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SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934

For the month of October, 2012

Coca-Cola Hellenic Bottling Company S.A.

(Translation of Registrant’s Name Into English)

9 Fragoklissias Street, 151 25 Maroussi, Athens, Greece

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F x Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

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This Report on Form 6-K contains the unaudited consolidated financial statements of Coca-Cola Hellenic Bottling Company S.A. (the “company”) as of and for the six months ended 29 June 2012 and 1 July 2011, which are presented together with the unaudited consolidated financial statements of Coca-Cola Hellenic Bottling Company S.A. as of and for each of the three years ended 31 December 2011, 2010 and 2009.  These unaudited financial statements and the related presentation were prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board for inclusion in a prospectus used outside the United States.  The unaudited consolidated financial statements of the company as of and for the six months ended 29 June 2012 and 1 July 2011 have been prepared in compliance with Article 10 of Regulation S-X under the Securities Act of 1933, as amended.  The unaudited consolidated financial statements of the company as of and for each of the three years ended 31 December 2011, 2010 and 2009 have been derived from, and should be read in conjunction with, the audited consolidated financial statements of the company included in the company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on 30 March 2012.

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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This document contains forward-looking statements that involve risks and uncertainties. These statements may generally, but not always, be identified by the use of words such as “believe,” “outlook,” “guidance,” “intend,” “expect,” “anticipate,” “plan,” “target” and similar expressions to identify forward-looking statements. All statements other than statements of historical facts, including, among others; the CCH Group’s future financial position and results; CCH Group’s outlook for 2012 and future years; business strategy; the effects of the global economic slowdown; the impact of the sovereign debt crisis, currency volatility, CCH Group’s recent acquisitions, and restructuring initiatives on CCH Group’s business and financial condition; CCH Group’s future dealings with The Coca-Cola Company; budgets; projected levels of consumption and production; projected raw material and other costs; estimates of capital expenditure and plans and objectives of management for future operations, are forward-looking statements. You should not place undue reliance on such forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect current expectations and assumptions as to future events and circumstances that may not prove accurate. Actual results and events could differ materially from those anticipated in the forward-looking statements for many reasons, including the risks described under Item 3, “Key Information—Risk Factors” in the Coca-Cola Hellenic Bottling Company S.A. 2011 Form 20-F filed with the Securities and Exchange Commission (the “SEC”) on March 30, 2012 (the “2011 Form 20-F”).

Although the CCH Group believes that, as of the date of this document, the expectations reflected in the forward-looking statements are reasonable, the CCH Group cannot assure you that future results, level of activity, performance or achievements will meet these expectations. Moreover, neither the CCH Group nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. After the date of this document, unless the CCH Group is required by law to update these forward-looking statements, the CCH Group will not necessarily update any of these forward-looking statements to conform them either to actual results or to changes in expectations.

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PRESENTATION OF FINANCIAL AND OTHER INFORMATION

The CCH Group’s financial year is 1 January to 31 December.  The CCH Group prepares its financial statements in accordance with the International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or IASB. This Report on Form 6-K contains the unaudited consolidated financial statements of Coca-Cola Hellenic Bottling Company S.A. (the “company”) as of and for the six months ended 29 June 2012 and 1 July 2011, which are presented together with the unaudited consolidated financial statements of Coca-Cola Hellenic Bottling Company S.A. as of and for each of the three years ended 31 December 2011, 2010 and 2009.  These unaudited financial statements and the related presentation were prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board for inclusion in a prospectus used outside the United States.  The unaudited consolidated financial statements of the company as of and for the six months ended 29 June 2012 and 1 July 2011 have been prepared in compliance with Article 10 of Regulation S-X under the Securities Act of 1933, as amended.  The unaudited consolidated financial statements of the company as of and for each of the three years ended 31 December 2011, 2010 and 2009 have been derived from, and should be read in conjunction with, the audited consolidated financial statements of the company included in the company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on 30 March 2012.

Unless otherwise indicated, all references in this document to “euro” and “€” are to the official currency of the member states of the EU that adopted the single currency in accordance with the Treaty Establishing the European Economic Community (signed in Rome on 25 March 1957), as amended by the Treaty of European Union signed in Maastricht on 7 February 1992. The following countries in which the CCH Group operates have also adopted the euro as their official currency: Austria, Cyprus, Greece, Italy, Montenegro, the Republic of Ireland, Slovakia, Slovenia and, effective 1 January 2011, Estonia. Additionally, the currencies of six countries in which CCH operates are pegged to the euro. The euro-pegged currencies of Latvia, Lithuania, the Former Yugoslav Republic of Macedonia, and prior to 1 January 2011, Estonia, are permitted to fluctuate within certain parameters whereas the currencies of Bosnia and Herzegovina and Bulgaria are not permitted to fluctuate.

All references to “US dollar” and “$” are to the lawful currency of the United States.  You should read Item 3, “Key Information Selected Financial Data Exchange rate information” of the 2011 Form 20-F for historical information regarding the exchange rates between the euro and the US dollar based on the Noon Buying Rate for cable transfers as certified by the Federal Reserve Board of New York (the “Noon Buying Rate”).  No representation is made that euro or US dollar amounts referred to in this annual report have been, could have been or could be converted into US dollars or euro at these particular rates or at any rates at all.

Unless the context requires otherwise, references to “CCH Group” refer to Coca-Cola Hellenic Bottling Company S.A. and its subsidiaries, references to the “parent” refer to Coca-Cola Hellenic Bottling Company S.A. and references to the owners of the “parent” refer to its shareholders.

Unless the context requires otherwise, references to “TCCC” refer to The Coca-Cola Company and its subsidiaries.

“Territories” at the date of hereof means Italy (excluding the island of Sicily), Greece, Austria, the Republic of Ireland, Northern Ireland, Switzerland, Cyprus, Poland, Hungary, the Czech Republic, Croatia, Lithuania, Latvia, Estonia, Slovakia, Slovenia, the Russian Federation, Romania, Nigeria, Ukraine, Bulgaria, Serbia (including The Republic of Kosovo), Montenegro, Belarus, Bosnia and Herzegovina, Armenia, Moldova and the Former Yugoslav Republic of Macedonia (through an equity investment). “Established Countries” refers to Italy, Greece, Austria, the Republic of Ireland, Northern Ireland, Switzerland and Cyprus.  “Developing Countries” refers to Poland, Hungary, the Czech Republic, Croatia, Lithuania, Latvia, Estonia, Slovakia and Slovenia. “Emerging Countries” refers to the Russian Federation, Romania, Nigeria, Ukraine, Bulgaria, Serbia (including The Republic of Kosovo), Montenegro, Belarus, Bosnia and Herzegovina, Armenia, Moldova and the Former Yugoslav Republic of Macedonia (through an equity investment).

Unless otherwise specified, sales volume is measured in terms of unit cases sold. A unit case equals 5.678 liters or 24 servings of 8 US fluid ounces each. The unit case is the typical volume measure used in the CCH Group’s industry.

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Information on or accessible through the CCH Group’s corporate website, www.coca-colahellenic.com, does not form part of and is not incorporated into this document.

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OPERATING AND FINANCIAL REVIEW AND PROSPECTS

1.                                      Overview

This discussion and analysis contains forward-looking statements that involve risks and uncertainties. The CCH Group’s actual results could differ materially from those expressed or implied in these forward-looking statements as a result of various factors, including those discussed below.

The Operating and Financial Review and Prospects includes the following sections:

·                  the CCH Group’s business, a general description of the CCH Group’s business;

·                  key financial results, a presentation of the most critical financial measures the CCH Group uses to track its operating performance;

·                  major recent transactions, a description of the recent acquisitions and other transactions that have impacted, or will impact, the CCH Group’s performance;

·                  application of critical accounting policies, a discussion of accounting policies that require critical judgments and estimates;

·                  principal factors affecting the results of the CCH Group’s operations, a discussion of the primary factors that have a significant impact on the CCH Group’s operating performance;

·                  operating results, an analysis of the CCH Group’s consolidated results of operations during the three years presented in its financial statements and for the six months, ended 29 June 2012 and 1 July 2011. The analysis is presented both on a consolidated basis, and by business segment through to operating profit;

·                  liquidity and capital resources, an analysis of cash flows, sources and uses of cash;

·                  tabular disclosure of contractual obligations, a discussion of the CCH Group’s contractual obligations as at 29 June 2012; and

·                  outlook and trend information, a review of the outlook for, and trends affecting, the CCH Group’s business.

2.                                      The CCH Group’s business

The CCH Group’s business consists of producing, selling and distributing non-alcoholic ready-to-drink beverages, primarily products of TCCC, which accounted for approximately 96% of the CCH Group’s sales volume in the six months ended 29 June 2012 and the year ended 31 December 2011.

The CCH Group owns, controls and operates a network of independent bottling plants and warehousing and distribution systems. The CCH Group operates 76 plants and 295 filling lines and maintains 250 distribution centres and 86 warehouses throughout the CCH Group’s Territories. The CCH Group principally produces, sells and distributes non-alcoholic ready-to-drink beverages under bottlers’ agreements and franchise arrangements with third parties and under its own brand names.  The CCH Group also distributes beer and third party premium spirits in certain of its central and eastern European operations. The scale and reach of the CCH Group’s distribution network and production capacity is a key element in its ability to deliver on its commercial objectives of developing and growing the range and penetration of its portfolio of products in each of the CCH Group’s Territories.

Products

The CCH Group’s products consist of Sparkling and Still beverages and Water beverages, including juices, sports and energy drinks, and other ready-to-drink beverages such as teas and coffees. In the six months ended 29 June

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2012, the CCH Group’s Sparkling beverages category accounted for 69%, and its combined Still beverages and Water category accounted for 31% of the CCH Group’s sales volume respectively. The CCH Group’s core Sparkling beverage brands are Coca-Cola, Fanta, Sprite, Coca-Cola light (Diet Coke) and Coca-Cola Zero, which together accounted for approximately 63% of its total sales volume in the six months ended 29 June 2012 and 62% of its total sales volume in the year ended 31 December 2011.

The CCH Group has entered into bottlers’ agreements with TCCC for each of the Territories under which the CCH Group has the right to exclusively produce and, subject to certain limitations, sell and distribute products of TCCC in each of these Territories. Sales of products of TCCC represented approximately 96% of the CCH Group’s total sales volume in the six months ended 29 June 2012 and the year ended 31 December 2011, with sales of products under the TCCC brand, the world’s most recognised brand, representing approximately 41% and 40% of the CCH Group’s total sales volume in those periods respectively. In addition to TCCC, the CCH Group’s other core brands include Fanta, Sprite, Coca-Cola light (which the CCH Group sells in some of its countries under the Diet Coke trademark) and Coca-Cola Zero. The CCH Group’s core brands together accounted for approximately 63% and 62% of its total sales volume in the six months ended 29 June 2012 and the year ended 31 December 2011, respectively. The CCH Group also produces, sells and distributes a broad family of brands of other Sparkling, Still and Water beverages which varies from country to country. It also distributes third party premium spirits which also varies from country to country. The CCH Group is committed to exploring new growth opportunities in the Sparkling, Still and Water beverages category with TCCC by introducing new products and packages that satisfy the changing demands and preferences of consumers for those products in the CCH Group’s markets.  The CCH Group is also committed to expanding its distribution of third party premium spirits.

In the six months ended 29 June 2012, Sparkling beverages of TCCC accounted for 69% of the CCH Group’s sales volume, Still and Water beverages of TCCC, principally Bonaqua, Dorna and Valser waters, Cappy juices and Powerade, together with Nestea, licensed to the CCH Group by Beverage Partners Worldwide, accounted for approximately 29% of the CCH Group’s sales volume. In the six months ended 29 June 2012, other beverages, principally its Amita juices and Avra waters, accounted for approximately two per cent. of the CCH Group’s sales volume. The following table sets forth the CCH Group’s top five brands in the six months ended 29 June 2012 in terms of sales volume as a percentage of its total sales volume:

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The following table sets forth some of the CCH Group’s products, including: products that TCCC and third parties have licensed to the CCH Group; products that the CCH Group owns; and third party products that it distributes.

(1)           The CCH Group acquired the “botaniQ” trademark as part of the acquisition of OOO Aqua Vision on 4 September 2007. The trademark was sold on 29 February 2008 to the Multon Z.A.O. group, a joint venture operated by TCCC and the CCH Group.

(2)           These brands were originally owned by Fonti del Vulture S.r.l., a water company in Italy, which the CCH Group purchased jointly with TCCC in July 2006. In October 2008, the brands of Fonti del Vulture S.r.l were transferred to TCCC.

(3)           The CCH Group distributes Remy Cointreau products in Ukraine pursuant to a distribution agreement entered into in June 2010 and in Bosnia, Croatia and Serbia and Montenegro pursuant to a distribution agreement entered into in April 2012.

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(4)           The CCH Group sells and distributes premium ready-to-drink coffee under the “illyissimo” brand across several of its Territories under distribution agreements with Ilko Coffee International Srl.

(5)           The CCH Group produces, sells and distributes Nestea under a licence from Beverage Partners Worldwide.

(6)           The CCH Group produces, sells and distributes Tuborg Soda and Tonic Water under a license from Carlsberg Breweries A/S.

(7)           The CCH Group distributes Monster products in Hungary, Czech Republic and Slovakia pursuant to distribution agreements entered into in April 2010. In addition, the CCH Group distributes Monster products in Bulgaria pursuant to a distribution agreement entered into in November 2010. Further, the CCH Group distribute Monster products in Austria and Switzerland pursuant to a distribution agreement entered into in August 2010, in Greece and Cyprus pursuant to a distribution agreement entered into in February 2011 and in Estonia, Latvia and Lithuania pursuant to a distribution agreement entered into in June 2011.

(8)           These brands are owned by Fresh & Co, a juice company in Serbia, which the CCH Group purchased jointly with TCCC in March 2006.

(9)           The CCH Group distributes Heineken products in the south-west region of the Republic of Ireland and the Former Yugoslav Republic of Macedonia. In March 2008, the CCH Group entered into an agreement with Heineken to distribute Amstel, Heineken, Master, MB Pils, Kaiser and Schlossgold products in Serbia and Montenegro.

(10)         The CCH Group distributes Bacardi Limited products in Hungary, pursuant to a distribution agreement entered into in June 2008.

(11)         The CCH Group distributes Rezangyal products in Hungary pursuant to a distribution agreement signed in June 2010.

(12)         The CCH Group distributes Brown-Forman products in Hungary, Ukraine, Serbia/Croatia and Russia pursuant to distribution agreements entered into in January 2006, April 2008, August 2009 and October 2010, respectively.

(13)         The CCH Group distributes the Edrington Group products in Serbia, Croatia, Hungary and Ukraine pursuant to distribution agreements entered into in March 2010 and in Bosnia pursuant to distribution agreements entered into in June 2011.

(14)         The CCH Group distributes Rivella and Heineken beer brands (Heineken and Feldschlösschen) via the Swiss Home Delivery Channel.

In practice, the CCH Group and TCCC discuss on an annual basis the long-term strategic direction of how the TCCC’s brand-related products are to develop in particular Territories.  The mutually agreed upon objectives shape the level of marketing and promotional investments that may become necessary to attain these goals.  The mutually agreed marketing and promotional investments are in turn segregated into consumer-driven (such as building TCCC brand equity, analysing consumer preferences, formulating brand marketing strategies and media advertising plans), which are TCCC’s responsibility, and customer-driven (such as customer discounts and marketing and promotional materials at a customer level), which are the CCH Group’s responsibility.

Business segments

The CCH Group operates in 28 countries, serving a population of approximately 579 million people (including through the CCH Group’s equity investment in Brewinvest S.A., a business engaged in the bottling and distribution of beer in Bulgaria and AD Pivara Skopje, a business engaged in the bottling and distribution of beer and non-alcoholic ready-to-drink beverages in the Former Yugoslav Republic of Macedonia).  The CCH Group aggregates these 28 countries into three business segments. The countries included in each segment share similar levels of political and economic stability and development, regulatory environments, growth opportunities, customers and distribution infrastructures. The CCH Group’s three business segments are as follows:

·      Established Countries, which are Italy, Greece, Austria, the Republic of Ireland, Northern Ireland, Switzerland and Cyprus;

·      Developing Countries, which are Poland, Hungary, the Czech Republic, Croatia, Lithuania, Latvia, Estonia, Slovakia and Slovenia; and

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·      Emerging Countries, which are the Russian Federation, Romania, Nigeria, Ukraine, Bulgaria, Serbia (including the Republic of Kosovo), Montenegro, Belarus, Bosnia and Herzegovina, Armenia, Moldova and the Former Yugoslav Republic of Macedonia.

The CCH Group reviews these country groupings annually to determine whether they continue to represent the most meaningful segmentation of its business. In undertaking this review, the CCH Group considers a variety of factors including disposable income per capita, exposure to economic volatility and net sales revenue per unit case. Based on the most recent review, the CCH Group continues to believe that its three business segments provide the most accurate basis on which to analyse its business.

The following table illustrates certain key economic indicators for the countries within each segment for the six months ended 29 June 2012.

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Sources: Information on country or territory population and GDP per capita has been obtained from The World Economic Outlook Database, International Monetary Fund, April 2012, except for the population of the CCH Group’s Italian territory (see footnote (3) below) and Northern Ireland. Population data for Northern Ireland has been obtained from the Northern Ireland Statistics and Research Agency.

(1)           One unit case corresponds to 24 servings of eight US fluid ounces.

(2)           The total volume for Italy represents the volume in respect of both distribution of products of TCCC in the CCH Group’s territory of total Italy (excluding the island of Sicily) and the distribution of the water products of Fonti del Vulture S.r.l across the whole of Italy.

(3)           The population figure provided for Italy is based on information obtained from The World Economic Outlook Database, International Monetary Fund, April 2012, which is then adjusted by the CCH Group to exclude the island of Sicily, which does not form part of its Italian territory.

(4)           The GDP per capita of Italy represents the GDP per capita of Italy as a whole. The GDP per capita reported for Ireland reflects a population-weighted average of the GDP per capita for the Republic of Ireland and Northern Ireland (as based on the GDP for the United Kingdom).

(5)           Population-weighted average for all Territories in the category was used for the GDP per capita calculation.

(6)           Exports are not included in the volume.

The following table sets forth the number of the CCH Group’s distribution centres and warehouses for each segment and each country within that segment as of the six months ended 29 June 2012.

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Established Countries

Introduction

The CCH Group’s Established Countries are Italy, Greece, Austria, the Republic of Ireland, Northern Ireland, Switzerland and Cyprus. These countries have traditionally enjoyed a relatively high degree of political and economic stability and have broadly similar economic characteristics. Further, they typically exhibit high levels of disposable income per capita relative to the CCH Group’s Developing and Emerging Countries, which enhances the affordability of the CCH Group’s products, especially its more profitable single-serve packages designed for immediate consumption.

Macroeconomic and trading conditions have deteriorated in some of the CCH Group’s Established Countries in the last two years, particularly in Greece, the Republic of Ireland and more recently Italy. The ongoing sovereign debt crisis in the European Union and particularly in the eurozone has resulted in a slowdown and, in many cases, a contraction in the real GDP of the CCH Group’s Established Countries. At the same time, deteriorating consumer confidence and rising unemployment had an adverse impact on consumer demand.

Established Countries are characterised by high consumer sophistication. The most important trend generally affecting the future consumption channel in the CCH Group’s Established Countries is an increasing concentration of the retail sector. At the same time, the CCH Group sees many opportunities in these countries for further growth in the more profitable immediate consumption channel, specialised consumption venues and workplaces. Activation at final points of sale is also a key focus of the CCH Group’s sales and marketing efforts in these countries.

The CCH Group sells its products in its Established Countries through a combination of wholesalers and the CCH Group’s direct delivery system. The CCH Group continues to successfully expand its direct distribution capabilities, particularly in Italy.

The CCH Group has taken certain initiatives to consolidate its production network by rationalising facilities, through consolidation, relocation of manufacturing lines, and streamlining of warehouses. The Established Countries that

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have principally benefited from such initiatives include the Republic of Ireland and Northern Ireland, Austria, Italy and Greece.

Net sales revenue in the CCH Group’s Established Countries amounted to €1,349.2 million in the six months ended 29 June 2012 compared to €1,421.6 million in the six months ended 1 July 2011, which accounted for 39.3% and 41.9% of CCH’s total net sales revenue in the respective periods. Net sales revenue in the CCH Group’s Established Countries amounted to €2,807.0 million in the year ended 31 December 2011, €2,834.6 million in the year ended 31 December 2010 and €2,927.8 million in the year ended 31 December 2009 and which accounted for 41.0%, 41.7% and 44.7% of its total net sales revenue in the years ended 31 December 2011, 2010 and 2009, respectively.

Italy

The CCH Group’s business in Italy encompasses the manufacture and distribution of the products of TCCC, as well as water products of Fonti del Vulture S.r.l. across all of Italy, excluding the island of Sicily. Fonti del Vulture S.r.l. was acquired jointly with TCCC in July 2006. In December 2008, the CCH Group acquired Socib S.p.A., the second largest Coca-Cola bottler in Italy, with a territory consisting of southern Italy and the island of Sardinia, which together include approximately 24% of the Italian population. In February 2011, the CCH Group sold Eurmatik S.r.l., a direct full service vending company acquired in May 2007. The CCH Group’s territory in Italy encompasses over 90% of the Italian population. The CCH Group believes that it is one of the largest bottlers of non-alcoholic ready-to-drink beverages in the territory (based on a NARTD volume share of 8.9% and a value share of 20.5%, as of 29 June 2012, according to Nielsen) and the leader in the Sparkling beverages category in terms of sales volume and value (based on a Sparkling volume share of 51.6% and a value share of 62.2%, as of 29 June 2012, according to Nielsen).

In the six months ended 29 June 2012, the CCH Group achieved a sales volume of 154.4 million unit cases, a decrease of 4.2 per cent. compared to the six months ended 1 July 2011. During the same period, the overall non-alcoholic ready-to-drink beverages market declined by 0.5 per cent. compared to the prior year period. Sparkling beverages category volume declined by 4.5 per cent., Still beverages category volume decreased by 9.6 per cent. and Water beverages category volume decreased by 2.5 per cent. in the six months ended 29 June 2012 compared to the six months ended 1 July 2011. Difficult economic conditions in Italy negatively impacted consumer confidence and household spending. In addition, unemployment increased to 10.1 per cent. at the end of June 2012, with youth unemployment reaching 31%, a level that is the highest in many years and among the highest in Europe. At the end of 2011, after the Italian sovereign debt was downgraded by the main rating agencies and the spread between Italian and German Treasury bonds reached a new peak, the Italian government introduced a critical austerity bill, including a value added tax increase of one per cent. intended to reduce the country’s fiscal deficit to three per cent. or less of GDP by 2012 and an additional increase of two per cent. is under consideration for 2013. These measures are likely to negatively impact GDP and employment in the short and medium term, which could adversely affect the results of the CCH Group’s operations.

During 2011, the CCH Group completed the installation of solar panels at all of its production facilities in Italy.

Greece

The CCH Group has operated in Greece since 1969 and believes that it is the largest bottler of non-alcoholic ready-to-drink beverages (based on a NARTD volume share of 33.8% and a value share of 56.6%, as of 29 June 2012, according to IRI) and the leader in the Sparkling beverages category in Greece in terms of sales volume and value (based on a Sparkling volume share of 70.3% and a value share of 79.4%, as of 29 June 2012, according to IRI). The CCH Group’s strength in the Greek Sparkling beverages category has been complemented by its success in the Greek combined Still and Water beverages category, where it is the leading producer of fruit juices with its Amita and Frulite brands in terms of sales volume and value (based on a juice category volume share of 43.8% and value share of 49.1%, as of 29 June 2012, according to IRI). Immediate consumption channels, including those associated with the tourism industry, are particularly important for the CCH Group’s business in Greece. The Greek market is very fragmented and thus the CCH Group sells the majority of its products to wholesalers and distributors, which distribute the CCH Group’s products to small outlets. Direct delivery is limited to certain customers, including supermarket chains and other key accounts.

The CCH Group achieved a sales volume of 57.0 million unit cases, in the six months ended 29 June 2012. The CCH Group’s total sales volume decreased by 15.0% compared to the six months ended 1 July 2011, with a steeper

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decline in the first quarter of 2012. The adverse economic environment, the negative impact from the numerous waves of austerity measures (including pension and salary reductions, imposition of solidarity tax and additional real estate tax) that reduced disposable income further and led to a strong decline of private consumption, as well as the increase of value added tax in non-alcoholic beverages and juices from 13% to 23% since September 2011 has significantly reduced the CCH Group’s profitability, despite its restructuring efforts. As a condition of the second European Monetary Union / International Monetary Fund rescue package announced on 20 February 2012, Greece has committed to further aggressive and wide-ranging fiscal retrenchment during 2012, including further increases in taxation. The magnitude of fiscal adjustments to which Greece has agreed, and any further measures which may be required, are likely to continue having a significant negative effect on economic activity in Greece. However, the CCH Group continues to maintain its long-term focus while adapting its business to a new economic environment characterised by austerity measures.

Austria

The CCH Group believes that it is the largest bottler of non-alcoholic ready-to-drink beverages (based on a NARTD volume share of 18.2% and a value share of 22.7%, as of 29 June 2012, according to Nielsen) and the leader in the Sparkling beverages category in Austria in terms of sales volume and value (based on a Sparkling volume share of 43.1% and a value share of 58.2%, as of 29 June 2012, according to Nielsen). In addition to the core brands of TCCC, the CCH Group’s Sparkling beverages portfolio includes Mezzo Mix and Almdudler, a popular national sparkling beverage, as well as the energy drinks Burn and Monster, which were launched in Austria at the end of 2008 and 2010, respectively. In addition, Römerquelle is the fourth largest water brand in Austria and constitutes nearly 20% of its sales volume (based on a Water volume share of 10.2% and a value share of 12.1%, as of 29 June 2012, according to Nielsen).

The Austrian retail market is highly concentrated with two major retailers holding a market share of nearly 70% (according to data produced by Nielsen as of 29 June 2012). The retail trade has accounted for most of the CCH Group’s growth over the past three years. Since June 2012, the CCH Group’s products have been listed with the largest discounter in Austria, which provides access to 100% of the Austrian retail trade. For sales in the immediate consumption channel, the CCH Group relies on a combined direct and indirect service system with two key wholesalers servicing half of the CCH Group’s Austrian hotel, restaurant and café customers. In line with the CCH Group’s route-to-market strategy, it has continuously increased its efforts to activate all of its direct, as well as indirect accounts to improve quality and availability in the more profitable immediate consumption channel. On 1 January 2011, SAP ‘Wave 2’ was rolled-out in Austria, enhancing the CCH Group’s commercial capabilities.

In the six months ended 29 June 2012, the CCH Group achieved a sales volume of 39.1 million unit cases, including exports, an increase of 2.7 per cent. compared to the corresponding period in 2011. While the Austrian non-alcoholic ready-to-drink beverages market has continuously declined in volume in all categories except energy drinks, the CCH Group increased its non-alcoholic ready-to-drink beverages volume share as compared to the six months ended 1 July 2011 by 0.2 per cent., including an increase in Sparkling category beverage volume share of by 0.7 per cent.

In 2011, the CCH Group introduced a new water production line at its plant in Edelstal. The new Ultra-Clean line enables the CCH Group to step into new categories such as children’s drinks and more diversified packaging. This will help the CCH Group to meet future water growth rates, to increase its water profitability and to reduce costs.

Furthermore, the CCH Group reviewed its production and logistic infrastructure and decided to combine its two production sites to one bigger and more efficient plant. As a result, in 2012, the CCH Group will close its Vienna plant and consolidate its production and warehouse facilities to Edelstal (its Römerquelle plant). As of June 2012, the construction works were proceeding according to schedule and the CCH Group expects to move its production lines to Edelstal by the end of the third quarter of 2012. This is expected to increase efficiency, improve production line utilisation and significantly reduce the CCH Group’s production and warehouse costs.

Switzerland

The CCH Group believes that it is the largest bottler of non-alcoholic ready-to-drink beverages in Switzerland in terms of sales volume (based on a NARTD volume share of 16.4%, as of 29 June 2012, according to Nielsen). In addition to the core sparkling beverage brands of TCCC, the CCH Group’s Sparkling beverage brands include Ali and Kinley, its Still and Water beverages category brands include Valser mineral water, Nestea ice teas, Minute Maid juices, Powerade sports drinks and Monster in the energy sub-category. The CCH Group decided to withdraw

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Burn from its energy portfolio in 2011. The CCH Group believes that its mix of Sparkling, Still and Water beverages provides the CCH Group with flexibility to address the changing preferences and tastes of Swiss consumers. In the hotel, restaurant and café channel, representing nearly half of the Swiss volume, the distribution system for non-alcoholic ready-to-drink beverages relies primarily on wholesalers that are highly concentrated. As a result, the CCH Group’s relationship with its key wholesalers is particularly important to the CCH Group. In 2011, the CCH Group continued the successful implementation of the wholesaler partner model, which has significantly improved the manner in which the CCH Group interacts with key customers. This partnership model is instrumental in providing the CCH Group with better access to its customers and data transparency at the outlet level, which ultimately improves the CCH Group’s understanding of the end consumer. In order to further promote the CCH Group’s home delivery business, the CCH Group decided to spin off this business unit to a separate wholly-owned subsidiary under the name Valser Service AG.  On 1 January 2012, SAP ‘Wave 2’ was rolled-out in Switzerland, and is enhancing the CCH Group’s commercial capabilities and further increasing the CCH Group customer satisfaction levels

The CCH Group achieved sales volume of 41.7 million unit cases, including exports, in the six months ended 29 June 2012, which represented a decrease of 4.2 per cent. compared to the six months ended 1 July 2011. In the retail channel, the CCH Group was able to grow its sales as a result of the 2010 introduction of its products in one of the largest retailers in Switzerland, where the CCH Group is listed with the Coca-Cola brands. The CCH Group has also expanded its training and development programme to all target groups in the commercial department and has invested strongly in new marketing programmes and materials for marketplace activation. As a result, the CCH Group’s overall household penetration improved in the six months ended 29 June 2012. In addition, the CCH Group enhanced sales focus on its Coca-Cola brands through the use of new outlet activation standards. The CCH Group also continued to drive distribution of its Nestea range of products and further expanded the sales force coverage of the workplace channel, where the CCH Group believes that there is good growth potential.

The Republic of Ireland and Northern Ireland

The CCH Group believes it is the largest bottler of non-alcoholic ready-to-drink beverages in the Republic of Ireland and Northern Ireland (based on a NARTD volume share of 33.6% and a value share of 34.7%, as of 29 June 2012, according to Nielsen) and the leader in the Sparkling beverages category in terms of sales volume and value (based on a Sparkling volume share of 58.3% and a value share of 64.7%, as of 29 June 2012, according to Nielsen). The CCH Group’s strategy has been to diversify its portfolio of Sparkling, Still and Water beverages. The CCH Group’s brands in the juice sub-category include Fruice, Five Alive and Oasis. The CCH Group’s primary water brand, Deep River Rock, is proprietary to it and is the largest brand in the market in terms of value and the second largest brand in terms of sales volume (based on a brand value share of 17.5% and a volume share of 12.6%, as of 29 June 2012, according to Nielsen), and the CCH Group also holds a license to distribute Vittel. In the Republic of Ireland and Northern Ireland, the CCH Group sells the majority of its products to independent wholesalers and distributors that distribute its products to smaller outlets, and the CCH Group delivers its products directly to certain key customers, including supermarket chains. On 1 January 2012, SAP ‘Wave 2’ was rolled-out in Ireland. The CCH Group believes it will enhance its commercial capabilities and increase its customer satisfaction levels.

The overall non-alcoholic ready-to-drink beverages market in the Republic of Ireland and Northern Ireland continued to decline in the first six months of 2012, due to lower levels of consumer disposable income, as a result of government funding cuts and increased taxation. In the six months ended 29 June 2012, the CCH Group achieved sales volume of 34.8 million unit cases, including exports, in Ireland, which represented a decrease of 7.0% compared to the six months ended 1 July 2011. The CCH Group’s core Sparkling beverages volume decreased by 1.6 million unit cases in the six months ended 29 June 2012 compared to the six months ended 1 July 2011, in an overall declining market. Water beverages category volume increased by 0.6% in volume and decreased by 1.9% in value (according to data produced by Nielsen, as of 29 June 2012), however, the Deep River Rock brand continues to be the largest brand in the market in terms of value and the second largest brand in terms of sales volume (based on a brand value share of 17.5% and a volume share of 12.6%, as of 29 June 2012, according to Nielsen). The overall sentiment in the marketplace remains depressed with consumers increasingly buying products only on promotion, hence overall demand in the juice segment (which is traditionally a higher priced product) continued to decline, with brands having to discount up to 30% to generate any uplifts. Sports and energy sales have increasingly moved to discount brands and private label, however, within this category, the CCH Group has increased its volume and value share in both the impulse and take home segments.

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Developing Countries

Introduction

The CCH Group’s Developing Countries are Poland, Hungary, the Czech Republic, Croatia, Lithuania, Latvia, Estonia, Slovakia and Slovenia. Apart from Croatia, all of the CCH Group’s Developing Countries joined the EU on 1 May 2004. All of the CCH Group’s Developing Countries have market-oriented economies. The CCH Group’s Developing Countries generally have lower disposable income per capita than its Established Countries and continue to be exposed to economic volatility from time to time.

Macroeconomic conditions had been positive in the CCH Group’s Developing Countries in years prior to 2008, with all countries experiencing positive real GDP growth. However, economic growth has slowed or reversed in the last three years as a result of the global financial and credit crisis. In 2011, GDP growth and unemployment stabilised in the CCH Group’s Developing Countries compared to 2010 and 2009, when GDP growth declined and unemployment increased. The entry of all of the CCH Group’s Developing Countries, other than Croatia, into the EU, has resulted in increased political stability due to their gradual alignment with the principles, objectives and regulations of the EU.

The CCH Group’s Developing Countries are typically characterised by lower net sales revenue per unit case than in its Established Countries. TCCC’s products were introduced in the early 1990s in most of the CCH Group’s Developing Countries, where they have since become established premium brands. Consumers in some Developing Countries continue to move away from tap water and homemade drinks to branded products as beverages of choice. In addition, consumers in these markets have shown an increasing interest in branded beverages associated with well-being and fitness, such as water and juices.

The non-alcoholic ready-to-drink beverages market tends to be fragmented in the CCH Group’s Developing Countries, with no single market participant typically holding a leading share in more than one market category. In addition, consumers tend to be more price-sensitive in the CCH Group’s Developing Countries than in its Established Countries. Consequently, the CCH Group’s products often face competition from local non-premium brands, which, in a number of cases, have been present in the market for many years and remain popular with consumers.

The CCH Group believes that its Developing Countries offer significant growth opportunities for both its Sparkling, Still and Water beverages and the CCH Group is committed to maximising these opportunities by introducing existing and new products, flavours and packages in both the future consumption and the immediate consumption channels. The CCH Group plans to support the increased presence of its products across both the future and immediate consumption channels with its route-to-market systems and the increased availability of coolers and other cold drink equipment.

Net sales revenue in the CCH Group’s Developing Countries amounted to €548.9 million in the six months ended 29 June 2012 compared to €582.8 million in the six months ended 1 July 2011, which accounted for 16.0% and 17.2% of CCH’s total net sales revenue in the respective periods. Net sales revenue in the CCH Group’s Developing Countries amounted to €1,149.1 million in the year ended 31 December 2009, €1,140.0 million in the year ended 31 December 2010 and €1,161.5 million in the year ended 31 December 2011, which accounted for 16.9%, 16.8% and 17.6% of its total net sales revenue in the years ended 31 December 2011, 2010 and 2009, respectively.

Poland

Poland is the CCH Group’s largest Developing Country in terms of both population and sales volume. The CCH Group believes it is the largest bottler of non-alcoholic ready-to-drink beverages in Poland in terms of sales volume (based on a NARTD volume share of 12.5%, as of 29 June 2012, according to Nielsen). Poland’s low urbanisation and large population represent an opportunity for growth of the CCH Group’s business. In addition to the core brands of TCCC, the CCH Group’s Sparkling beverages brands in Poland include Lift. The CCH Group’s portfolio of water brands in Poland includes Kropla Beskidu and Multivita Kropla Mineralow, whilst its portfolio of energy brands was enlarged with the addition of the Monster brand. The CCH Group continued to see a significant shift to

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modern trade channels in Poland and is adapting its business to address this change. During 2011, the CCH Group rolled-out SAP ‘Wave 2’ in Poland, and the CCH Group believes it has enhanced its commercial capabilities and increased its customer satisfaction levels.

The CCH Group has also invested in cold drink equipment, an upgrade of its aseptic line to improve production reliability and reduce costs, a new environmentally friendly water bottle and new Sparkling beverages packages were also introduced. The CCH Group has also started the preparation for investment to extend the Radzymin plant infrastructure, which will be a solid basis for future capacity growth.

In the six months ended 29 June 2012, the CCH Group achieved sales volume of 84.4 million unit cases in Poland, which represented a decrease of 3.6 per cent. compared to the six months ended 1 July 2011, mainly due to the weakening economy and adverse weather conditions. However, the CCH Group’s core Sparkling beverages category volume increased by 4.5% in the six months ended 29 June 2012 compared to the six months ended 1 July 2011, mainly due to its packaging strategy for core Sparkling beverages, which resulted in an increase in the CCH Group’s core Sparkling beverages volume market share of 2.3 per cent.

During the first half of 2012, Poland was the co-host of the UEFA Euro 2012 tournament, which offered a unique opportunity to Poland. The CCH Group utilised this occasion to strengthen its association with football in Poland through activation, market execution and customer relationship activities.

Hungary

The CCH Group believes that it is the largest bottler of non-alcoholic ready-to-drink beverages in Hungary in terms of sales volume and sales value (based on a NARTD volume share of 20.2% and a value share of 41.1%, as of 29 June 2012, according to Nielsen). Hungary has one of the most developed sparkling beverages markets in Central and Eastern Europe. In addition to the core brands of TCCC including Kinley, the CCH Group’s Sparkling beverages brands in Hungary also include Lift, and its Still and Water beverages brands include Naturaqua mineral water and Naturaqua Emotion (flavoured). Other brands include the range of Nestea ice teas, Cappy juice, Cappy Icefruit juice drinks, Burn energy drinks and Powerade sports drinks.

On 1 January 2011, SAP ‘Wave 2’ was rolled-out in Hungary. The CCH Group believes it has enhanced its commercial capabilities and increased its customer satisfaction levels. However, the CCH Group’s total volume decreased by 2.2 per cent. in the six months ended 29 June 2012 compared to the six months ended 1 July 2011, mainly due to the ongoing economic crisis in Hungary. The CCH Group’s Water beverages category volume decreased by 0.7 per cent. in the six months ended 29 June 2012, compared to the six months ended 1 July 2011, driven by the strong market competition and a general decline in consumption. In the fruit-based drink category, the CCH Group’s volume increased by eight per cent. in the six months ended 29 June 2012, compared to the corresponding period in 2011, primarily as a result of the continuing success of the marketing campaign for the Cappy brand. The CCH Group’s energy drink category has still not recovered from the impact of the introduction of a new public “health tax”, which caused a 40% price increase in its portfolio of Burn and Monster products. As a result of this dramatic price increase, the CCH Group suffered a 70% decline in volume compared to six months ended 1 July 2011. The CCH Group continued its distribution of Brown-Forman, Bacardi Martini products and a Hungarian spirit called Rézangyal, as well as certain products of The Edrington Group.

Emerging Countries

Introduction

The CCH Group’s Emerging Countries are the Russian Federation, Romania, Nigeria, Ukraine, Bulgaria, Serbia (including the Republic of Kosovo), Montenegro, Belarus, Bosnia and Herzegovina, Armenia, Moldova and the Former Yugoslav Republic of Macedonia. These countries are exposed to greater political and economic volatility and have lower per capita GDP than the CCH Group’s Developing or Established Countries. As a result, consumer demand in the CCH Group’s Emerging Countries is especially price sensitive, making the affordability of the CCH Group’s products even more important. The global financial and credit crisis has exacerbated such structural issues in the CCH Group’s Emerging Countries. The CCH Group seeks to promote its products through a strategic

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combination of revenue growth management, packaging and promotional programmes taking into account local economic conditions.

The CCH Group’s Emerging Countries were the first to be affected by the global financial and credit crisis of 2008. Since then, the CCH Group has not experienced concrete and sustained evidence of recovery. Even though GDP appears to have stabilised and in some cases returned to growth in 2011 and the first half of 2012 in some of these countries, unemployment remained at high levels and currencies were very volatile, particularly in the second half of 2011. Further, the CCH Group’s Emerging Countries are traditionally exposed to world commodity prices and have experienced a large adverse impact from higher PET resin and world sugar prices in recent years.

Most of the CCH Group’s Emerging Countries are characterised by lower net sales revenue per unit case than its Established and Developing Countries. Consumers in some emerging markets are moving away from tap water and homemade drinks as their principal beverages and have shown an increasing interest in branded beverages. In some of the CCH Group Emerging Countries, consumers are showing particular interest in juices and branded waters.

In general, the CCH Group’s Emerging Countries have a relatively undeveloped distribution infrastructure and a fragmented retail sector. In order to expand the availability of the CCH Group’s products, its priority has been to establish reliable distribution networks through a combination of its own direct delivery system and independent distributors and wholesalers where this is economically more efficient. The CCH Group also focuses on improving the availability of chilled products by placing coolers and other cold drink equipment in the market.

The CCH Group believes that its Emerging Countries provide significant growth opportunities. Some of the factors that influence these growth opportunities include relatively low consumption rates, population size (especially in the Russian Federation, Nigeria and Ukraine) and favourable demographic characteristics, notably the larger proportion of young people in countries such as Nigeria who typically consume a higher amount of Sparkling beverages.

Net sales revenue in the CCH Group’s Emerging Countries amounted to €1,534.0 million in the six months ended 29 June 2012 compared to €1,391.3 million in the six months ended 1 July 2011, which accounted for 44.7% and 41.0% of CCH’s total net sales revenue in the respective periods. Net sales revenue in the CCH Group’s Developing Countries amounted to €2,466.7 million in the year ended 31 December 2009, €2,819.0 million in the year ended 31 December 2010 and €2,885.8 million in the year ended 31 December 2011, which accounted for 42.1%, 41.5% and 37.7% of its total net sales revenue in the years ended 31 December 2011, 2010 and 2009, respectively.

Russian Federation

The CCH Group is the exclusive bottler of the products of TCCC for all of the Russian Federation and the CCH Group believes it is the largest bottler of Sparkling beverages in the Russian Federation in terms of sales volume (based on a Sparkling volume share of 30.4%, as of 29 June 2012, according to Canadean). In addition to the core brands of TCCC, the CCH Group produces and sells in the Russian Federation other products of TCCC, such as popular local brands Fruktime and Dobry Lemonade, offered in flavours familiar to Russian consumers, as well as Schweppes-branded mixer products. The CCH Group has also launched “Kruzhka i Bochka”, which is a traditional malted beverage called “Kvass” and is very popular among Russian consumers. The CCH Group’s juice brands in the Russian Federation include Rich, Nico and Dobry, all of which compose the product portfolio of the Multon Z.A.O. group, a leading juice producer (based on a volume share of 17.6%, as of 29 June 2012, according to Canadean) jointly acquired with TCCC in April 2005. The CCH Group’s main non-sparkling brands are Bonaqua water and Nestea ice teas. The CCH Group also sells and distributes energy drink Burn and the range of Powerade sports drinks. On 4 September 2007, the CCH Group acquired 100% of OOO Aqua Vision, a company owning a newly constructed production facility located in close proximity to Moscow. In October 2010, the CCH Group entered into an agreement with Brown-Forman to distribute Brown-Forman beverages.

In the six months ended 29 June 2012, the CCH Group achieved sales volume of 179.4 million unit cases in Russia, which represented an increase of 8.3 per cent. compared to the six months ended 1 July 2011, mainly due to the growth of Coca-Cola, Fanta and Dobry juice. The CCH Group outperformed an improving industry and gained volume and value share in the Sparkling beverages category as well as volume share in the overall non-alcoholic ready-to-drink beverages category. The CCH Group continues to invest in its manufacturing facilities, sales equipment and distribution infrastructure in the Russian Federation. In the six months ended 29 June 2012, the CCH

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Group’s investment in such assets exceeded €45 million. The CCH Group distributes its products primarily through its direct delivery system, but also through its wholesalers and independent distributors. The CCH Group believes that it has one of the largest direct distribution networks in the Russian Federation, comprising over 74 distribution centres in all of the key cities of the country. The CCH Group continues to implement its distribution strategy for improving the availability of its products, in particular of its single-serve packages, across the country. In 2011, the CCH Group accomplished full integration of its sales and distribution systems with the Multon Z.A.O. group, which had been in progress for the last couple of years. The CCH Group expects that this integration will provide it with significant synergy benefits, coming from increased efficiency of sales force and route-to-market operations.

Nigeria

The CCH Group is the largest bottler of non-alcoholic ready-to-drink beverages in Nigeria (based on a NARTD volume share of 53.3% and a value share of 49.9%, as of 29 June 2012, according to Nielsen). The CCH Group’s Still and Water beverages are the leading brands in their respective sub-categories (based on a Water category volume share of 50.9% and a value share of 53.9%, as of 29 June 2012, according to Nielsen). Together with its corporate predecessors, the CCH Group has bottled products of TCCC in Nigeria since 1953. The CCH Group now owns 100%  of the Nigerian Bottling Company Limited, after the successful completion of a scheme of arrangement in September 2011. In addition to the core brands of TCCC, the CCH Group’s Sparkling beverage brands in Nigeria include a range of Schweppes products and Limca, a lemon-lime product. The CCH Group’s Still beverages category brands include Eva bottled water, which is the leading bottled water brand in Nigeria in terms of sales volume (based on a Water category volume share of 50.9%, as of 29 June 2012, according to Nielsen), while the CCH Group’s flagship juice Five Alive is the number two brand in the juice category (based on a juice category volume share of 28%, as of 29 June 2012, according to Nielsen).

Nigeria is the most populous country in Africa, with an estimated 165 million inhabitants, and has a warm climate and a young population that offer growth opportunities for the CCH Group’s Sparkling, Still and Water beverage products. The GDP of Nigeria grew by approximately seven per cent. in the year ended 31 December 2011, with an expected growth of 6.4 per cent. in the year ended 31 December 2012. The Nigerian retail sector remains highly fragmented despite the modest growth of modern trade channels. The CCH Group manages its distribution either directly or through wholesalers and third party distributors. The CCH Group’s products are distributed through more than 400,000 outlets spread all over the country. To make distribution more efficient the CCH Group continues to expand its pre-selling system for high-volume outlets, adding third party distributors and directly delivering to emerging key accounts. More than 70% of the CCH Group’s sales are now generated through its pre-selling system. In addition, the CCH Group continues to expand its dealer base in selected areas and is working on improving merchandising standards, while expanding the availability of chilled products. Due to the low availability of electricity in Nigeria, the CCH Group also manufactures and distributes ice to support the supply of cold drinks in the immediate consumption channel.

In the six months ended 29 June 2012, the CCH Group’s total volume in Nigeria was 92.1 million unit cases, 9.2 per cent. lower compared to the corresponding period in 2011, mainly attributable to the juice and Sparkling beverages, which declined by 16% and 12%, respectively, over the same periods. A portion of the volume decline is also attributable to the loss of sales days due to a nationwide strike in January 2012.

Water category volumes, however, grew by six per cent. in the six months ended 29 June 2012, as compared to the corresponding period in 2011. As of June 2012, all the CCH Group’s production facilities have fully functional wastewater treatment plants. While ensuring that the CCH Group uses the highest water quality for beverage production, the CCH Group continues to seek avenues to protect local water sources by improving its water use efficiency, reducing absolute water use and treating wastewater from its operations before discharge. With 70% of Nigeria’s population under 18 years, the youth population remains a critical stakeholder segment. The CCH Group continues to engage this critical public, initiating and supporting programmes that are designed to improve the quality of their development. In the first six months of 2012, the CCH Group continued its partnership with state governments to invest in educational infrastructure benefiting thousands of pre-college students across several communities. The CCH Group continues to provide skills development and job opportunities through its Technical Training school and the National Diploma recruitment scheme.

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Romania

The CCH Group believes that it is the largest bottler of non-alcoholic ready-to-drink beverages in Romania in terms of sales volume (based on a NARTD volume share of 27%, as of 29 June 2012, according to Nielsen) with a total volume of 75.2 million unit cases in the six months ended 29 June 2012, of which 63.9% related to Sparkling beverages. The CCH Group is the leader in the Sparkling beverages category in terms of sales volume (based on a Sparkling volume share of 51.1%, as of 29 June 2012, according to Nielsen). In addition to the core brands of TCCC, the CCH Group also distributes Dorna water, Schweppes-branded mixer products, Cappy juices and Nestea ice teas, Burn energy drinks and illy cafe. In 2011, SAP ‘Wave 2’ was successfully implemented in Romania, enhancing the CCH Group’s commercial capabilities.

The CCH Group’s total volume in Romania declined by 2.3 per cent. in the six months ended 29 June 2012 compared to the corresponding period in 2011, with volume in the Sparkling beverages category remaining at the same level as for the corresponding period of 2011 and volume for juices decreasing by 41.9%. The overall macroeconomic environment was affected by the devaluation of the local currency against the Euro by 5.5 per cent. during the first six months of 2012, mainly due to political instability.

3.                                      Key financial results

The CCH Group considers the key performance measures for the growth and profitability of its business to be volume, operating profit, Adjusted EBITDA and Return on Invested Capital, or ROIC. Within this framework, in light of the current financial and credit crisis, the CCH Group is paying particular attention to volume, net sales revenue, working capital and cash generation. The following table shows the CCH Group’s results with respect to these key performance measures for each of the years ended 31 December 2011, 2010 and 2009, and the six months ended 29 June 2012 and 1 July 2011, as well as in each case, the year-on-year change in percentage terms.

(1)                                  Comparative figures have been restated where necessary to reflect changes in accounting policy as detailed in the notes to the financial statements included in this Report on Form 6-K.

Unit case volume

The CCH Group measures its sales volume in unit cases. A unit case equals 5.678 litres or 24 servings of 8 US fluid ounces each. The unit case is a typical volume measure used in the CCH Group’s industry.

In the six months ended 29 June 2012, total volume decreased by 25.8 million unit cases, representing a 2.5 per cent. decrease compared to the six months ended 1 July 2011, due to reduced levels of disposable income, persistently low consumer confidence levels in the CCH Group’s EU markets, unseasonably rainy weather in late May and June across Central and Eastern Europe and religious unrest in Nigeria.

In the year ended 31 December 2011, total volume decreased by 16.6 million unit cases, representing a 0.8 per cent. decrease compared to the year ended 31 December 2010. The reduction of volume was more evident in Greece, Ukraine and Romania, mainly as a result of unfavourable economic conditions that negatively affected consumer confidence and spending during 2011 as well as in Russia, where the excessive heat in the summer of 2010 set up a very high base for the year-on-year comparison.

In the year ended 31 December 2010, total volume increased by 30.7 million unit cases, representing a 1.5 per cent. increase compared to the year ended 31 December 2009. Unusually hot weather in Russia coupled with improving economic trends in key countries such as Russia, Ukraine, Switzerland and the Czech Republic resulted in higher

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volume that more than offset declines in volume in Greece, Italy, Ireland, Hungary, Bulgaria and Romania, which declines were primarily the result of the continued deterioration in the economic conditions in these markets.

Operating profit

In the six months ended 29 June 2012, operating profit decreased by €62.0 million, or 26.7% compared to the six months ended 1 July 2011, mainly as a result of increased raw material costs, as well as unfavourable foreign currency movements that more than offset the benefits of the CCH Group’s revenue growth initiatives and savings in operating expenses, which were driven by its cost reduction initiatives. Operating profit declined by 48.8% in the CCH Group’s Established markets and by 95.8% in its Developing markets and increased by 31.3% in its Emerging markets in the six months ended 29 June 2012, compared to the corresponding period in 2011.

In the year ended 31 December 2011, operating profit decreased by €181.5 million, or 27.9% compared to the year ended 31 December 2010, mainly as a result of increased commodity prices primarily for PET resin, sugar and juice concentrate as well as the persisting economic challenges across most of the CCH Group’s Territories. Operating profit declined by 22.4% in Established markets, 34.5% in Developing markets and 31.0% in Emerging markets compared to the year ended 31 December 2010.

In the year ended 31 December 2010, operating profit increased by €7.3 million, or 1.1 per cent. compared to the year ended 31 December 2009, as increased volume, foreign currency benefits and realised cost savings were only partly offset by lower pricing, negative product mix and higher commodity costs. Operating profit declined by 10.7% in Established markets and increased by 3.4 per cent. and 14.4% in Developing and Emerging markets respectively compared to the year ended 31 December 2009.

Adjusted EBITDA

The CCH Group defines Adjusted EBITDA as operating profit before deductions for depreciation (included both in cost of goods sold and in selling, delivery and administrative expenses) and impairment of property, plant and equipment, stock option compensation, amortisation of and adjustments to intangible assets and other non-cash items. Adjusted EBITDA serves as an additional indicator of the CCH Group’s operating performance and not as a replacement for measures such as cash flows from operating activities and operating profit as defined and required under IFRS. The CCH Group believes that Adjusted EBITDA is useful to investors as a measure of its operating performance because it considers the underlying operating cash costs by eliminating the non-cash items listed above. In addition, the CCH Group believes that Adjusted EBITDA is a measure commonly used by analysts and investors in the CCH Group’s industry and that existing securityholders and potential investors in the CCH Group use multiples of Adjusted EBITDA in making investment decisions about the CCH Group. Accordingly, this information is disclosed to permit a thorough analysis of the CCH Group operating performance. Adjusted EBITDA, as calculated by the CCH Group, may not be comparable to similarly titled measures reported by other companies due to differences in methods of calculation.

The CCH Group defines Adjusted EBITDA as follows:

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(1)          Comparative figures have been restated where necessary to reflect changes in accounting policy as detailed in the notes to the financial statements included in this Report on Form 6-K.

(2)          Refer to note 5 to the financial statements included in this Report on Form 6-K.

In the six months ended 29 June 2012, Adjusted EBITDA decreased by €57.4 million compared to the six months ended 1 July 2011. In the year ended 31 December 2011, Adjusted EBITDA decreased by €174.8 million from the year ended 31 December 2010, and in the year ended 31 December 2010, Adjusted EBITDA increased by €28.4 million from the year ended 31 December 2009. These changes were due to the same factors that contributed to the changes in the CCH Group’s operating profit during the same periods.

ROIC

The CCH Group uses ROIC as an important performance indicator to measure its success in utilising its existing asset base and allocating capital expenditures. ROIC serves as an additional indicator of the CCH Group’s performance and not as a replacement for measures such as operating profit and profit after tax attributable to owners of the parent as defined and required under IFRS. Accordingly, this information is disclosed to permit a more complete analysis of the CCH Group’s operating performance. ROIC, as calculated by the CCH Group, may not be comparable to similarly titled measures reported by other companies.

The CCH Group defines ROIC as follows:

The CCH Group’s “tax shield”, which reflects the tax benefit that it receives on its borrowings, which has historically been calculated on the basis of CCH’s interest expense multiplied by the relevant enacted Greek statutory tax rate. The CCH Group’s “capital employed” equals the CCH Group’s shareholders’ equity plus its net borrowings.

The CCH Group’s ROIC for 2011 was 7.4 per cent. and for 2010 was 10.3%. Operating profit decreased by €181.5 million or 27.9% and the taxes decreased by €35.3 million or 25.6% in 2011 compared to 2010. In addition employed capital decreased resulting from a decrease in shareholder’s equity and net borrowings of €56.8 million and €85.5 million, respectively, in 2011 compared to 2010.

The CCH Group’s ROIC for 2010 and 2009 was 10.3%. Operating profit increased by €7.3 million or 1.1 per cent. and the taxes decreased by €4.9 million or 3.4 per cent. in 2010 compared to 2009. However, such performance was offset by an increase in employed capital resulting from an increase in shareholder’s equity of €498.4 million or 20.3% in 2010 compared to 2009.

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4.                                      Major recent transactions

Summary of recent acquisitions / disposals

In recent years, the CCH Group has selectively broadened its portfolio of brands in its combined Still and Water beverages category through acquisition of natural mineral water and juice businesses, in order to capture sales opportunities through its local distribution and marketing capabilities. While the CCH Group also remains open to the possibility of acquiring new territories over time on an opportunistic basis, this does not currently form part of its core business strategy.

Acquisition of MS Foods UAB (2011)

On 20 April 2011 the CCH Group, along with TCCC, acquired through Multon ZAO, the Russian juice joint venture, all outstanding shares of MS Foods UAB, a company that owns 100% of the equity of Vlanpak FE (“Vlanpak”), a fruit juice and nectar producer in Belarus. The CCH Group’s share of the acquisition consideration was €3.9 million including an assumption of debt of €1.4 million. The acquisition has resulted in the CCH Group

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recording of intangible assets of €2.9 million in its Emerging Countries segment. Acquisition related costs recognised as an expense in income statement, under operating expenses, amounted to €0.3 million.

Acquisition of non-controlling interest in Nigerian Bottling Company plc (“NBC”) (2011)

On 8 June 2011, the board of directors of CCH’s subsidiary NBC resolved to propose a scheme of arrangement between NBC and its non-controlling interests, involving the cancellation of part of the share capital of NBC. The transaction was approved by the board of directors and general assembly of NBC on 8 June 2011 and 22 July 2011, respectively, and resulted in the acquisition of the remaining 33.6% voting shares of NBC, bringing the CCH Group’s interest in the subsidiary to 100%. The transaction was completed in September 2011 and NBC was de-listed from the Nigerian Stock Exchange. The consideration for the acquisition of non-controlling interests was €100.2 million, including transaction costs of €1.8 million, out of which €64.8 million was paid as of the six months ended 29 June 2012 compared to €56.5 million paid as of the year ended 31 December 2011. The difference between the consideration and the carrying value of the interest acquired amounting to €60.1 million has been recognised in retained earnings while the accumulated components recognised in other comprehensive income have been reallocated within the equity of the CCH Group.

Acquisition of non-controlling interest in Coca-Cola HBC—Srbija d.o.o. (“CCH Serbia”) (2011)

On 25 June 2010, the CCH Group initiated a tender offer to purchase all remaining shares of the non-controlling interest in CCH Serbia. The tender offer was completed on 2 August 2010 and resulted in the CCH Group increasing its stake in CCH Serbia to 91.2% as of 31 December 2010. In 2011, the CCH Group acquired all the remaining interest in the subsidiary. The consideration paid for the acquisition of non-controlling interest acquired in 2011 was €17.7 million, including transaction costs of €0.4 million and the carrying value of the additional interest acquired was €11.4 million. The difference between the consideration and the carrying value of the interest acquired has been recognised in retained earnings.

Acquisition of non-controlling interest in AD Pivara Skopje (2011 and 2012)

On 16 December 2011, the CCH Group announced that it had increased its share in A.D. Pivara Skopje, the beer and alcohol-free beverages business in the Former Yugoslav Republic of Macedonia, that the CCH Group jointly controls with Heineken, by acquiring, together with Heineken, 41.2% of the non-controlling interests. The consideration paid collectively with Heineken was €79.6 million including acquisition costs of €0.2 million, and was equally divided between the CCH Group and Heineken. The carrying value of the non-controlling interest acquired was €22.9 million. In the six months ended 29 June 2012, the CCH Group, together with Heineken, acquired an additional 2.16 per cent. of the remaining non-controlling interests. The consideration paid collectively with Heineken was €4.2 million. The carrying value of the non-controlling interest acquired was €1.2 million. Following this acquisition the CCH Group owns 49.3% of the voting rights of A.D. Pivara Skopje as compared to 48.2% as at 31 December 2011 and controls jointly with Heineken 98.6% of voting rights in A.D. Pivara Skopje. The difference between the consideration and the carrying value of the interest acquired has been recognised in retained earnings.

Sale of Eurmatik S.r.l. (2011)

In February 2011, the CCH Group sold all its interests in Eurmatik S.r.l., the vending operator in Italy. The consideration was €13.5 million and the cash and cash equivalents disposed were €0.4 million. The disposal resulted in the CCH Group derecognizing €12.0 million of intangible assets and €12.7 million of net assets. The disposal of Eurmatik S.r.l resulted in a gain of €0.8 million in the CCH Group’s Established Countries segment.

Share buy-back (2009 and 2012)

On 30 April 2009, CCH’s board of directors authorised a buy-back programme for a maximum of up to five per cent. of its paid-in share capital during the 24-month period from the date of the extraordinary general meeting of 27 April 2009 which approved a share buy-back programme pursuant to Article 16 of Codified Law 2190/1920 (i.e. until 26 April 2011). Based on CCH’s capitalisation at that date, the maximum amount that might have been bought back pursuant to the programme was 18,270,104 shares. Purchases under the programme were subject to a minimum

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purchase price of €1 per share and a maximum purchase price of €20.0 per share. Applicable law does not specify the extent of implementation of such approved share buy-back programmes. The buy-back programme expired on 26 April 2011. During the period from 30 April 2009 to 26 April 2011, CCH purchased 3,430,135 ordinary shares pursuant to the share buy-back programme, with a value of €55.5 million.

On 25 June 2012, the annual general meeting of CCH’s shareholders approved a share buy-back programme for a maximum of up to five per cent. of its paid-in share capital during the 24-month period following the meeting pursuant to Article 16 of Codified Law 2190/1920. Based on CCH’s capitalisation at that date, the maximum amount that can be bought back pursuant to the programme is 18,327,367 shares. Purchases under the programme were subject to a minimum purchase price of €1 per share and a maximum purchase price of €30.0 per share.

Delisting from Australian Stock Exchange (2009)

On 2 June 2009, CCH announced its intention to seek its removal from the official list of the Australian Stock Exchange Limited. Trading of its CHESS Depositary Interests was suspended from the close of the market on 26 August 2009 with delisting of its CHESS Depositary Interests effected at the close of trading on 2 September 2009. CCH’s decision to delist was due to the low level of CHESS Depositary Interests quoted on the Australian Stock Exchange Limited and the low level of trading on the Australian Stock Exchange Limited compared to the other exchanges. These factors made it unlikely that the CCH Group would seek to raise further equity capital via the Australian Stock Exchange Limited listing. Under these circumstances, the CCH Group wanted to avoid the administrative costs related to an Australian Stock Exchange Limited listing.

Re-capitalisation (capital return) (2009 and 2011)

On 18 September 2009, CCH announced proposals for a re-capitalisation, which resulted in a capital return of €548.1 million to its shareholders, i.e. €1.5 per share. At the extraordinary general meeting held on 16 October 2009, CCH’s shareholders approved an increase of its share capital by €548.1 million, through the partial capitalisation of the share premium reserve and an increase in the nominal value of each share by €1.5 per share. At the same extraordinary general meeting, CCH’s shareholders also approved the decrease of its share capital by €548.1 million, through a reduction of the nominal value of the shares by €1.5 per share and an equal amount of capital was returned to the shareholders in cash. Following shareholders and regulatory approval, CCH realised the capital return on 2 December 2009. The capital return was financed through a combination of accumulated cash and new debt.

On 6 May 2011, the annual general meeting of CCH’s shareholders resolved to reorganise CCH’s share capital. CCH’s share capital increased by an amount equal to €549.7 million. The increase was performed by capitalising the share premium reserve and increasing the nominal value of each share from €0.50 to €2. CCH’s share capital was subsequently decreased by an amount equal to €183.2 million by decreasing the nominal value of each share from €2.0 to €1.50, and distributing such €0.50 per share difference to shareholders in cash.

On 25 June 2012, the annual general meeting of CCH’s shareholders resolved to decrease CCH’s share capital by an amount equal to €124.6 million by decreasing the nominal value of each share from €1.50 to €1.16 per share, and distributing such €0.34 per share difference to shareholders in cash. On the same date, it was resolved to decrease CCH’s share capital by an amount equal to €55.0 million by decreasing the nominal value of each share by €0.15 per share, from €1.16 to €1.01 per share, in order to extinguish accumulated losses reflected in the unconsolidated financial statements of the parent company, in an equal amount.

5.                                      Application of critical accounting policies

The CCH Group’s discussion and analysis of financial condition and results of operations are based upon the consolidated historical financial information set out in this Report on Form 6-K. The CCH Group’s consolidated historical financial information is prepared in accordance with IFRS, as issued by the IASB.

The CCH Group believes the following critical accounting policies include the CCH Group’s more significant judgments and estimates used in the preparation of its consolidated financial statements. Management has discussed

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the development, selection and disclosure of these critical accounting policies with the Audit Committee of CCH’s board of directors.

Critical accounting judgments and estimates

In conformity with generally accepted accounting principles, the preparation of the CCH Group’s consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities in the consolidated financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions that may be undertaken in the future, actual results may ultimately differ from these estimates.

Income taxes

The CCH Group is subject to income taxes in numerous jurisdictions. There are many transactions and calculations for which the ultimate tax determination cannot be assessed with certainty in the ordinary course of business. The CCH Group recognises a provision for potential liabilities that may arise as a result of tax audit issues based on assessment of the probabilities as to whether additional taxes will be due. Where the final tax outcome on these matters is different from the amounts that were initially recorded, such differences will impact the income tax provision in the period in which such determination is made. The CCH Group anticipates that were the final tax outcome, on the judgment areas, to differ from management’s estimates by up to 10%, the CCH Group’s consolidated tax expense would increase (or decrease) by less than €2.5 million.

Impairment of goodwill and indefinite-lived intangible assets

Determining whether goodwill or indefinite-lived intangible assets are impaired requires an estimation of the value-in-use of the cash-generating units to which they have been allocated. The value-in-use calculation requires that the CCH Group estimates the future cash flows expected to arise from the cash-generating unit and a suitable discount rate in order to calculate present value.

Employee benefits—Defined benefit pension plans

The CCH Group provides defined benefit pension plans as an employee benefit in certain Territories. Determining the value of these plans requires several actuarial assumptions and estimates about discount rates, expected rates of return on assets, future salary increases, mortality rates and future pension increases. Due to the long-term nature of these plans, such estimates are subject to significant uncertainty.

Intangible assets

Intangible assets comprise a significant portion of the CCH Group’s balance sheet. As at 29 June 2012, there were €1,957.0 million of intangible assets recorded on the CCH Group’s balance sheet, reflecting 25.7% of its total assets. The main components of this intangible asset balance were €1707.7 million of goodwill, €157.9 million of franchise agreements (primarily related to the CCH Group’s agreements with TCCC) and €83.2 million of trademarks. Goodwill is the excess of the cost of an acquisition over the fair value of the share of net assets acquired. TCCC does not grant perpetual franchise rights outside the United States, however, the CCH Group believes its franchise agreements, consistent with past experience, will continue to be renewed at each expiration date and have therefore been assigned indefinite useful lives. Goodwill and other indefinite-lived intangible assets are not amortised but rather tested for impairment annually and whenever there is an indication of impairment. Goodwill and other indefinite-lived intangible assets are carried at cost less accumulated impairment losses. The useful lives, both finite and indefinite, assigned to intangible assets are evaluated on an annual basis.

Impairment of other non-financial assets

Property, plant and equipment and other non-financial assets, primarily finite-lived intangibles, that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying

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amount may not be recoverable. An impairment loss is recognised for the amount by which the carrying amount of the asset exceeds its recoverable amount, which is the higher of the asset’s fair value less cost to sell and its value-in-use. For the purposes of assessing impairment, assets are grouped at the lowest level of separately identifiable cash flows.

Contingencies

The CCH Group is subject to various claims and contingencies related to legal proceedings and tax matters. Due to their nature, such legal proceedings and tax matters involve inherent uncertainties including, but not limited to, court rulings, negotiations between affected parties and governmental actions. Management assesses the probability of loss for such contingencies and accrues a liability and/or discloses the relevant circumstances, as appropriate.

6.                                      Principal factors affecting the results of the CCH Group’s operations

The CCH Group’s relationship with TCCC

General

The CCH Group is a producer, distributor and seller primarily of the products of TCCC. TCCC controls the global product development and marketing of its brands. TCCC’s ability to perform these functions successfully has a direct effect on the CCH Group’s sales volume and results of operations. The CCH Group produces the beverages of TCCC, engages in local marketing and promotional activities, establishes business relationships with local customers, develops local distribution channels and distributes the products of TCCC to customers either directly or indirectly through independent distributors and wholesalers. The CCH Group’s business relationship with TCCC is mainly governed by bottlers’ agreements entered into between TCCC and the CCH Group.

Purchase of concentrate

Expenditure for concentrate constitutes the CCH Group’s largest individual raw material cost. The cost of concentrate purchased from TCCC during the six months ended 29 June 2012 amounted to €675.6 million, as compared to €642.7 for the six months ended 1 July 2011 and €1,249.3 million, €1,294.9 million and €1,246.0 million for the years ended 31 December 2011, 2010 and 2009, respectively. Concentrate purchased from TCCC represented 30.8% of the CCH Group’s total cost of goods sold in the six months ended 29 June 2012, compared with 30.7% in the six months ended 1 July 2011 and 29.3%, 32.0% and 31.9% in the years ended 31 December 2011, 2010 and 2009, respectively. Under its bottlers’ agreements, the CCH Group is required to purchase concentrate for all beverages of TCCC from companies designated by TCCC. TCCC is entitled under the bottlers’ agreements to determine the price the CCH Group pays for concentrate at its sole discretion. In practice, TCCC normally sets prices only after discussions with the CCH Group so as to reflect trading conditions in the relevant countries and so as to ensure that such prices are in line with the CCH Group’s and TCCC’s respective sales marketing objectives for particular TCCC brand-related products and particular Territories.

The CCH Group expects amounts of concentrate purchased from TCCC to track its sales volume growth. The CCH Group anticipates the price of concentrate it purchases from TCCC for each of the countries in which it operates to be determined mainly by reference to inflation and its ability to implement price increases in the relevant country.

Pricing in countries outside the EU

The CCH Group’s operating companies are entitled to set the price of products sold to retailers outside the EU. In practice, the CCH Group works closely with TCCC to determine the pricing strategy in light of the trading conditions prevailing at the relevant time in each of these countries.

Marketing and promotional support

TCCC makes contributions to the CCH Group in respect of marketing and promotional support programmes to promote the sale of its products in the CCH Group’s Territories. Contributions received from TCCC for marketing

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and promotional support programmes amounted to €27.2 million and €23.9 million for the six months ended 29 June 2012 and the six months ended 1 July 2011, respectively, and €76.5 million, €60.8 million and €56.9 million for the years ended 31 December 2011, 2010 and 2009, respectively. These contributions, if related to payments the CCH Group makes to specific customers for marketing and promotional incentives, are recognised as a reduction of the CCH Group’s payments to customers. These payments to customers, net of contributions received from TCCC, are deducted from sales revenue. In the six months ended 29 June 2012, such contributions totalled €19.4 million as compared to €21.4 million in the six months ended 1 July 2011 and €49.0 million, €48.8 million and €39.9 million in the years ended 31 December, 2011, 2010 and 2009, respectively. Payments for marketing programmes not specifically attributable to a particular customer are recognised as a reduction of selling expenses. In the six months ended 29 June 2012, these contributions amounted to €9.0 million compared to €9.0 million in the six months ended 1 July 2011 and €21.9 million, €19.8 million and €22.5 million in the years ended 31 December 2011, 2010 and 2009, respectively. The levels of support programmes are jointly determined annually on a Territory-by-Territory basis to reflect the mutually agreed annual marketing plan for that Territory and expected sales volume for the year. TCCC is under no obligation to participate in the programmes or continue past levels of funding into the future. Given the CCH Group’s relationship with TCCC to date, there is no reason to believe that such support will be reduced or withdrawn in the future.

Other transactions with TCCC

Other income primarily comprises rent, facility and other costs and was nil in the six months ended 29 June 2012 compared to €0.6 million in the six months ended 1 July 2011 and €1.2 million, €14.3 million and €4.4 million in the years ended 31 December 2011, 2010 and 2009, respectively, and a toll-filling relationship in Poland of €9.0 million in the six months ended 29 June 2012 compared to €9.7 million in the six months ended 1 July 2011 and €13.8 million, €17.6 million and €15.0 million in the years ended 31 December 2011, 2010 and 2009, respectively. Other expenses related to facility costs charged by TCCC and shared costs were €2.4 million in the six months ended 29 June 2012 compared to nil in the six months ended 1 July 2011 and €4.0 million, nil and €1.5 million in the years ended 31 December 2011, 2010 and 2009, respectively, included in operating expenses.

In addition to concentrate, the CCH Group purchases from TCCC finished goods and other materials. The cost of these purchases amounted to €26.4 million in the six months ended 29 June 2012, as compared to €33.9 million in the six months ended 1 July 2011 and €56.1 million, €78.0 million and €37.6 million in the years ended 31 December 2011, 2010 and 2009, respectively. The purchases of finished goods are primarily purchases of Powerade products. The CCH Group also purchases concentrate from Beverage Partners Worldwide, a joint venture between TCCC and Nestlé S.A. Purchases of concentrate from Beverage Partners Worldwide amounted to €59.5 million in the six months ended 29 June 2012, as compared to €63.2 million in the six months ended 1 July 2011 and €99.6 million, €89.4 million and €70.0 million in the years ended 31 December 2011, 2010 and 2009, respectively. These amounts are included in the CCH Group’s cost of goods sold.

During the six months ended 29 June 2012, the CCH Group sold €12.2 million of finished goods and raw materials to TCCC, as compared to sales of €15.9 million for the six months ended 1 July 2011 and €32.8 million, €19.0 million and €20.5 million the years ended 31 December 2011, 2010 and 2009, respectively. In the six months ended 29 June 2012, the year ended 31 December 2011 and the year ended 31 December 2010, the CCH Group did not record any gain from the sale of property, plant and equipment to TCCC compared to €0.2 million in the year ended 31 December 2009.

In March 2008, the CCH Group formed a three-party joint venture with TCCC and illycaffé SpA for the manufacture, marketing, sale and distribution of premium ready-to-drink coffee under the “illyissimo” brand across its Territories. During 2011, the CCH Group disposed of its interest in that joint venture with no significant effect on its consolidated financial statements. The CCH Group continues to sell and distribute ready-to-drink coffee under the “illyissimo” brand across its Territories.

During the six months ended 29 June 2012 and the year ended 31 December 2011, the CCH Group did not purchase any franchise rights, as compared to €4.4 million in the year ended 31 December 2010 and nil in the year ended 31 December 2009. In the six months ended 29 June 2012 and the year ended 31 December 2011, the CCH Group did not have any proceeds from the sale of available-for-sale assets to TCCC compared to €4.9 million in the six months ended 29 June 2012 and the year ended 31 December 2010.

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All transactions with TCCC are conducted on an arm’s length basis.

Amounts payable to and receivable from TCCC

As at 29 June 2012, TCCC owed the CCH Group €59.3 million, as compared to €63.2 million, €53.8 million and €64.2 million as at 31 December 2011, 2010 and 2009, respectively, of which €6.3 million as at 29 June 2012 and €0.3 million, €3.0 million and €6.7 million as at 31 December 2011, 2010 and 2009, respectively, related to loans to joint ventures with TCCC. The CCH Group owed TCCC a total amount of trade payables of €217.4 million as at 29 June 2012 and €172.2 million, €166.0 million and €125.1 million as at 31 December 2011, 2010 and 2009, respectively, and €2.2 million of other liabilities as at 29 June 2012, compared to €7.6 million as at 31 December 2011.

Economic conditions

Challenging economic and financial conditions continued to play a major role in the CCH Group’s operating performance and financial results in 2011 and the first six months of 2012. The CCH Group has witnessed a continued impact from austerity measures implemented in markets, including Greece, Italy, the Republic of Ireland and Northern Ireland. Consumer confidence and purchasing power continued to deteriorate throughout this period across most of the CCH Group’s Territories with single digit to double digit declines in key countries such as the Czech Republic, Greece, Hungary, Austria, Italy, Romania and Poland. GDP growth slowed down and unemployment rates increased significantly across the CCH Group’s Territories during 2011 and the first six months of 2012. Greece experienced an estimated negative GDP growth of 7.5 per cent. and a record unemployment rate of 20.7% in 2011 and an estimated negative GDP growth of 6.5 per cent. and a record unemployment rate of 22.6% in the first quarter of 2012. The CCH Group experienced a significant negative impact from exchange rate volatility in 2011 and the deepening of the sovereign debt crisis in the eurozone continued to contribute to currency volatility across the CCH Group’s Territories, which impacted its financial results in the first six months of 2012.

In 2011 and the first six months of 2012, efforts by major western countries to respond to the world economic crisis by taking further fiscal measures designed to reduce fiscal deficit and ultimately restore confidence continued, however, the CCH Group has not experienced any concrete evidence of recovery. Not all countries have been affected to the same extent by the crisis. Some countries began taking steps to reduce their fiscal deficits in 2009, others have done so in 2010 and 2011. Towards the end of 2009, the economic crisis created downward pressure on the euro, resulting in an increase in the prices the CCH Group must pay for certain raw and packaging materials which are priced in other currencies (principally US dollars), which depresses the CCH Group’s profit margins if it is unable to recover these additional operating costs from its customers. Greece faces increasing pressures for more aggressive and wide-ranging fiscal retrenchment, including increases in taxation. More austerity measures were introduced in 2011, including further pension and salary reductions, imposition of a solidarity tax, imposition of additional real estate tax and an increase of value added tax to non-alcoholic ready-to-drink beverages from 13% to 23%, which led to strong decline of private consumption. A further tightening of the government’s multiyear fiscal consolidation programme is likely under the new European Monetary Union / International Monetary Fund agreement, that will further depress Greece’s medium-term economic growth prospects. In 2012, two rounds of general elections increased volatility and put further pressure on consumer sentiment.  In May 2010, the Italian government announced significant reductions in public expenditure, designed to reduce the fiscal deficit to three per cent. or less of gross domestic product by 2012. At the end of 2011 and in early 2012, after the Italian sovereign debt was downgraded by the main ratings agencies and the spread between Italian and German Treasury bonds reached a new peak, the Italian government introduced a critical austerity bill, introducing further austerity measures, including a value added tax increase by one per cent. and an additional two per cent. increase under consideration for July 2013. Such measures are likely to negatively impact gross domestic product and employment in the short and medium term, which to could adversely affect the results of the CCH Group’s operations. In November 2010, the Irish government agreed to a rescue package with the European Union and International Monetary Fund that requires severe fiscal austerity. Moreover, the government’s 2012 budget seeks savings and incremental revenues, including an increase in the value added tax rate by two per cent., from 21% to 23%, effective from January 2012. Such measures are likely to negatively impact gross domestic product and employment. The economic crisis, the measures aimed at addressing such crisis and the consequences thereof could adversely affect the results of the CCH Group’s local operations and on a consolidated basis.

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Channel mix

The CCH Group sells its products through two broadly defined distribution channels: future consumption channels, including hypermarkets, supermarkets, discount stores and grocery stores, where consumers either buy beverages in multi-serve (one litre and above or multi-package) packages or multi-packs of single-serve packages for future (at home) consumption; and immediate consumption channels, including restaurants and cafés, grocery stores, gas stations, sports and leisure venues, hotels and offices, where consumers typically buy beverages in chilled single-serve (0.5 litre or smaller) packages and fountain products for immediate consumption. Single-serve packages sold through immediate consumption channels typically generate higher margins than multi-serve packages sold through future consumption channels. This is primarily due to consumers’ willingness to pay a premium to consume the CCH Group’s products chilled at a convenient location. In addition, this is also influenced by the price sensitivity and bargaining power of large retailers and wholesalers that represent the CCH Group’s principal customers in the future consumption channel.

The retail environment for beverages continues to transform rapidly, with the shift towards modern, large-scale and discount retail formats expanding to more of the CCH Group’s markets. The CCH Group response has been to make “customer preference” a core value of its business. “Customer preference” means building true collaboration and partnerships that create sustainable value and profitable growth for the CCH Group’s business and its customers across all key channels through a comprehensive set of initiatives, including joint value creation, customer care centres, projects with key customers, and the CCH Group’s 360° process for measuring and improving in-market execution channel mix refers to the relative percentages of its sales volume comprising chilled single-serve packages sold for immediate consumption and multi-serve and single-serve packages sold for future consumption. A favourable channel mix occurs when sales of the CCH Group’s higher margin single-serve packages increase relative to sales of multi-serve packages, while an unfavourable channel mix occurs when the CCH Group’s volume shifts toward more multi-serve packages that generate lower margins. One of the strategies the CCH Group uses to improve channel mix is to invest in cold drink equipment, such as coolers, which the CCH Group makes available to retail outlets. This represents a significant portion of the CCH Group’s capital expenditure. During 2011, for example, approximately 23% of the CCH Group’s additions of property, plant and equipment were for coolers. Another strategy the CCH Group has is to offer consumers the option to purchase multi-packs of single-serve packages more often from future consumption channels.

Raw material costs

Raw material costs, including concentrate, represented 76.0% of the CCH Group’s total cost of goods sold in the six months ended 29 June 2012, as compared to 76.3% in the six months ended 1 July 2011 and 76.0%, 75.7% and 76.8% in the years ended 31 December 2011, 2010 and 2009, respectively. The CCH Group’s major raw materials, other than water and concentrate, are sugar and other sweeteners, carbon dioxide, juice concentrates, glass, labels, plastic resin, closures, plastic crates, aluminium cans, aseptic packages and other packaging materials. The entry into the EU in recent years of eleven of the CCH Group’s countries has led to an increase in the cost of sugar.  Plastic resin costs in the six months ended 29 June 2012 were significantly lower than anticipated as global events (such as the pessimistic global economic outlook and lower demand for PET raw materials) impacted the plastic resin value chain. This resulted in margin reductions in key raw materials such as PTA, PX and MEG. For additional information, see “—Impact of governmental, econimic, fiscal, monetary and political policies — fall regulations” below.

The CCH Group’s major cold drink equipment supplier is Frigoglass S.A. Under the terms of a supply agreement that the CCH Group entered into with Frigoglass S.A. in 1999, initially set to expire on 31 December 2004 but subsequently extended, on substantially similar terms, in June 2004 and, again in December 2008 to 31 December 2013, the CCH Group has the status of a non-exclusive most favoured client of Frigoglass S.A. The CCH Group is required to obtain at least 60% of its annual requirements of coolers from Frigoglass S.A., in order to maintain its status as a non-exclusive most favoured client. The purchases of coolers from Frigoglass S.A. in the six months ended 29 June 2012 represented 96% of the CCH Group’s total cooler requirements.  The prices at which the CCH Group purchases these products are agreed between the CCH Group and Frigoglass S.A. at the beginning of each year. If an agreement is not reached, the applicable prices will be determined based on the average prices of other non-exclusive primary European suppliers to TCCC’s European bottlers.

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In the six months ended 29 June 2012, the CCH Group made purchases from Frigoglass S.A. and it subsidiaries totalling €95.4 million of coolers, glass bottles and crowns, compared to €113.3 million in the six months ended 1 July 2011 and incurred maintenance and other expenses of €4.4 million in the six months ended 29 June 2012, as compared to €3.4 million in the six months ended 1 July 2011. In the year ended 31 December 2011, the CCH Group made purchases from Frigoglass S.A. and it subsidiaries totalling €148.0 million, compared to €101.0 million in the year ended 31 December 2010 and €58.8 million in the year ended 31 December 2009. Further, the CCH Group incurred maintenance and other expenses of €6.4 million in the year ended 31 December 2011, as compared to €5.7 million and €5.3 million in the years ended 31 December 2010 and 2009, respectively. Boval S.A., the parent of Kar-Tess Holding, holds a 43.7% interest in Frigoglass S.A.

Weather conditions

Weather conditions directly affect consumption of all of the CCH Group’s products. High temperatures and prolonged periods of warm weather favour increased consumption of the CCH Group’s products, while unseasonably cool weather, especially during the spring and summer months, adversely affects the CCH Group’s sales volume and consequently, net sales revenue.

Seasonality

Product sales in all of the CCH Group’s countries are generally higher during the warmer months of the year, which are also periods of increased tourist activity in many of these countries, as well as during holiday periods such as Christmas and Easter. The CCH Group typically experiences its best results of operations during the second and third quarters. In 2011, for example, the CCH Group realised 20.7% of its sales volume in the first quarter, 28.9% in the second quarter, 28.1% in the third quarter and 22.3% in the fourth quarter.

Foreign currency

The CCH Group’s results of operations are affected by foreign exchange exposures, which arise primarily from adverse changes in exchange rates in its Emerging and Developing Countries. In particular:

·                  The CCH Group’s operating companies, other than those in Italy, Greece, Austria, the Republic of Ireland, Cyprus, Estonia, Slovenia, Slovakia and Montenegro have functional currencies other than the CCH Group’s reporting currency, the euro. As a result, any change in the exchange rates between these functional currencies and the euro affects the CCH Group’s statement of income and balance sheet when the results of those operating companies are translated into euro.

·                  Raw materials purchased in currencies such as the US dollar or the euro can lead to higher cost of goods sold in countries with weaker functional currencies which, if not recovered through local price increases, will lead to reduced gross profit margins. As at 29 June 2012, all of the CCH Group’s concentrate, which represents 47.0% of its raw material costs, was sourced through supply agreements denominated in the local currency of each of its operations. Sugar, PET and aluminium, which represent 17.8%, 11.2% and 6.8 per cent., respectively, of the CCH Group’s raw material costs in the six months ended 29 June 2012, were sourced through supply agreements denominated mainly in euro and US dollars.

·                  Currency fluctuations impact the CCH Group’s foreign currency denominated balances, such as interest expense on borrowings denominated in foreign currencies.

Taxation

Taxation of the CCH Group

Statutory income tax rates in the countries in which the CCH Group operates range from 0% to 30.0%. The CCH Group’s effective income tax rate was 27.4% for the six months ended 29 June 2012, which was stable compared to 27.2% for the six months ended 1 July 2011. The level of the CCH Group’s effective tax rate is mainly driven by changes in the mix of countries contributing to profitability, due to the differing and higher rates applying in some

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countries in which the CCH Group operates, the changes in tax rates affecting the deferred tax asset and deferred tax liability recognised in previous periods, the non-deductibility of certain expenses and to one-off tax items. The CCH Group’s effective income tax rate was 27.4% for the year ended 31 December 2011, 23.9% for the year ended 31 December 2010 and 25.2% for the year ended 31 December 2009. The increase of the CCH Group’s effective tax rate in the year ended 31 December 2011 compared to the year ended 31 December 2010 is attributed to a combination of factors with positive or negative impact on the CCH Group’s effective tax rate year-on-year movement. The overall increase was mainly attributable to limitations on the tax deductibility of certain expenses, the change in tax rates which impacted the deferred tax asset or deferred tax liability recognised in previous periods, and the utilisation in prior years of tax benefits that were no longer available in 2011.

In particular, the limitation on tax deductibility of expenses in Russia and Ukraine led to a tax increase of €4.3 million in the year ended 31 December 2011 compared to the year ended 31 December 2010. The decrease of the corporate income tax rate in Greece from 24% to 20%, led to a decrease in the deferred tax asset of €1.2 million. Hyperinflationary accounting adopted by Belarus during 2011 led to increased taxable income and a corresponding increase of approximately €4.3 million in the CCH Group’s current income tax expense. In addition, the utilisation of certain tax benefits in 2010 (that were no longer available in 2011) had the effect of reducing the CCH Group’s effective tax rate in the year ended 31 December 2010, and contributed to the change in its effective tax rates in the year ended 31 December 2011 compared to the year ended 31 December 2010. The tax benefits in 2010 that were not available in 2011 include the utilisation of losses not previously recognised for tax purposes that led to recognition of a previously unrecognised deferred tax asset on those tax losses in Austria and the utilisation of expenses not previously allowed for deduction in Russia.

The decrease of the CCH Group’s effective income tax rate in the year ended 31 December 2010 compared to the year ended 31 December 2009 was mainly attributable to the recognition of a deferred tax asset of €10.2 million on losses that had previously not been recognised on the CCH Group’s acquisition of Coca-Cola Beverages Austria GmbH. Furthermore, the current tax expense in the year ended 31 December 2010 was decreased by €2.3 million compared to the year ended 31 December 2009, reflecting the benefit obtained pursuant to tax incentives legislation applying in some of the tax jurisdictions in which the CCH Group operates.

On 10 December 2009, the Greek government introduced a special tax defined as “Extra Contribution of Social Responsibility by the Large Companies” pursuant to Law 3808/2009. This law provided for a special additional tax on 2008 total net income. As a result, the CCH Group recorded a tax charge of €19.8 million in the year ended 31 December 2009.

Pursuant to Article 5 of Law 3845/2010, on 6 May 2010, the Greek government imposed an “Extraordinary Contribution of Social Responsibility” on net income for the fiscal year ended 31 December 2009. The amount of the ‘Extraordinary Contribution of Social Responsibility’ assessed for the year ended 31 December 2009 was €21.2 million, which the CCH Group recorded as a tax charge in 2010.

Amortisation and impairment of intangible assets

As discussed above under “Application of critical accounting policies—Intangible assets”, intangible assets comprise a significant portion of the CCH Group’s balance sheet. The CCH Group considers that 99.5% of the €1,957.0 million of intangible assets recorded on its balance sheet as at 29 June 2012 relates to assets that have indefinite useful lives.

The CCH Group conducts tests for impairment of goodwill and indefinite-lived intangible assets in accordance with IAS 36, Impairment of assets annually and whenever there is an indication of impairment. No impairment resulted from the impairment tests of 2011, 2010 and 2009.

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Impact of governmental, economic, fiscal, monetary and political policies

EU regulations

On 1 May 2004, nine countries in which the CCH Group operates entered the EU. These are Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia. Bulgaria and Romania entered the EU on 1 January 2007. As of 31 December 2011 the CCH Group operated in 16 EU countries. In addition, subject to ratification by EU member states, Croatia is scheduled to become an EU member state in 2013. These countries have implemented extensive reforms to facilitate their transition to market economies and have adopted strict fiscal and monetary policies to converge with the fiscal and monetary standards set by the EU. The CCH Group believes that, overall, it benefits from the increased economic and political stability in these countries as a result of their gradual alignment with the principles, objectives, economic standards and regulations of the EU. Conversely, the application of EU labour, tax, accounting and environmental regulations, increases the cost and complexity of compliance, at least in the short-term, and the implementation of the EU packaging directive in the new EU countries has further restricted the CCH Group’s ability to use certain packaging materials or methods.

The CCH Group’s countries in the EU have adopted the EU sugar regime, which means that the minimum selling price for sugar has become the EU intervention price plus the cost of transport and profit margin. This has generally meant a significant rise in sweetener costs in these countries, although the ongoing reform of the EU sugar regime could help to counteract inflationary pressure caused by recent increases in energy and transport costs.

EU competition law

The CCH Group’s business activities affecting the EU are subject to EU competition law. In 2005, the European Commission ended an investigation into various commercial practices of TCCC and certain Coca-Cola bottlers in Austria, Belgium, Denmark, Germany and Great Britain regarding possible abuse of dominant position. Together with TCCC and other Coca-Cola bottlers, the CCH Group undertook to address all such practices in the EU. The undertaking potentially applied in the member states of the European Economic Area, covering those channels of distribution where TCCC-branded sparkling beverages account for over 40% of the national sales and twice the nearest competitor’s share. The commitments related broadly to exclusivity, percentage-based purchasing commitments, transparency, target rebates, tying, assortment or range commitments and agreements concerning products of other suppliers. In addition to these commitments, the undertaking applied to shelf space commitments in agreements with take-home customers, to financing and availability agreements in the on-premise channel and to commercial arrangements concerning the installation and use of technical equipment, such as coolers, fountain equipment, and vending machines. The CCH Group believes that its compliance with the undertaking has not had a material adverse effect on its business and financial results. The undertaking expired on 31 December 2010.

Greek economic crisis and EU response

Greece, which accounted for approximately six per cent. of the CCH Group’s sales volume in the six months ended 29 June 2012, is currently facing a severe economic crisis resulting from long standing government fiscal deficits and high levels of government borrowing. The current political, economic and budgetary challenges that the Greek government faces with respect to its high public debt burden and Greece’s weakening economic growth prospects have led to the announcement of wide-ranging fiscal measures, including increases in taxation, and further measures may become necessary. Other countries in Europe in which the CCH Group operates, such as Ireland, Italy, Romania and Hungary, are facing difficult economic conditions and have announced fiscal austerity measures. The economic crisis, the measures aimed at addressing the situation, the consequences thereof or a combination of the aforementioned could adversely affect the results of the CCH Group’s local operations and on a consolidated basis.

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7.                                      Operating results

CCH Group

Six months ended 29 June 2012 compared to the six months ended 1 July 2011

The following table shows certain consolidated income statement and other financial data, as well as the change in percentage terms, for the six months ended 29 June 2012 compared to the six months ended 1 July 2011.

The following table shows certain income statement and other financial data for the six months ended 29 June 2012 and the six months ended 1 July 2011, expressed in each case as a percentage of net sales revenue.

Volume

The CCH Group’s sales volume for the six months ended 29 June 2012 decreased by 25.8 million unit cases, or 2.5 per cent., compared to the six months ended 1 July 2011. Established and Developing Countries made a negative contribution of 18.8 million unit cases and 7.6 million unit cases, respectively, whereas the Emerging Countries made a positive contribution of 0.6 million unit cases.

In the CCH Group’s Established Countries segment, unit case volume decreased by 18.8 million during the six months ended 29 June 2012, compared to the six months ended 1 July 2011. In Italy, volume declined by 6.8 million unit cases, or 4.2 per cent., as unfavourable economic conditions in the country negatively impacted consumer

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confidence and household spending. In Greece, volume declined by 8.8 million unit cases, or 13.4%, due to the austerity measures that adversely impacted consumer purchasing power and demand and a VAT increase from 11% to 23% in September 2011. Volume in Switzerland declined by 1.8 million unit cases, or 4.1 per cent., due to the appreciation of the Swiss Franc resulting in increased competition from cross-border trade activity with France and Germany. The strong currency also negatively impacted the Swiss tourism industry. In Ireland, volume declined by 2.6 million or 7.0 per cent., which is mainly attributable to continued challenging economic conditions and unseasonably wet weather.

In the CCH Group’s Developing Countries segment unit case volume decreased by 3.9 per cent. in the six months ended 29 June 2012 from the six months ended 1 July 2011. Volume in Poland decreased by 3.1 million unit cases, or 3.5 per cent. mainly due to the slowing economy and adverse weather conditions. In Hungary, volume decreased by 2.2 per cent. due to the continuing economic crisis. Volume in the Czech Republic decreased by 2.2 million unit cases, or 7.7 per cent., due to a 4 per cent. increase in the VAT rate in January 2012 as well as declining consumer sentiment. In the remaining Developing Countries, volume decreased by 1.4 million unit cases.

In the CCH Group’s Emerging Countries segment, unit case volume increased slightly by 0.1 per cent. in the six months ended 29 June 2012, compared to the six months ended 1 July 2011. Volume in the Russian Federation increased by 8.3 per cent., or 13.7 million unit cases, driven primarily by growth in Coca-Cola regular, Fanta and Dobry Juice. Unit case volume in Nigeria decreased by 9.2 per cent in the six months ended 29 June 2012, which was attributable mainly to continuing religious unrest in Northern Nigeria and the negative impact on disposable income from the 43% reduction of the fuel subsidy in January 2012. Unit case volume in Romania declined by 2.2 per cent. in the six months ended 29 June 2012, due to challenging economic conditions and the recent political uncertainty.

Net sales revenue

The CCH Group recognises net sales revenue at the time it delivers products to its customers. Revenues are recognised when all of the following conditions are met: evidence of a binding arrangement exists (generally purchase orders), products have been delivered and there is no future performance required, amounts are collectible under normal payment terms and both revenue and associated costs can be measured reliably.

Net sales revenue increased by 1.1 per cent. or €36.4 million for the six months ended 29 June 2012, compared to the six months ended 1 July 2011. Net sales revenue developed in line with the CCH Group’s commitment to grow revenues ahead of volume, amidst an increasingly volatile and challenging external environment. Net sales revenue per unit case increased by 3.7 per cent. in the six months ended 29 June 2012 from the comparable prior year period.

In the six months ended 29 June 2012, the net sales revenue of the CCH Group’s Established Countries decreased by €72.4 million compared to the six months ended 1 July 2011. This decrease was due to lower volume and negative category and package mix, which offset favourable currency movements. Net sales revenue in Greece, Italy and Ireland decreased by €41.0 million, €25.7 million, and €14.7 million respectively, in the six months ended 29 June 2012, as a result of the decline in volume in each of those markets.

In the CCH Group’s Developing Countries segment, net sales revenue decreased by €33.9 million in the six months ended 29 June 2012, compared to the six months ended 1 July 2011, as the benefits of revenue growth initiatives were more than offset by lower volume and unfavourable currency movements.

In the CCH Group’s Emerging Countries segment, net sales revenue increased by €142.7 million in six months ended 29 June 2012 compared to the six months ended 1 July 2011 as a result of implementation of revenue growth initiatives, higher volume and marginally favourable currency movements. Net sales revenue in the Russian Federation, Romania and Nigeria increased by €88.5 million, €4.9 million and €6.7 million, respectively.

Net sales revenue per unit case increased to €3.40 in the six months ended 29 June 2012, as compared to €3.28 in the six months ended 1 July 2011.

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