Coca Cola (Results 6M 2013):

Coca Cola announced its Q2 results which are marginally better than market consensus. 

• In specifics:

Volume: Volume declined by 2% in the second quarter of 2013. A 2% volume increase in emerging markets was more than offset by a 6% volume decline in established markets and a 3% decline in developing markets. Overall, volume declined by 1% in the first half of 2013. 

 Sales: Net sales revenue declined by 2% in the quarter and by 1% in the first half, with currency neutral net sales revenue per case growing by 1% for both periods. 

Comparable operating profit (EBIT): Our revenue growth initiatives more than offset total input cost increases in absolute terms, still they were not sufficient to prevent a gross margin decline. Lower volume and unfavourable foreign currency movements resulted in a 5% decline in comparable operating profit both in the second quarter and the first half despite operating expense savings. 

Half Year 2013 market shares: We continued to win in the marketplace. We gained or maintained volume

share in sparkling beverages in the majority of our markets including Austria, Ireland, Italy, the Czech Republic, Romania, Russia and Ukraine. 

Half Year 2013 free cash flow: We generated free cash flow of €98 million in the first half of the year, delivering a year-on-year increase of 15%. 

Dividend: The Board has decided on a new progressive dividend policy effective from 2014 onwards with a targeted payout ratio on comparable net profit in the range of 35-45% over time.

A conference call will follow at 11:00 GR time.

• Conference call details:

 Greek participants 00800 4413 1378

 UK participants dial 0800 953 0329

 US participants dial +1 866 819 7111

 Other Int’l participants dial +44 1452 542 301

	Q2	Q2	%
	2013	2012(1)	Change
Volume (m unit cases)	578	587	-2%
Net Sales Revenue (€ m)	1,949	1,986	-2%
Net Sales Revenue per Unit Case (€)	3.37	3.39	-1%
Currency Neutral Net Sales Revenue per Unit Case (€)	3.43	3.39	1%
Comparable Cost of Goods Sold	1,234	1,247	-1%
Comparable EBIT (€ m)	179	188	-5%
Comparable Net Profit (€ m)	127	126	-
Comparable EPS (€)	0.34	0.35	-3%