow or zero growth continues to be the newnorm in many of our markets.

In addition to the economic environmentsignificantly affecting consumer behaviour,

macro-economic pressure on governmentsis creating a trend towards higher taxation.Consequently, it is important for Coca-ColaHellenic to ensure that governmentsunderstand the overall benefit to theireconomies that our business provides interms of employment, supplier spend andeconomic contribution. In addition to higherbusiness related tax charges, other taxesdirectly affect our consumer base, includingVAT rises such as those that occurred inIreland, the Czech Republic, Croatia andSerbia in 2012. These reduce consumerdisposable income, which in turn affects

overall consumer demand.

COMMODITY COSTS

Agriculture poses a significant sustainabilitychallenge. Decreased agriculturalproductivity in certain regions as a result ofchanging weather patterns may limitavailability or increase the cost of key

agricultural commodities, such assugarcane, corn, beet, citrus, coffee andtea, which are important ingredients forCoca-Cola Hellenics products. Theincreased frequency or duration of extremeweather conditions could also impairproduction capabilities, disrupt Coca-ColaHellenics supply chain or impact demandfor our products.

Securing supplies is already a corebusiness issue and input costs continuedto rise in 2012, led by increased sugar pricein the European Union. The sugar marketis highly regulated in Europe with both

producers and consumers of food andbeverages impacted. In some establishedand developing markets, Coca-ColaHellenic exited long-term contracts with EUsugar suppliers at the end of 2011, resultingin an increase in our EU sugar costsduring 2012. In the last 12 months, we alsoexperienced volatility in PET resin prices,which impacts the cost of packaging. Thiswas accentuated by the fact that there isno effective hedge for PET resin costs andquantities can only be pre-bought for 3-6month periods. An easing in the PET pricingenvironment during the second half of the

year resulted overall in slightly lower costsin 2012. In 2013, we expect currency neutralinput costs per case to increase by lowsingle digits, driven by the EU sugar pricingeffect, PET resin and aluminium.

The Coca-Cola Hellenic Strategic Framework providesthe flexibility to respond to changes in our operatingenvironment. In this section, we assess the state of ourmarketplace, outline key developments in 2012 andexplore future trends.



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CONSUMER TRENDS

In 2012, all of our EU markets experiencedconsumer confidence levels significantlybelow the EU average. A combinationof rising unemployment and continuedausterity measures has reducedconsumers disposable income and madeaffordability a key issue. Consumers areshopping more frequently but spending lesseach time. Within this context, value brandsand private labels are increasing in relativeimportance. The challenge for Coca-Cola

Hellenic is to retain the identity of thebrands we sell as premium products, whileensuring profitability under challengingeconomic circumstances.

In addition, consumers are increasinglyconcerned with health issues such ascalorie-intake, nutritional information andnatural ingredients. The Coca-Cola Systemglobally acknowledges that obesity is anissue of increasing importance for thecurrent generation and has taken action tohelp identify ways to address the problemwith willing partners. The challenge will not

be resolved without honest and collectiveaction. To this end, The Coca-Cola Companyand Coca-Cola Hellenic have a vested stakein the health of the communities in whichwe operate and together we are seekingmore ways to interact and collaborate tofind solutions.

SHIFT IN CHANNELS

Reduced disposable income and lowconsumer confidence have also led tosignificant changes in shopping habits,which are affecting our customers. Thedecline in both leisure spending andin overall leisure activities reduces theopportunities for consumers to purchaseour products in immediate consumptionchannels. As a result, hotel, restaurant andcaf sales have declined across many ofour markets. By contrast, traffic in organisedtrade, which includes supermarkets,hypermarkets, cash and carry anddiscounters, has increased. This shift indemand has had an adverse impact onour profitability, as immediate consumptionchannels are typically characterised byhigher margins.

The same shift, however, presents several

opportunities for our business. E-retailinghas shown notable growth in recent yearsand Coca-Cola Hellenic is positioningitself to capture the benefits. An increasingnumber of our customers are opening

up e-retailing channels, especially in ourestablished and developing markets.Changing mobile capabilities mean thatconsumers are less dependent on shops,using computers to purchase goods fromhome, providing many more opportunitiesto sell products. We are continuing toexplore the potential of these channels forthe future of our business.

EMERGING AND LONG-TERM TRENDS

In recent years, there has been anincreasing number of projections oflong-term slower growth in the worldseconomy, which could lead to a declinein sustainable employment, incomes andprofits. Furthermore, ageing populationscould have a significant impact ongovernment spending patterns, with highercommitments on healthcare and pensions,coupled with lower tax revenues as thepopulation of retired people increases.Some governments may choose to offsetthese changes with greater financialdemands on business. By being alert to

such trends, Coca-Cola Hellenic is able toposition itself to ensure that the Groupspremium brands remain relevant in thelong term.

Water and climate change concernscontinue to be a major focus ofgovernments, NGOs and the communitiesin which we operate. As a beveragemanufacturer, we are dependent onwater supplies for our products, and waterstewardship is therefore critical to our abilityto grow.

Despite the challenges, we see moreopportunities over the long term, includingcontinued strong growth in emergingmarkets. Our diverse geographic footprintand flexible approach mean that weare continually learning and improvingour ability to respond to emergingmarket trends. Per capita consumption isconsiderably lower than Europeanaverages in most of our countries, while inour developing and emerging countries thetotal non-alcoholic ready-to-drink (NARTD)market is still fragmented, leaving amplescope for further market share gains. Inaddition, our on-going efforts to improve

operational efficiency are making us aleaner and more agile organisation. Allthese factors, together with our focus oncash generation, are providing us with themeans to emerge stronger. Our approach is

to take decisions at the earliest opportunityto ensure we adapt and are well positionedin all our markets. We are ready for afuture upswing in the global economy, butequally able to succeed in todays marketenvironment.



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OPERATINGREVIEWPEOPLE22-23PRODUCT PORTFOLIO 24-27BOTTLING AND DISTRIBUTION 28-31SALES AND CUSTOMER RELATIONSHIPS 32-35CONSUMERS AND COMMUNITIES 36-39


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OUR PEOPLE UNDERPIN EVERY STAGE OF OUR BUSINESS MODEL. TO DELIVER OUR 2020 STRATEGIC FRAMEWORKSUCCESSFULLY, WE MUST FOCUS ON DEVELOPING UNPARALLELED TALENT AND DEMONSTRATING A HIGHPERFORMANCE MINDSET ACROSS EVERYTHING THAT WE DO.

AS AT THE END OF 2012, COCA-COLA HELLENIC EMPLOYED 40,232 PEOPLE, OF MORE THAN 50 NATIONALITIES,WORKING IN 28 COUNTRIES. IT IS OUR PEOPLE WHO DRIVE THE SUCCESS OF COCA-COLA HELLENIC AND WE ARECOMMITTED TO ATTRACTING, RETAINING AND DEVELOPING TALENTED INDIVIDUALS DRAWN FROM THE WIDESTPOSSIBLE BACKGROUNDS AND GEOGRAPHIES.

WE ALSO SEEK TO DEVELOP A HIGH PERFORMANCE MINDSET ACROSS OUR BUSINESS, USING OUR VALUES AS THE

CATALYST FOR CHANGE. OUR VALUES REPRESENT THE CULTURE AND IDENTITY OF THE COMPANY AND WE BELIEVETHAT A CLEAR AND CONSISTENT COMMITMENT TO THESE VALUES IS VITAL FOR SUSTAINABLE BUSINESS SUCCESS. WEEMBRACE EQUALITY AND HAVE BUILT A DIVERSE WORKFORCE THAT REFLECTS OUR BROAD PORTFOLIO OF MARKETSAND HELPS US CONNECT WITH CONSUMERS AND CUSTOMERS.

For further details of our diversity approach, seeGovernance.

OPERATING REVIEW

OUR PEOPLE

WORKFORCEBREAKDOWN Managers

5.7%

Commercial

41.9%

Supply Chain

42.7%

Administration9.7%

Total headcount as at 31 December 2012

40,232

56%

4,74AVERAGE SICKNESSABSENCE DAYS

EMPLOYEEENGAGEMENT RESULT


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OPERATING REVIEWOUR PEOPLE

LIVING OUR VALUES HealtH and wellbeing

OF OUR EMPLOYEES

MANAGING THE IMPACTOF RESTRUCTURING ONEMPLOYEES

embedding a culture

OF PERSONAL COSTOWNERSHIP

LIVING OUR VALUES

The Coca-Cola Hellenic Values defineour mutual responsibilities and how ouremployees work together everyday. In2012, we used our February LeadershipConference to embed our Values, whichwere adopted by country operationsthroughout the year to promoteunderstanding and facilitateimplementation. We bring our Valuesto life through daily updates, internalmagazines and other internal means of

communication. This influences employeebehaviour patterns that in turn positivelyaffect all of our stakeholders.

We also tracked the extent to which ouremployees identify with our Values byincluding questions in our employee surveyto generate a Values Index. Overall, 73%of employees strongly agreed thatCoca-Cola Hellenic Values support themin achieving their goals, showing strongalignment. In particular, we are very proudthat the Values alignment of our seniorleaders stands at 89% which places uswithin the very strong category.

ENGAGING OUR EMPLOYEES

Engaged employees are developing strongpositive attitudes towards their work and ourorganisation. They will continue working forus, run the extra mile and recommend usas an employer.

Engaged employees are essential todriving performance at Coca-Cola Hellenic,particularly in challenging markets andduring periods of restructuring. We measureour employee engagement through abi-annual Group-wide survey and we were

pleased that our score remained stable at56% (the same result as in 2010), despitesignificant economic challenges and internalchange. In addition, 74% of our employeeswould recommend Coca-Cola Hellenic as agreat place to work.

The survey again identified the Groupskey strengths as setting the standard forsustainability, demanding cost leadershipin all that we do and acting with honestyand integrity. Our employees also offeredideas and feedback for maintainingour ability to attract and retain the besttalent. These focus areas included living

our Values, career development andsupporting our 2020 strategy. As a result,we have developed action plans toembed the Coca-Cola Hellenic Values in

core people processes, from recruitmentto performance management. We havealso improved our reward and recognitionschemes to ensure alignment with the Playto Win behaviours of our 2020 strategy andto remain competitive against the externalmarket.

DEVELOPING TALENT

Recruting, developing and rewarding talentis central to the Value of Caring for ourpeople. The future of Coca-Cola Hellenic

as a successful and dynamic companyis dependent upon us equipping ouremployees to reach their full potential. Weencourage and empower our employeesto take responsibility for their own careerdevelopment and to support them in thiswe invest significantly in learning anddevelopment. During 2012, our employeesreceived on average 18.4 hours of training.The foundation of our talent developmentapproach is the Coca-Cola Hellenic careerplanning framework, in which we definethe performance standards and experiencerequired at every level of leadership todeliver the Strategic Framework. These

are aligned with employee remunerationand reward. We also hold annual PeopleDevelopment Forums in each country toensure that the right people are in the rightpositions and that our talented employeesare identified for future opportunities.We firmly believe in developing our futureleaders internally and have continued ourfocus on graduate recruitment. In 2012,Coca-Cola Hellenic enrolled 190 graduatesin our management trainee programmesand we aim to double this number in 2013.

EMBEDDING A CULTURE OF PERSONALCOST OWNERSHIP (PCO)

In accordance with our values and tosupport wider business objectives, we areempowering our people to reduce costsby instilling a culture of cost ownershipthroughout the organisation. We encourageemployees in all functions to takeresponsibility for the costs they caninfluence, including day-to-dayexpenditures such as travel and mobilephone usage. In 2012, the programmeresulted in savings of more than 20million, vividly demonstrating that a

focused approach to reducing smallindirect operational expenses can lead toincremental economies of scale.

MANAGING THE IMPACTOF RESTRUCTURINGON OUR EMPLOYEES

The restructuring process discussed onpage 29 has resulted in Coca-Cola Hellenicmaking 1,356 people across seven countriesredundant in 2012. Our approach tomanaging redundancies has been led by

our Values by which we have sought to actwith sensitivity, integrity and transparency,and we have encouraged open dialogue.We have provided our affected colleagueswith comprehensive severance packages,counselling and training to support theirtransition.

Throughout the process, we consultedwith trade unions, works councils and,where appropriate, the European WorksCouncil through formal protocols that weredesigned to ensure open dialogue andconsultation. As a result, we maintainedstrong working relationships with trade

unions across our markets, although wefaced some labour disruption in northernGreece early in 2012.

HEALTH AND WELLBEING OFEMPLOYEES

Helping our employees to lead healthyactive lifestyles is of utmost importance toCoca-Cola Hellenic. Health and wellbeingis a key focus externally for Coca-ColaHellenic, but it is meaningless if we donot also focus on our own employees.Almost all our bottling plants are nowfully certified to the occupational healthstandard OHSAS 18001 and we undertakea wide range of initiatives at a locallevel. For example, Coca-Cola HellenicRomania runs a GetReActivated internalcommunications programme to promotebetter nutrition choices and regular exerciseamong employees. The campaign wona Silver Award at the League of AmericanCommunication Professionals MagellanAwards 2012. In Austria, Bulgaria, Croatia,Ireland, Serbia and a number of othercountries we have similar employee activityevents.

CommunityTrust

ConsumerRelevance

CustomerPreference

CostLeadership

COCA-COLA HELLENICS PEOPLE ARE CENTRAL TO THE DELIVERY OFOUR BUSINESS MODEL, FROM DEVELOPING BOTTLING, DISTRIBUTINGAND SELLING PRODUCTS, TO BUILDING RELATIONSHIPS WITHCUSTOMERS, CONSUMERS AND WIDER COMMUNITIES.


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PRODUCT PORTFOLIO

OPERATING REVIEW

2,085

0.89

11,815

8.5

PREMIUM SPARKLING

+2% ENERGY

+7%

WATER

-4% JUICE

-4%

RTD-TEA

+4%SPORTS DRINKS

-7%

11

6%

0.72

4,514

TOTAL BEVERAGEPRODUCTION

IN MILLION LITRES PRODUCED BEVERAGES

TOTALSUPPLIER SPEND

IN MILLION EUROS

VOLUMEIN MILLION UNIT CASES

INVESTMENT INLOCAL COMMUNITIES

IN MILLION EUROS

VOLUMEGROWTH

OF BEVERAGECATEGORIES

SUGAR AND CORNSYRUP USEDIN MILLION TONNES

PERCENTAGEOF SALES VOLUME OF

LOW CALORIE SPARKLING

NUMBER OF SUPPLIERSITES ASSESSED FOR

COMPLIANCE

TOTAL AMOUNTOF PACKAGINGMATERIAL USED

IN MILLION TONNES


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THE BASIS OF OUR BUSINESS MODELIS OUR PRODUCT PORTFOLIO, WHEREWE WORK COLLABORATIVELY WITHOUR SUPPLIERS TO DEVELOPINGREDIENTS, PACKAGING ANDOTHER KEY INPUTS. COCA-COLAHELLENIC IS A LEADER IN ITS MARKETSBECAUSE OF THE STRENGTH OF OURWORLD-CLASS PORTFOLIO OF BRANDSAND OUR UNPARALLELED EXECUTIONIN THE MARKETPLACE.WITH COCA-COLA, FANTA ANDSPRITE WE HAVE AN EXCEPTIONALFOUNDATION FOR OUR BUSINESS. WEBUILD ON THIS BASE IN TWO WAYS: BYINNOVATION AND ENHANCEMENT OFTHE EXISTING BRAND PORTFOLIO ANDBY MAKING STRATEGIC ACQUISITIONS,OFTEN JOINTLY WITH OUR PARTNERSIN GROWTH, THE COCA-COLACOMPANY. WHEN LAUNCHING NEWPRODUCTS, WE WORK TO ENSURECONSUMER EXPECTATIONS ARE MET

AND OUR PLANS ARE COST EFFECTIVE,YET CONSTANTLY MEET THE HIGHSTANDARDS DEMANDED BY OURSUPPLY CHAIN.

ENSURING A BALANCED PRODUCT MIX

Throughout the history of Coca-Cola Hellenic,we have successfully expanded our productoffering to cover all major non-alcoholicready-to-drink beverages. Today we havea diverse range of ready-to-drink non-alcoholic beverages in the sparkling, juice,water, sport, energy and tea categories.Ourportfolio of global brands is complementedby leading local brands which are designedto meet local tastes. These include everythingfrom kvass, a fermented beverage madefrom rye bread in Russia, to Schorle, atraditional apple drink in Switzerland.

Brands wholly owned by The Coca-ColaCompany represent 93.5% of our total salesvolume, while 3% are brands that belong tojoint ventures between The Coca-ColaCompany and others. Coca-Cola Hellenicowned brands represent 3.3% of volume,while the remaining 0.2% are owned by thirdparties for whom we distribute.

Still beverages and water representedapproximately 32% of total volume in 2012,demonstrating our commitment to beveragechoice and product variety.

Reinforcing our presence in these categoriesdelivers both immediate value and thepromise of significant growth in the future.As our emerging markets mature, weanticipate an increase in the sale of juices,

teas, flavoured waters and energy drinksas well as growth in low- and no-caloriedrinks. To support this approach, Coca-ColaHellenic has completed more than 10 juiceand water acquisitions in the last decade, themost recent being the Kykkos water brand inCyprus in 2011. In isolated cases, we distributethird-party beers or spirits, which representless than 0.1% of volume. In the isolated caseof FYROM, we operate the soft drinks part ofthe operations, jointly owned with Heineken.

RESPONDING TO CONSUMER NEEDSTHROUGH PRODUCT INNOVATION

As well as horizontal growth, our productsremain relevant in all of our marketsbecause of our commitment to innovation.For example, we have introduced a varietyof serving sizes for different occasions, suchas 250ml PET bottles to complement the250ml glass bottle and 150ml cans sold inmultipacks.

We also regularly introduce innovativeflavours that cater to our specific markets,from lemon-passion fruit mineral water inCroatia to strawberry and kiwi Fanta inAustria. In addition, Coca-Cola Hellenic hasinvested heavily in aseptic technology during

the past decade, which enables us toproduce juices and other still beverageswithout adding preservatives. Coca-ColaHellenic operates product developmentcentres in Athens and Moscow and we

collaborate with the global Coca-Cola Systemand its six research and development centres.These centres advance local and regionalinnovation, which can then be replicatedaround the world. For example, Cappy Pulpy

Orange was originally developed inShanghai, but is now enjoyed in more than20 countries, including three of Coca-ColaHellenic markets. We also draw knowledgeand expertise from the Beverage Institutefor Health and Wellness (www.beverage_institute.org). The Institute aims to advancescientific knowledge, awareness andunderstanding of beverages and theimportance of an active, healthy andbalanced lifestyle.

Product innovation enables us to respondrapidly to changing consumer needs, whichincludes increasing demand for healthyand natural products. To address this trend,we are concentrating on four main areas:low- and no-calorie options, nutritionallyenhanced products, the use of naturalsweeteners, and portion control through awider range of packaging.

Adults in many of our markets areincreasingly interested in reducing theirsugar and calorie intake. Our low- andno-calorie Coca-Cola brands Coca-Colalight and Coca-Cola Zero are meeting thisin a compelling way, with reduced-caloriesparkling beverages accounting for 6% of

volume sold in 2012. While this is much lowerthan in the USA and Western Europeancountries, it represents a significant growthopportunity. Coca-Cola Zero is available in20 of our 28 markets and has been an

managing tHe impacts

OF OUR SUPPLY CHAIN ensuring a balanced

PRODUCT MIX responding to consumer

NEEDS THROUGH PRODUCTINNOVATION

embedding best practice

IN PRODUCT SOURCING making our packaging

MORE SUSTAINABLE

OPERATING REVIEWPRODUCT PORTFOLIO

GROWTH OF OUR BEVERAGE CATEGORIESSALES VOLUME IN MILLION LITRES

15,000

10,000

5,000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

COCA-COLA SPRITE COCA-COLA LIGHT/ZERO TEAS JUICES

FANTA OTHER SPARKLING WATER ENERGY AND SPORTS OTHER

CommunityTrust

ConsumerRelevance

CustomerPreference

CostLeadership


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HUNGARYFOR APPLES

Coca-Cola Hellenic aims to use locallysourced ingredients whenever possible.

In 2012, we undertook to locally sourceall of the apple juice concentrate for our

juice and juice drink products sold inHungary. This juice concentrate is

produced from locally grown apples.Our approach resulted in a strategic

partnership agreement signed with theHungarian government in July, which

recognises our contribution to thecountrys economic growth.

Under the commitment, we will purchaseup to 15,000 tonnes of processed apple

annually, which in the longer term willsupport the employment of around 250

people living in Szabolcs-Szatmr-Beregcounty. By the end of the year, we had

become the market leader for fruit juiceand juice drinks in Hungary.

important contributor to growth of oursparkling beverage sales. We have alsoprogressively reformulated Fanta, Spriteand Nestea so that they now contain up to30% fewer calories than in 2010. This hasbeen a gradual process to enable ourconsumers to adjust to the reduced sugarcontent. The average calorie content of ourbeverages is now 31 Kcal/100ml, representinga 16% decrease since 2001 and supportingour commitment to promoting healthylifestyles.

In terms of nutritionally enhanced products,Coca-Cola Hellenic has introduced a rangeof juices and juice drinks with addedvitamins and minerals to meet the needsof consumers in our different markets. Forexample, our 5Alive juice drinks in Nigeriaare now enhanced with vitamins B1 and B2.

Coca-Cola Hellenic is also innovating inthe use of natural sweeteners. We areparticularly excited about our use of Stevia,a plant-based extract that has zero caloriesand is an alternative to artificial sweeteners.In 2012, we launched Sprite with Stevia in

Switzerland, but it is mainly used in ourNestea range, available in 12 of our markets.

EMBEDDING BEST PRACTICEIN PRODUCT SOURCING

Our suppliers are key partners in thedevelopment and production of our productportfolio. Coca-Cola Hellenic sourcesingredients, packaging, equipment andother materials from small independentfirms to large international companies. Allour suppliers are required to comply with theCoca-Cola Supplier Guiding Principles, whichinclude standards of workers rights, human

rights, environment and health and safetyregulation. In addition, Coca-Cola Hellenicrequires tier 1 suppliers to certify themselvesto the following environmental and safetystandards: ISO 9001 (quality), ISO 14001(environment) OHSAS 18001 (health andsafety). Ingredient and packaging suppliersmust also achieve FSSC 22000 certificationfor food safety. To support our approach,we will provide training to our ownemployees on environmental, social andgovernance issues relevant to procurementprocesses and decisions.

To ensure overall compliance, Coca-Cola

Hellenic and The Coca-Cola Company havea joint rolling three-year programme of auditsto monitor supplier performance. In 2012 wecarried out 11 independent audits of suppliers,and we carried out risk assessments of 107

key suppliers environment and sustainabilitypractices. Between 2010 and the end of2012, we audited 96 supply points in total.

Our total spend with suppliers in 2012amounted to 4.5 billion includingconcentrate and 3.2 billion excludingconcentrate. Of this, approximately 90%remains within our territories, representingsignificant local economic benefit. We arecommitted to local sourcing whereverpossible, again ensuring that we contribute

broadly to local economies. For example, asmany of our smaller suppliers have faceddifficulties in securing credit, we are pilotinginnovative programmes to allow them toobtain cheaper and more readily availablefinancing. This relatively new financingconcept (known as supply chain financing)allows suppliers to use our more favourablecredit rating to borrow money against theirreceivables from Coca-Cola Hellenic. Thisbenefits Coca-Cola Hellenic with betterpayment terms, while enabling suppliersto access relatively cheaper and otherwiseunavailable capital early.

MANAGING THE IMPACTS OF OURSUPPLY CHAIN

Since more than three-quarters of ourecological impacts relate to agriculturalcrops, packaging and cold drink equipment,it is essential that we work jointly withsuppliers to mitigate risks, improveefficiencies and promote innovationsthroughout our supply chain. To meet thesechallenges, we focus on sustainableagriculture, water use and reducing carbonemissions in our supply chain.

The main agricultural raw materials in

Coca-Cola Hellenic products are sugar andfruit juice. More than half (63%) of the sugarwe use derives from local beet, with one-quarter from imported cane and theremainder as corn syrup. We collaboratewith sugar and juice suppliers onsustainability programmes. In 2012, weintroduced the Coca-Cola HellenicResponsible Sourcing Guidelines for Sugar,which cover topics including deforestation,good agricultural practices, protection ofHigh Conservation Value areas and soilmanagement.

We are also founding members of the

Green Danube initiative, an importantpublic-private partnership with theInternational Commission for the Protectionof the Danube River (ICPDR). The initiativeaims to support the long-term sustainability



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of the Danube River Basin, which is a vitalregional water source. During 2012, theICPDR discussed methods of reducingagricultural pollution and recommendedbest practice agri-industrial techniques.This is laying the groundwork for usingsupply chains like ours to promote betterpractices. In 2013, we will build on projectsin sustainable sourcing of commoditiessuch as sugar and juice.

In terms of water, Coca-Cola Hellenic

operations account for only 2.2% of ourglobal water footprint, with agriculturecrops accounting for the bulk of our impact.At a global level, The Coca-Cola Companyaddresses indirect water use as part ofsustainable agriculture programmes withBonsucro (formerly the Better SugarcaneInitiative) and the Sustainable AgricultureInitiative. To understand water use in ourown supply chain better, we support theEuropean Water Footprint SustainabilityAssessment Sounding Board for Sugar.We are also working with a member of theRussian beet sugar industry S&D GroupeSucres et Denres to replace as much

imported cane sugar with local beet sugaras possible, which we believe will have apositive impact on virtual water content.For more on how we manage our own water usesee:BOTTLING AND DISTRIBUTION.

Reducing the carbon footprint of oursupply chain is also a key focus becausethe Groups network of suppliers accountsfor 36% of overall emissions. In 2012,we requested environmental impactperformance data from key suppliers. Wehave also worked for many years withmanufacturers of coolers to reduce thecarbon footprint of this equipment by more

than 50%.

MAKING OUR PACKAGING MORESUSTAINABLE

While the content and origin of our productsis key, their packaging in a range of sizesand material types is also vital in meetingconsumer needs. Packaging comprises anaverage of 22% of the cost of goods sold,a percentage we aim to reduce throughminimising raw materials used. In addition,we must ensure our containers guaranteequality and safety, while being attractiveand practical for our consumers. We work

closely with suppliers to identify new waysto improve packaging that creates mutualvalue. We focus in particular on reducingthe amount of packaging we use, knownas light-weighting and on increasing the

recycled and renewable content of cansand bottles.For more on post-consumer recycling and recovery,seeCONSUMERS AND COMMUNITIES.

In 2004, Coca-Cola Hellenic set itself thegoal of reducing packaging used per litreof beverage by 25% by 2012 and we havepursued a range of initiatives to help usachieve this in a sustainable manner. Forexample, in 2012 we launched a new two-litre PET plastic bottle in two markets that is

9% lighter than its predecessor and one ofthe lightest in the entire Coca-Cola System.In 2012 overall, light-weighting projectseliminated 4,900 tonnes of PET and 2,950tonnes of glass.

Coca-Cola Hellenic also works with suppliersto increase the recycled content of packagesas using recycled instead of virgin materialreduces the carbon footprint of our packages.Recycling of metal and glass is already wellestablished, with recycled content accountingfor around half of the material in our cansand bottles. Accordingly, Coca-Cola Hellenicsfocus is on the recycled content of our PET

bottles. During 2012, we increased our useof recycled PET (rPET) by 12% to 8,221 tonnes.By improving the availability and affordabilityof rPET, we can increase the amount we use.We also use refillable packaging, equating to10% of volume.

As well as recycled content, The Coca-ColaCompany advances plant-based packaginginnovation for the Coca-Cola System. Forexample, a plant-based PET Plantbottle developed by The Coca-Cola Company,was the first fully recyclable PET bottle madewith up to 30% plant-based material.In 2012, Coca-Cola Hellenic introduced

the package to Serbia in 0.33L and 0.5Lbottles. Over time, the Coca-Cola Systemwill continue to improve the technology toincrease the recycled and renewable contentin packaging with the aim of achieving acarbon neutral 100% renewable bottle ofplant origin that can be completely recycled.


COCA-COLA HELLENICS PRODUCT PORTFOLIO IS THE FOUNDATIONUPON WHICH THE REST OF THE BUSINESS IS BUILT AND DELIVERED TOCONSUMERS, THROUGH OUR BOTTLING, DISTRIBUTION AND SALESNETWORKS.

THE WORLDS LIGHTESTBEVERAGE CAN -THINNERTHAN A HUMAN HAIR

Coca-Cola Hellenic is working with akey supplier, Ball Packaging Europe, tohelp accelerate the development of theworlds lightest standard 330mlaluminium beverage can.

The objective is to reduce the weight of

the can from 10.0g to 9.45g which, overmillions of cans, will significantly reducethe environmental footprint.

The walls of the prototype ultra-lightcan are a mere 0.09 mm thick, thinnerthan a human hair.

Prototypes were produced by BallPackaging Europe at their plant inBelgrade and filled at our plants inBelgrade and Budapest. By shipping toHungary we were not only able to testthe sturdiness of the cans in transit, butalso to check their integrity on differentproduction lines under different workingconditions of transport, storage andhandling.

Currently, the can is in the evaluationstage prior to commercialisation.If successful, the cans will be in themarket within 12-18 months.

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2012 Coca-Cola HBC Integrated Report