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SocialResponsibility

Report 2003

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Introduction 6

Some Highlights from 2003 6

Chairman’s Statement 7

Shared Commitment Statement 8

Managing Director’s Statement 9

Summary of Operating Principles 11

Workplace 13Corporate Governance 14Internal Management Controls 16Directors 16External Assessment 16Directors’ and Senior Executives’ Compensation 17Mission & Values 17Coca-Cola HBC Mission Statement 18Coca-Cola HBC Core Values 18Our Statement of Business Principles 18Monitoring our Progress 19Promoting Equality of Opportunity 19Providing a Positive Working Environment 20Creating a High Performance Culture 21Recognizing & Rewarding Performance 22Developing Employee Engagement 23Health & Safety at Work 23

Environment 25Environmental Policy 27Environmental Management Organization 27The Environmental Challenge 28Business Planning 28Environmental Training 29ISO 14001 Certification 29Effective Systems for Efficient Stewardship 30Environmental Management System Verification 30Environmental Standards 31Environmental Performance Indicators 31Materials 31Energy 32

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Water 33Wastewater 34Emissions and Effluents 35Solid Waste 36Post Consumer Packaging Waste Management 38Cold Drink Equipment 39Transport 40Benchmarking 41Community Environmental Support 41Volunteer Staff Environmental Activities 42Protecting Heritage 43Mission Antarctica 43Environmental Education 43Environmental Data Table 2003 44

Marketplace 47Major Beverage Company, Diverse Operations 48Development of the Business 48Market Description 49A Global Company with Local Understanding: Freedom within a Framework 49Financial Overview 50Organizational Structure 50Shareholders: Delivering and Adding Value 51Taxes 51Share Dividends 52Our Product Range 52Scale of Operations: a Growing Portfolio of Products 53Key Measures of Consumption 53Quality 53Share Trading 53External Validation of Quality 54Adding Value for Customers 55Latest Technology Further Lifts Quality 55

Community 57Leading, Listening and Learning 58Community 58Memberships 60Connecting With the Company 61Economic Investment 62Enriching the Community Through Education 63Enriching the Community by Providing a Helping Hand 65Enriching the Community by Supporting Active Lifestyles and Sport 66Bringing People Together 68Contributing to Culture 69

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INTRODUCTION

Coca-Cola HBC, one of the main franchised bottlers that brings to market brands owned by The Coca-ColaCompany, is headquartered in Athens and serves a population of 500 million people in 26 countries, 25of which are on the continent of Europe.

The business system comprising The Coca-Cola Company and its independent franchised bottlers, as wellas self-owned operations, is known as the Coca-Cola System. Further details of The Coca-Cola Company,its environmental performance, and its stance on Corporate Social Responsibility as well as information onthe "system" as a whole, are available at www.coca-cola.com.

This report is broken into four sections, they are: The Workplace, The Environment, The Marketplace andThe Community. Each section may be downloaded as a .pdf file at www.coca-colahbc.com.

JanuaryCCHBC Switzerland and CCHBC Greece cele-brate Occupational Health and Safety Assess-ment (OHSAS) 18001 certification.

FebruaryCCHBC employees take part in MissionAntarctica 2003 to make a contributionto environmental sustainability.

MarchCCHBC Poland wins The Coca-ColaCompany President’s Quality &Environmental Award.

AprilSystem Summary Report on WWF“Water Savers” Project.

MayThe Coca-Cola System in Russia donatesUS $320,000 to the State HermitageMuseum in St. Petersburg to celebrate10 years of cooperation and partnership.

JuneCCHBC Greece implements a newGraduate Trainee Programme, called“Youth Programme 2003”.

JulyCoca-Cola, “Worldwide Sponsor of the2003 Special Olympic World SummerGames” held in Ireland.

AugustSummer community events in Poland,Austria, Romania, Hungary, Italy andRussia entertain hundreds of thousandsof consumers.

SeptemberCCHBC Northern Ireland wins presti-gious UK Charity Times Award forCorporate Community Involvement.

OctoberCCHBC announces completion ofMultivita mineral water acquisition inPoland.

NovemberFirst wastewater treatment plant com-missioned in Nigeria operations.

DecemberCCHBC Austria acquires mineral watercompany Römerquelle.

SOME HIGHLIGHTS FROM 2003

At Coca-Cola Hellenic Bottling Company S.A. (Coca-Cola HBC) we seekto meet our social and environmental responsibilities through the pur-suit of two core principles: continuous improvement and sustainability.We call it our “Journey to World Class”.

In this report, which is the first of its kind to be published by Coca-ColaHBC and covers the year ended 31 December 2003, we aim todemonstrate the progress we are making on this journey. Our startingpoint is a shared commitment statement and set of operating princi-ples that have been drawn up and agreed with The Coca-Cola Company

and other key Coca-Cola bottlers around the world.These form the basis of our report and our actions.

For us at Coca-Cola HBC, the desire to be “WorldClass” is more than merely an ambition to achievebusiness success. It requires us to constantly reviewand improve our performance in all aspects of the waywe undertake our business in each of the 26 coun-tries in which we operate.

As a leading producer in Europe of alcohol-free bever-ages - serving a population of more than 500 millionpeople - there are many challenges that require con-stant attention. This report focuses on a number of

these challenges, including human rights, the environment, water management, packaging and packagingwaste, legislative requirements, health and safety and our commitment to our employees.

You will find examples in the following pages that illustrate how local knowledge and skills are being com-bined with the extensive capabilities, resources and relationships across the Coca-Cola System.

We hope that this document will help you to appreciate the scope of our social and environmental visionand to gain an understanding of the dedication of our management and employees to building sustaina-bility into our business and the communities in which we live and operate.

GEORGE A. DAVIDChairman

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Chairman’s Statement Chairman’s Statement Chairman’s Statement Chairman’s Statement Chairman’s Statemen

For us at Coca-Cola HBC, the desire to be “World Class” is more than merely an ambition to achieve business success.

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Shared Commitment Statement

More than simple business interest and the brands we jointly produce bind Coca-Cola HBCand The Coca-Cola Company together. We also share a view of the world; we see people notas just statistics, but as individuals with aspirations for themselves, their families, and theircommunities. We see markets as societies that seek sustainable economies and we see differ-ences not as obstacles, but as opportunities that draw us even closer. Together, we accept theresponsibility to use our knowledge and resources to help make a positive difference to theworld in which we live.

Consistent with this view of the world, we also share a set of values that underpin how we dobusiness and how we interact with our customers, consumers, employees, the environment andthe communities we serve. Those values include honesty, integrity, quality, respect for indi-viduals and for the environment, and a fundamental sense of accountability for our actions.

Together, we strive to build and maintain a reputation for excellence in each of the countries inwhich we do business. That reputation built over many years is our strength. We strive for excel-lence not just in what we produce, but also in how we do business. This is why people reach forour products every day, and it is why investors place trust in us. That reputation enduresbecause of our shared values and our commitment to conduct business in the right way.

Conducting business in the right way also means conducting business successfully, becausethe first responsibility of business is to make a profit and create wealth for those people ittouches. That concept of building for the long term, profitably, responsibly, and in a principle-based manner, is core to our existence. Ultimately, it is our job, and by doing it well we con-tinue to contribute to society through wealth and job creation, through community involve-ment and people development, and through philanthropy.

We are committed to acting with honesty and integrity at all times, in the way we conduct ourbusinesses, and in the way we communicate with our respective investors and with regulatoryauthorities. Our core values will be reflected in all our relationships and actions - in the mar-ketplace, the workplace, the environment, and the community. We work to avoid violations ofour principles and act quickly to address violations should they occur.

In this document we intend to set out the principles that embody our shared values, andwhilst implementation is the independent responsibility of each of our operating companiesby following the necessary processes and management routines, we come together to reaffirmour commitment to good citizenship and ethical conduct.

In reading this report, I hope you will observe the importance Coca-ColaHBC places on the contribution made by its close involvement and par-ticipation in the worldwide Coca-Cola System.

We recognize that, by embracing shared visions and uniform valueswith our partners, The Coca-Cola Company and other Coca-Cola bot-tlers around the globe, we add depth and a broader perspective to ourbusiness.

As Managing Director of Coca-Cola HBC, I have gained at first hand adeep appreciation of the considerable benefits of this collaboration, by

working very closely with colleagues across the sys-tem, over many years. A significant feature of ourinteraction is not only seen in greater understandingand closer cooperation, but also in the unity of ideasand of ideals.

The full intent and far-reaching goals resulting fromthis close alignment of beliefs is set out in our SharedCommitment Statement. It has been my privilege todemonstrate our uncompromising commitment to thisagreed set of principles, by signing this document, onbehalf of Coca-Cola HBC.

On the following pages, we have set out in detail the ways in which we, through frequent consultation withcolleagues across the Coca-Cola System, cooperate in addressing our social responsibilities in four princi-pal areas - the Workplace, the Environment, the Marketplace and the Community.

DOROS CONSTANTINOUManaging Director

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Managing Director’s Statement Managing Director’s Statement Managing Director’s Statement Managing Directo

The full intent and far-reaching goals resulting from this close alignment of beliefs is set out in our Shared Commitment Statement.

workplace

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Coca-Cola HBC, as a member of the Coca-Cola System, subscribes to fundamental beliefs in regard tooperational responsibilities that inform and guide the behaviour of all employees in the system with a unityof purpose.

These mutually accepted and applied beliefs have been established as our core Operating Principles.

While remaining constant, application of the Operating Principles is always being reviewed and assessedto maintain relevance, validity and efficacy as our business continues evolving in an ever-changing world.

Our Operating Principles, briefly are:

The WorkplaceOur commitment is to foster an open and inclusive environment, where a highly motivated, productive, andcommitted workforce drives business success through superior execution.

The EnvironmentOur commitment is to conduct our business in ways that protect and preserve the environment, and tointegrate principles of environmental stewardship and sustainable development into our business decisionsand processes.

The MarketplaceOur commitment is to provide products and services that meet the beverage needs of our consumers. Indoing this, we provide sound and rewarding business opportunities and benefits for our customers, sup-pliers, distributors, and local communities.

The CommunityOur commitment is to invest time, expertise, and resources to provide economic opportunity, improve thequality of life, and foster goodwill in our communities through locally relevant initiatives.

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Summary of Operating Principles Summary of Operating Principles Summary of Operating Principles Summary o

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Our commitment is to foster an open andinclusive environment, where a highly-motivated, productive, and committedworkforce drives business successthrough superior execution.

We deliver this commitment through the consis-tent application of key principles, including:

1. Establishing a strong and direct relationshipwith our employees through open, honest com-munication.

2. Treating our employees with fairness, dignity,and respect.

3. Abiding by applicable local labour laws, includingthose that address working hours, compensa-tion, discrimination, and representation by thirdparties.

4. Valuing diversity in its broadest sense.5. Holding each other accountable for perfor-

mance at the highest levels.6. Rewarding our employees commensurate with

performance, wherever possible.7. Providing opportunities for employees to deve-

lop personally and professionally.8. Ensuring, with our employees, the safety of the

workplace.

We will follow practices that support these princi-ples, including the following:

1. We pay competitively within each market wherewe operate.

2. We do not hire anyone below the local legalworking age, and in no circumstance hire any-one below 15 years of age.

3. We ensure our management and supervisoryteams are trained in and held accountable foreffective and fair management practices.

4. We provide appropriate training so that ouremployees have the opportunity to performtheir jobs effectively.

5. We work proactively to avoid violations of ourprinciples.

6. We investigate and address any alleged violations.

CORPORATE GOVERNANCE

Coca-Cola HBC seeks to achieve high standards ofcorporate governance. Beyond self-imposed require-ments, and those applied by regulators in Greece,where the company has its primary listing on theAthens Stock Exchange, the company also ensurescompliance with the regulatory policies and systemsin place at the London, Sydney and New York StockExchanges, where the company is also listed.

The Board of Directors includes three sub-com-mittees:

� Human Resources Committee� Audit Committee� Social Responsibility Committee

The Human Resources Committee operatesaccording to written terms of reference and isresponsible for:

� Establishing the principles governing HumanResources policy and the Compensation Policyof the company that guide management deci-sion-making and action.

� Making recommendations to the Board ofDirectors regarding company-wide compensa-tion and benefit plans and the main compensa-tion elements for senior managers who reportto the managing director.

� Overseeing succession planning policy and makingrecommendations to the Board of Directors onthe succession of the managing director andapproving the appointments of those whoreport to the managing director.

Workplace

As a Group that is focused on delivering a wide rangeof beverages to a large and varied range of consumers,Coca-Cola HBC employspeople in many differentsocial contexts. We believethat corporate goals mustbe balanced with respectfor social principles, wher-ever we do business.

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� Making recommendations to the Board ofDirectors concerning potential non-executivedirectors, drawing on the best available outsideresources.

The Audit Committee operates under writtenterms of reference and its duties include:

� The appointment of external auditors, theiraudit fee and any questions of resignation ordismissal of external auditors.

� Discussing with the external auditors before theaudit commences the nature and scope of theaudit and ensuring coordination, where morethan one audit firm is involved.

� Reviewing the company financial statementsbefore submission to the board, focusing parti-cularly on any changes in accounting policies andpractices, major judgmental areas, significantadjustments resulting from the audit, the goingconcern assumption, compliance with account-ing standards and compliance with any applicablestock exchange and legal requirements.

� Discussing issues arising from the interim andfinal audits and any matters the external audi-tors may wish to discuss.

� Reviewing the internal audit programme, receiv-ing summaries of internal audit investigations andmanagement’s response and ensuring coordina-tion between the internal and external auditors.

� Reviewing the effectiveness of corporate gover-nance and internal control systems and, in par-ticular, the external auditor’s management let-ter and management’s response.

� Reviewing and recommending approval to theboard of the code of business conduct, as wellas treasury policy and the chart of authority,which provide the control framework for alltreasury and treasury-related transactions.

� Considering any other matters, as appropriate.

The Social Responsibility Committee comprisesthree members of the Board of Directors and takesresponsibility for the development and supervision ofprocedures and systems to ensure the company’spursuit of its citizenship and environmental goals. Itswritten terms of reference, which are currentlypending approval from the Board of Directors, willcover the following areas:

� Establish principles governing corporate socialresponsibility and environmental policies.

� Ensure transparency and openness at all levelsin the conduct of Coca-Cola HBC business.

� Establish an Operating Council responsible forassessing and implementing appropriate poli-cies and strategies, and for compliance.

� Enhance group-wide capabilities to execute poli-cies, strategies, regulatory requirements andcorporate social responsibilities.

� Ensure the regular communication of the com-pany’s status, and progress in the implementa-tion of policies, strategies, regulatory complianceand engagement with all stakeholders.

As part of the company’s commitment to bestpractice in corporate governance, it maintains va-rious measures to enhance internal control andmanagement, and it continues to institute othersas the business grows and evolves. These mea-sures include a permanent Internal Audit func-tion, which reports to the Audit Committee andconducts the internal audit work for each year.The internal audit department comprises 16 full-time internal staff covering a range of disciplinesand business expertise. The head of the internalaudit department makes regular presentations tothe audit committee.

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INTERNAL MANAGEMENT CONTROLS

A Disclosure Committee has been establishedwhich reports to the Audit Committee. The com-mittee is responsible for the implementation of con-trols and procedures to ensure the accuracy andcompleteness of the company’s public disclosures.

The company also has in place a RiskManagement function for the identification,assessment and control of key business risks.Risks covered are those arising from a range ofsources in three broad categories: the externalenvironment in which the business operates, thebusiness processes, and the information availablefor business decisions. The risk identification andassessment process has been incorporated aspart of the company’s annual business planningprocess since 2001. This covers all countries andinvolves senior management of the company andof each business unit. The process enables a re-gular review to take place by management of therisks associated with the business and the plans toaddress them.

DIRECTORS

Under the company’s articles of association, theBoard of Directors must consist of a minimum of7 and a maximum of 15 members. Currently,there are 11 Board Members and there is no ageretirement requirement. Members of the Board ofDirectors are appointed by shareholders for athree year term, with a certain proportion stand-ing for re-election at each Annual General Meeting.

Coca-Cola HBC complies with a recently enactedGreek law pertaining to the appointment ofDirectors and the constitution of the Board. Furtherdetails of the legal compliance of Board practicescan be found in the Coca-Cola HBC Annual Reportor Form 20F which is submitted to the New YorkStock Exchange and is available on the Coca-ColaHBC website at www.coca-colahbc.com.

Ten of the eleven Board Members are non-execu-tive and three members are independent, with theremainder representing the two largest share-holders, who together comprise 54% of share-holding. An independent director is a person whodoes not have any direct or indirect relationshipwith the company or its affiliates that would inter-fere with the exercise of independent judgement.

EXTERNAL ASSESSMENT

The business looks to external parties for independentassessment and includes:

Aon, our external risk advisors, work with our risk man-agement function to provide a comprehensive Safety &Loss Prevention (SLP) programme across all territories.The structure of the programme includes:ñ Property Loss Preventionñ Business Continuity Planning ñ Worker Safety (leading to OHSAS 18000)ñ Fleet Safety Managementñ Environmental Safety Management

(leading to ISO 14001)

Denkstatt, our external environmental advisors whowork with our technical function to provide third partyverification of our environmental programme including:ñ The appropriateness of the mechanisms of Key

Performance Indicators.ñ The traceability and accuracy of the data collected.ñ The analysis of the data collected, reporting and consis-

tency of the data.ñ The availability of the data for external scrutiny.

Lloyd’s Register Quality Assurance (LRQA) &Société Générale Surveillance (SGS) Internationalare certification bodies, who externally validate our sys-tems, procedures and practices against international stan-dards and management systems. These include:ñ ISO 9001:2000ñ ISO 14001ñ Occupational Health & Safety Series 18001

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In seeking to appoint members to the Board,Coca-Cola HBC is mindful of its responsibilities toidentify and propose candidates who will provide aproper balance of knowledge and expertise that willhelp to fulfil the company’s commitment to all itsstakeholders. Major Coca-Cola HBC shareholders,such as The Coca-Cola Company, have extensiveexperience in matters relating to corporate behav-iour across numerous countries. Directors with con-siderable depth and breadth of experience in envi-ronmental and social issues have been appointed.They provide valuable assistance in guiding thestrategic direction of the company in these areas.

Committees established by Coca-Cola HBC tooverview the economic, environmental and socialaspects of the company are required to reportregularly to the Board of Directors. The content ofsuch reports, covering action taken and the iden-tification of challenges or opportunities, are usedby Board Members to determine appropriateresponses, in line with strategic planning.

Mechanisms are in place for designated BoardMembers to be alerted to matters requiring imme-diate attention. If considered necessary, a full meet-ing of the Board can be convened to respond swiftly.

As a general matter, the Board of Directors con-venes the Annual General Meeting and determinesthe items on the agenda. However, shareholdersholding 5% or more of Coca-Cola HBC shares alsohave a right to convene a general meeting ofshareholders.

A quorum of 67% of the holders of the share capi-tal and a supermajority of 90% of the share capi-tal present and entitled to vote is required to passany resolution, concerning a change to the group’s“objects and purposes”.

DIRECTORS’ AND SENIOR EXECUTIVES’ COMPENSATION

To achieve the business results required byCoca-Cola HBC, the company must attract, retainand motivate high calibre executives for whom itrecognizes there is an international market. TheHuman Resources Committee aims to providetotal compensation that is competitive by refer-ence to other multinational companies similar toCoca-Cola HBC in terms of size, geographicspread, and complexity.

In line with its commitment to maximize share-holder value, Coca-Cola HBC’s policy is to link theinterests of key executives of the firm to those ofshareholders, they are therefore eligible to partic-ipate in a Stock Option Plan. Recipients are grant-ed awards by the Board of Directors, upon therecommendation of management, based on a viewof competitive market conditions for employeeremuneration and employee performance.

While a senior executive’s contribution to the finan-cial performance is a key factor, performancefeedback is based on their overall performance,including the way it has “impacted on the businessas a whole”. In addition, a number of general man-agers have non-financial targets linked toCorporate Social Responsibility activities such asenvironmental, occupational and health & safety.

In this regard, executives, as well as middle rankingemployees, receive incentives and other compen-sation based not only on economic factors but alsoon their adherence and contribution to Coca-ColaHBC values and principles. Any employee found tocontravene company commitment to its Code ofBusiness Conduct, or who is in breach of regula-tions relating to the environment, or any such simi-lar matter, is potentially subject to dismissal.Our approach to Directors’ and SeniorExecutives’ Compensation is reported each yearin the Coca-Cola HBC Annual Report.

MISSION & VALUES

At the time of the merger that created Coca-ColaHBC in 2000, the country General Managers fromeach of the then 23 countries, together with the

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heads of each of the Group functions, met todefine the company’s Mission and Values. Thesewere then extensively communicated throughoutthe organization and have been positivelyembraced by our employees.

Coca-Cola HBC Mission Statement

We, the people of Coca-Cola HBC, will:

� Refresh our consumers� Partner with our customers� Reward our stakeholders

…and enrich the lives of the communities weserve.

Coca-Cola HBC Core Values

CommitmentTo stretch ourselves to deliver outstanding per-formance.

TeamworkTo effectively share best practice, support our col-leagues to achieve both country and group-widegoals, and to draw from the best resources avai-lable within the group.

AccountabilityTo be individually and transparently accountable to ourcolleagues for delivering agreed targets and goals.

PeopleTo focus on creating an environment, in which agroup of highly skilled and motivated people areexceptionally well trained, developed, challengedand respected.

QualityTo be committed, in each part of the business, tototal quality of product, customer service, opera-tions, execution in marketplace and people.

IntegrityWe will conduct our business openly and honestlyto the highest ethical business standards.

OUR STATEMENT OF BUSINESS PRINCIPLES

At Coca-Cola HBC we recognize our responsibilityfor all of our business operations and the impactthat they have on our employees, our products,our customers, our consumers and the communi-ties in which we operate.

We are committed in all our business activities tohonesty and integrity, respect for the dignity anddiversity of people, support for the communities inwhich we operate, and protection of the environment.

We are committed to the advocacy of our corevalues, including the principles of clear ethical stan-dards as outlined within the Coca-Cola HBC Codeof Business Conduct. This code details our cor-porate philosophy and our commitment to employ-ees and it includes the responsibilities of employeesand the company in terms of compliance with theletter and spirit of laws, regulations and businessethics. We have implemented training and aware-ness programmes to ensure that employees arefully aware of our philosophy and have confidentialaccess to report breaches of the code.

The importance of applying ethical standards inconducting a successful and sustainable businesswas given particular focus in October 2003 when Coca-Cola HBC Romania joined forces with “JuniorAchievement Romania” in conducting a seminaraimed at educating and informing young peopleseeking to enter the work market.

At a meeting in Bucharest, senior executives of theCoca-Cola System contributed to discussions on the

Company Policies andCodes of Practice

Mission Statement August 2000

Core Values Statement August 2000

Chart of Authority August 2000

Code of Business Conduct August 2000

Code of Ethics December 2000

CCHBC Operating Framework August 2000

Supplier Guiding Principles December 2003

European Works Council Agreement November 2002

Core Development Curriculum January 2001

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topic “Corporate Ethics: “Right Makes Might”. Itemson the agenda included how to create and maintainan ethical and positive working environment, how toencourage employees to follow a code of ethics andhow to verify ethical working standards”.

We are a responsible and ethical business organ-ization and will respect the principles enshrined inthe UN Declaration of Human Rights, while recog-nizing the need to consider the social, economicand environmental implications of our actions. Wewill respect the nine principles of the UN GlobalCompact as they address the areas of humanrights, labour and the environment.

We will not hire any person below the local legalworking age, and will not, in any circumstances,hire anyone below the age of fifteen years. We willnot use or condone the use of forced or compul-sory labour in any of our operations.

All of our operations, within 26 countries, areexpected to acknowledge our principles and valuesas set out in this statement and to comply withinan appropriate timeframe. As a basic require-ment, we expect that all of our operations be in fullcompliance with all local laws including environ-mental and labour laws.

We believe that our values and principles willenhance the business reputation of our organiza-tion and accelerate the success and achievementof our business mission.

MONITORING OUR PROGRESS

In 2003, we implemented The Coca-Cola HBCEmployee Relations Survey to monitor the per-

formance of our local operations within the areas ofemployee relations including, equality, occupationalhealth and safety, internal communications and theparticipation of women within management. Wealso sought to establish our performance againstour ethical and environmental standards.

We are currently working on updating the surveyto reflect the indicators as outlined within theGlobal Reporting Initiative (GRI) guidelines. Theupdated survey will be conducted annually acrossall of our operations to monitor our progressagainst our stated values and principles.

We will ensure that all of our suppliers and con-tractors are aware of our principles and values, asarticulated within the Coca-Cola HBC SupplierGuiding Principles, and we will use our influenceto bring about alignment within our supply chainamong those who seek to do business with us.

PROMOTING EQUALITY OF OPPORTUNITY

At Coca-Cola HBC we recognize the diversity of ourterritory, our consumers, our customers and ofour own people. Our core values reflect a commit-ment to creating an environment in which employ-ees are well trained and highly skilled, as well asmotivated and rewarded to meet the needs of ourbusiness goals.

Appreciating the importance of clear communicationsand understanding at all levels within the company,

CCHBC Employee Numbers

2003 2002 2001

36,956* 35,590 35,103

*Nov ’03

Functional Breakdown

Production 9,571

Sales & Marketing 13,203

Warehouse & Distribution 8,941

Administration 5,241

36,956

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Coca-Cola HBC Austria has launched an open,interactive discussion group involving employees atevery level. Every participant is free to raise anytopic of interest and stimulate debate on resolvingmatters of individual and operational concerns.

The approach, which is providing a model for otherbusiness units, resulted in wide-ranging dialoguesthat all considered extremely useful and productive.The session continued for almost 11 hours, withappropriate meal and refreshment breaks and wasuniversally regarded as being highly successful.

In seeking to recruit the best candidate for RegionalSales Manager, Coca-Cola HBC Poland undertookan assessment programme which is benefitingemployees throughout the company. The Commer-cial Department established a Development Centre,which tested prospective applicants on everythingfrom skills and competencies, market knowledgeand leadership qualities to influencing opportunityassessments and people development.

While only one of the employees was selected forthe position, the remaining team members acquiredvaluable insight into their own abilities and careerprogress. The activity helped create greater careerdevelopment transparency and assisted employeesin diagnosing ways in which to facilitate their per-sonal and career growth within the company.

We seek to ensure that we will not discriminate inany aspect of employment on the grounds of race,religion, colour, ethnic or national origin, age, disa-bility, sexual orientation, political opinion, genderor marital status.

The Coca-Cola HBC Employee Relations Survey2003 found that all of our country operations arein compliance with local equality legislation. While60% of our operations have a written policy onequality, 40% stated that they did not have a writ-ten policy in this area and instead focused on com-pliance with local legislation. Based on the findingsof this survey, we will implement a plan with all ofour countries in 2004 to ensure that each of ouroperations adopt and implement a written policyadvocating and communicating the full extent ofour equality policy.

The gender make up of our workforce reflects thestrong influence of local cultures. The local cultural

norms concerning women in the workforce,together with the physical nature of manufacturingwork have tended to influence the participation ofmen to a greater extent than women within our localworkforces. This is strongly evident in countries likeNigeria, where 96% of employees are male. Theoverall representation of women in our workforce is17%. Switzerland has the highest participation rateby females within its workforce (45%).

The gender representation of our managementstructures reflects the advances of women in theorganization, with women accounting for 22% of1,229 managers.

There are currently no women members on ourBoard or within our 22 country/region generalmanagers. In 2004, we will continue to monitorthe participation of women within the higher stra-ta of our management structure, with a view todetermining how we can encourage more partici-pation at this level. Coca-Cola HBC is seeking toreshape this sexual demographic more equitablyand anticipates that future reports will demon-strate its progress in this regard.

PROVIDING A POSITIVE WORKING ENVIRONMENT

The health, safety and welfare of our employees isparamount within the philosophy of Coca-Cola HBC.It is the policy of Coca-Cola HBC that all of our coun-tries are in full compliance with local health and safe-ty legislation. This involves taking all reasonable andpractical measures to ensure that our operationsprovide a secure and safe working environment.

In order to demonstrate this to its own employees,and members of other industries the crucialimportance of stringent hygiene requirements,Coca-Cola HBC Hungary, conducted a specialeducational demonstration at its plant in April2003. Presentations were given on everythingfrom microbiological processes for packagingmaterials to the strict sterilisation methodsrequired for personnel and facilities.

Of particular interest to participants was the plant’snew 90m3 carbon filter system for water treatment,which maintains the highest microbiological stan-dards for the bottling unit.

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Our Occupational Health and Safety Strategy isbased in the simple premise of centrally directedand locally executed programmes:

Central Activities

� Driving and coordinating activities� Developing standards and training

Country Activities

� Ownership of risk� Managing local resources� Implementing corrective action plans� Implementing Group programmes

The positive outcomes from our Safety and LossPrevention Programme include:

� Verified, documented standards and procedures.� An independent audit programme producing

measurable compliance and corrective actionplans. The 2003 audit score demonstrates anincrease in performance of:

ñ Property Loss Prevention +12.5%ñ Business Continuity +36%ñ Worker Safety +14.5%

� Jointly delivered Occupational Health and Safetytraining programmes across all territories.

� Individual development for local health and safe-ty resources.

Two of our countries, Greece and Switzerland havebeen awarded Occupational Health and SafetyAssessment Series (OHSAS) 18000 in recognitionof the high standard of safety implemented in theselocations. In 2004, we will embark on a process toensure that all of our operations are certified to theOHSAS 18000 standard by 2008. To enable thedelivery of our OHSAS 18000 objective we will:

� Enhance group-wide systems and procedures.� Provide appropriate training, via group wide

programmes.

� Improve personal development and training pro-grammes for internal regional and local occu-pational health and safety resources.

� Appoint and work with independent OHSAS cer-tification bodies (SGS and LRQA).

� Ensure the effective monitoring, measurementof all occupational health and safety perform-ance through the programme deliverables andreport findings via annual reports.

Concern is shown for employee welfare, not onlythrough health care, security, and safety, but alsoin fostering career and personal development.We seek to ensure that employees operate withina work environment that is free of harassment,including physical, sexual, psychological, verbal orother forms of harassment or abuse.

An example of our commitment to employees isexemplified through our support for action tocombat HIV/AIDS in Nigeria (www.aidspro-grammesinafrica.coca-cola.com). Faced with theextent of the AIDS epidemic in Africa, we are work-ing closely with The Coca-Cola Africa Foundation toensure that our employees and their families areeducated in the dangers of the disease. We alsoensure that Nigerian employees and their familieshave access to confidential HIV testing and, if HIVpositive, have access to counselling, health sup-port and medical treatment.

CREATING A HIGH PERFORMANCE CULTURE

Our core values reflect our commitment to deliv-ering outstanding performance by creating an envi-ronment in which highly skilled and motivated peo-ple are exceptionally well trained, developed, chal-lenged and respected.

Our focus on strategic organizational capabilitiesrecognizes that management and leadership skillsare critical to the business. Our investment in theCoca-Cola HBC Core Development Curriculumensures that we support achievement of performa-nce and develop a high level of leadership skills atall levels of our organization.

We invest consistently in developing all of ouralmost 37,000 employees to the best of their abil-

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workplace workplace workplace workplace workplace workplace workplace workplace workplace workplace

ities, empowering them to achieve superior per-formance today and in the future. In 2002, weinvested over jj12 million in external trainingcosts, and we budgeted more than jj17 million forthe same purpose in 2003.

All employees (from team leader upwards) are sup-ported to have an annual skills assessment thatincludes both technical and professional as well asmanagerial and behavioural skills. The assessmentidentifies strengths and development areas thatform the basis of the annual individual developmentplan. The development plan sets learning objectivesand identifies specific training programmes andother development activities, to be undertaken dur-ing the year. This process improves each individ-ual’s capability to perform their current role andprepares them for future opportunities.

Coca-Cola HBC PPoollaanndd is setting its sights evenhigher after being judged "Best Employer in theFood Industry In Poland in 2003" by the local ver-sion of the international magazine Newsweek, in acomprehensive study in conjunction with Poland’sBusiness Centre Club. In 2004, the companyintends to compete against all companies, not onlythose in its industry sector.

The prestigious Poland award was assessed on avariety of criteria. These included the "attractive-ness of compensation and benefit systems", "pro-motion prospects", the overall "satisfaction andlevel of enjoyment", and the "appreciation of theskills of management in setting corporate goals",among many others.

RECOGNIZING & REWARDING PERFORMANCE

Our Total Compensation Programmes are struc-tured to drive value creation, provide cost-effectiverewards that are meaningful to employees, andencourage continuous learning, in order to make thecompany and its employees as successful as possible.

Where possible and appropriate, employees havesome proportion of compensation at risk in rela-tionship to business unit, team, or individual per-formance.

Our Total Compensation Programmes are com-petitive with other appropriate large, high-per-forming companies of comparable size, therebyallowing the company to attract and retain thelevel of talent necessary to grow the business.Compensation practices may be customised asnecessary by regions or countries to address spe-cific, local business needs and local market condi-tions, but must be consistent with the Coca-ColaHBC principles of total compensation.

A consistent philosophy in the design, application,and administration of Total CompensationProgrammes throughout the company ensuresfair and equitable treatment for all employees; theprogrammes of the company are clearly defined,explained, and communicated to all employees inways that are relevant to the employees.

In an independent study conducted by Deloitte &Touche, of all companies operating in the Ukraine

workplace workplace workplace workplace workplace workplace workplace workplace workplace workplace

1. My organization is committed to producing products of the highest quality 94%2. My organization is committed to world class market execution 90%3. I have a clear and consistent understanding of what is expected of me within my department 89%4. I understand how my actions have an impact on external customer satisfaction 88%5. I understand how my performance has an influence on achieving our Mission Statement 88%6. I understand how my actions impact the quality of our products and packages 86%7. In my organization we stretch ourselves to deliver outstanding performance 86%8. People in my organization prioritise quality above all other considerations 84%9. I understand the financial implications of my work activities,

which enables me to make better decisions 84%10. My organization works collaboratively with our customers to serve consumers better 83%

COCA-COLA HBC CULTURAL SURVEY 2003 Agreement %TOP TEN RESPONSES

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in 2003, Coca-Cola HBC was designated the topcompany in terms of overall reputation, with maxi-mum scores for the categories "Team ofProfessionals", “Speed of Decision Making", and"People Development".

DEVELOPING EMPLOYEEENGAGEMENT

The Coca-Cola HBC Internal CommunicationsStrategy emphasises the objective of ensuring thatemployees at every level of the workforce are engagedand focused on the plans, actions and behaviour thatwe will always meet and wherever possible exceedconsumer and customer expectations.

The company believes that the more engagedemployees are, the more passionate, productiveand committed they will be to the achievement ofstretching business goals and capable of beingrewarded for their efforts. To this end Coca-ColaHBC has established and continues to developexcellent two-way internal communications systemsacross all of its business units, and at all levels.

Coca-Cola HBC respects the uniqueness of itsemployees as individuals, while seeking to harnessand share the synergies presented by teamwork,both within country operations and across theentire organization.

The company respects the right of employees to joinor not to join trade unions, and to consult with man-agement on issues of joint interest. The Coca-ColaHBC Employee Relations Survey 2003 indicatesthat 32% of the workforce are members of atrade union. The company is committed to com-municating directly with all employees, whetherunionised or not, about major change initiatives.Almost 50% of employees are covered by collec-tive labour agreements.

In 2002, Coca-Cola HBC established theCoca-Cola HBC European Works Council (EWC)under the European Works Council Directive94/45/EU. This forum is made up of employeeand management representatives from Austria,Greece, Italy, Northern Ireland and the Republic ofIreland. With EU enlargement, participation in thisforum will be expanded to include representation

from the Czech Republic, Estonia, Hungary, Latvia,Lithuania, Poland, Slovakia, and Slovenia.

The Coca-Cola HBC Employee Relations Survey2003 indicates that all of its country operationshave direct communication systems, includingopen door policies, cascading communication net-works, employee forums, newsletters, confidentialemployee opinion surveys, 360 degree and otherconfidential feedback surveys.

Coca-Cola HBC has a policy requiring every busi-ness unit to record and report all accidents and ill-nesses. Any incident of a serious nature or anypotentially infectious illness must be immediatelyreported to management whereupon action will betaken, according to the local circumstances. Aspart of our OHSAS implementation programme,Coca-Cola HBC is in the process of standardizingoccupational health and safety indicators andthese will be consolidated centrally from January2004 and published in future reports.

workplace workplace workplace workplace workplace workplace workplace workplace workplace workplace

Health & Safety at WorkCoca-Cola HBC is constantly pursuing increasinglyheightened standards of workplace safety and health.

While the group is proceeding to achieve OHSAS 18000certification across all plants, business units are, at thesame time, seeking to achieve levels of protection that gobeyond those already established, or required.

Coca-Cola Beverages Croatia received an award in 2003 forOutstanding Performance from the Croatian Associationfor Development of Protection at Work (HUUZ) for record-ing superior levels of safety through the company’s poli-cies, procedures and practices.

In Switzerland, a Safety and Eco-Drive Training schemewas commenced in 2002. Drivers completing this coursehave recorded a substantial reduction in accidents. A fur-ther bonus has been seen in environmental protectionthrough a lowering of fuel use of between 10-20% and ofaround 40% in polluting emissions.

Switzerland conducts continuing apprenticeship andtrainee schemes which enables young people to developtheir skills in everything from business and commerce,logistics, typography, and advertising to electrical fitting,chemical laboratory work and technical software engineer-ing. In a related programme, university and college gradu-ates can participate in an 18-month sales and marketingcourse. Of 17 trainees who have participated since 1999,eight have chosen – and been accepted – for key positionsat Coca-Cola HBC.

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workpla

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environment

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Our commitment is to conduct our busi-ness in ways that protect and preservethe environment, and to integrate princi-ples of environmental stewardship andsustainable development into our busi-ness decisions and processes.

We deliver this commitment through the consis-tent applications of five key principles:

Commitment and BeyondOur commitment to protect and preserve the envi-ronment extends throughout our organizations.Having an effective environmental managementsystem requires the involvement of employees atall levels. Our officers, managers and employeestake responsibility for daily implementation of ourenvironmental management system.

Compliance We will integrate sound environmental practicesinto our daily business operations. Even in theabsence of specific regulatory requirements, weundertake to operate in an environmentally respon-sible manner in accordance with our environmen-tal standards.

Minimize Impact, Maximize Opportunity We use the results of research and new techno-logy to minimize the environmental impact of ouroperations, equipment, products and packages,taking into account the associated cost or profitfor each environmental benefit. We minimize thedischarge of waste materials into the environmentby employing responsible pollution prevention andcontrol practices.

Accountability We are accountable for our actions. We conductaudits of environmental performance and practices,document the findings and take necessary improve-ment actions. We are committed to continuouslyimproving our environmental performance.

Engaging with Stakeholders We establish mechanisms to communicate withemployees, consumers, governments, share-owners and other stakeholders on environmentalperformance, including environmental reporting.

We will follow practices that support these princi-ples, including:

1. We abide by applicable local environmental lawsand regulations.

2. We implement the Coca-Cola CompanyeKOsystem environmental management systemand/or other recognized systems such as ISO140011, to address such issues as water,energy and solid waste.

3. We continuously examine our business for oppor-tunities to reduce our consumption of resources,minimize the generation and disposal of waste,and maximize the amount of recycled content inour packaging and other materials.

4. We follow Good Environmental Practices (GEPs)for significant aspects of our operations such asenergy management, ozone protection, waste-water quality, water resource management,hazardous materials, and fleet management.

1 See page 29 ISO 14001 certification

Treated wastewater forms a decorative pond supporting fish life at the Coca-Cola HBC plant in the Ukraine

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environment environment environment environment environment environment environment environment envi

ENVIRONMENT

Environmental PolicyThe Coca-Cola HBC Environmental Policy is funda-mental to its operations as the company believesits employees and everyone associated with itsactivities has an important role to play in achievingenvironmental goals.

Accordingly, Coca-Cola HBC is committed to puttingin place reliable measures and effective manage-ment systems to monitor and report upon its busi-ness, and the impact it has on the environment.

ENVIRONMENTAL MANAGEMENT ORGANIZATION

A Social Responsibility Council has been formedunder the guidance of the Social ResponsibilitySub-Committee of the Board of Directors. Itsobjectives are:

� Review environmental goals and targets toensure their continuing relevance.

� Allocate responsibilities and time scales for pro-gressing actions.

� Set and agree environmental objectives and targets.� Review and progress environmental corrective

action plans and recommendations.

Environmental Policy

Coca-Cola HBC is committed to dealing responsibly with the environment in carrying out all its busi-ness activities in a sustainable manner.

We seek a steady improvement in meeting our environmental standards and we work to minimize anynegative impact on the local and global environment, while fulfilling consumer and customer expecta-tions of the quality and safety of our products and ensuring safe working conditions.

To reach these targets, we:

ñ Play a leading role within the beverage industry by conducting operations in compliance with local andnational laws and regulations and apply everywhere our high Coca-Cola HBC environmental stan-dards, including The Coca-Cola Company’s eKOsystem2.

ñ Develop an internationally recognized management system in all of our operations that is based oncontinuous improvement.

ñ Include environmental considerations in our business planning process to ensure that environmentalmanagement and advancement remains an integral part of our operations.

ñ Set environmental goals, monitor results and audit our processes, and judge our achievements andimprovements against our high environmental standards.

ñ Identify and implement ways to improve the efficiency with which we use resources, including water,packaging, energy and other raw materials.

ñ Minimize discharge of emissions and waste material into the environment; reduce, recover, recycleand reuse our on-site solid and liquid wastes wherever practicable and ensure that we dispose of ourunrecoverable wastes safely and with minimal impact.

ñ Encourage and equip our employees to identify and act upon opportunities to improve environmentalperformance and waste management in the areas where they work.

ñ Cooperate with stakeholders in seeking solutions to those environmental problems on which we canmake an effective and long-lasting contribution and we communicate openly on our environmentalperformance.

This Policy applies to all Coca-Cola HBC employees.

Responsibility for overseeing the implementation of this policy lies with the Social ResponsibilityCommittee of the Board of Directors, as part of its mandate.

Doros Constantinou

2 See page 29&3027

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� Provide a forum for discussion and action onsocial and environmental matters.

� Review policies and recommend change.� Review and comment on environmental and

social impacts of products and packages.

The Council reports to the Social ResponsibilityCommittee of the Board on a regular basis.

At country operations level, the local responsibili-ties are carried by the general managers and plantmanagers, who designate Environmental Co-ordinators as necessary to provide the advice,assistance and control necessary for environmen-tal compliance.

THE ENVIRONMENTAL CHALLENGE

The identification of environmental risks and oppor-tunities has taken place over a number of years inthe Coca-Cola System. Numerous internal andexternal ecological footprint and life cycle analyseshave shown what our main environmental impactsare. Various stakeholders have contributed to anawareness of downstream problems and, in addi-tion, dialogue with NGOs, and media coveragehave reinforced the social and political significanceof many issues.

Multi-criteria analyses based on these inputs haveled to the definition of the following three top envi-ronmental priorities:

1. Water: As the single most important sub-stance for the human environment, water is akey priority. Due to the volume of our bottlingoperations, efficient consumption of raw waterand the responsible discharge of wastewaterwill always be a priority for our business, this isespecially so in countries with low waterresources and low technicity in water treat-ment. Impacts tend to be local and can affectgroundwater as well as aquatic ecosystems.

2. Energy: Because of its global significance, ener-gy is our next priority. Environmental impactsoccur mostly where energy is extracted ortransformed, and globally, since air emissionsbring about climatic change (greenhouse effect),as well as soil acidification and water eutrophi-cation. Energy is used to drive machinery, in ourdistribution activities and by all our sales andmarketing equipment.

3. Waste: Solid waste has been recognized as anenvironmental concern for many years and can-not be eliminated without impacting the local envi-ronment. It is an output of our production facilitiesand an outcome of consumer behaviour (littering).Packaging is among the most politically sensitiveenvironmental issues linked to our business.

BUSINESS PLANNING

Having identified the three key impacts, the grouphas agreed objectives and targets for country

Coca-Cola HBCEnvironmental OrganizationalChart

Board of Directors

Social ResponsibilitySub-Committee

Managing Director

RegionDirectors

Director ofPublic Affairs

SocialResponsibility

Council

ResourceRecoverManager

PlantManagers

PlantEnvironmentalCoordinators

CountryGeneralManager

Group QualityDirector

Group QA &Environmental

Manager

CountryEnvironmentalCoordinators

COUNCIL MEMBERSñ Director of Public Affairs, (Chairman)ñ Group Quality Directorñ Group Assurance Managerñ Projects Managers CEEMEG, TCCCñ Group Resource Recovery Managerñ Environment Manager, CCB-CHñ External Risk Consultant, AON

environment environment environment environment environment environment environment environment envi

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operations for 2004. These environmental targetsare as follows:

� Reduce water consumption ratio per litre ofbeverage produced by 5% vs. 2003.

� Reduce energy consumption ratio per litre ofbeverage produced by 5% vs. 2003.

� Reduce solid waste generation from operationsratio per litre of beverage produced by 5% vs2003.

� Increase waste recycling in operations by 5% vs2003.

Individual country operations prepare their busi-ness plans accordingly and report them centrally.

Each country details its national and local planningand defines action plans.

The projects and actions relevant to the environ-ment in those action plans determine the contentand conduct of their environmental programmes.

ENVIRONMENTAL TRAINING

Training in this area is organized by the businessunits within the individual countries and included sev-eral workshops specifically for Country EnvironmentalCoordinators: Six environmental training workshopstook place in 2002, focusing on developing andimplementing ISO 14001 environmental manage-ment systems. They were carried out in Vienna,Moscow and Sofia and attended by 51Environmental Coordinators from 19 countries,totalling 348 session days. In May 2003, follow-upmeetings were organized in Vienna, Kiev and

Sarajevo, with more than 30 participants. The nextmeeting is planned to take place in Nigeria in 2004.

In addition to training on the practical implementa-tion of environmental management systems inhouse, we also provide regular training workshopson environmental legislation and the implementa-tion of waste and packaging waste recoveryschemes for all countries.

Local ImplementationA large degree of autonomy is left to countries,because it is understood that in order to be fullyeffective, solutions to local problems must beimplemented locally. Each country and each plantdefine and implement their action plans accordingto their priorities and capabilities, taking intoaccount group objectives and targets.

ReportingEnvironmental reporting serves to evaluate andtrack our impacts, prove the effectiveness of ourprogrammes, detect problems and successes,communicate with interested parties, and identifyways to improve performance and introduce newinitiatives.

The most important environmental Key PerformanceIndicators (water, energy and waste) are reported ona quarterly basis. These figures are consolidatedcentrally and used for benchmarking. In addition,each production facility reports a multitude of datato The Coca-Cola Company on an annual basis.

Reporting standards are described in the internaldocument “Good Environmental Practices onEnvironmental Reporting”. The reporting process isaudited during eKOsystem audits. The eKOsystemestablishes common operating standards for The

ISO 14001 Certification

A cornerstone of the company’s environmental actions isthe ISO 14001 certification of all operations.

ISO 14001 compliant environmental management systemsare implemented in 52 of 85 CCHBC bottling facilities.With the exception of the six recently acquired mineralwater facilities in Austria, Switzerland, Croatia, Polandand Romania which are just beginning the certificationprocess, all European operations are on schedule to be fullycertified by mid year. The 16 bottling plants in Nigeria and1 bottling facility in Armenia, due to historical reasons willnot achieve certification until 2006.

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Coca-Cola Company on environmental stewardshipand provides guidelines for bottling partners aroundthe world. (www2.coca-cola.com/citizenship/envi-ronmental_report.html)

Public reporting of environmental impact is madefrom time to time in line with the requirements ofthe ISO 14001 standards.

ControllingNumerous internal and external audits take placeat plant and country level. Environmentally relevantaudits include those for ISO 14001 and for TheCoca-Cola Company eKOsystem that will cover allbottling plants by mid 2004 (except Nigeria andArmenia). Environmental due diligence audits arecarried out prior to acquisitions, and Safety andLoss Prevention audits have been completed at83% of Coca-Cola HBC plants.

EFFECTIVE SYSTEMS FOR EFFICIENT STEWARDSHIP

Consideration is given to improving economic andenvironmental aspects associated not only with thedesign, production and packaging of products, butalso their transportation and ultimate disposal.Responsibility for this lies with the company’s SocialResponsibility Council, comprising managers from arange of functional areas including Supply Chain,Quality Assurance, Risk Management, PublicAffairs, Human Resources and General Mana-gement. The Council also has external representa-tion from The Coca-Cola Company and external con-sultancies and NGOs.

The Council coordinates environmental affairs anddiscusses packaging and equipment design, toobtain optimum impacts both up and downstream.For example, by working with our suppliers, theweight and quantity of material used in packaginghas been significantly reduced and the efficiency ofcooling equipment greatly increased.

ENVIRONMENTAL MANAGEMENT SYSTEM VERIFICATION

The environmental part of this report is verified byDenkstatt, an independent environment-coun-

selling firm that has worked with The Coca-ColaCompany and has an in-depth knowledge of busi-ness in the beverage sector.

Denkstatt Umweltberatung und-ManagementGmbH (Denkstatt) was commissioned to provide athird party validation of the key performance indi-cator data (KPI) and Environmental ManagementSystems (EMS) implementation progress dataincluded in this report, based on site visits andreviewing existing audit data from both internaland external sources. A summary of the key find-ings is as follows:

1. The description of our business and environ-mental activities, commitment and progress isa fair description of the current reality.

2. The environmental impacts and KeyPerformance Indicators reported and includedare those identified as being the most impor-tant, based on the company’s specific businessactivities. The accuracy of the data collected byeach operation is plausible and accurate andthe traceability will become more effective asthe EMS matures further.

3. The ISO 14001 implementation work at countrylevel has made substantial progress given theaggressive and challenging targets for accredi-

Crushed PET bottlesready for processing

and recycling

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tation set by the company and should be used asan example to other multinational corporations.

4. The company also remains focused on interna-tional priorities, NGO requirements and in-depthlife cycle analysis (see Coca-Cola BeveragesEnvironment Report 2002 (www.coca-cola-shop.ch/environment) which are monitoredthrough the formation of a centralised Citizenshipand Environmental Council.

5. The data provided are coherent with thecompany’s processes and spot-checks werecarried out in three countries, their selectionbeing based on each of the three businessdevelopment categories (established, develop-ing and emerging) as well as an in depth reviewof environmental system audit data from sever-al of the company’s other operations.

6. The companies environmental organizationincludes country Environmental Coordinatorswho are trained comprehensively. They activelydevelop the EMS, corrective action and continu-ous improvement plans in conjunction with sen-ior operations management and are encour-aged to exchange best practice ideas andexperiences within the Coca-Cola HBC group.

A copy of the report submitted by Denkstatt isavailable at www.coca-colahbc.com/communi-ty/environment.php

ENVIRONMENTAL STANDARDS

The following environmental internal and externalregulations are applicable to all Coca-Cola HBCoperations.

� The eKOsystem comprises the environmentalmanagement standards of The Coca-ColaCompany and are applicable to all bottlingplants operating under its licence.

� There are Good Environmental Practice (GEP)manuals on Wastewater, Fleet Management,Managing Hazardous Materials, Ozone Protection,Measuring and Reporting EnvironmentalPerformance, Auditing Environmental and SafetySystems, Environmental Due Diligence, EnergyManagement and Water Resource Management.

� The international standard ISO 14001 lists require-ments for environmental management systemsbased on a continuous improvement process.

� All relevant local, national and (for EU mem-bers) European environmental legislation mustbe respected by each operation.

ENVIRONMENTAL PERFORMANCE INDICATORS

The Coca-Cola HBC environmental indicators arefocused on the environmental impacts that havebeen identified, as being the most relevant to thecompany’s operations, and therefore within itsscope of influence. Yearly figures are shown in theEnvironmental Data Table on page 44.

MATERIALS

Raw materials are used as ingredients for the com-pany’s beverages, as constituents of packaging andas auxiliary materials in production processes.Because most of the environmental impacts in theuse of raw materials actually occur in the supplychain, company suppliers are being required to bemore and more involved in Coca-Cola HBC’s envi-ronmental endeavours.

WaterThe main ingredient of the company’s products iswater. About 21 billion litres of water were usedacross our operations in 2003, which amounts to3.0 litres per litre of produced beverage.

Washed PET flakes from used beverage bottles at the Eko-Kom facility in the Czech Republic.

These flakes will be sold and reused in other industrial applications.

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ConcentratesOur beverages are manufactured from concen-trates mainly supplied by The Coca-Cola Company.Depending on the final product, they contain con-centrated fruit juices, plant extracts, colouringsand other ingredients. About 40,500 tonnes wereused in 2003.

SugarThe main nutritive sweetener used in our bever-ages derives from sugar beet cultured in Europe.545,000 tonnes were used in 2003. Other sweet-eners utilised amounted to 110,000 tonnes.

Carbon DioxideIn 2003, Coca-Cola HBC utilised 101,000 tonnesof carbon dioxide in its carbonated beverages. Thisis approximately 12.4 grams per litre.

Other raw materialsPackaging materials are used to contain, trans-port and protect beverages.

Auxiliary materialsAuxiliary materials are those needed in the pro-duction phase, such as chemicals for cleaningprocesses. Two of them, which are used in bottlewashers and in the cleaning of installations, areconsidered hazardous. These are hydrochloricacid and sodium hydroxide. Chlorine is used in thedisinfection of production water.

The company Good Environmental Practice onHazardous Materials sets very strict rules on the

storage and handling of chemicals, both from asafety and an ecological point of view.Furthermore, the company is optimising its mana-gement of chemicals by concentrating on only twosuppliers, and standardizing procedures, docu-mentation and safe handling.

ENERGY

Like much of the world today, Coca-Cola HBCrelies on fossil fuels. The impacts arising in theextraction, transport and use of these fuels con-tributes to pollution and climate change. Savingenergy diminishes all these impacts and is one ofthe company’s top environmental priorities.

The beverage industry requires production, distri-bution and sales, for which energy is essential. Forexample: inside production plants, thermal energyfrom natural gas or heating oil typically serves forwashing, pasteurizing and sterilising containersand equipment as well as for heating the factory.Electricity activates production lines, blowers, con-veyors, rinsers, mixers, fillers, labellers, wrappersand palletisers, as well as utilities, lighting, ventila-tion and compressed air.

Auxiliary Material Tonnes Grams per litre of produced beverage

Hydrochloric acid 3,750 0.44Sodium Hydroxide 8,060 0.95Chlorine 595 0.07

Other Raw Materials Tonnes

Glass 81,000Metal Crowns 7,400Aluminium 26,900PET 167,000PE closures 12,200Paper 2,400Plastic labels 4,900Shrink film 24,600Cardboard 32,800Wood pallets 72,200

approximate figures 2003

ElectricityLight Fuel Oil

Others

Propane

Natural Gas

Energy consumption as a percentage of total energy consumed

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The total energy consumed by the company’s 75CSD production facilities is 5.4 billion MJ.

The country averages are shown in the bench-marking section and more detailed numbers are inthe data table.

Some 14,650 vehicles consume petrol and dieselto transport salespersons and technicians as wellas goods to and from customers. As one of thelargest fleets of vehicles in the markets served byCoca-Cola HBC, the company is well aware of theenvironmental impact of noise, traffic and emis-sions from combustion engines. Some companyoperations have implemented projects and activi-ties leading to the reduction of these impacts. Theenergy used by the distribution fleet in 2003 isestimated to be 2.1 billion MJ.

Refrigeration equipment located on customers’premises also consumes electricity. The total elec-tricity used by sales and marketing equipment isevaluated at 9.8 billion MJ.

Even though the costs are with the customers andthe ecological impacts are with the electricity gen-eration plant, Coca-Cola HBC has initiated andtaken part in the development of electricity savingsystems that are being introduced as part of ouron-going energy reduction programme.

As a developing business within expanding mar-kets, the energy requirements of Coca-Cola HBCcontinue to grow. To minimize the adverse impli-cations of this, the company is committed to con-tinuously improving its processes in order toreduce relative energy use (MJ per litre producedbeverage (lpb)). The graph below shows past per-formance as well as goals set for 2004. The com-pany’s stated objective is to reduce the averageenergy use ratio by 5% vs 2003.

Energy improvement programmesVarious energy saving projects have been implemen-ted and are underway in many plants. For example:

� Excess heat from PET bottle blowing machinesis captured and used to heat the workspaceduring wintertime, or to pre-heat water forother uses such as washing.

� Re-using hot air in shrink-wrap labelling machinesaves electricity.

� Energy-saving lighting in warehouses reducesthe demand for electricity.

� Recharging electrical forklift trucks in phaseslowers the peak electricity demand.

The Kyoto-derived targets for CO2 emissions insome countries in the Coca-Cola HBC system willdrive further endeavours towards greater energyefficiency. It is anticipated that this will lead to valu-able innovations that will be shared with otheroperations. Alternative renewable energy sourcesare to be used whenever economical.

WATER

As a prime user of water for our core products,we are keenly aware of the ecological impacts ofbeverage production on water resources and areimproving our management of them.

Water consumptionThe Coca-Cola System takes stringent measuresto ensure that water is treated and purified to thehighest standards prior to use. Measures involvemulti-barrier filtration and other methods, toensure the appropriate level of water purity.

Water is also used in cleaning processes, for rins-ing, washing, cooling and disinfecting beveragecontainers and manufacturing installations.The ratio of total water consumed to volume ofproduced beverage is defined as a water ratio andrepresents one of the main environmental KeyPerformance Indicators. The average ratio forCoca-Cola HBC operations in 2003 was 3.0 litresper litre of produced beverage (L/lpb).

0.0

0.2

0.4

0.6

0.8

1.0

2002 2003 goal 2004

Average energy use Coca-Cola HBC (MJ/lpb) vs. year 2002, 2003 and goal 2004

Energy use

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In 2003, the company’s plants used 21 billionlitres of water. The country averages are shown inthe benchmarking section.

Water improvement programmesWater recovery projects have led to durable watersavings in many plants. For example, clean coolingwater from pasteurizers or rinsing water has beenrecuperated and re-used in non-product applica-tions. Despite increasingly complex product mixesand stricter cleaning standards requiring morewater, water use has remained stable across ouroperations (see graph).

Preserving, Protecting waterAs water is a vital component in many of the com-pany’s beverages, and a vital resource for thecommunities it serves, Coca-Cola HBC is extremelyconscientious about seeking ways to conserve anduse water in the most effective manner possible.

In Poland, for example, the company has been con-ducting schemes to realize the company’s "zero dis-charge" objective which is a key part of theEnvironmental Policy to which it is jointly committedwith The Coca-Cola Company.

During 2003, employees at each of the plants inPoland applied a variety of processes in an effort tocontinually exceed goals for water use reduction. InRadzymin a "Special Water Savings Group" wascreated to oversee the countrywide project.

Through re-use of rinsing and re-direction of treat-ed water, savings of 8.3m3/h was achieved inRadzymin and 5.5m

3/h in Staniatki, at two PET

lines. At Radzymin, automatic line foaming was cutfrom 50 minutes to 15. Through thoughtful plan-ning, impressive reductions were made in the useof lubricant concentration and quantity by separa-tion of wet and dry areas.

Further efforts to apply better and more effectiveuse of water are continuing to be examined inPoland and throughout the company, as part of thecompany’s own initiatives, as well as in cooperationwith communities.

Coca-Cola HBC is actively engaged in efforts toconserve and protect water used in its own facili-ties and in each of the communities it serves.

It is a goal of the Coca-Cola System to eventuallymake every production unit a “green plant”, withno liquid discharge harmful to the environment.

Operations in Croatia are achieving significantprogress toward this goal on a continuing basis,with the redesign of wastewater treatment equip-ment and drainage systems that exceed regulatoryrequirements. The effort has been cited as an eco-

efficiency case study by the World BusinessCouncil for Sustainable Development.

The Croatian efforts have to date succeeded inreducing wastewater, recycling cleansed water forre-use and elevating water quality levels.

In Poland, in 2003, a comprehensive programmewas begun that is reducing water use by as muchas 17% so far, through recycling and effectivewater management methods, and cutting dis-charge levels.

Wastewater

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3.0

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2002 2003 goal 2004

Average water ratio Coca-Cola HBC (L/lpb) vs. year 2002, 2003, goal 2004

Water use in L/lpb

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3 Airborne particles smaller than 10 micrometers.

Looking aheadBecause water is a key resource in the productionof beverages, Coca-Cola HBC makes it a high prio-rity to protect water sources and aquatic ecosy-stems. Most operations have projects for 2004for reducing water use, recovering water, orimproving wastewater quality. The company’sobjective for 2004 is to reduce the average waterratio by 5% vs. 2003 (see graph on page 20).

As part of its environmental commitment, Coca-ColaHBC is focused on increasing water savings, con-servation and protection activities and water savingprogrammes with stakeholders such as the WorldWildlife Fund. In collaboration with local authoritiesand NGOs, Coca-Cola HBC strives to protect the bio-diversity in living ecosystems, in particular forests,grassland, wetlands and all bodies of water that areessential for water supply. Much remains to bedone, but we strongly believe that the programmesput in place will yield long-term results and benefitthe communities we serve.

EMISSIONS AND EFFLUENTS

EmissionsThere are no significant specific noxious emissionsof substances, such as volatile organic com-pounds, from Coca-Cola HBC operations. Theemissions from beverage production activitiesresult from the combustion of fossil fuels such asheating oil, natural gas, petrol and diesel, similarto those from household heating and vehicle use.The quality of the fuel, in particular its sulphur con-tent, has a large influence on the resulting emis-sions. The consumption of electricity indirectly pro-duces air emissions, not where the electricity isused but where it is produced. The resulting cal-culated emissions are included in the reportedemissions using the euro-mix definition.

Burning fossil fuels produces various air emis-sions. Among them, carbon dioxide (CO2) that con-tributes to climate change; nitrous oxides (NOx)that may lead to summer smog and watereutrophication (over-fertilisation of lakes); sulphuroxide (SO2) that results in acid rain; and particu-lates (PM10)3 that have a negative effect onbreathing. The calculated air emissions resultingfrom energy consumption are reported in theEnvironmental Data Table on page 44.

WastewaterThe main substances emitted with wastewater inthe production process are residues of cleaningand disinfecting substances, and to a lesser extent

product water45%

rinse water at waterpurification

16% CIP 2%bottle washer

9%

rinsing of packages 5%

general cleaningand others

16%

boiler feed water 2%

cooling water 2%conveyor lubrication 1%

sanitary 2%

Typical water uses in Coca-Cola HBC plants (example Plant Dietlikon, Switzerland)

Treated wastewater supportsfish life at the Hadzici plantin Sarajevo

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beverage residues and sanitary wastewater. Mostof these substances can be biodegraded if treatedproperly.

Coca-Cola HBC ensures that its wastewater istreated before reaching natural bodies of water.The methods of treatment differ among plants andamong countries. Approximately, 90% ofEuropean operations have on-site neutralisation ofproduction water, 60% have an on-site waste-water treatment system, and 30% are connectedto a public wastewater treatment plant.

Production plants with their own wastewater treat-ment plants typically have a fish tank or pondwhich serves to test the effluent. The live fish areindicators of an acceptable water quality.

Nigeria is in the process of equipping its facilitieswith wastewater treatment plants. The first wascommissioned in November 2003 and the secondis scheduled for completion in the first quarter of2004. Our objective is to complete the installationof wastewater treatment plants in our Nigerianoperations by the end of 2006.

The base minimum of Coca-Cola HBC environmentalstandards is in full compliance with local and nation-al regulations. In addition the systems, proceduresand standards contained in Good EnvironmentalPractices manuals build on the basic requirement oflocal and national legislative compliance. Operationsare regularly audited in order to check their con-formity and improve their processes.

SOLID WASTE

Solid waste is a by-product of every industrial activi-ty. Waste also occurs at consumer level in theform of used beverage containers and packaging.Solid waste data quoted in this report refers to thecompany’s beverage production facilities only,since it is at this point that we have the maximuminfluence over environmental impacts.

Waste can be classified according to its finalmethod of treatment; landfill, incineration, hazar-dous waste disposal, energy recovery (incinerationwith heat recovery), recycling and composting.Energy recovery and recycling are included in thecompany’s statistic of “percentage recycled”, eventhough this classification differs in some coun-tries4. Hazardous waste is dealt with by speciallegislation in most countries. However, Coca-ColaHBC requires that the minimum internal GoodEnvironmental Practice (GEP) for HazardousWaste is followed.

The total amount of solid waste generated in com-pany plants in 2003 was 88,000 tonnes. Theaverage rate of recovery or recycling was 60%(57% in 2002). The country averages per marketare shown in the benchmarking section. The aver-age rate of recycling and recovery quoted in theThe Coca-Cola Company Environmental Report2003 was 76%. This variance is a result of theinadequate recycling capability in a number of

Wastewater treatment plant, Maiduguri, Nigeria

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Average waste production Coca-Cola HBC (g/lpb) vs. year 2002, 2003, goal 2004

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4 Certain countries do not accept or have no facility to capture “energy recovery”. In these cases, only material recy-cling is counted.

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countries of Central and Eastern Europe, theBalkans and Nigeria and the fact that there is littleinfrastructure for energy recovery.

Coca-Cola HBC activities in solid waste manage-ment have initially focused on conformity in its elim-ination. All plants have put in place waste separa-tion and collection procedures, so that much ofthe valuable waste can be recycled instead ofbeing disposed of. The company is currently striv-ing to decrease the total amount of waste, whileincreasing the recycling ratio and has set goals toreduce overall waste production in plants by 5% in2004 compared with 2003.

PackagingCoca-Cola HBC uses the following types of bevera-ge containers, which differ in their main environ-mental impacts.

� Glass bottles are mostly re-used; impactsoccur mostly in manufacture (glass melting),transport and washing.

� Aluminium cans are made of recyclable mate-rial, the recycling rate varies among countries;impacts occur mostly in metal extraction andfabrication.

� PET bottles have recycling rates varying from0 to over 75%, depending on country legalframeworks; impacts occur mostly in manufac-ture (resin fabrication) and bottle blowing.

� REF-PET bottles are re-fillable plastic bottlesmade from PET; impacts occur mostly in washing.

� Beverage Cartons are made from paper, poly-ethylene film and aluminium foil. The recyclingrates vary among countries.

� Steel kegs for post-mix syrup used are re-usable, refillable metal containers; impactsoccur mostly in washing.

PET LightweightingPET bottles were first introduced by the Coca-Cola System in 1978. By 2002, 2-litre PET bottles hadbeen developed weighing 47.2g a cumulative reduction of 30% compared to the first 67.1g of the lateseventies. Coca-Cola HBC continues its drive to improve the environmental impact of PET packagingand to reduce the overall resin content used in manufacture. In 2003, the company achieved a furtherreduction of 4.4%.

Glass BottlesThe weight for our 250ml non-refillable glass bottles has been reduced from 225g to 190g in certain mar-kets. A 170g bottle we are using in a number of countries is nearly 25 per cent lighter than the standardweight of a 250ml bottle. In the case of refillable glass bottles, 330ml bottles which are 19% lighter perml served have replaced 300ml bottles.

Aluminium CansWhen Coca-Cola was first packaged in aluminium cans in 1965, a 12oz can (330ml) weighed 24.5g. By2002, an aluminium can had been developed weighing 13.2g. A reduction of 47%.

Single Piece ClosuresIn Greece, the company is saving 125 tonnes of polyethylene annually through the use of a lightweightedsingle piece closure for Avra Mineral water. This is a 25% material saving over alternative closures. In2004, this new closure will be introduced in Nigeria and expanded to other countries, for use on low andnon-carbonated beverage packages over the next two to three years.The weight of steel crowns is also targeted for reduction by as much as 10% by 2006.

Secondary PackagingCoca-Cola HBC has developed and established standards to significantly minimize secondary packaging,such as shrink-wrap and cardboard. For example, by standardizing pallet formats, a significant reduc-tion of cardboard layer-board and stretch wrap can be achieved. The material minimization programmewill reduce the amount of polyethylene film usage by 3,000 tonnes over the next year and will minimize theamount of other materials used as secondary and tertiary packaging.

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� Bag-in-box is a multi-material plastic film con-tained in a cardboard box. Since this is a com-mercial package, impacts are relatively low.

The purpose of packaging is to contain, protect,inform and advertise.

In order to increase the recovery rate of usedbeverage containers, Coca-Cola HBC works bothupstream, to use as much recycled material aspossible, and downstream to have as much mate-rial collected and recovered as possible.

Coca-Cola HBC is an active member of PackagingAssociations and Recovery Organizations in all ofthe countries where they have been formed withthe exception of Latvia (where for historical rea-sons, the company uses the services of a pre-existing organization) to improve the collection andrecovery of packaging materials, enhance the col-lection infrastructure and promote anti-litteringcampaigns to encourage a shift in consumer

behaviour. However, the fact remains that despitethese efforts, littering remains an issue.

From the most recent studies carried out5, only5% of littering consists of packaging materials andonly 0.5% is beverage containers. However, cer-tain countries fall far below this standard and wecontinue our efforts to encourage good consumerbehaviour and improvements in anti-littering infra-structure.

POST CONSUMER PACKAGING WASTE MANAGEMENT

1. Littering and Consumer EducationWhile a number of countries mandate packagingdisposal methods, through recycling or “take-back”obligation of containers, Coca-Cola HBC has volun-tarily engaged in a number of consumer educationactivities, including placement of the Tidy man andRecycle symbols on all products, as well as con-

Country Packaging Associations Recovery OrganizationsAustria ARA Altstoff Recycling Austria AG Bulgaria Funding member of BAPE Founding committee member for the future

Bulgarian Recovery organization, EcopakCroatia Funding member of GIUPAK, Czech Republic Funding member of CICPEN EKO-KOM, a.s. Estonia Funding member of Eesti Pak Greece Funding member of HERRA HERRCO Hellenic Recovery and

Recycling Corporation Hungary Funding member of HAPEC OEKO Pannon p.b.c. Ireland REPAK Ltd. Italy CONAI

CCHBC uses the services of Latvijas Zalais Latvia Punkts, NPO, limited, the Latvian

Green Dot OrganizationLithuania Zaliasis taskasPoland Funding member of EkoPak Rekopol- Organizacja Odzysku S.A. Romania Funding member of ARAM ECO-ROM AMBALAJE

The Recovery OrganizationSlovenia Funding member of ODEM Slopak d.o.o. Slovakia Funding member of Slicpen Envy-Pak, a.s.

Funding member of PET Recycling Switzerland, the PET recovery association. Coca-Cola was

Switzerland involved in the development of bottle to bottle recycling together with RecyPET, the PET recycling company

Ukraine Funding member of Ukrapak

5 Littering Evaluation in Vienna & Other European Cities. Prof. Vogel University of Economics, Vienna, December 2003

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ducting special educational and information pro-grammes across numerous communities. In addi-tion, the company is an active participant inrecovery and recycling programmes.

2. Country Collection and Recycling SchemesSince 1992, the company has been an active par-ticipant in the structured dialogue of packagingwaste management. Together with other industrymembers, the company organizes PackagingAssociations as a cross-sectoral platform to facili-tate the legal development process. In theprocess, efforts are made to achieve practical solu-tions suited to the social, economical and environ-mental situation in particular countries. Coca-ColaHBC within the Packaging Associations works withlocal authorities to identify practical and acceptablepackaging waste management solutions. As soonas packaging legislation is in force, the companythen actively participates in being a pro-active dri-ver of its implementation.

Coca-Cola HBC is among the funding members ofpackaging associations, and in most cases, is afounding shareholder of the national recoveryorganization which implements the waste packa-ging management scheme.

A recovery scheme takes over the legal “take-back”obligation of obliged industry and ensures the ma-nagement of packaging waste according to thenational packaging legislation. In many of the coun-tries in which Coca-Cola HBC operates, theEuropean Packaging Directive 94/62 has beentransposed and implemented.

COLD DRINK EQUIPMENT

The cooling equipment used in Coca-Cola HBCsales services comprises three main categories:refrigerators, vending machines and fountains.This equipment is company-owned and is located atshops, restaurants and various public places tooffer chilled beverages to consumers. The equip-ment is primarily serviced by our technicians. As ofend 2003, there were 706,000 coolers, 74,000vending machines and 62,000 fountains in themarketplace. As such, Coca-Cola HBC is one of theprimary users of refrigeration equipment in Europe.All these devices have a cooling unit with an elec-trical compressor and refrigeration fluids.

Electricity consumptionThe electricity consumption of all cooling equip-ment is estimated to be 9.8 billion MJ. An eco-logical analysis6 has shown that the electricity useof cold drink equipment has a higher ecologicalimpact in terms of eco-points than other parts ofthe company’s business.

706,000 Coolers

Coolers are usedto display andchill Coca-ColaHBC beveragebottles and cans.They may haveone or two doors,or an open top, oran open front.

62,000 Fountains

Fountains areused where largeamounts of Coca-Cola HBCbeverages are consumed on thepremises.

74,000 VendingMachines

Automatic ven-ding machines

deliver cooled bot-tles and cans after

payment by theconsumer.

Working with the Swiss authorities and the local beverageindustry CCB Switzerland pioneered the use of RecyPETpermitting bottle to bottle recycling. The plant, located inFrauenfeld was the first of its kind in Europe and has thecapacity to recycle 16,000 tonnes of PET bottles each year.The long-term objective is to produce PET beverage bottleswith no more than 20% virgin material. The Coca-ColaSystem assisted in the funding of the project and the devel-opment of the technology.

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6 Eco-balance study, Coca-Cola HBC Switzerland

Projects are currently underway to reduce theelectricity consumption of refrigerators by up to50%. The Coca-Cola System is currently examiningways in which to reduce these levels even furtherincluding the use of alternative power sources andvarious power-saving technologies.

Energy Management SystemAn Energy Management System using a patented“self-learning” technology has been developed byThe Coca-Cola Company to reduce cooler electric-ity consumption. Coca-Cola HBC is testing it in sixof its countries: Greece, Ireland, Italy, Poland,Russia and Switzerland.

The self-management module works by establish-ing a pattern for operating hours. The moduleautomatically controls the temperature, lightingand ventilation of the cooler.

Overall energy savings are expected to be between35% and 54%, depending on the cooler’s place-ment and usage pattern.

Coca-Cola HBC will begin to rollout EnergyManagement equipped coolers in 2004 that in thelong-term should deliver considerable savings inthe use of electrical energy.

Ozone depleting substancesCooling agents such as CFCs contribute to thedestruction of the ozone layer. Under the MontrealProtocol, this introduction of new equipment con-taining CFCs is prohibited. By December 1994,Coca-Cola HBC, like the rest of the Coca-ColaSystem, had stopped buying new equipmentcontaining CFCs. Simultaneously, a robust captureand recovery programme for all refrigerants wasimplemented.

Because typical refrigeration equipment can have auseful life of between 10-20 years, and there areabout 706,000 cooler units in our markets, about118,000 CFC-containing units (16%) remain inuse. This proportion is being steadily reduced aspart of a continuing equipment replacement pro-gramme and it is expected that the phase-out willbe completed by 2007. We will continue to moni-tor the use of refrigerants within our business du-ring 2004 and further quantify the replacementprogramme in future environmental reports.

Greenhouse substancesThe HFCs, the replacement for CFCs, are not free ofconcern. Their global warming potential is far greaterthan that of CO2 and enhances the greenhouseeffect. HFCs have therefore become the target ofglobal warming reduction programmes. In June2000, The Coca-Cola Company stated its intention tono longer purchase new cold-drink equipment con-taining HFCs wherever cost efficient alternatives arecommercially available by the 2004 Olympics. TheCoca-Cola Company has been working closely withsuppliers and business partners in the research anddevelopment of alternative equipment. A number ofnew HFC-free units will be in use at the Olympic Gamesin Athens in 2004, representing the symbolic start tothe commercial roll-out of new HFC-free technologies.

TRANSPORT

The transport and distribution system of Coca-ColaHBC products varies from country to country, andincludes:

� Owned and leased trucks� Third party carriers� Arrangements with wholesalers and smaller

customers

Coca-Cola HBC owns about 3,000 route deliverytrucks (<16 tonnes) and 2,000 haulage trucks (> 16tonnes), which transport about 45% of distributedvolume.

In 2003, these trucks drove 110 million kilome-tres and consumed approximately 42.5 millionlitres of diesel fuel. The resulting air emissions arein the Environmental Data Table.

Just a few of the CCHBC delivery fleet vehicles(bicycle not included!)

40

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The company owns about 1,800 minibuses andvans for sales services as well as about 6,000 com-pany cars used mostly by sales representatives.

The Coca-Cola HBC Good Environmental PracticesManual on Fleet Management describes the envi-ronmental practices necessary to reduce environ-mental impacts.

Reducing Fuel ConsumptionIndividual country initiatives have been put in placeto reduce fuel consumption and air emissions. These include:

� Vehicle maintenance and inspection pro-grammes.

� Driver training programmes (leading to 5-10%fuel savings).

� Software to plan and optimise journeys. � Provision of lower emission clean-burn engines.

Coca-Cola HBC is undertaking an overall appraisalof its transport system, recognizing that it is clear-ly one of the areas where the company’s environ-mental efforts can be enhanced, and where manyopportunities can still be found to reduce both fuelcosts and environmental impacts.

BENCHMARKING

Plants and countries differ in their production volu-me, product mix, age and type of installations, andother factors.

The Key Performance Indicators for water, energyand solid waste are compared in the tables below.Countries are consolidated according to their sta-tus as established, developing or emerging.

Established countries tend to have better environ-mental Key Performance Indicators because theyhave more modern installations and have had theability to invest more in environmental projects.

In addition, incoming water is generally of betterquality in established markets, and typically theyuse more non-returnable packages all of whichhave a positive influence on water ratios.

COMMUNITY ENVIRONMENTAL SUPPORT

Coca-Cola HBC takes its commitment to environ-mental protection into the communities in which itoperates.

In Austria, the group’s business unit launched aJunior Ranger Camp in January 2003 in conjunc-tion with the country’s National Park Board, withthe aim of teaching young people the importanceof nature and environmental awareness.

Since 1998, operations in the Republic of Irelandhave been working in partnership with the environ-mental group An Taisce and the Department of

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the Environment, to encourage people to take per-sonal responsibility for litter and keep their localcommunities clean. In 2003, more than 250,000people participated in the National Spring Clean ini-tiative in some 3,000 events, collecting about 400tonnes of litter – 12% of which was recyclable.

Coca-Cola HBC Greece joined with the WorldWildlife Fund Hellas in 2003 to conduct volunteeractivities involving young volunteers visiting eightareas around the country, helping to preservetheir natural beauty.

In Hungary, together with a national recyclingorganization, OEKO Pannon, the group’s businessunit has developed a special roadshow thatdemonstrates to visitors, in an entertaining way,the importance of selective waste collection, andhow to select and sort different materials.

Coca-Cola HBC Italy worked together with localauthorities to develop a programme that aimed togo beyond simply teaching students in 1,200schools about the importance of environmental pro-tection, but actively engaging them in creating sub-stantive ways of achieving positive results. Schoolsjudged to have initiated the most effective environ-mental-related projects were presented with com-puters and financial support.

To strengthen environmental awareness and theimportant connection between nature and humanlife – while educating the wider public – Coca ColaHBC Austria has developed a special schemeinvolving youngsters from across the country.

In 2003, the first year of a continuing programme,13 young people began learning about environmen-tal matters at the National Park, aw Hollersbachwith workshops and theoretical training. Theygained more practical experience, including "survivalskills", at Carinthia, Salzburg or East Tyrol. On grad-uation, the "students" will now pass on their knowl-edge and understanding to many thousands of oth-ers across the country.

Since 1994, Coca-Cola HBC Nigeria has been thesole sponsor of a national school contest whichinvites children to write essays, or produce works ofart that focus on the importance and protection ofthe environment. Cooperating with the Nigerian

Conservation Foundation and State Ministries ofEducation and a number of prominent Non-govern-ment organizations, the company chose the themefor 2003 as "The Effect of Poverty on theEnvironment".

After initial vetting by individual school authorities,the almost impossible task of selecting just five final-ists (in each category) from thousands of entriestakes place. The eventual winners are rewardedwith a week-long all-expenses-paid holiday to aNational Park or Game Reserve for an experiencethey are keen to share with their fellow-students ontheir return, further extending appreciation of theunique natural assets Nigeria possesses.

VOLUNTEER STAFF ENVIRONMENTAL ACTIVITIES

Coca-Cola HBC encourages and supports emplo-yee participation in environmental protection pro-grammes.

In 2003, about 100 members of staff and theirfamilies in Romania launched a “Spring Day” initia-tive to refurbish six parks in five cities. In the cityof Ploiesti, the team transformed a barren areainto a park for local children with the endorsementof the mayor, who took part in the work.

In Greece, the operations support a staff volun-teer association called Alyssos, meaning “chain”.This formal body, with established policies and pro-cedures, develops partnerships with local busi-nesses, non-profit organizations and other volun-teer centres. Activities engaged in include beach-cleaning and various other environmental effortssuch as a four-year reforestation project in Patras.

Volunteers clean-uppaths, bridges and water-

ways on the ancient roadsto Olympia in Greece

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PROTECTING HERITAGE

Coca-Cola HBC extends its partnership with commu-nities into many areas of life, including the preserva-tion and promotion of national heritage sites.

In 2003, in Croatia, the business unit gave its sup-port for the creation of an “educational” pathway inresponse to an idea presented by students attend-ing the Dubrovnik High School. Working togeth-er with the students and the Ministry of RegionalPlanning and the local Environmental Protectionand Tourist Associations, the pathway was builtalong soaring, majestic cliffs that rise some 200metres from the sea at Popovic in the region ofKonavle.

The new route at this natural heritage siteincludes signposts and information boards pro-viding facts about the rich variety of plants, ani-mals, birds and reptiles that are to be found inthe area.

In Greece, an historic footpath along theCladeus River, in ancient Olympia, was restoredin 2003 through assistance provided to the non-profit group Conservation Volunteers Greece byCoca-Cola HBC. The pathway, said to be takenby athletes attending the Olympic Games, wasreconstructed and a leaflet produced with mapsand information to enable visitors to understandand appreciate the full significance of its cultur-al and historical importance.

MISSION ANTARCTICA

In February 2003, three employees of Coca-ColaHBC joined thirty-six colleagues from the globalCoca-Cola System to journey to the world's mosthostile and inhospitable continent - Antarctica. MoDurkan from Ireland, Tanja Kaurin-Vidovic fromBosnia-Herzegovina and Mihai Curpen from Romaniajoined one of the greatest clean-ups of all time - theremoval of more than 1000 tonnes of solid waste,for recycling, from the Russian base-stationBellinghausen. The group's key objectives were to:

� Prepare a sustainable waste management pro-gramme.

� Assess the removal of nine abandoned storagetanks

� Evaluate the potential to build a wind and solarpowered hut to educate children worldwide onrenewable energy sources.

The leader of the expedition, Robert Swan, stated,"Global businesses, like Coca-Cola, and non-govern-mental organizations... really do have the power tomake a difference in the world. Coca-Cola is the firstcompany to ever participate in a mission of this kindto help protect and preserve Antarctica".

Environmental Education

Coca-Cola HBC is engaged in initiatives to support greater awareness of environmental protection meth-ods – and benefits.

The group’s business unit in the Ukraine, in November 2003, cooperated with the Ukranian governmentto prepare a film on “Environmental Management Standards for Enterprises”. The film, which features theenvironmental and economic advantages gained at the Coca-Cola bottling plant through achievement ofISO 9000 and ISO 14001 certification, is aimed at informing and encouraging other industries in theUkraine to take a similar approach.

Group operations in the Republic of Ireland support a continuing “Green Schools Education and Action”programme, begun in 1998, that encourages schoolchildren to be more environmentally conscious.Conducted in association with the Republic’s Department of Environment and the environmental group,An Taisce, it promotes behavioural change towards litter and recycling in Ireland.

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ENVIRONMENTAL DATA TABLE 2003

The environmental data table contains the 2003annual data from our 26 country operations.These indicators are based on the Environmental

Performance Indicators described by the GlobalReporting Initiative.

Indicator Amount [unit] Relative CommentAmount[Unit/litreproducedbeverage(lpb)]

The data reported here is based on the 2003 reporting from the 75 CSD plants,representing 90% of total production volume, excluding mineral water and beer plants.

PRODUCTIONTotal beverage production 6,934,107,000 Litres

MATERIALSEN1 Material use other than water

Sugar and other sweeteners 655,000 t 94 g/lpbConcentrates 40,500 t 6 g/lpbPET 167,000 t 24 g/lpb PET and REF-PET bottlesPlastic 12,200 t 1.8 g/lpb Closure capsMetal 7,400 t 1.1 g/lpb Bottle crownsPE 28,300 t 4.1 g/lpb Labels and wrapping filmGlass 81,000 t 12 g/lpb BottlesAluminium 26,900 t 3.9 g/lpb CansPaper 2,400 t 0.35 g/lpb LabelsCardboard 32,800 t 4.7 g/lpb PadsWood 72,200 t 10 g/lpb Palettes

EN2 Percentage of materialsthat are wastes from external sourcesRecy-PET Data not available Dependent on country systemsRecycled Aluminium Data not available Dependent on country systemsRecycled Cardboard Data not available Dependent on country systems

ENERGYEN3 Direct energy use

Electricity 2,130,000,000 MJ 0.31 MJ/lpbLight heating oil 1,400,000,000 MJ 0.20 MJ/lpbHeavy heating oil 96,700,000 MJ 0.01 MJ/lpbNatural gas 1,480,000,000 MJ 0.21 MJ/lpbCoal 14,000,000 MJ 0.002 MJ/lpbOthers in plants 159,000,000 MJ 0.023 MJ/lpbDiesel 42,500,000 litres 0.22 MJ/lpbPetrol Not available Not available

EN4 Indirect energy use Calculated Electricity 6,177,000,000 MJ 1.20 MJ/lpb Factor used: 3.9Fossil fuels 1,160,000,000 MJ 0.84 MJ/lpb Factor used: 1.25

EN19 Indirect energy use (upstream/downstream)Cold Drink Equipment electricity use (total) 8,770,000,000 MJ 1.265 MJ/lpbCoolers 6,510,000,000 MJ 0.939 MJ/lpbVendors 69,000,000 MJ 0.010 MJ/lpbFountains 1,320,000,000 MJ 0.190 MJ/lpb

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WATEREN5 Total water use 20,970,000 m3 3.02 l/lpbEN22 Total recycling and re-use of water 670,000 m3 0.10 l/lpb

BIODIVERSITYEN6 Land owned in biodiversity-rich habitats Information not availableEN7 Major Impacts on biodiversity Information not available

EMISSIONS, EFFLUENTS AND WASTEEN8 Greenhouse gas emissions

CO2 emissions, direct (fuel + gas) 233,703 t 34 g/lpb Calculated from fuel useCO2 emissions, indirect (electricity) 291,810 t 42 g/lpb Calculated from electricity useCH4 emissions, indirect Not available Not available

EN9 Ozone-depleting substance emissionsR12 1,360 kg 0 mg/lR134a 6,986 kg 1 mg/l

EN10 Other significant air emissionsNOx 897 t 0.13 g/l Calculated from energy useSO2 2.141 t 0.31 g/l Calculated from energy useCO Not available Not availableParticulate Matter 246 t 0.04 g/l Calculated from energy use

EN11 Amount of solid wasteTotal amount 87,670 t 13 g/lpbRecycling and energy recovery 52,801 t 7.6 g/lpb

EN31 Hazardous waste 2,466 t 0.356 g/lpbEN12 Discharges to water

Volume of wastewater 14,200,000 m3 2.05 l/lpbAverage COD 354 mg/l Effluents from plants,

including to public treatment works.

EN13 Spills of chemicals, oils, fuels 42 t 0.006 g/lpb

PRODUCTS AND SERVICESEN14 Significant environmental impacts

Water used and wastewater discharged See aboveEnergy used and air emissions See aboveMaterials used and waste produced See aboveUpstream: Eutrophisation due to sugar production Not quantified Not quantifiedDownstream: Littering of (PET-)Bottles Not quantified Not quantified

EN15 Percentage reclaimable productsRate of returnable packaging 20% by volume See also the table “Country Possible rate of packaging recycling 74% by volume Packaging Associations and Achieved rate of packaging recycling Data not available Recovery Organizations”, p.38

COMPLIANCEEN16 Incidents and fines Euro 10,000 0.000001 Euro/lpb One fine, 7 notices of violations

TRANSPORTEN34 Environmental impacts of transport

Fleet size trucks 5,230 Energy use and emissions.Fleet size vans 1,800 See aboveFleet size cars 6,000

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Our commitment is to provide productsand services that meet the beverageneeds of our consumers. In doing this,we provide sound and rewarding busi-ness opportunities and benefits for ourcustomers, suppliers, distributors, andlocal communities.

We deliver this commitment through the consi-stent application of key principles, which include:

1. Earning the trust of our consumers by providingsafe, high quality, relevant products and servi-ces that satisfy their beverage needs and fittheir lifestyles.

2. Supporting our business partners, both localand global, by building sustainable, reliable,consistent, mutually beneficial relationships.

3. Marketing and communicating, credibly andhonestly, with respect for and across social,economic, and cultural backgrounds.

We will follow practices that support these princi-ples, including:

1. Implementing the The Coca-Cola Quality System(TCCQS), ISO 9000: 2000 and other principlessuch as the CCHBC Code of Business Conduct,the CCHBC Code of Ethics and the CCHBCSupplier Guiding Principles.

2. We implement policies that guide our businessconduct.

3. We ensure consumer access to informationrelated to our products, our businesses, andour companies through a variety of communi-cation vehicles.

4. We choose our suppliers in a manner consi-stent with our operating principles.

5. We support local suppliers where mutually ben-eficial.

MAJOR BEVERAGE COMPANY, DIVERSE OPERATIONS

Coca-Cola Hellenic Bottling Company S.A. (alsoknown as Coca-Cola HBC or CCHBC) is one of theworld’s leading bottlers of alcohol-free beveragesoperating in partnership with The Coca-ColaCompany.

With operations in 25 countries across Europeand also in the African state of Nigeria, we satisfydiverse refreshment requirements of many diffe-rent nationalities, cultures and traditions. In doingso, we are constantly researching and introducingan ever-increasing variety of choices. The rangeand extent of the broadening product mix placesus among the top beverage producers of its kindin Europe.

The information in this report refers to all 26countries and territories in which we conductactivities unless otherwise stated and includes allalcohol-free beverages produced and distributedby the company.

The report does not include investments and part-nerships in brewing interests held in FYROM andBulgaria which represent around 1% of totalturnover and less than 1% of volume.

DEVELOPMENT OF THE BUSINESS

Coca-Cola HBC was formed in August 2000 as theresult of a merger between the Hellenic BottlingCompany of Athens and Coca-Cola Beverages plcof London.

At that time, the combined operations covered 23countries.

As a relatively young company, we are continuingto expand through successive mergers andacquisitions of businesses that complement ourproduct portfolio and geographic base. Significantpurchases occurred in 2001 of plants in Russiaoriginally established by The Coca-Cola Company,in areas not already covered by us, and in early2002 of operations in the adjacent Baltic States ofLatvia, Lithuania and Estonia, bringing the totalnumber of countries served to 26.

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More recent additions include firms producingnatural mineral waters in Austria, Croatia,Romania, Poland and Switzerland and the pur-chase of a mineral water spring in Hungary. Wewill continue to pursue similar opportunities in thefuture, to further our strategy of development of apremium balanced beverage portfolio.

We will also consider acquisitions that offer usopportunities for synergistic development, such asour purchase of a Greek snack company calledTsakiris, the second largest potato chip companyin Greece, in December 2003.

Absorbing these new business operations withinthe company is a gradual and evolving process, asit involves instilling company values, ethics andprinciples while encouraging continued but esca-lated responsiveness to local needs and responsi-bilities in accordance with the management’sobjectives.

MARKET DESCRIPTION

The territories in which we operate are divided into“Established”, “Developing” and “Emerging” mar-kets, distinctions that largely reflect the positioningof our own operations as much as the “interna-tional standings” of the countries themselves.

The countries included in each segment share simi-lar levels of political and economic stability and devel-opment, regulatory environments, growth opportu-nities, customers and distribution infrastructures.

Given the varying stages of their development, ourbusinesses in individual countries are proceedingat differing paces in their efforts towards sustain-ability, in line with the prevailing economic andsocial conditions in those countries.

We recognize that the pace of progress will varyfrom country to country, but nevertheless remaindetermined to achieve conformity to our socialprinciples, over time, through all the territories inwhich we operate.

The three market segments defined by Coca-ColaHBC are as follows:

� Established Countries: Italy (Northern andCentral), Greece, the Republic of Ireland,Northern Ireland, Austria and Switzerland.

� Developing Countries: Poland, Hungary, theCzech Republic, Slovakia, Croatia, Lithuania,Estonia, Latvia and Slovenia.

� Emerging Countries: Nigeria, Russia,Romania, Bulgaria, Ukraine, Serbia andMontenegro, Bosnia and Herzegovina, theFormer Yugoslav Republic of Macedonia(FYROM), Belarus, Armenia and Moldova.

Each market, while divided into broad categories,is recognized as having its own individual charac-teristics and requirements. As they cover manycountries, with different religions, cultures and tra-ditions, each market develops at a different paceand also contributes in differing ways.

A GLOBAL COMPANY WITH LOCAL UNDERSTANDING: FREEDOM WITHIN A FRAMEWORK

Given our presence in a large number of countries,an operational approach exists that enables deci-sion-making at the local level while maintainingconsistency in standards and pursuit of commoncorporate objectives.

The business is managed on a day-to-day basiswithin an operating model created by the CountryManagers, together with the Region Directors andCorporate Function Heads. We call it, “Freedomwithin a Framework”.

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The country is the basic unit of performance.Experience has shown that splitting regional busi-nesses into manageable sized country units wherea single management team can work within a cul-ture of accountability, transparency and collabora-tion is a powerful force to unlock sustained pro-ductivity improvement and substantial growth.

Each country general manager1 agrees to a per-formance target based upon certain “key businessindicators” and has the resources and authority tomeet these performance objectives. The 26 coun-tries form the central engines of performance.Each country general manager has the freedom torun his own country and is accountable for its per-formance within the agreed framework.

Of course, no country exists in a vacuum and theconcept of freedom of action is not the same ascountry independence. The three core aspects ofthis framework are compliance, standardizationand alignment. The extent to which this frameworkis constraining depends in part on the countrymanagement teams. In some cases, where, forexample, a country is a new group addition orrequires significant external support, the role ofthe central office in providing guidance and ensu-ring compliance will be greater than in many moreestablished countries.

Each business unit is staffed by local people andmanaged by local executives who direct and buildtheir business units, using knowledge and under-standing of their own markets and the communi-ties they serve. This approach enables relation-ships with community groups and members to beeffectively developed and sustained. In turn, it pro-vides a solid structure for appreciating, andresponding to, the interests and needs of peoplewithin the local context – not only in regard toproducts being offered, but also in respect of thebroader interests of society as a whole.

FINANCIAL OVERVIEW

2003 results and key financial measuresCoca-Cola HBC SA earned net sales revenue ofjj4,064 million in 2003, a 5% increase from2002. Our group-designated key financial indica-tors demonstrate a similar, or better, level ofimprovement in other areas of financial perform-ance than that for net sales revenue. For example,our return on invested capital has increased to 7%for 2003, as compared to 5.1% for 2002.Improvement in performance has been assistedthrough more efficient operational and financialstructures.

ORGANIZATIONAL STRUCTUREThe organization brings together 26 countries and a central office into one single entity. Athens is theheadquarters for group operations, which reflects the strong Greek ownership participation and histori-cal development of the company.

In 2003, there were ten positions reporting to the Managing Director: three Regional Directors, a CompanySecretary/General Counsel, Chief Finance Officer, Director Shared Services, Human Resources Director,Public Affairs and Communications Director, Commercial Director; and Chief Information Officer.

This organizational approach aims to create a flat, accountable and transparent central office structurewhile maintaining the core principle that the country is the central unit of performance.

Every effort is made to ensure effective coordination and decision-making across the various elementsof the organization. To this end a number of management groups have been formed, each with a spe-cific composition and agenda. These include The Executive Committee, Functional SteeringCommittees, The Central Office Management Group, The Talent Development Forum, Strategy ReviewGroup and the Citizenship and Environmental Committee.

The role of the three region directors is to work closely with the Country General Managers in the clus-ter of countries for which they are responsible. Each Region Director is responsible for operations in aportfolio of countries comprising emerging, developing and established markets.

The organizational structure in the countries is not standardized although there is convergence towardsa structure of clear accountability in each of the country business units.

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Our total shareholders equity reduced fromjj2,533 million at the beginning of 2003, tojj1,989 million at the end of the year. This reduc-tion has arisen mostly as a result of both dividendsand extraordinary returns to shareholders, as wellas currency fluctuations. Further details are pro-vided in the IFRS accounts within the 2003 AnnualReport. (www.coca-colahbc.com)

Borrowing and Group funding arrangementsCoca-Cola HBC had consolidated borrowings ofjj1,805 million at the end of 2003. Of thisamount, 22% was classified as current debt and78% as long term debt. Financing of this debt hasbeen achieved via a combination of a EuropeanMedium Term Note (EMTN) Programme, a USShelf Registration programme and a globalCommercial Paper Programme.

Long term borrowings under the US ShelfRegistration programme amount to $900 millionwith a weighted average fixed interest rate of5.36%. `Borrowings under the EMTN programme(jj855 million) have a weighted average fixed inter-est rate of 4.77%. The long term $900 millionborrowing was converted into a floating rate Eurodenominated borrowing through the use of curren-cy and interest rate swap agreements. The bor-rowings under the EMTN programme have beenconverted into floating rate borrowings throughinterest rate swap agreements. These interestrate swap agreements involve the receipt of fixedrate amounts in exchange for floating rate interestpayments over the life of the agreements withoutan exchange of the underlying principal amount.

Full details of the group financing arrangementsare provided in the financial notes to the IFRSaccounts, within the 2003 Annual Report.(www.coca-colahbc.com)

SHAREHOLDERS: DELIVERING AND ADDING VALUE

The major shareholder of Coca-Cola HBC, withapproximately 30% of shares held, is The Kar-TessGroup, a well-established European conglomerate,headquartered in Greece and with operationsacross a number of other countries including theBalkans, the U.S.A. and Nigeria.

Subsidiaries of The Coca-Cola Company hold 24%of Coca-Cola HBC’s share capital, with the balancebeing widely held2.

Under a shareholder agreement, signed at thecreation of the merged Coca-Cola HBC, The Kar-Tess Group and The Coca-Cola Company haveeach undertaken to restrict sales of their ordinaryshares with a view toward maintaining the combi-ned shareholdings above 50%.

The relationship with The Coca-Cola Company,beyond the complementary nature of the productswith which each company is associated, demon-strates the shared attitudes and responsibilitiestowards the growth and development of the com-munities being served.

Through positive day-to-day interaction with its keystakeholders, Coca-Cola HBC aims to deliver valuefor all its shareholders. In fulfilling that aim, thecompany is committed to communicating infor-mation regularly and transparently about allaspects of its business activities and its financialperformance.

Coca-Cola HBC is a major participant of the world-wide Coca-Cola System and counts The Coca-ColaCompany as a key share holder. As a result,Coca-Cola HBC is fortunate to have considerableaccess to highly-qualified employees, advancedtechnologies and industry-leading expertise. Thisstakeholder relationship opens avenues for identi-fying, creating and bringing substantial returns inmany areas of development – for the company,and for each and every other stakeholder.

TaxesCoca-Cola HBC paid a total net corporate income taxexpense of j82.8 million in 2003. Further detail is avail-able in note 7 of our IFRS financial statements within thegroup annual report.

The group also paid around j610 million in VAT to thevarious revenue authorities where we operate.

The figures do not include other tax charges arising fromareas such as employees, sales, customs duties, municipalcharges, rates and levies. All of these additional taxcharges are met at a local level, but are not reported as anaggregated group number.

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1 Latvia, Lithuania and Estonia, are managed as a single country. Slovenia is managed by the Country GeneralManager of Austria

2 Of the balance, 9.4% of shares are held by individuals and entities who are either shareholders of Kar-Tess SA (amember of the Kar-Tess Group) or persons or entities nominated by them. All buyers and transferees have com-mitted to a 12 month lock-up of shares which expires in November 2004.

SHARE DIVIDENDS

Dividends of 19 cents per share have been paid onall classes of share for 2003. There are noarrears of preferred dividends.

OUR PRODUCT RANGE

Coca-Cola HBC produces, sells and distributes bothcarbonated soft drinks (CSDs) and non-carbonatedsoft drinks (non-CSDs) under the brands of TheCoca-Cola Company in all of our countries. We alsoproduce, sell and distribute CSD products underthe brands that The Coca-Cola Company acquiredfor certain countries from Cadbury Schweppes plcin 1999. Schweppes Holdings Limited, a whollyowned subsidiary of The Coca-Cola Company, hasgranted to us the rights to produce, sell and dis-tribute these beverages in 14 of our territories.

In some of our countries, we produce, sell and dis-tribute non-CSD products licensed by BeveragePartners Worldwide, a joint venture between TheCoca-Cola Company and Nestlé S.A.

The Coca-Cola Company owns the trademarks for allproducts of The Coca-Cola Company that we pro-duce sell and distribute in each country in which weoperate. As a result, we rely on The Coca-ColaCompany to protect its brands in our markets.

In some of our countries we also produce, sell, dis-tribute and market our own brands, such as ourrange of Amita juices and Avra mineral water inGreece and our Deep River Rock packaged waterin the Republic of Ireland and Northern Ireland.We also distribute certain CSD and non-CSD pro-ducts, which we purchase from other companiesunaffiliated with The Coca-Cola Company in someof our countries.

We offer our beverages in a range of flavours andpackages, both non-refillable and refillable,designed to meet the demands of our consumers.The main packaging materials for our beveragesare PET (a plastic resin), glass and cans. In addi-tion, we provide fast food restaurants and otherimmediate consumption outlets with fountain pro-ducts. Fountains consist of dispensing equipmentthat mixes the fountain syrup with carbonated orstill water, enabling fountain retailers to sell fini-shed CSDs or non-CSDs to consumers in cups orglasses. The following table sets forth some of ourmost important products, including both productsthat The Coca-Cola Company and other partieshave licensed to us and the products that we own.

While some products, for example, brand Coca-Cola,may have universal appeal, other products arebeing created from the tastes and historical pref-erences of the people in the marketplace.

In Greece, for example in 2003, Coca-Cola HBClaunched Fanta with a watermelon flavour, called

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CCHBC footprint

Fanta Madness which rapidly gained widespreadappeal. In less than a year, following an integratedmarketing campaign, Fanta Madness exceeded itsperformance targets by more than 34%.

The introduction of Fanta Madness was a such asuccess that it was introduced in a number ofmarkets including Romania, Greece, Bulgaria andMoldova, meanwhile Fanta Shokata, with a flavourreminiscent of a traditional drink made from com-mon elder flowers proved its success in Estonia,Latvia, Lithuania, Moldova and its place of origin,Romania. In Russia, a local favourite called Kvasswith the traditional taste of malt demonstrates theability of Coca-Cola HBC to act at local level to pro-duce and distribute beverages suited to a widevariety of consumer tastes.

Coca-Cola HBC constantly strives to broaden itsrange of products to meet the lifestyle and evolv-ing taste demands of its growing number of dis-cerning consumers.

The company seeks to take an innovative approachin the development of new, high quality beverages,while at the same time reinvigorating existingbrands with fresh tastes and presentation, andthrough appealing campaigns.

Hungary dramatically reinforced appeal for thelong and well-established Coca-Cola light brand by

providing it with a modern, fashionable silver livery.Accompanying the launch, the company conducteda high profile search for a talented lady to repre-sent the brand. After a series of personality, intel-ligence and talent tests, Regina Dukai was select-ed from 25 semi-finalists to embody the lively,youthful spirit of Coca-Cola light for the country’sconsumers.

SCALE OF OPERATIONS: A GROWING PORTFOLIO OF PRODUCTS

In 2003, we sold approximately 7.7 billion litres(covering all carbonated and non-carbonated pro-ducts). Carbonated soft drinks (CSDs) accountedfor 81% and non-CSDs accounted for 19% ofsales volume.

We introduced a total of approximately 140 newproducts, or variations on existing ones, during thesame period. This pattern of product innovationand development is set to continue in 2004 andthe future.

KEY MEASURES OF CONSUMPTION

Key measures of consumption and economic fac-tors are provided in our 2002 annual report onform 20F, as filed with the SEC, on our corporatewebsite (www.coca-colahbc.com). 2003 data willbe posted in our 2003 annual report on form 20Fon our website later in 2004.

QUALITY

We believe in ensuring that our products are of ahigh quality is critical to the success of our busi-ness. We are fully committed to maintaining thehighest standards with respect to the purity ofwater, the quality of our other raw materials and

Share TradingThe Company is listed on the Athens Stock Exchange(ASE: EEEK) as the primary trading market for its ordi-nary shares. The shares are also listed on the LondonStock Exchange (LSE: CCB) and the Australian StockExchange (ASX: CHB). In addition, the ordinary sharesare traded on the New York Stock Exchange (NYSE: CCH)in the form of ADSs evidenced by American DepositaryReceipts or ADRs.

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ingredients and the integrity of our packaging ineach of our countries.

We continuously monitor the production process forcompliance with these standards. We have sophi-sticated control equipment for the key areas of ourprocesses to ensure that we comply with applicablespecifications. We monitor the functioning of thesecontrol systems on a regular basis. Audits are alsoperformed regularly on all the key parameters of ourprocesses to assure that there is independent vali-dation of all our key control points.

We maintain a quality control laboratory at eachproduction facility for testing raw materials, packa-ging and finished products. Our bottler’s agree-ments with The Coca-Cola Company specify strictquality standards to which we must adhere andwhich cover the entire value chain. We are alsorequired to obtain supplies of raw materials (ingre-dients and packaging) from suppliers approved byThe Coca-Cola Company.

In addition, we regularly undertake quality audits inthe distribution channels to check compliance withpackage and product specifications. This processinvolves taking regular random samples of bevera-ges from the various channels and testing themagainst established quality criteria.

EXTERNAL VALIDATION OF QUALITY

One of our prime objectives is to meet and, if pos-sible, exceed appropriate internal and externalquality standards and management systems. All ofthese systems and standards are brought toge-ther in a common platform, The Coca-ColaCompany Quality System (TCCQS). The table belowillustrates group progress in achievement of exter-nal validation and international certification:

This table reflects production at the 75 company-owned carbonated soft drinks plants only. It doesnot include 9 natural mineral water facilities or a

Products licensed by Products licensed Products licensed Our Own Third-PartyThe Coca-Cola Company by The Coca-Cola by others Products Products(CSDs) Company (Non-CSDs) distributed by us

(Non-CSDs)

Coca-Cola/Coke Bonaqa/Bonaqua Nestea1 Amita Guinness4

Coca-Cola light/Coke light Burn Dr. Pepper2 Avra Heineken4

Diet Coke Cappy Schweppes2 Fruice OkocimCherry Coca-Cola Eva Water Tuborg Soda Frulite VittelCoca-Cola light with lemon Five Alive Tonic Water3 Deep River Rock GraniniDiet Coke with lemon PowerAde LyttosVanilla Coke Hi-C Tanora SiFanta Oasis StamnaFanta light Minute Maid CelitaSprite Valser Römerquelle RömerquelleSprite light NaturAqua Nescafé Black Ice Tsakiris crispsSprite Zero Dorna Nescafé XpressFruktime Poiana NegriAlmdudler Izuorul AlbFresca BPM Jurassic SpringFrisco Multivita MultivitaKinleyKrestLimcaLiftLiltCappyLinnusse KaliMezzo MixFrutina

1 We produce, sell and distribute Nestea under a license from Beverage Partners Worldwide.2 We produce, sell and distribute Dr. Pepper and Schweppes under a license from Schweppes Holdings Limited.3 We produce, sell and distribute Tuborg Soda and Tonic Water under a license from Carlsberg Breweries A/S.4 We distribute Guinness in the Republic of Ireland and Heineken in Switzerland, the Republic of Ireland and the former

Yugoslav Republic of Macedonia.

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toll-filling plant in Slovenia. Mineral water plants,the majority of which are recent acquisitions, arein the process of certification assessment and willbe included in future reports.

ADDING VALUE FOR CUSTOMERS

To sustain service quality, understand and consis-tently meet expectations, and assist customers(retailers and wholesalers to whom Coca-Cola HBCsells directly) in maximizing their business potential,Coca-Cola HBC regularly conducts assessments inorder to further strengthen customer relationships.

In Croatia, in 2003, for example, an externallyaudited countrywide customer-satisfaction surveywas carried out. The findings resulted in a numberof adjustments to operations, including the intro-duction of a 24-hour service in the coastal regionsduring summer, the development of tailor-madeequipment for some outlets and creation of inno-vative promotional activities. The survey is helpingheighten benefits for 14,000 customers acrossthe nation, and in order to continue the momen-tum, a similar study is to be undertaken in 2004.

To further elevate efficiency levels in the Ukrainefor the company’s 48,000 customers, a concertedeffort was initiated to develop a fully integratedmaintenance, ordering, delivery system inSeptember 2003. The carefully coordinatedapproach resulted in considerable advantages with-in just six months, shaving time from distributionschedules and creating impressive cost-savings.

LATEST TECHNOLOGY FURTHER LIFTS QUALITY

In continually pursuing its goal of becoming a worldclass sales organization, Coca-Cola HBC is con-stantly investing in virtually every aspect of its oper-ations. In 2003, Coca-Cola HBC Poland wasselected to be the first to install one of 3 newlydeveloped PET lines the company has purchased,using the most sophisticated aseptic technology.

The special aseptic lines allow the production inPET packaging of non-carbonated beverages,especially drinks such as Nestea and juices.

For workers at the Poland unit, introduction of theequipment was a year-long project, involving every-thing from careful preparation of the productionarea to product quarantine, extensive staff trainingand comprehensive, rigorous testing programmes.

It is expected that now, with the aseptic PET linesin operation, Poland will now be well-positioned toheighten service by providing a broader range ofproducts in alternative packaging to customers inother markets, including Hungarians, Czechs,Slovakians and, in the future Austrians,Romanians, Bosnians and Croatians.

CCHBC CERTIFICATIONS PROGRESS

TCCQS ISO9001 ISO14001 OHSAS18001

2002 57% 48% 13% 8%2003 70% 73% 20% 16%2004 80% 80% 80% 25%2005 100% 100% 88% 60%2006 100% 100%

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Our commitment is to invest time,expertise, and resources to provide eco-nomic opportunity, improve the quality oflife, and foster good will in our communi-ties through locally relevant initiatives.

We deliver this commitment through the consis-tent application of key principles, including:

1. Supporting initiatives and partnerships that arerelevant and of value to local communities.

2. Listening to the communities in which weoperate and taking into account their views andaspirations in the conduct of our business.

3. Emphasizing the development and education ofyoung people.

We will follow practices that support these princi-ples, including:

1. We communicate effectively on relevantaspects of our business operations and com-munity programs.

2. We work proactively to support the communityin cases of natural disaster, complementinggovernment activities wherever possible.

3. We take an active role in local business, com-munity development, and educational organiza-tions where appropriate and mutually beneficial.

4. We build relationships with and engage in con-structive dialogue with key community leadersand government officials.

LEADING, LISTENING AND LEARNING

A number of dialogue opportunities exist to enableopinions to be gathered within the daily work of thecompany. Coca-Cola HBC understands that effec-tive, and progressive development of relationshipswith its key stakeholders can only come with a con-sistent, regular approach to communications.

Briefly, dialogue with stakeholders offers the com-pany a broader, balanced view of perceptions andobligations, and helps to provide a concentratedfocus on optimal approaches to achieve mutual aims.

Community involvement recognizes the need toengage external stakeholders on a regular basis:

� Communities: Constant, virtually daily, contactwith concerned individuals and groups toassess existing and potential needs; continualdevelopment of priority initiatives in relation toeverything from supporting people in need, tosports development, education and addressingenvironmental concerns.

� Consumers: Consumers have immediateaccess to information through ‘ConsumerHotline’ services. Contact telephone numbersare printed on packaging materials. Each yearthe response and information service receivesthousands of calls regarding products, ingre-dients, promotional activities, company history,employment opportunities and consumer com-plaints. In addition, regular market surveysmonitor consumer satisfaction.

� Suppliers and business associates: Coca-ColaHBC works closely with local suppliers and thelocal business community in formal and informalbusiness sessions to pursue matters of mutualconcern.

� Customers: To ensure that we listen to ourcustomers on a frequent basis, Coca-Cola HBCemploys more than 13,000 dedicated salespersonnel. In addition, customer questions andconcerns are addressed daily through our cus-tomer and consumer hotline services, and regu-lar customer satisfaction surveys. Coca-ColaHBC communicates values and ideas througheffective customer partnerships and mutualgrowth opportunities.

Community

At Coca-Cola HBC we are aware that our relationshipswith all stakeholders are essential to our success in thelocal community.

Together with governments, organizations and localgroups, our system can enhance and enrich the lives of thecommunities we serve. In order to do so, individual busi-ness units not only respond to requests for assistance butalso take an active role in identifying needs, extending sup-port, and developing community partnerships.

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� Central and local governments: Through anumber of functions, Coca-Cola HBC has regu-lar contact with local and national governmentagencies in each of the countries in which it hasoperations.

New Insights Strengthen Vision, Commitment

Coca-Cola HBC regards interaction with its stake-holders as being an invaluable means of obtaining,third-party, objective analysis, and of identifyingareas in which the company can improve and makea difference in the area it serves.

For example, through close cooperation withgovernments, organizations and NGOs, Coca-ColaHBC was in a position to move very swiftly to pro-vide immediate relief and back up resources whenAustria, Slovakia, Czech Republic and Hungarywere devastated by extraordinary flooding in 2002.

When a devastating earthquake struck the city ofMolise in 2002, Coca-Cola HBC Italy immediatelymobilized support forces, equipment and provisionsto assist the 10,000 victims of the disaster.

Community Contribution

In many instances, and in Eastern Europe in parti-cular, the company is not only a major employerand a significant contributor to the local and nation-al economy but also provides a stimulus for further

business growth. It has been shown that typicallythe establishment of a company plant stimulatesthe development of other, related businesses that,in turn, create new employment opportunities.

To determine the social and economic impact of abottling facility in a community, a number of stu-dies1 have demonstrated that company operationshave a “multiplier” effect and that for each persondirectly employed, a further significant number ofadditional jobs are created.

The Coca-Cola System has been a leader in theintroduction of competitive management, produc-tion, and consumer marketing standards in thecommunities where it operates, and supplying theCoca-Cola System has enabled numerous small andmedium sized enterprises to flourish and expandtheir business both locally and internationally.

In becoming a “member of the community” in eachterritory of operation, Coca-Cola HBC seeks toextend its standards and policies on social andenvironmental matters by reaching out to associ-ates, concerned individuals, groups and govern-ment agencies in order to share and contributeknowledge.

Equally, the commitment can be judged on the wayin which Coca-Cola HBC operates each businessunit as a local entity, managed and staffed by localpeople who understand the needs and concerns ofthe community in which they live and work.

1 The Multiplier Effect of the Carbonated Beverage Industry on the Italian Economy carried out by The BusinessEconomics Institute of the university of Milan (1999). The Impact of Foreign Direct Investment on TransitionalEconomies: The Case of Coca-Cola in Poland and Romania by Douglas Woodward, Frank Hefner, Jeffrey Arpan, JamesKuhlman and William R. Folks, Jr. of the College of Business Administration, University of South Carolina, USA (1995)

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Enriching the Lives of the Communities we Serve…

Coca-Cola HBC has recognized that, in its partici-pation in the business of a community, the com-pany has a crucial role to play in contributing tosociety and helping to sustain its development.

Each year, Coca-Cola HBC allocates funds andresources to fulfil its responsibilities in this regard.

As the company operates in 26 countries, withbusinesses that are at differing levels of growth –ranging from “emerging” to “developing” to“mature” – the capabilities to allocate donationsand resources are varied. However, they are alsoconsidered on the basis of need. In Nigeria, forexample, where the scourge of HIV/AIDS is cata-strophic, proportionately greater contributions tothe welfare of employees and their families aremade than in other areas.

With HIV/AIDS knowing no geographic bound-aries, countries throughout the Coca-Cola Systemprovide assistance to those who are suffering andthose who are treating the deadly virus in manyways appropriate to the needs of the areas inwhich they operate.

Coca-Cola HBC UUkkrraaiinnee, in September 2003, forthe third successive year, responded to the localUnited Nations office concerns for the need togreatly raise political and community awareness inorder to encourage increased funding for preven-tion education and care. Experts estimate thatthere are at least 400,000 infected people in thecountry, and the numbers are increasing.

To help generate donations, and encouragehealthy lifestyles, Coca-Cola HBC UUkkrraaiinnee gave itsfull support and expertise in mobilising some6,000 people in the country’s capital, Kiev, to takepart in a 3 km "Race For Life" which raised moneyto renovate and upgrade an AIDS clinic in Lavra.

In addition to bringing financial support, a range ofother programmes involving national politicians,famous musicians, sportsmen and experts on thedeadly disease played an important part in publi-cising the urgency of addressing, and takingimmediate action, against this global pandemic.

MEMBERSHIPS

As the origins of Coca-Cola HBC can be traced backto the company’s first Coca-Cola bottling franchise inAfrica, the company maintains a long-term and deepinvolvement in the lives of its people.

For the past several years, the Coca-Cola Systemin Africa has focused on addressing the HIV/AIDSpandemic which continues to claim countless livesthroughout the continent. In formulating its policyon HIV/AIDS and supporting the initiative of theCoca-Cola Africa Foundation to provide anti-retroviral drug therapies to employees and their fami-lies, the company became acutely aware of theenormity of the infection worldwide and is activelyexploring appropriate steps to take in each of thecountries of business operation.

The Company is a member of the Global BusinessCoalition on HIV/AIDS (www.businessfightsaids.org).The Coalition is the primary international organizationfocused on the business sector’s response to theglobal HIV/AIDS epidemic. There can be no doubtthat HIV/AIDS poses an unprecedented threat toglobal security and economic prosperity and thatbusiness is now rising to face the challenge.

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Coca-Cola HBC like the other 178 member com-panies throughout the world representing overfour million employees will respond in three ways:

� Implementing HIV workplace prevention andcare programmes.

� Bringing business’ core strengths of innovationand efficiency to improve the reach and effec-tiveness of AIDS programmes.

� Leadership and Advocacy by business leaders,lobbying for greater action by governments andothers.

As a company with extensive operations across theEuropean Union (EU), and involved in a close part-nership with The Coca-Cola Company, Coca-ColaHBC has, over many years, gained direct or indirectmembership of numerous organizations and associ-ations related to industry interests, or commongoals in sustainability.

Coca-Cola HBC is also a member of UNESDA, theEuropean Soft Drinks Association, which compris-es all of the major companies involved in produc-tion of alcohol-free beverages within the EuropeanUnion, and of CISDA, the International Soft DrinksAssociation which consists of those countries onthe continent of Europe which are not EU mem-bers. The Associations meet regularly and provideforums for the exchange of information abouttrends, developments and obligations in variousspheres, including the legislative arena, as well asin economic, social and environmental matters.

"Coca-Cola HBC Greece, in February 1995, estab-lished a non-profit organization called TheEntrepreneurship Club with the primary aim todevelop the business spirit in Greece. Coca-ColaHBC was one of the founding members and washonoured at one of its key annual events when itreceived the Kouros Award. Kouros is an ancientGreek statue representing strength, health anddevelopment. These are presented for "develop-ment and innovation", "achievement in the interna-tional market", and "social responsibility".

Individual country operations are in someinstances also part of packaging associations, asdescribed in the Environment section. These localassociations meet regularly and cooperate closelywith the European packaging association,EUROPEN (www.europen.be).

As the cross sectoral voice for packaging andpacked goods, EUROPEN aims to achieve a barri-er-free European market for packaging and packedgoods, based on the freedom to innovate and free-dom of choice, in order to make best use of thefunctions of packaging in society and its contribu-tion to sustainable development. Coca-Cola HBC isactively involved in a number of its task forces andworking groups.

The company is also a board member of the Centrefor Democracy and the Reconciliation in SoutheastEurope (www.cdsee.org), a non-governmental, non-profit organization that seeks to foster democraticand pluralistic values, support free-marketeconomies that are guided by the rule of law and bysocial responsibility, and encourage reconciliationamong the peoples of the Balkan region.

Coca-Cola HBC is a member of the World EconomicForum, an independent international organizationcommitted to improving the state of the world. Thisorganization provides a collaborative framework for

CONNECTING WITH THE COMPANY

In keeping with its commitment to transparency in allaspects of its operations, Coca-Cola HBC publishes eco-nomic, environmental and social information and datarelating to its activities. These are open to scrutiny in var-ious ways, including through documents issued to share-holders, employees and the media, as well as on the com-pany’s Internet Website (www.coca-colahbc.com).

Members of the company’s Public Affairs andCommunications Department respond to enquiries, inaddition to actively disseminating facts to a wide range ofaudiences including governments, regulators, officialorganizations (especially those involved in economic, socialand environmental matters), local communities -- virtuallyall stakeholders.

The long-term commitment, the high levels of investmentand the policy of deep local involvement, combine to pro-vide Coca-Cola HBC with the strongest possible rationalefor dedicating resources (human as well as fiscal) to bringeconomic, environmental and social benefits to those in itsareas of operation.

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the world’s leaders to address global issues engag-ing particularly its corporate members in global citi-zenship (www.wewforum.org).

The company is a member of the Forum forCorporate Sustainability Management at IMD, theInternational Institute for Management Development,which aims to provide the necessary tools to effi-ciently implement sustainable development in busi-nesses (www.imd.ch/csm).

In addition, the company supports the Centre forEuropean Policy Studies, an independent policyresearch institute dedicated to producing soundpolicy research leading to constructive solutions tothe challenges facing Europe today (www.ceps.be).

For many years the company has been a strongsupporter of Europa Nostra, a pan-European fed-eration of more than 200 non-governmental her-itage organizations, representing millions of citi-zens in Europe (www.europanostra.org).

This federation is also supported by many national,regional and local authorities, cultural and educa-tional bodies, business enterprises and by manyindividual members.

Europa Nostra is presided over by HRH the PrinceConsort of Denmark.Europa Nostra's objectives are:

� to encourage the protection and enhancementof heritage in all its elements,

� to promote high standards of quality in thefields of architecture, urban and rural planning,

� to stimulate the use of the socio-economicpotential of heritage in order to develop a senseof civic responsibility and to create new jobopportunities, as well as

� to advocate a balanced and sustainable develop-ment of our urban and rural environment.

ECONOMIC INVESTMENT

It is often said that the primary responsibility of busi-ness is to make a profit and create wealth for thosepeople it touches. Often this is achieved by financialinvestment. In 2003, Coca-Cola HBC continued toupgrade its production facilities through invest-

ments. For example investments in Nigeria included:

� Three new bottling lines in the Enugu, Lagosand Asejire plants

� Three Tetra Pak lines for packaging juice in theBenin plant

� Two Effluent Treatment Plants in Maiduguri andPort Harcourt

� The completion of a new production facility inMaiduguri

� Preliminary construction work on a Table Waterproduction facility in Owerri, with work to becompleted in September 2004

� Upgrading of boilers and cooling systems in var-ious plants throughout Nigeria

� Upgrading of facilities and laboratories in vari-ous plants

� New Carbon Dioxide Production Facility in Lagos

Coca-Cola HBC’s affiliate, Pivara Skopje in TheFormer Yugoslav Republic of Macedonia(FYROM), invested jj55 million to expand itsfacility in Skopje. The one-million-hectolitre beerand non-alcoholic beverage plant, which is a jointventure between Coca-Cola HBC and theHeineken Brewing Company, increased its non-alcohol production capacity by 100 million litresannually. One of the largest foreign investmentsin FYROM, the Pivara Skopje plant currently pro-duces mainly for the domestic market, butfuture plans call for exports making up 50% ofits production.

Other production-related investments in 2003included renovating the Split bottling plant inCroatia and a several-million-euro investment for

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the installation of aseptic bottling facilities, allowingthe production of non-carbonated, preservative-free beverages, in Poland, Russia and Greece.

In 2003, recognizing the increasing opportunitiesfor growth in the water segment of the market,Coca-Cola HBC and The Coca-Cola Company con-cluded several purchases of natural mineral watercompanies. These included Valser MineralquellenAG, of Switzerland, Dorna Apemin S.A., fromRomania, and Multivita sp.z.o.o., in Poland as wellas investment in a new mineral water well in thevillage of Zalazengrot in the famous Lake Balatonregion of Hungary.

ENRICHING THE COMMUNITY THROUGH EDUCATION

Coca-Cola HBC encourages building close relation-ships with the community and is widely praised forits attention to social performance in all areas ofCorporate Social Responsibility. Its strategy of cor-porate giving is only one part of its commitment tothe wider society and community. Coca-Cola HBCalso helps to nurture the next generation throughsupporting educational efforts.

In Nigeria, in August 2003, the business unitpresented a fully furnished block of three pri-mary school classrooms to the Borno State

Government. Two months later, a multipurposeschool hall was handed over to the principals ofthe Eva Adelaja Girls Secondary GrammarSchool in Bariga, Lagos. The hall, in addition tobeing used for educational purposes, generatesincome for the school by providing a venue forpublic functions.

To assist students in Russia, Coca-Cola HBC hasbeen conducting a continuing programme to sup-port computer studies at schools and orphanagesin Moscow since 2000. In 2003 four state-of-the-art computer facilities were installed, bringing thetotal donated to sixteen.

In Slovakia, in conjunction with the Ministry ofCulture and Ministry of Education, the companydeveloped a project called “There is Knowledge inReading” which involved children in 700 classesand 30 libraries. Through readings, games andcontests, children were motivated to discover theexciting and “magical” world of books.

In Croatia, Coca-Cola HBC has, over many years,established a close relationship with the VinkovciRed Cross focusing, in particular on pogrammessupporting healthy lifestyles, and most especiallyon rehabilitating endangered areas to enableyoung people to play safely and happily. In 2003,the company joined together with the InternationalRed Cross, the Red Crescent and the Italian Red

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Cross in helping to fund an annual torch-light pro-cession, (the fiaccolata) from Solferino toCastiglione, to commemorate the life of HenryDunant, founder of the Red Cross movement.

An annual programme aimed at young adults inSlovakia seeks to assist the development of skillsand abilities by offering them the opportunity tocompete in a music contest. Individuals andgroups are given the chance to enter their chosenprofession and bring enjoyment to the community.

In October 2003 Coca-Cola HBC Romania beganconducting a series of lectures for students on thecrucial need to apply high ethical standards in orto maintain sustainable businesses in the country.The first courses, involving senior managers in theCoca-Cola System, took place in Bucharest at theAcademy of Economical Studies, and have sincebeen extended to seven other cities. The lectures,which were enthusiastically endorsed by partici-pants are an extension of programmes which takeplace within the company and focus on everythingfrom how to create and maintain a positive work-ing environment to verification of ways in whichethical standards are being sustained.

In the Czech Republic, a continuing programmeprovides support to encourage and assist youngpeople to pursue a career in economics, in particu-

lar market economics, a field in which Coca-ColaHBC, through its own operations, recognizes canmake a considerable contribution to the country’sdevelopment. To further student career ambitions,the company provides funding and contributes skisfor CERGE (Centre for Economic Research andGraduate Education), a project of the EconomicInstitute of the Charles University in Prague andthe Czech Academy of Science.

In Croatia, the company has assisted the IncalUniversity in Dubrovnik with the donation of educa-tional equipment for use on a ship owned by theinstitution. In return, the University loaned the shipto the company which then made it available forvoyages during which young students could partic-ipate in ecological workshops.

Coca-Cola HBC in the Republic of Ireland beganan innovative ongoing scheme in 2000,endorsed by the Department of Education, whichengages some 9,000 children in a fun pro-gramme to unleash their creativity. Called the“Fun & Fusion Design Awards”, youngsters areinvited to design costumes from waste materi-als, with prizes given to the most inventiveresults. The programme has now become partof the academic year and is the only awardsscheme of its kind to be endorsed as a modulefor state examinations.

Renovated and furnished classrooms in Kumbotso, Nigeria.

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Coca-Cola HBC Croatia formed an unusual unionin September 2003 when, it joined forces with thelocal Bicikl (“Bike”) group. It was all in a goodcause, however, as the combined activities, withthe additional support of the Ministry of Health,focused on promoting healthy lifestyles amongyoungsters, providing assistance for the physicallyimpaired and road safety education for the com-munity. In all, some 40,000 primary school chil-dren tool part on the seven days of activities thatcoincided with European Mobility Week.

Coca-Cola HBC Italy created an opportunity foryoung people with yearnings to become world-class photographers by instituting a YoungPhotographers Award. Hundreds of aspiring cam-eraman and women submitted entries, which werejudged by a jury involving representatives from theleading fashion magazine, Vogue. Winning pic-tures were published in the magazine, and othersjudged of a high quality were included in specialexhibits that toured major Italian cities.

To assist young people find careers that would other-whise be well beyond their dreams, Coca-Cola HBCFYROM (Former Yugoslav Republic of Macedonia)sponsored an event in June 2003, called the "LookModel Search" in Skopje. From more than 100 initialentrants, 30 young women were selected for the finaljudging at the prestigious Aleksandar Palace Hotel.

“The event generated considerable publicity, givinghope for many youngsters to recognize thatthrough hard work and self-confidence, even thehighest goals can be achieved”, said a companyspokesman. While the judges selected KaterinaIvanovska as the winner to represent Macedonia,other contestants commented that they not onlyfound enjoyment participating in the contest, butalso learned the experience was inspiring in pur-suing careers in similar or other fields.

ENRICHING THE COMMUNITY BY PROVIDING A HELPING HAND

Continuing a well-established relationship, Coca-ColaHBC Greece in 2003 helped stage two fund-raisingand awareness-raising events with the MuscularDystrophy Association (MDA) which is dedicated toconquering the debilitating neuromuscular diseasethat affects millions worldwide. One event featured a

concert with the acclaimed Greek soprano AgnesBaltsa. Another event was a dinner-auction attendedby well-known and wealthy socialites. Both functionsraised many thousands of euros for the MDA.

When, in September 2003, an accidental explosiondestroyed the house and all the possessions ofCoca-Cola HBC Romania employee Bogdan Tolos –but mercifully sparing his life and that of his wife andchild – all he had left was the sympathy of his col-leagues, and their caring support. They immediate-ly mounted a project called “All in the family ... theCCHBC family” which raised funds and donations.Within 11 days the Tolos family home was com-pletely rebuilt and totally refurnished. BogdanTolos commented, “I have always known thatCoca-Cola HBC is a company of great profession-als, but now I know we are a real family.”

For the past decade, Coca-Cola HBC Poland hasbeen cooperating with the local Charity Associationfor Disabled Children in conducting a programmecalled "Be with Us" which, in 2003, helped morethan 2,400 young people.

Each year, a variety of fun, and inclusive, eventsare arranged, including singing games, dances,dinner parties and - of course, gifts for every child.In 2003, for the first time, Coca-Cola HBC Polandarranged for Santa Claus to make a surprise visitto the poorest communes. His appearance provedso popular, negotiations are underway to requestthat the venerable, bearded old man places thisarea on his regular schedule in future years.

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Since 2001, Coca-Cola HBC Austria has had aformal partnership agreement with SOSKinderdorf, an organization operating homes forneedy children and young people, which is dedicat-ed to enabling them to lead independent, confidentlives in the community. The company not onlypledges to provide support for maintaining all SOSresidential facilities, but also involving the young-sters in a wide range of interesting, fun and life-enhancing experiences.

On one occasion a young resident from Salzburgwas flown to the United Kingdom to watch scenesfilmed for the "Harry Potter" movie, and then tookpart in a "magic of reading tour" across the coun-try to introduce youngsters to the enjoyment ofbooks. Each year, children at the SOS facilities aregiven an opportunity to demonstrate their naturalathletic talents at the Olympic Training Camp inObertauern. Residents and staff are given theexperience of helping to organize and participate inthe prestigious Vienna City Marathon, and associ-ated events.

In 2003, to assist in raising funds for the work ofSOS Kinderdorf, Coca-Cola HBC Austria joinedmany well-known companies in organizing contestsinvolving a hugely popular business-styleboardgame. Tournaments were held in many loca-tions, including the SOS Kinderdorf homes and offi-ciated by well-known personalities. Proceeds sup-ported the work of the charity – and the winningSOS Kinderdorf team won a weekend in Vienna.

In Switzerland, in 2002, Coca-Cola HBC and othermembers of the Coca-Cola System introduced a poli-cy of presenting a substantial donation to the non-denominational SOS Children’s Villages instead of itstraditional practice of presenting gifts to customersand business associates. The funds are used toassist orphans and children-in-need. Throughout theworld, 43,000 children live in 439 SOS Children’sVillages, and 10,000 young people are cared for inmore than 326 residential centres.

In Slovakia, the business unit began providingfinancial support for a “halfway” house for orphansin 1998 to assist youths gain “family” and “lifestyle”experiences before they leave the institution. Asthe programme has evolved, the company hasextended its aid through efforts to encourageother companies to make a similar contribution,

and now encourages active participation by invitingstaff to help in arranging events for the children.

In Russia, Coca-Cola HBC began supporting invalidchildren and orphans at the Maria’s Children ArtCenter in Moscow in 2000 to assist their rehabil-itation by expressing themselves through painting,drawing and sculpture. Continued assistance hasled to children being taken to the United States foran exhibition of their art, development of a calen-dar and, in 2004, a planned participation in theOlympic Torch Relay project by developing a designof the relay flag.

To assist young people with hearing difficulties,Coca-Cola HBC Croatia became the primary donorfor a programme called “Let Them Hear”, whichinvolved providing 56 children with cochlea implants.

In the war-affected region of Vinkovci, EasternSlovenia, Coca-Cola HBC Croatia spearheaded acampaign to construct children’s playgrounds forreturnee villagers, after areas had been cleared oflandmines. The initiative encouraged other donorsto follow the example, greatly extending thescheme to many more districts.

To encourage community members in Romaniato appreciate and participate in sharing with thoseless fortunate than themselves, Coca-Cola HBClaunched a successful campaign to demonstratethe joy of giving by developing an annual event tobring much-needed cheer to those who are lonelyand without companionship at Christmas. Called“Enrich the lives of our local communities,” thecompany provides donations of food and gifts forvolunteers from among the employees to distrib-ute to those in need, especially patients in hospi-tal, the elderly and others in institutions.

ENRICHING THE COMMUNITY BY SUPPORTING ACTIVE LIFESTYLES AND SPORT

Coca-Cola HBC sponsors and conducts a range ofsporting activities at local, national and interna-tional levels.

Developing the intellectual and educational aspectsof sports, in addition to the physical skills required,proved a strong motivating factor for becoming

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deeply involved in a major "Teamplayer" competitionby Coca-Cola HBC Italy. Working together with theMinistry of Education and Health, UNICEF and theItalian Soccer League, the company engaged62,000 students from 1,200 schools in its pro-gramme. The competition involved youngsters (girlsand boys) playing in 45 key games in towns acrossItaly, with the winners having the opportunity to playagainst the National football team. Other youngpeople studied theoretical aspects of the sportwhile still others became involved in developing theirskills in sports journalism.

Operations in Russia contribute to sports develop-ment by organizing football training and tourna-ments for children at the junior, intermediate andsenior level. Endorsed by local and federal authori-ties, the programmes were begun in 2000. In thefollowing year, the company received the country’sprestigious Strelets Award for conducting the bestgrassroots football project for its nationwide contestthat brings together all “backyard” football teams.

A similar programme, in Poland, launched in1999, encourages primary and secondary schoolchildren to compete in a nationwide tournament.In 2003, 4,136 teams from across the countryparticipated in the Coca-Cola Cup which hasrapidly become a prestigious and coveted trophy.

Coca-Cola HBC has a long tradition of assisting thedisadvantaged as a fundamental component of itscommunity commitment.

In 2003, when the Special Olympics WorldSummer Games were held outside the UnitedStates for the first time in the event’s 25 years,the company was a leading supporter at the site inthe Republic of Ireland. In addition to funding,help was provided in terms of logistics supportfrom staff members including a coordinator, serv-ice staff and engineers.

Athletes from 160 countries participated. TheSpecial Olympics were watched by a total of half amillion spectators screened and broadcast to aninternational television audience worldwide.

Along with many other countries in the Coca-ColaSystem, Coca-Cola HBC Italy is also a strong sup-porter of the Special Olympics. In 2003, the com-pany gave its whole-hearted assistance to helpingsome 11,000 disabled athletes conduct one ofthe biggest and best-ever contests held in thecountry. Although the Special Olympics is a rela-tively new organization, Italy has long appreciatedthe value of helping disabled people enhance theirlives through sporting competition. The first eventheld by the Italian Federation of Disabled People,was held in 1928.

In keeping with its ancient sporting traditions,Greece has for the past 17 years been helping toshare the enjoyment and benefits of athleticendeavours with citizens who are physically andmentally disadvantaged. Working with individuals,including volunteers within the company, andnumerous local groups as well as the internation-al Special Olympic Games, Coca-Cola HBC assiststhe disabled in year-round exercise programmesaimed at improving well-being and also, if theyelect to participate, join in 26 Olympic–type sportseach summer and winter.

In the Republic of Ireland, the company sponsorsthe Gaelic Games International Rules Series whichare held in Ireland and Australia in alternate years.Support for the Series began in 1998 and hashelped make it one of the most anticipated andwatched sporting events in the country.

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In 2003, the Republic of Ireland business unitlaunched a 3-year initiative with the Irish RugbyFootball Union to provide coaching and equipmentto more than 300 schools to enable some50,000 boys and girls participate in the non-con-tact sport Tag Rugby. Competition winning schoolsreceive computer systems while team membersare awarded prizes.

In Austria, Coca-Cola HBC actively participates inproviding young people with the opportunity toimprove their stamina while at the same time matchtheir skills with their peers. Each year, the companystages contests ranging from skiing events to offertraining in everything from coaching and medicalassistance to athletes vying to reach Olympic stan-dards. Other activities involve a junior marathon, hi-king, skating and a mountain bike challenge. Thesports promote cooperation, group spirit while iden-tifying high standards of competitive abilities.

Identifying and assisting future world-class athletesrealize their potential is at the heart of a schemeconducted by Coca-Cola HBC Austria. Each year,since 2000, the company has supported a country-wide programme aimed at discovering those whopossess natural sporting ability. All young people areeligible to participate, and after a series of qualifyingevents, 60 are chosen for more rigorous examina-tions involving two days of tests, including psycho-logical, medical, locomotor and coordination. Thebudding stars of tomorrow also receive counselingand guidance on career development.

Approximately, 1,000 children aged between fourand fourteen participate each year in one of thelargest Junior Mountain Bike Challenge events,sponsored by Coca-Cola HBC Austria. The enor-mously popular sport involves eight major races,and gives many youngsters the chance to hone skillsto be used in their own leisure time or, perhaps, inprofessional careers in the future.

Coca-Cola HBC Austria acknowledges that manyneedy youngsters simply can’t join in the excitementand enjoyment of sport. To assist such young people,the company has developed a special programmethat can help a great many of them join their fellowcountrymen and women in popular athletic pastimes.

Under a unique scheme, the company providesfunds to match every kilometer reportedly covered byhikers, runners and skaters among others. In 2003,more than 1,300 children who otherwise could nothave afforded to join school trips with their friendsand classmates, were given the chance to do sothrough this innovative donation arrangement.

In order to enable able-bodied and disabled youngpeople learn about the enjoyment of skiing, Coca-ColaHBC Italy and the Piemonte Regional Authoritiesconducted an innovative training and practical pro-gramme. More than 15,000 students, including600 with physical disabilities, took part in the full-day event, which began with lessons and endedwith actual sports activities on the slopes. It isexpected that the heightened degree of interest insnow sports will help to engender greater under-standing and enjoyment of the winter sports, aswell as increased enthusiasm when the 2006Winter Olympics are held in Turin.

BRINGING PEOPLE TOGETHER

In Hungary, each summer, Coca-Cola HBC createsa massive sports and entertainment venue for thecountry’s youngsters in association with the localauthorities in the beautiful beach resort city of Siofokat Lake Balaton. Since 1977 the company hasorganized more than 17,500 water soccer games,5,800 beach volleyball matches, 600 aerobic class-es, and 5,300 sand football matches. In 2003more than 10,000 people participated in the mostpopular event of all --- a 5.2 km swimming contest,in which every competitor finished, eventually. A keyaspect of the event is reinforcing awareness ofphysical and mental health through sports … andthe importance of keeping the environment clean.

In Slovakia, the company worked together with alocal promotional company to present a unique waterpark for family entertainment in the TatrasMountains in scenic Liptovsky Mikulas. The summer2003 event, known as Tatralandia Aquapark, offeredeverything from water sports to country walks and avariety of games. The specially-created venue attract-ed up to 2,500 people a day and, at the same time,provided hundreds of jobs for local residents.

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CONTRIBUTING TO CULTURE

Coca-Cola HBC participates in the preservation and continuity of culture at all levels of society.

Coca-Cola HBC Greece has maintained a long and proud connection with the country’s ancient culture,and over many years has contributed funds, equipment and voluntary services to preserve historicalsites and treasures for local and international communities. Since 1993, the company has been workingin close cooperation with Friends of Ancient Helike Association to rediscover and renovate the ancientcity of Helike.

To date, with the support of Coca-Cola HBC, researchers have located three buildings in the city,unearthed important artifacts from a previous settlement in the area dating back to 2,500-2,300 BC, andidentified a main coastal road dating from the era of Roman occupation. It is expected that, with furtherinvestigation, other remarkable finds will be unearthed.

In 2003 the company, celebrated a decade of cooperation with the municipality authorities of the StateHermitage Museum in St Petersburg, Russia. The support includes a wide range of programmes includ-ing educational activities aimed at stimulating the interest of children in their own heritage and worldhistory.

An innovative fund-raising campaign was launched, called “Let’s Preserve Cultural Heritage Together”.Proceeds from the sale of Coca-Cola cans featuring well-known landmarks in St. Petersburg were donat-ed to the restoration fund for the main entrance of the Museum.

Operations in Russia are also helping aspiring opera singers at St Petersburg’s Mariinsky Theatre bysponsoring, since 1999, a contest held in the name of the great native composer, Rimski-Korsakov.

To help restore community, and tourist interest in classical music and performance in Greece, Coca-ColaHBC united with the country’s only lyric theatre, the National Opera House, to stage the world premiereof the opera “Marathon Salamis” composed by Pavlos Karer. The critically acclaimed presentation,directed, staged and performed by leading artists, was performed in 2003 and stimulated a renewedinterest in the artform among a growing and increasingly enthusiastic audience.

In Nigeria, in 2003, funding was provided to promote musical excellence and cultural exchangebetween local performers and their counterparts in Ghana. Together with the Musical Society ofNigeria (MUSON), the company sponsored a performance by the Winneba Youth Choir, the proceedsof which went to continue the development of the Society and the work of the Nigerian ConservationAssociation.

To help raise funds for restoration of the historic “Rector’s Palace” in Dubrovnik in 2002, Coca-ColaHBC Croatia donated proceeds of the sale of collectible Coca-Cola bottles featuring a picture of the city.The initiative marked the first time a Croatian city had ever been featured on a Coca-Cola bottle, andan example of this one-of-a-kind container is now displayed in the World of Coca-Cola in Atlanta.

The WorkplaceOur commitment is to foster an open and inclusive environ-ment, where a highly motivated, productive, and committed

workforce drives business success through superior execution.

The EnvironmentOur commitment is to conduct our business in ways that pro-tect and preserve the environment, and to integrate principles

of environmental stewardship and sustainable development intoour business decisions and processes.

The MarketplaceOur commitment is to provide products and services that meetthe beverage needs of our consumers. In doing this, we provide

sound and rewarding business opportunities and benefits forour customers, suppliers, distributors, and local communities.

The CommunityOur commitment is to invest time, expertise, and resources toprovide economic opportunity, improve the quality of life, and

foster goodwill in our communities through locally relevant ini-tiatives.

9, Fragoklissias Str., 151 25 Maroussi,Athens, GreeceTel.: +30 210 618 3100, Fax: +30 210 619 5514

http://www.coca-colahbc.com

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