cch italy field trip 3 june 2014 -...

CCH – Italy Field Trip

3 June 2014

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Q U E S T I O N S A N D A N S W E R S

Edward Mundy - Nomura

Morning. Couple of questions. First of all on 2013 your volumes in Italy were down 6%

and your revenues were down 9%. I think your stills underperformed your sparkling so I

was wondering whether you could provide some commentary on what was causing that

negative revenue per case because it clearly wasn’t category mix.

Secondly on the business services organisation you have in Sofia, could you just go into

a bit more detail as to what’s included within that, you know finance, HR, and what else

could be included if you widen the scope of that?

And then thirdly, you mention some further opportunity in warehousing logistics and

route to market, could you perhaps go into that a bit more detail?

Dimitris Lois - Coca-Cola HBC AG – CEO

Okay, I’ll take the first one and then Michalis will take the second one, and Sotiris will

give a bit more granularity.

Okay, 2013 you described accurately the volume and the revenue. Well, looking at the

market and having discussed about how important affordability is, we have been

focusing a lot to address this affordability, so an element that reflects the revenue and

the volume has to do with the promo intensity. And the promo intensity reflecting also

the trade dynamics behind organised trade, and within organised trade the bigger

formats and that’s hypers. So this is, if there is a head message, this is the head

message that we have seen in 2013.

Michalis Imellos - Coca-Cola HBC AG – CFO

So in terms of business service organisation that you asked. So far, as we have said, we

have been deploying the first two out of three phases of the project. When it comes to

finance this includes everything around accounts payable, general ledger and financial

reporting, master data, accounts receivable and credit management, travel and

expense. So these are really the back office processes which do not yet touch the

customer directly.

And what we want to do in the last phase, which is not yet fully scoped out but we are in

the process of doing that now, is to move towards the transactional processes that do

touch the customer. And by that I mean billing, pricing and rebate administration, route


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settlement, in other words the cash application of our collections and complete all the

master data maintenance. That’s just the finance part. There is also a similar approach

for human resources transactional processes, everything to do with recruitment,

personnel administration and so on.

Sotiris Yannopoulos - Coca-Cola HBC Italy – General Manager

Now about the route to market, well route to market, I think already Enrico shared, is a

way to deliver better service in a segmented approach. Now what we have been seeing

in Italy is that in order to win we need an approach that it also cost efficient for us, and

for that we have to work with wholesalers. So actually what we have been doing is we

went out, we mapped out the environment, we understood in which areas we want to

maintain and reinforce our DSD which is our direct organisation, and in which areas we

need to enable even more wholesalers to drive availability of our products. So we have

been creating an organisation that has the capability to work with wholesalers. It’s a

wholesaler account management organisation in process of being created and piloted

to be fully deployed in the years to come in Italy.

Now we believe that in this way we are not only going to be able to drive the right level of

execution to different points of sales, we are going to be able to do that to enable

growth and we’re going to do that in an even more cost effective way.


So that 18% of direct store distribution that you showed, is that going to continue to

come down you think?


Well the percent of sales is a factor of the volumes that they are going to. Right now we

have been looking in each of the cities that we are having DSD. We are piloting our new

route to market, and based on that we will take further decisions.

Andrea Pistacchi - Citigroup

Two questions please. First could you talk a bit about the discount channel in Italy, the

relative size of it and your strategy in the discount channel?

Then if you could talk a bit about your ambition in water. You've got 4% market share

now, I think you said, what’s the ambition? And if you can get there with just one brand


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and where the water is profitable at this point, your water business, or when will it

become so? Thank you.


I’ll take the second question and I'm sure that Sotiris will build further on the second

question, and then Sotiris will give you a bit more colour on the discount.

So first of all yes, we do have an ambition to take a bigger part of this market. And the

first initiative is behind Lilia. In Lilia there are, as we have been sharing with you, there

are a couple of key pillars. The first one, especially for water, is taking cost out. And we

have been working a lot behind that. As you heard from the teams we have done a

benchmark study to see where we are good and what is the opportunity. And we have

taken a lot of initiatives behind that pillar. We’re not there yet.

We have taken initiatives to lightweight and we have great plans ahead for benchmark

SKUs in terms of weight. We have been working a lot in minimising the number of

touches of pallet and you've heard that, still we have quite some work there. Eventually

you heard from Jenny we are building a lot on brand equity, and this is something that

we have not been very consistent in the years, having a very specific space for Lilia in

the consumers’ minds. And with all that we believe that there is a great opportunity for

Lilia to expand.

On your second question with regards to ‚so can you achieve your aspirations with Lilia

only?‛ Well I’ll make that a bit bigger which is what we have been sharing with you on

having an eye behind stills overall, and that’s acquisitions. And obviously the water and

the juice play an important role. Italy is a very big market so I believe that we are very

consistent in our thinking behind the overall M&A and an eye for acquisitions. And being

a very big market we cannot exclude Italy for being a part of this strategy.

And with that, Sotiris …


About discounters. Well discounters, as Jenny mentioned in the beginning, is a growing

channel in Italy. We’re also growing in discounters. We have been focusing a lot of our

OBPPC approach into discounters, and we have actually a specific OBPPC for this

channel which differentiates also the typology of the shopper that goes over there.

We’re also doing a lot of tailor made activities. For instance now with FIFA we have been

activating what we call the flag bearers, which is a programme to drive the Italian people

who will touch the flag in Brazil from Italy. And we have been doing that in a profitable

way. So all our pack price choices, as well as our expansion to this channel, has been

positive so far. We have been able to win together with them. And it’s a channel that


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we’ve placed specific focus going forward, as we would believe it will continue to pose a

growing opportunity for us.


If I can build a bit on the discounters question. Italy is one of the markets, and that’s an

additional beauty, that we don’t have 100% penetration in discounters. And there are

other markets north of Italy that we have 100%. So there's a considerable discounter

that we have don’t have business with. Obviously this is a great opportunity and

believing that the win/win collaboration is there, this is another thing that the local

leadership has also as part of their targets for the years ahead of us. So that is an

additional opportunity in the discounter channel.

Tristan van Strien - Deutsche Bank

Just expand on the RTM in a bit more detail if you don’t mind, the swing from DSD to

more wholesalers, what kind of numbers are we talking about versus three years ago?

And what’s the minimum drop size that you’re really looking at? And for that matter

what’s the maximum range actually that you'll be looking at for that?

And then on that as well, just where are you on your cooler penetration per cap? And

how are you managing that with the wholesalers as well, what kind of recourse do you

have on that?

And I guess just, you answered most of the stuff on Lilia, maybe this is more a demand

creation question, but how is it differentiated, I guess both functionally and emotionally,

from the other 96%? Why would people shift?


Okay. Let me - definitely Sotiris is in a far better position to take your questions, very

detailed questions. I just want to start with the route to market. Just a definition with

regards to DSD. The way we define DSD is focusing on the outlets. And I'm saying that

because in other companies and in other segments DSD also has to do with the physical

movement of the product. Our interest in Hellenic is the outlet level, so the absolute I

would say ownership and development of the outlet. And this is what counts for us.

And eventually this is what Sotiris has been sharing with regards to segmenting.

Segmenting the outlets with obviously cases delivered, and also potentiality. So with

this I’ll give the floor to Sotiris to give us a bit more on the DSD question. And maybe

Jenny can say one word about demand creation, with regards to Lilia and the

differentiation.


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Well the objective here is to be able to work with wholesalers to get DSD quality type of

execution. At the end of the day what we want is to have our people going into the

stores, activating those stores the same way that they would activate any direct store,

whereas this store is going to actually be taking the order and the logistics is going to be

covered by the wholesaler.

Practically it means that DSD or wholesaler is just a choice of how we go to market.

Building on what Dimitris says, what is absolutely more important for us is when you

enter into a store to find the cooler in the right place with the right assortment in the

right prices at the right point of the store. What we have seen is that in this trading

environment, expanding further our DSD, it doesn’t make any economic sense. So we

are building the capability to do that through our third party wholesaler collaborators.

We have put a specific commercial policy in place, something that we believe it’s

engaging and relevant to them, and right now as we speak we are piloting it in three

areas, in Parma, in Bahrain, in Genoa. And based on that we will have the actual details

to understand the drop sizes, the movements and the execution metrics based on

which we will be taking further decisions.

Now Jenny, about Lilia.

Evguenia Stoichkova – The Coca-Cola Company - Operations Director, Italy

I will start with the phrase that we believe in the Coca-Cola Company, and that is that

facts creates conclusions but emotion creates behaviour. And as you saw, a lot of

things that we are doing in communication are based on emotions. This is always a

stronger bond with our consumers. So coming to Lilia, what we will try to do is make our

differentiated point more on emotional side than rational side which for water has an

additional complication always, because it’s very hard to differentiate waters rationally

in any way. So emotions are a much stronger ground to be.

In Italy there are 300 different waters, most of them sourced waters. So that’s another

element of why we want to go more here on this side. At the moment we are going to

explore a theory of simplicity, as you saw, and honesty with the insight that today lots of

things are so complicated that we want to bring simplicity in people’s life. We are only at

the very early start at the beginning. This is our campaign on air since two weeks, so we

are going to move on and improve it in the future I am sure.

And another element I want to say is that right now the position of Lilia is such that we

need to start with building awareness. So although we talk about differentiation, right

now the key factor is this year start bringing the brand on top of mind, the brand per se.

The other element of differentiation is going to be this green area with the plant bottle.

We are not the first one on the market; I need to be honest, which is coming with a


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packaging that has this element. However, we are committed to making it very big.

Nobody so far explored it in a very big way. There are other water competitors that

have elements of a light weighted bottle or a plant in there, but we are going to make it

very big.


Just want to follow up a little bit on the cold drink equipment part that you also asked

before. In Italy we have 240,000 different cold drink equipments in the marketplace.

Something that we have been increasing every year on an average by around 5,000 net

placements every year. By 5,000 that doesn’t mean that we are only actually placing

5,000, this is the net placement. Because as you can understand there is a significant

amount of movements. In only the last three years I can tell you that we had 70,000 of

coolers been placed into the market.

That is continuing investment ensuring not so much the cooler penetration per se, but

ensuring that we put the right coolers into the right type of stores. The metric that we

are following is as we said segmentation. So what we have done is we have segmented

all the marketplace in three types of stores, gold, silver and bronze. With some specific

metrics in terms of the location of the store, the capacity and the size of the store, the

throughput of the store. We have a model that is actually followed also behind what was

presented, the right execution daily, that classifies it as gold, silver and bronze. What we

want to reach and where we are today is 100% of all gold stores to have a cooler. We are

about 90% of all the silver stores, and in the next years we will drive that to 100%. This

way it is not just a matter of having the numbers, but also having the right quality and

profitability of the coolers which we have doubled in the last three years, ensuring the

right merchandising standards and quality of execution there.

Damian McNeela - Panmure Gordon

Just on the water market with Lilia, just to try and understand a bit more of the market

dynamics. Obviously 300 competitors in that segment and you've got the ambition to

be a national sort of brand, how many other brands in that segment are national brands

and what market share do they have? And is Lilia sort of predisposed to having strong

market share in any particular part of the country?

And secondly, asset or capacity utilisation is up 10%, can you tell us what you’re

operating at at the minute please in your three core plans?


Let me start a little bit from the last one, and then I’ll also join with Jenny on the first

one. Our asset utilisation is around 65% in the plans that we operate right now in Italy,


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from a capacity utilisation standpoint. So there is ability for us to fulfil more demand.

When it comes to other national brands - Lilia first of all is a national brand. There is

emotional stronghold of Lilia into the south of the country where we actually have our

operating plants, and there are a couple of other brands which of course are national.

Jenny, would you like to share a bit more on that?


Yeah. So the market, indeed there are five or six big players, but when we say big we

need to understand that even the biggest have 15%. I think it is the biggest market

share on that market. So I would quote Nestlé, San Pellegrino and San Benedetto, those

are the biggest companies, we have two or three more with a smaller size.

Now Lilia has been acquired as a regional brand and we moved it to national and this is

our ambition, but with the current capacity and source that we have, as also Dimitris

said, Lilia can grow and expand up to a point. Although being national, we still can build

the distribution and so on, and then if we want to move to a larger scale, much larger

scale, then we need to think of another brand.

Don’t know if this has answered the question.

Andrew Holland – Societe Generale

Yeah, can I just ask, you've talked a lot about increasing or where you’re going to put

your spend for brand support, can you actually say whether that represents an increase

in brand spending as a percentage of sales overall? You’re nodding so I guess it does.


Yes.


It does.


Can you give us an idea how big an increase that is as a percentage of sales?


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What I can mention is that we will be actually matching in the next three years our

highest ever investment per case that we have done in Italy. So that’s the vision, that in

the next couple of years, the percent, the Euros that we will put for every case we sell is

the same as the highest ever in Italy.


So add your gradual investment year on year reaching to the highest ever in Italy. Does

that answer your question?


Well obviously not, no.


Can we help you more with that?


Could you tell me what the highest level was that you’re going to get it up to?


At this stage, since we are talking about a multiyear initiative working with our partners

in growth, I would prefer not to give you the maximum. But as far as the increase is

concerned it’s a considerable increase, considerable increase. Sorry for not giving you

more.


So 1% a year or 2% a year?


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Well in our world considerable increase is not 1% per year, so it’s more than that.


Okay, we’re getting there.


We’re giving you a little bit more colour. As you heard there were brands that we

haven’t been supporting at all, and starting with the reference that was made on water,

then also Sprite, that has been you know very - responding to initiatives. I think it was

obvious that Kinley is playing and will continue to play. Also we are far more aggressive

with Fanta and I haven’t even touched the oxygen yet.


Maybe I can provide them a little bit of granularity on the plans. Even within the crisis

time we made sure that we have the right level of investment behind Coke always. So if

you look at the marketing investment behind Coke it has been consistent in Italy,

relative or absolute.

What we need to do is to leverage our portfolio. So what we are trying to do is to add on

top of that, more investment on Fanta, investment on Sprite. Now if we are to really

transform tea for example next year, it’s a separate project altogether which is going to

come with a bulk of investment for the tea incrementally on top of the other. So there

are different building blocks, and I was sharing with some of you outside as well our long

range exercises have been to try and phase that properly in the next three to five years,

because as you understand we can’t do all of this in one year at once. So we need to

phase it properly.


If there are any other questions outside of Italy, definitely we will be happy to answer.


Sticking with Italy, so I'm just obviously trying to think through what the implication of

this is for your country margin and the regional margin. Can you start by telling us


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whether your country margin is above or below the regional margin, and whether the

implication of what you’re saying is that we should be modelling a reduction in that

margin?


No, you should not be modelling a reduction. We invest to have return and we believe

that that’s the right thing to do and the right investment. The second is that we

strongly believe that the plans we have are excellent plans across the board. And it’s

not only oxygen, it’s also Nestea and water. So with this investment, if you see that

over a two, three year period, definitely this is not going to affect negatively the margin.

The second is Italy has contributed to the margins.


Is contributing to the margin?


Correct. To the group margin, yeah. That’s your first question, isn’t it?


Yes. So it’s above the average for the …


Yes.


And it’s going to stay there despite these increased plans.


Yes.


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Okay, let’s widen it a bit further.


I like this modular approach.


Across the rest of the region, so looking elsewhere in your developed region, do you

have similar plans to the ones you’re describing for Italy?


Similar plans in terms of?


Of marketing and increasing marketing spend?


Yes we do.


Everywhere?


Well Italy being I believe, in the established markets, one of the biggest opportunities for

the reasons that we have been discussing, starting with per capita. And then obviously

what the team has been showing is consistently growing share. So two pillars, and I'm


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referring to sparkling, it’s not only the size of Italy but the opportunity of Italy. So Italy is

definitely the number one priority. And the answer is yes, we do have plans with varying

degrees of aggressiveness in terms of investments behind the rest of Hellenic, yes.


Thank you.


I think you've got coverage of about 90% of Italy, and Sicily is the part that’s

outstanding. I'd appreciate any commentary on how you look at that opportunity, if

that’s something you’d consider over the next couple of years.

And secondly, just on the per capita consumption, the total sparkling category servings

of 166. I mean what’s the white sky opportunity for that? I mean do you look at France

at 204 which has traditionally been a very wine and food - sorry wine and water, with

food occasion, or do you see something above that?


Okay. First of all yes we have 90%. At this point it’s not on top of our agenda to expand

further. Then obviously on the second one, France is one of the countries being close

and we can see the difference in per capita in sparkling. We’re a bit more aggressive in

looking in Spain. We believe that with what the two dream teams have started the last

few years, because there are a lot of things that we do differently, the opportunity is to

beat France. So we are a bit aggressive here and that’s why we have, also working with

our partners in growth, good appetite of investing behind the brands.

Phil Carroll - Shore Capital

Just on per capita consumption, could you tell us how it’s evolved just - on the sparkling

soft drinks just how it’s evolved over the last couple of years, just to give us a sort of bit

of a reference point?

Also, just given economic conditions remain tough, how do you see the balance

between the two opportunities between growing per capita consumption in sparkling

versus water, just going forward, either short term versus medium term? Thanks.


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Let me sort of give the big picture and then - I’ll start with the second one. From the

presentation obviously there is a very clear focus to move consumers from water to

sparkling. Now this is something that the two teams have started relatively - the last, I

would say, year and a half to two years. And in this a very important initiative, we

needed a very strong ally, and we found this ally with the retailers. So there is a cultural

element. This cultural element right now is being viewed by the retailers. I'm saying

that because we have been working together with the retailers increasing their margin

and the return per square metre. What does that mean? As you have seen we have

almost doubled the displays in the floor of retailers. This is how the culture change

starts. So the answer is yes, absolutely, we’re going to be taking sparkling from water,

absolutely. So that’s point number one. Obviously OBPPC is the right tool and the right

strategy towards that direction.

On the per capita, the last couple of years we haven’t seen an increase in the per capita,

but I believe this reflects two things. The first thing is that what you have been hearing

today on changing the approach and focusing a lot more on the habits, is something

that has started a year and a half, two years back. That’s one thing.

Second thing, the outside environment has been extremely challenging. Seven

consecutive years where the disposable income has been deteriorating. So the

combination of the two has not given us per capita in sparkling increasing. So that’s why

we are working a lot to address the things that are in our control, moving consumers

from water while working a lot more to have our allies, the retailers, supporting the

forward stock. That is changing culture. Additionally immediate consumption. And all

of our efforts from what you have seen in an occasion which is a very important

occasion which is the socialising. I don’t know if -


There's one thing I want to add. Yes, the category is declining. Important to know is

that in this category we have been growing share. As you saw that we have been

growing share in the last five years, but also recently last year we have been growing

share. So we have been actually able to do much better than what the overall category

is doing, and that is driven by all the reasons that was just aforementioned. So last year

we grew close to one percentage point of market share.


Just to expand on that gap with Spain. I mean what occasions do they have that you’re

not tackling right now, or is it also much more a volume per occasion aspect to it? And

then which occasions is that?


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And then just to get back on your days receivables. That minus 12 is quite impressive

days, but where has that come from in there?

And so I don’t know if you can answer this, but on the water brand Lilia, did you link test

that and how did it perform?


Maybe I’ll start shortly with the last one. We didn’t link test this current copy that I have

shown you. We are developing a series of copy that we are going to link test. So the

next one we will, this one we didn’t.


But you just spent 3.5 million on this advert, the new ones coming up or …?


Altogether.


Let me go to your first question on Spain. First of all you heard us talking about culture.

Well there the culture is quite different. For many years they have been promoting, they

have been investing behind Coke and sparkling. And yes, there are a few occasions that

they have been driving. One excellent I think - they are a benchmark and we are learning

from them, one excellent occasion is the Horeca occasion. And it’s excellent because at

the end of the day you recruit consumers through maybe the icon. And I'm referring to

the contour. That is also a big part, the socialising event, and for many years Spaniards

have been working a lot on Horeca. Obviously the benefit is not only recruitment, but

this contributes a lot in the revenue per case. And through that they can also finance

the recruitment in the multi serve. So this is something that I believe and that’s my

personal view here, that the Spaniards have been doing a fantastic job overall in the

Horeca.

So a lot to learn.


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And taking over the question on the reducing of our receivables by 12 days. First of all

we have been able to improve our working capital, focusing both on total inventory and

receivables. So we have reduced three days in total inventory, both in finished goods

and in raw materials. That was SKU, productivity, it was forecast planning and accuracy.

When it comes now to the 12 days of receivables, practically we have reduced across

the board with a lot of focus behind fixing credit issues, ensuring first of all that we

tackle those clients, and some tough choices have been also made there. But we have

mostly improved by working closely with our customers. So the biggest part of those

12 days is coming from big retailers which we have been able through JVC to be improve

through our year on year contracts our receivable days with them. I mean there are

important examples like Carrefour or Conad or Auchan we have been doing extremely

good job in the past couple of years.

Andrea Pistacchi - Citigroup

Can you talk a bit about the mix drivers in Italy? I mean how substantially negative is

channel mix here, given the size of the traditional trade and the structural shift to

modern, sort of compared to other markets? And is your OBPPC strategy enough to

offset this channel mix in Italy?


I’ll sort of again start with the overall strategy and Sotiris will build further. The OBPPC

strategy is specific, focusing on organised trade and fragmented trade. And this is a

dual approach. So in principle what we would like through that is to capture the

occasions and the most appropriate price points that will drive and address

affordability, while at the same time increase the margins for our retailers and obviously

for the system. So the answer is you cannot address the channel mix via OBPPC only.

You would like within this channel mix to focus on multiple other initiatives. That’s why

we referred, and I specifically referred, on our action behind single serve multipacks in

organised trade. I think organised trade is about 60% in Italy, is that right? 60/40?


Yes.


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So obviously with the organised trade growing a lot faster, there is a negative element

that we mitigate though specific initiatives within the organised trade, and obviously the

OBPPC between fragmented and organised trade.


If I want to give a little bit more colour all channels are suffering due to the trading

conditions in Italy. Obviously different channels have a different approach so we see

different trends. Within modern trade we see superette and traditional grocery

suffering a bit more. Why? Because there is a much higher strong price competition

there. Discounters are confirmed, as we said all day, as the biggest opportunity, and as

well is take away. I see national key accounts that we are also focusing a lot. And the

specific choices that we are making in OBPPC is trying to address each channel within a

particular way.

Olivier Nicolai - UBS

Just two quick questions. You bought the Lilia brand in 2006. What was the market

share at the time, and why are you waiting for quite a few years now before relaunching

it more aggressively, as you showed us in the presentation?

And just on the adult flavours, you highlighted that the Italian population is ageing. You

showed us a great advert about the new tonic brand that you launched. Are you

planning to acquire some of these new brands like in the bitter category or lemonades?

Or are you trying to just launch these new products organically?


Okay, on the first one to be totally honest I don’t remember what was in 2006; I will

come back to you.

On the second, as we presented, obviously Kinley has been doing fantastically well and

we believe that we’re going to leverage that for the adults. There are other initiatives

behind adults, and one of the initiatives that you have seen potentially is supporting also

mixability. And that’s the premium spirits mixability. We believe that this is another

opportunity, and we have a lot of very, very strong brands. Just a point of reference, in

the States 70% of Jack Daniels is being accompanied with Coke. We believe that a very

good, strong element of addressing the adults, and not only, and accelerating the

growth of our brands, is also capturing and capitalising mixability. So that’s on top of

what we are doing with Kinley.


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And in other markets you heard me saying that we have an unbelievable jewel and that’s

Schweppes. And in Hellenic region I believe, and Jenny will correct me of that, I think we

have the top two in the top four, either the top two or the top three, countries in terms

of Schweppes for the system. Is that …?


Well let’s take out UK because this is the land of Schweppes, but yes we have the top

two otherwise which are Serbia and Bulgaria.


Just a note on water. I also don’t remember the 2006 but between 2008 and 2013 the

market share is pretty much stable in 4%, that I do remember.


Why we waited so long? We didn’t wait so long. Initially, after the acquisition, what I

have seen from the numbers because none of us has been I think around in 2006, but

there has been a push initially, and then a sort of deprioritisation and now we are coming

back. So that’s a bit of a curve for a few years.

Charles Mills – Credit Suisse

You offered the chance maybe of talking through your other markets. We’re nearly

halfway through the year, has anything particularly changed either to the positive or the

negative against your expectations across your other geographies?


No, Charlie. What we said in our Q1 results still stands. That’s where we are. We work

to see overall the volume trend having a deceleration versus ‘13, and we stand behind

that, that’s what we are working on.

Other than that what we have been sharing with you in Q1, we don’t have something

that materially is different across the P&L.


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Michalis Imellos - Coca-Cola HBC AG – CFO

And also just to build out on the forex which was one of the big concerns in quarter one;

we do see some signs of stabilisation. Yes indeed in the high range that we explained on

the €90m to €100m impact for 2014, still things with the ruble primarily seem to be now

on a corridor that points out towards some stabilisation.

Basak Kotler - Coca-Cola HBC AG – Investor Relations Director

We’re going to have plenty of opportunity to talk further anyway today and tomorrow.

Shall we give it a break and have a couple of minutes to refresh ourselves and then go off

to the room for lunch?


Sure, that’s a good idea. Thank you very much for your attention and questions.


Thank you.


Thank you.

DISCLAIMER

This transcription has been derived from a recording of the event. Every possible effort

has been made to transcribe this event accurately; however, Coca-Cola HBC shall not

be liable for any inaccuracies, errors or omissions.

cch italy field trip 3 june 2014 -...

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