CCH Integrated Report 2015

Refreshing
business
2015 Integrated Annual Report
About us Contents
2015 has been an important year for us. We are Strategic Report
pleased to have achieved strong results, with 1
2
2015 Highlights
Coca-Cola HBC at a glance
volume growth and a significant improvement 3 Our investment case
in margins. We have proven that we are 4 Chairman’s Statement
6 Market review
resilient when operating in difficult markets 8 Business model
and demonstrated good progress across all 10 Chief Executive Officer’s review
12 Play to Win strategic framework
our operations. We launched a number of 14 Our strategy and KPIs
initiatives and adapted the way we operate to 16 Managing our material issues
24
create a leaner and a more efficient business. 28
Established markets
Developing markets
32 Emerging markets
Please read our 2015 Integrated Annual Report 36 People
and see how we refreshed our business across 39 Community trust
different markets and returned to growth while 43
45
Consumer relevance
Customer preference
maintaining our commitment to sustainability 47 Cost leadership
throughout our activities. 51
55
Financial review
Risk management
Corporate Governance
62 Board of directors
66 Corporate governance report
86 Directors’ Remuneration Report
104 Statement of Directors’ Responsibilities
About our report

Financial Statements
The 2015 Integrated Annual Report (the “Annual Report”) consolidates Coca-Cola HBC 105 Independent Auditor’s report
AG’s (also referred to as “Coca-Cola HBC” or the “Company” or the “Group”) UK and Swiss 106 Financial statements
disclosure requirements, while meeting the disclosure requirements for its secondary 112 Notes to the Financial statements
listing on the Athens Exchange. In addition, the Annual Report aims to deliver against
the expectations of the Company’s stakeholders and sustainability reporting standards,
providing a transparent overview of the Group’s performance and progress in sustainable Supplementary Information
development for 2015.
164 CSR assurance statement
Our Play to Win strategic framework serves as the narrative structure of the Annual
Report, demonstrating the value this business strategy is creating. The four pillars of 166 GRI Indicators list
our strategy – Community Trust, Consumer Relevance, Customer Preference and Cost 189 UN Global Compact –
Leadership – combined with our People initiatives, frame the discussion of our activities Communicating our progress
during 2015.
196 Shareholder information
The Annual Report is for the year ended 31 December 2015, and its focus is on the
primary core business of non-alcoholic ready-to-drink beverages across the 28 countries
in which we operate. Our website and any other website referred to in the Annual Report Swiss Statutory Reporting
are not incorporated by reference and do not form part of the Annual Report. 198 Report of the statutory auditor on
The consolidated financial statements of the Group, included on pages 106-163, have Coca-Cola HBC AG’s consolidated
been prepared in accordance with International Financial Reporting Standards (IFRS) as
issued by the International Accounting Standards Board (IASB). Coca-Cola HBC AG’s financial statements
statutory financial statements, included on pages 200-208, have been prepared in 199 Report of the statutory auditor
accordance with the Swiss Code of Obligations. Unless otherwise indicated or required on Coca-Cola HBC AG’s financial
by context, all financial information contained in this document has been prepared in
accordance with IFRS. For Swiss law purposes, the annual management report consists statements
of the sections “Strategic Report”, “Corporate Governance” (without the sub-section 200 Coca-Cola HBC AG’s financial
“Director’s Remuneration report”), “Supplementary Information” and “Glossary”. statements
Comparable indicators exclude the impact of restructuring, the unrealised impact from 209 Report of the statutory auditor on
the mark-to-market valuation of commodity hedges and specific non-recurring items.
For a reconciliation of comparable financial indicators to the respective IFRS financial the Statutory Remuneration Report
indicators, see page 54. 210 Statutory Remuneration Report
The sustainability aspects of this Annual Report comply with the AA1000AS Assurance
Standard, the Global Reporting Initiative (in accordance with GRI G4 Comprehensive)
standards and the advanced level requirements for communication on progress against
Glossary
the 10 Principles of the United Nations Global Compact. In addition, it is aligned with
the principles and elements of the International Integrated Reporting Council’s (IIRC)
framework and the Climate Change Reporting Framework (CDSB). Carbon emissions
are calculated by using the GHG Protocol Corporate Accounting and Reporting
Standard methodology, and have been verified by an independent organisation.
We remain committed to strong corporate governance and leadership as well as
transparency in our disclosures. We will continue to review our reporting approach and
routines, to ensure they meet best practice reporting standards, the expectations of
our stakeholders and maintain the visibility on how we create sustainable value for the
communities we serve.
More information online at

www.coca-colahellenic.com
Coca-Cola HBC – 2015 Integrated Annual Report
Strategic Report
Supplementary Info & Swiss Statutory Reporting
Refreshing business
2015 was a year of strong results and achievements. Everyone at Coca-Cola HBC
has contributed to refreshing the business and bringing the Company back to growth.
Chairman’s Chief Executive Financial

statement p4 Officer’s review p10 review p51
From the retiring Execution focus delivers Improved financial
Chairman strong volume growth performance reflects
and margin expansion disciplined focus on
managing costs and risks
Market review p6 Strategy and KPIs p12 Business resilience: Managing

How we are addressing the trends Our vision is to be the undisputed our risks and opportunities p55
we are seeing beverage leader in every market in Includes the Viability statement
which we operate
Key highlights for the year

Volume Net sales revenue FX-neutral net sales EBIT
(m unit cases) (€m) revenue per unit case (€) (€m)
2,055
2014: 2,003
6,346
2014: 6,510
3.09
2014: 3.08
418
2014: 361
Comparable EBIT Net profit Comparable net profit Comparable earnings

(€m) (€m) (€m) per share (€)
473
2014: 425
280
2014: 295
314
2014: 277
0.864
2014: 0.761
Volume growth was strong in the year with Comparable EPS increased by 13.5% to The Board of Directors proposes a €0.40
the Established markets segment growing €0.864, even though reported EPS declined dividend per share, an 11.1% uplift on the
for the first time in five years, growth in all by 4.7% to €0.771 due to the inclusion of 2014 dividend
countries in the Developing segment and a one-off gain from a disposal in the prior
Nigeria, Romania and Ukraine supporting year’s profits
growth in the Emerging segment
2.6% 13.5% €0.40

Comparable indicators exclude the impact of restructuring, the unrealised impact from the mark-to-market valuation of commodity hedges and specific non-recurring
items. For a reconciliation of comparable financial indicators to the respective GAAP financial indicators, please see page 54.
1
Coca-Cola HBC at a glance
Given our fundamental strengths – strong sales and

execution capability, market leadership, attractive
geographic diversity, global brands and diverse beverage
portfolio – we are well-positioned to satisfy evolving
consumer preferences and create sustainable value
over the long term.
Our business segments Business segment volume

We have the most diversified territory in breakdown
the Coca-Cola System. No single country
dominates our portfolio. We manage and
report on our business using three
segments: Established, Developing
and Emerging markets.
See more about our markets on pages 24-33.
Established markets: 30%

Developing markets: 19%
Emerging markets: 51%
Established markets Developing markets Emerging markets

–– High net sales revenue per case –– Improving profitability –– Low consumption of sparkling drinks
per capita
–– Return to volume growth after several –– Relatively low consumption of sparkling
years of decline drinks per capita –– Excellent demographic dynamics,
with young and growing populations
–– Opportunity to increase per capita –– Changing retail landscape
consumption of sparkling drinks, –– Low GDP per capita, leading
–– Production and logistics optimisation
particularly in Italy and Greece to affordability concerns
mostly completed
–– Production and logistics optimisation –– Opportunity for further optimisation
mostly completed of production and logistics
Net sales revenue Net sales revenue Net sales revenue
€2,486m €1,092m €2,769m

See how we are refreshing our business in our See how we are refreshing our business in our See how we are refreshing our business in our
Established markets region on pages 24-25. Developing markets region on pages 28-29. Emerging markets region on pages 32-33.
2
Strategic Report
Our investment case

A leading bottler Capability to execute in Relationship with
We are a leading bottler of the brands of the market The Coca-Cola Company
The Coca-Cola Company with sales of Building and maintaining a successful We combine the insights, resources and
more than 2 billion unit cases, or 50 billion partnership with our customers is critical experience of The Coca-Cola Company
servings, annually. We have operations in to our success. By working with our with our own expertise in bottling,
28 countries spanning three continents, customers to satisfy consumer needs distribution and sales capabilities.
reaching 594 million people. and maximise demand for our products,
we help grow their business and ours.
We manage our business responsibly,
sustainably, and with a passion for creating We start by segmenting the market Creates demand
value for our customers, our shareholders and determining the most efficient and The Coca-Cola Company
and the consumers and communities we effective way to service each and every Owners of trademarks
serve. The opportunity we see is superior outlet. With each customer, we seek to Concentrate supply
Brand development
business growth, particularly through generate joint value in every aspect of Consumer marketing
our presence in fast-growing emerging our business, ranging from logistics and
markets, coupled with expanding margins delivery to marketplace execution and
to those achieved in the years before the sustainability programmes. In-store Partners in growth for
60 yrs
global financial crisis. execution is critical; having the right
product placement and display at the
point of sale is the focus of every market
Continents Countries developer every day.
3 28 Delivers demand
Coca-Cola HBC
Bottling
Sales and distribution
Customer management
Population reached
In-outlet execution
594m
Investment in production and facilities
See more about how this adds value on page 46. See how this relationship works on page 8.
Leading brands and a diverse A sustainable business Lean manufacturing footprint

portfolio of beverages We recognise that creating shared value We operate in a vast territory stretching
We produce, sell and distribute the for shareholders, employees, consumers, from County Kerry, Ireland, to Russia’s
world’s most recognised beverage brands. customers and communities is critical to Pacific coast, and from the Arctic Circle
Coca-Cola, Coke Zero, Coca-Cola Light, our long-term success. Over the last to the tropics of Nigeria. While providing
Sprite and Fanta are some of the world’s decade, we have integrated corporate us with opportunity, this footprint also
best-selling non-alcoholic ready-to-drink responsibility and sustainability into all challenges us to constantly optimise
beverages. Our overall sparkling volume aspects of business management, our operational infrastructure.
share in our markets is 40%. making long-term investments that aim
In recent years, we have consolidated our
to build value over time. More recently,
The strength of our portfolio of sparkling production infrastructure, particularly in
we established a business resilience
drinks is complemented by a still drinks Established and Developing markets.
programme that enhances our approach
portfolio which has grown to 31% of our We have reduced the number of plants
to risk management and our contingency
volume. This combination is quite unique in these countries by 39% since 2008.
response programmes.
in the bottling landscape. We believe there is ample room to
Our efforts have been recognised by the achieve further efficiencies, particularly
Dow Jones Sustainability and FTSE4Good in Emerging markets.
Xxxxxx xx Indices since 2008 and 2001, respectively.
6
1. Sparkling beverages: For the second consecutive year, our
4 5 1 62% Plants Filling lines
Company was named the industry leader
59 289
3 2. Low- and no-calorie
sparkling beverages: amongst beverage companies in the Dow
7% Jones World and Europe Sustainability
3. Water: 19%
Indices (DJSI).
4. Juice: 7%
2 5. RTD tea: 4% Warehouses and
6. Energy drinks: 1%
distribution centres
See more about consumer and industry trends

on page 6.
See more about our sustainability initiatives
on pages 49-50.
292
3
Chairman’s statement
“Operationally
and strategically
well-placed
to deliver
continued
growth”
George A. David
Retiring Chairman
Key highlights
––Company delivered the highest operating
margins since the beginning of the crisis
––We stepped up our sustainability efforts,
adopting ambitious long-term targets
––After 35 years, I am retiring from
the Board; our former Vice-Chairman,
Anastassis G. David has been appointed
as Chairman
––The Board focused on the execution of
our strategy, alignment with The Coca-
Cola Company, talent development,
effectiveness of the Board and risk
management
––We appointed two new members
to the Board
––The Board is proposing a full-year
dividend of 0.40 Euros per share
4
Strategic Report
Dear Stakeholder markets, Nigeria and Greece, and first-hand experience of running
Reporting on the year in an integrated manner has never international businesses. Their appointment adds to the diversity
been more appropriate than it is for 2015. Our operational and of our Board and we welcome their contributions and expertise.
financial management, sustainability initiatives and governance Having been deeply involved in the development of the
practices all worked dynamically together. I genuinely believe Company and its predecessors for what have been 35 incredible
that it is this holistic approach that gave us the energy and years, I decided in January 2016 to step down as Chairman of the
power we needed to make 2015 a successful year despite Board, making way for a new generation of leaders. Leaving the
the challenges we faced throughout. Board at the close of the June 2016 AGM, I am proud of all we have
achieved as a Company over these years, from our commitment to
2015 highlights excellence and sustainable growth, to contributing to the lives of
On the operational front, we started the year with the determination communities wherever we operate and our ethics and values
to see the business grow. This was a challenge in a year where one that ensure we are welcome in every home in our territory.
of our key growth markets, Russia, was experiencing significant
economic contraction and a weak currency. The targeted initiatives The Board has appointed the Company’s former Vice-Chairman,
we implemented in all of our markets delivered well, resulting in Anastassis G. David, as Chairman for the period until the 2016
strong volume performance. Our discipline, combined with the AGM, at which time Anastassis will be proposed for election by
systems we have put in place to control costs and reduce working shareholders. This follows a thorough review process for the
capital over recent years, is a great asset, one that continued to appointment, overseen by the Nomination Committee, resulting
deliver results in 2015. Improved volumes, effective cost control in a unanimous recommendation to appoint Anastassis G. David.
and mitigation of significant currency headwinds allowed us to The appointment was approved by the Board of Directors on
achieve our highest operating margins since the beginning of 27 January 2016, when I stood down as Chairman.
the global financial crisis. The Board of Directors has striven to ensure that this change in
the leadership of the Company be effected in a manner that
Sustainability emphasises continuity and balance. We were mindful of the
Earning and maintaining the trust of consumers and the corporate governance and independence implications of
communities we operate in is at the heart of all of our activities. Anastassis’s appointment as Chairman, having originally
As consumers have become increasingly focused on healthy, active been nominated to the Board by Kar-Tess Holding, a significant
lifestyles, we have significantly broadened our product portfolio, shareholder of the Company. We have explained our rationale
offering consumers a wider range of products and more information for the appointment in the Corporate Governance section of this
to make informed choices. We have also continued to promote Integrated Annual Report and we consulted with major shareholders
health and wellness, spending €4.0 million in 2015 on programmes before proceeding. The Board of Directors firmly believes that
to support active lifestyles. Minimising our environmental impact, Anastassis embodies the Company’s spirit – our core values,
particularly water usage, has always been a priority. The progress heritage and culture – and that these attributes, combined with
we have achieved in managing our environmental impact gave us his strong identification with the Company and its shareholders’
the impetus to step up our efforts in 2015, adopting ambitious interests as well as with his profound knowledge, understanding and
long-term targets. experience of the Coca-Cola System, will enable him to continue to
promote appropriately balanced leadership of the Company.
Our efforts in the area of sustainability are being recognised
internationally and I am particularly proud of Coca-Cola HBC being
named industry leader amongst beverage companies in the Dow Closing
Jones World and Europe Sustainability Indices (DJSI) for the second On behalf of the Board, I would like to thank our employees for
consecutive year in 2015. their hard work and resilience in the face of recent challenges.
Their talents, skills and dedication have helped us succeed
I encourage you to read about our efforts to be a more responsible, despite volatile market conditions.
sustainable business throughout this report.
We have a proven track record of steering the business through
some very rough waters, and I am confident that we are operationally
Governance and strategically well-placed to deliver continued growth over the
During the year, the Board focused on the execution of our medium term. In light of our Company’s 2015 performance and our
strategy, our strategic alignment with The Coca-Cola Company, the confidence in management’s ability to continue to grow the business,
development of our talent but also on our Board’s own effectiveness the Board is proposing a full-year dividend of 0.40 Euros per share.
and the management of risk including the risks arising from currency This represents an 11% increase compared to the dividend paid
volatility, geopolitical instability and weak economic activity. out from 2014 profits.
A Board effectiveness evaluation was conducted in the second I look forward to seeing you at the Annual General Meeting.
half of the year, and the results underline that our Board is well-
balanced and diverse, with the right mix of international business
skills, experience and independence. Reflecting on the changes to
the Board this year, I want to wholeheartedly thank Susan Kilsby and
Christos Ioannou, who stepped down in June, for their commitment
and their valuable contribution during their time on the Board.
A warm welcome also to our new Board members, Sola David-Borha
and Alexandra Papalexopoulou, who joined the Board during the George A. David
year. They bring extensive knowledge of two of our important Retiring Chairman
5
Market review
By navigating economic challenges, evolving

consumer preferences and shifting market conditions,
we demonstrate our customer and consumer focus
as well as our business agility.
What we are seeing
The post-crisis economic environment impacts consumer habits and
the competitive landscape.
Economies adapting to a post-crisis Small basket expansion
new “normal” Economic conditions and evolving market dynamics have
The global financial crisis seems to have led most countries to impacted consumer behaviour, leading to a shift to top up
adjust to a rate of growth lower than pre-crisis levels, albeit with urgently needed items, rather than stock up.
uneven trends.
Established and Developing markets are facing relatively
high unemployment and deflation while Emerging markets
are impacted by lower oil and commodity prices and high
currency-related inflation.
Disposable income and corresponding household expenditure
continue to be lacklustre.
The outlook for 2016 is positive, with expectations for growth
exceeding 2015 levels and improvements anticipated in terms
of both inflation and disposable income.
Real GDP evolution (%) How the

How theconsumer
consumers shop
shops
Small baskets: 79%

8
Large baskets: 21%
7
6
5
4
3
4.1
2.8
3.3 3.2 21% 79%
2.4 2.5 2.6
1.8 Source: GFK-Europanel, AFB 12m MAT Q3 2015, CSE
2
1
…and organised trade growth
0 Channel dynamics in many countries are shifting towards
-1 organised trade, such as discounters and supermarkets.
2003 2008 2012 2013 2014e 2015f 2016f 2017f Sales in these outlets are growing faster than in traditional
-2007 -2011
(avg) (avg)
trade, such as convenience stores. At the same time the
organised trade channel is experiencing further consolidation.
World
High income countries
Euro area countries Increasing focus on healthy choices
Developing countries Health and wellness trends have been gaining ground as well
as focus from governments. Improving health through calorie
reduction and better food choices is increasing in importance for
individual well-being and as a means to reduce public expenditure
Source: Global Economic Prospects, January 2014 & June 2015 and on medical care.
World Bank Development Prospects Group updates, World Bank
6
Strategic Report
How we are addressing changing conditions

We are adapting our business model and offering to grow value jointly with our
customers and consumers, capitalising on opportunities.
Winning with our customers Growing value ahead of volume
and consumers We are focusing on smaller-sized packages, while at the
We have adapted our product pricing architecture to allow for same time increasing the number of transactions.
a focus on affordability where needed.
We are targeting specific occasions such as Coke with Food
We are improving the value we get by focusing on the right within the framework of increasing household penetration.
brand, price, pack and channel for the right occasion. We refer
Our aim is to provide our consumers with a 24/7 offering,
to this as OBPPC.
a product for each part of the day, every day.
We are executing our strategy with excellence, improving our
key service metrics in close co-operation with our customers.
…jointly with our customers
We are focusing on joint value creation with our customers,
Share of single-serve packs in total volume (%) ensuring profitable growth for both parties.
We are adjusting our route-to-market in order to better adapt
to the evolving market dynamics, while also optimising our
production and logistics footprint so as to capture the most
+1.4pp from potential cost efficiencies.
40.3
39.9 Offering choice
39.2 We have one of the most diverse product portfolios amongst
38.9
Coke bottlers, and we have consistently increased sales of low-
and no-calorie sparkling beverages.
We have also expanded our product portfolio to include water
and juice brands to offer consumers options to support active,
2012 2013 2014 2015 healthy lifestyles. Still drinks have increased from 10% of our
volume in 2001 to 31% of our volume in 2015.
We also support programmes that foster active, healthy
lifestyles (see the Community Trust section on page 39
for more information).
7
Business model
Our business model is at the heart of everything we do. It defines

the activities we engage in, the relationships we depend on and the
outputs and outcomes we aim to achieve in order to create value
for all of our stakeholders in the short, medium and long term.
Capitals Value added by
Financial
We seek to efficiently use funds obtained
through financing or generated from operations
or investments.
See our financial review starting on page 51.
Manufactured
We carefully manage the stock of manufactured Working with partners and suppliers
capital, including equipment and buildings, available Our partnership with The Coca-Cola Company gives us
to produce and distribute our products. exclusive rights to manufacture and sell their branded products in
our territory. The Coca-Cola Company develops and owns brands
which account for 97% of our volume sold. They also produce and
See our operating performance indicators on page 14. supply our Company with the concentrate, or syrup, that is the main
ingredient for our beverages. We rely on our supply chain for many
Human types of inputs to our business, including equipment and machinery
We continually work to develop the competencies, and consultancy services and software. Partnering with responsible,
capabilities and talent of our people, a critically dependable, efficient suppliers allows our Company to focus on
important asset. what we do best – producing and distributing beverages that
bring smiles to consumers.
See our corporate values on page 12 and Our People

on page 36.
Natural
Water, energy, and other natural resources are
important inputs to our value creation processes,
and we seek to use them efficiently.
See our key performance indicators on page 50.
Intellectual Producing cost-efficiently

Using concentrate from The Coca-Cola Company, and other
Our knowledge-based assets include our brands and
ingredients, we produce, package and distribute products.
brands we license, as well as proprietary technology,
We produce nearly all of the products we sell at production
standards, licences and processes.
facilities that also have distribution centres and warehouses.
Utilising these facilities wisely helps us produce products
See the section on our brands on page 43. responsibly and is key to our profitability.
Social and relationship

Social and relationship capital includes our
reputation and our ability to earn and maintain
the trust of key stakeholders.
See our key performance indicators on page 39.
8
Strategic Report
Value created Value shared with

We create value for our By running a profitable, sustainable,
stakeholders and our business responsible business, we create value
by carefully managing the use of which is subsequently retained by our
and return on all capitals, or inputs. business, making it stronger, and
shared with all of our stakeholders.
Net profit
Serving consumers
€280m Shareholders
Through the process of managing all inputs to
our business well, we create profits which
Reduction in plants benefit shareholders through dividend
and communities payments and share value.
11%
We offer a range of beverages
to satisfy evolving consumer
preferences and active, healthy Suppliers
lifestyles. By providing products that As we create value, we support businesses
meet consumer needs and operating Direct employment throughout our value chain, and support
33,311
a responsible, sustainable business, job creation beyond our business.
we create value for the communities
where we operate.
Employees
Reduction in water consumption Developing, recognising and rewarding
our people secures a skilled and
5.5% motivated workforce.
Customers
Water replenishment rate of Our efforts to produce products efficiently
164%
and responsibly builds value for our
customers’ businesses.
Total taxes
Communities
When our business is profitable, sustainable
Serving customers effectively
We manage customer relationships as
well as promotions and displays at the
€271m and responsible, the communities where
we operate benefit through job creation,
tax payments to governments, useful
products and services, and minimisation of
point of sale. Our customers rely on us Volunteer hours
to have a full range of quality products environmental impact. We also consistently
on the shelves every day, so that they
can satisfy consumers’ refreshment
needs. In order to give our customers
the best possible service, we segment
6,000 invest 2% to 2.5% of our pre-tax profits in
programmes to support communities
in our territory.
Spend on community
each market and serve each customer
programmes
based on size and need, taking into
account prevalent market conditions.
€8.2m
Find out more about how we share value
with our stakeholders in the following pages
9
Chief Executive Officer’s review
Dear Stakeholder
We achieved strong volume growth in 2015 for the first
time in several years, as well as improvement in nearly
all of our key performance indicators. Our comparable
net profit was €314 million, up from €277 million the
prior year, and our comparable earnings per share
rose 13.5% to 0.864 Euros.
Our performance for the year is the culmination of our
long-term effort to refresh our business by expanding
our product portfolio to increase the choices we offer
consumers, continually improving our ability to serve
customers well, attracting and retaining talented people,
and dramatically improving the efficiency of our operations.
All of these initiatives align with our Play to Win strategic
framework, and are underpinned by our commitment
to manage our business responsibly and sustainably.
All of our business segments achieved volume growth
for the year, despite currency depreciation and economic
weakness in some of our largest markets, including
Russia and Nigeria. We reversed a five-year-long decline
in volume sold in our Established markets and increased the
momentum of growth in our Developing markets. Volume
growth in the majority of countries in our Emerging markets
segment more than offset weak sales in Russia. Overall,
sales volume for the Group increased by 2.6% compared
with the prior year.
On the other hand, deflation in our Established and
Developing markets and affordability concerns in specific
markets limited our pricing flexibility. These factors,
combined with exchange rate headwinds, led to a
2.5% decline in net sales revenue.
Continuing our efforts to improve margins, we reduced
our operating expenses by nearly €50 million and our
“Execution
infrastructure optimisation programmes delivered excellent
operational leverage. We benefited from declines in the cost
of raw materials we use, particularly sugar and PET resin for
plastic bottles, although these cost reductions were more
focus drives than offset by the €174 million adverse impact exchange
rates had on our profits.
The 100 basis point improvement we achieved in our
strong volume
comparable operating margins is an important step toward
recapturing the superior margins our Company delivered
before the global financial crisis.
growth and
margin
expansion”
Dimitris Lois
Chief Executive Officer
10
Strategic Report
Targeted approaches delivered success Engaged people

Strong business plans tailored to suit the trading conditions in each I am pleased to report that, in support of our long-term value
country, along with our continued focus on superior execution at the creation efforts, employee survey results reflected a notable
point-of-sale, set the stage for success across our diverse territory. improvement in engagement during the year. Our engagement
Aided partly by warm summer weather, we achieved improvement index was 87%, up from 82% in 2014.
in our sales volumes for sparkling drinks. Notably, the number of
Improvement in the engagement of our people is particularly
consumer transactions and the share of single-serve packs in our
noteworthy given market volatility which required agility, ingenuity
volumes also improved, reinforcing our leading positions in sparkling
and resolve. In Russia, our people delivered results by mitigating
drinks, our biggest category. We gained share from local sparkling
unfavourable circumstances. In Hungary, they captured the
drink brands during the year and expanded our volume share in
opportunity presented by the improving economy.
17 out of 24 measured markets.
We believe our long-term investments in our people contributed
In the still beverage categories including juice, water and ready-to-
to our strong performance for the year. In 2015, we continued our
drink tea, we increased volumes sold significantly. Water sales
efforts to engage our people, to develop their capabilities, rewarding
were particularly strong during the warm summer months. Having
a high-performance mindset and attracting and retaining the best
broadened our juice offering in Russia with the addition of the Moya
talent. Improvements in our talent pipeline reflect our investments
Semya brand, we now have a leading provider of juice in the country.
in and commitment to training. Our ‘key people’ held 79% of our ’key
The 4.0% volume growth in our non-sparkling beverage portfolio
positions’ in 2015, up from 78% in 2014. To continue to improve our
helped us improve our market position in 9 of the 22 measured
talent pipeline, we involved 2,084 people in leadership development
non-alcoholic ready-to-drink beverage markets where we compete.
centres, where participation increased by 78% during the year. For
We have aligned with The Coca-Cola Company on the approach to more about our engagement and talent development initiatives,
support revenue growth. We are working with our customers to find please see the People section of this report on page 36.
and offer the right package, size and price point for each distribution
channel, ensuring that we satisfy consumers’ refreshment needs in Creating shared value
all circumstances while defending the value of each case. In some As a signatory to the United Nations’ (UN) Global Compact since
of our Emerging markets, we also increased our prices to keep up 2005, we have continuously worked to implement and promote its
with price inflation. However, the deflationary environment in our 10 global principles in support of human and labour rights, corporate
Established and Developing markets, affordability concerns, governance and anti-corruption, as well as environmental protection.
particularly in Greece and Nigeria, and the shift in demand towards Further, through these four key focus areas, we contribute to
water in the summer all served to offset the benefit of our revenue the UN’s recently articulated 17 Sustainable Development Goals,
growth initiatives. The net result was a very slight improvement in supporting common action and endeavouring to balance the three
currency-neutral net sales revenue per case, a slowdown when key dimensions of sustainable development – economic growth,
compared to our track record over the last few years. environmental sustainability and social inclusion – by 2030. We
believe that our business has an important role to play in achieving
Working smarter the Sustainable Development Goals, and to that end we have
Our restructuring efforts to improve efficiency continued in 2015. worked consistently to integrate sustainability and corporate
We consolidated seven bottling plants, optimising our production responsibility into every aspect of our operations, throughout
at a total of 59 plants as of the year end. We also continued to our entire value chain.
improve our logistics network. We closed 11 distribution centres
As signatories to the UN Global Compact CEO Water Mandate and
and warehouses and made investments in state-of-the-art
Caring for Climate Business Forum, we are deepening our focus
warehouse equipment to improve our efficiency and reduce costs.
on water stewardship and operational eco-efficiency programmes,
We continued to migrate back office processes to our Shared while taking steps to further refine our climate strategy through
Services Centre in Sofia, Bulgaria, embarking upon service migration initiatives such as Accounting for Sustainability and water pricing,
for one of our biggest markets, Nigeria. In parallel, we set up a Shared among others.
Services Centre in Nizhny Novgorod, Russia, to consolidate and
standardise back office services across our vast Russian territory.
These initiatives, combined with the SAP platform that is now used
in all of our markets, reduce operating expenses. In 2015, operating
expenses were nearly €50 million less than in the prior year. On a
lower net sales revenue base, and with increased direct marketing
and currency management expenses in the year, this translated into
stable operating expenses as a percentage of net sales revenue.
As a result of discipline and best practice sharing, we also further
reduced working capital. At the end of 2015, our balance sheet
working capital position was at triple-digit negative level (in million
Euros), earlier than anticipated. You will find more information
on our progress in the Cost Leadership section of this report,
on page 47.
11
Chief Executive Officer’s review continued Play to Win strategic

framework
Looking ahead
The outlook for 2016 is characterised by increased volatility. Our vision is to be the
In the Euro area, growth prospects are revised upwards, reflecting the
expected benefits from the oil and commodity price developments undisputed beverage
and the accommodating monetary conditions. However, in contrast,
growth estimates are revised downwards in the countries exporting leader in every market
these commodities.
in which we compete.
In our territory, we face mixed prospects. On the one hand, we
In collaboration with The Coca-Cola Company, we have
expect a reversal from deflation to inflation, and improvements
evolved our portfolio to create a balance of sparkling and
in unemployment levels and private consumption in many of our
still beverages, giving us a powerful commercial platform
markets benefiting from the low oil prices. On the other hand,
and enabling us to be a strong partner for our customers.
oil exporting countries such as Russia and Nigeria continue to
We want to be the partner of choice for our customers,
face ongoing challenges in an otherwise buoyant emerging
working with them to grow their business and ours.
markets landscape.
Business efficiency is an ongoing priority and it is
The commercial initiatives that we put in place in 2015 proved to be vital that we continue to optimise our manufacturing
effective, leading to good volume growth in all three segments. We cost base and logistics footprint with ongoing careful
are determined to build on this success and maintain volume growth management of operating expenses. In doing all of this
in all three market segments. Two key areas of focus in 2016 are we will continue to strive for leadership and build on
revenue growth management and gaining further efficiencies in our our reputation as a responsible business focused on
cost base. We expect substantial improvement in currency-neutral minimising our environmental impact in water use,
net sales revenue per case in the full year for all three segments as energy and packaging.
well as a significant reduction in operating expenses as a percentage
We live by our values: authenticity, excellence,
of net sales revenue. The two challenges we face are currencies in
learning, caring for our people, performing as one
emerging markets such as Russia and Nigeria and rising input costs,
and winning with customers. We think these values
particularly sugar.
make for a culture where people have a strong sense of
Overall, our focus for 2016 is to build on this year’s good ownership and make decisions with purpose, confidence
performance with a year of volume and revenue growth along with and speed. A values approach to business also makes
margin expansion. We have strong plans and our track record gives good commercial sense as it creates a company
us confidence that we can take appropriate action in countries where customers want to work with.
we face challenging market conditions. Our efficiency programmes
have, over several years, created a strong platform. As many of
our European markets slowly improve, we expect to capitalise Strategic pillars: How we report
on this platform. We focus on our four strategic pillars – Community Trust,
Consumer Relevance, Customer Preference and Cost
Finally, I wholeheartedly thank all of our people for their passion, Leadership – that encompass the key areas of
dedication and hard work. Our success this year would not have been our business.
possible without their contributions. I also thank our shareholders for
their support. We will endeavour to maintain your trust, working to
create sustainable, long-term business growth and shared value Strategic targets: How we measure
for all of our stakeholders. our performance
We have four strategic targets that we work towards:
Win in the marketplace, Grow value ahead of volume,
Focus on cost and Generate free cash flow.
Enablers: What ensures the success of

Dimitris Lois our business
Chief Executive Officer We have two enablers that support our business and
ensure its success in the long term: our people and
our culture.
Key areas of focus in 2016 are revenue
growth management and gaining
further efficiencies in our cost base
while investing in our people.
Please see the table on the next page to learn about the
initiatives that we put in place for each of the strategic
pillars in order to achieve our strategic targets.
12
Strategic Report
Strategic targets: How we measure our performance

Win in the Grow value Focus on cost Generate free Act responsibly
marketplace ahead of volume cash flow
Strategic pillars: How we report
Community Engage with our communities and earn their trust through initiatives that help them thrive
trust
Promote active, healthy living
Drive the water and Focus on the right Offer choice and
juice categories with brand, price, pack and focus on smaller
Consumer innovation supported channel for the right sizes
relevance by acquisitions of occasion (OBPPC),
locally relevant brands thereby improving
the value we get from
every case we sell
Develop the meals Maintain the highest

and socialising level of
occasions and the commitment
‘24/7’ approach in all to quality
of our categories and
in all consumption
channels
Achieve right execution of product placement

Customer and display at the point of sale every day
preference
Create joint value with customers through
innovative collaboration and efficiency
Segment each market and expand coverage with

relevant route-to-market for customers based
on market dynamics
Cost Optimise Manage capital Reduce

and integrate expenditure decisions environmental
leadership manufacturing and in an integrated footprint and cost
logistics footprint manner to Company
Standardise and Utilise shared services

simplify business centres and focus on
practices to achieve discipline to minimise
efficiencies, working capital
particularly in back
office functions
Our people
Our most important enablers are our people: unparalleled talent and a high-performance mindset are what we strive for. Our people
make our Company what it is and create value by growing our business responsibly and sustainably. Strengthening the capabilities of our
people as well as engaging them and rewarding them appropriately are priorities at every level of our Company, enabling us to continue
to attract and retain the best talent.
Enablers: What ensures the success of our business
13
Our strategy and KPIs
Our strategic objectives

Strategic targets Win in the marketplace Grow value ahead of volume
How we measure Volume is measured in million cases sold, where one Net sales revenue (NSR) comprises revenues from
our performance unit case represents 5.678 litres. Coca-Cola HBC’s primary activities.
(KPI) Category share is calculated by dividing our volume Net sales revenue generated per case sold is calculated
or revenue by the total volume or revenue of the on an FX-neutral basis.
respective beverage category. We report the
number of countries where we maintain or
improve our sparkling beverages volume share.
What happened We achieved volume growth in all segments. While Despite volume growth, net sales revenue declined due
in the year the Emerging markets segment slowed down due to adverse currency movements. FX-neutral net sales
to the challenges in Russia, a return to growth in our revenue per case increased for the fifth consecutive
Established markets supported this outcome. As a year but at merely 0.3%, constrained by the deflationary
result, we improved our sparkling volume share in environment and affordability measures in a number
17 out of 24 measured markets. of our markets.
KPIs Volume (million unit cases) Net sales revenue FX neutral NSR/case
The way in which our KPIs (€m) improvement (%)
relate to remuneration is
set out on pages 96-97.
2000 8000 3
2,061 2,003 2,055
1500 6000 6,874
6,510 6,346 2 2.5
1000 4000
1
500 2000 1.1 0.3
0 0
0 0 0
2013 2014 2015 2013 2014 2015 2013 2014 2015
Our plans for 2016 We have plans to build on the growth achieved in 2015 Revenue growth management initiatives are integral
in all segments. This view is supported by signs of to our commercial strategy and a significant focal point in
recovery in certain European markets and our our plans. We expect to increase prices in countries with
marketing programmes coupled with Euro 2016. currency depreciation as well as continue our initiatives to
improve package, channel and category mix to get more
value out of every case we sell.
Underpinned by our enablers and values

Enablers and values Nurture unparalleled talent and a high performance mindset
How we measure We track the percentage of employees responding to a Group-wide engagement survey positively.
our performance We record the number of key people in key positions and the number of women in our Company.
(KPI)
What happened Based on survey results, employee engagement index was 87% in 2015. 79% of our key people were in key
in the year positions – up from 78% in 2014.
23% of our total workforce, 33% of our managers, 34% of our senior leaders and 15% of our Board of
Directors are women.
KPIs Key people in Women in

key positions (%) management (%)
100 40
80 30
32 33
60 78 79 30
72 20
40
10
20
0 0
2013 2014 2015 2013 2014 2015
Comparable indicators exclude the impact of restructuring, the unrealised impact from the mark-to-market valuation of commodity hedges and specific non-recurring items.
For a reconciliation of comparable financial indicators to the respective GAAP financial indicators, please see page 54.
14
Strategic Report
Focus on cost Generate free cash flow
OpEx (Operating expenses) as percentage Free cash flow is defined as the cash generated
of net sales revenue is calculated by dividing by operating activities after payments for/
comparable operating expenses by total net proceeds from and purchases/sales of property,
sales revenue. plant and equipment, and principal repayments
of finance lease obligations.
Comparable EBIT refers to profit before tax
excluding finance income or cost and share ROIC is net operating profit after tax divided by
of results of equity method investments, capital employed in the business.
adjusted for certain non-recurring items.
Our actions resulted in an absolute reduction We generated excellent free cash flow in the
in OpEx, although as a percentage of net sales year. The benefit from additional reductions
revenue, the ratio was stable. Input costs were in working capital, which reached triple-digit
favourable, although these were more than negative level (in million Euros) at year end,
offset by adverse currency movements. The coupled with higher profitability contributed
strong improvement in comparable EBIT margin to this outcome. These factors also supported
was effectively the result of the volume growth the growth in ROIC.
and the operational leverage it brings.
OpEx as Comparable EBIT Free cash flow ROIC

percentage (€m) (€m) (%)
of NSR (%)
30 500 500 10
28.9 29.2 29.2 400 454 473 400 8
425 413 412 8.8
20 7.9
300 300 6 7.2
333
200 200 4
10
100 100 2
0 0 0 0
2013 2014 2015 2013 2014 2015 2013 2014 2015 2013 2014 2015
Focus on cost and efficiency is a firm discipline Going forward, while the benefit we can expect
in our business and we expect to be able to from working capital reductions is diminishing,
further improve operating expenses as a further improvements in our profitability and
percentage of net sales revenue. We expect disciplined capital expenditure management
our profitability to also benefit from operational should ensure good free cash flow generation.
leverage as volumes grow, and our focus on
pricing of our products in 2016.
Act responsibly
We measure direct and indirect greenhouse gas emissions from our operations
(scopes 1, 2 and 3 as defined by the Greenhouse Gas protocol).
Our operational carbon emissions (from production and transport) amounted to 634,910 tonnes
in 2015, an 11.7% decrease vs. 2014. The global carbon footprint of our products, including indirect
emissions in the supply chain and for cooling, amounted to 4.175 million tonnes of CO2, a reduction
of 3.6% in the year.
Greenhouse gas Greenhouse gas

emissions ’000 tonnes emissions ’000 tonnes
(scopes 1 and 2)* (scopes 1, 2 and 3)*
800 5,000
751 4,000 4,698

600 719 4,332 4,175
635 3,000
400
2,000
200 1,000
0 0
0
2013 2014 2015 2013 2014 2015
* Scope 2 number in 2015 is calculated by using the market-based approach. All previous years’ numbers have been used as
a proxy since a true market-based result cannot be calculated.
15
Managing our material issues
We prioritise material issues on the basis of their

relative importance to value creation. We use the
strategic pillars of our Play to Win strategic framework
as a lens for determining how various issues are
material to our business.
We continuously update the list of issues that have or may have Engagement Forum (for more information on this please go to our
an effect on our ability to create value over time. The identification website at www.coca-colahellenic.com), and input from employee
of relevant and, then, material issues helps us to better understand surveys and from the Business Resilience Function, which weighs
how our stakeholders perceive our business model. The results of in on business risks. We also gather market intelligence, continually
the identification and assessment processes also inform us about scanning our external environment for trends that may affect the
how to structure our integrated report in the interest of more success of our strategy implementation and our efforts to grow our
relevance and greater transparency. Annually, we go through a business sustainably and improve our margins. Finally, we conduct
process of identifying the issues we believe are most important in ongoing trend analysis, research and monitoring of broader
terms of the growth and success of our business and our ability to economic, socio-economic and development issues that
continue to create value for all of our stakeholders. We then prioritise may affect how we create value over time.
these issues based on their relative importance and impact. Finally,
our prioritised list of material issues is used in ongoing evaluations Prioritising material issues
of our long-term objectives and strategic priorities, in internal We prioritise material issues on the basis of their relative importance
resource allocation decisions, and in determining what issues to value creation. We use the strategic pillars of our Play to Win
are most material to include in our external reporting, including strategic framework as a lens for determining how various issues
our Integrated Annual Report. are material to our business. In our most recent process of assessing
material issues, we streamlined the number of issues we prioritised,
Identifying material issues making them easier to work with and understand.
Our process is shaped by our definition of material issues, which are
those that we believe are likely to influence our ability to create value
for our shareholders, customers, consumers, suppliers, employees
and the communities in which we operate. Material issues may have
direct impacts, such as economic conditions, or indirect impacts,
such as issues that affect our reputation or stakeholder trust.
The materiality assessment conducted in 2015 included input
from stakeholders received online and at the Annual Stakeholder
Coca-Cola HBC connectivity matrix

Community trust Consumer relevance Customer preference Cost leadership
Economic dimension
Corporate governance, business ethics and
anti-corruption x x
Direct and indirect economic impacts x x x x
Health and nutrition x x x
Responsible marketing x x x
Product quality and integrity x x x
Environmental dimension
Carbon and energy x x x
Sustainable packaging recycling and waste
management x x x
Sustainable sourcing x x
Water stewardship x x x
Social dimension
Community investment and engagement x
Employee well-being and engagement x x x x
Human rights and diversity x x
16
Strategic Report
Using material issues to manage and report

Our prioritised list of material issues is linked to the pillars of our strategic framework and helps guide decisions regarding
the execution of our business strategy.
An indicative example is our progress in Accounting for Sustainability management efforts are closely linked to our cost leadership
reporting. As of 2015, all of our business units have to include water initiatives: for example, our progress in packaging light-weighting
conservation and carbon reduction initiatives in their business plan has had a notable positive impact on our cost-to-supply in 2015,
submissions, linking a key material issue to our strategy planning and and in turn our operating margins.
execution. To support this effort we have introduced a fundamental
Our material issues are also discussed in the Group Risk Forum,
change in our financial project valuation, putting an internal price on
and included in the Group and country risk universe as appropriate.
carbon and water. In this sense, we now include the “actual cost” of
In response to feedback about our 2014 reporting, we have
water, apply water scarcity multipliers (per river basin level) and an
included descriptions about each of our material issues in the
internal carbon price in the evaluation of our capital expenditure,
table below and GRI aspects that they relate to.
alongside our financial indicators.
Our responsible marketing and product quality processes and
guidelines play an integral role in the way we approach consumers
and customers and are invariably linked to our commercial and
business practices. Our packaging recycling and waste
Why this is material How it relates to stakeholder concerns How we are addressing the issue
Economic dimension
Corporate Conducting all business activities with Investors and other stakeholders We address corporate governance
governance, integrity and with respect for society is realise that managing non-financial holistically, maintaining a zero
business ethics of primary importance for Coca-Cola performance, including environmental tolerance culture related to breaches
and anti- HBC. Being a good corporate citizen and social impacts, is integral of our Code of Business Conduct
corruption means having a strong foundation in to maintaining good financial and anti-bribery policies, while making
business ethics and maintaining performance over the long term. sure all of our people are trained on
well-established processes and For companies to operate successfully these policies every two years. Our
systems for managing financial and sustain growth, boards must Board and its committees assume
and non-financial dimensions incorporate all aspects of performance responsibility at the highest level for
of performance, which in turn management into core decision- environmental, social and governance
builds the trust and reputation making processes. issues related to the business.
of Coca-Cola HBC.
GRI aspects: Compliance

with environmental, product
responsibility and societal aspects;
anti-competitive behaviour;
anti-corruption; public policy
Direct and As a business operating in 28 Many of our stakeholders are direct or We employ more than 33,000
indirect countries in Europe, Africa and Asia indirect beneficiaries of our business employees. Within the European
economic we contribute to local economies in activity. They therefore have an Union, the Coca-Cola System
impacts our countries of operation through interest in the value added by supports more than 600,000 direct
our core business activities. These our business. and indirect jobs in our value chain.
activities generate income for We source ingredients, raw materials,
employees, revenue for suppliers equipment and services from
and contractors, improve our approximately 43,000 suppliers.
customers’ profitability and support In 2015, our direct procurement
public well-being and infrastructure spend was €1.3 billion. Further, in 2015
through tax payments, dues and we paid €271 million in taxes across
fees. We also contribute to the public our territory.
good by investing in community
programmes to address
environmental and social issues.
GRI aspects: Economic performance;

market presence; indirect economic
impacts
17
Managing our material issues continued
Economic dimension continued

Health and We recognise the rising incidence Health and well-being is of The Coca-Cola Company is
nutrition of obesity as a serious and complex increasing importance to consumers responsible for product innovation,
global health challenge linked to and, through their impact on overall development, labelling and consumer
sedentary lifestyles which involves healthcare costs, to governments. marketing for the majority of brands
energy imbalance – too many calories we produce and sell. The Coca-Cola
consumed and too few expended. Company announced a series of
Ensuring that our products can be commitments that our global
part of a balanced diet combined business system will seek to
with an active, healthy lifestyle and achieve by 2020. We will:
regular physical activity is of key –– Offer low or no-calorie beverage
importance for the long-term options in every market
success of our business and
–– Provide transparent nutrition
the overall Coca-Cola system.
information, featuring calories on
the front of all packages
–– Help get people moving by
GRI aspects: Product responsibility
supporting physical activity
programmes in every country
where we do business
–– Market responsibly, including
no marketing to children under
12 anywhere in the world.
For more information about the global
commitments of The Coca-Cola
Company to help fight obesity,
please go to www.coca-colacompany.
com/press-center/press-releases/
coca-cola-announces-global-
commitments-to-help-fight-obesity/.
Responsible Our advertising and promotions Stakeholders expect us to provide We comply with The Coca-Cola
marketing reach millions of our consumers clear information about the ingredients Company’s Global Responsible
and this is a responsibility we take very and benefits of our products and Marketing policy and together with
seriously. Our approach to responsible to help raise awareness about the other members of our industry we
marketing, the way we engage in direct importance of energy balance, which are also signatories of the European
commercial activity and the way we is calories in versus calories out. Soft Drinks Industry Association
advertise and promote impact our (UNESDA) commitments, which
corporate reputation. include:
–– encouraging active, healthy lifestyles
and investing into mass sports,
GRI aspects: product responsibility committed to move 6.7 million
people by 2020
–– offering choice from mineral waters,
through sparkling soft drinks to 100%
juices, and offering no- and
low-calorie beverages in all of our
markets
–– providing GDA nutrition information
on our labels wherever possible
–– encouraging portion control by
marketing of smaller pack sizes
–– not engaging in direct commercial
activity in primary schools and not
advertising to children
Product quality Our products are designed to Over the past years, the food supply Product integrity to the Group
and integrity refresh our consumers and satisfy has changed significantly in most means offering the highest quality
customer needs. We strive to ensure countries. Stakeholders are interested beverages that satisfy consumers’
that our consumers have the utmost in how food safety and quality is and customers’ expectations in every
confidence in our products by ensuring ensured throughout supply chains. aspect. Part of our response to more
consistent product safety and quality. Products with high quality and integrity demanding food and safety standards
We depend on product quality and help us to be competitive beyond is to raise the bar by applying
integrity for market leadership, sales performance and price, making us a end-to-end food and safety standards,
volumes and revenues. This is also partner of choice for our customers. on top of maintaining strong focus
the basis of the reputation and trust on developing a world class mind-set
we strive to earn in our communities. on food and safety throughout the
value chain. In addition to product
functionality, quality, safety, taste
GRI aspects: product responsibility and design, integrity also includes
intangibles such as brand equity of
the best known beverage brands
in the world.
18
Strategic Report
Environmental dimension
Carbon Energy is an input to our production Affordable, clean energy and taking We make investments in
and energy and logistics processes. Climate climate action are two of the 17 energy efficiency and low-carbon
change is a material issue for our Sustainable Development Goals technologies to reduce our exposure
business also because consumption adopted by the United Nations, and to climate change risks and improve
of cold, single serve beverages can be member nations, in September 2015. our cost leadership and production
impacted by weather. This issue also Failure to adapt to climate change is efficiency. To this end, we have
affects our suppliers, customers and listed as a principal risk in the World introduced internal water and carbon
the communities which we serve. Economic Forum 2015 Global prices, while we have clear targets
Risk Report. for carbon emissions and water use
reduction by 2020. As a result, we are
GRI aspects: energy; emissions; one of the first 12 companies in the
transport; products and services world with science-based carbon
(environmental); environmental reduction targets for both direct
investments operations and our value chain.
These targets were created with
and have been approved by the
World Resources Institute.
Sustainable Coca-Cola HBC sells more than Achieving a circular economy, one Our ultimate goal is to close the
packaging, 2 billion unit cases of products annually, that is restorative and regenerative, is recycling loop, converting used
recycling and packaging plays a vital role in high on the political and media agenda. packaging into new. We minimise
and waste keeping our products fresh and safe. Sustainable sourcing of packaging the environmental impacts of the
management Sustainable packaging and waste materials and post-consumer waste packaging we use at every stage of
management are important to management pose environmental the lifecycle, working on designing
our business, given the amount of challenges, particularly in Emerging packaging that is lighter and minimises
packaging we use and the need to markets. In response to environmental waste. We support 19 packaging waste
recover and recycle post-consumer concerns, some governments seek to management schemes that recover
packaging. A significant part of our tighten regulation or impose taxes to and recycle post-consumer packaging,
sales comes from Developing and finance waste management schemes. and recovered and recycled 69% of
Emerging markets, where waste packaging material in 2015. We work
management infrastructure still with governments, other industry
needs to develop to avoid landfilling. members, community organisations,
Through extended producer consumers and others to fulfil our
responsibility policies, producers commitments related to sustainable
such as Coca-Cola HBC can be packaging. Through recovery
held responsible for financing organisations, we also invest in
waste management schemes. consumer education regarding
recovery of packaging waste.
GRI aspects: materials; effluents

and waste; products and services
(environmental); environmental
investments
Sustainable The beverage industry is a substantial There is increasing pressure on We are committed to working with
sourcing purchaser of agricultural raw materials. natural resources, and climate The Coca-Cola Company and our
The sourcing of our raw materials change, poverty and social inequality suppliers to ensure that we sustainably
accounts for a large portion of are affecting crops and water supply source our key agricultural ingredients.
our economic, operational and globally. To protect food and water We work with our suppliers to ensure
environmental footprint. The supplies, crops must be grown and compliance with the Sustainable
performance of our suppliers sourced in a sustainable manner. Agriculture Guiding Principles by
directly affects our performance 2020, and we have a clear roadmap
in a wide range of economic, in place to achieve this goal. All our
environmental and social issues. suppliers are required to adhere to
our Supplier Guiding Principles, and
we are members of SEDEX (Supplier
GRI aspects: procurement practices; Ethical Data Exchange), a not for profit
supplier engagement and assessment; membership organisation dedicated
human rights; child and forced labour to driving improvements in ethical
and responsible business practices
in global supply chains.
19
Managing our material issues continued
Environmental dimension continued

Water Water is the primary ingredient Sufficient amounts of accessible, We are committed to reducing our
stewardship of our products and is central to safe, good quality water and sanitation water intensity (l/l beverage produced)
our manufacturing processes and are essential to the health of people by 30% between 2010 and 2020 by:
necessary to grow the agricultural and ecosystems. Two of the UN’s –– leveraging Accounting for
ingredients for our products. Water Sustainable Development Goals Sustainability principles in our
is also vital to the communities in relate to water and sanitation business planning and applying
which we operate, so responsible issues. These concerns are also the full cost of water in our return
water management throughout our high on media and political agendas, on investment calculations
processes and in our supply chain is especially in Emerging markets.
–– reducing our water use ratio to
a material issue for our business.
reach 1.61 l/l of beverage
produced by 2020
–– consistently focusing on and
GRI aspects: water;
investing in water saving initiatives
biodiversity; products and services
(environmental); environmental –– partnering with suppliers to minimise
investments our water footprint across the entire
value chain
–– committing to certify 100% of our
plants according to the European
Water Stewardship (EWS) or Alliance
for Water Stewardship (AWS)
standards. At year-end, 13 of
our plants had received Gold
certifications in EWS
–– investing in community water
conservation projects to replenish
the water we use in our beverages
and increase bio-diversity in river
basins and wetlands
For detailed progress on water related
targets to date, please see the Cost
leadership section of this report.
Social dimension
Community The success of our business depends Good health and well-being, quality Our three priority areas for community
investment and on the strength and well-being of the education and decent work are global programmes are: active, healthy living,
engagement communities in which we operate. Sustainable Development Goals, and environmental and water stewardship
Having a clear direction and focus businesses are expected to contribute and youth development. In 2015
for guiding community investment to addressing these challenges. we have partnered with more than
and engagement in our countries of Publicly reporting on efforts, and 230 NGOs and invested €8.2 million
operation enables our communities results, related to these challenges or 2.3% of our reported pre-tax
and our business to grow. is a stakeholder expectation. profit, in communities across the 28
countries where we operate. Cash
contributions accounted for 86% of
GRI aspects: Local communities the total investment, complemented
by in-kind giving and volunteerism.
For more information please see
the Community trust section of
this report.
Employee The success of our business There is growing recognition of the Our sustainable engagement
well-being and depends on our ability to attract and importance of individual well-being score across the Company in 2015
engagement retain talented, healthy, happy and inside and outside the workplace. was 87%, which is higher than other
engaged people. Training, developing, Improvement in well-being results companies in the Willis Towers Watson
motivating and engaging employees in improved workplace performance benchmarking pool of high performing
and providing access to employee including financial performance, labour companies. To achieve this, we
well-being programmes and a safe productivity and the quality of outputs. focus on winning together, enjoying
working environment are at the core Sustainable engagement scores are ownership of our work and removing
of our corporate culture. strongly and positively linked with organisational barriers to success. Our
workplace performance. employee well-being strategy is based
on four pillars: physical, emotional,
GRI aspects: Labour practices and social and financial well-being. In 2015,
decent work we achieved a lost-time accident rate
of 0.43, a 12% improvement on 2014,
and the seventh consecutive year of
double-digit improvement. We provide
various programmes in all countries
including regular health checks, training
related to work and non-work related
stress, access to sports and physical
activity, child/elderly care support,
return to work support for parents
and flexible work arrangements
where appropriate.
20
Strategic Report
Social dimension continued

Human rights Our people are key to the success The increased globalisation of Our human rights policy is guided by
and diversity of our business. We seek to create business has greatly expanded the international human rights principles
a working environment that fosters opportunities for employees from encompassed in the Universal
diversity and inclusion, making sure different cultures and customs to Declaration of Human Rights, the
that human rights are fully recognised work together. Gender equality is high International Labour Organization’s
and respected across the value chain. on the agenda of the UN and many Declaration on Fundamental Principles
governments. Managing diversity well and Rights at Work, the United Nations
can also be indicative of management Global Compact and the United
GRI aspects: Human rights; diversity quality and innovativeness. Diversity Nations Guiding Principles on Business
and equal opportunity; labour practices statistics and policies are therefore and Human Rights. The percentage of
of interest to many stakeholders. women in our workforce was 23% in
2015, with women in management
making up 33% of all managers.
44% of management trainees
hired in 2015 were women.
Material issues matrix

Materiality matrix
10
IMPORTANCE TO STAKEHOLDERS
9.5
Water
stewardship
9 Corporate governance,
Packaging recycling & business ethics & Product quality
Human rights & waste management and integrity
diversity anti-corruption
8.5
Sustainable Health &
sourcing Carbon & energy Employee
Responsible nutrition well-being &
8 marketing engagement
Community Direct
investment & & indirect
engagement economic
7.5
impacts
7
7 7.2 7.4 7.6 7.8 8.0 8.2 8.4 8.6 8.8 9.0 9.2 9.4 9.6 9.8 10
POTENTIAL ECONOMIC, SOCIAL AND ENVIRONMENTAL IMPACT ON OUR BUSINESS
By combining the importance of material issues for external other organisations, such as NGOs, who represent the
stakeholders, with their potential impact on our business, interests of our stakeholders. Once a year, we invite a group of
we derive Coca-Cola HBC’s material issues matrix. stakeholders to a forum to discuss material issues in depth. The
outcome of these fora are summarised and made available on
Value creation and our material issues our website (www.coca-colahellenic.com ) every year. In 2015,
By effectively managing the financial, operating, social, we held our first joint Annual Stakeholder Engagement Forum
environmental and governance issues, which are most material with The Coca-Cola Company at the Coca-Cola Pavilion at
for our business, we ensure that we meet our obligations to EXPO Milan. The material issues focused on at that event
shareholders while also continuing to create value for a wide included water stewardship, sustainable packaging, and direct
range of other important stakeholders. As we explain in our and indirect economic impacts. Through regular interactions
business model on pages 8-9, through the process of producing with our stakeholders we continuously learn and gain a more
and distributing beverages that offer consumers refreshment dynamic understanding of the issues that are most relevant
and joy, we create value for all of our stakeholders. to our value creation processes, and how we may improve
our management of them. Along the way, we also hope to
Engaging our stakeholders demonstrate transparency and accountability, earning
Proactively engaging with our key stakeholders is an important our stakeholders’ trust. For more information about our
part of identifying our material issues. For this, we rely on approach to ongoing stakeholder engagement see page 166
stakeholder input, and we collaborate and partner with (GRI Index section) and go online, www.coca-colahellenic.com.
stakeholders to fully understand their perspective. We define
stakeholders as people or entities that are directly or indirectly
impacted by our operations, and who in turn also affect our ability
to grow our business sustainably. Our stakeholders include our
employees, shareholders and analysts, customers, consumers,
suppliers, governments and regulatory bodies and communities
in the 28 countries where we do business. We also engage with
21
Hydration is essential for a healthy life.

We offer a diverse beverage portfolio
appropriate for different occasions and
different tastes, giving people options
to remain refreshed and hydrated.
Our Established markets are characterised by relatively high consumption
per capita of sparkling beverages, and we seek to offer consumers in these
markets the range of choices they desire. To achieve this, we focus our
efforts on low- and no-calorie drinks, smaller sizes, and packaging that
is right for every occasion, every day.
22
Strategic Report
Relevance
Our consumers decide what
is relevant; our job is to satisfy
their beverage needs. In 2015, our
revenue growth outperformed the
market in key beverage categories,
demonstrating our success in
offering products that match
consumer preferences.
23
Established markets
“We are focused on

innovation, retaining
adult consumers and
developing our still
beverage portfolio”
Sotiris Yannopoulos
Region Director
Q&A
You are responsible for several of the countries in the In addition to an improvement in consumer spending, what are
Established markets segment. Looking at the current the levers you can pull to increase volumes in Italy, your second
health and wellness trends, should one expect volumes biggest market by volume?
in this segment to decline in the medium term?
Let me start by reminding you that volumes in Italy are down 20%
For the most part, our consumers are prosperous in our from their peak, so there is a lot to go for. In the sparkling beverages
Established markets. This, combined with increasing health category, we have several initiatives. Coke with Food continues to
concerns, leads our consumers to seek choice in hydration. In these drive the occasions of meals at home and on the go. The glass
markets, we focus on innovation, such as Coke Zero and Coke Life, contour bottle and mixing with premium spirits support the
initiatives to retain adults as well as further development of our still socialising occasion in the immediate consumption channel.
beverages portfolio. In addition, our consumers in Italy and Greece Furthermore, we are increasing spending on better and more
have reduced their consumption of sparkling drinks considerably relevant marketing, which will be driven by the new ‘Taste the
because of lower disposable income in recent years. We believe feeling’ campaign. In the water category, we are focusing on
we will recover a large part of this volume loss as the economies two brands, Lilia and Sveva, which is proving to be very effective.
in these markets recover.
or more information
F
Benefiting from a return to growth Comparable operating profit for the segment improved by 35.5%
to €199 million in the year. Our efforts to win in the marketplace
Macroeconomic conditions and consumer spending improved by addressing affordability, offering premium quality products at
slightly in our Established markets segment, and this supported promotional prices, hindered profitability in the segment. This
product sales growth. was more than offset by favourable input costs, benefits from our
For the full year in 2015, overall unit case volume in our Established optimisation and restructuring initiatives, lower operating expenses,
markets improved by 1.0%, following five consecutive years of favourable movements in currencies, mainly the Swiss Franc, and
decline. Growth in the water category, combined with volume growth in sales volumes.
increases in Italy and Greece, more than offset volume declines
in Ireland. Italy
Our sales volume in Italy returned to growth after five years of
Net sales revenue grew by 1.5% in the year, compared with a
decline, increasing by 2%. There were signs of improvement in
decline of 3.6% in the prior year. Increased sales volume and the
disposable income, although unemployment remained high. In these
positive impact of exchange rates, mainly from the Swiss Franc, more
conditions, we achieved growth in most key categories by focusing
than offset negative category and channel mix. Deflation persisted
on executing our commercial strategy, offering the right product
despite a return to tepid economic growth, and this contributed to
and package size at the right price for every occasion. Sales of our
price mix deterioration. Currency-neutral revenue per case declined
sparkling beverages grew by 2%, driven by Trademark Coke, with
by 2.4% in the year.
Fanta and Sprite also registering positive performances. The still
beverage category also grew, led by water, which posted a 4%
increase. Single-serve package sales increased in the year, driven
by our initiatives related to the sparkling beverages category in
the immediate consumption channel.
24
Strategic Report
Highlights for the year Established markets

2015 2014 % change volume breakdown
Volume (million unit cases) 621 615 1.0%
Net sales revenue (€ million) 2,486 2,449 1.5%
Comparable EBIT (€ million) 199 147 35.5%
Total taxes1(€ million) 106 93 14%
Population (million) 91 90 –
GDP per capita2 (US$) 35,282 40,354 -13%
Bottling plants (number) 14 16 -13%
Employees (number) 6,642 6,944 -4%
Water footprint (billion litres) 5.3 5.3 – Italy: 43%
Carbon emissions (tonnes) 125,859 156,572 -19% Greece: 16%
Safety rate (lost time accidents Austria: 14%
>1 day per 100 employees) 1.14 1.29 -12% Switzerland: 12%
Republic of Ireland and Northern Ireland: 12%
1. Total taxes include corporate income tax, withholding tax, deferred tax as well as social security costs
and other taxes that are reflected as operating expenses; as per IFRS accounts. Cyprus: 3%
2. The US$ appreciated in 2015 with the average US$/Euro rate moving from 1.33 in 2014 to 1.11 in 2015.
Source: The World Economic Outlook Database, International Monetary Fund, October 2015.
Northern Ireland data: NISRA (Northern Ireland Statistics and Research Agency), PWC economics consulting,
Office for National Statistics, United Kingdom.
Italian data: Sicilian population excluded based on data from ISTAT (Italian National Institute of Statistics).
Percentage changes are calculated on precise numbers.
Greece Ireland
We are particularly pleased with our performance in Greece, With the exception of water and energy drinks, sales
where our volume grew for the second consecutive year, with a 1% volume declined in all key categories in Ireland, creating a 2%
increase. Performance was driven by strong sales in the water and reduction in overall volume. Sparkling beverages declined in a
juice categories. Coke Zero sales increased 7% in Greece, while our very competitive market, despite 6% sales growth for Coke Zero.
energy category continued to build its base, growing by 24%. The Our package mix improved during the year by 1.8 percentage
trading environment remains challenging, with economic growth points, with good performance in single-serve packs of
slowing again late in 2015. sparkling beverages.
Switzerland
Overall, our sales volume was stable in Switzerland for 2015.
Our water category grew by 6%, helped by increased distribution.
This, combined with Trademark Coke’s positive performance,
offset declines in other categories.
Celebrating the iconic contour bottle in Italy Packaging optimisation cuts plastic use
As we celebrated 100 years of the iconic Coca-Cola contour bottle, In Italy, we have used both plastic film and paper trays
our challenge was to promote contour bottle sales while maintaining in secondary packaging for 500 ml cans. In 2015, we
sales of other single-serve packs. In Italy, we promoted contour glass introduced new packaging without plastic film. As a
bottles with promotions showing celebrities being “kissed by” the result of this change, we save 10 tonnes of plastic
Coca‑Cola bottle, an experience shared across generations for material and 26,000 KWh of energy for every 1 million
the last 100 years. The promotions showed the perfect way to unit cases produced.
serve a bottle, with a glass with ice. Through strong trade support
to wholesale and retailers and perfect point-of-sale servings in retail
outlets, we achieved a 70% increase in contour glass bottle sales
while increasing sales of other single-serve packs by 1.2%. Overall,
26,000 KWh
we achieved 4% growth in single-serve packs in one of our most energy saved
established markets.
25
Trading conditions remained difficult

overall in Europe, and adverse foreign
exchange movements had a significant
impact on our profits. We know that we
have little control over these drivers.
Therefore, our focus remained on the
areas that we can influence: optimisation
of our production and logistics base, our
operating costs and cash conversion.
Our Developing markets volumes increased by 5.7% in 2015 after
several years of decline or lacklustre growth. This led to an increase in
the comparable operating profits of the segment from €58 million to €99
million – a 350 basis point expansion in operating margin. This outcome
is a testament to the operating leverage the business has after several
years of optimisation and careful control of costs at the production
and operating cost levels.
26
Strategic Report
Efficiency
Effective cost management is an
essential part of our long-term
strategy for market leadership
and sustainable growth. Our
aim is to make the business
more efficient and leaner.
27
Developing markets
“We are seeing these

economies recover
and the consumer
become more
confident”
Keith Sanders
Region Director
Q&A
Operating margins have improved from 3.8% to 9.0% in the Tell us about the dynamics in the retail landscape in Poland and
last two years. To what do you attribute the turnaround in how that is impacting your business.
the segment?
Poland, one of the countries in the region I am responsible for,
There are three important contributors. Firstly, we have made has seen a very fast-paced development in the discounters
significant changes to optimise our production footprint in this channel in the last six years or so. The discounters currently
segment, which is helping our profitability. Secondly, we rationalised account for 25% of retail value and this is expected to grow further,
our offering, mainly in the organised trade, eliminating sales that albeit at a slower pace. This led to a shift in our volumes towards
didn’t meet the required return. This took place throughout 2014. large packs for future consumption at the expense of the smaller
Finally, although our markets in the Developing segment were packs that are typically sold in the fragmented trade. As large
not in the Eurozone crisis, their economies were impacted packs, or multi-serves, are typically sold at lower price per litre,
nevertheless. We are seeing these economies recover and this shift impacted our business negatively. It ultimately led
the consumer become more confident. to the rationalisation I mentioned in my answer to your
previous question.
or more information
F
Achieving sustainable growth by Comparable operating profits for the segment increased by 70.3%
to €99 million in the year. Profitability was helped by lower input costs
improving sales volumes and profitability and higher sales volumes, which more than offset the impact of
Macroeconomic growth improved, particularly in Poland and adverse channel mix and higher marketing and promotional costs.
the Czech Republic, supporting improvements in sales volumes Comparable operating margin for the segment also improved,
and revenues. increasing by 350 basis points.
Overall, unit case volume grew by 5.7% in our Developing market
segment in 2015. All of our countries experienced growth and Poland
the sparkling beverages category was the main growth driver. In Poland, our sales volume increased by 7% in 2015, following
a decline of the same magnitude in 2014. Growth was driven by
Net sales revenue, up 3.6% in the period, benefited from improved increases in sparkling beverage sales, with particularly good results
volume and category mix and positive currency impact. These in the organised trade. Our still beverage category sales volume
factors more than offset unfavourable channel and price mix in increased, largely due to healthy growth in both plain and flavoured
the segment. On a currency-neutral basis, net sales revenue water. The strong performance of sparkling multi-serve packages in
per unit case declined by 2.4% in the year. the discounters channel led to a slight deterioration in package mix.
28
Strategic Report
Highlights for the year Developing markets

Volume (million unit cases) 379 358 5.7%
Net sales revenue (€ million) 1,092 1,054 3.6%
Comparable EBIT (€ million) 99 58 70.3%
Total taxes1(€ million) 56 50 12%
Population (million) 77 77 –
GDP per capita2 (US$) 13,782 15,558 -11%
Bottling plants (number) 9 9 –
Water footprint (billion litres) 2.3 2.2 5% Poland: 44%
Carbon emissions (tonnes) 108,404 129,909 -17% Hungary: 22%
Safety rate (lost time accidents Czech Republic: 13%
>1 day per 100 employees) 0.54 0.67 -19% Baltics: 7%
Croatia: 6%
1. Total taxes include corporate income tax, withholding tax, deferred tax as well as social security costs Slovakia: 6%
and other taxes that are reflected as operating expenses; as per IFRS accounts.
Slovenia: 2%
2. The US$ appreciated in 2015 against the local currencies in most of these markets.
Source: The World Economic Outlook Database, International Monetary Fund, October 2015.
Percentage changes are calculated on precise numbers.
Hungary
Our sales volume in Hungary increased by 8% during the year, with
A first in water stewardship
growth in all key product categories. Volumes for sparkling beverages
In 2015 our plant in Prague was the first in the Czech Republic
increased by 8%, with positive performance across the board and
to achieve the Gold certification in European Water Stewardship
a notable 30% increase in sales of Coca-Cola Zero. Marketing
Standard. The standard recognises excellence at every stage of
activations in the fragmented trade supported strong growth in
water management, from the protection of water sources to the
the water category, and our sales in the energy category increased
quality of wastewater released into the environment, while requiring
by more than a third as a result of new product and flavour launches.
engagement with all water users and stakeholders in the community.
Juice volumes increased modestly compared with 2014. Our focus
Our Prague plant also reduced its water usage ratio by 13%
on increasing single-serve package sales delivered results, with
compared to the prior year.
package mix improving by 1.7 percentage points.
Czech Republic
In the Czech Republic, our sales volume grew 4% as a result of
our focus on value-accretive volume and healthy growth. Still
beverages were the main driver of sales growth, with juice sales up
14% compared with 2014. Sparkling beverage sales increased by
2%, helped by the strong performance of Fanta in the organised
trade. Good growth of single-serve packages in the sparkling
category led to a slight improvement in our package mix.
29
30
Strategic Report
Our brands, systems, knowledge and

capabilities form a powerful commercial
platform, making us a strong partner for
our customers. Our ambition is always to
be our customers’ partner of choice. We
achieve this by consistently meeting or
exceeding customer expectations and
engaging in joint value creation initiatives
to grow their businesses and ours.
Our Emerging markets are diverse, with many different retail landscapes.
While in some countries, such as Russia, modern retail channels are
quite developed, in Nigeria, this channel accounts for less than 5% of our
non-alcoholic ready-to-drink sales. We customise the route-to-market
for each country, and adjust it as economic and retail conditions change.
One thing that is consistent across markets is our focus on execution
for our customers.
Preference
As the retail landscape evolves
in many of our markets, we strive
to be the partner of choice for our
customers with flawless execution
and joint value creation initiatives.
31
Emerging markets
“We need to be flexible and

agile in these markets”
Zoran Bogdanovic
Region Director
Q&A
Emerging markets can have very volatile currencies. Tell us about the opportunity you see in production
How do you ensure profitability in such an environment? optimisation in the Emerging markets.
I will start by saying that we have been operating in Nigeria since Our optimisation efforts have largely been focused on the
1951 and in other emerging markets for decades. This gives Established and Developing market segments. In those two
us the experience and systems to be effective in such volatile segments, we consolidated the number of plants from 38 to 23,
environments. We need to be flexible and agile in these markets, while increasing the number of filling lines per plant from 3.5 to 5.0
and how we cope with volatile currencies depends on the situation, since 2008.
but the following are the common elements. We have a rolling
In the last year or two, we started work on the Emerging
hedging policy in order to limit the transactional impact of the
markets segment, where I am responsible for a number of
differences between our local currency revenues and hard currency
countries. Here we still have 36 plants as well as 215 distribution
costs, which incidentally account for up to 40% of our cost of goods
centres and warehouses. We believe there is considerable scope
sold. We also look for ways to mitigate the adverse impact with
to consolidate this production and logistics network to achieve
price increases and cost savings.
cost efficiencies, while improving service to our customers.
or more information
F
Building our business while For the full year, our Emerging markets segment posted a 20.1%
decline in comparable operating profit to €175.8 million, leading to a
navigating volatility and adversity 90 basis point deterioration in the segment’s comparable operating
We achieved robust volume growth for the segment in 2015 margin to 6.4%. Significant currency headwinds and higher operating
despite significant ongoing challenges in a number of markets, and overhead costs outweighed the positive effects of currency-
particularly exchange rate headwinds. driven pricing, revenue growth management initiatives, improved
sales volumes and favourable input costs.
Strong performance across all key categories in Nigeria, Romania
and Ukraine more than offset weakness in Russia during 2015.
As a result, our unit case volume grew by 2.5% in our Emerging Russia
markets segment despite challenging macroeconomic conditions. As anticipated, unit case volume in Russia declined by 6%. Within
the context of a double-digit decline in the market, our launch of
While volume increased, net sales revenue declined by 7.9%. Coke Zero and increased promotional activity in the organised trade
The benefits of positive pricing initiatives and improvements held the decline of Trademark Coca-Cola products to 2%. Juice grew
in volume and category mix only partly compensated for the by 14%, partly supported by the inclusion of the Moya Semya brand in
substantial negative impact of exchange rates and channel mix our portfolio. This was insufficient to offset declines in the flavoured
deterioration. Currency-neutral net sales revenue per case grew brands of our sparkling beverage portfolio and, to a lesser extent,
4.0% as we implemented pricing initiatives in countries facing the water category.
currency headwinds.
32
Strategic Report
Highlights for the year Emerging markets

Volume (million unit cases) 1,055 1,029 2.5%
Net sales revenue (€ million) 2,769 3,007 -7.9%
Comparable EBIT (€ million) 176 220 -20.1%
Total taxes1 (€ million) 109 117 -7%
Population (million) 426 422 1%
GDP per capita2 (US$) 5,143 7,643 -28%
Bottling plants (number) 36 41 -12%
Water footprint (billion litres) 10.8 10.8 -1%
Carbon emissions (tonnes) 400,647 432,251 -7% Russian Federation: 35%
Safety rate (lost time accidents Nigeria: 22%
>1 day per 100 employees) 0.19 0.23 -17% Romania: 14%
Serbia and Montenegro: 8%
1. Total taxes include corporate income tax, withholding tax, deferred tax as well as social security costs
and other taxes that are reflected as operating expenses; as per IFRS accounts. Ukraine: 8%
2. The US$ appreciated in 2015 against the local currencies in most of these markets. Bulgaria: 5%
Source: The World Economic Outlook Database, International Monetary Fund, October 2015. Belarus: 4%
Kosovo data: World bank – Data from database: World Development Indicators. Bosnia and Herzegovina: 2%
Percentage changes are calculated on precise numbers. Armenia: 1%
Moldova: 1%
Nigeria rationalisation process for water products, and the Cappy Pulpy
With good performance across all product categories, our sales brand continued to drive good results in juice. Our package mix also
volume in Nigeria grew by 10% following modest growth in the prior improved in Romania, a result of healthy growth in single-serve
year. Growth was supported by successful trade activation initiatives packages of both sparkling and water products.
such as the Share a Coke campaign, additional production capacity
and the use of SAP capabilities to improve product availability. Our Ukraine
juice category grew by 19% in Nigeria during the year, demonstrating We achieved 14% growth in sales volume in Ukraine,
the success of our pulpy juice innovation in the country. compared with a modest decline during 2014. The trading
environment remains volatile, with currency fluctuations and high
Romania inflation impacting disposable income and consumer confidence.
Our unit case volume in Romania increased by 11% in 2015, following Against this backdrop, we have maintained our focus on expanding
a 6% decline in 2014. Good performance in the sparkling category our promotional initiatives in the organised trade channel with
was driven by Trademark Coca-Cola and Fanta, and supported by campaigns such as Coke with Food. This enabled us to achieve
our new 1.25 L sparkling pack for the organised trade. Water sales double-digit growth in nearly all key categories.
increased by 7% following the completion of the package
Reducing our environmental impact in Developing new customers in Nigeria

Emerging markets Our Nigerian operation has committed to help entrepreneurs
We invested more than €2.5 million in expansion and process substantially develop their own businesses by 2020. We are
optimisation at our mineral water bottling plant in Bankia, Bulgaria supporting 40 entrepreneurs, investing in a small-drop distribution
in 2015. This investment, alongside other initiatives, has helped us system that helps us support these new businesses efficiently.
achieve reductions in water and energy use ratios of 12.7% and
One of the entrepreneurs we support, Mrs. Alhaja Lawal began
5.7%, respectively.
her business as a road-side outlet in 1995, selling only five cases
We have also upgraded six of our own wastewater treatment per week. Now her business, Oregun Distribution Centre, sells
facilities in Russia during the past two years. By investing €7 million in over 21,000 cases per month to 685 active customers. As part
improvements, we achieved a significant impact on the quality of the of our partnership with Mrs. Lawal, we have provided funding and
water (organic load) entering municipal wastewater treatment plants. training, along with 346 coolers.
33
34
Strategic Report
Our business can only be as healthy

and strong as the communities in which
we operate. In the long run, healthy,
sustainable businesses require thriving
communities. To address a key societal
issue in many of our markets, and also
help support our talent pipeline, we
expanded our focus on developing
the skills and employability of youth.
We invested €2 million in support of
youth development in 2015.
To support consumers who want to pursue active, healthy lifestyles, we
have continually adjusted our product offerings, expanding our beverage
portfolio. During 2015, 1.4 million people took part in sports and fitness
programmes we sponsored, and we have set a goal to support 6.7 million
people to be physically active by 2020.
Trust
Our operations build trust through
responsible, sustainable business
practices. We seek to meet or exceed
stakeholders’ expectations regarding
key issues for our business and our
communities, including consumer
health and wellness and development
of youth employment opportunities.
35
People
Our people are fundamental to our Company’s growth

and long-term value creation. We seek to offer a workplace
where people are inspired to be the best that they can be.
Key highlights Three key areas supporting growth
–– At 87%, our 2015 engagement score is higher –– Ensuring engaged talent
than that of High Performing Companies1
–– Strengthening capabilities
–– We are strengthening critical capabilities such
–– Fostering high-performance mindset
as revenue growth management and key
account management
–– We renewed our performance standards
and replaced our stock option plan with
a new performance share plan
Every leader at our Company is accountable for attracting,

developing, retaining and engaging talented people and also
Employee engagement: outperforming
enabling them to execute our strategy. By doing so we are able peer companies
to connect with communities, provide excellent customer (%)
service and bring smiles to the faces of consumers.
CCH Sustainable Engagement Index
The three key areas that contribute the most to our growth are:
100
–– Ensuring engaged talent. We believe that our ability to develop
leaders internally is an important competitive advantage. We
therefore seek to build a strong bench of inspirational leaders
across all leadership levels to ensure continuity and long-term 90
growth for our business. We will continue creating opportunities
for faster development, building the correct knowledge, skills and 87
86
85
experience, whilst embedding our values. 84
80 82
High Performing Norm
–– Strengthening capabilities. To execute our strategy, we seek to 81

80
Coke Bottlers Index
Coke System Index
build our internal capabilities in the crucial areas of revenue growth

FTSE 100 Index
management, key account management, wholesaler partnership

70
FMCG Norm
and front line execution.

CCH Index
CCH Index
–– Fostering a high-performance mindset. We believe our Company

will thrive if we all strive for best-in-class performance. To achieve
this, we focus on winning together, enjoying ownership of our work 60
and removing organisational barriers to success. 2015 2014 2015 2015 2015 2015 2015
Data for FTSE 100 companies and High Performing Companies represents
those companies participating in WillisTowers Watson benchmarking.
36
Strategic Report
Ensuring engaged talent

To measure our progress, we conduct an employee engagement
survey annually. In 2014, we took our engagement measurement
to the next level by measuring sustainable engagement, and joining
the sustainable engagement survey and benchmarking pool of
consultancy Willis Towers Watson. Our Sustainable Engagement
Index score was 87% in 2015, up from 82% in the prior year. Nearly all
of our people – 99% – participated in our 2015 engagement survey.
Our engagement results for 2015 are higher than other companies
in the Willis Towers Watson benchmarking pool of High Performing
Companies. They are also higher than average results for FTSE 100
companies participating in this pool and other companies in the
Coca-Cola System.
Not all positions have the same impact on the Company’s
performance. We have identified the key positions across all
levels, that have a disproportionately high impact on the Company’s
performance e.g. key customer manager, business developer. We
also have a thorough process to identify key people in our Company.
We measure how well they are performing and whether they are
being considered for more senior positions. This thorough process
helps us to identify our key people. As of the end of 2015, 79% of our
key positions are occupied by key people, compared with 78% at the
end of 2014.
We regularly assess the performance and potential of all our leaders
in addition to our people in key positions. These annual assessments
consider established standards relating to our strategy, core beliefs
and research-based segmentation of leadership roles. Leadership
acceleration centres have been established to help our talented
people understand their strengths and the areas of opportunity for
their development in their current and future roles. Participation in
these has been scaled up, jumping from 1,167 employees in 2014
to 2,084 in 2015.
To accelerate the development of our key people, we offer
controlled challenges to help build new skills through our Fast
Forward Programmes, which reached 770 employees during the
Embracing diversity
Our broad geographic footprint means that our business serves
year. With the establishment of Talent Centre of Expertise, we are
a diverse spectrum of communities. We believe that fostering a
working to accelerate the development of our people in order to
workforce that reflects that diversity is essential to remaining the
support the Company’s growth agenda.
strategic partner of choice for all of our customers. Diversity and
Direct Key people in inclusion helps stimulate different ways of thinking, which supports
employment key positions innovation and leads to new opportunities.
33,311 79%
At the end of 2015, 33% of managerial roles in our Company were
held by women, up from 32% for the prior year. To build a diverse
talent pipeline, 44% of the 245 management trainees we hired in
2014: 36,362 2014: 78% 2015 were women.
To increase understanding and engagement, we encourage
Strengthening capabilities cross-cultural and cross-country exchanges within our talent
We have identified and prioritised the organisational capabilities that pool. We have a formal Inclusion and Diversity policy, and we
are the most important for us globally and for each of our markets always appoint the best person for each position.
locally to execute their strategies. We are building these prioritised
In 2015, in Northern Ireland, we ran a programme for high-potential
capabilities, e.g. revenue growth management, key account
women focused on developing their business knowledge, confidence
management, under a systematic methodology improving not
and leadership skills. The programme, called Elevating Women in
just the skills of our people but also our processes, structures
Management, provides personal development planning and
and measurement system.
coaching support and has been given positive reviews by
participating women associates.
37
People continued
Well-being and safety Cultivating environmental responsibility

We spread joy, happiness and refreshment with every bottle we put Last year, we introduced the Near Loss leading indicator to drive
in the marketplace. When our people are happy, this naturally spreads environmental behaviour change in our organisation. As a result, the
to our consumers, customers and partners. Because we believe that reported near losses from our sites in 2015 were 7,304, out of which
having healthy, happy, engaged people will support our business, we 85% were closed in the year, driving progressive mindset change
have developed a well-being framework with various initiatives to and ultimately performance. For example, two plants in Bulgaria
help support our employees’ physical, emotional, social and financial and Italy piloted Behavioural Energy Efficiency projects focusing
health. To support our people in their efforts to live healthy and active on day-to-day behaviour influence, which supported continuous
lives, for example, we subsidise gym memberships, offer medical improvement in energy efficiency, energy waste avoidance and
check-ups and encourage participation in Company and community finding further opportunities in energy reduction. We also developed
sporting events and healthy living programmes. customised Environmental Training sessions, focusing on water
minimisation and energy efficiency. More than 220 people from
To foster understanding of healthy living and energy balance
23 countries from Production, Engineering, Sustainability, Quality
across our Group, we host an annual Move Week. Each country
and Maintenance were trained centrally. To reward our best sites
plans activities to increase awareness about diet and physical
and individuals for their efforts to minimise environmental impact,
activity and have fun being active.
we introduced The Best Near Loss Individual Award, to select and
While we are focused on improving the overall well-being of reward the best idea for environmental improvement.
our people, we know this begins with providing a safe workplace.
In order to further improve fleet safety, particularly targeting road Fostering a high-performance mindset
traffic accidents, we continue to strengthen our vehicle safety To ensure that our people balance short- and long-term
programmes. We provide defensive driver training for all employees objectives, we measure management, innovation, partnerships with
who drive on Company business. We have also continued installing key customers and The Coca-Cola Company, and people leadership
collision avoidance technology in all new light fleet vehicles. To and development along with short-term financial metrics. In 2015,
reinforce how seriously we view vehicle safety, we institute strict we reviewed our performance standards for each level of our
consequences for drivers who ignore normally accepted standards of leadership, improving the alignment of the standards with our
driver behaviour. We believe that these measures helped contribute growth agenda and highlighting the importance of sustainability in
to the 8% drop in fleet accidents per million kilometres travelled. the key results we expect from our people. We believe that the new
performance standards will shape the work of all of our people and
Since 2011, we have held an annual Health and Safety Week to
support our long-term success. As part of our efforts to achieve
raise awareness of safety issues relevant to the workplace and
a high-performance mind-set, we aim to leverage our employee
in our employees’ private lives. In 2015, Health and Safety Week
incentive programmes to drive sustainable growth. In 2015 we
focused on life saving first aid. Presentations included practical
replaced our stock option plan with a new performance share
exercises and information on first aid techniques including CPR
plan. The number of shares that vest will be determined based
and defibrillators. In many countries, the exercises were presented
on achievement of three-year stretch targets for comparable
with external partners such as The Red Cross.
earnings per share and return on invested capital. Shares vest
only at the end of the three-year period, ensuring long-term
focus and promoting sustainable growth.
Lost time accidents Fleet accidents per million Absenteeism days per
kilometres travelled full-time employee
133
25% reduction vs. 2014
4.96
3.96
38
Strategic Report
Community trust
We believe that our business can only be as healthy

and strong as the communities in which we operate.
In the long run, healthy, sustainable businesses require
thriving communities.
Key highlights Material issues
–– €8.2 million invested in priority strategic areas: –– Corporate governance, business ethics and
youth development, water stewardship and anti-corruption.
environmental protection, and promoting
–– Direct and indirect economic impacts
active, healthy living
–– Health and nutrition
–– 1.4 million people participated in physical
activity programmes –– Responsible marketing
–– More than 35,600 trees planted, 18,000 tonnes –– Product quality and integrity
of waste from rivers and oceans collected, and
–– Carbon and energy
more than 2,000 kilometres of riverbanks and
beaches cleaned –– Packaging recycling and waste management
–– 6,000 hours of volunteering during work hours –– Sustainable sourcing
–– 21,500 volunteer hours by employees on own time –– Water stewardship
–– Community investment and engagement
–– Employee wellness and engagement
–– Human Rights and diversity
Investment in community programmes Investment in youth development
2.3%
of our pre-tax profit
€2m
Trust is the foundation of our relationships with shareholders,
customers, consumers, employees, institutions and business
partners, and we build trust through responsible, sustainable
management of our business. For more than a decade, we
have worked to embed sustainability into all of our business
processes and decisions. We identified the issues that are
material to our business, consulted with key stakeholders
and developed robust strategies and commitments to
create value for all.
Creating shared value

We contribute to the communities in which we operate by
providing products and services that are valued by our customers
and consumers, and generate income for employees, payments
to suppliers and tax revenue for governments. Within the EU, the
Coca-Cola System also supports almost 600,000 direct and indirect
jobs in our value chain.
39
Community trust continued
Beyond the impact of core business operations, our efforts to build

trust involve a strategic approach. Over the years, our community Promotion with Autogrill funds youth
giving has evolved from philanthropic contributions to long-term sports activities
programmes to create shared value and measurable, positive impact. For a third consecutive year, we partnered with Italian customer
To ensure the success of our long-term, strategic efforts, we provide Autogrill during Christmas to support an Italian Red Cross project
substantial funding, work through partnerships, encourage, and that funds youth sports activities. As a result of our joint promotion,
support employee volunteering. For the past three years, we more than 250 young people received grants from the Italian Red
have invested 2.0 to 2.5% of our pre-tax profits in community Cross to practise sports for free for six months. Our customer
programmes. We continually seek to enhance the impact and Autogrill sold more than 315,000 Christmas menus through the joint
efficiency of our community programmes through partnerships promotion, including more than 150,000 unit cases of our beverages.
with non-governmental organisations (NGOs) and governments. To promote the initiative and generate support, our Italian team
In 2015, we partnered with more than 230 NGOs in 28 countries. developed numerous activations, including a mobile application that
Our people are enthusiastic contributors to our efforts to create allowed consumers to send free Coca-Cola Christmas wishes. The
shared value initiatives locally. During 2015, 5% of our employees team also promoted the initiative in national and digital media, and
volunteered time during work hours, for a total of more than 6,000 fostered engagement through dedicated web pages and a social
hours dedicated to volunteering. In addition, more than 7,600 of our media campaign on Twitter and Facebook. Many of our Italian
employees volunteered in their free time, supporting community employees volunteered to support the initiative.
initiatives with 21,500 hours of volunteer work.
Our community strategy

To maximise our impact, we work to apply a consistent,
focused approach in areas which are strategic to our business
and important to our stakeholders and the communities in
which we operate.
Our primary focus areas are

youth development
environmental protection and
water stewardship and
promoting active, healthy lifestyles.
For more information on how these issues are strategic to our

Investment
business and our stakeholders, see the Riskin community
Management and programmes
Materiality sections on pages
and55 initiatives
and 16.
In addition, we are active in emergency relief efforts
throughout our territory. We strive to be among the first to
support communities facing disasters, providing relief directly
or through stakeholder partnerships.
Investment in community programmes

and initiatives
Water and environment protection: 11%

Sports and physical activity: 49%
Youth development: 23%
Emergency relief: 5%
Other: 12%
Water and environment protection: 11%

Sports and physical activity: 49%
Youth development: 23%
Emergency relief: 5%
Other: 12%
40
Strategic Report
Youth development Water stewardship and environmental protection

Youth unemployment is a global problem and is a key societal issue The global commitment of the Coca-Cola System to replenish all
in many of our markets. As an employer, we recognise the complex the water used in the final beverages includes a large number of
nature of youth unemployment and the need for innovative water initiatives in our territories. Through partnerships with the
approaches co-ordinated between the public and private sectors. World Wildlife Fund, the Global Water Partnership and Global Water
We invested almost € 2 million in support of youth development Partnership-Mediterranean, as well as the Let’s Save Yelnya Bog
in our territory in 2015, reaching young people through diverse Together initiative of our Belarusian operations, we replenished 164%
educational and developmental activities. of the water we used in our final beverages in 2015. In addition, we
continuously seek to preserve and protect important watersheds,
Our focus to support youth in securing meaningful employment is such as the Danube and other rivers, and we contribute towards
backed by initiatives to help them acquire necessary skills that will preserving wetland habitats and biodiversity. We have water
make them more employable, addressing the mismatch between stewardship initiatives in all of our countries where this is relevant.
skills needed by employers and current approaches to education.
We partner with NGOs and educational institutions, including In 2015 we implemented 24 community environmental
many universities that offer support, developing skills needed protection and water stewardship initiatives, investing € 0.9 million.
by private enterprises. We support a range of programmes to raise awareness and increase
understanding of environmental issues of global relevance and local
We also offer youth employment opportunities in our graduate importance. Our long-term, cross-country initiative Green Danube,
programmes and internships throughout our operations. In many conducted through a partnership with the International Commission
of our markets, we support entrepreneurship initiatives, aiming to for the Protection of the Danube River (ICPDR), hosts an annual
encourage youth by helping them develop skills necessary to start Danube day event to raise awareness. Other Green Danube events
their own businesses. In Nigeria, for example, we provide training held during the year in our countries, including Austria, Bosnia &
and access to funding to help young women become entrepreneurs. Herzegovina, Bulgaria, Croatia, Hungary, Serbia, and Ukraine,
Part of The Coca-Cola Company’s 5by20 platform, this work helps increased awareness of the immense importance of the river
women entrepreneurs become part of our value chain. and its habitats.
Together with governments and NGOs, we have planted more
than 35,600 trees during 2015 alone in more areas in need of
reforestation. With the enthusiastic support of our people, we
have also collected 18,000 tonnes of waste from rivers and oceans,
Educational platform with
cleaning more than 2,000 kilometres of riverbanks and beaches.
Junior Achievement and Teach for Bulgaria
In Bulgaria, our youth development platforms reached more We have advanced our internal Source Water Protection Programme
than 100 young people interested in being teachers and close to and have committed to certify all of our sites to either the European
700 students in 11 university mentorship classes, enhancing their Water Stewardship or Alliance for Water Stewardship standards
employability and entrepreneurship skills, during the year. These by 2020. These standards recognise excellence at every stage of
programmes were conducted in partnership with Teach for water management from the protection of water sources, through
Bulgaria, part of the global NGO Teach for All, and Junior efficient use of water, to the quality of wastewater released into the
Achievement Bulgaria. environment while requiring engagement with all water users and
stakeholders in the community. By the end of 2015, we had already
Almost one third of the students participating in the Teach for achieved 13 Gold EWS Certifications at our sites in Austria,
Bulgaria programme demonstrated improved performance in the Czech Republic, Hungary, Italy, Poland, Romania, Serbia,
school. Of the students participating in the entrepreneurship and Switzerland.
and employability skills development classes in the initiative with
Junior Achievement Bulgaria, 43 young people found meaningful
employment while they were still part of the programme. A full
80% reported success in developing a new business concept. Sustainability week in Serbia
During our first Sustainability Week in Serbia in 2015, more than
150 volunteers and their family members participated in 15 different
activities which ranged from planting trees and making furniture
from recycled materials, to education on recycling, Health & Safety
workshops, physical activities and emphasising the importance of
a balanced diet.
The launch of our second local sustainability report in Serbia during
the week attracted over 50 guests from the media, government
institutions and non-governmental organisations. In our continuing
efforts to build relationships, we also held a stakeholder panel with
key customers, partners and representatives of the corporate sector.
41
Community trust continued
Promoting active, healthy living Emergency relief

We offer a diverse portfolio of beverages to meet the needs of Our emergency relief programmes are carried out in partnership with
consumers who wish to pursue active, healthy lifestyles, and we national Red Cross and Red Crescent societies. This partnership, built
support initiatives that encourage people to be more physically on an agreement between the International Federation of Red Cross
active. As we persist with our efforts to achieve global objectives and Red Crescent Societies, The Coca-Cola Company, Coca-Cola
for the Coca-Cola System,1.4 million people took part in sports HBC and other bottlers, ensures a rapid response to people in need.
and fitness programmes supported by our Company in 2015.
In 2015, thirteen of our countries were affected by the global
We believe that we can do even more. By 2020, we want to support refugee and migrant crisis. We proactively provided assistance,
6.7 million people to engage in physical activity. To help us achieve including more than 400,000 litres of bottled water to those in
our goals in this area, we have implemented a strategic framework need, with 300,000 litres provided during the months of August,
for our active lifestyle programmes, together with The Coca-Cola September and October alone.
Company, to increase our impact.
In addition, we supported local NGOs’ efforts monetarily and our
One of the programmes we have decided to scale up is our people volunteered their time to help the people and families in need.
award-winning Wake Your Body programme in Hungary. Wake Your
Our work with national Red Cross and Red Crescent societies also
Body incorporates a series of movement events, sports and physical
includes ongoing community health care initiatives, health training
activity opportunities over the course of a year that are designed
and fundraising efforts.
to encourage the broad participation of men, women and children
across all age groups and various fitness and ability levels.
Looking ahead
We have a responsibility to support the well-being of the people In 2015, after a thorough research and benchmarking process,
whose lives we touch, including our own people. To inspire our people engaging internal and external stakeholders, we decided to further
to be healthy and active, Move Week has been instituted across our focus our community investment on youth development, selecting
Company. The annual, week-long event provides opportunities for this as an area for our emerging flagship community programme.
fun and togetherness while supporting active lifestyle habits. Under Our aim is to streamline our efforts and create value for the
our broader employee well-being strategy, we organise family activity communities and our business through a consistent approach
days, and we provide gym memberships, medical check-ups and across all 28 countries in our territory.
encourage participation in Company and community sport and
active lifestyle programmes. As part of our efforts to create a We look forward to launching our holistic youth development
culture of movement throughout our Company, we launched a programme in 2016, pioneering it in a few of our markets and then
programme called ToolFit, which features a framework for holistic, applying lessons learned in a group-wide roll-out during 2017.
active lifestyles. ToolFit includes ideas, tips and case studies to
support the integration of active lifestyles in the work Contributions Type of contribution
environment throughout our Company.
Wake Your Body

Wake Your Body, our multidisciplinary active lifestyle programme,
was held in Hungary for the 11th year during 2015. Six additional
countries followed the lead of our Hungarian operations, organising
Wake Your Body movement events and sports and physical activity
opportunities. This signature programme was recognised in 2015
by the European Commissioner for Education and Sport, Mr. Tibor Cash contributions: 86% Charitable contribution: 8%
Navracsics, at the World Leisure Sports Association Congress In-kind contributions: 13% Community investment: 68%
(TAFISA) in Budapest. Time contributions: 1% Commercial initiative: 24%
42
Strategic Report
Consumer relevance
Consumer preferences continued to shift in 2015, with even

greater demand for low- and no-calorie drinks. Our diverse
beverage portfolio helped us to satisfy changing consumer
preferences in the year.
–– Low- and no-calorie sparkling drinks, which –– Direct and indirect economic impacts
account for 7% of our portfolio, contributed 25% of
additional cases sold
–– Responsible marketing
–– 8% growth in juice
–– Product quality and integrity
–– 3.6% volume growth in packages under 1 litre
–– Water stewardship
–– Acquisition of Neptunas, a Lithuanian water brand
No 1
branded supplier
No 2
branded supplier
10%
reduction in complaints
in sparkling drinks and RTD tea in juice and juice drinks vs. 2014
For Coca-Cola HBC, consumer relevance means meeting

consumers’ needs by offering the right products, in the right
packs, through the right channels for the right occasion. These
products must be consistently fresh, in premium condition, and
presented cold when that is appropriate.
Sparkling soft drinks and energy

In 2015, total sparkling drinks volume grew 2.0%. While sales
of low- and no-calorie versions of Coca-Cola grew the most,
Coca-Cola with the original taste grew by 2.1%, resulting in brand
Coca-Cola achieving 3.3% growth. This growth was supported by
our Coke with Food message. Single-serve sales benefited from
this association between Coke and meals, further supported by
promotions celebrating 100 years of the Coca-Cola contour bottle.
Contour glass bottle sales increased, particularly in strategically
important channels such as restaurants, bars and cafes.
The consumer occasions we primarily focus on are Coke with
Food and socialising with family and friends. We build the connection
between Coke and meals through advertising dedicated to meals
and support for in-store promotions where consumers can buy
meals with Coke. For socialising occasions, we work to ensure that
when consumers order a Coca-Cola, they get one that is perfectly
served, preferably in a Coca-Cola contour glass bottle, linking
happiness and refreshment. Our energy brands grew by 6.6%.
Sales of Fanta grew by 4% in the markets we serve during 2015, with
focus on the core orange flavour. Sales grew with the introduction
of new flavours and special packaging for key periods like Halloween.
Consistent with our strategy, we also successfully connected our
sparkling beverage brands with premium spirits products. Premium
spirits is now a €180 million business for us. This association supports
43
Consumer relevance continued
Juice
The juice part of our beverage portfolio provides consumers with a
nutritional and delicious refreshment proposition, which contributes
to our revenue growth. While juice sales were flat overall for the
industry in 2015, sales in our juice portfolio increased 7.9%. With a
series of great brands we are now the second largest juice company
in our territory. Our success in juice has been supported by our focus
on consumers’ breakfast occasion, harmonising our portfolio and
brand approaches, and developing the scale and profitability of
Cappy Pulpy, which has now been launched in 14 European
countries and in Russia and Nigeria.
The right pack, price and channel

We use several tools and employ specific management techniques
to ensure we offer consumers the right product, in the right pack,
sales of our core brands, promoting mixed combinations such at the right price to suit each occasion. This allows us to meet
as Jack & Coke. This also supports increasing sales of mixer consumer needs while improving or maintaining revenue growth
brands such as Schweppes and Kinley, which grew by 5% and from every case we sell. Our development of smaller packs (less
4%, respectively. We have 40% share in the sparkling category than 1.25 litres in size) across key markets in 2015 has been a
in our territory and we improved volume share in 17 out of 24 major driver of improved household penetration, and volume
measured markets in this core category in 2015. and revenue growth.
Water Perfectly presented

Our water business experienced a significant turnaround in 2015, We have 1.7 million coolers throughout the markets we serve. All of
growing in volume by 4.7%, partly owing to a very warm summer in the coolers we buy use environmentally-friendly gases, and we have
parts of Europe. By the end of 2015, we had become the third-largest worked with suppliers on innovative solutions to ensure future cooler
water business in our territory. The role of water in our portfolio is to purchases will be 30% more energy efficient.
offer a pure hydration proposition to all our consumers, through an
increasingly efficient infrastructure, a lean route-to-market and Committed to quality
contributive SKUs. This is driving our market share in the non- A brand is a promise and supplying consumers with products of
alcoholic ready-to-drink category. In 2015, we strengthened brand the highest quality is our never-ending commitment. Products
equity by introducing a master brand approach under a powerful are continually delivered to customers and consumers from our
marketing platform across Central and Southern Europe. We also 59 plants, and cross-functional accountability keeps our entire
relaunched our key premium brands in Austria and Switzerland organisation focused on ensuring consumers receive the highest
while securing improvements in availability and affordability quality products. Our efforts in this area are recognised by The
across our countries. Coca-Cola Company as a model to be replicated globally. As a result
In line with our strategy to expand in the still drinks category, of our systems, freshness of our product increased by 11.5% in 2015
we acquired Neptunas, a sought-after water brand with 20% and the number of complaints declined by 10% to 19 complaints per
share in Lithuania. 100 million bottles sold.
Key categories contribution Share of single-serve packs in Complaints per

(2015, %) volume (%) 100m containers
100 30
41.3
2012 28.96
38.9 25
80
+1.8pp
41.5 20 22.24 21.74

60 2013
39.2 19.48
15
40 42.3
2014 10
+1.4pp
39.9
20
5
43.1
2015
0 40.3 0
Volume Volume growth 2012 2013 2014 2015
Sparkling (excluding no and low calorie) Water

No and low calorie sparkling Juice Sparkling Total
44
Strategic Report
Customer preference
The retail landscape continues to evolve, with the number

of small, retail outlets declining and large, organised key
accounts growing. In addition, consumers are trading
shopping trolleys for smaller baskets, with fewer items.
Key accounts sell more private label products than smaller
retail outlets. We have successfully adapted to these market
changes, increasing our position in supplier rankings and
customer satisfaction scores.
–– 89% engagement level for commercial –– Corporate governance, business ethics

department employees and anti-corruption
–– 97.6% of all orders delivered in full, on time and –– Direct and indirect economic impacts
accurately invoiced
–– Consumer satisfaction is 82% for key accounts and
–– Responsible marketing
66% for traditional outlets
–– Product quality and integrity
–– Human rights and diversity
97.6%
delivery in full and on time
58.4%
of our customers say we exceed
and accurately invoiced (DIFOTAI) their expectations
Building relationships with our customers is fundamental to Exceeding execution expectations

our success. We work hard to ensure our people are constantly To measure and improve our execution quality, we use a standardised
focused on customer needs and satisfaction. We aim to exceed system called RED (Right Execution Daily). This survey measures
expectations in terms of delivery and execution to be the best against an index (called RED Benchmark) marked between 0 and
supplier, and work as partners in creating value to achieve the 100, where 100 indicates full compliance against the ’picture of
best relationship. success’. Our business developers use a handheld device to evaluate
actual outlet activation, in every channel, in every market against the
Exceeding delivery expectations picture of success. During the last three years, we have consistently
To meet and exceed customer expectations, we must execute improved our execution quality. In 2014 we made increases of 5
their basic requirements flawlessly. We use a standard measure to percentage points and in 2015 we recorded a 9.1 percentage point
ensure we deliver in full, on time and accurately invoiced (DIFOTAI). increase. Our consistent improvement in execution is particularly
Our ability to meet customer needs as measured by DIFOTAI is best notable given the number of outlets surveyed. The number of
in class and we continue to improve. For 2014, our score was 97.0%, outlets that we survey in the Central and Southern Europe business
up from 96.6% in 2013. It improved again in 2015, to 97.6%. Of unit covers 75% of the volume. This is the highest percentage of RED
the customers surveyed by Growth for Knowledge (GfK), a market coverage anywhere in the world. Our common execution platform is
research company, 93% said we met their expectations and 58.4% supported by a network of execution leaders and experts that share
said we exceeded their expectations; these indicators grew in best practices, leveraging our accumulated experience from working
the year by 3.6 and 6.8 percentage points, respectively. in 28 different countries. In addition, every country in our territory
has their execution processes validated through a routine RED
certification process. While our coverage improved during the
year, our costs related to servicing accounts improved as well.
45
Customer preference continued
Collaboration with customers Customer satisfaction

We aim to exceed delivery and execution expectations to be In 2015 GfK surveyed 14,216 individual outlets for the Outlet
the best beverage supplier. We also want to be best in terms survey and 868 managers in 470 key accounts to establish the
of relationships. This is achieved with a mixture of capability and key account survey. Like many companies, we measure the
knowledge. We invest in capability training and knowledge to percentage of customers who rate us as good and excellent
achieve joint value creation. These initiatives include: joint to measure satisfaction. Unlike many companies, we have the
consumer research, collaborative planning and forecasting, expectation that our countries must aim to be the non-alcoholic
common performance reviews, optimal stock levels, truck ready-to-drink beverage supplier with the best relationship.
utilisation, improve service and develop ideal menu boards.
2015 was a very good year. In the outlet survey of non-alcoholic
ready-to-drink suppliers, 15 of our 27 surveyed countries
Developing capabilities achieved the position of number one supplier with the number
We work with GfK to track the satisfaction levels of our customers. one relationship; this is three countries more than the prior year.
Using their report, we develop customer management-related In a separate survey for key accounts, GfK reports in 22 countries.
competencies. In 2015, we implemented a programme to In 13 countries we are the number one supplier with the number
develop leaders of key accounts and rolled out tailored Customer one relationship. This is five more than in the prior year.
Acceleration Centres for 18 Key Account Managers in 11 countries.
The Group commercial team provided 3,300 managers with
capability training through more than 300 programmes. These
are in addition to the locally developed training programmes
held in each of our countries.
Developing knowledge
We have advanced knowledge sharing systems and, during 2015,
we established a dedicated SharePoint platform to further support
best practice sharing, strategic initiatives and capability building.
Joint business plans developed with our customers allow us to
create sustainable value and we have multi-functional teams
involved. This includes implant managers in many countries who
work inside our customers’ premises to optimise service levels
and manage inventories.
Engaged people in commercial GfK independent survey DIFOTAI improvement

execution of customer satisfaction (%)
(%) (% good and excellent)
100 100 100
80 98
90
81.9
79.6
78.9
78.5
97.6
89
97.0
87 60 96 96.6
66.2
85
63.4
84 96.1
60.9
58.5
80
CCH Commercial dept.
81
80
40 94
Coke Bottlers Index
Coke System Index
FTSE 100 Index
70
FMCG Norm
20 92
CCH Index
60 0 90
2015 2015 2015 2015 2015 2015 2012 2013 2014 2015 2012 2013 2014 2015
Data for FTSE 100 companies and High Performing HQ of key accounts DIFOTAI is a measure of delivery in full, on time and
Companies represents those companies accurately invoiced.
participating in WillisTowers Watson benchmarking. Traditional outlets
46
Strategic Report
Cost leadership
Our focus on cost efficiency initiatives remained firmly

on track in 2015, making a sustainable contribution to our
profitability. Discipline in working capital management and
integrated capital expenditure decisions helped to convert
these profits into cash.
–– Expanded our shared services model to Nigeria –– Direct and indirect economic impacts
and Russia
–– Reduced year-end working capital position
–– Packaging recycling and waste management
to triple-digit negative level (in million Euros)
–– Sustainable sourcing
–– Reset our targets for minimising water and energy
consumption and reducing carbon footprint –– Water stewardship
Infrastructure optimisation Operational cost control

Number of plants OpEx reduction
-26%
since 2008 or -39% in the Established and Developing markets
-160 basis points
as % of NSR, since 2008
47
Cost leadership continued
Our comparable gross margin improved by 100 basis points in Over the years, we have significantly diversified our product
2015, and our comparable operating margin expanded by the portfolio, leveraging our scale in sparkling beverages and offering
same amount. While lower input costs and adverse foreign a full non-alcoholic ready-to-drink portfolio to our customers and
exchange movements had the biggest impact on our profits, consumers. As our product offerings evolve, reflecting the changing
these moved in opposite directions, largely offsetting each needs and preferences of consumers in our markets, we are
other. We know we have little control over these drivers. leveraging technology to offer innovative products. One good
Therefore, our focus remained on the areas that we can example is our first hot-fill line in Nigeria for producing juice in
influence: optimisation of our production and logistics plastic (PET) bottles. The line, installed during 2015, also has
base, our operating costs and cash conversion. the capability to produce juice with pulp.
Maintaining cost leadership involves carefully managing all With regard to our logistics network, we continued with our efforts
inputs to our business, including natural resources. In 2015, we to move from a fixed-cost model to one with greater flexibility and
developed a new methodology to improve our assessment of capital continued to invest in new warehousing technology. The electric,
expenditures to reduce water and energy consumption. We invested laser-guided, automated forklifts we now use in Belfast operate
a total of €10 million in water and energy saving initiatives during the without drivers.
year, and we estimate that these investments will be recouped
through lower energy and water costs by 2018. Business standardisation
In all 28 countries we operate in, we use a common SAP
Infrastructure optimisation integrated data management platform. The SAP platform brings
Our manufacturing footprint spans 23 of the 28 countries in our greater business process standardisation and automation, resulting
operating region, and the efficiency and effectiveness of this network in better customer service, as well as providing effective tools to
is critical to our business. We have a continuous drive to optimise measure our performance in critical business functions such as
our infrastructure, transforming existing plants into cost-efficient sales, procurement, manufacturing, planning and human resources
mega-plants that can effectively serve a country or an entire region. and finance. Business process standardisation has helped us achieve
positive benefits in working capital and operating expenses in recent
Plant optimisation takes into consideration the Group supply chain
years, and we continue to seek further integration using the
as a whole, in an integrated manner, from the number of plants and
SAP platform.
the number and nature of filling lines to the number of distribution
centres and warehouses. Since 2008, we have gone from having 80 In 2015 we further enhanced our SAP platform with functionality to
plants to 59, a 26% decrease. During the same period, we have also support our strategy in the area of Integrated Competitive Supply
reduced our warehouses and distribution centres by 20%. In the Chain. Now the system supports our supply chain services by
process, we increased the average number of filling lines per plant enabling cross-country execution of planning, procurement,
from 3.6 to 4.9 lines. This means that we are creating bigger, more manufacturing and logistics.
efficient and flexible facilities rather than reducing capacity. In the
earlier stages of optimisation, these initiatives were mostly focused
in Established and Developing markets. Currently, we are also
ramping up our efforts in Emerging markets.
Energy efficiency in Nigeria

We invested €2 million in building Combined Heat and Power (CHP)
plants at our Ikeja and Owerri manufacturing sites in Nigeria during
2015. This investment is expected to reduce carbon emissions by
3,000 tonnes annually. The Owerri plant was not connected to a
natural gas network. To overcome this, the plant uses compressed
natural gas that is trucked to the site. We now have a total of three
CHP plants in Nigeria.
3,000 tonnes
reduction in carbon emissions
48
Strategic Report
The SAP platform allowed us to launch a shared Business We have a medium-term target for capital expenditure which
Services Organisation (BSO) in 2011, to centralise and standardise ranges from 5.5% to 6.5% of net sales revenue. The majority of this
the management of general accounting, procurement and invoicing, is invested in revenue-generating assets such as state-of-the-art
data analysis and human resource processes. The centre provides filling lines and cold drink equipment. Our expenditure this year
support services to 17,000 employees in 23 countries including five amounted to €328 million, in line with depreciation and equivalent to
corporate offices, and also supports 43,000 suppliers and 2.1 million 5.2% of net sales revenue. Given our integrated capital expenditure
active customers. Annually, the centre processes more than 500,000 decisions, and our disciplined approach to capital expenditure, we
purchasing invoices, 5,500 balance sheet reconciliations and as many continue to believe our medium-term target range is appropriate
as two million changes to customer, sales or employee data. for nurturing our future growth.
2015 was another year of continuous growth and improvement for Given adverse currency movements in 2014, we revised our
the BSO. Customer satisfaction increased to 77% from 73% in 2014. 2013-2015 free cash flow target range to €1.1-1.2 billion. Despite
Other achievements include a reduction in the number of days to the continued weakness in currencies, we generated €412 million
close period-end accounts and a 7 percentage point reduction in in free cash flow in 2015, reaching our three-year target despite
the error rate for country level data. extremely volatile conditions during the period.
We began the transfer of four more processes from country
operations to the shared service centre: cash collection, dispute Integrating sustainability in business processes
management, purchasing administration and payment-related data We began requiring all of our markets to include water conservation
management. Moving these transactional activities to the centre and carbon reduction initiatives in their business plans in 2015. To
not only improves efficiencies, but also allows our country teams to support this effort, we made fundamental changes in our financial
focus on our core business as a sales and execution organisation. evaluations of capital projects, using the ‘true cost’ of water, water
scarcity multipliers (per river basin level) and internal carbon prices.
As we complete the migration of our back office services for our We track water conservation and carbon reduction initiatives in our
largest markets, including Nigeria, to the centre, we took the decision markets on a quarterly basis, and progress is reported to the Social
that in Russia, it would be more effective to set up a stand-alone Responsibility Committee of the Board.
shared services facility. Due to the country’s sheer size as well as
its largely Russian-speaking business practices, we established a To assess our impact on society and the environment in our
Shared Services Centre in Nizhny Novgorod, Russia, which opened evaluation of capital expenditures, we developed a new assessment
in late 2015. process. The Accounting for Sustainability methodology includes
quantitative assessments of the direct impact of water and carbon
In 2015, the BSO also established itself as a talent pool for the use, and qualitative assessments of indirect impacts including:
Group, with over 90 employees promoted to country operations jobs created, taxes paid, health and safety outcomes, capability
and corporate service centre roles. In this dynamic environment, building, environmental externalities, cultural heritage and
the BSO expanded to 430 employees and achieved an employee stakeholder perception.
engagement score of 82%.
Reducing water and energy use
Cash generation We invested more than €4.8 million in water reduction initiatives in
Since 2008, we have reduced our year-end working capital balance by our plants during 2015, reducing water consumption by 1 million
€600 million. Our initial efforts focused on changing the culture and cubic metres and improving our water use ratio by 5.5% compared
implementing discipline in all parts of the business. Once the BSO with the prior year. Important water initiatives included: optimising
was established, our efforts gathered momentum. The efficient, cleaning processes and equipment use in Armenia, Bulgaria, Czech
standardised systems we put in place, and sharing of best practice, Republic, Greece, Northern Ireland, Poland and Russia; reusing
helped reduce inventory and receivables. Recently, we have also backwash water in Bosnia & Herzegovina, Italy, Nigeria and Romania;
been working with our suppliers to further improve payment days. upgrading waste water plants in Russia; and optimising bottle
washing in Hungary and Nigeria.
Since we reached a negative working capital year-end balance
in 2013, reductions have continued, but at a diminishing rate. We also invested €5.3 million which helped us to reduce energy
Despite slowing improvement, for 2015 our working capital consumption by 375 million MJ. As a result, our energy use ratio
year-end balance reached triple-digit negative level (in million improved by 7.2% compared with 2014. We continued to require
Euros), earlier than anticipated. implementation of our Top 10 Water and Top 18 Energy saving
initiatives at all sites, which contributed to improvements in
resource consumption. Implementation of mandatory water
initiatives has been completed at 68.2% of sites, and we have
achieved a 59.4% implementation rate for energy initiatives.
49
Cost leadership continued
Packaging recycling and waste management science-based emissions reduction target for our carbon footprint;
In 2015 we continued with our initiatives to reduce packaging and put a price on carbon; engage responsibly to advance climate policy;
make our PET bottles lighter. As a result, we avoided 1,597 tonnes and report climate change information in our corporate reporting as
of PET material (incremental volume) which led to 4,000 tonnes of a fiduciary duty.
CO2 avoidance. At the same time, our total usage of recycled PET
In 2015, we reset our targets for minimising water and energy
material was increased by 19.4% vs. 2014 which saved 31,200
consumption and reducing carbon footprint. Having reached 30%
tonnes of CO2. The Plantbottle™ quantity (recyclable packaging
water use ratio reduction vs. our baseline year of 2004, we set a new
partially made from plants) was increased by 254% and now we
commitment to further reduce water use ratio by 2020 vs. 2010 by
use it in 10 of our countries. Currently four of our production sites
30%. In energy use, we reached our 2020 energy reduction goal of
(Vals and Dietlikon (Switzerland), Knockmore Hill (Northern Ireland)
40% reduction of energy use ratio vs. our baseline year of 2004 and
and Edelstal (Austria)) send 0 waste to landfill.
we set a new commitment to further reduce energy use ratio by 47%
by 2020 vs. 2010. We overachieved our 2020 CO2 ratio goal from
New commitments operations, reaching 43.6% reduction vs. our baseline year of 2004.
Prior to the United Nations Climate Change Conference meeting This is 3.6pp higher than the initial commitment. We have now set
in Paris in late 2015, we joined We Mean Business, a coalition of a new commitment to further reduce the carbon ratio from direct
organisations that believe that transitioning to a low carbon economy operations by 50% by 2020 vs. 2010. We also are working for
is the only way to secure sustainable economic growth and prosperity new commitments in renewable energy and landfill waste.
for all. Along with other coalition members, we committed to: adopt a
Water use ratio in plants Operational water footprint Energy use ratio in plants
(litre/litre of produced beverage) (billion litres) (MJ/litre of produced beverage)
3.0 60 0.6
-30% -75% -47%
2.5 vs. 2010 50 vs. 2004 0.5 0.57 vs. 2010
51.7 0.50
2.0 2.30 40 0.4 0.47
2.20 2.11 0.44 0.43
2.00 1.92
1.5 30 0.3
1.61
0.30
1.0 20 0.2
19.6 18.4 18.4 18.2
0.5 10 0.1
12.9
0.0 0 0.0
2010 2013 2014 2015 2016 2020 2004 2013 2014 2015 2016 2020 2010 2013 2014 2015 2016 2020
Target New Target Goal Target New
goal goal
CO2 ratio (scopes 1 and 2) CO2 ratio (scopes 1, 2 and 3) Landfill waste ratio
(gCO2/litre of produced beverage) (gCO2/litre of produced beverage) (g/litre of produced beverage)
90 600 6
-50% -25% -90%
vs. 2010 vs. 2010 5 vs. 2004
75 500
78.3
5.0
60 400 441 4
64.0 62.6 401
378
45 53.7 300 353 339 3
50.0 331
30 39.1 200 2
15 100 1
0.92 0.76 0.76
0 0 0 0.72
0.50
2010 2013 2014 2015 2016 2020 2010 2013 2014 2015 2016 2020 2004 2013 2014 2015 2016 2020
Target New Target Goal Target Goal
goal
Scope 2 number in 2015 is calculated by using the market-based approach. All previous years’ numbers have been used as a proxy since a true market-based result
cannot be calculated.
50
Strategic Report
Financial review
Our restructuring efforts in recent years and tight

cost management enabled us to capture the year’s
volume leverage, which in turn, helped to secure
a 100 basis point comparable operating margin
expansion, our biggest increase in seven years.
While lower input costs and adverse foreign exchange movements
had significant impact on our profits during 2015, these moved in
opposite directions, largely offsetting each other. Ultimately, it was our
production optimisation programmes, along with other restructuring
and efficiency measures, that leveraged margins as volume growth
picked up. This has encouraged us to continue controlling all the
drivers we can influence in our business to further improve our
financial performance.
Overall, we achieved strong performance for 2015 by focusing on
winning in the marketplace, continually improving efficiency, and
managing cash and risk prudently. This is evidenced by:
–– Achievement of volume growth in all three segments;
–– Improvement in currency-neutral revenue per case for the fifth
consecutive year;
–– An 11.4% increase in comparable operating profit with 100 basis
point margin expansion;
–– A 13.5% increase in comparable EPS compared to prior year; and
–– Growth in free cash flow as a result of improvements in working
capital, operating profit and capital expenditure.
“Improved financial
performance
reflects disciplined
focus on managing
costs and risks”
Michalis Imellos
Chief Financial Officer
Volume growth Comparable operating profit Free cash flow
+2.6% €473m €412m

51
Financial review continued
Total net finance costs decreased by €5 million in 2015 compared

Key financial information to 2014, mainly due to the cessation of the need for hyperinflation
%
accounting in Belarus and lower net foreign exchange losses. Total
Key financial information 2015 2014 change
reported income tax charge was €76.4 million, up from €57.8 million
Volume (million unit cases) 2,055 2,003 2.6%
in 2014. The corresponding effective tax rate, worldwide corporate
Net sales revenue (€ million) 6,346 6,510 -2.5% tax charge shown as a percentage of the worldwide profit before
Net sales revenue per unit tax, increased to 21.4% compared to 16.4% in 2014. Year-on-year
case (€) 3.09 3.25 -4.9% movement was mainly affected by the net gain resulting from the sale
FX-neutral net sales revenue of an investment in 2014 which was treated as a non-recurring item
per unit case (€) 3.09 3.08 0.3% when calculating comparable financial indicators. On a comparable
Operating profit (EBIT) basis, effective tax rate increased from 23.3% in 2014 to 23.9% in
(€ million) 418 361 15.8% 2015 mainly as a result of the mix of taxable profits by country, the
Comparable EBIT (€ million) 473 425 11.4% non-deductibility of certain expenses as well as non-taxable
EBIT margin (%) 6.6 5.5 110bps income and one-off items realised across our territory.
Comparable EBIT margin (%) 7.5 6.5 100bps On a comparable basis, profit after tax attributed to owners of
Net profit (€ million) 280 295 -4.9% the parent increased by 13.3% in 2015 compared to 2014, mainly
Comparable net profit driven by higher operating profitability. However, reported profit
(€ million) 314 277 13.3% after tax attributable to owners of the parent decreased by 4.9%.
Comparable basic earnings This decrease primarily reflects the €60 million gain in 2014 from
per share (€) 0.864 0.761 13.5% the sale of our interest in the Bulgarian brewery Zagorka A.D.
Figures are rounded. Comparable net profit of €314 million and comparable earnings
per share of €0.864 increased by 13.3% and 13.5%, respectively,
compared with the prior year. Reported net profit and reported
Income statement basic earnings per share were €280 million and €0.771, respectively,
We achieved a 2.6% increase in volume during the year, following in the year.
a 2.8% decline in the prior year. Volume growth was evident in
all market segments and all categories, with the exception of Dividend
ready-to-drink tea. In line with the Group’s progressive dividend policy and the Board’s
Due to the effect of currency headwinds, net sales revenue assessment of progress against the Group’s strategy, the Board of
decreased by 2.5% in 2015, compared to the prior year. The Directors has proposed a dividend of 0.40 Euros per share. This is
decrease was in spite of strong volume performance in all an 11.1% increase from 0.36 Euros per share for 2014. The dividend
three segments and the positive result from our revenue growth payment will be subject to shareholder approval at the 2016 Annual
management initiatives. On a reported basis, net sales revenue General Meeting.
per unit case declined by 4.9%. In contrast, on a currency-neutral
basis, net sales revenue per unit case improved by 0.3%. Balance sheet
Total non-current assets decreased this year by €152 million
Cost of goods sold decreased by 4.1% and comparable cost of
due to the impact of foreign currency translation. Net current
goods sold decreased by 4.0% for 2015 compared to the prior year.
assets decreased by €489 million due to the use of own funds for the
Input costs, particularly prices for EU sugar and PET resin for plastic
repayment of the US$400 million bond which matured in September
bottles, continued to be favourable. We achieved an increase in gross
2015 and the improved working capital position. The Group’s total
profit of 0.4%, with profits increasing slightly from €2,318 million in
non-current liabilities also decreased, by €674 million, largely as a
2014 to €2,327 million in 2015. Comparable gross profit margin
result of the reclassification of the outstanding bonds of €600 million
increased from 35.7% in 2014 to 36.7% in 2015, mainly due to
maturing in November 2016 from non-current to current liabilities.
favourable input costs and operating leverage on our fixed
production base. 2015 2014
€ million € million
Operating expenses decreased by 2.4% in 2015 compared to 2014. Assets
Our restructuring efforts in recent years and tight cost management Total non-current assets 4,665 4,817
have optimised our cost base, better positioning the business for
Total current assets 1,868 2,062
operating leverage. Stable performance in operating expenses as
a percentage of net sales revenue was the result of higher currency Total assets 6,533 6,879
management costs in a very volatile year, coupled with the sharply Liabilities
adverse currency impact on revenue, offsetting the improvements Total current liabilities 2,491 2,196
from our cost management initiatives. Total non-current liabilities 1,218 1,892
Comparable operating profit (EBIT) was €473 million, leading to Total liabilities 3,709 4,088
a 100 basis point expansion in comparable EBIT margin to 7.5%. Equity
Favourable input costs, increased volume and the benefits from Owners of the parent 2,820 2,787
our revenue growth management initiatives more than offset the Non controlling interests 4 4
adverse impact of foreign exchange rates. On a reported basis,
Total equity 2,824 2,791
we delivered €418 million of EBIT in 2015. This was a €57 million
Total equity and liabilities 6,533 6,879
improvement compared to 2014.
52
Strategic Report
Cash flow The Group is exposed to market risk arising from changing interest
As a result of increased operating profitability and improvement rates, primarily in the Euro zone. We periodically evaluate the desired
in working capital, we achieved a 7.7% increase in net cash from mixture of fixed and floating rate liabilities and modify the interest
operating activities in 2015 compared to 2014. payments based on the desired mixture of debt. We also use
interest rate swaps to manage interest rate costs.
Capital expenditures, net of receipts from the disposal of assets
and including principal repayments of finance lease obligations, Fluctuations in the prices of key raw materials expose the Group to
decreased by 7.4% in the year. In 2015, our total capital expenditures market risk. For a number of raw materials, where there are available
were €328 million, of which 55% was investments in production tools to actively manage price risks, the relevant provisions are
equipment and facilities and 24% was for the acquisition of included in our treasury policy. Our treasury and procurement
marketing equipment. This compares to capital expenditures departments are jointly responsible for applying the relevant
of €354 million in 2014, of which 51% was investments in policies. In accordance with our treasury policy, commodity
production equipment and facilities and 25% was for the hedging activities are conducted for a 36-rolling-month period.
acquisition of marketing equipment. The policy dictates minimum and maximum coverage levels per
time period, with a layered approach applied to gradually lower
Free cash flow grew by €79 million to €412 million in 2015, reflecting hedge percentages. Different minimum and maximum hedge
increased cash from operating activities, primarily operating profits, levels are applicable for each underlying commodity. Hedging
reduction in working capital and lower capital expenditure. Both the activities are conducted through financial derivatives where
balance sheet working capital position and the working capital days available, or through relevant provisions in supply contracts.
improved in the year.
Our counterparty risk is managed by establishing approved
2015 2014
€ million € million counterparty limits, and detailing the maximum exposure that we
are prepared to accept with respect to individual counterparties.
Cash flow from operating
activities 739 686 The limits are reviewed and monitored on a regular basis.
Payments for purchases of Our general policy is to retain a minimum amount of liquidity
property, plant and equipment (332) (363) reserves in the form of cash on our balance sheet while maintaining
Proceeds from sales of property, the balance of our liquidity reserves in the form of unused committed
plant and equipment 18 23 facilities. This helps us ensure that we have cost-effective access
Principal repayments of finance to sufficient financial resources to meet our funding requirements.
lease obligations (14) (14) These include the day-to-day funding of our operations as well as
Free cash flow 412 333 the financing of our capital expenditure programme. In order to
mitigate the possibility of liquidity constraints, we endeavour to
Figures are rounded.
maintain a minimum of €250 million of financial headroom1.
Financial risk management
Our Group activities create exposure to a variety of financial Borrowings
risks. These include currency risk, interest rate risk, commodity Our strategy is to maintain a ratio of net debt to comparable EBITDA
risk, counterparty risk and liquidity risk. Given the recent volatility in the range of 1.5 to 2.0. We achieved this in 2015, ending the year
in currency and commodity markets, proactively managing these with a ratio of 1.5. Given the extreme volatility in our markets in the
risks has never been more critical. near term, we believe it is prudent to maintain this ratio.
Our overall risk management programme focuses on the The Group’s funding strategy in the debt capital markets
unpredictability of financial markets and seeks to minimise involves raising financing through our wholly-owned Dutch
potential adverse effects on our financial performance. While financing subsidiary, Coca-Cola HBC Finance B.V., except in the
we regularly use derivative products like forwards, options and case of subsidiaries with joint control, or countries where certain
futures, these are solely used for the purpose of hedging underlying legal or tax restrictions apply. In such cases, financing at lower
exposures to foreign currency exchange rate risk, interest rate levels in the organisation may be considered. We use our €3 billion
risk and commodities’ pricing volatility. None of these financial European Medium Term Note programme and our €1 billion Global
instruments are leveraged, used for trading purposes or taken Commercial Paper programme as the main basis for our financing.
as speculative positions. We endeavour to maintain our presence and profile in the
Given the Group’s operating activities, we are exposed to a international capital markets and, where possible, to broaden our
significant amount of foreign currency risk. Our foreign currency investor base. We also seek to maintain a well-balanced redemption
exposures arise from adverse changes in exchange rates between profile. Since the year end, we successfully issued a €600 million
the Euro, the US Dollar and the currencies of our non-Euro countries. bond, repayable in November 2024, at a fixed rate of 1.875%, to
Transaction exposures arise mainly from raw materials purchased in be utilised in the refinancing of the €600 million bonds maturing
currencies such as the US Dollar or Euro, which can lead to higher in November 2016.
cost of sales in local currencies throughout our territory. Translation Borrowing structure
exposures arise as many of our operations use currencies other (€ million)
than the Euro, and any change in these currencies against the Euro
impacts our consolidated income statement and balance sheet
when results are translated into Euros. Our treasury policy requires
the hedging of rolling 12-month forecasted transaction exposures Bonds issued: 1,395
within defined minimum and maximum coverage levels, a range Commercial paper: 174
of 25% to 80%, and 100% of balance sheet exposures in each Finance leases: 105
major foreign currency with an active market for hedging and Other: 31
without significant currency control. Where available, we use
derivative financial instruments to reduce our net exposure
to currency fluctuations.
1. Financial headroom refers to the sum of committed but unused financing available, cash and cash equivalents less outstanding commercial paper and current
portion of long-term debt, after considering cash flows from operating activities, dividends, interest expense, tax expense, and capital expenditure requirements.
53
Financial review continued
Looking ahead Furthermore, in Nigeria, the depressed oil price, tight capital
In 2016, our business faces two considerable challenges. Significant controls and the risk of a Nigerian Naira devaluation add to the
foreign currency headwinds will remain, and input costs, which were challenges. Management continuously monitors and assesses the
favourable in 2015, are expected to rise in 2016. It is critical that we conditions in these markets in order to ensure that timely actions
continue pursuing volume growth and cost efficiencies in 2016, as and initiatives are undertaken to minimise potential adverse
well as continue improving the value we get from every case we sell impact on our performance.
through revenue growth management initiatives including pricing.
Our success in mitigating the impact of similar challenges in
The ongoing instability in Ukraine and Russia has adversely impacted 2015, and the recovery we are witnessing in our Established and
the economies of these countries, and among other things, resulted Developing markets segments, gives us confidence in our ability to
in increased volatility in their currencies. The macroeconomic and continue to achieve profitable growth. As always, our priorities are
financial environment in Greece remains fragile and may further controlling what we are able to manage, maintaining our strength
impact consumers’ disposable incomes. and positioning our Company for top and bottom line growth.
Reconciliation of comparable to reported financial results

2015
€ million
Adjusted
Group financial results COGS1 Gross profit2 EBIT3 EBITDA4 Tax5 Net profit6 EPS7 (€)
Reported (4,019) 2,327 418 766 (76) 280 0.771
Restructuring costs8 – – 54 36 (12) 43 0.119
Commodity hedging9 1 1 1 1 – 1 0.002
Other tax items10 – – – – (10) (10) (0.028)
Comparable (4,018) 2,328 473 804 (99) 314 0.864
2014
€ million
Adjusted
Group financial results COGS1 Gross profit2 EBIT3 EBITDA4 Tax5 Net profit6 EPS7(€)
Reported (4,193) 2,318 361 742 (58) 295 0.809
Restructuring costs8 – – 55 34 (11) 50 0.138
Commodity hedging9 8 8 8 8 (3) 6 0.015
Other tax items10 – – – – (13) (13) (0.037)
Non-recurring items11 – – – – – (60) (0.164)
Comparable (4,184) 2,326 425 785 (85) 277 0.761
Figures are rounded.

1. Reported COGS refers to cost of goods sold. 9. The Group has entered into certain commodity derivative transactions
2. Reported Gross Profit refers to gross profit. in order to mitigate its exposure to commodity price risk. Although these
transactions are economic hedging activities that aim to manage our
3. Reported EBIT refers to operating profit. exposure to sugar, aluminium and gas oil price volatility, they do not qualify
4. Adjusted EBITDA refers to operating profit before deductions for for hedge accounting. In addition, the Group recognises certain derivatives
depreciation and impairment of property, plant and equipment (included embedded within commodity purchase contracts that have been accounted
both in cost of goods sold and in operating expenses), amortisation and for as standalone derivatives and which do not qualify for hedge accounting.
impairment of intangible assets, employee share options and performance The fair value gains and losses on the derivatives and embedded derivatives
shares and other non-cash items, if any. are immediately recognised in the income statement in the cost of goods
5. Reported Tax refers to tax. sold line item. The Group’s comparable results exclude the unrealised gains
or losses resulting from the mark-to-market valuation of this hedging
6. Reported Net profit refers to profit after tax attributable to owners of activity. These gains or losses will be reflected in the comparable results
the parent. in the period when the underlying transactions will occur, to match the
7. Reported EPS refers to basic earnings per share. profit or loss impact of the underlying transactions.
8. Restructuring costs comprise costs arising from significant changes in the 10. Other tax items represent the tax impact of both changes in income tax
way we conduct business, such as significant supply chain infrastructure rates affecting the opening balance of deferred tax and other one-off
changes and centralisation of processes, which are included within the items arising during the year.
income statement line “restructuring costs“. However, they are excluded 11. Non-recurring items refer to the gain included within our share of
from the comparable results in order for the user to obtain a proper results of equity method investments from the sale in 2014 of Zagorka
understanding of the Group’s financial performance. Net profit for 2015 by Brewmasters Holdings Ltd, subsidiary of Brewinvest S.A. joint venture
includes €1 million from restructuring within joint ventures (2014: €7 million). with Heineken.
54
Strategic Report
Risk management
Business Resilience: Managing our risks and opportunities
Adopting an all-encompassing business resilience approach

supports growth while protecting our business.
As we continue to operate in an environment that is shaped by During 2015, we continued to roll-out our extensive enterprise
uncertainty, ambiguity, complexity and volatility, we have adopted risk management culture change programme, embedding risk
a combination of proactive and responsive strategies to address management throughout the Company. The programme places
these challenges. These are managed through our Business an equal emphasis on having the right processes and tools in place,
Resilience function, which is headed by our Group Chief Risk building our people’s risk management capabilities, and executing
Officer (CRO). The function draws together our Group-wide a strong change and communication plan. This provides us with a
enterprise risk management, insurance, security, fraud control, competitive advantage in the market and is a key to driving business
crisis management and business continuity programmes. growth in what continues to be a complex operating environment.
The Business Resilience team determines the strategy and then
Our alignment with the changes to the risk elements of the UK
standardises and simplifies processes and structures across the
Corporate Governance Code was further enhanced during the year,
programmes to ensure that all elements add value for our business.
including redefining the Group’s risk appetite. As will be clear from
In the area of risk management, the function collaborates with the description of how we manage our material issues (see pages
business units to identify, review and propose actions and mitigation 16-21) we see effective risk management as a way of leveraging
plans to address risks arising from business activities. The greater opportunities as well as mitigating risks. The CRO worked closely
visibility of this work, coupled with the wide spectrum of activities with the Audit and Risk Committee and the Board on the important
it covers, has strengthened our ability to manage risk, making us element of risks and opportunities as an integral part of our risk
a more resilient business. strategy. We have thoroughly reviewed the Code, refining and
aligning our processes to ensure full compliance. The Operating
Business resilience Committee and the Board receive regular updates on our progress
toward alignment. Our focus is on risk management processes,
principal risks and risk appetite, risk culture and risk assurance,
Support Growth and Protect the Business risk profile and risk mitigation, monitoring and review activities,
and risk communication and reporting.
We continue to enhance our enterprise risk management framework,
ensuring that our risks and opportunities are visible and are managed
Enterprise Risk Security and Crisis Business within a consistent and standardised process. The framework
Insurance
Management Fraud Control Management Continuity provides both bottom-up and top-down risk identification,
evaluation and management, ensuring that risks and opportunities
are subject to continuous review at the business unit and corporate
support function levels. The operational processes are supported
by the work of the Group Risk Forum, which places a strategic lens
Strategise Standardise Simplify
on the aggregated risks from the operations. This information
forms the basis of the data that links to our principal risks.
Enterprise risk management

We rolled out a new Board-endorsed Risk Management Enterprise risk
policy in 2015, which stipulates the scope, context, objectives
and management accountabilities within our enterprise risk management is as much
management programme. Our enterprise-wide risk management
process was likewise refreshed and enhanced to improve our about recognising and
understanding of our risks and opportunities and adapt our business
response based on experience and changing circumstances. Our
leveraging opportunities
teams utilise internal and external risk radar to detect changes in
our operating environment, which allows us to work proactively to
as about mitigating risks.
minimise exposures and leverage opportunities. This also gives us
the ability to respond rapidly and decisively to an emerging crisis.
55
Risk management continued
Risk Management Framework

Board and Committees
(Audit and Risk Committee)
Operating Committee
Sponsor: General Counsel
Group Risk Forum

Chair: Group Chief Risk Officer
Countries, Regions, Functions, Projects
Stakeholder Roles
Country Level Region Level Group Risk Forum Operating Committee Board
–– Management identifies –– Quarterly submissions –– Convenes bi-annually as an –– Operating Committee has –– Establishes our
and evaluates risks and are aggregated bi-annually independent review forum the overall responsibility risk appetite.
mitigation plan. by Region, reviewed by and strategic ‘think tank’. for Enterprise Risk –– Oversees risk
–– Monthly monitoring routine the Regional Directors, Reviews the aggregated Management. management systems,
as part of management Regional CFOs, Regional risks against broader Group –– Assigns risks against strategies and culture to
meeting. Supply Chain Directors objectives and ensures our strategic pillars. ensure principal risks and
–– Quarterly submission & CRO. effective risk mitigation –– Assigns accountable opportunities are identified
to Business Resilience –– Ensures independent strategies are in place. risk owners against and managed.
Function for review. assessment of country –– Bi-annual strategic risk/ the Company’s –– Audit & Risk Committee
–– Risks evaluated and aligned risks and mitigation plans. opportunity summary is Risk Universe. receives quarterly
to strategy as part of the –– Note: Function Heads prepared for the Operating updates on strategic
Business Plan process. and major project Committee and the Audit & and emergent risks and
Leaders also review Risk Committee, and reviews the Enterprise Risk
their risks bi-annually. formulates principal risks. Management framework
on an on-going basis.
A robust framework
Within our ongoing management programme, the aggregated Our enterprise risk
risks and opportunities are reviewed by the Group Risk Forum,
the Operating Committee and, ultimately, the Board, with management programme
feedback provided to the business units and support functions.
solidifies our competitive
The Group Risk Forum plays a pivotal role in the process, serving
as an independent review mechanism and our internal think tank advantage.
on strategic risk. Chaired by the CRO, the Forum includes senior
business leaders from all functions and draws on their experience
and insight to provide additional evaluation of the Group’s risks and
opportunities. In particular, they examine the risks within the context
of our strategic priorities of customer preference, consumer
relevance, cost leadership and community trust. They also provide
guidance and input on the principal risks, which are subsequently
reviewed by the Operating Committee and the Board.
The Group Risk Forum, the Operating Committee and the Board
also view risks in the context of our assessment of the most
material issues for our Company. (See page 16 for more on how we
assess materiality.) By considering business risks in the context
of materiality, we fine-tune our prioritisation and ensure that
we take into account the perspectives of key stakeholders.
56
Strategic Report
A process-oriented approach to risk management –– Risk management integration into Business Planning processes.
The Board is ultimately responsible for the Group’s risk management –– A continuous process for the identification and evaluation of
and internal control systems, and for reviewing their effectiveness. significant risks to the achievement of business objectives.
The Board defines the Group’s risk appetite and monitors risk –– Implementation of management processes to mitigate
exposure to ensure that the nature and extent of the principal risks significant risks to an acceptable level.
facing the Company are managed in alignment with our goals and
–– Implementation of a cultural change programme to embed
objectives. While responsibilities for overseeing these important
risk management into the fabric of the business.
ongoing processes rest with the Audit and Risk Committee, the
Board as a whole is informed of the outcomes and all significant –– Focus on enhancing risk management capabilities of all line
issues and evaluates the risks on a quarterly basis. managers across all operations and functions.
–– Adoption of risk management software, which streamlines both
The detailed process of risk identification, review and escalation information collection and risk aggregation.
includes the following steps:
–– Continual monitoring of our internal and external environment
–– Regular risk assessments are conducted within markets and for factors that may change our risk profile.
corporate office support functions to assess progress with –– Annual evaluation of both the type and amount of external
risk mitigation. insurance purchased, with reference to the availability of cover
–– Significant operational risks and associated management and cost, measured against the likelihood and magnitude of the
actions are escalated to the Region Directors and the identified risks.
Business Resilience Function.
–– The Company’s Group Risk Forum reviews the identified Defining our principal risks
risks and presents issues relating to critical exposure to Our strategic priorities provide the context for guiding us in the
the Operating Committee. management of the risks faced by our business. The most important
–– The Operating Committee reviews critical risk exposures and risk categories are macroeconomic and operational. Macroeconomic
subsequently reports material changes and mitigating actions risks relate to the external environment and the markets in which
to the Audit and Risk Committee. we operate. We have less control over these risks than we do over
operational risks, such as product quality. The overview of our most
Functional collaboration is central to the success of the important risks does not include all the risks that may ultimately
programme and strong partnerships have been established with affect our Company. Some risks not yet known to us, or currently
the Sustainability, Health and Safety, and Internal Audit functions. believed to be immaterial, could ultimately have an impact on our
Continuous process improvement occurs by sharing best practice business or financial performance. We remain constantly vigilant to
throughout our Company and across the Coca-Cola System changes to our economic and regulatory operating environments, to
through regular meetings. ensure we proactively identify and evaluate new risks. Our enhanced
Key features of our enterprise-wide risk management system are: ability to aggregate and analyse risk, together with the enhanced
role of the Group Risk Forum which now functions as a strategic
–– Group statements on strategic direction, ethics and values. “think-tank”, coupled with detailed discussions with the Operating
–– Clear business objectives and business principles. Committee and the Board, led us to identify four existing business
–– A formalised risk management policy. risks, for elevation to principal risks in 2015. These build on our
2014 principal risks and in summary they address the areas
–– Clearly defined risk universe aligned to our strategic priorities:
of sustainability, cyber security, business transformation
Community Trust, Consumer Relevance, Customer Preference
and legal and regulatory compliance.
and Cost Leadership.
57
Our principal risks Key

Increased
No change
New: business risk elevated in 2015 to a
principal risk via robust evaluation process
Principal Risks Risk Impact Key Mitigations Risk Universe Strategy Risk Status
Breach of laws Inadvertent –– Damage to –– Annual ‘tone from the top’ Legal and Community New
or regulations non-compliance with our corporate messaging Regulatory Trust
the wide-ranging reputation –– Code of business conduct
local laws and –– Significant training and awareness
regulations that exist financial –– Anti-bribery policy and
across our diverse penalties compliance training
mix of markets. –– Management –– Internal control assurance
time diverted programme with local
to resolving management accountability
legal issues –– Risk-based internal control
framework (2015)
–– Speak Up hotline implemented
(2015)
–– Legal function in constant
dialogue with regulators
Change Failure to –– Under-delivery –– Project plans and change Business Customer New
management effectively execute of expected management strategies in place Transformation Preference
major business transformation –– Board and Operating Committee
transformations, results conduct regular tracking of actual
or performance –– Disengaged performance against the
issues with employees business case
third-party providers –– Reduction in
that we deploy as profitability
part of our business
–– Market
transformation.
confidence
in our ability
to deliver on
strategy is
weakened
–– Corporate
reputation
is adversely
affected
Climate, Failure to meet –– Long-term –– Water stewardship programmes Sustainability Community New
carbon and our stakeholders’ damage to that are reducing our water Trust
water expectations in our corporate consumption
making a positive reputation –– Carbon and energy management
contribution to the –– Less influence programmes
sustainability agenda, in shaping the –– Packaging waste management
particularly relating citizenship and programmes
to climate change, sustainability –– Partnering with NGOs and
carbon emissions agenda INGOs on common issues such
and water usage.
as nature conservation
–– Partnering with local
communities to minimise
environmental impact
–– Focus on sustainable
procurement
Cyber attacks Dependence on –– Financial loss –– Monitoring, identification Cyber Security Customer New
and system IT systems and –– Operational and addressing cyber threats Preference
availability infrastructure in our disruption and suspicious internal
interaction with our –– Damage to computer activity
customers, suppliers corporate –– Training on information
and consumers reputation management and the
together with protection of information
–– Non-
the protection of the –– Disaster recovery testing and
compliance
data we have created, building resilience into our
with statutory
or that has been cyber risk programme
data protection
provided to us.
legislation
58
Strategic Report
Channel mix A continued increase –– Reduced –– Continued to increase our Commercial Customer
in the concentration profitability presence in the discounter and Preference
of retailers and channel during 2015 Competition
independent –– Collaboration with customers
wholesalers on to identify opportunities for
whom we depend to joint value creation
distribute our products. –– Right Execution Daily (RED)
The immediate strategy continues to support
consumption channel our commitment to operational
remains under excellence
pressure as consumers
switch to at-home
consumption.
Consumer Failure to adapt to –– Failure to –– Focus on product innovation Beverage Consumer

health changing consumer achieve our –– Expand our range of low- and Category Relevance
health trends and growth plans no-calorie beverages Acceptability
addressing the –– Damage to –– Reduce the calorie content of
misconceptions on our brand and products in the portfolio
the health impact corporate –– Clearer labelling on packaging
of soft drinks. reputation
–– Promote active lifestyles
–– Loss of through consumer engagement
consumer base programmes focused on health
and wellness
Declining Challenging –– Eroded –– Seek to offer the right brand, Political & Customer
consumer and volatile consumer at the right price, in the right Security Preference
demand macroeconomic confidence package, through the right Stability
conditions can affect affecting channel
consumer demand. spending –– Robust security practices and
This includes political –– Inflationary procedures to protect people
and security pressures and assets
instability in Russia, –– Social unrest –– Crisis response and business
Ukraine and Nigeria. continuity strategies
–– Safety of people
–– Asset security
Foreign Foreign exchange –– Negative EBIT –– Treasury policy requires Tax & Treasury Cost
exchange exposure arising from impact hedging of 25% to 80% of Leadership
changes in exchange rolling 12 month forecasted
rates between the transactional exposure
Euro, US Dollar, and –– Hedging beyond 12 months
other currencies in if forecast transactions are
the markets we highly probable
serve. –– Derivative financial instruments
are used, where available
and/or appropriate, to reduce net
exposure to currency fluctuations
59
Our principal risks continued Key

Increased
No change
New: business risk elevated in 2015 to a
principal risk via robust evaluation process
People and Inability to attract –– Failure to –– Focus on developing Employee Community
talent and retain sufficient achieve our leadership talent Engagement & Trust
numbers of qualified growth plans –– Right people in the right positions Retention
and experienced across the business
employees in –– Focus on employee engagement
competitive talent ensuring support for our values
markets and inability
–– Promote operational excellence
to ensure their
ongoing engagement –– Create shared value with the
and commitment. communities in which we work
to ensure we are seen as an
attractive employer
Quality The occurrence of –– Reduction in –– Stringent quality processes in Product Consumer

quality issues, or the volume and net place to minimise the occurrence Quality & Relevance
contamination of sales revenue of quality issues Food Safety
our products. –– Damage to –– Early warning systems (consumer
brand and information centres and social
corporate media monitoring) that enable
reputation issue identification
–– Loss of –– Robust response processes
consumer trust and systems to address quality
issues, ensuring customers and
consumers retain confidence
in our products
Strategic We rely on –– Termination of –– Management focus on Stakeholder Community

stakeholder our strategic agreements, or effective day-to-day interaction Relationships Trust
relationships relationships and less favourable with our strategic partners
agreements with The renewal terms –– Working together as effective
Coca-Cola Company, than currently partners for growth
Monster Energy and experienced, –– Engagement in joint projects
our premium spirits could adversely and business planning with a
partners. affect focus on strategic issues
profitability
–– Participation in ‘Top to Top’
senior management forums
Taxation Regulations on –– Reduction in –– Proactively work with Legal and Community

consumer health profitability governments and regulatory Regulatory Trust
and the risk of the authorities to ensure that the
targeting of our facts are clearly understood
products for and that our products are not
discriminatory singled out unfairly
tax and packaging –– Shape sustainability agenda
waste recovery. relating to packaging and
waste recovery
–– Engage with stakeholders,
including NGOs and the
communities in which we
operate, on strategies to
protect the environment
60
Strategic Report
Viability statement
1. Assessment of prospects 2. Assessment of viability

Our business model and strategy, as outlined on pages 8 and While the five-year long-term plan, approved by the Operating
12 of this report, are key underlying factors for understanding Committee, reflects the Directors’ best estimate of the future
and assessing our prospects. Our strong sales and execution prospects of the business, the potential impact of the principal
capabilities, attractive geographic diversity, market leadership, global risks on the Group have also been tested. The Board has drawn
brands, and diverse beverage portfolio are the fundamentals of the on these robust assessments of the principal risks, including
Group’s business model and have been in place for several years. events that could threaten the business model, future performance,
Our strategy has been adapted over time in order to sustainably solvency and liquidity of the Group in combination with the qualitative
create value for our shareholders, suppliers, employees, assessment and the stress testing. The period of viability has also
customers and communities we serve. been considered in terms of the Group’s debt profile where the
majority of the long-term borrowings have a minimum five-year
The Group’s business model has proven to be strong and defensive
maturity upon issuance together with our impairment review
even in challenging market conditions and our Board has historically
process, where goodwill and indefinitely-lived intangible assets are
applied a conservative approach to the Group’s decisions relating to
tested based on five-year forecasts (plus perpetuity considerations).
major projects and investments. From 2010 to 2015, we generated
Stress testing was performed on a number of scenarios including
free cash flow of at least €333m per annum with an average of €412m.
different estimates for sales volume and revenues, foreign currency
The Board considers that our diverse geographic footprint including rates and raw material costs, in addition to the sensitivity analysis
exposure to emerging markets with low per capita consumption, and inherently incorporated in our planning process. Our stress testing
our proven strategy in combination with our leading market position showed that due to the stable cash generation of our business,
offer significant potential for growth. the Group would be able to withstand the impact of these scenarios
occurring over the period of the financial forecasts by making
In making this statement the Audit and Risk Committee and the adjustments, if required, to its operating plans within the normal
Board as a whole, carried out a robust assessment of the principal course of business. From the undertaking of these processes the
risks facing the Group, including those that would threaten our Board has concluded that the Group is well positioned to effectively
business model, future performance, solvency or liquidity. manage its financial, operational and strategic risks.
The assessment process and key assumptions

3. Viability Statement
Qualitative and quantitative assessments formed the central pillars
Based on our assessment of prospects and viability as
of the assessment process. The qualitative assessment analysed
outlined above, the Directors confirm that they have a reasonable
the internal processes of Enterprise Risk Management; Business
expectation that the Group will be able to continue operating and
Planning (both short and long term); and Liquidity Management
meet its liabilities as they fall due over the five-year period ending
to ensure that the risks to viability are understood and managed.
31 December 2020.
This process aligns with, and draws on, the analysis and evaluation
of the Group’s principal risks as disclosed on pages 55-58. The
Board has concluded that the Company’s processes provide a
comprehensive framework that effectively supports the operational
and strategic objectives of the Group and provides a robust basis for
assessment and confirmation of the Company’s ability to continue in
operation and meet its obligations as they fall due over the period
of assessment.
Supporting the qualitative assessment is the quantitative analysis
that includes both sensitivity and stress testing. The quantitative
assessment is performed through financial modelling evaluating the
financial performance of the Group over a rolling five-year period,
including but not limited to our ability to generate cash, as well as
determining the financial headroom available at the end of each
financial period. The model combines financial data from both
the short and the long-term planning processes. In terms of the
assumptions used we have taken into consideration, among
others, the Group’s expectations on key microeconomic data in
the territories in which we operate such as gross domestic product,
inflation and unemployment rate (factors impacting our consumers
disposable income and consequently our sales volume and
revenues), key raw material costs (including concentrate, sugar,
PET and aluminium), foreign currency rates, the level of spending
for production overheads and operating expenses, working capital
levels and capital expenditure.
61
Board of Directors
“Refreshing business with

our experienced team”
62
Strategic Report
63
Board of Directors continued
1. Anastassis G. David 5. Olusola (Sola) David-Borha

Non-Executive Chairman Independent non-Executive Director
Mr. Anastassis David was appointed Chairman of the Board of Mrs. Olusola (Sola) David-Borha is the Chief Executive of Stanbic IBTC
Directors of Coca-Cola HBC on 27 January 2016. He joined the Holdings plc, a full service financial services group with subsidiaries in
Board of Coca-Cola HBC as a non-executive director in 2006 and was Commercial Banking, Investment Banking, Pension and Non-Pension
appointed Vice Chairman in 2014. Mr. David brings to his role more than Asset Management and Stockbroking. Stanbic IBTC Holdings is
20 years’ experience as an investor and non-executive director in the listed on the Nigerian Stock Exchange. Prior to this appointment, Mrs.
beverage industry. Mr. David is active in the international community David-Borha served as Chief Executive of Stanbic IBTC Bank from May
and serves on the International Board of Advisors of Tufts University 2011 to November 2012. She also served as Deputy Chief Executive
and on the Advisory Board of the Fares Center at Fletcher School. of the Bank and Head of Investment Banking Coverage Africa
He serves as a member on the board of directors of Aegean Airlines (excluding South Africa). Stanbic IBTC Holdings is a member of the
S.A. and AXA Insurance S.A. He is a member of the Board of Trustees Standard Bank group which in 2007 acquired a leading Investment Bank
of College Year in Athens and is a member of the Executive Committee in Nigeria, IBTC Chartered Bank plc, where Mrs. David-Borha worked as
of the Cyprus Union of Shipowners. Mr. David is also a former Chairman an Executive Director prior to the merger. Between 1984 and 1989,
of Navios Corporation. He holds a BA in History from Tufts University. Mrs. David-Borha worked in the Credit and Marketing department
of NAL Merchant Bank PLC. Mrs. David-Borha holds a first degree in
Economics, and obtained an MBA degree from Manchester Business
2. Dimitris Lois School, United Kingdom. Her executive education experience includes
Chief Executive Officer the Advanced Management Programme of the Harvard Business
School. She is an Honorary Fellow of the Chartered Institute
Mr. Dimitris Lois began his career in 1988 at Grecian Magnesite S.A., of Bankers of Nigeria (CIBN), and serves as non-executive director on
where he held various managerial positions including that of business the Board of CR Services Credit Bureau plc and the University of Ibadan
development manager. He joined Frigoglass S.A.I.C. in 1997 and after Business School, amongst others. She is also the Vice Chairman of the
serving in various international positions, he was appointed managing board of the Nigerian Economic Summit Group. Mrs. David-Borha is a
director in August 2003. Mr. Lois joined the Group as Region Director member of the Company’s Audit and Risk Committee.
in 2007. He was appointed Chief Operating Officer in 2009 and Chief
Executive Officer in 2011. He holds a Master of Science in Chemical
Engineering from Northeastern University and a Bachelor of Science 6. Irial Finan
in Chemical Engineering from Illinois Institute of Technology. Non-Executive Director
Mr. Irial Finan is executive vice-president of The Coca-Cola Company

3. Antonio D’Amato and president of Bottling Investments Group (‘‘BIG’’), a multi-billion
Independent non-Executive Director dollar internal bottling business, which has operations in five continents
(North and South America, Europe, Africa and Asia), with revenues of
Mr. Antonio D’Amato began his business career in 1979 with Cartoprint more than $20 billion and more than 100,000 employees. Additionally,
in Milan, part of the Seda International Packaging Group SpA (formerly he is responsible for stewarding The Coca-Cola Company’s equity
the Finseda Group), a leading European company in the production of investments and leading the concentrate product supply organisation.
food packaging materials. He was employed in various capacities and Mr. Finan currently serves on the Board of Directors for Coca-Cola
became president of Seda International Packaging Group SpA in 1991. FEMSA, Coca-Cola East Japan, the Coca-Cola Foundation, the
Mr. D’Amato was previously president and a member of the board supervisory board for CCE AG (Germany), G2G trading, Smurfit Kappa
of directors of Confindustria, the Confederation of Italian Industry. group and The American-Ireland Fund. He is non-executive director for
In August 2000, Mr. D’Amato was appointed vice-president of the Co-operation Ireland and NUI Galway Foundation. Mr. Finan has over
Union of Industrial and Employers’ Confederations of Europe (UNICE). 32 years’ experience in the Coca-Cola System. From 2001 to 2003,
From 2000 to 2012, Mr. D’Amato was a member of the Italian National he served as Chief Executive Officer of the Group. Mr. Finan joined
Council for Economy and Labor (CNEL). In July 2001, he became The Coca-Cola Company in 2004 as president of bottling investments
president of the LUISS University in Rome, a leading private Italian and supply chain and was named executive vice-president in October
university. Mr. D’Amato is a member of the Company’s Nomination 2004. He is a recipient of the Leslie C. Quick Jr. Leadership Award in
and Remuneration Committees. recognition of his professional and personal commitment to Ireland.
He is also a Stars of the South Honoree.
4. George A. David, OBE, MFR
Non-Executive Director 7. Anastasios I. Leventis
Non-Executive Director
Mr. George A. David, served as Chairman of the Company’s Board
of Directors from 1981 to 27 January 2016. He graduated from the Mr. Anastasios Leventis serves as a director of the Leventis Group, a
University of Edinburgh in 1959. He began his career that same year diversified international business group, and as a trustee of the Leventis
with a group of companies controlled by his uncle A.G. Leventis in Foundation. In addition, Mr. Leventis is a director of Alpheus Group
Nigeria. He serves on the boards of Petros Petropoulos S.A. and Limited, a private asset management company managing assets of
Kar-Tess Holding. He is a member of the board of the A.G. Leventis private clients and charitable foundations. Mr. Leventis is vice president
Foundation, chairman of the Centre for Asia Minor Studies, vice of the Council of the University of Cyprus, a member of the board of
chairman of the Council of the University of Cyprus, Regent of the overseers of the Gennadius Library in Athens and a member of the
University of Edinburgh and a member of the Honorary board of the board of the WWF in Greece. Mr. Leventis holds a B.A. in Classics
Hellenic Foundation for European and Foreign Policy. Mr. David is from the University of Exeter and an MBA from New York University’s
a member of the Company’s Social Responsibility Committee. Leonard Stern School of Business.
64
Strategic Report
8. Christo Leventis 12. José Octavio Reyes

Non-Executive Director Non-Executive Director
Mr. Christo Leventis worked as an Investment Analyst with Credit Mr. José Octavio Reyes is the former Vice Chairman of The Coca-Cola
Suisse Asset Management from 1994 to 1999. In 2001, he joined J.P. Export Corporation, a position in which he served from January 2013
Morgan Securities as an Equity Research Analyst focusing on European until his retirement in March 2014. He was president of the Latin
beverage companies. In 2003, Mr. Leventis started the private equity America Group of The Coca-Cola Company from December 2002
investment arm of Alpheus, a private asset management company, and to December 2012. Following various managerial positions in Mexico,
also serves as a member of its investment advisory committee. From Brazil and in The Coca-Cola Company headquarters in Atlanta, Mr.
2003 until March 2014, Mr. Leventis was a member of the board of Reyes was named President of the North Latin America Division of
directors of Frigoglass S.A.I.C., a leading global manufacturer of Coca-Cola in 2002. Prior to joining Coca-Cola, Mr. Reyes spent five
commercial refrigeration products for the beverage industry. Mr. years with Grupo IRSA, a Monsanto Company joint venture. Mr. Reyes
Leventis holds a B.A. in Classics from University College London has been a member of the board of directors of MasterCard WorldWide
and an MBA from the Kellogg School of Management in Chicago. since January 2008 and is a member of the board of directors of
Papalote Children’s Museum in Mexico City and Fundación UNAM.
Mr. Reyes holds a BS in Chemical Engineering from the Universidad
9. Sir Michael Llewellyn-Smith, KCVO, CMG Nacional Autónoma de México and an MBA from the Instituto
Senior independent non-Executive Director Tecnológico de Estudios Superiores de Monterrey. Mr Reyes is
a member of the Company’s Social Responsibility Committee.
Sir Michael Llewellyn-Smith had a distinguished career in the British
diplomatic service including postings to Moscow, Paris and Athens,
culminating in positions as British Ambassador to Poland (1991-1996) 13. John P. Sechi
and British Ambassador to Greece (1996-1999). He is currently Independent non-Executive Director
vice-president of the British School at Athens, Honorary Fellow
of St. Antony’s College, Oxford, visiting Professor at King’s College Mr. Sechi started his career as a financial analyst and audit manager.
London and member of the council of the Anglo-Hellenic League. He In 1985, he joined The Coca-Cola Company as an internal auditor.
is also a historian and author of a number of books about Greece. Sir In 1987, Mr. Sechi became the Finance Director for Coca-Cola Great
Michael is senior independent director and chairman of the Company’s Britain Limited based in London. The following year, he was appointed
Nomination, Remuneration and Social Responsibility Committees. General Manager of the European Supply Point Group and in 1990
he moved to Madrid to join the Iberian Division as Chief Financial
Officer. In 1993, Mr. Sechi was promoted to President of the Central
10. Nigel Macdonald Mediterranean Division of The Coca-Cola Company, based in Milan,
Independent non-Executive Director where he was responsible for operations in Greece, Cyprus, Malta,
Bulgaria, Former Yugoslavia (Croatia, Serbia, Bosnia, Montenegro,
Mr. Nigel Macdonald was formerly a senior partner in Ernst & Young’s Kosovo and FYROM), Albania and Italy. In 1998, he was promoted to
UK practice, having been a partner for 27 years, during which he served President of the German Division, based in Dusseldorf. Mr. Sechi was
as vice-chairman of the Accounting and Auditing Committees of its Chairman of Globalpraxis, a commercial consulting firm, from 2001 to
worldwide practice. Mr. Macdonald is a member of the Institute of 2008. From 2007 until 2013, he was the President, Greater Europe of
Chartered Accountants of Scotland, of which he was the president The Campbell Soup Company, and from 2006 to 2011, a non-executive
between 1993 and 1994. He is chairman of the Royal Museums Board member and Chairman of the Audit Committee of Coca-Cola
Greenwich Foundation; formerly he was the senior trustee of the Içecek. Mr. Sechi has a BA in Business Management from Ryerson
United Kingdom’s National Maritime Museum and chairman of both University in Toronto and is a Chartered Accountant (Canada).
its remuneration committee and audit committee. Mr. Macdonald was Mr. Sechi is a member of the Company’s Audit and Risk Committee.
a member of the UK’s Cadbury Committee which developed a set of
guidelines for effective Corporate Governance in the UK that has
served as a model for several international corporate governance
codes. Mr. Macdonald is chairman of the Company’s Audit and
Risk Committee.
11. Alexandra Papalexopoulou

Independent non-Executive Director
Mrs. Papalexopoulou serves as an executive director of the

Titan Cement Company S.A., and is currently responsible for the
group’s strategic planning. Titan Cement Company S.A. is a company
established in Greece, listed on the Athens Exchange and engaged in
the worldwide production and distribution of a range of construction
materials. Previously, she worked for the OECD and the consultancy
firm Booz, Allen & Hamilton, in Paris. Mrs. Papalexopoulou is treasurer
and a member of the board of directors of the Paul and Alexandra
Canellopoulos Foundation and a member of the board of directors
of National Bank of Greece and the ALBA College of Business 4 5 2 1 3 13 6 8 7 10 9 12 11
Administration Association. From 2003 until February 2015 she
served as a member of the board of directors of Frigoglass S.A.I.C.,
and from 2007 to 2009 she served as a member of the board of
directors of Emporiki Bank. Mrs. Papalexopoulou studied Economics
at the Swarthmore College, USA, and Business Administration (MBA)
at INSEAD, Fontainebleau, France. Mrs. Papalexopoulou is a member
of the Company’s Remuneration and Nomination Committees.
65
Corporate governance report
Dear Shareholder,
On behalf of the Board, I am pleased to introduce the corporate knowledge. Under Swiss law and our Articles of Association, the
governance report for the year ended 31 December 2015. Company’s Board of Directors is subject to re-election by our
shareholders on an annual basis, with members being proposed
Importance of corporate governance for by the Board’s Nomination Committee, which since June 2015
the Company has been composed of independent Directors. We understand the
The Board is committed to meeting the highest standards of importance of the Board’s role in establishing the ‘tone from the top’
corporate governance. Operating in widely differing countries, in of the Company in terms of its culture and values, and our Directors
three continents, in various economic and regulatory environments, lead by example as ambassadors of our values in order to cascade
we have long recognised that strong governance and effective good behaviour throughout the organisation.
leadership are of critical importance to the Group in order to achieve
our strategic goals. Our commitment to best practices in corporate Diversity
governance plays a key role in managing our risks and opportunities The Board is committed to recruiting Directors from different
and maintaining the trust of our stakeholders. Recognising the value backgrounds with diverse skills, personalities and experience.
of effective corporate governance, we have regularly monitored and We have made progress in terms of gender diversity at Board
adopted best practices since the Group was formed. level with the appointments of Sola David-Borha and Alexandra
Papalexopoulou. We also continue to make good progress in
The principal corporate governance rules applying to the Company improving the diversity of the Company’s senior management.
(a Swiss corporation listed on the London Stock Exchange (LSE) I remain confident that our performance on gender diversity will
with a secondary listing on the Athens Exchange) for the year continue its upward trajectory and that selection processes will
ended 31 December 2015, and our compliance with such rules, scrupulously adhere to our nomination policies on diversity while
are described in detail in the section below entitled “Application of evaluating credentials necessary for the continued growth of our
Corporate Governance Codes and the UK City code on takeovers operations within a highly competitive and specialised industry.
and mergers”.
Further details of our approach to governance and our key
Key focus areas of the Board for 2015 achievements this year are described within our corporate
The Board’s principal focus during the year continued to be governance report below.
on the execution of our strategy, our strategic alignment with
The Coca‑Cola Company, the development of our talent, the
composition and effectiveness of the Board and the management
of risks related to the external environment in our markets. This
includes risks associated with currency volatility, geopolitical
instability and negative macroeconomic indicators. We have a Anastassis G. David
comprehensive process for the identification and management Chairman of the Board
of risks, and our strategic priorities are clear and have been
communicated to all levels within the Group.
Board composition
In 2015, we appointed Mrs. Olusola (Sola) David-Borha
and Mrs. Alexandra Papalexopoulou as new independent
non‑Executive Directors following the retirement from the
Board of Mrs. Susan Kilsby and Mr. Christos Ioannou. Between
them, Sola and Alexandra bring a wealth of relevant financial,
operational and international experience to the Board. They also
significantly enhance the diversity of the Board. The Board has
concluded that Sola and Alexandra are independent in character
and judgement and that they meet the independence criteria
for purposes of the UK Corporate Governance Code.
Board evaluation
In line with our commitment to adhere to best corporate governance
practices, a Board effectiveness evaluation was conducted during
the second half of 2015. We have also organised an external Board
evaluation for 2016. Further details are set out in the Nomination
Committee report on page 82.
We will continue to keep the composition and size of the Board under
review. We believe that our Board is well balanced and diverse, with
the right mix of international skills, experience, independence and
66
Strategic Report
Leadership and effectiveness

Board and committee attendance in 2015
The following table shows the membership of the Board committees and includes the Directors’ attendance at Board and committee meetings during
the period between 1 January and 31 December 2015.
Board1 Audit and Risk2 Remuneration Nomination Social Responsibility
Total Total Total Total Total
Director Independent Attended meetings Attended meetings Attended meetings Attended meetings Attended meetings
Anastassis G. David3 No 7 7 2 2
Dimitris Lois No 7 7 4 4
George A. David No 7 7 4 4
Irial Finan No 7 7
Antonio D’Amato4 Yes 6 7 3 4 3 4
Christos Ioannou5 Yes 4 4 3 4
Sir Michael
Llewellyn-Smith Yes 7 7 4 4 4 4 4 4
Nigel Macdonald Yes 7 7 9 9
Susan Kilsby6 Yes 4 4 2 2 2 2
Anastasios I. Leventis No 7 7
Christo Leventis4 No 6 7
José Octavio Reyes No 4 4 1 2 3 4
John P. Sechi Yes 7 7 9 9
Alexandra
Papalexopoulou7 Yes 3 3 2 2 2 2
Olusola (Sola)
David-Borha8 Yes 2 3 5 5
1. Includes three conference calls.

2. Includes four conference calls.
3. Mr. Anastassis G. David stepped down as a member of the Nomination Committee in June 2015 and was only eligible for two meetings.
4. Messrs D’Amato and Christo Leventis were not able to attend one Board meeting due to long-standing prior commitments.
5. Mr. Christos Ioannou retired from the Board and the Audit and Risk Committee on 24 June 2015. He was eligible to attend four of the seven meetings of
the Board and four of the nine meetings of the Audit and Risk Committee. Mr. Ioannou was not able to attend one Audit and Risk Committee meeting
due to long-standing prior commitments.
6. Mrs. Susan Kilsby retired from the Board, the Remuneration Committee and the Nomination Committee on 24 June 2015. She was eligible to attend four of
the seven meetings of the Board, two of the four meetings of the Remuneration Committee and two of the four meetings of the Nomination Committee.
7. Mrs. Alexandra Papalexopoulou was appointed to the Board and the Nomination and Remuneration Committees on 24 June 2015. She was eligible to attend
three of the seven meetings of the Board and two of the four meetings of the Nomination and Remuneration Committees.
8. Mrs. Olusola (Sola) David-Borha was appointed to the Board and the Audit and Risk Committee on 24 June 2015. She was eligible to attend three of the seven
meetings of the Board and five of the nine meetings of the Audit and Risk Committee. Mrs. David-Borha was not able to attend one Board meeting due to
long-standing prior commitments.
General qualifications required of all Directors

Coca-Cola HBC’s Board Recruitment Policy requires that each Director is recognised as a person of the highest integrity and standing, both
personally and professionally, in senior business, academic and government circles. Each Director must have a proven record of success in his
or her field and must be ready to devote the time necessary to fulfill his or her responsibilities to the Company. In addition, each Director must
demonstrate familiarity with and respect for good corporate governance practices, sustainability and the responsible dealing with social issues.
The Board should remain a diverse body with diversity reflecting gender, ethnic background, age, nationality and professional experience.
Qualification, skills and experience Business characteristics Directors

Experience in finance, investments and accounting Our business is extensive and involves complex financial 11
transactions in the various jurisdictions where we operate.
Broad international exposure and emerging and Our business is truly international with operations in 28 countries, 13
developing markets experience with different stages of development, on three continents.
Extensive knowledge of our business and Our business involves the manufacturing, sales and distribution 7
the fast moving consumer goods industry of the world’s leading non-alcoholic beverage brands.
Manufacturing, route-to-market and
customer relationship experience
Risk oversight and management expertise Our Board’s responsibilities include the understanding and oversight 5
of the key risks we are facing, establishing our risk appetite and
ensuring that appropriate policies and procedures are in place
to effectively manage and mitigate risks.
Expertise in sustainability Building community trust through the responsible and sustainable 6
Community engagement experience management of our business is an indispensable part of our culture.
4
Expertise in corporate governance Our business involves compliance with many different regulatory 6
and/or government relations and corporate governance requirements across a number
of countries as well as relationships with governmental
and local authorities.
67
Corporate governance report continued
Operation of the Board Our Board has delegated specific tasks to its committees as
set out in the Organisational Regulations and reports from these
Board governance in the Company committees are set out in this Corporate Governance Report.
The governance process of the Board is set out in our Articles of
Association and the Organisational Regulations. These regulations
Membership of the Board and Board Committees
define the role of the Board and its committees, their respective
On 31 December 2015, our Board comprised 13 Directors: the
responsibilities and authority, processes and relationship with
Chairman, the Vice-Chairman, one Executive Director and 10 non-
management. The Articles and the Organisational Regulations
Executive Directors. The biographies of the Chairman, the Senior
can be found at http://www.coca-colahellenic.com/
Independent Director, the chairmen of the Board Committees and
investorrelations/corporategovernance.
the other members of the Board, the Audit and Risk Committee,
the Nomination Committee, the Remuneration Committee and
Role of the Board the Social Responsibility Committee are set out on pages 64-65.
Our Board has ultimate responsibility for our long-term success Mr. George A. David stepped down as Chairman of the Board on
and for delivering sustainable shareholder value. There is a clear 27 January 2016 and will retire as a Director with effect from the
division of responsibilities between the running of the Board and AGM in June 2016.
the executive responsibility for the running of our business.
There is a clear separation of the roles of the Chairman and the Chief
Key tasks of the Board include: Executive Officer. The Chairman is responsible for the operation of
–– Providing entrepreneurial leadership within the Company’s control the Board and ensuring that all Directors are properly informed and
and risk management framework; consulted on all relevant matters. The Chairman is also actively
–– Determining the long-term business strategy and objectives involved in the work of the Nomination Committee concerning
of the Group and monitoring the implementation of the strategy succession planning and the selection of key people. The Chief
and the achievement of those objectives; Executive Officer, Mr. Dimitris Lois, is responsible for the day-to-
–– Reviewing and approving the annual business plan; day management and performance of the Company and for
–– Setting appropriate risk parameters and monitoring to ensure the implementation of the strategy approved by the Board.
that effective risk management and internal control processes The Operating Committee as further described on page 74
are in place; supports Mr. Lois in his role.
–– Assessing the principal risks facing the Company’s
business model, future performance, solvency and liquidity; The non-Executive Directors, of whom six are determined by the
Board to be independent, are experienced individuals from a range of
–– Assessing the longer-term viability of the Company;
backgrounds, countries and industries. The composition of our Board
–– Reviewing and approving periodic financial reports; complies with the UK Corporate Governance Code recommendation
–– Performing Board and senior management succession planning; that at least half of the Board, excluding the Chairman, comprise
–– Setting the Company’s values and standards and ensuring that independent directors.
its obligations to shareholders are understood and met;
–– Monitoring the Group’s compliance programmes to Board activity
ensure effective corporate governance; and Our Board concentrated on the following main areas during 2015:
–– Supervising management. Strategy
In addition, the Swiss Ordinance against Excessive Compensation The review of initiatives related to our strategic priorities: winning
in Listed Companies imposes certain obligations on the Board, in the marketplace, growing value ahead of volume, reducing cost
including a requirement to prepare a remuneration report pursuant and generating cash. Another important focus area was the
to Swiss law. The remuneration report must be made available for implementation of our Integrated Competitive Supply Chain
inspection, together with the Swiss business report and audit report, programme, aimed at improving supply chain efficiencies
no later than 20 days prior to the ordinary shareholders’ meeting at across the Group. The Board also discussed and reviewed
the offices of the Company. Any shareholder may request a copy specific revenue growth management initiatives.
of these reports when available. Performance
Throughout the year, the Board reviewed the performance of
Board of directors* our business and held in-depth reviews of our largest operations,
including those in Russia, Italy and Nigeria. The Board reviewed and
approved our 2016 Business Plan and discussed our people plans
and employee engagement and values indices. At every Board
meeting in 2015, the Board reviewed our performance against
our targets and key business indicators, including sustainability and
community trust targets, ensuring that all relevant performance
aspects are regularly monitored by the Board.
Independent directors – 6
Non-independent directors – 6
* Total number of Board members

excluding the Chairman.
68
Strategic Report
Succession planning and diversity Senior Independent Director

The Board discussed the succession planning for senior roles –– Acts as a sounding board for the Chairman;
within the Group and successfully handled the retirement and –– Leads the independent non-Executive Directors on matters
succession of the Chairman and two additional Board members that benefit from an independent review; and
in 2015. In addition, the Board discussed gender diversity and our –– Is available to shareholders if they have concerns which have not
initiatives to proactively develop female managers in order to been resolved through the normal channels of communication.
improve diversity at senior levels.
Company Secretary
Risk management, corporate governance and internal controls –– Ensures good information flows within the Board and
Throughout the year, the Board reviewed our risk management its committees;
programmes and controls. Particular focus was devoted to risks
–– Facilitates induction and assists with the Board’s professional
relating to the external environment, including risks associated
development requirements;
with currency volatility, geopolitical instability and negative
macroeconomic indicators. The Audit and Risk Committee –– Assists the Board and the Chairman to co-ordinate and fulfil
also oversaw both the redesign of our Internal Control their duties and assignments; and
framework following the delisting from the New York Stock –– Advises the Board on governance matters.
Exchange and enhancements made to the internal Audit
function throughout the year. As part of the preparation of the Non-Executive Directors
Annual Report, the Board has carried out a review of the operation The main responsibilities of the non-Executive Directors are set
of our internal control framework concluding that all material, out in the UK Corporate Governance Code and include:
financial, operational and compliance controls were effective. –– Scrutinising the performance of management in meeting
Finally the Board assessed our ongoing viability in accordance agreed goals and objectives;
with the requirements of the UK Corporate Governance Code –– Challenging constructively and helping develop the
as more fully described on page 61 of the strategic report. Group’s strategy;
–– Ensuring the integrity of financial information;
Key roles and responsibilities
The roles and responsibilities of our Chairman, Chief Executive –– Ensuring that executive remuneration is at appropriate levels; and
Officer, Senior Independent Director and Company Secretary –– Overseeing succession planning, including the appointment
are set out in detail in our Organisational Regulations which can of Executive Directors
be found at http://www.coca-colahellenic.com/investorrelations/
The appointment of the non-Executive Directors is for the period
corporategovernance. Their key responsibilities are the following:
from the date of their election until the next Annual General Meeting.
The Chairman The non-Executive Directors are required to stand for re-election on
–– Leads the Board, presides over its meetings and ensures an annual basis. Upon appointment, non-Executive Directors
its effectiveness; confirm they are able to allocate sufficient time to meet the
–– Sets the agenda for Board meetings, ensures that adequate requirements of the role.
time is available for discussion and makes sure that Board
members get timely, accurate and clear information; Outside appointments
The Articles of Association of the Company (article 36) set out limits
–– Promotes a culture of openness and debate;
on the maximum number of external appointments that members
–– Ensures the highest standards of corporate governance; of our Board and executive management may hold. In addition, if a
–– Is the main point of contact between the Board and management; Board member wishes to take up an external appointment he or she
–– Co-ordinates the work of the Board committees with must ask our Chairman’s permission to do so (and the Chairman
committee chairs; and must consult the chairman of the Nomination Committee). The
–– Ensures effective communication with shareholders. Chairman will assess all requests on a case-by-case basis, including
whether the appointment in question could negatively impact the
Chief Executive Officer Company or the performance of the Director’s duties to the Group.
–– Leads the development and execution of our long-term strategy The nature of the appointment and the expected time commitment
with a clear view to creating shareholder value; are also assessed to ensure that the effectiveness of the Board
–– Is responsible for day-to-day management and implementation would not be compromised.
of the Board’s direction and policies;
Details of the external appointments of our non-Executive
–– Acts as a liaison between the Board and management and Directors are contained in their respective biographies set out
communicates with the Board on behalf of management; and on pages 64-65.
–– Communicates on behalf of the Group with shareholders,
employees, Government authorities, other stakeholders
and the public.
69
Our Chairman holds positions on the Boards of Aegean Airlines S.A. Shareholders’ nominees
and AXA Insurance S.A. He is a member of the Advisory Board of the As described in the section entitled “Major Shareholders” on page
Fares Centre at Tufts University, the International Board of Advisors 196, since the main listing of the Company on the Official List of the
at Tufts University and the Advisory Board of the Fares Center at London Stock Exchange in 2013, Kar-Tess Holding, The Coca-Cola
Fletcher School. He is a member of the Board of Trustees of Company and their respective affiliates have no special rights in
College Year in Athens. relation to the appointment or re-election of nominee Directors, and
those Directors of the Company who were nominated at the request
Our Chief Executive Officer does not currently hold any
of The Coca-Cola Company or Kar-Tess Holding will be required to
external appointments.
stand for re-election on an annual basis in the same way as the other
Having considered the scope of the external appointments of the Directors. The Nomination Committee is responsible for identifying
Directors referred to above, our Board is satisfied that they do not and recommending persons for subsequent nomination by the
compromise the effectiveness of the Board. Board for election as Directors by the shareholders on an
annual basis.
Independence
As our Board currently comprises 13 Directors, neither Kar-Tess
Our Board has concluded that Mr. Christos Ioannou, Mrs. Susan
Holding nor The Coca-Cola Company is in a position to control
Kilsby, both of whom retired from the Board on 24 June 2015, Mr.
(positively or negatively) decisions of the Board that are subject
Antonio D’Amato, Sir Michael Llewellyn-Smith, Mr. Nigel Macdonald,
to simple majority approval. However, decisions of the Board that
Mr. John P. Sechi, Mrs. Olusola (Sola) David-Borha and Mrs. Alexandra
are subject to the special quorum provisions and supermajority
Papalexopoulou, who were both appointed to the Board on 24 June
requirements contained in the Articles of Association, in practice,
2015, are independent in accordance with the criteria set out in the
require the support of Directors nominated at the request of at least
UK Corporate Governance Code.
one of either The Coca-Cola Company or Kar-Tess Holding in order
Mr. Antonio D’Amato, Sir Michael Llewellyn-Smith and Mr. Nigel to be approved. In addition, based on their current shareholdings,
Macdonald have served on the Board for more than nine years neither Kar-Tess Holding nor The Coca-Cola Company are in a
from the date of their first election. The Board has specifically position to control a decision of the shareholders (positively or
considered whether their length of service has compromised their negatively), except to block a resolution to wind up or dissolve
independence and has concluded that there are no relationships or the Company or to amend the supermajority voting requirements.
circumstances which are likely to affect, or could appear to affect, The latter requires the approval of 80% of shareholders where
their judgement, and that the independence of character and all shareholders are represented and voting. Depending on the
judgement of each Director concerned is not affected or impaired attendance levels at general meetings of the shareholders, Kar-Tess
by their length of service. Moreover, the Board has considered the or The Coca-Cola Company may also be in a position to control
performance of Mr. Antonio D’Amato, Sir Michael Llewellyn-Smith other matters requiring supermajority shareholder approval.
and Mr. Nigel Macdonald and concluded that they each bring
Mr. George A. David, Mr. Anastassis G. David, Mr. Anastasios I.
unique skills, experience and knowledge to the Board and its
Leventis and Mr. Christo Leventis were all originally appointed at the
committees. The Board is therefore satisfied with the performance
request of Kar-Tess Holding, a shareholder of the Company. Mr. Irial
and continued independence of all three Directors and considers
Finan was originally nominated to the Board prior to the listing on the
it important that our business continues to benefit from their
Official List by certain existing shareholders of the Company that
experience and knowledge.
were affiliates of The Coca-Cola Company. Mr. José-Octavio Reyes
The other non-Executive Directors, Mr. Anastassis G. David has been appointed at the request of The Coca-Cola Company.
(Chairman and son of Mr. George A. David), Mr. George A. David,
Mr. Irial Finan, Mr. Anastasios I. Leventis, Mr. Christo Leventis, and Mr. Conflicts of interest
José Octavio Reyes, were appointed at the request of shareholders In accordance with the Organisational Regulations, Directors are
of the Company: Kar-Tess Holding and The Coca-Cola Company. required to arrange their personal and business affairs so as to
They are therefore not considered to be independent as defined avoid a conflict of interest with the Group.
by the UK Corporate Governance Code.
Each Director must disclose to the Chairman the nature and
Mr. Anastassis G. David was appointed as Chairman on 27 January extent of any conflict of interest arising generally or in relation to any
2016. Mr. Anastassis G. David was not considered independent at matter to be discussed at a Board meeting, as soon as the Director
the time of his appointment as recommended by the UK Corporate becomes aware of its existence. In the event that the Chairman
Governance Code. The Board has followed a thorough process becomes aware of a Director’s conflict of interest, the Chairman
for the appointment which was overseen by the Nomination is required to contact the respective Director promptly and
Committee, as described in detail in the Nomination Committee discuss with him or her the nature and extent of such a conflict of
report, and involved a broad consultation with shareholders. interest.  Subject to exceptional circumstances in which the best
The Board specifically considered the question of Mr. Anastassis interests of the Company dictates otherwise, the Director affected
David’s independence. Notwithstanding that Mr. Anastassis David by a conflict of interest is not permitted to participate in discussions
was originally nominated to the Board by Kar-Tess Holding, the Board and decision making involving the interest at stake.
is satisfied that Mr. Anastassis David’s appointment will promote
continuity, balance and effective leadership. The Board also firmly
believes that Mr. Anastassis David embodies the Company’s core
values, heritage and culture and that these attributes, together with
his strong identification with the Company and its shareholder
interests, and his deep knowledge and experience of the Coca-Cola
System, will ensure an effective and appropriately balanced
leadership of the Board and the Company.
70
Strategic Report
Board effectiveness During 2015, the Board reviewed its own performance led by
the Nomination Committee. The assessment covered a number
Information and training of areas including the size of the Board, number of meetings and
The practices and procedures adopted by our Board ensure that active contribution and discussions, organisation of the Board’s
the Directors are supplied on a timely basis with comprehensive committees, diversity, succession planning, risk management and
information on the business development and financial position internal control as well as initiatives on social and environmental
of the Company, the form and content of which is expected to topics. The results of the evaluation were presented at the
enable the Directors to discharge their duties and carry out their December 2015 Board meeting and the Board concluded that,
responsibilities. All Directors have access to our General Counsel, overall, the Board operates effectively. In addition, our Board
as well as independent professional advice at the expense of the committees’ structure, together with the careful and orderly changes
Company. All Directors have full access to the Chief Executive in the Board composition during the last couple of years, enhanced
Officer and the senior management, as well as the external the gender diversity and ensured an appropriate level of expertise of
auditors and internal audit team. skills and experience to support the Board’s role. The Board intends
The Board has in place an induction programme for new Directors, to arrange for its performance evaluation to be externally facilitated
which was followed this past year by Mrs. Olusola (Sola) David-Borha at least once every three years. The Board has also planned its next
and Mrs. Alexandra Papalexopoulou. They met individually with evaluation which will be facilitated externally to take place in the
the former Chairman, Mr. George David, Operating Committee second half of 2016.
members, and other senior executives and received orientation
training from the relevant senior executives in relation to the Group Succession planning
and corporate governance practices. The induction programme Our Board has in place plans to ensure the progressive renewal of
also includes meetings with representatives of our sales force and the Board and appropriate succession planning.
customers, and visits to our production plants. Both new Directors
Pursuant to our Articles of Association, the Board consists of
were appropriately briefed on strategy, financials, operations, risks
a minimum of seven and a maximum of 15 members and the
and procedures in order to achieve the necessary insight into
Directors are elected annually for a term of one year by the
our activities.
Company’s shareholders. Accordingly, all Directors are subject
All Directors are given the opportunity to attend training to ensure to annual re-election by shareholders in accordance with the UK
that they are kept up to date on relevant legal, accounting and Corporate Governance Code. In case of resignation or death of
corporate governance developments. The Directors individually any member of the Board, the Board may elect a permanent guest,
attend seminars, forums, conferences and working groups on whom the Board will propose for election by the shareholders at
relevant topics. The Nomination Committee reviews our Director the next general meeting.
training activities regularly. Finally, as part of the continuing
During 2015, Mr. Christos Ioannou and Mrs. Susan Kilsby resigned
development of the Directors, the Company Secretary ensures
as Directors with effect from 24 June 2015. Mrs. Olusola (Sola)
that our Board is kept up to date with key corporate governance
David-Borha and Mrs. Alexandra Papalexopoulou were appointed
developments. The Board elects the Company Secretary who
to the Board with effect from the same date. On 24 June 2015,
acts as secretary to the Board.
Mr. Anastassis G. David, Mr. José Octavio Reyes and Mrs. Susan
Kilsby resigned as members of the Nomination Committee and
Board, committee and Director performance evaluation Mr. Christos Ioannou resigned from the Audit and Risk Committee.
At least annually, on the basis of an assessment conducted by the On 24 June 2015, Mrs. Alexandra Papalexopoulou was appointed
Nomination Committee, our Board reviews its own performance a member of the Nomination Committee and Mrs. Olusola (Sola)
as well as the performance of each of the Board committees. This David-Borha was appointed a member of the Audit and Risk
review seeks to determine whether the Board and its committees Committee. The Board considers Mrs. Olusola (Sola) David-Borha
function effectively and efficiently. During the year, the Chairman and Mrs. Alexandra Papalexopoulou to be valuable additions to
meets with the Directors to receive feedback on the functioning the Board.
of the Board and its committees, the boardroom dynamics, and
our strategy. Particular focus is given to areas where a Director There were no other changes to the Board or committee
believes the performance of the Board and its committees could be membership during 2015.
improved. A report is prepared for the Board on its effectiveness and
In accordance with the Organisational Regulations, the Board
that of its committees. The independent Directors meet separately
proposes for election at the shareholders’ meeting new Directors
on a regular basis to discuss a variety of issues, including the
who have been recommended by the Nomination Committee after
effectiveness of the Board. An evaluation of each Director
consultation with the Chairman. In making such recommendations,
(other than that of the Chairman) is conducted by the Chairman
the Nomination Committee and the Board must consider criteria
and the Senior Independent Director. The Senior Independent
including the overall balance of skills, experience, independence and
Director leads the evaluation of the Chairman in conjunction with
knowledge of the Board member, as well as diversity considerations
the non-Executive Directors (taking into account the views of the
including gender. See the Nomination Committee report (on page
Chief Executive Officer), and as a matter of practice, meets with
82) for further information on the role and work of the Nomination
the other independent non-Executive Directors when each Board
Committee. Through this process, the Board is satisfied that the
meeting is held to discuss issues together, without the Chief
Board and its committees have the appropriate balance of
Executive Officer or other non-Executive Directors present.
experience, diversity, independence and knowledge of the
Company to enable them to discharge their duties and
responsibilities effectively.
71
Key investor relations activities in 2015
February March April

–– Investor roadshow, London and –– CAGE annual conference, –– Investor roadshow,
Edinburgh, UK London, UK Boston and
New York, USA
May June September November

–– J.P. Morgan Global –– 12th Annual Deutsche –– Barclays Global –– Investor
Consumer and Retail Bank Global Consumer Consumer Staples roadshow, Boston
Conference, London, UK Conference, Paris, France Conference, Boston, USA and New York, USA
–– Société –– Nomura Socially –– Bank of America Merrill –– Investor
Générale Consumer Responsible Investor Lynch Global Consumer roadshow, London
Conference, Nice, France Conference, London & Retail conference, and Edinburgh, UK
–– Greek institutional –– Annual general London, UK
roundtable discussion, shareholders’ meeting
Athens, Greece
Shareholder engagement Application of UK and Swiss Corporate

The Chairman, the Senior Independent Director as well as the Governance Codes and the UK City Code
Chairmen of the Audit and Risk, Remuneration and Nomination on Takeovers and Mergers
Committees will be available at the Annual General Meeting of the
Company to answer questions from shareholders. The Board UK Corporate Governance Code
encourages shareholders to attend as it provides an opportunity Our aim is to ensure the highest level of corporate governance,
to engage with the Board. accountability and risk management. Our internal policies and
procedures, which have been consistently effective, are properly
Pursuant to Swiss law and the Articles of Association, shareholders documented and communicated against the framework applicable
annually elect an independent proxy and we have adopted an to premium listed companies in the UK.
electronic proxy voting system for our Annual General Meetings.
The UK Corporate Governance Code sets out the principles of
The Company has a dedicated investor relations function good practice in relation to board leadership and effectiveness,
which reports to the Chief Financial Officer. Through its investor remuneration, accountability and relationship with shareholders.
relations team, the Company and our Board maintain a dialogue As a premium listed company, we are required to comply with the
with institutional investors and financial analysts on operational provisions of the UK Corporate Governance Code or explain any
financial performance and strategic direction items. To reflect instances of non-compliance to shareholders.
our commitment to our strong shareholder base, members of
our management and the investor relations team held numerous Our Board believes that, except as set out in the paragraphs
meetings with investors and shareholders during 2015, and attended below, the Company is in compliance with the provisions of the UK
eight investor events including a conference for socially responsible Corporate Governance Code and complied with such provisions
investors. The feedback from shareholders has been considered throughout 2015. Pursuant to our obligations under the Listing
by the Board and appropriate action to further engage with Rules, we intend to continually comply with the provisions of the
shareholders was decided. UK Corporate Governance Code or to explain any instances of
non-compliance in our Annual Report.
The UK Corporate Governance Code is available online at https://
www.frc.org.uk/Our-Work/Publications/Corporate-Governance/
UK-Corporate-Governance-Code-2014.pdf.
72
Strategic Report
Certain differences between the Company’s corporate David’s history with the Group and his importance to it, it had been
governance practices and the UK Corporate Governance Code in the best interests of the Group and its shareholders for him to
The Remuneration Committee does not have sole authority to remain Chairman. Similarly, in view of Mr. Anastassis G. David’s
determine the compensation of the Chief Executive Officer and the strong identification with the Company and its shareholder interests,
Chairman as recommended by the UK Corporate Governance Code. combined with his deep knowledge and experience of the Coca-Cola
Rather, the terms of the compensation of the Chief Executive Officer System, it is in the best interests of the Group and its shareholders
are determined by the entire Board upon the recommendation of the for him to be appointed as Chairman to succeed Mr. George A. David,
Remuneration Committee. The Company considers that requiring to continue to promote an effective and appropriately balanced
the Board as a whole to determine compensation (excluding the leadership of the Group. In accordance with the established policy
participation of the CEO whose compensation is the subject of of appointing all Directors for one year at a time, the Board intends
determination) allows a full and rigorous analysis and debate, to continue to keep all positions under regular review and subject
involving a wider number of Directors, setting a higher to annual election by shareholders at the Annual General Meeting.
standard in corporate governance.
Other corporate governance codes
The Swiss Ordinance against Excessive Compensation in Listed
As part of our commitment to best practices in corporate
Companies, which has been, subject to certain transitional rules,
governance, we have implemented a number of measures to
in effect since 1 January 2014, further limits the authority of
enhance internal controls and risk management. To ensure that
the Remuneration Committee and the Board to determine
our corporate governance systems remain in line with international
compensation. The effective limitations include requiring that
best practices, our corporate governance standards and procedures
the general meeting of shareholders approve the maximum total
are continuously reviewed in light of current developments and
compensation of each of the Board and the Operating Committee,
rulemaking processes in the UK, Switzerland and elsewhere in the EU.
requiring that certain compensation elements be authorised in the
Articles of Association and prohibiting certain forms of There is no mandatory corporate governance code under Swiss
compensation, such as severance payments and financial/monetary law applicable to us. The main source of law for Swiss governance
incentives for the acquisition or disposal of firms. We are in rules is the company law contained in articles 620 ff. of the Swiss
compliance with the requirements of the Swiss Ordinance against Code of Obligations, as well as the Ordinance against Excessive
Excessive Compensation in Listed Companies and have amended Compensation in Listed Companies, which has been, subject
our Articles of Association to that effect. to certain transitional rules, in effect since 1 January 2014.
Mr. George A. David was originally appointed at the request of In addition, the UK’s City Code on Takeovers and Mergers (the “City
Kar-Tess Holding, a significant shareholder of the Group, and Code”) does not apply to the Company by operation of law, as the
was not, at the time of his original appointment to the Board, Company is not incorporated under English law. The Articles of
independent within the meaning of the UK Corporate Governance Association include specific provisions designed to prevent any
Code. Mr. Anastassis G. David who succeeded Mr. George A. David person acquiring shares carrying 30% or more of the voting rights
as Chairman at the recommendation of the Board, was also originally (taken together with any interest in shares held or acquired by the
appointed at the request of Kar-Tess Holding and was not, at the time acquirer or persons acting in concert with the acquirer) except if
of his appointment as Chairman, independent within the meaning of (subject to certain exceptions) such acquisition would not have been
the UK Corporate Governance Code. Mr. George A. David has also prohibited by the City Code or if such acquisition is made through an
been a Director of the Group in excess of nine years. At no time offer conducted in accordance with the City Code. For further details
during his tenure as Chairman has Mr. George A. David held please refer to the Company’s Articles of Association which are
responsibilities as Chief Executive Officer or any other executive role available on our website.
within the Group. The Board considers that, in view of Mr. George A.
73
Operating Committee
The Operating Committee represents the executive
leadership of the Company.
1 2
3 4
5 6
7 8
9 10
74
Strategic Report
1. Dimitris Lois, 4. Alain Brouhard,

(55) Chief Executive Officer (53) Water and Juice Business Director
Mr. Lois is the Group’s Chief Executive Officer and Chairman of the Senior management tenure: Appointed June 2010 (5 years)
Operating Committee. Mr. Lois’ biography appears on page 64. Previous Group roles: Region director responsible for Nigeria,
Romania, Moldova, Bulgaria and Serbia and Montenegro
2. Michalis Imellos, (2010 to 2013).
(47) Chief Financial Officer Outside interests: No external appointments
Previous relevant experience: Mr. Brouhard began his career with
Senior management tenure: Appointed April 2012 (3 years) Procter & Gamble, where he worked in four different countries and
Previous Group roles: Region finance director responsible for in a variety of commercial and management roles leading up to global
Nigeria, Romania, Moldova, Bulgaria, Greece, Cyprus and Serbia customer team leader in 2000, when he oversaw the global account
and Montenegro; General manager, Romania and Moldova. management of Delhaize and the European management of new
channels, including discounters (such as Aldi, Lidl and Dia) and
Outside interests: No external appointments
convenience retailing (such as petrol stations). From 2002 to 2010,
Previous relevant experience: Mr. Imellos held a number of finance Mr. Brouhard held positions at Adidas including managing director,
positions in the UK-based European headquarters of Xerox, including Italy and Southeast Europe, from 2007 until he joined the Group in
those of European Mergers & Acquisitions Director and Finance 2010. Prior to that, he was vice-president for commercial operations,
Director of the Office Europe Division. He managed the financial, tax EMEA, from 2002 to 2005, and, from 2005, took the role of
and legal aspects of Xerox’s sponsorship of the Athens 2004 Olympic managing director, Iberia, based in Spain, with responsibility
Games as well as the finance function of the company’s operations for Spain and Portugal.
in Greece. He is a Fellow of the Institute of Chartered Accountants
Nationality: French
in England and Wales, and started his career at Ernst & Young.
Nationality: Greek
5. Keith Sanders,
(55) Region Director: Armenia, Belarus, Estonia, Latvia,
3. John Brady, Lithuania, Poland, Russian Federation, Ukraine and Moldova
(58) Group Chief Customer and Commercial Officer
Senior management tenure: Appointed August 2009 (6 years)
Senior management tenure: Appointed March 2006 (9 years)
Previous Group roles: General manager of the Company’s
Previous Group roles: Region director roles in various regions, operations in Russia (2004).
responsible for operations in Armenia, Austria, Belarus, Bosnia and
Herzegovina, Croatia, Cyprus, Czech Republic and Slovakia, FYROM, Outside interests: No external appointments
Greece, Hungary, Italy, Nigeria, Republic of Ireland and Northern Previous relevant experience: Prior to joining the Group, Mr.
Ireland, Russia, Serbia and Montenegro, Switzerland, and Ukraine Sanders spent 11 years within the Coca-Cola System. He started
(2001 to 2013). his career with The Coca-Cola Company in a regional marketing role
Outside interests: No external appointments within the Gulf Region. In 1993, he was appointed human resources
and training manager for the Gulf Region. In 1994, he assumed his
Previous relevant experience: Mr. Brady joined The Coca-Cola first bottling general manager role in Bahrain, and then moved through
Company in 1982 and held various positions with Coca-Cola USA and a series of larger country general management roles until 2001, when
Coca-Cola International until 1992, when he became general manager he was appointed director for bottling operations in the Eurasia &
and operations director for Coca-Cola Indonesia. From 1994 to 1998, Middle East Division with responsibility for Saudi Arabia, Pakistan,
Mr. Brady was regional manager for The Coca-Cola Company and UAE, Oman, Bahrain and Qatar. Prior to joining the Coca-Cola
Coca-Cola Amatil in Indonesia. In 1998, Mr. Brady was appointed System, Mr. Sanders spent six years with Procter & Gamble in
regional director for Coca-Cola Beverages plc with responsibility for the United States in a variety of sales and marketing roles.
the Czech Republic, Hungary, Poland and Slovakia. From 2003 to 2004,
Mr. Brady was regional vice-president for the Northeast region for Nationality: American
Coca-Cola North America and, in 2004, was appointed president
and CEO of Coca-Cola Bottlers’ Sales and Services Company.
Nationality: American
Full biographical details are available at www.coca-colahellenic.com.
75
6. Sotiris Yannopoulos, 9. Jan Gustavsson,

(48) Region Director: Austria, Czech Republic, Hungary, (50) General Counsel, Company Secretary and Director
Slovakia, Italy and Switzerland of Strategic Development
Senior management tenure: Appointed July 2014 (1 year) Senior management tenure: Appointed August 2001 (15 years)
Previous Group roles: Mr. Yannopoulos was general manager in Previous Group roles: Mr. Gustavsson served as Deputy General
Serbia and Montenegro from 2009 to 2012 and country general Counsel for Coca-Cola Beverages plc from 1999-2001.
manager in Italy from 2012 to 2014. Outside interests: No external appointments
Outside interests: No external appointments Previous relevant experience: Mr. Gustavsson started his career
Previous relevant experience: Prior to joining the Group, Mr. in 1993 with the law firm of White & Case in Stockholm, Sweden.
Yannopoulos spent 12 years working at PepsiCo in various roles. He In 1995, he joined The Coca-Cola Company as Assistant Division
also spent five years with Star Foods, where he was the East Balkans Counsel in the Nordic and Northern Eurasia Division. From 1997
BU manager, and seven years with Tasty Foods in Greece, where his to 1999 Mr. Gustavsson was Senior Associate in White & Case’s
roles included: business development director, marketing and trade New York office, practicing securities law and M&A.
marketing director, marketing manager and group brand manager. Nationality: Swedish
He started his career as an assistant product manager (USA/South
Africa) with Colgate-Palmolive.
Nationality: Greek 10. Sanda Parezanovic,
(51) Group Human Resources Director
7. Zoran Bogdanovic, Senior management tenure: Appointed June 2015 (less than 1 year)
(44) Region Director: Bosnia and Herzegovina, Bulgaria, Previous Group roles: Ms Parezanovic’s previous roles in the Group
Croatia, Cyprus, FYROM, Greece, Northern Ireland and include: Public Affairs & Communications Manager, Serbia and
Republic of Ireland, Nigeria, Romania and Serbia (including Montenegro from 2003 to 2006; Country Human Resources and
the Republic of Kosovo), Slovenia and Montenegro PA&C Manager, Serbia and Montenegro from 2006 to 2010; and
Region Human Resources Director Bosnia & Herzegovina, Bulgaria,
Senior management tenure: Appointed June 2013 (2 years) Croatia, Cyprus, FYROM, Greece, Northern Ireland, the Republic of
Ireland, Moldova, Montenegro, Nigeria, Romania, Serbia, and Slovenia
Previous Group roles: Mr. Bogdanovic’s previous roles include:
from 2010 to 2015.
member of the Finance team of Coca-Cola HBC Croatia from 1996
to 1998; CFO and then general manager of the Croatian operations Outside interests: No external appointments
from 1998 to 2004; Country general manager of Coca-Cola HBC Previous relevant experience: Ms. Parezanovic started in 1989
Croatia from 2004 to 2008; Country general manager for Coca-Cola as Market Researcher and later Strategic Planner working for
HBC Switzerland from 2008 to 2011; and Country general manager various local research and marketing agencies in SFR Yugoslavia.
for Coca-Cola HBC Greece from 2011 to 2013. Sanda joined Saatchi & Saatchi Balkans in 1994, holding various
Outside interests: No external appointments senior management positions in several Balkan countries, including
Managing Director of two start-up agencies, first in FYROM and later
Previous relevant experience: Mr. Bogdanovic started his career
in Serbia. In 1999 she was relocated to London, where she worked for
as an auditor with Arthur Andersen before joining Coca-Cola HBC
Saatchi & Saatchi and Marketing Drive on a number of pan-European
Croatia in 1996.
and Business Development projects, before she joined our Group
Nationality: Croatian in 2003.
Nationality: Serbian
8. Marcel Martin,
(57) Group Supply Chain Director
Senior management tenure: Appointed January 2015 (1 year)

Outside interests: No external appointments
Previous Group roles: Mr. Martin joined the Group in 1993,
holding positions with increasing responsibility in the Supply Chain
and Commercial functions. Since 1995, Mr. Martin held general
management assignments in several of our markets, including as
General Manager for Eastern Romania, Regional Manager Russia,
Country General Manager Ukraine and General Manager Nigeria.
Mr. Martin became General Manager of our Irish operations in 2010
and is now our Group Supply Chain Director.
Nationality: Romanian
76
Strategic Report
Key activities and decisions in 2015
Long-term direction setting Business planning Risk, safety, business resilience

–– Defining Group strategic priorities –– Evaluating and updating the –– Evaluating the Group’s business
and performance parameters Group’s long range business plan resilience strategies
–– Reviewing and adjusting our revenue –– Reviewing and approving annual –– Reviewing the Group’s health &
growth management framework business plans for 2016 for safety policies and material incidents
–– Establishing the Group’s all operations
sustainability priorities and –– Approving Group and country talent,
commitments for the next capability and successions plans
five-year period
Business case reviews and Policy formulation, reviews Priority projects

approvals –– Commercial policy –– Integrated competitive supply
–– The strategic transformation of our –– Trade age management policy chain project
Human Resources Department –– Route-to-market project
–– The establishment of a “blue-print”
structure for the commercial
departments in our operations
–– The optimisation of our
manufacturing infrastructure
–– The evolvement of our shared
services organisation and its
expansion to Nigeria and Russia
Operating Committee functions

The Operating Committee, led by the Chief Executive Officer, meets A majority of members of the Operating Committee is required to
12 times each year and is responsible for: be present at a meeting for there to be a quorum. The resolutions of
the Operating Committee are taken by the majority of its members
–– The day-to-day executive management of the Group and its
being present. In case of a tie, the Chief Executive Officer has, in
businesses including all matters not reserved for or delegated
addition to his normal vote, a casting vote. The Chief Executive
to the Board or other bodies;
Officer also has the power to overrule any Operating
–– The development of the Group strategies and implementation Committee resolution.
of the strategies approved by the Board;
–– Providing adequate head-office support for each of the
Group’s countries;
–– The setting of annual targets and approving annual business plans
including a comprehensive programme of strategies and targets
agreed between the Country General Managers and the Region
Directors. These annual business plans form the basis of the
Group’s performance management;
–– Working closely with the Country General Managers as anticipated
by the Group’s operating framework in order to capture benefits
of scale, ensuring appropriate governance and compliance
and managing the performance of the Group; and
–– Leading the Group’s talent and capability
development programmes.
77
Audit and Risk Committee Report

Key elements of the Audit and Risk Committee’s
role include:
–– Providing advice to the Board on whether the annual report and
accounts, taken as a whole, is fair, balanced and understandable
and provides the information necessary for shareholders to
assess our position and performance;
–– Monitoring the quality, fairness and integrity of the financial
statements of the Group and reviewing significant financial
reporting issues and judgements contained in them;
–– Reviewing the Group’s internal financial control and anti-fraud
systems as well as the Group’s broader enterprise risk management
and legal and ethical compliance programmes (including
computerised information system controls and security) with the
input of the external auditors and the internal audit department;
Dear Shareholder –– Reviewing and evaluating the Group’s major areas of financial risk
The Audit and Risk Committee focused its work during 2015 and the steps taken to monitor and control such risk, as well as
on enhancing and strengthening the Group’s existing financial guidelines and policies governing risk assessment; and
controls, risk management and compliance systems, which –– Monitoring and reviewing the external auditors’ independence,
the Board recognised as essential components of effective quality, adequacy and effectiveness, taking into consideration
corporate governance. the requirements of all applicable laws in Switzerland and the UK,
A significant amount of time was invested in the external audit the listing requirements of the London Stock Exchange and the
tender which the Group undertook in the second half of the year. Athens Stock Exchange and applicable professional standards.
This tender process required a detailed mapping of our current
Members
routines and procedures for working with the incumbent auditor,
an overview of audit requirements and the Group’s future profile, Members Membership status
as well as a thorough review of the proposals received from the Mr. Nigel Macdonald Member since 2005,
firms participating in the tender. (Chairman) Chairman since 2013
Mr. John P. Sechi Member since 2014
During 2015, the Audit and Risk Committee also worked closely
Mrs. Olusola (Sola) David-Borha Member since 2015
with the internal audit department in launching and implementing
the new Internal Control Framework following the delisting of The Audit and Risk Committee comprises three independent
Coca-Cola HBC from the New York Stock Exchange. It also non-Executive Directors, Mr. Nigel Macdonald (chairman), Mrs. Olusola
monitored closely the work of the Business Resilience function, (Sola) David-Borha and Mr. John P. Sechi, who were appointed by the
headed by the Group Chief Risk Officer, which is described more Board for a one-year term on 24 June 2015. Mr. Christos Ioannou
fully on pages 55-60. resigned as a member of the Board and the Audit and Risk
Committee on 24 June 2015.
The report describes in more detail the work and the achievements
of the Audit and Risk Committee during 2015 and we are proud to The Board considers that Messrs. Nigel Macdonald and John Sechi
report that the Committee addressed the challenges the business possess recent and relevant financial experience as outlined in
faced during the year and ensured that we have a well-defined the UK Corporate Governance Code. As described on page 65,
framework for financial controls and risk management that Mr. Macdonald was formerly vice-chairman of the Accounting
meets best practice standards. and Audit Committees of Ernst & Young’s worldwide practice and
a senior partner of Ernst & Young’s UK practice and Mr. Sechi has
held various audit and financial positions.
The Chief Financial Officer, as well as the General Counsel, external
auditors, the Director of Internal Audit, and the Group Chief
Accountant, normally attend all meetings of the Audit and Risk
Nigel Macdonald Committee. Other officers and employees are invited to attend
Committee Chair meetings when appropriate. The Director of Internal Audit, and,
separately, the external auditors, meet regularly with the Audit and
Risk Committee without the presence of management to discuss
Role of the Audit and Risk Committee the adequacy of internal controls over financial reporting and any
The Audit and Risk Committee monitors the effectiveness of our other matters deemed relevant for the Audit and Risk Committee.
financial reporting, internal control and risk management systems and
processes. The role of the Audit and Risk Committee is set out in the
charter for the committees of the Board of Directors in Annex C to the
Organisational Regulations. This is available at http://www.coca-
colahellenic.com/investorrelations/corporate governance.
78
Strategic Report
Work and activities –– Regular reports on quality assurance, health and safety,
The Audit and Risk Committee met nine times during 2015 environmental protection, asset protection, treasury and financial
and discharged the responsibilities defined under Annex C of risks, security and security enterprise risk management processes;
the Organisational Regulations. The work of the Audit and Risk –– The external auditor tender process; and
Committee during the accounting year included consideration of: –– The results of the Audit and Risk Committee
–– The annual financial statements and the annual financial report self-assessment process.
for the year ended 31 December 2014 prior to their submission
to the Board for approval, including consideration of the Group External auditors
on a going concern basis, and compliance with Group policies; PricewaterhouseCoopers AG, Birchstrasse 160, CH 8050 Zurich,
Switzerland (PwC AG) has been elected by the shareholders as the
–– The interim financial statements and interim results
statutory auditor for the Group’s consolidated financial statements
announcement for the six-month period ending 3 July 2015,
and statutory financial statements.
prior to their submission to the Board for approval;
–– The trading updates for the three-month period ended 3 April The Board of Directors has retained PricewaterhouseCoopers S.A.,
2015 and the nine-month period ended 2 October 2015; 268 Kifissias Avenue – 15232 Halandri, Greece (PwC S.A.), an affiliate
–– Areas of significance in the preparation of the financial of PwC AG, to act as the Group’s independent registered public
statements, including: accounting firm for the purposes of reporting under the UK rules for
the year ended 31 December 2015. The appointment of PwC has
–– Critical accounting judgements and estimates that affect the
been approved by the shareholders until the next Annual General
reported amounts of assets, liabilities, revenues and expenses,
Meeting by way of advisory vote. PwC refers to PwC AG or PwC S.A.,
and the disclosure of contingent assets and liabilities in the
as applicable, in this Annual Report.
consolidated financial statements (detailed in notes 1 and 29
to the consolidated financial statements); During the accounting period, the members of the Audit and Risk
–– Contingencies, legal proceedings, competition law and Committee met separately with PwC on a regular basis and the Audit
regulatory procedures, including cases involving the national and Risk Committee took an active role in reviewing the scope of the
competition authorities of Greece and Swizerland and litigation audit, the independence, objectivity and effectiveness of PwC and
matters in Nigeria, Russia, Italy and Greece, and the impact the negotiations relating to audit fees. The Audit and Risk Committee
of these on the consolidated financial statements and also met with the management team, which led the discussions
accompanying notes; with PwC, including the Director of Internal Audit, to discuss the
–– The impairment testing of goodwill and indefinite lived performance of PwC without PwC being present. Following this
intangible assets with a particular emphasis on the key review process, the Audit and Risk Committee has recommended to
assumptions used in the value in use calculation and the the Board that a proposal to reappoint PwC be put to a shareholders’
sensitivity analysis performed for the material operations vote at the next Annual General Meeting.
with reduced financial headroom. These assumptions, and a PwC has acted as the Group’s sole external auditor since 2003.
discussion of how they are established as well as the sensitivity The Audit and Risk Committee has concluded that the best interests
analysis, are described in note 4 to the consolidated financial of the Group and its shareholders would be served by retaining PwC.
statements; and This follows the completion of a robust and competitive tender
–– Reports from the external auditors on the annual and interim process for the appointment of external auditors, overseen by
financial statements, approval of the external audit plan and the Audit and Risk Committee, resulting in a recommendation
pre-approval of audit fees for 2015; which was approved by the Board on 10 December 2015. PwC
–– The internal control environment, principal risks and risk were re-appointed as the Group’s external auditor with effect
management systems and the Group’s statement on the from 11 December 2015. Currently, the Audit and Risk Committee
effectiveness of its internal controls prior to endorsement anticipates that the audit contract will be put out to tender again in
by the Board; 2025. There are no contractual or other obligations restricting the
–– Review and approval of the internal audit plan, quarterly reports Group’s choice of external auditor.
on the results of internal audit work and a quality assessment
of the internal audit function, including the following: Non-audit services by the external auditors
The Audit and Risk Committee considers the independence,
–– Reassessment of overall financial risk management
in both fact and appearance, of the external auditors as critical and
of the Group’s operations and review of internal financial
has long had an auditor independence policy providing definitions
control procedures;
of the services that the external auditors may and may not provide.
–– Review of regulatory changes and developments and impact The policy requires the Audit and Risk Committee’s pre-approval of
on risk management processes; and all audit and permissible non-audit services provided by the external
–– Review and approval of changes to the corporate audit auditors. Such services include audit, work directly related to audit,
department, including training and development programmes; and certain tax and other services as further explained below.
–– Matters arising under the Group’s Code of Business Conduct In practice, the Audit and Risk Committee applies the policy
and the actions taken to address any identified issues; restrictively and approval for work other than audit and
–– Revisions to and compliance with treasury policies, including audit-related services is rarely granted.
risk limits, hedging programmes and counterparty limits;
–– The geopolitical developments in Greece, Russia, Ukraine
and Nigeria, and their implications for the Group’s operations;
79
Under the policy, pre-approval may be provided for work associated Finally, we have in place third-party insurance to cover residual
with: statutory or other financial audit work under IFRS or according insurable risk exposure such as property damage, business
to local statutory requirements; attestation services not required by interruption and liability protection, including directors’ and
statute or regulation; accounting and financial reporting consultation officers’ insurance for its Directors and officers as well as for
and research work necessary to comply with generally accepted the officers and directors of certain subsidiaries.
accounting and auditing standards; internal control reviews and
assistance with internal control reporting requirements; review Internal control
of information systems security and controls; tax compliance The Board has ultimate responsibility for ensuring that the
and related tax services, excluding any tax services prohibited Company has adequate systems of financial control. Systems
by regulatory or other oversight authorities; expatriates and of financial control can provide only reasonable and not absolute
other individual tax services; and assistance and consultation assurance against material misstatements or loss. In certain of
on questions raised by regulatory agencies. For each proposed the countries in which we operate, our businesses are exposed
service, the external auditor is required to provide detailed back up to a heightened risk of loss due to fraud and criminal activity.
documentation at the time of approval to permit the Audit and Risk We review our systems of financial control regularly in order
Committee to make a determination whether the provision of such to minimise such losses.
services would impair the external auditor’s independence. PwC has
complied with the policy for the financial year ended on 31 December The Board has adopted a chart of authority defining financial
2015 and there have been no changes to the policy during the year. and other authorisation limits and setting procedures for
approving capital and investment expenditure. The Board also
approves detailed annual budgets. It subsequently reviews quarterly
Audit fees and all other fees
performance against targets set forth in these plans and budgets.
Audit fees A key focus of the financial management strategy is the protection
The total fees for audit services paid to PwC and affiliates of our earnings stream and management of our cash flow.
were approximately €5.0 million for the year ended 31 December
2015, compared to approximately €5.7 million for the year ended The Board and its committees have conducted an annual review
31 December 2014. The total fees for 2015 include fees associated of the effectiveness of our risk management system and internal
with the annual integrated audit and reviews of the Group’s half control systems in accordance with the UK Corporate Governance
year reports, prepared in accordance with IFRS and local Code. Part of this review involves regular review of our financial,
statutory audits. operational and compliance controls by the Audit and Risk
Committee, which then reports back to the Board on its work
Audit related fees and findings as described above. The Board confirms that it
Fees for audit related services paid to PwC and affiliates for the year has concluded that our risk management and internal control
ended 31 December 2015 were €0.5 million compared to €0.4 million systems are effective.
for the year ended 31 December 2014.
Internal audit
Tax fees Our internal audit department reports directly to the Audit and Risk
Fees for tax services to PWC and affiliates for the year ended Committee, which reviews and approves the internal audit plan for
31 December 2015 were €0.1 million while no such fees were each year. The internal audit department consists of 40 full-time
paid for the year ended 31 December 2014. internal staff based in Athens, Budapest, Sofia, Moscow and Lagos,
covering a range of disciplines and business expertise. One of the
All other fees responsibilities of the internal audit department is to maintain and
There were no fees for non-audit services to PwC or affiliates for confirm to the Board the effective operation of our internal control
the year ended 31 December 2015, compared to €0.1 million paid framework. For this purpose, the Director of Internal Audit makes
for the year ended 31 December 2014, representing 1.6% of the quarterly presentations to the Audit and Risk Committee and meets
total amount of audit fees paid to PwC and affiliates for the year regularly with the Audit and Risk Committee without the presence
ended 31 December 2014. of our management.
In addition, the internal audit function reviews the internal
Risk management financial, operational, and compliance control systems across all
During 2015, the Company continued to revise and strengthen the jurisdictions in which we operate and reports their findings to
our approach to risk management as described in detail on page 55. management and the Audit and Risk Committee on a regular basis.
The primary aim of this framework is to minimise our exposure The internal audit function focuses its work on the areas of greatest
and ensure that the nature and significance of all risks we are facing risk to us, as determined by a risk-based approach to audit planning.
are properly identified, reviewed, managed and where necessary As part of our commitment to maintaining and strengthening best
escalated. A quarterly risk assessment is undertaken by the practice in corporate governance matters, we consistently seek
countries and corporate office support functions, significant risks to enhance our internal control environment and risk
are then reported to the Region Directors and the Chief Risk Officer. management capability.
The Company’s Group Risk Forum reviews the identified risks
bi-annually and presents issues of critical exposure to the Operating The internal audit function prepares audit reports and
Committee. The latter, after careful review, reports to the Audit and recommendations following each audit and appropriate measures
Risk Committee material risks and mitigating actions. This process are then taken to implement such recommendations. Status reports
is both top down and bottom up and is designed to ensure that on our management’s action plans to internal audit findings are
risks arising from business activities are appropriately managed. provided to the Audit and Risk Committee and copied to the Board
80
Strategic Report
on a biannual basis. Urgent issues, if any, are raised at once. There Disclosure Committee
were no such issues in 2015. The Chief Executive Officer, A Disclosure Committee has been established and disclosure
the Chief Financial Officer, the General Counsel, the Group Chief controls and procedures have been adopted to ensure the accuracy
Accountant and the region and country managers each receive and completeness of our public disclosures. The Disclosure
a copy of these updates. Committee is composed of the Chief Financial Officer, the
General Counsel, the Director of Investor Relations and the Group
Whistleblowing measures Chief Accountant.
We operate a hotline to receive, retain, investigate
and act on employee complaints or concerns regarding Performance reporting
accounting, internal accounting controls and auditing matters. Reports on our annual performance and prospects are
This includes any matters regarding the circumvention or attempted presented in the Annual Report following approval by the Audit and
circumvention of internal controls or that would constitute a violation Risk Committee. We also prepare a half-yearly financial report on our
of our Code of Business Conduct or matters involving fraudulent performance during the first six months of the financial year. In 2015,
behaviour by officers or employees of the Group that may affect the Group discontinued the practice of quarterly reporting. In-line
our accounts. All such allegations, complaints or concerns may be with UK practice, we have adopted half-year and full-year reports,
communicated, on an anonymous basis, to our Director of Internal and Q1 and Q3 trading updates effective from Q1 2015. Internally,
Audit. Communications received by the Director of Internal Audit, or our financial results and key performance indicators are circulated
directly through the hotline, are kept confidential. The Director of and reviewed by the Operating Committee on a monthly basis. This
Internal Audit liaises with the General Counsel and communicates information includes comparisons against business plans, forecasts
all significant allegations to the Chairman of the Audit and and prior year performance. The Board of Directors receives updates
Risk Committee. on performance at each Board of Directors meeting, as well as a
monthly report on our business and financial performance.
81
Nomination Committee Report

Role and responsibilities
The function of the Nomination Committee is to support the
Board in fulfilling its duty to conduct a Board self-assessment,
to establish and maintain a process for appointing new Board
members and to manage, in consultation with the Chairman,
the succession of the Chief Executive Officer. The formal role
of the Nomination Committee is set out in the charter for
committees of the Board of Directors in Annex C of the
Organisational Regulations. This is available online at www.
coca-colahellenic.com/investorrelations/corporategovernance/.
Key elements of the Nomination Committee’s

role include:
–– Reviewing the size and composition of the Board;
Dear Shareholder –– Identifying and nominating new members to the Board;
During the year, the work of the Nomination Committee –– Planning and managing, in consultation with the Chairman,
focused on the composition of the Board and succession planning, a Board membership succession plan;
in light of the retirement of two independent non-Executive –– Ensuring, together with the Chairman, the operation of a
Directors. The Committee oversaw the process of identifying and satisfactory induction programme for new members of the
recommending to the Board two new independent Board members Board and a satisfactory ongoing training and education
to fill the vacancies thus created. It also planned and agreed on the programme for existing members of the Board and
process for the identification and succession of a new Chairman its committees;
in the event of the retirement of Mr. George A. David as Chairman
of the Board. We also oversaw the performance evaluation of the –– Setting the criteria for, and overseeing, the annual assessment
Board and its committees. Various management changes that of the performance and effectiveness of each member of the
took place in the Company during 2015 were reviewed with the Board and each Board committee;
Committee before the appointments were made. In addition, the –– Conducting an annual assessment of the performance and
Committee also focused on gender diversity and the Company’s effectiveness of the Board and reporting conclusions and
talent framework, ensuring that a proper strategy and plans are recommendations based on the assessment to the Board; and
in place to foster employee engagement and diversity across –– Ensuring that each committee of the Board is carrying
the Group. out a self-assessment of its performance and reporting its
conclusions and recommendations for change to the Board.
In 2016, the Committee will continue to review the balance of skills,
experience and diversity of the Board and will also focus on the Members
Group’s talent development, employee engagement and gender
Members Membership status
diversity initiatives throughout the organisation. The Committee
will also oversee an externally facilitated self-assessment process. Sir Michael Llewellyn-Smith Member since 2013,
(Chairman) Chairman since 2013
Mr. Antonio D’Amato Member since 2013
Mrs. Alexandra Papalexopoulou Member since 2015
The members of the Nomination Committee are Sir Michael

Llewellyn-Smith, Mr. Antonio D’Amato and Mrs. Alexandra
Sir Michael Llewellyn-Smith Papalexopoulou, who were appointed by the Board on 24 June
Committee Chair
2015. All members of the Nomination Committee are independent
non-Executive Directors and the Nomination Committee is chaired
by Sir Michael Llewellyn-Smith, the Senior Independent Director.
82
Strategic Report
Work and activities As at 31 December 2015, 15% of the Board, 18% of the executive
The Nomination Committee met four times during 2015 and leaders, 34% of senior leaders and 33% of all managers were women.
discharged the responsibilities defined under Annex C of the The Nomination Committee, in conjunction with the Operating
Organisational Regulations. The Chief Executive Officer and the Committee, will monitor the proportion of women at all levels of
Group Human Resources Director regularly attend meetings of the the Group and ensure that all appointments are made with a view
Nomination Committee. In addition, the Chairman is actively involved to having a high level of diversity within the workplace and in
in the work of the Nomination Committee concerning succession leadership positions, including gender diversity.
planning and the selection of key people, including the Chairman.
In 2015, the General Counsel also met with the Nomination Succession planning
Committee on several occasions. During 2015, the work of Following earlier intimation by Mr. George A. David of his
the Nomination Committee included consideration of: intention to step down from the position of Chairman, the
Nomination Committee oversaw a thorough succession planning
–– Succession planning and development of plans for recruitment process, involving the Zygos Partnership, an external executives
of new Board members; search advisers firm which is independent of the Company, and a
–– Composition of the Board, including the appropriate balance broad consultation with our shareholders. The succession planning
of skills, knowledge and experience; process undertaken by the Nomination Committee included an
–– Agreeing the process for the recruitment and nomination of in-depth analysis of the role of the Chairman and the experience
new Board members; and capabilities required for that role. The Nomination Committee
–– Agreeing the process for nomination of the new Chairman; oversaw a mapping exercise of potential candidates and assessed
the capabilities of Mr. Anastassis G. David as the successor to Mr.
–– Review of the talent management framework;
George A. David in consultation with our external advisers. Given
–– Compilation of list of potential candidates to fill roles on the Board; the importance of the relationship between the Group and its key
–– Recommendation to the Board of proposed candidates for stakeholder, The Coca-Cola Company, the Nomination Committee
appointment to the Board; and the Board believe that it is extremely important to have a
–– The performance evaluation and annual assessments of the Chairman with a deep understanding of the Coca-Cola System and,
committees and the Board; at the same time, with the appropriate stature and independence
–– Review of the Director induction process and training to represent the interests of the Company and its shareholders
programmes; and effectively in its dealings with The Coca-Cola Company. It was
–– Review of the Group’s diversity policy. concluded that Mr. Anastassis G. David best met these criteria.
In making this decision, the Nomination Committee and the Board
were fully aware of the governance implications of a departure from
Performance evaluation of the Board
the UK Corporate Governance Code, which states that the chairman
The Nomination Committee also led the assessment of the Board’s
should on appointment be deemed to be independent. However,
performance during the year. The key areas included in the self-
the Nomination Committee and the Board were satisfied that Mr.
assessment covered the Board structure and diversity, timeliness
Anastassis G. David’s appointment will promote continuity and
and quality of information, board discussions, committees and their
balance and that Mr. Anastassis G. David embodies the Company’s
operation, succession planning, risk appetite and risk management,
core values, heritage and culture. The Nomination Committee
and remuneration and performance. The scores were high in most
concluded and recommended to the Board that these attributes,
areas and the results of the evaluation were presented at the
together with Mr. Anastassis G. David’s strong identification with
December 2015 Board meeting. The Nomination Committee
the Company and its shareholders’ interests, combined with his deep
brought to the Board for discussion certain areas such as diversity
knowledge and experience of the Coca-Cola System, will enable him
and succession planning where improvements could be made.
to continue to promote an effective and appropriately balanced
leadership of the Company. The Nomination Committee and the
Diversity
Board were aware of the need to hold discussions with key investors
All Board appointments are made based on merit, against objective
and also conducted a broad consultation with the Company’s
criteria established by the Nomination Committee and approved
shareholders before proceeding with the appointment of Mr.
by the Board, and with due regard to the benefits of diversity on the
Anastassis G. David. Mr George A. David, although kept informed,
Board, including gender diversity, as well as expertise in the field of
was not actively involved in the succession planning. The final
social and environmental topics. The Group is deeply committed
decision was announced to the market on 28 January 2016.
to policies promoting diversity, equal opportunity and talent
development at every level throughout the Group. The Group
is constantly seeking to attract and recruit highly-qualified
candidates for all positions in its business, regardless of gender,
nationality, ethnicity and religious belief. The Group offers training
opportunities to all employees depending on their individual needs
and development requirements in order to improve their skills, and
encourages all employees to gain relevant experience and knowledge
applicable to their position and role.
83
Social Responsibility Committee Report

Role and responsibilities
The Social Responsibility Committee is responsible for the
development and supervision of procedures and systems to
ensure the pursuit of the Group’s social and environmental goals.
The formal role of the Social Responsibility Committee is set out
in the charter for committees of the Board of Directors in Annex C
of the Organisational Regulations. This is available online at www.
coca-colahellenic.com/investorrelations/corporategovernance/.
Key elements of the Social Responsibility

Committee’s role include:
–– Establishing the principles governing the Group’s policies
on social responsibility and the environment to guide
management’s decisions and actions;
Dear Shareholder –– Overseeing the development and supervision of procedures
and systems to ensure the achievement of the Group’s social
responsibility and environmental goals;
During 2015, the Committee focused on the Group’s introduction
–– Establishing and operating a council responsible for developing
of science-based carbon and water intensity reduction targets.
and implementing policies and strategies to achieve the
As a result of this we became one of the first twelve companies
Company’s social responsibility and environmental goals
across all industries worldwide to adopt science-based carbon
and ensure Group-wide capabilities to execute such
reduction targets approved by the World Resource Institute.
policies and strategies;
The Committee also oversaw and co-ordinated the Group’s
successful transition to reporting in accordance with the Global –– Ensuring the necessary and appropriate transparency and
Reporting Initiative (GRI) G4 sustainability reporting standards. openness in the Group’s business conduct in pursuit of its
social responsibility and environmental goals;
We were particularly proud that Cola-Cola HBC was ranked –– Ensuring and overseeing the Group’s interactions with
as the beverage industry leader on both the World and Europe stakeholders of its social responsibility and environmental
Dow Jones Sustainability Indices for the second consecutive year. policies, goals and achievements, including the level of
The Committee will continue to ensure that Sustainability and compliance with internationally accepted standards; and
Corporate Responsibility are integrated into all aspects of our –– Reviewing Group policies on environmental issues, human rights,
business, guiding our decisions and long-term investments and other topics as they relate to the social responsibility topic.
and enhancing our corporate reputation as a leader in the field.
Members
Members Membership status
Sir Michael Llewellyn-Smith Member since 2013,
Sir Michael Llewellyn-Smith Chairman since 2013
Committee Chair Mr. George A. David Member since 2013
Mr. José Octavio Reyes Member since 2014
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Strategic Report
Work and activities

The Social Responsibility Committee met four times
during 2015 and discharged its responsibilities as defined under
Annex C of the Organisational Regulations. The Chief Executive
Officer, the Director of Public Affairs and Communication and the
Operational Sustainability Director regularly attend the meetings
of the Social Responsibility Committee.
During 2015 the Social Responsibility Committee reviewed and
provided guidance and insights to advance the Group’s sustainability
strategies including environmental and social aspects in the
following areas:
–– The assessment of the Group’s progress regarding the
level of disclosure and reporting across all three dimensions
of sustainability (economic, environmental and social) with
particular focus on the Dow Jones Sustainability Indices and
GRI G4 reporting requirements;
–– Further discussions during the year focused on specific
operational sustainability key performance indicators (KPIs),
with particular emphasis on operational eco-efficiency initiatives,
as well as health and safety in the context of both social and
business risk; and
–– Discussions on ways to expand the scope and breadth of the
Group’s sustainability commitments, particularly in the area of
carbon and water intensity reduction, packaging, recycling and
waste management, incorporating these in our business
planning and investment decision making processes.
The Social Responsibility Committee reviewed, and endorsed,
the process for the annual assessment of material issues,
which combined input from both business leaders and internal
stakeholders, in accordance with the framework of the International
Integrated Reporting Council (IIRC), the GRI G4 guidelines for
comprehensive reporting, and the guidance of the Sustainability
Accounting Standards Board for the beverage industry.
85
Directors’ Remuneration Report

Letter from the Chairman of the Remuneration Committee
Dear Shareholder, Here are some of our notable achievements in 2015:

I am happy to present the Directors’ remuneration report –– Volume grew by 2.6%
for the year ended 31 December 2015. My aim has been
to make our remuneration policy and the annual report –– Comparable operating profit grew by 11.4%
on remuneration clear, understandable and informative. –– Our comparable net profit was €314 million
If they fail to meet these three tests, please let me know! (compared with €277 million in 2014)
In compiling this report, we have been guided by the UK Further information on the Group’s performance in 2015
Corporate Governance Code, by our obligations under will be found in the Financial review section on pages 51-54.
Swiss regulations, by feedback from our shareholders,
and by considerations of best practice. We shall voluntarily Remuneration in 2015
propose our remuneration policy for a vote at Coca-Cola After careful thought, the Committee decided to
HBC’s 2016 AGM in June. There is no obligation under the recommend increasing the Chief Executive Officer’s
law and regulations applicable to us to do so, but we consider annual base salary from €732,000 to €878,400. The level of
it best practice. the increase reflected our judgement that the Chief Executive
Officer’s performance has been pivotal in meeting key strategic
The Group’s remuneration philosophy and policies are designed
measures, despite foreign exchange headwinds, political instability
to attract, motivate and retain the talented people we need to
in key markets, and challenging macroeconomic and trading
meet the company’s strategic objectives, and to give them due
conditions, and that his remuneration lagged that of his peers in the
recognition. To this end the Committee has worked to ensure
FTSE by a considerable amount since Coca-Cola HBC obtained its
that the policy remains fair, transparent and competitive by
premium listing on the London Stock Exchange in 2013. The Chief
comparison with our peers, and that remuneration is linked
Executive Officer’s continued focus on talent development and on
to business strategy and drives performance.
the engagement of our employees is crucial to the future growth of
the company. The company’s excellent ranking in the Dow Jones
Business performance for 2015 Sustainability Indices reflects the priority attached to sustainability
The company achieved good results in 2015. Volume grew and that the Chief Executive Officer has instilled. In 2016, we expect the
there was a significant improvement in margins, resulting in the Chief Executive Officer’s salary increase to be comparable with that
highest operating margins since the years before the financial crisis. of other employees in the company.
Our people have shown themselves to be resilient and adaptable
in difficult markets, and have delivered strong performance in all Strong business performance, exceeding the business plan for
our operations. They achieved these results despite currency 2015, will be reflected in the payout of the 2015 Management
depreciation and economic weakness in some of our larger Incentive Plan (MIP). The payout for the Chief Executive Officer is
markets. All employees of Coca-Cola HBC have contributed expected to be 98% of his base salary, which is equivalent to 75%
to these results and to bringing the company back to growth. of the maximum MIP opportunity. We have committed ourselves to
The result has been an improvement in almost all our key disclosing retrospectively the Management Incentive Plan targets,
performance indicators. and you will find the 2015 targets and payouts reported on page
97 of the annual report on remuneration. The Chief Executive
Officer’s benefits remained the same versus prior year. The cost
of the benefits increased in 2015 versus 2014, mainly driven
by relocation benefits such as tax equalisation, cost of living
adjustment and exchange rate protection. Detailed amounts
can be found in the single figure table. In December 2015, the
Chief Executive Officer received the first grant under the new
performance share plan which has replaced the former stock
option plan. Details of the performance conditions for the three
year plan can be found on page 98.
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Strategic Report
Changes in 2015 Remuneration Committee – Role and responsibilities

Following consultations with the investment community, The main tasks of the Remuneration Committee are to establish
the Board decided, as foreshadowed in my 2015 letter the remuneration strategy for the Group and to approve or make
to shareholders, to make some important changes to recommendations to the Board with regards to compensation
remuneration policies and programmes. The 2015 packages for Directors and senior management. The Remuneration
AGM approved the following: Committee operates under the Charter for the Committees of the
Board of Directors of Coca-Cola HBC set forth in Annex C to the
–– Introduction of a performance share award plan,
Organisational Regulations and available on the Group’s website at :
closely aligned with the Company’s long-term
business strategy; http://www.coca-colahellenic.com/investorrelations/
–– Introduction of a share buy-back programme to address corporategovernance/.
share dilution from our equity compensation plans; Key elements of the Remuneration Committee’s role include:
–– Adoption of guidelines on minimum shareholding
requirements for the Chief Executive Officer and senior –– Establishment of the remuneration strategy for the Group,
managers (200% of annual base salary for the Chief determining and agreeing with the Board the framework and
Executive Officer and 100% for members of the broad policy for the remuneration of the executives of the Group;
Operating Committee); and –– Approving:
–– Introduction of clawback and malus provisions in our –– the total individual and aggregate remuneration
incentive plans, for the recovery of bonus awards in the for non-Executive Directors;
event of misconduct, in line with the requirements of –– the rewards for the executives of the Group
the 2014 UK Corporate Governance Code. (except for the Chief Executive Officer);
We also reviewed and adjusted all remuneration –– Company-wide remuneration and benefit plans;
arrangements for Operating Committee members, –– all non-cash obligations greater than €15,000 which
to align with the requirements of the Swiss ordinance are reportable by employees as income (except personal
on excessive compensation in listed companies. use of company cars, group life or health benefits); and
–– general policies governing the early termination of
The effect of these measures is to align the remuneration
the executives of the Group;
of senior managers more closely with Coca-Cola HBC’s
business objectives, with the growth of the company, –– Providing recommendations to the Board on:
and with shareholders’ interests. –– the implementation or modification of employee coverage
for any benefit plan resulting in an increased annual cost
Looking ahead of €5 million or more;
Your committee will continue to keep policies under –– the base salary and increase levels, annual incentive plan awards,
review so as to ensure that remuneration plans and performance share awards and other forms of remuneration for
programmes support our business strategy and are closely the Chief Executive Officer; and
linked to shareholders’ interests. We value the dialogue –– the remuneration of the Chief Executive Officer and any other
with our shareholders and welcome views on this report. members of the Board on early termination (including pension
We were pleased with the positive vote for Coca-Cola contributions and all other elements).
HBC’s remuneration policy and the annual report on
remuneration at the 2015 AGM, and trust we shall Members
have your support again this year. Members Membership status
Sir Michael Llewellyn-Smith Member since 2013,
(Chairman) Chairman since 2013
Mr. Antonio D’Amato Member since 2013
Mrs. Alexandra Papalexopoulou Appointed June 2015
Sir Michael Llewellyn-Smith In accordance with the UK Corporate Governance Code, the
Chairman of the Remuneration Committee Remuneration Committee consists of three independent non-
Executive Directors: Sir Michael Llewellyn-Smith (Chairman), Mr.
Antonio D’Amato and Mrs. Alexandra Papalexopoulou, who were
each elected by the shareholders for a one-year term on 24 June
2015. The Remuneration Committee met four times in 2015: March,
June, September and December. Please refer to the “Board and
committee attendance in 2015” section of the Corporate
Governance report on page 67 for details on the
Remuneration Committee meetings.
The Chairman of the Board, the Chief Executive Officer, the
Group Human Resources Director, the Group Rewards Director
and the General Counsel regularly attend the meetings of the
Remuneration Committee.
87
Directors’ Remuneration report continued
Remuneration Committee – Work in 2015 –– Introduction of a recruitment policy for non-Executive Directors
During the financial year the Committee’s work has included the and the Chief Executive Officer;
following activities: –– Introduction of shareholding guidelines;
–– Benchmarking, review and recommendation of the Chief –– Review of all remuneration arrangements of the Operating
Executive Officer’s salary, taking into account pay and Committee members in order to address the requirements
employment conditions in the Group and the market; of the Swiss Ordinance against Excessive Remuneration
in Listed Companies; and
–– Benchmarking, review and approval of the Operating Committee
members’ salaries, taking into account pay and employment –– Introduction of a share buy-back programme and share dilution
conditions in the Group and the market; limits to address share dilution resulting from the Company’s
equity remuneration plans.
–– Recommending the MIP payout for the Chief Executive Officer;
–– Approval of Operating Committee members’ and General
Managers’ MIP payout;
Remuneration Committee – Activities for 2016
The Committee has decided to implement the following actions
–– Review and approval of General Managers’ job grades; during 2016:
–– Approval of General Managers’ salary levels, taking into account
pay and employment conditions in the Group and the market; –– Review of the Chief Executive Officer’s, Operating Committee
members’ and General Managers’ annual salaries;
–– Approval of the new performance share plan;
–– Review payout levels for the 2015 MIP;
–– Recommendation for Board approval of the performance share
award for the Chief Executive Officer and the performance share –– Approve the MIP payout for the Operating Committee
grant for 2015 for all other eligible participants; members and general managers and recommend to the
Board the Chief Executive Officer’s payout;
–– Review of the Group’s pension arrangements;
–– Recommend the PSP grant;
–– Introduction of clawback and malus provisions in the Management
Incentive Plan (MIP), Long-term Incentive Plan (LTIP), Employee –– Review the cash LTIP (a plan for managers below top
Stock Purchase Plan (ESPP), Employee Stock Option Plan executive level) ; and
(ESOP) and Performance Share Plan (PSP) for recovery in –– Review pension arrangements across the Group.
the case of misconduct;
The Group Reward Strategy

For Coca-Cola HBC to be the undisputed leader in every market in which we compete, we need to foster excellence.
Attracting the people we want and need
Retaining by continuing to attract the best talent
A competitive
winning team
to achieve financial, business
Motivating and non-financial targets
Adopting or embodying behaviours that

Recognising produce exceptional performance
88
Strategic Report
Remuneration policy
Introduction Through equity-related long-term compensation, we seek to

The remuneration policy for the non-Executive Directors and the ensure that the financial interests of the Chief Executive Officer, the
Executive Director will apply, subject to shareholder approval, from members of the Operating Committee and the Top Management are
the date of our Annual General Meeting in June 2016. As a Swiss- aligned with those of shareholders.
incorporated company, we are not required to put our policy to a
All of our remuneration plans, both fixed and variable, are designed
shareholder vote but we are doing so voluntarily. We have made
to be cost effective, taking into account market practice, business
every effort to ensure that our remuneration programmes and
performance and individual performance and experience where
practices comply fully with UK regulations, except where these
relevant. We pay close attention to our shareholders’ views
conflict with Swiss law which is binding to us.
in reviewing our remuneration policy and programmes.
Reward strategy and objective

The objective of the Group’s remuneration philosophy is to attract,
retain and motivate employees and incentivise the right behaviours,
to see that employees are fairly and equitably rewarded, and thus
ensure that their individual contributions are directly linked to the
success of our Company.
Variable pay is an important element of our reward philosophy.
A significant proportion of remuneration for Top Managers (including
the Chief Executive Officer and the members of the Operating
Committee) is tied to the achievement of our business objectives.
These achievements are defined by key business metrics that are
consistent with our strategy and will deliver long-term shareholder
value, increasing or decreasing the variable pay element based on
the business performance.
Policy eligibility
Our remuneration policy is designed to cover all of our employees, offering programmes that are appropriate for their position, taking into
account such factors as; level of responsibility, performance, experience, and using relevant market comparisons.
The Chief Executive Officer, the members of the Operating Committee and other members of management are eligible for the following
reward elements.
Benefits
Group Reward Element/ Annual Base (Retirement and
Employee Category Salary MIP PSP LTIP ESPP ESOP5 Other Benefits)
Chief Executive Officer Eligible Eligible Eligible Eligible Eligible Eligible
Operating Committee members1 Eligible Eligible Eligible Eligible Eligible Eligible
Top Management2 Eligible Eligible Eligible Eligible Eligible Eligible Eligible
(depends on (depends on
country practice) country practice)
Senior and Middle Management3 Eligible Eligible Eligible Eligible Eligible
Management4 Eligible Eligible Eligible Eligible
1. For the definition and description of the Operating Committee, please refer to the Corporate Governance section on pages 74 onwards.
2. Top Management includes the role of General Manager as well as most Group sub-function heads. Members of Top Management are referred to as
Top Managers throughout the Remuneration Report.
3. Senior and Middle Management generally refers to the majority of people reporting to General Managers and to those reporting to Group sub-function heads.
4. Management includes those with responsibility for managing people or substantial technical know-how on operational matters.
5. The last ESOP grant took place on 10 December 2014. This plan was replaced by the PSP with effect from June 2015. No further grants will take place from
the ESOP although past grants continue to vest.
The employee categories are relevant only for this remuneration report and not to any other section in the 2015 Integrated Annual Report.
89
Policy table
Our remuneration is composed of fixed and variable elements. The policy table includes details of each reward component, including
its purpose and link to strategy, mechanisms and relevant performance metrics applicable to the Chief Executive Officer.
Base salary
Purpose and link to strategy: To provide a fixed level of Maximum opportunity
compensation appropriate to the requirements of the role and The Chief Executive Officer will normally receive a salary
to support the attraction and retention of the talent able to increase broadly in line with the increase awarded to the general
deliver the Group’s strategy. workforce. The salary increase of the Chief Executive Officer
may exceed the average salary increase to reflect business and
Operation individual performance, material changes to the business, internal
Salaries are reviewed annually, with salary changes normally promotions, accrual of experience, changes to the role, or other
effective on 1 May each year. material factors.
The Remuneration Committee considers the following
Performance metrics
parameters when reviewing base salary levels:
Individual and business performance.
–– The individual’s performance, skills and responsibilities;
–– Economic conditions and performance trends;
–– Experience of the individual;
–– Pay increases for other employees across the Group; and
–– External comparisons based on factors such as: the industry
of the business, revenue, market capitalisation, headcount,
geographical footprint, stock exchange listing (FTSE) and
other European companies.
MIP (Management Incentive Plan)

Purpose and link to strategy: To support profitable growth Deferral of MIP
and reward participants annually for their contribution to business After careful consideration of the Chief Executive Officer’s pay mix,
performance. The plan promotes the drive for high performance it was decided that since long-term incentives make up a significant
with stretched individual and business targets linked to our proportion of remuneration and significant share ownership
key strategies. requirements have been introduced this year, the Committee
judged that the Chief Executive Officer was appropriately aligned
Operation with shareholders and therefore would not introduce MIP deferral.
Stretched targets for business performance are set annually However the Committee will keep this point under consideration.
based on the business plan of the Group and are approved
by the Board of Directors. Maximum opportunity
Maximum MIP payout for the Chief Executive Officer is
The key business metrics used to measure performance in the plan
130% of his annual base salary (10% accounting for individual
are reviewed regularly to ensure relevance to our business strategy.
performance and 120% based on business performance).
The individual objectives of the Chief Executive Officer are No bonus is paid out if the Chief Executive Officer has
approved by the Chairman of the Remuneration Committee and achieved below 50% of his individual objectives.
the Chairman of the Board. Performance versus these objectives
Target MIP percentage for the Chief Executive Officer is 70% of his
is assessed by the Committee, in consultation with the Chairman
annual base salary (10% accounting for individual performance and
of the Board.
60% for on-target business performance).
The Remuneration Committee has discretion to adjust
For threshold performance, the Chief Executive Officer may
the payout level where it considers the overall performance of
receive 5% of his annual base salary based on achievement of
the Company or the individual’s contribution warrants a higher
his individual objectives assuming that 50% of individual objective
or lower outcome. Any such adjustments will be disclosed in
targets have been met and business objectives have not been met.
the annual remuneration report.
Malus and clawback provisions apply. Further details may be found Performance metrics
in the additional notes to the Policy Table on page 94. The MIP awards are based on business metrics linked
to our business strategy, which may include, but are not
limited to measures of volume, revenue, profit, cash and
operating efficiencies.
Details related to the key performance indicators and individual
objectives can be found in the annual report on remuneration
on page 96.
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Strategic Report
PSP (Performance Share Plan)

Purpose and link to strategy: A long-term incentive plan Maximum opportunity
which aligns the Chief Executive Officer’s interests with the The normal maximum award has a face value of 330% of base
interests of shareholders and increases the ability of the Group salary, however the Committee has discretion to make a maximum
to attract and reward individuals with exceptional skills. award of 450% of base salary in performance share equivalents
in exceptional circumstances.
Operation
Award type Performance metrics
The performance share plan makes conditional awards of Vesting of awards is subject to the three-year Group performance
shares that vest after three years, subject to the achievement conditions based on two equally weighted measures:
of performance conditions and continued service.
–– Comparable earnings per share (Comparable EPS)
Grants under the PSP take place annually, normally every March. Calculated by dividing the comparable net profit attributable to
the owners of the parent by the weighted average number of
Dividends will be paid on vested shares where the performance
outstanding shares during the period.
conditions are achieved at the end of the three-year period.
–– Return on invested capital (ROIC)
The Remuneration Committee sets stretched targets and
thresholds for the plan, based on a range of reference points, We define ROIC as the percentage of net operating profit
including actual performance, business plans and strategies. after tax divided by the capital employed. Capital employed is
calculated as the average of net borrowings and shareholders’
Key business metrics used to define performance conditions are equity through the year.
reviewed regularly to ensure that they support the long-term
strategies and objectives of the Group and are aligned with Prior to the grant date, the Remuneration Committee shall
shareholders’ interests. determine the threshold and stretched performance targets.
Following the end of the three-year period, the Committee shall
Adjustments determine the extent to which performance conditions have
In the event of an equity restructuring, the Remuneration been met, impacting how many performance shares will vest.
Committee may make an equitable adjustment to the terms of
the performance share award by adjusting the number and kind of Performance share awards will lapse if the Remuneration
shares which have been granted or may be granted and/or making Committee determines that the performance criteria have not
provision for payment of cash in respect of any outstanding been met. If, at the end of the vesting period, the performance
performance share award. conditions have been satisfied, participants become entitled
to receive shares or a cash equivalent.
Change in control
In the event of change of control, unvested performance share Vesting levels
awards held by participants vest immediately on a pro-rated –– Achieving threshold performance results in the vest of 25%
basis if the Remuneration Committee determines that the of the award granted. Performance conditions are additive,
performance condition(s) have been satisfied or would have therefore if only one performance condition meets threshold
been likely to be satisfied at the end of the performance performance, 12.5% of the total award will vest.
period, unless the Remuneration Committee determines –– Maximum performance assumes that both performance
that substitute performance share awards may be used conditions are met, thereby resulting in 100% vesting of
in place of the previous awards. the award that was granted.
Malus and clawback Holding Period

Malus and clawback provisions apply. Further details may be found The Remuneration Committee judged that the Chief
in the additional notes to the Policy Table on page 94. Executive Officer’s remuneration was appropriately aligned
with the long-term shareholders’ interests through the change
in an extended vesting period and the introduction of minimum
shareholding guidelines. No additional holding period will be
introduced, however the Remuneration Committee will keep
this point under consideration.
91
Retirement Benefits
Purpose and link to strategy: To provide competitive, Maximum opportunity
cost-effective post-retirement benefits. The contributions to the pension plan are calculated as a
percentage of the Chief Executive Officer’s annual base salary
Operation (excluding any incentive payments or other allowance/benefits
The Chief Executive Officer participates in a defined benefit provided) based on age brackets as defined by Federal Swiss
pension plan under Swiss law. Employer contributions are 15% legislation. This percentage is currently 15%.
of the annual base salary.
Performance metrics
There is no obligation for employee contributions.
None.
Normal retirement age for the Chief Executive Officer’s plan is 65
years. In case of early retirement, which is possible from the age of
58, the Chief Executive Officer is entitled to receive the amount
accrued under the plan as a lump sum.
Other Benefits
Purpose and link to strategy: To provide benefits which are Maximum opportunity
consistent with market practices. There is no defined maximum as the cost to the Company of
providing such benefits will vary from year to year in accordance
Operation with costs.
The Chief Executive Officer receives medical insurance.
Performance metrics
The Chief Executive Officer is eligible for benefits related to
None.
his relocation such as housing allowance, car, a cost of living
adjustment, trip allowance, partner allowance, exchange rate
protection, tax equalisation and tax filing support and advice.
The Remuneration Committee has the discretion to recommend
the introduction of additional benefits where appropriate.
ESPP (Employee Share Purchase Plan)

Purpose and link to strategy: ESPP is an employee share purchase Employees contribute to the plan through payroll deductions.
plan, encouraging broader share ownership, and is intended to align
Dividends received in respect of shares held under the ESPP are
the interests of employees with those of the shareholders.
used to purchase additional shares and are immediately vested.
Operation
Maximum opportunity
This is a voluntary share purchase scheme across many of the
The maximum Company contribution for the Chief Executive
Group’s countries. Scheme participants have the opportunity
Officer is 3% of annual base salary and his MIP payout, assuming
to invest from 1% to 15% of their salary and / or MIP payout to
the Chief Executive Officer contributes at least 3%.
purchase the Company’s shares by contributing to the plan on a
monthly basis. The maximum amount the Chief Executive Officer can contribute
is 15% of annual base salary and MIP.
The Company matches employee contributions on a one-to-
one basis up to 3% of the employee’s salary and /or MIP payout.
Performance metrics
The contributions are used to purchase matching shares on a
The value is directly affected by the share price performance.
monthly basis in the open market. Matching shares vest one
It is not affected by individual performance criteria.
year after the purchase.
Performance metrics are not applicable.
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Strategic Report
ESOP (Employee Stock Option Plan)

Purpose and link to strategy: A long-term incentive which aligns Maximum opportunity
the senior managers’ interests with the interests of shareholders. In 2014, caps were implemented on the maximum number of
The plan was replaced by the PSP in 2015, however prior ESOP options to be granted to the Chief Executive Officer and Operating
grants continue to vest. Committee members. The maximum set for the Chief Executive
Officer was 1.5 million stock options, however in practice no more
Operation than 360,000 options were granted at any one time.
Until 2014, awards were granted every year reflecting each year’s
performance. Options were granted with an exercise price equal to Performance metrics
the closing price of the Company’s shares trading on the London The value of the ESOP awards is contingent upon the performance
Stock Exchange on the day of the grant. The last grant under of the Group’s shares on the London Stock Exchange.
ESOP took place on 10 December 2014.
For past grants, the stock option award for the Chief Executive
Officer was approved by the Board of Directors based on the
recommendation of the Remuneration Committee. Options
vest in one-third increments each year for three years and
can be exercised for up to 10 years from the date of award.
Additional Notes to the Policy Table III. Benefits guidelines:

Benefits will be provided in line with those offered according to
(a) Remuneration policy and principles for other employees the Group’s policy for other employees. If a Director is required to
The remuneration approach for the Chief Executive Officer is relocate, benefits may be provided as per the Group’s international
consistent with the reward package for the members of the transfer policy which may include transfer allowance, tax equalisation,
Operating Committee and senior management. The Chief Executive tax advice and support, housing, cost of living, schooling, travel and
Officer’s total remuneration has a much higher proportion of variable relocation costs.
pay in comparison to the rest of our employees. The Chief Executive
Officer’s remuneration will increase or decrease in line with business IV. Incentives award buyout principles:
performance, aligning with shareholders’ interests. The structure of The Remuneration Committee may consider recommending
the reward package for the wider employee population takes into the buying out of incentive awards that an individual would forfeit by
account local market practice and is based on the principle that accepting the appointment up to an equivalent value in shares or in
it should attract and retain the right talent, be competitive, cash. In case of shares replacement, the Remuneration Committee
remunerate employees for their contribution and be linked will recommend a grant of shares via the PSP. When deciding on a
to the Group’s performance. potential incentive award buyout, the Remuneration Committee
will be informed of the timing, performance targets and expected
(b) Recruitment policy value associated with any forfeited award.
In 2015 we adopted the following policy:
(c) Policy on termination payments
I. Base salary guidelines: The Swiss Ordinance against Excessive Compensation in Listed
In accordance with the remuneration policy, annual base salary Companies, limits the authority of the Remuneration Committee and
arrangements for the appointment of a new Executive Director will the Board of Directors to determine compensation. Limitations include
be set considering market relevance, skills, experience, internal a requirement that the general meeting of shareholders approve the
comparisons and cost. The Remuneration Committee may maximum total compensation of the Board of Directors and the
recommend an appropriate initial annual base salary below relevant Operating Committee, a requirement that certain compensation
market levels. In such situations, the Remuneration Committee may elements be included in the Articles of Association, and a prohibition
make a recommendation to realign the level of base salary in the on certain types of compensation (such as severance, advance
forthcoming years. As highlighted above, annual base salary “gaps” payments and bonuses for the acquisition or disposal of businesses).
may result in exceptional rates of salary increase in the short term
subject to an individual’s performance. The discretion is retained Our governance framework guarantees that the Group uses
to offer an annual base salary necessary to meet the individual the right channels to support reward decisions. In the case of early
circumstances of the recruited Executive Director and to enable termination, the non-Executive Directors would be entitled to their
the hiring of an individual with the necessary skills and expertise. fees accrued as of the date of termination, but are otherwise not
entitled to any additional compensation. Severance provisions have
II. Variable and equity pay guidelines: been removed from the Chief Executive Officer’s and members
The maximum level of variable pay that may be offered will follow of the Operating Committee’s employment contracts in 2015.
the rules of the MIP and is capped at 130% of annual base salary. The
maximum level of equity share pay that may be offered will follow the
ESOP and the PSP rules and is capped at 450% of annual base salary.
Different performance measures may be set initially for the annual
bonus taking into consideration the point in the financial year that the
new Executive Director joined. The above limits do not include the
value of any buyout arrangements (as discussed in section IV).
93
In case of future terminations, payments will be made in accordance (e) Executive shareholding guidelines
with the remuneration policy. For the Chief Executive Officer, the In order to strengthen the link with shareholders’ interests, a policy
policy on termination is described below. on executive shareholding has been introduced for the first time
in 2015 requiring the Chief Executive Officer to hold company
Regarding the MIP, pay-outs are as follows:
shares equal to 200% of his annual base salary and the Operating
–– Retirement: A prorated payout as of the date of retirement Committee members 100% of their annual base salary. The required
will be applied. shareholdings are to be achieved within a five-year period from the
–– Death in service: A prorated payout will be applied and will be date of the first PSP grant (10 December 2015). All vested shares
paid immediately to heirs based on the latest rolling estimate. under the PSP and the ESPP are included in meeting the
shareholding requirement.
–– Resignation or other reasons for leaving: A prorated payout
will apply in accordance with Swiss legislation.
(f) Share buy-back programme and dilution limit
To address shareholder dilution, the Company implemented a share
For the ESPP, unvested shares are forfeited, except in case of
buy-back programme in 2015. In addition, the overall dilution limit
retirement, injury, disability, redundancy or death.
related to shares or options granted under the PSP/ESOP/ESPP
For the ESOP and PSP: may not exceed 10% of shares in issue over a ten-year rolling period.
–– In the event of termination due to injury, disability or death, all

unvested options and performance share awards immediately
Chief Executive Officer’s remuneration policy
vest to the extent that the Remuneration Committee determines
illustration
The Chief Executive Officer’s remuneration follows the principles of
that any applicable performance condition has been satisfied or
the table under Policy Eligibility on page 89. The charts below show
would have been likely to have been satisfied at the end of the
the maximum possible remuneration for the Chief Executive Officer
performance period. Any options which vest are, together with
for 2015. The numbers represent annualised amounts as of
options which have vested before, exercisable within 12 months
31 December 2015.
from the date of termination of the employment agreement or
the relevant contractual relationship; 2015 CEO remuneration
–– In the event of termination due to retirement of a participant (’000s EUR)
having had at least ten years’ service with the Group and being at
least 55 years old, all unvested and vested options and all unvested
performance share awards remain fully subject to the conditions 132
and terms as set forth in the ESOP/PSP; Total
Maximum 878 1,044 1,142 2,899
–– Upon termination by the Company for cause, all unvested 6,095
options and performance share awards immediately lapse 132
without any compensation and all vested options must be Total
Target 878 1,044 615 1,594
4,263
exercised within thirty days from the date of termination;
132 44
–– Upon termination of employment as a result of any other Total
Threshold 878 1,044 362
reasons, including but not being limited to dismissal by the 2,460
Company other than for cause, termination by the participant 132
and expiration of term of employment or contract, all unvested Minimum 878 1,044 Total
options and performance share awards immediately lapse without 2,054
compensation and all vested options are exercisable within six MIP
Base pay
months as from the date of termination of the employment
Cash and non-cash benefits PSP
agreement or the relevant contractual relationship.
Pension
Notice periods are set for up to six months and non-compete Maximum
clauses are 12 months, effective in 2015. The notice period Reflects fixed remuneration and a MIP payout at 130% of base
anticipates that up to six months paid garden leave may be salary and 100% of the 2015 PSP award vesting.
provided. Similarly, up to 12 months may be paid out in relation
to the non-compete period.
Target
Reflects fixed remuneration and includes a MIP payout of 70%
(d) Malus and clawback provision for variable pay plans
of base salary and 55% of the 2015 PSP award vesting.
During 2015 the Remuneration Committee approved changes
in the MIP, LTIP, PSP, ESOP and ESPP plans introducing malus
Threshold
adjustments so that an award may lapse wholly or partly in event
Reflects fixed remuneration and includes a MIP payout of 5%
of material misstatement of financial results and/or misconduct.
of base salary and 12.5% of the 2015 PSP award vesting.
The Remuneration Committee has been authorised to amend the
terms and conditions of the variable incentive plans, in order to apply Minimum
malus and clawback mechanisms to the Chief Executive Officer and Reflects only fixed remuneration which is not at risk i.e. base salary,
members of the Operating Committee. Clawback can potentially be pension and cash and non-cash benefits which comprise cost of
applied to payments or vesting for up to a two-year period following living adjustment, exchange rate adjustment, family allowance,
the payment or vesting. housing allowance, trip allowance, employer contributions to the
ESPP, private medical insurance, tax filing support and advice,
tax equalisation and employer social security contributions.
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Strategic Report
Chief Executive Officer service contract There is no sign-on bonus, or other types of compensation.
Mr. Dimitris Lois, the Chief Executive Officer, has an employment The Group typically reviews the compensation of non-Executive
contract with Coca-Cola HBC. The Swiss Ordinance against Excessive Directors every two to three years. A review was completed in 2014.
Compensation in Listed Companies (the “Swiss Ordinance”) prohibits Fees may be increased in 2016 following the AGM in June 2016. Such
any severance payments not mandated by law. As a consequence, the increase would be put to a vote. The peer group used for comparison
Chief Executive Officer’s employment contract was amended in 2015 consisted of companies in the FTSE index with similar positioning as
with an effective date of 1 January 2016. As set out above, the Chief Coca-Cola HBC, other Swiss companies with similar market caps
Executive Officer’s employment contract does not include any and/or revenues, and other relevant European listed companies.
termination benefits, other than as mandated by Swiss law. The
The Group’s policy targets the median of the comparable
Swiss Code of Obligations requires employers to pay severance
group of companies. Taking into consideration current business
when an employment relationship with an employee of at least
conditions, the non-Executive Directors’ remuneration in 2015
50 years of age comes to an end after 20 years or more of service.
remained unchanged compared to 2014. Messrs. George A. David,
The Chief Executive Officer is also entitled to reimbursement of all Anastasios I. Leventis and Christo Leventis have waived any fee for
reasonable expenses incurred in the interests of Coca-Cola HBC. their services. The Chairman of the Social Responsibility Committee,
Sir Michael Llewelyn-Smith, has waived any fee for this role.
In accordance with the Swiss Ordinance, there are no sign-on policies/
provisions for the appointment of the Chief Executive Officer. The Group’s compensation of non-Executive Directors includes
an annual fixed fee plus additional fees for membership in the
The terms of the employment contract of the Chief Executive Board committees when applicable. The basic fee paid to each
Officer of Coca-Cola HBC, are summarised below: non-Executive Director is the same, and an additional fee is paid
Name Position Date of contract Notice period to each member for committee membership and chairmanship,
Dimitris Lois Chief Executive 26 November 2015 6 months according to the levels set for that committee. Coca-Cola HBC does
Officer not compensate new non-Executive Directors for any forfeited share
awards in previous employment. Non-Executive Directors do not
receive any form of variable compensation nor any other benefits in
Non-Executive Directors’ policy and fees cash or in kind. They are not entitled to severance payments in the
Compensation for non-Executive Directors is consistent with event of the termination of their appointment. They are entitled to
market practice and sufficient to attract and retain high-quality reimbursement of all reasonable expenses incurred in the interests
non-Executive Directors with the right talent, values and skills of the Group.
necessary to provide oversight and support of management to
grow the business, support Coca-Cola HBC’s strategic framework Non-Executive Directors appointed during the policy period receive
and maximise shareholder value. Non-executive Directors’ pay is set the same basic fee and, as appropriate, committee fee or fees as
at a level that will not call into question the objectivity of the Board. existing non-Executive Directors.
The following table sets out the fees and other benefits paid to the
non-Executive Directors, including additional fees for the specified
roles below.
Non-executive Chairman’s fee –
Non-executive Vice-Chairman’s fee –
Basic non-Executive Director’s fee1 €65,000
Senior Independent Director’s fee €10,000
Audit Social
and Risk Remuneration Nomination Responsibility
Committee
chairman fee
(additional) €25,000 €10,000 €10,000 –
Committee
member fee
(additional) €12,500 €5,000 €5,000 €5,000
1. Mr. George A. David, Mr. Anastasios I. Leventis and Mr. Christo Leventis have
waived any annual fee in respect of their membership of the Board or any
Board Committee.
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Annual Report on Remuneration
2015 Remuneration
Single total figure of remuneration for the Chief Executive Officer
The Chief Executive Officer is the only Executive Director of the Group. The table below sets out the Chief Executive Officer’s total
remuneration for the year ended 31 December 2015 and 31 December 2014.
Base pay1 Cash and non-cash Annual bonus3 Long-term incentives4 Retirement benefits Total Single Figure
€ 000’s benefits2 € 000’s € 000’s € 000’s € 000’s € 000’s
2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014
830 691 1,044 483 857 432 139 203 143 109 3,012 1,918
Figures are rounded

1. “Base pay” includes the monthly instalments linked with the base salary for 2015. A salary increase was applied to the base salary, effective from 1 May. Business
and individual performance were considered when determining the increase. Increases going forward will be comparable to general employee increases. For an
explanation of the rationale for the increase which was made to the salary level of the Chief Executive Officer, please see the Committee Chairman’s letter on
pages 86-87.
2. Under “Cash and non-cash benefits” we include the value of all benefits. Dimitris Lois’ benefits include the following: cost of living and foreign exchange rate
adjustment (€236,853), private medical insurance (€16,728), company car allowance (€7,811), family allowance (€9,653), housing allowance (€123,408), trip
allowance (€7,840), tax assistance and filing support (€23,093), company matching contribution related to ESPP (€37,844), tax equalisation (€423,439), and the
value of social security contributions (€156,992) for 2015. The overall increase versus the prior year is related to several factors. Tax equalisation increased versus
prior year driven by the change in residency from Greece to Switzerland. This change impacted 2015 fully; whereas, 2014 was only partially impacted, The cost of
living and exchange rate adjustment benefits were affected by significant changes in the CHF foreign exchange rate versus the EUR.
3. The “Annual bonus” for 2015 includes the MIP payout, receivable early in 2016 for the 2015 fiscal year. The annual bonus for 2014 includes the MIP payout that
Dimitris Lois received in 2015 corresponding to the 2014 fiscal year. Details on the target and actual performance for the year 2015 are presented in the below
section “Management Incentive Plan – Company performance versus MIP targets in the year ended 31 December 2015”. The increased bonus payout reflects
improved business performance.
4. In accordance with UK regulations, we have reflected the value of stock option awards that vested during 2014 and 2015, respectively, being the number of
options x (market price at vest – exercise price at grant). Performances shares were awarded for the first time in 2015 and are therefore not reflected herein.
Management incentive Plan (Company performance versus MIP targets in the year ended 31 December 2015)
The following key performance indicators impact the performance of the MIP. Namely:
–– Annual Sales Volume. Incentivises sustainable growth. Achievements in annual sales volume will be rewarded only if TWCD
(“Total Working Capital Days”) key business metric is above threshold.
–– Net Sales Revenue (NSR). As of 1 January 2015, the NSR key business metric replaced the TWCD key business metric in order
to incentivise the Group’s long-term growth objectives.
–– Comparable Earnings Before Interest and Tax (Comparable EBIT). Defined as comparable operating profit, this key performance
indicator incentivises profitable growth.
–– Operating Expenditures (OpEx) excluding DME as a percentage of NSR. This key performance indicator, which excludes direct
marketing expenses (DME), incentivises effective cost management.
Total Working Capital Days (TWCD) is a qualifier for volume payout. Measuring TWCD is intended to incentivise effective cash flow.
Defined as the total of receivable days, inventory days and payables days.
Payout on the basis of business performance will only be made if individual performance is above threshold.
Please refer below to the mechanism of MIP payout for the Chief Executive Officer.
MIP Payout
Achievement against
Achievement against
Total MIP payout business
individual objectives
objectives
Target up to 10% of Target 60% of

Annual Base Salary Annual Base Salary
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Strategic Report
The following table illustrates how the outcomes for the different bonus measures contribute to the business component bonus payout and
compare this to the target and maximum potential outcome for the performance period 1 January 2015 to 31 December 2015.
Actual results Actual result as
Measures1 Purpose Weight Threshold Target Maximum achieved pay-out %
Volume (m unit cases) Growth 25% 1,819 2,022 2,123 2,055 33.0%
NSR (€ m) Growth 25% 5,485 6,095 6,399 6,346 45.6%
Comparable EBIT (€ m) Growth 25% 382 425 459 473 50.0%
Opex % of NSR Efficiency 25% 28.9% 26.3% 25.6% 27.1% 17.5%
TWCD Efficiency Qualifier 12.7 11.6 9.3 4.4 Achieved
Total 100% 146%
1. All measures calculated at budgeted exchange rates for the year ended 31 December 2015.
Volume NSR Comparable EBIT Opex1

Volume
(m unit cases) (€m) (€m) (% of NSR)
(m unit cases)
2,200 6,800 500 40

2,200
473
459
2,123 6,400 400 425
2,123 6,399 30
2,055 6,346 382
2,000
2,022 2,055 28.9
2,000 6,000 300 27.1
2,022 6,095 26.3 25.6
20
5,600 200
1,800
1,800 1,819 5,485 10
1,819 5,200 100
1,600 4,800 0 0
1,600
1. OPEX excluding DME
Threshold
Threshold
Target
Target
Maximum
Maximum
Actual Results Achieved
Actual Results Achieved
The outcome for the bonus for the Chief Executive Officer was 100% related to the achievement of individual objectives and 146%
related to the achievement of business objectives, meaning that the overall payout was 75% of the total maximum MIP opportunity.
The Chief Executive Officer’s individual performance assessment is based on achievement of individual objectives set by the Chairman of
the Board. The Chairman of the Board of Directors and the Chairman of the Remuneration Committee assessed the Chief Executive Officer’s
performance against specific objectives, and this assessment was approved in March 2016. The Chief Executive Officer’s individual objectives
for 2015 were based on improvement in the number of countries in which we gained or sustained market share, an increase in EBIT margin
versus prior year, an increase in sustainable engagement versus prior year and maintaining the Beverage Industry Leadership in the World
and Europe on the Dow Jones Sustainability Index.
The overall level of performance achieved resulted in an MIP award equating to 97.6 % of base salary for the Chief Executive Officer
(100% achievement of individual performance objectives of 10%, and achievement of 146% of business objectives, multiplied by 60% of
base salary). The actual awards received by the Chief Executive Officer are shown in the table ‘Single total figure of remuneration for the
Chief Executive Officer’.
97
Performance Share Plan (Performance share award during the financial year for the Chief Executive Officer)
Performance share plan awards are normally granted on an annual basis. The Chief Executive Officer is the only Director who participates in
the Group’s share incentive plan, with performance shares being awarded under the PSP.
On 10 December 2015, the Chief Executive Officer was awarded 138,476 performance shares under the PSP. These shares will vest in March
2019 provided that performance conditions are met at the end of the three-year period. The following table sets out the details of the award
made to the Chief Executive Officer under the PSP for 2015:
Type of award made 138,476 performance shares have been awarded under the PSP.
Shares vest after three years in March 2019, subject to the
achievement of performance conditions.
The above award includes one grant in 2015.
Share price 20.93 Euros (14.70 GBP)
Date of grant 10 December 2015
Performance period 1 January 2016 to 31 December 2018
Face value of the award 2,898,720 Euros
(The maximum number of shares that would vest if all performance measures
and targets are met, multiplied by the share price at the date of grant )
Face value of the award as a % of Annual Base Salary 330%
Percentage that would be distributed if threshold performance was achieved in 25% of maximum award
both PSP key performance indicators
Percentage that would be distributed if threshold performance was achieved only 12.5% of maximum award
in one PSP key performance indicator
Notes:The table above specifies the number of shares awarded under the PSP. The proportion of the awards that will vest is dependent upon the achievement of
performance conditions and the actual value distributed may be nil. The vesting outcomes will be disclosed in the 2018 report.
Performance share plan performance targets

Targets have been reviewed and approved by the Remuneration Committee to reward long-term sustainable performance in-line with the
Group’s business strategy and to create alignment with the delivery of value for shareholders. The PSP is associated with the following key
performance indicators:
–– Comparable EPS: Calculated by dividing the comparable net profit attributable to the owners of the parent by the weighted average
number of outstanding shares during the period.
–– Return on invested capital: ROIC is the percentage return that a company makes over its invested capital. More specifically we define
ROIC as the percentage of net operating profit after tax divided by the capital employed. Capital employed is calculated as the average
of net borrowings and shareholders’ equity through the year.
The threshold, target and maximum for PSP key performance indicators are approved by the Remuneration Committee.
Grants will normally take place each year in March. The PSP was approved by the Annual General Meeting in June 2015. In order to ensure
that plan participants would not be negatively impacted by the transition from the ESOP to the PSP, the grant took place in December 2015.
The next grant will take place in March 2016.
The threshold, base target and maximum performance conditions for the 2015 December PSP grant, as well for the 2016 March PSP grant,
will be the same, as PSP key performance indicators will be measured over the same performance period, which is from 1 January 2016 to
31 December 2018. The table below outlines the targets and the vesting profile for these awards.
Comparable EPS
by December 2018 Return on Invested Capital by
Measures (Weighting 50%) December 2018 (Weighting 50%) Vesting Profile
Threshold 1.08 10.1% 25%
Maximum 1.31 12.1% 100%
The vesting schedule for PSP performance conditions is not straight line between the threshold and maximum performance levels. The
Committee considers that it is appropriate to place greater emphasis on achieving the Target performance level than outperformance of this
level. The Committee has judged that the Target level of performance is commercially sensitive and so it will not be disclosed on a forward-
looking basis. It will be disclosed on a retrospective basis in our 2018 report.
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Strategic Report
Change in Chief Executive Officer remuneration

The following table sets out the percentage change in the Chief Executive Officer’s overall remuneration over the last year as opposed to
the percentage change in the average remuneration of other Swiss-based employees of the Group. We have chosen to make a comparison
against employees in Switzerland as this is the market in which our Chief Executive Officer is based. The design of the Chief Executive
Officer’s package is consciously more focused on variable pay based on group business results and therefore will vary more from year to year.
MIP payout related to the Swiss workforce is mainly driven by the Swiss business unit results.
Annual Base Salary1 Benefits1 Annual Bonus1
in Euros in Euros in Euros
Chief Executive Officer % change from 2014 to 2015 Change 20% Change 116% Change 99%
Average employee % change for the Swiss workforce from 2014 to 20152 Change 1.3% Change 1.4% Change 10%
1. In accordance with UK regulation, the Chief Executive Officer’s total remuneration reflects base pay, cash and non-cash benefits and annual bonus.
2. Applicable foreign exchange rate from CHF to Euro was 0.9414 during the period.
Performance review
The following chart sets out the Group’s total shareholder return (TSR) performance benchmarked against the TSR performance of the FTSE
100. As the Group is part of FTSE 100, the comparison is made versus that index.
Coca-Cola HBC vs. FTSE 100

TSR (rebased to 100)
250
200
150
100
50
Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Dec 15
FTSE 100
CCHBC
Chief Executive Officer remuneration for period of TSR

The following table sets out the total remuneration paid to the Group’s Chief Executive Officer over the last seven years, including MIP and
stock options:
2015 2014 2013 2012 2011 2010 2009
Doros Doros Doros
Dimitris Lois Dimitris Lois Dimitris Lois Dimitris Lois Dimitris Lois Constantinou Constantinou Constantinou
Total remuneration
(€ 000’s) 3,012 1,918 1,928 1,524 711 4,708 3,752 2,887
% of maximum awards
received under MIP 75% 45% 49% 68% 24% 9% 65% 63%
On 4 July 2011, the former Chief Executive Officer of the Group retired from service, and Mr. Lois succeeded him. The amounts for 2011 include the remuneration of the
former Chief Executive Officer up to the retirement date and the remuneration of Mr. Lois for the remainder of the year. For 2011, the remuneration of the former Chief
Executive Officer includes termination benefits due to retirement.
As Coca-Cola HBC listed on the London Stock Exchange in April 2013, the amounts included in respect of the period before that date relate to the remuneration the
Chief Executive Officer received in his capacity as Chief Executive Officer of Coca-Cola Hellenic Bottling Company S.A.
99
Investor and employee perspective

Shareholder views have been taken into account in formulating the remuneration policy. The Committee, under the scope of reviewing the
remuneration policy and practices, considers shareholder views as well as what is right for the Group to achieve its overall business strategies.
In reviewing and determining remuneration the Committee took into account the following:
–– The business strategies and needs of the company;
–– The views of shareholders on group policies and programmes of remuneration;
–– Market comparisons and the positioning of the Group’s remuneration relative to other comparable companies;
–– Input from employees regarding our remuneration programmes;
–– The need to design similar, performance-related principles for the determination of executive remuneration and the remuneration of
other employees; and
–– Ensuring that Board members, the Chief Executive Officer and Operating Committee members play no part in determining their own
remuneration. The Chairman of the Committee and the Chief Executive Officer are not present when the Remuneration Committee and
the Board discuss matters that pertain to their remuneration.
This ensures that the same performance-setting principles are applied for executive remuneration and for other employees in
the organisation.
Directors’ service contracts and terms of appointment

Appointment dates of each Director and unexpired terms of their service contract or appointment as a non-Executive Director are set out below.
Date originally appointed Unexpired term of service
to the Date appointed to the contract or appointment
Name Title Board of the Company Board of the Company as non-Executive Director
Anastassis G. David Chairman and non-Executive Director 27 July 2006 24 June 2015 One year
Dimitris Lois Chief Executive Officer 4 July 2011 24 June 2015 Indefinite, terminable
on 6 months’ notice
George A. David1 Non-Executive Director 2 January 1981 24 June 2015 One year
Anastasios I. Leventis Non-Executive Director 25 June 2014 24 June 2015 One year
Christo Leventis Non-Executive Director 25 June 2014 24 June 2015 One year
Irial Finan Non-Executive Director 23 October 1997 24 June 2015 One year
José Octavio Reyes Non-Executive Director 25 June 2014 24 June 2015 One year
Antonio D’Amato Non-Executive Director 1 January 2002 24 June 2015 One year
Christos Ioannou2 Non-Executive Director 19 March 2010 – –
Sir Michael Llewellyn-Smith Senior Independent non-Executive Director 6 September 2000 24 June 2015 One year
Nigel Macdonald Non-Executive Director 17 June 2005 24 June 2015 One year
Susan Kilsby3 Non-Executive Director 25 April 2013 – –
John P. Sechi Non-Executive Director 25 June 2014 24 June 2015 One year
Alexandra Papalexopoulou4 Non-Executive Director 24 June 2015 24 June 2015 One year
Olusola (Sola) David-Bohra5 Non-Executive Director 24 June 2015 24 June 2015 One year
1. On 2 January 1981, Mr. George A. David was appointed to the Board of Hellenic Bottling Company S.A, which acquired Coca-Cola Beverages plc on 9 August 2000
and formed Coca-Cola Hellenic Bottling Company S.A.
2. Mr. Christos Ioannou retired from the Board and the Audit and Risk Committee on 24 June 2015.
3. Mrs. Susan Kilsby retired from the Board, the Remuneration Committee and the Nomination Committee on 24 June 2015.
4. Mrs. Alexandra Papalexopoulou was appointed to the Board and the Nomination Committee on 24 June 2015.
5. Mrs. Olusola (Sola) David-Bohra was appointed to the Board and the Audit and Risk Committee on 24 June 2015.
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Strategic Report
The Chief Executive Officer’s service contract and the terms and conditions of appointment of the non-Executive Directors are open for
inspection by the public at the registered office of the Group.
Non-Executive Directors’ remuneration for the year ended 31 December 2015

Remuneration
Committee fees
Senior Social 2015 2014
Base fees Audit Independent Remuneration Nomination Responsibility Total Total
Non-Executive Director (€) (€) (€) (€) (€) (€) (€) (€)
Anastassis G. David1 65,000 – – – 2,500 – 67,500 70,000
George A. David – – – – – – – –
Christo Leventis – – – – – – – –
Anastasios I. Leventis – – – – – – – –
Irial Finan 65,000 – – – – – 65,000 65,000
Antonio D’Amato 65,000 – – 5,000 5,000 – 75,000 75000
Christos Ioannou2 32,500 6,250 – – – – 38,750 77,500
Sir Michael Llewellyn-
Smith 65,000 – 10,000 10,000 10,000 – 95,000 90,000
Nigel Macdonald 65,000 25,000 – – – – 90,000 90,000
Susan Kilsby3 32,500 – – 2,500 2,500 – 37,500 75,000
José Octavio Reyes4 65,000 – – – 2,500 5,000 72,500 37,500
John P. Sechi 65,000 12,500 – – – – 77,500 38,750
Alexandra
Papalexopoulou5 32,500 – – 2,500 2,500 – 37,500 –
Olusola (Sola)
David-Bohra6 32,500 6,250 – – – – 38,750 –
1. With effect from 24 June 2015, Mr. Anastassis David retired from the Company’s Nomination Committee. The Group has applied a half-year period fee of €2,500
for Nomination Committee membership.
2. Mr. Christos Ioannou retired from the Board and the Audit and Risk Committee on 24 June 2015. The Group has applied a half-year period fee of €6,250 for Audit
and Risk Committee membership.
3. Mrs. Susan Kilsby retired from the Board, the Remuneration Committee and the Nomination Committee on 24 June 2015. The Group has applied a half year
period fee of €2.500 for the Nomination and €2.500 Remuneration Committee memberships.
4. With effect from 24 June 2015, Mr. Reyes retired from the Company’s Nomination Committee. The Group has applied a half-year period fee of €2,500 for
Nomination Committee membership. In relation to Mr. Reyes, on top of the basic fees of €72,500, the Group paid as required by the Swiss legislation, social
security contribution of €5,721.
5. Mrs. Alexandra Papalexopoulou was appointed to the Board and the Nomination Committee on 24 June 2015. The Group has applied a half-year period fee of
€2,500 for Nomination and €2.500 Remuneration Committee memberships.
6. Mrs. Olusola (Sola) David-Bohra was appointed to the Board and the Audit and Risk Committee on 24 June 2015. The Group has applied a half-year period fee of
€6,250 for Audit and Risk Committee membership. For Mrs. David-Bohra, on top of the basic fees of €38,750, the Group paid €3,058 in social security contribution
as required by legislation.
Non-Executive Directors do not participate in any of the Group’s incentive plans, nor do they receive any retirement or other taxable benefits.
Directors’ shareholdings and share interests (ESOP, PSP and ESPP)

The following table sets out the information regarding the stock options and shares in respect of Coca-Cola HBC held by the Chief Executive
Officer under the ESOP, the PSP and the ESPP.
ESOP PSP ESPP
Number of Unvested and subject Number of Outstanding
stock options Vesting at the Vesting at the Performance to performance Vested but shares held1 as at
Name outstanding Fully vested end of 2016 end of 2017 shares granted conditions unexercised 31 December 2015
Dimitris Lois 1,700,000 1,250,000 330,000 120,000 138,476 138,476 – 35,993
Notes:
1. The number of shares held by Mr. Lois includes the amount of purchased and vested shares held under the ESPP on 31 December 2015 and 1,000 shares held
by Mr. Lois’s spouse. Out of the 35,993 shares that the Chief Executive Officer held as of 31 December 2015, 2,035 shares have not yet vested.
Dimitris Lois did not exercise any options during 2015.
101
The following table sets out each non-Executive Director’s holding of shares and other interests in shares (including share options and share
awards under the Group’s incentive plans):
Number of share options and share awards held as at 31 December 2015
Number of shares held as Without performance With performance
Director at 31 December 2015 conditions conditions Vested share options
Anastassis G. David1 – N/A N/A N/A
George A. David – N/A N/A N/A
Irial Finan – N/A N/A N/A
Christo Leventis2 – N/A N/A N/A
Antonio D’Amato – N/A N/A N/A
Sir Michael Llewellyn-Smith 545 N/A N/A N/A
Nigel Macdonald 1,700 N/A N/A N/A
Anastasios I. Leventis3 – N/A N/A N/A
José Octavio Reyes – N/A N/A N/A
John P. Sechi – N/A N/A N/A
Alexandra Papalexopoulou – N/A N/A N/A
Olusola (Sola) David-Bohra – N/A N/A N/A
1. The infant child of Mr. Anastassis David being a beneficiary of a private discretionary trust for the primary benefit of present and future members of the family of the late
Anastasios George Leventis, of which Truad Verwaltungs AG is the Trustee, has an indirect interest with respect to the 85,355,019 shares held by Kar-Tess Holding S.A..
The infant child of Mr. Anastassis David being a beneficiary of a further private discretionary trust for the primary benefit of present and future members of the family of the
late Anastasios George Leventis, of which Selene Treuhand AG is the Trustee, has a further indirect interest in respect of 823,008 shares held by New Argen Holdings Ltd..
Mr. Anastassis David is connected with his infant child for the purposes of rule 3 of the Disclosure and Transparency Rules of the UK Financial Conduct Authority.
2. The infant children of Mr. Christo Leventis being beneficiaries of a private discretionary trust for the primary benefit of present and future members of the family of the
late Anastasios George Leventis, of which Truad Verwaltungs AG is the Trustee, have indirect interests with respect to the 85,355,019 shares held by Kar-Tess Holding
S.A.. The infant children of Mr. Christo Leventis being beneficiaries of a further private discretionary trust for the primary benefit of present and future members of the
family of the late Anastasios George Leventis, of which Selene Treuhand AG is the Trustee, have further indirect interests in respect of 1,234,513 shares held by New
Argen Holdings Ltd.. Mr. Christo Leventis is connected with his infant children for the purposes of rule 3 of the Disclosure and Transparency Rules of the UK Financial
Conduct Authority. By virtue of himself being a beneficiary of a private discretionary trust for the primary benefit of present and future members of the family of the late
Christodoulos Papaneokleus Leventis, of which Mervail Company (PTC) Limited is the trustee, Mr. Christo Leventis has an indirect interest with respect to the 757,307
shares held by Carlcan Holding Limited.
3. The infant child of Mr. Anastasios I. Leventis, being a beneficiary of a private discretionary trust for the primary benefit of present and future members of the family of the
late Anastasios George Leventis, of which Truad Verwaltungs AG is the Trustee, has an indirect interest in respect of the 85,355,019 shares held by Kar-Tess Holding S.A..
The infant child of Mr. Anastasios I. Leventis, being a beneficiary of a further private discretionary trust for the primary benefit of present and future members of the family of
the late Anastasios George Leventis, of which Selene Treuhand AG is the Trustee, has a further indirect interest in respect of 823,008 shares held by New Argen Holdings Ltd..
Mr. Anastasios I. Leventis is connected with his infant child for the purposes of rule 3 of the Disclosure and Transparency Rules of the UK Financial Conduct Authority. By virtue
of himself being a beneficiary of a private discretionary trust for the primary benefit of present and future members of the family of the late Christodoulos Papaneokleus Leventis,
of which Mervail Company (PTC) Limited is the trustee, Mr. Anastasios I. Leventis has an indirect interest with respect to 623,664 shares held by Carlcan Holding Limited.
Shareholding guidelines implementation for the Chief Executive Officer

In 2015, the Remuneration Committee reviewed and approved a policy on minimum shareholding guidelines for the Chief Executive Officer.
The Chief Executive Officer is expected to build his shareholding at the level of 200% of annual base salary to be achieved in a five-year period from
the date of the first PSP Grant (10 December 2015). Vested shares from the ESPP and PSP may be counted to fulfil the shareholding guidelines.
The table below sets out information on shareholding guidelines for the Chief Executive Officer:
ESPP PSP
Current shareholding
Number of vested shares held1 Vested unexercised shares Shareholding versus minimum Guideline Starting date of
Name as at 31 December 2015 held1 as at 31 December 2015 guideline guidelines3 met shareholding guideline
Dimitris Lois 33,958 – 200% of annual base salary2 76% out of 200% No 10 December 2015
1. The number of vested shares held by Mr. Lois includes the amount of purchased and vested shares held under the ESPP on 31 December 2015 and 1,000 shares
held by Mr. Lois’s spouse.
2. The applicable foreign exchange rate from GBP to Euro was set at 1.3568
3. The share price used was GBP 14.48 as of 31 December 2015.
Payments to past Directors Remuneration Committee advisers

In the year ended 31 December 2015, no payments were made While the Remuneration Committee does not have external advisers,
to past Directors. in 2015 it authorised management to work with external consultancy
firm Willis Towers Watson, to assist in the design of the performance
Payments for loss of office share plan and to obtain benchmark information on the individual
In the year ended 31 December 2015, no payments were made performance share grants and performance targets for the Chief
for loss of office. Executive Officer, Operating Committee members and other eligible
plan members. We paid €54,302 in connection with the work related
Termination payments to the design of the performance share plan. This consultancy firm
During 2015, no amount was paid or accrued for terminations. was not connected in any way with Coca-Cola HBC apart from
providing remuneration information services to senior management.
These services are considered to have been independent and
relevant to the market.
102
Strategic Report
Relative importance of spend on pay Total Directors’ and Operating Committee

The following graph shows the expenditure of the Group on members’ remuneration
remuneration paid to all employees and distributions made to The total remuneration paid to or accrued for Directors, the
shareholders (by way of dividend share buy back and/or capital Operating Committee and the Chief Executive Officer for 2015
return) and any other significant distributions in 2015 compared amounted to €18.2 million, compared with €18.7 million for 2014.
with the prior year. Salaries and other short-term benefits amounted to €12.3 million,
compared to €10.7 million for 2014. Out of the total remuneration,
Relative importance of spend on pay the amount accrued for stock option grants during 2015 was €5.1
(€m) million, compared to €7.4 million during 2014. Pension and post-
employment benefits for Directors and the Operating Committee
and the Chief Executive Officer during 2015 amounted to
€0.8 million, compared to €0.6 million during 2014.
2015 1,069.8 132.4 Credits and loans granted to governing bodies

In 2015, no credits or loans were granted to active or former
Total members of the Company’s Board of Directors, members of
2014 1,104.0 130.2
4,236 the Operating Committee or to any related persons.
Total staff costs

Distribution to shareholders
Note: Total staff costs include all remuneration elements. The distribution to
shareholders reflects the dividends paid out to shareholders during the relevant year.
In 2015 total staff costs have been reduced by 3.1%, while dividends paid out to
shareholders have been increased by 1.7%
Statement of shareholder voting at last year’s AGM

The table below sets out the result of the vote on the remuneration-related resolution at the Annual General Meeting held in June 2015:
Abstentions Voting rights
Resolution Votes for Votes against cast Total votes cast represented
Advisory vote on the UK Remuneration Report (including the 213,911,712 46,089,032 8,587,266 268,588,010 73.71%
remuneration policy) and the Swiss Remuneration Report
79.64% 17.16% 3.20%
Approval of the maximum aggregate amount of the remuneration 268,362,579 1,510 223,921 268,588,010 73.71%
for the Board of Directors until the next Annual General Meeting
99.92% 0.00% 0.08%
Approval of the maximum aggregate amount of the remuneration 267,386,311 60,629 1,141,070 268,588,010 73.71%
for the Operating Committee for the next financial year
99.56% 0.02% 0.42%
Following the feedback we received from our shareholders, we implemented several changes to our remuneration policy. We have enhanced
our disclosures relating to the MIP and PSP plans, implemented malus and clawback clauses in our reward programmes, adapted our Directors’
recruitment policy, introduced an overall dilution limit for our reward plans and minimum shareholding guidelines for our senior management.
We shall put forward the policy and the report for a vote at the Annual General Meeting in June 2016.
Implementation of remuneration policy in 2016 commercially sensitive. Targets are not disclosed on a forward-
The remuneration practice will be in line with the policy described looking basis but will be disclosed on a retrospective basis in
in the policy section. The Committee intends to implement the next year’s annual report on remuneration.
remuneration policy in 2016 as follows:
PSP
Base salaries and fees The PSP will continue to be in line with the policy for 2016.
The Committee intends to review the salary of the Chief
The key performance indicators that were described in the policy
Executive Officer in March 2016. The base salary increase for the
section will apply in 2016 with the same weighting.
Chief Executive Officer is anticipated to be in line with the increase
for other employees, and will be effective as of 1 May 2016. Fees The Remuneration Committee intends to recommend to the Board
for non-Executive Directors will be reviewed in 2016. Any increase to award 330% of base salary to the Chief Executive Officer under
to such fees will be tabled for approval by shareholders at the the performance share plan in March 2016. The same performance
2016 AGM. conditions will apply as in the 2015 December grant, as both grants
will be measured under the same performance period, i.e. 1 January
MIP 2016 to 31 December 2018.
The MIP will continue to be in line with the policy for 2016.
Pensions and benefits
The key performance indicators that were described in the annual
Pensions arrangements will be reviewed during 2016. There are no
report on remuneration will apply in 2016 with the same weighting.
plans for any changes to the stated policy.
We have not disclosed full details of all the MIP objectives or financial
targets for 2016 in this report, as we consider them to be
103
Statement of Directors’ Responsibilities
The Directors, whose names and functions are set out on pages (e) The activities of the Group, together with the factors likely
64 to 65 confirm to the best of their knowledge that: to affect its future development, performance, the financial
position of the Group, its cash flows, liquidity position and
(a) The Annual Report, taken as a whole, is fair, balanced and
borrowing facilities are described in the Strategic Report
understandable, and provides the information necessary for
(pages 1 to 61). In addition, notes 7 “Financial instruments”,
shareholders to assess the Group’s position and performance,
14 “Borrowings”, 17 “Share capital, share premium and Group
business model and strategy.
reorganisation reserve” and 28 “Financial risk management”
(b) The consolidated financial statements, which have been prepared to the financial statements include the Company’s objectives,
in accordance with International Financial Reporting Standards, as policies and processes for managing its capital; its financial risk
issued by the IASB, give a true and fair view of the assets, liabilities, management objectives; details of its financial instruments and
financial position and profit or loss of the Company and the hedging activities; and its exposures to credit risk and liquidity risk.
undertakings included in the consolidation of the Group The Group has considerable financial resources together with
taken as a whole. long-term contracts with a number of customers and suppliers
across different countries. The Directors have also assessed the
(c) The Annual Report includes a fair review of the development and principal risks and the other matters discussed in connection with
performance of the business and the position of the Company the viability statement on page 61. The Directors considered it
and the undertakings included in the consolidated Coca-Cola appropriate to adopt the going concern basis of accounting in
HBC Group taken as a whole, together with a description of preparing the annual financial statements and have not identified
the principal risks and uncertainties that they face. any material uncertainties to the Group’s ability to continue to do
(d) The Directors are responsible for preparing the Annual Report, so over a period of at least 12 months from the date of approval
including the consolidated financial statements, and the of these financial statements.
Corporate Governance Report including the Remuneration By order of the Board
Report and the Strategic Report, in accordance with applicable
law and regulations.
Dimitris Lois
Chief Executive Officer
17 March 2016
Disclosure of information required under Listing Rule 9.8.4R

For the purposes of Listing Rule 9.8.4C, the information required to be disclosed by Listing Rule 9.8.4R can be located as set out below:
Listing Rule Information to be included Reference in Report
9.8.4(1) Interest capitalised by the Group and an indication of the amount and Note 20 to the financial statements
treatment of any associated tax relief
9.8.4(2) Details of any unaudited financial information required by LR 9.2.18 Not applicable
9.8.4(4) Details of any long-term incentive scheme described in LR 9.4.3 Not applicable
9.8.4(5) Details of any arrangement under which a director has waived any Page 95
emoluments
9.8.4(6) Details of any arrangement under which a director has agreed to waive Not applicable
future emoluments
9.8.4(7) Details of any allotments of shares by the Company for cash not previously Not applicable
authorised by shareholders
9.8.4(8) Details of any allotments of shares for cash by a major subsidiary of the Not applicable
Company
9.8.4(9) Details of the participation by the Company in any placing made by its parent Not applicable
company
9.8.4(10) Details of any contracts of significance involving a director Not applicable
9.8.4(11) Details of any contract for the provision of services to the Company by a Not applicable
controlling shareholder
9.8.4(12) Details of any arrangement under which a shareholder has waived or agreed Not applicable
to waive any dividends
9.8.4(13) Details of any arrangement under which a shareholder has agreed to waive Not applicable
future dividends
9.8.4(14) Agreements with a controlling shareholder Not applicable
104
Strategic Report
Independent Auditor’s report
Introduction Opinion on financial statements

We have audited the consolidated financial statements of Coca-Cola In our opinion the consolidated financial statements:
HBC AG, (‘the Company’), for the year ended 31 December 2015,
–– give a true and fair view of the state of the Company’s affairs as
which comprise the Consolidated Balance Sheet, the Consolidated
at 31 December 2015 and of its profit and cash flows for the year
Income Statement, the Consolidated Statement of Comprehensive
then ended; and
Income, the Consolidated Statement of Changes in Equity, the
Consolidated Statement of Cash Flows and a summary of significant –– have been properly prepared in accordance with IFRSs as issued
accounting policies and other explanatory information. The financial by the IASB.
reporting framework that has been applied in their preparation is
applicable law and International Financial Reporting Standards Matters on which we are required to report by exception
(‘IFRSs’) as issued by the International Accounting Standards Under the Listing Rules we are required to review the part of
Board (‘IASB’). the Corporate Governance section relating to the Company’s
compliance with eleven provisions of the UK Corporate Governance
Directors’ responsibility for the financial statements Code (the “Code”). We have nothing to report having performed
As explained more fully in the Statement of Directors’ Responsibilities our review.
set out in the Company’s 2015 Integrated Annual Report, the
Directors are responsible for the preparation of the consolidated Other matters
financial statements and for being satisfied that they give a true We have reviewed the statement on going concern, included in
and fair view, and for such internal control as the Directors determine the Statement of Directors’ Responsibilities, in the Company’s 2015
is necessary to enable the preparation of consolidated financial Integrated Annual Report, as if the Company were a UK incorporated
statements that are free from material misstatement, whether premium listed entity. We have nothing to report having performed
due to fraud or error. our review.
As noted in the Statement of Directors’ Responsibilities, the
Auditor’s responsibility Directors have concluded that it is appropriate to prepare the
Our responsibility is to express an opinion on the consolidated financial statements using the going concern basis of accounting.
financial statements based on our audit. We conducted our The going concern basis presumes that the Company has adequate
audit in accordance with International Standards on Auditing (‘ISA’). resources to remain in operation, and that the Directors intend it to
Those Standards require that we comply with ethical requirements do so, for at least one year from the date the financial statements
and plan and perform the audit to obtain reasonable assurance are signed. As part of our audit we have concluded that the
about whether the consolidated financial statements are free Directors’ use of the going concern basis is appropriate.
from material misstatement.
However, because not all future events or conditions can be
An audit involves performing procedures to obtain evidence predicted, these statements are not a guarantee as to the
about the amounts and disclosures in the consolidated financial Company’s ability to continue as a going concern.
statements. The procedures selected depend on the auditor’s
judgement, including the assessment of the risks of material We have also reviewed the Directors’ statement in relation to
misstatement of the consolidated financial statements, whether the longer-term viability of the Company, set out on page 61.
due to fraud or error. In making those risk assessments, the auditor Our review was substantially less in scope than an audit and
considers internal control relevant to the Company’s preparation of only consisted of making inquiries and considering the Directors’
financial statements that give a true and fair view in order to design process supporting their statement; checking that the statement
audit procedures that are appropriate in the circumstances, but not is in alignment with the relevant provisions of the Code; and
for the purpose of expressing an opinion on the effectiveness of considering whether the statement is consistent with the
the entity’s internal control. An audit also includes evaluating the knowledge acquired by us in the course of performing our
appropriateness of accounting policies used and the reasonableness audit. We have nothing to report having performed our review.
of accounting estimates made by the Directors, as well as evaluating
the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
This report, including the opinion, has been prepared for and only Marios Psaltis
for the Company for the purpose of the Disclosure and Transparency the Certified Auditor, Reg. No. 38081
Rules and the Listing Rules of the Financial Conduct Authority and for for and on behalf of PricewaterhouseCoopers S.A.
no other purpose. We do not, in giving this opinion, accept or assume Certified Auditors, Reg. No. 113
responsibility for any other purpose or to any other person to whom Athens, Greece
this report is shown or into whose hands it may come save where
17 March 2016
expressly agreed by our prior consent in writing.
Notes:
(a) The maintenance and integrity of the Coca-Cola HBC AG website is the responsibility of the directors; the work carried out by the auditors does not involve
consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the consolidated financial
statements since they were initially presented on the website.
(b) Legislation in UK and Switzerland governing the preparation and dissemination of consolidated financial statements may differ from legislation in other jurisdictions.
105
Financial statements
Consolidated Balance Sheet

As at 31 December
2015 2014
Note € million € million
Assets
Intangible assets 4 1,911.6 1,884.8
Property, plant and equipment 5 2,545.5 2,624.1
Equity method investments 6 113.8 227.5
Derivative financial instruments 7 6.6 0.9
Deferred tax assets 8 56.3 40.0
Other non-current assets 9 31.4 39.6
Total non-current assets 4,665.2 4,816.9
Inventories 10 435.8 414.2
Trade, other receivables and assets 11 909.5 940.0
Current tax assets 12.9 17.6
Cash and cash equivalents 13 487.4 636.3
1,862.5 2,061.1
Assets classified as held for sale 12 5.5 1.0
Total current assets 1,868.0 2,062.1
Total assets 6,533.2 6,879.0
Liabilities
Borrowings 14 781.5 548.6
Trade and other payables 15 1,503.6 1,473.7
Provisions and employee benefits 16 86.8 62.9
Current tax liabilities 78.1 58.6
Total current liabilities 2,490.9 2,195.9
Borrowings 14 923.0 1,556.3
Deferred tax liabilities 8 132.0 137.4
Provisions and employee benefits 16 141.5 150.2
Other non-current liabilities 7.2 13.9
Total non-current liabilities 1,218.2 1,892.0
Total liabilities 3,709.1 4,087.9
Equity
Share capital 17 2,000.1 1,998.1
Share premium 17 5,028.3 5,157.6
Group reorganisation reserve 17 (6,472.1) (6,472.1)
Treasury shares 18 (132.0) (70.7)
Exchange equalisation reserve 18 (681.4) (615.3)
Other reserves 18 260.4 259.7
Retained earnings 2,816.5 2,529.7
Equity attributable to owners of the parent 2,819.8 2,787.0
Non-controlling interests 4.3 4.1
Total equity 2,824.1 2,791.1
Total equity and liabilities 6,533.2 6,879.0
The accompanying notes form an integral part of these consolidated financial statements.
106
Strategic Report
Consolidated Income Statement

Year ended 31 December
2015 2014
Net sales revenue 3 6,346.1 6,510.2
Cost of goods sold (4,018.7) (4,192.5)
Gross profit 2,327.4 2,317.7
Operating expenses 19 (1,855.2) (1,901.4)
Restructuring costs 19 (54.0) (55.2)
Operating profit 3 418.2 361.1
Finance income 9.5 10.0
Finance costs (77.7) (80.5)
Loss on net monetary position 20 – (2.4)
Total finance costs, net 20 (68.2) (72.9)
Share of results of equity method investments 6 7.1 63.8
Profit before tax 357.1 352.0
Tax 3,21 (76.4) (57.8)
Profit after tax 280.7 294.2
Attributable to:
Owners of the parent 280.3 294.8
Non-controlling interests 0.4 (0.6)
280.7 294.2
Basic and diluted earnings per share (€) 22 0.77 0.81
107
Financial statements continued
Consolidated Statement of Comprehensive Income

2015 2014
Other comprehensive income:
Items that may be subsequently reclassified to income statement:
Available-for-sale financial assets:
Valuation gains/(losses) during the year 0.1 (0.6)
Cash flow hedges:
Amounts of (losses)/gains during the year (5.2) 5.4
Amounts of losses reclassified to profit and loss for the year 4.6 7.4
Transfers to inventory for the year (19.7) (20.3) (6.4) 6.4
Foreign currency translation (65.8) (322.0)
Share of other comprehensive income of equity method investments (0.2) –
Income tax relating to items that may be subsequently reclassified
to income statement (refer to Note 23) 5.5 (6.6)
(80.7) (322.8)
Items that will not be subsequently reclassified to income statement:
Actuarial gains/(losses) 11.1 (38.7)
Income tax relating to items that will not be subsequently reclassified to income statement
(refer to Note 23) (2.9) 6.6
8.2 (32.1)
Other comprehensive income for the year, net of tax (refer to Note 23) (72.5) (354.9)
Total comprehensive income for the year 208.2 (60.7)
Total comprehensive income attributable to:
Owners of the parent 207.8 (60.1)
Non-controlling interests 0.4 (0.6)
208.2 (60.7)
108
Strategic Report
Consolidated Statement of Changes in Equity

Attributable to owners of the parent
Group Exchange Non-
Share Share reorganisation Treasury equalisation Other Retained controlling Total
capital premium reserve shares reserve reserves earnings Total interests equity
€ million € million € million € million € million € million € million € million € million € million
Balance as at
1 January 2014 1,997.4 5,287.1 (6,472.1) (70.7) (293.3) 388.7 2,125.1 2,962.2 5.1 2,967.3
Shares issued to
employees exercising
stock options 0.7 0.7 – – – – – 1.4 – 1.4
Share-based
compensation:
Options – – – – – 12.1 – 12.1 – 12.1
Movement in shares
held for equity
compensation plan – – – – – (2.3) – (2.3) – (2.3)
Share of other changes
in equity of equity
method investments – – – – – – (0.5) (0.5) – (0.5)
Appropriation
of reserves – – – – – (138.0) 138.0 – – –
Hyperinflation impact – – – – – – 3.2 3.2 – 3.2
Dividends – (130.2) – – – – 1.2 (129.0) (0.4) (129.4)
1,998.1 5,157.6 (6,472.1) (70.7) (293.3) 260.5 2,267.0 2,847.1 4.7 2,851.8
Profit for the year
net of tax – – – – – – 294.8 294.8 (0.6) 294.2
Other comprehensive
income for the year,
net of tax – – – – (322.0) (0.8) (32.1) (354.9) – (354.9)
Total comprehensive
net of tax1
– – – – (322.0) (0.8) 262.7 (60.1) (0.6) (60.7)
Balance as at
31 December 2014 1,998.1 5,157.6 (6,472.1) (70.7) (615.3) 259.7 2,529.7 2,787.0 4.1 2,791.1
1. The amount included in the exchange equalisation reserve of €322.0m loss for 2014 represents the exchange loss attributable to the owners of the parent.
The amount included in other reserves of €0.8m loss for 2014 consists of loss on valuation of available-for-sale financial assets of €0.6m, cash flow hedges gain of
€6.4m (of which €5.4m represents revaluation gain for the year, €7.4m represents revaluation losses reclassified to profit and loss for the year, and €6.4m represents
revaluation gain reclassified to inventory for the year) and the deferred tax expense thereof amounting to €6.6m.
The amount of €262.7m profit comprises profit for the year of €294.8m, plus actuarial loss of €38.7m, less a deferred tax income of €6.6m.
The amount of €0.6m loss included in non-controlling interests for 2014 represents the share of non-controlling interests in retained earnings.
109
Financial statements continued
Consolidated Statement of Changes in Equity continued

Attributable to owners of the parent
Group Exchange Non-
Share Share reorganisation Treasury equalisation Other Retained controlling Total
capital premium reserve shares reserve reserves earnings Total interests equity
€ million € million € million € million € million € million € million € million € million € million
Balance as at
1 January 2015 1,998.1 5,157.6 (6,472.1) (70.7) (615.3) 259.7 2,529.7 2,787.0 4.1 2,791.1
Shares issued to
employees exercising
stock options 2.0 3.1 – – – – – 5.1 – 5.1
Share-based
compensation:
Options and
performance shares – – – – – 8.8 – 8.8 – 8.8
Movement in shares
held for equity
compensation plan – – – (0.6) – 1.3 – 0.7 – 0.7
Acquisition of
treasury shares – – – (58.5) – – – (58.5) – (58.5)
Appropriation
of reserves – – – (2.2) – 5.2 (3.0) – – –
Dividends – (132.4) – – – – 1.3 (131.1) (0.2) (131.3)
2,000.1 5,028.3 (6,472.1) (132.0) (615.3) 275.0 2,528.0 2,612.0 3.9 2,615.9
Profit for the year
net of tax – – – – – – 280.3 280.3 0.4 280.7
Other comprehensive
net of tax – – – – (66.1) (14.6) 8.2 (72.5) – (72.5)
Total comprehensive
net of tax2 – – – – (66.1) (14.6) 288.5 207.8 0.4 208.2
Balance as at
31 December 2015 2,000.1 5,028.3 (6,472.1) (132.0) (681.4) 260.4 2,816.5 2,819.8 4.3 2,824.1
2. The amount included in the exchange equalisation reserve of €66.1m loss for 2015 represents the exchange loss attributable to the owners of the parent.
The amount included in other reserves of €14.6m loss for 2015 consists of gain on valuation of available-for-sale financial assets of €0.1m, cash flow hedges losses
of €20.3m (of which €5.2m represents revaluation loss for the year, €4.6m represents revaluation loss reclassified to profit and loss for the year, and €19.7m represents
revaluation gain reclassified to inventory for the year), €0.1m gain relating to share of other comprehensive income of equity method investments and the deferred tax
income thereof amounting to €5.5m.
The amount of €288.5m profit comprises profit for the year of €280.3m, plus actuarial gains of €11.1m, less a deferred tax expense of €2.9m.
The amount of €0.4m gain included in non-controlling interests for 2015 represents the share of non-controlling interests in retained earnings.
For further details, please refer to: Note 17 Share capital, share premium and Group reorganisation reserve; Note 18 Reserves; Note 24
Shares held for equity compensation plan; Note 25; Stock option and performance shares compensation plans; and Note 27; Dividends.
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Strategic Report
Consolidated Cash Flow Statement

2015 2014
Operating activities
Total finance costs, net 20 68.2 72.9
Share of results of equity method investments 6 (7.1) (63.8)
Tax charged to the income statement 3,21 76.4 57.8
Depreciation of property, plant and equipment 5 308.1 336.4
Impairment of property, plant and equipment 5 32.1 32.4
Employee stock options and performance shares 25 8.8 12.1
Amortisation of intangible assets 3,4 0.4 0.4
Other items (1.3) (0.3)
766.3 742.1
Loss/(gain) on disposals of non-current assets 1.8 (1.8)
Increase in inventories (37.1) (38.0)
Increase in trade and other receivables (13.8) (53.9)
Increase in trade and other payables 94.8 106.9
Tax paid (72.7) (69.0)
Net cash from operating activities 739.3 686.3
Investing activities
Payments for purchases of property, plant and equipment (331.5) (362.6)
Payments for purchases of intangible assets 4,32 – (14.1)
Proceeds from sales of property, plant and equipment 17.8 23.0
Net receipts from investments 6,32 120.9 6.6
Loans to related parties (2.7) –
Interest received 9.5 10.0
Net cash used in investing activities (186.0) (337.1)
Financing activities
Share buy-back payments 18 (58.5) –
(Payments)/proceeds for shares held by non-controlling interests 26 (1.2) 2.6
Proceeds from shares issued to employees exercising stock options 17 5.1 1.4
Dividends paid to owners of the parent 27 (131.1) (129.0)
Dividends paid to non-controlling interests 27 (0.2) (0.4)
Proceeds from borrowings 742.7 1,137.9
Repayments of borrowings (1,162.7) (1,347.2)
Principal repayments of finance lease obligations (13.8) (14.0)
Interest paid (69.5) (91.3)
Net cash used in financing activities (689.2) (440.0)
Net decrease in cash and cash equivalents (135.9) (90.8)
Movement in cash and cash equivalents
Cash and cash equivalents at 1 January 636.3 737.5
Net decrease in cash and cash equivalents (135.9) (90.8)
Effect of changes in exchange rates (13.0) (11.4)
Hyperinflation impact on cash – 1.0
Cash and cash equivalents at 31 December 13 487.4 636.3
111
Notes to the Consolidated Financial Statements
1. Basis of preparation and Basis of preparation

The consolidated financial statements included in this document
accounting policies are prepared in accordance with International Financial Reporting
Description of business Standards (‘IFRS’) as issued by the International Accounting
Coca-Cola HBC AG and its subsidiaries (the ‘Group’ or ‘Coca-Cola Standards Board (‘IASB’).
HBC’ or ‘the Company’) are principally engaged in the production, The consolidated financial statements are prepared on a going
sales and distribution of non-alcoholic ready-to-drink beverages, concern basis under the historical cost convention, as modified by
under franchise from The Coca-Cola Company. The Company the revaluation of available-for-sale financial assets and derivative
distributes its products in 27 countries in Europe and Nigeria. financial instruments and the financial statements of certain
Information on the Company’s operations by segment is included subsidiaries operating in a hyperinflationary economy which are
in Note 3. restated and expressed in terms of the measuring unit currency
On 11 October 2012, Coca-Cola HBC, a Swiss stock corporation at the balance sheet date and translated to Euro at the exchange
(Aktiengesellschaft/Société Anonyme) incorporated by Kar-Tess rate of the balance sheet date.
Holding (a related party of the Group, see Note 32), announced a
voluntary share exchange offer to acquire all outstanding ordinary Basis of consolidation
registered shares and all American depositary shares of Coca-Cola Subsidiary undertakings are those companies over which the
Hellenic Bottling Company S.A. As a result of the successful Group, directly or indirectly, has control. The Group controls an entity
completion of this offer, on 25 April 2013 Coca-Cola HBC acquired when the Group is exposed to, or has rights to, variable returns from
96.85% of the issued Coca-Cola Hellenic Bottling Company S.A. its involvement with the entity and has the ability to affect those
shares, including shares represented by American depositary shares, returns through power over the entity. Subsidiary undertakings are
and became the new parent company of the Group. On 17 June consolidated from the date on which effective control is transferred
2013, Coca-Cola HBC completed its statutory buy-out of the to the Group and cease to be consolidated from the date on which
remaining shares of Coca-Cola Hellenic Bottling Company S.A. that effective control is transferred out of the Group.
it did not acquire upon completion of its voluntary share exchange
offer. Consequently, Coca-Cola HBC acquired 100% of Coca-Cola The acquisition method of accounting is used to account for
Hellenic Bottling Company S.A. which was eventually delisted from business combinations. The consideration transferred is the fair
the Athens Exchange, from the London Stock Exchange where value of any asset transferred, shares issued and liabilities assumed.
it had a secondary listing and from the New York Stock Exchange The consideration transferred includes the fair value of any asset
where American depositary shares were listed. or liability resulting from a contingent consideration arrangement.
Identifiable assets acquired and liabilities and contingent liabilities
These transactions were treated as a reorganisation of an existing assumed are measured initially at their fair values at the acquisition
entity that has not changed the substance of the reporting entity. date. The excess of the consideration transferred and the fair value
The consolidated financial statements of Coca-Cola HBC are of non-controlling interest over the net assets acquired and liabilities
presented using the values from the consolidated financial assumed is recorded as goodwill. All acquisition-related costs are
statements of Coca-Cola Hellenic Bottling Company S.A. On the expensed as incurred.
date that Coca-Cola HBC became the new parent of the Group,
25 April 2013, the statutory amounts of share capital, share For each business combination, the Group elects whether
premium and treasury shares of the Company were recognised it measures the non-controlling interest in the acquiree either
through an adjustment in the Statement of Changes in Equity. at fair value or at the proportionate share of the acquiree’s
The resulting difference has been recognised as a component identifiable net assets.
of equity under the heading ‘Group reorganisation reserve’. Transactions with non-controlling interests that do not result
The shares of Coca-Cola HBC started trading in the premium in loss of control are accounted for as equity transactions – that
segment of the London Stock Exchange (Ticker symbol: CCH), is, as transactions with the owners in their capacity as owners.
on the Athens Exchange (Ticker symbol: EEE) and regular way The difference between fair value of any consideration paid and
trading in Coca-Cola HBC ADS commenced on the New York Stock the relevant share acquired of the carrying value of net assets
Exchange (Ticker symbol: CCH) on 29 April 2013. On 24 July 2014 of the subsidiary is recorded in equity.
the Group proceeded to the delisting of its American Depository Inter-company transactions and balances between Group
Receipts from the New York Stock Exchange and terminated its companies are eliminated. The subsidiaries’ accounting policies
reporting obligations under the US Securities Exchange Act of are consistent with policies adopted by the Group.
1934. The deregistration of Coca-Cola HBC shares under the
US Securities Exchange Act of 1934 and the termination of its When the Group ceases to have control, any retained interest in the
reporting obligations became effective on 3 November 2014. entity is remeasured to its fair value at the date when such control
is lost, with the change in carrying amount recognised in profit or
These consolidated financial statements were approved for issue loss. The fair value is the initial carrying amount for the purposes of
by the Board of Directors on 16 March 2016 and are expected to be subsequently accounting for the retained interest as an associate,
verified at the Annual General Meeting to be held on 21 June 2016. joint venture or financial asset. In addition, any amounts previously
recognised in other comprehensive income in respect of that
entity are accounted for as if the Group had directly disposed
of the related assets or liabilities. This may mean that amounts
previously recognised in other comprehensive income are
reclassified to profit or loss.
112
Strategic Report
Critical accounting judgements and estimates Revenue recognition

In conformity with IFRS, the preparation of the consolidated Revenues are recognised when all of the following conditions are
financial statements for Coca-Cola HBC requires management met: when the amount of revenue can be reliably measured; when
to make estimates and assumptions that affect the reported it is probable that future economic benefits will flow to the Group;
amounts of assets, liabilities, revenues and expenses, and the and when the significant risks and rewards of ownership of the
disclosure of contingent assets and liabilities in the consolidated products have passed to the buyer, usually on delivery of the goods.
financial statements and accompanying notes. Although these
Revenue is measured at the fair value of the consideration received
estimates are based on management’s knowledge of current
or receivable and is stated net of sales discounts, value-added
events and actions that may be undertaken in the future, actual
taxes and sales taxes as applicable, listing fees and marketing
results may ultimately differ from estimates.
and promotional incentives provided to customers. Listing fees
are incentives provided to customers for carrying the Company’s
Income taxes
products in their stores. Listing fees that are subject to contract-
The Group is subject to income taxes in numerous jurisdictions.
based term arrangements are capitalised and amortised over the
There are many transactions and calculations for which the ultimate
term of the contract as a reduction to revenue. All other listing fees
tax determination cannot be assessed with certainty in the ordinary
as well as marketing and promotional incentives are a reduction
course of business. The Group recognises a provision for potential
of revenue as incurred. The amount of listing fees capitalised at
cases that might arise in the foreseeable future based on
31 December 2015 was €10.6m (31 December 2014: €13.2m).
assessment of the probabilities as to whether additional taxes will
Of this balance, €9.2m (31 December 2014: €10.1m) was classified
be due. Where the final tax outcome on these matters is different
as current prepayments and the remainder as non-current
from the amounts that were initially recorded, such differences
prepayments. Listing fees recognised as a reduction to revenue
will impact the income tax provision in the period in which such
for the year ended 31 December 2015 amounted to €516.8m
determination is made. The Group anticipates that were the final
(year ended 31 December 2014: €486.2m). Marketing and
tax outcome, on the judgement areas, to differ from management’s
promotional incentives provided to customers during the year
estimates by up to 10%, the Group’s consolidated tax expense
ended 31 December 2015 amounted to €174.9m (year ended
would increase (or decrease) by approximately €5.5m.
31 December 2014: €218.0m).
Impairment of goodwill and indefinite lived intangible assets Coca-Cola HBC receives contributions from The Coca-Cola
Determining whether goodwill or indefinite-lived intangible assets Company in order to promote sales of their brands. Contributions
are impaired requires an estimation of the value-in-use of the for price support, marketing and promotional campaigns in respect
cash-generating units to which they have been allocated in order of specific customers are recognised as an offset to promotional
to determine the recoverable amount of the cash-generating units. incentives provided to those customers to which the contributions
The value in use calculation requires the Group to estimate the contractually relate. These contributions are accrued and matched to
future cash flows expected to arise from the cash-generating unit the expenditure to which they relate. In the year ended 31 December
and a suitable discount rate in order to calculate present value. 2015, such contributions totalled €46.2m (year ended 31 December
These assumptions and a discussion on how they are established 2014: €44.1m).
are described in Note 4.
Earnings per share
Employee benefits – defined benefit pension plans Basic earnings per share is calculated by dividing the net profit
The Group provides defined benefit pension plans as an employee attributable to the owners of the parent by the weighted average
benefit in certain territories. Determining the value of these plans number of ordinary shares outstanding during the year. The
requires several actuarial assumptions and estimates about discount weighted average number of ordinary shares outstanding during the
rates, future salary increases and future pension increases. Due to year is the number of ordinary shares outstanding at the beginning
the long-term nature of these plans, such estimates are subject to of the year, adjusted by the number of ordinary shares bought back
significant uncertainty. Details of assumptions used, including a or issued during the year multiplied by a time-weighting factor.
sensitivity analysis, are given in Note 16. Diluted earnings per share incorporates stock options for which
the average share price for the year is in excess of the exercise price
Joint arrangements of the stock option and there is a dilutive effect.
The Group participates in several joint arrangements. Judgement
is required in order to determine their classification as a joint venture Intangible assets
where the Group has rights to the net assets of the arrangement, Intangible assets consist mainly of goodwill, trademarks, franchise
or a joint operation where the Group has rights to the assets agreements and water rights. Goodwill is the excess of the
and obligations for the liabilities of the arrangement. In making consideration transferred over the fair value of the share of net
this judgement, consideration is given to the legal form of the assets acquired. Goodwill and other indefinite-lived intangible assets
arrangement, and the contractual terms and conditions, as are not amortised but rather tested for impairment annually and
well as other facts and circumstances (including the economic whenever there is an indication of impairment. Goodwill and other
rationale of the arrangement and the impact of the legal framework). indefinite-lived intangible assets are carried at cost less accumulated
The Group’s joint arrangements are further discussed in Note 6. impairment losses.
113
Notes to the Consolidated Financial Statements continued
1. Basis of preparation and accounting Depreciation is calculated on a straight-line basis to allocate the
depreciable amount over the estimated useful life of the assets
policies continued as follows:
For the purpose of impairment testing, goodwill is allocated to Freehold buildings 40 years
each of the Group’s cash-generating units expected to benefit Leasehold buildings and Over the lease term, up to 40 years
from the business combination in which the goodwill arose. improvements
Other indefinite-lived intangible assets are also allocated to the Production equipment 4 to 20 years
Group’s cash-generating units expected to benefit from those
Vehicles 5 to 8 years
intangibles. The cash-generating units to which goodwill and other
indefinite-lived intangible assets have been allocated are tested for Computer hardware and software 3 to 10 years
impairment annually, or more frequently when there is an indication Marketing equipment 3 to 10 years
that the unit may be impaired. If the recoverable amount (i.e. the Fixtures and fittings 8 years
higher of the value in use and fair value less costs to sell) of the Returnable containers 3 to 12 years
cash-generating unit is less than the carrying amount of the unit,
the impairment loss is allocated first to reduce the carrying amount Freehold land is not depreciated as it is considered to have an
of any goodwill allocated to the unit and then pro-rata to the other indefinite life.
assets of the unit on the basis of the carrying amount of each asset
in the unit. Impairment losses recognised against goodwill are not Deposits received for returnable containers by customers are
reversed in subsequent periods. accounted for as deposit liabilities.
Intangible assets with finite lives consist mainly of trademarks and Residual values and useful lives of assets are reviewed and adjusted
water rights and are amortised over their useful economic lives. if appropriate at each balance sheet date.
The useful life of trademarks is determined after considering Impairment of non-financial assets
potential limitations that could impact the life of the trademark, Goodwill and other indefinite-lived assets are not amortised but
such as technological and market limitations and the intent of rather tested for impairment annually and whenever there is an
management. The majority of the Group’s trademarks have been indication of impairment. Property, plant and equipment and other
assigned an indefinite useful life as they have an established sales non-financial assets that are subject to amortisation are reviewed for
history in the applicable region, it is the intention of the Group to impairment whenever events or changes in circumstances indicate
receive a benefit from them indefinitely and there is no indication that the carrying amount may not be recoverable. An impairment
that this will not be the case. loss is recognised for the amount by which the carrying amount
The useful life of franchise agreements is usually based on the term of the asset exceeds its recoverable amount, which is the higher
of the respective franchise agreements. The Coca-Cola Company of the asset’s fair value less cost to sell and its value-in-use. For the
does not grant perpetual franchise rights outside the United States. purposes of assessing impairment, assets are grouped at the lowest
However, the Group believes its franchise agreements, consistent level of separately identifiable cash flows.
with past experience, will continue to be renewed at each expiration
date and have therefore been assigned indefinite useful lives. Borrowing costs
Borrowing costs directly attributable to the acquisition, construction
The useful lives, both finite and indefinite, assigned to intangible or production of qualifying assets, which are assets that necessarily
assets are evaluated on an annual basis. take a substantial period of time to be prepared for their intended
Goodwill and fair value adjustments arising on the acquisition use or sale, are added to the cost of those assets, until such time
of subsidiaries are treated as the assets and liabilities of those as the assets are substantially ready for their intended use or sale.
subsidiaries. These balances are denominated in the functional Investment income earned on the temporary investment of specific
currency of the subsidiary and are translated to Euro on a basis borrowings pending their use for qualifying assets is deducted from
consistent with the other assets and liabilities of the subsidiary. the borrowing costs eligible for capitalisation.
All other borrowing costs are expensed as part of finance costs
Property, plant and equipment in the period in which they are incurred.
All property, plant and equipment is initially recorded at cost and
subsequently measured at cost less accumulated depreciation and Investments in associates
impairment losses. Subsequent expenditure is added to the carrying Investments in associated undertakings are accounted for by
value of the asset when it is probable that future economic benefits, the equity method of accounting. Associated undertakings are
in excess of the original assessed standard of performance of all entities over which the Group has significant influence but not
the existing asset, will flow to the operation. All other subsequent control, generally accompanying a shareholding of between 20%
expenditure is expensed in the period in which it is incurred. to 50% of the voting rights.
Assets under construction are recorded as part of property, plant
and equipment and depreciation on these assets commences The equity method of accounting involves recognising the Group’s
when the assets are available for use. share of the associates’ post-acquisition profit or loss for the period
in the income statement and its share of the post-acquisition
movement in other comprehensive income is recognised in other
114
Strategic Report
comprehensive income. Unrealised gains and losses resulting from The Group derecognises a financial asset when the contractual
transactions between the Group and the associate are eliminated rights to the cash flows from the asset expire, or it transfers the
to the extent of the interest in the associate. rights to receive the contractual cash flows in a transaction in which
substantially all of the risks and rewards of ownership of the financial
The Group’s interest in each associate is carried in the balance sheet
asset are transferred, or it neither transfers nor retains substantially
at an amount that reflects its share of the net assets of the associate
all of the risks and rewards of ownership and does not retain control
and includes goodwill on acquisition. When the Group’s share of
over the transferred asset. When the Group has neither transferred
losses in an associate equals or exceeds its interest in the associate,
nor retained substantially all the risks and rewards of the asset, nor
the Group does not recognise further losses, unless the Group has
transferred control of the asset, the Group continues to recognise
incurred obligations or made payments on behalf of the associate.
the transferred asset to the extent of the Group’s continuing
involvement. In that case, the Group also recognises an associated
Investment in joint arrangements liability. The transferred asset and the associated liability are
Joint arrangements are arrangements in which the Group has measured on a basis that reflects the rights and obligations that
contractually agreed sharing of control, which exists only when the Group has retained.
decisions about the relevant activities require unanimous consent.
Joint arrangements are classified as joint operations or joint ventures Gains and losses on investments classified as FVTPL are recognised
depending upon the rights and obligations arising from the joint in the income statement in the period in which they arise. Unrealised
arrangement and are accounted for as follows: gains and losses on available-for-sale financial assets are recognised
in other comprehensive income, except for impairment losses
The Group classifies a joint arrangement as a joint operation and foreign exchange gains and losses on monetary financial
when the Group has the rights to the assets, and obligations for assets that are recognised in the income statement, until the
the liabilities, of the arrangement and accounts for each of its assets, financial assets are derecognised, at which time the cumulative
liabilities, revenues and expenses, including its share of those held gains or losses previously recognised in equity are reclassified
or incurred jointly, in relation to the joint operation. to the income statement.
The Group classifies a joint arrangement as a joint venture when the Held-to-maturity investments are carried at amortised cost using
Group has rights to the net assets of the arrangement. The Group the effective interest rate method. Gains and losses on held-to-
accounts for its interests in joint ventures using the equity method maturity investments are recognised in the income statement,
of accounting as described in Investments in associates above. when the investments are derecognised or impaired.
If facts and circumstances change, the Group reassesses whether
it still has joint control and whether the type of joint arrangement in Non-current assets held for sale
which it is involved has changed. Non-current assets and disposal groups are classified as held for
sale if it is considered highly probable that their carrying amount
Financial assets will be principally recovered through a sale transaction rather than
The Group classifies its investments in debt and equity securities through continuing use. This condition is regarded as met only
into the following categories: financial assets at fair value through when the sale is highly probable and the asset (or disposal group) is
profit or loss (‘FVTPL’), held-to-maturity and available-for-sale. The available for immediate sale in its present condition. In order for a sale
classification depends on the purpose for which the investment was to be considered highly probable, management must be committed
acquired. FVTPL and available-for-sale financial assets are carried at to the sale, an active programme to locate a buyer and complete the
fair value. Investments that are acquired principally for the purpose of plan has been initiated, and the sale is expected to be completed
generating a profit from short-term fluctuations in price are classified within one year from the date of classification.
as FVTPL investments and included in current assets. Investments Non-current assets and disposal groups classified as held for sale
with a fixed maturity that management has the intent and ability to are measured at the lower of the individual assets’ previous carrying
hold to maturity are classified as held-to-maturity and are included amount and their fair value less costs to sell.
in non-current assets, except for those with maturities within twelve
months from the balance sheet date, which are classified as current
Inventories
assets. Investments intended to be held for an indefinite period of
Inventories are stated at the lower of cost and net realisable value.
time, which may be sold in response to needs for liquidity or changes
in interest rates, are classified as available-for-sale and are classified Cost for raw materials and consumables is determined on
as non-current assets, unless they are expected to be realised within a weighted average basis. Cost for work in progress and finished
twelve months of the balance sheet date. goods is comprised of the cost of direct materials and labour plus
attributable overhead costs. Cost includes all costs incurred to bring
Regular purchases and sales of investments are recognised on the
the product to its present location and condition.
trade date, which is the day the Group commits to purchase or sell.
The investments are recognised initially at fair value plus transaction Net realisable value is the estimated selling price in the ordinary
costs, except in the case of FVTPL. For investments traded in active course of business, less the estimated costs necessary to complete
markets, fair value is determined by reference to stock exchange and sell the inventory.
quoted bid prices. For other investments, fair value is estimated by
reference to the current market value of similar instruments or by
reference to the discounted cash flows of the underlying net assets.
115
1. Basis of preparation and accounting Entities operating in hyperinflationary economies prepare financial
statements that are recorded in accordance with IAS 29 Financial
policies continued Reporting in Hyperinflationary Economies. The gain or loss on net
monetary position is recorded in finance costs. The application
Trade receivables of hyperinflation accounting includes:
Trade receivables are initially recognised at fair value and
subsequently measured at amortised cost. A provision for doubtful –– adjustment of the historical cost of non-monetary assets
debts is established when there is objective evidence that the and liabilities and the various items of equity from their date
Group will not be able to collect all amounts due, according to of acquisition or inclusion in the balance sheet to the end of
the original terms of the trade receivable. Significant financial the year for the changes in purchasing power of the currency
difficulties of the debtor, probability that the debtor will enter into caused by inflation;
bankruptcy or financial reorganisation and default or delinquency –– the various components in the income statement and statement
in payments are considered indicators that the trade receivable of cash flows have been adjusted for the inflation index since
could be uncollectible. The amount of the provision is the difference their generation;
between the receivable’s carrying amount and the present value –– the subsidiary’s financial statements are translated at the
of its estimated future cash flows, discounted at the original closing exchange rate.
effective interest rate. The carrying amount of the receivable is
reduced by the amount of the provision, which is recognised as Since 1 January 2015 hyperinflation accounting in Belarus was
part of operating expenses. If a trade receivable ultimately becomes discontinued as it no longer met the criteria of a hyperinflationary
uncollectible, it is written off initially against any provision made in economy. No other subsidiary of the Group is operating in a
respect of that receivable with any excess recognised as part of hyperinflationary economy.
operating expenses. Subsequent recoveries of amounts previously
written off or provisions no longer required are credited against Cash and cash equivalents
operating expenses. Cash and cash equivalents comprise cash balances and highly
liquid investments with an original maturity of three months or
Trade payables less. Bank overdrafts are classified as short-term borrowings in
Trade payables are recognised initially at fair value and subsequently the balance sheet and for the purpose of the cash flow statement.
measured at amortised cost using the effective interest rate method.
Borrowings
Foreign currency and translation All loans and borrowings are initially recognised at the fair value
The individual financial statements of each Group entity are net of transaction costs incurred.
presented in the currency of the primary economic environment in After initial recognition, all interest-bearing loans and borrowings
which the entity operates (its functional currency). For the purpose are subsequently measured at amortised cost. Amortised cost
of the consolidated financial statements, the results and financial is calculated using the effective interest rate method whereby
position of each entity are expressed in Euro, which is the any discount, premium or transaction costs associated with a
presentation currency for the consolidated financial statements. loan or borrowing is amortised to the income statement over
The assets and liabilities of foreign subsidiaries are translated the borrowing period.
into Euro at the exchange rate ruling at the balance sheet date.
The results of foreign subsidiaries are translated into Euro using the Derivative financial instruments
average monthly exchange rate (being a reasonable approximation The Group uses derivative financial instruments, including interest
of the rates prevailing on the transaction dates), except for foreign rate, currency and commodity derivatives, to manage interest,
subsidiaries operating in a hyperinflationary environment, whose currency and commodity price risk associated with the Group’s
results are translated at the closing rate. The exchange differences underlying business activities. The Group does not enter into
arising on translation are recognised in other comprehensive income. derivative financial instruments for trading activity purposes.
On disposal of a foreign entity, accumulated exchange differences All derivative financial instruments are initially recognised on the
are recognised as a component of the gain or loss on disposal. balance sheet at fair value and are subsequently remeasured at their
Transactions in foreign currencies are recorded at the rate fair value. Changes in the fair value of derivative financial instruments
ruling at the date of transaction. Monetary assets and liabilities are recognised at each reporting date either in the income statement
denominated in foreign currencies are remeasured at the rate of or in equity, depending on whether the derivative financial instrument
exchange ruling at the balance sheet date. All gains and losses arising qualifies for hedge accounting, and if so, whether it qualifies as a fair
on remeasurement are included in the income statement, except for value hedge or a cash flow hedge.
exchange differences arising on assets and liabilities classified as Derivatives embedded in host contracts are accounted for as
cash flow hedges, which are deferred in equity until the occurrence separate derivatives and recorded at fair value if a) their economic
of the hedged transaction, at which time they are recognised in the characteristics and risks are not closely related to those of the host
income statement. Share capital denominated in a currency other contracts; b) the host contracts are not designated as at fair value
than the functional currency is initially stated at spot rate of the through profit or loss and c) a separate instrument with the same
date of issue but is not retranslated. terms as the embedded derivative meets the definition of a
derivative. These embedded derivatives are measured at fair value
with changes in fair value recognised in profit or loss. Reassessment
only occurs if there is either a change in the terms of the contract
that significantly modifies the cash flows that would otherwise be
required or a reclassification of a financial asset out of the fair value
through profit or loss.
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Strategic Report
All derivative financial instruments that are not part of an effective Provisions
hedging relationship (undesignated hedges) are classified as assets Provisions are recognised: when the Group has a present obligation
or liabilities at FVTPL. (legal or constructive) as a result of a past event; when it is probable
that an outflow of resources embodying economic benefits will be
At the inception of a hedge transaction the Group documents the
required to settle the obligation; and when a reliable estimate can be
relationship between the hedging instrument and the hedged item,
made of the amount of the obligation. Where the Group expects
as well as its risk management objective and strategy for undertaking
a provision to be reimbursed, for example under an insurance
the hedge transaction. This process includes linking the derivative
contract, the reimbursement is recognised as a separate asset only
financial instrument designated as a hedging instrument to the
when such reimbursement is virtually certain. If the effect of the
specific asset, liability, firm commitment or forecast transaction.
time value of money is material, provisions are determined by
Both at the hedge inception and on an ongoing basis, the Group
discounting the expected future cash flows at a pre-tax rate that
assesses and documents whether the derivative financial instrument
reflects current market assessments of the time value of money
used in the hedging transaction is highly effective in offsetting
and the risks specific to the liability. Where discounting is used, the
changes in fair value or cash flow of the hedged item.
increase in the provision due to the passage of time is recognised
Changes in the fair values of derivative financial instruments as an interest expense.
that are designated and qualify as fair value hedges and are
effective, are recorded in the income statement, together with the Offsetting financial instruments
changes in the fair values of the hedged items that relate to the The Group offsets financial assets and financial liabilities to the
hedged risks. Changes in the fair value of derivative financial net amount reported in the balance sheet when it currently has
instruments that are designated and effective as hedges of future a legally enforceable right to offset the recognised amounts and
cash flows are recognised directly in other comprehensive income it intends to settle on a net basis or to realise the asset and settle
and the ineffective portion is recognised immediately in the income the liability simultaneously. The legally enforceable right must not
statement. Amounts accumulated in equity are recycled to the be contingent on future events and must be enforceable in the
income statement as the related asset acquired or liability assumed normal course of business and in the event of default, insolvency
affects the income statement. Changes in the fair values of or bankruptcy of the company or the counterparty.
derivative financial instruments that do not qualify for hedge
accounting are recognised in the income statement as they arise. Employee benefits
Hedge accounting is discontinued when the hedging instrument The Group operates a number of defined benefit and defined
expires or is sold, terminated, or exercised, or no longer qualifies contribution pension plans in its territories.
for hedge accounting. At that time, any cumulative gain or loss The defined benefit plans are made up of both funded and unfunded
on the hedging instrument recognised in equity is retained in equity pension plans and employee leaving indemnities. The assets of
until the forecast transaction occurs. If a hedged transaction is no funded plans are generally held in separate trustee-administered
longer expected to occur, the net cumulative gain or loss recognised funds and are financed by payments from employees and/or the
in equity is transferred to the income statement. relevant Group companies.
Leases The liability recognised in the balance sheet in respect of defined

Leases of property, plant and equipment, where the Group has benefit plans is the present value of the defined benefit obligation
substantially all the risks and rewards of ownership, are classified at the balance sheet date less the fair value of the plan assets.
as finance leases. Other leases are classified as operating leases. For defined benefit pension plans, pension costs are assessed
Rentals paid under operating leases are charged to the income using the projected unit credit method. Actuarial gains and
statement on a straight-line basis over the lease term. losses arising from experience adjustments and changes in
actuarial assumptions are charged or credited to equity in
Finance leases are capitalised at the inception of the lease at the other comprehensive income in the period in which they arise.
lower of the fair value of the leased assets and the present value Such actuarial gains and losses are not reclassified to the income
of the minimum lease payments. Each lease payment is allocated statement in subsequent periods. The defined benefit obligations
between liability and finance charges to achieve a constant rate are measured at the present value of the estimated future cash
on the finance balance outstanding. The corresponding lease outflows using interest rates of corporate or government bonds,
obligations, net of finance charges, are included in long-term depending on whether or not there is a deep market for corporate
borrowings. The interest element of the finance cost is charged bonds in the relevant country, which have terms to maturity
to the income statement over the lease period, so as to produce approximating the terms of the related liability. Past service cost
a constant periodic rate of interest on the remaining balance of is recognised immediately in the income statement. A number
the liability for each period. Property, plant and equipment acquired of the Group’s operations have other long-service benefits in the
under finance lease is depreciated over the shorter of the useful form of jubilee plans. These plans are measured at the present value
life of the asset and the lease term. The useful life for leased assets of the estimated future cash outflows with immediate recognition
corresponds with the Group policy for the depreciable life of property, of actuarial gains and losses.
plant and equipment.
The Group’s contributions to the defined contribution pension
plans are charged to the income statement in the period to which
the contributions relate.
117
1. Basis of preparation and accounting recognition of goodwill; deferred tax is not accounted for if it arises
from initial recognition of an asset or liability in a transaction other
policies continued than a business combination that at the time of the transaction
affects neither accounting nor taxable profit or loss. Tax rates
Share-based payments enacted or substantively enacted at the balance sheet date are
Coca-Cola HBC issues equity-settled share-based payments those that are expected to apply when the deferred tax asset is
to its senior managers in the form of an employee stock realised or deferred tax liability is settled.
option plan and a performance share plan.
Deferred tax assets are recognised to the extent that it is probable
The employee stock option plan is measured at fair value at the that future taxable profit will be available against which the temporary
date of grant. Fair value reflects the parameters of the compensation differences can be utilised.
plan, the risk-free interest rate, the expected volatility, the dividend
yield and the early exercise experience of the Group’s plans. Deferred tax is provided on temporary differences arising on
Expected volatility is determined by calculating the historical volatility investments in subsidiaries, associates and joint ventures, except
of Coca-Cola HBC’s share price over previous years. The fair value where the timing of the reversal of the temporary difference can
determined at the grant date is expensed on a straight-line basis be controlled by the Group, and it is probable that the temporary
over the vesting period. difference will not reverse in the foreseeable future.
The performance share plan offers a specified number of Tax is recognised in the income statement, except to the extent
performance share awards that vest three years after the grant. that it relates to items recognised in other comprehensive income or
The fair value is determined at the grant date and reflects the in equity. In this case, the tax is recognised in other comprehensive
parameters of the compensation plan, the dividend yield and the income or directly in equity.
weighted average share price. The fair value determined at the grant Deferred tax assets and deferred tax liabilities are offset if a legally
date is expensed on a straight-line basis over the vesting period. enforceable right exists to set off current tax assets against current
At the end of each reporting period the Group revises its estimates income tax liabilities and the deferred taxes relate to the same
of the number of shares that are expected to vest based on taxation authority on either the same taxable entity or different
non-market conditions, and recognises the impact of the revision taxable entities where there is an intention to settle the balances
to original estimates, if any, in the income statement with a on a net basis.
corresponding adjustment to equity.
In addition, the Group operates an employee stock purchase Franchise incentive arrangements
plan, an equity compensation plan in which eligible employees The Coca-Cola Company, at its sole discretion, provides the
can participate. The Group makes contributions to the plan for Group with various incentives, including contributions towards
participating employees and recognises expenses over the vesting the purchase of cold drink equipment. Payments are made
period of the contributed shares. Any unvested contributions to the on placement of coolers and are based on franchise incentive
plan are recorded on the balance sheet as prepayments. arrangements. The terms and conditions of these arrangements
require reimbursement if certain conditions stipulated in the
Termination benefits agreements are not met, including minimum volume through-put
Termination benefits are payable whenever an employee’s requirements. Support payments received from The Coca-Cola
employment is terminated before the normal retirement date Company for the placement of cold drink equipment are deducted
or whenever an employee accepts voluntary redundancy in from the cost of the related asset.
exchange for these benefits. The Group recognises termination
benefits at the earlier of the following dates: a) when the Group Share capital
can no longer withdraw the offer of those benefits and b) when the Coca-Cola HBC has only one class of shares, ordinary shares.
Group recognises costs for a restructuring that is within the scope When new shares are issued, they are recorded in share capital at
of IAS 37 Provisions, Contingent Liabilities and Contingent Assets and their par value. The excess of the issue price over the par value is
involves the payment of termination benefits. In the case of an offer recorded to the share premium reserve.
made to encourage voluntary redundancy, the termination benefits
Incremental external costs directly attributable to the issue
are measured based on the number of employees expected to
of new shares or to the process of returning capital to shareholders
accept the offer.
are recorded in equity as a deduction, net of tax, in the share
premium reserve.
Taxes
The current income tax charge is calculated on the basis of the
Dividends
tax laws enacted or substantively enacted at the balance sheet
Dividends are recorded in the Group’s consolidated financial
date in the countries where the Group operates and generates
statements in the period in which they are approved by the
taxable income. Management periodically evaluates positions
Group’s shareholders.
taken in tax returns with respect to situations in which applicable
tax regulations are subject to interpretation and establishes
provisions, where appropriate, on the basis of amounts expected Comparative figures
to be paid to the tax authorities. Comparative figures have been reclassified on the balance sheet
where necessary to conform with changes in presentation in the
Deferred tax is provided using the liability method for all temporary current year. More specifically, an amount of €1.0m referring to
differences arising between the tax bases of assets and liabilities and assets held for sale, was reclassified from ‘Trade, other receivables
their carrying values for financial reporting purposes. However, the and assets’ to ‘Assets classified as held for sale’. Further, an amount
deferred tax liabilities are not recognised if they arise from the initial of €62.9m was reclassified from ‘Other payables’ to ‘Provisions and
employee benefits’.
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Strategic Report
Accounting pronouncements adopted in 2015 be entitled to in exchange for those goods or services. IFRS 15
In the current period, the Group has adopted the following standards is effective for annual periods beginning on or after 1 January 2018,
and amendments which were issued by the IASB, that are relevant with early adoption permitted.
to its operations and effective for accounting periods beginning on
In July 2014, the IASB issued IFRS 9 Financial Instruments which
1 January 2015:
reflects all phases of the financial instruments project and replaces
–– Annual Improvements to IFRSs: 2010-2012 Cycle; IAS 39 Financial Instruments: Recognition and Measurement.
–– Defined Benefit Plans: Employee Contributions: Amendments The standard introduces new requirements for classification and
to IAS 19. measurement, impairment, and hedge accounting. IFRS 9 is effective
for annual periods beginning on or after 1 January 2018, with early
The adoption of the improvements made in the 2010-2012 Cycle adoption permitted.
has required additional disclosures in the Group’s segment note.
Other than that, the adoption of these amendments did not have In January 2016, the IASB issued IFRS 16 Leases. The new
any impact on the current period or any prior period and is not likely standard supersedes IAS 17 and its objective is to ensure that
to affect future periods. lessees and lessors provide relevant information in a manner that
faithfully represents those transactions. IFRS 16 introduces a single
lessee accounting model and requires a lessee to recognise assets
Accounting pronouncements not yet adopted and liabilities for all leases with a term of more than 12 months, unless
At the date of approval of these consolidated financial statements,
the underlying asset is of low value. IFRS 16 substantially carries
the following standards and interpretations relevant to the
forward the lessor accounting requirements in IAS 17. Accordingly, a
Company’s operations were issued but not yet effective and
lessor continues to classify its leases as operating leases or finance
not early adopted. The Group is currently evaluating the impact
leases, and to account for those two types of leases differently. IFRS
the amendments or standards will have on its consolidated
16 is effective for annual periods beginning on or after 1 January
financial statements.
2019, with early adoption permitted.
In May 2014, the IASB issued IFRS 15 Revenue from Contracts
In addition the below amendments have been issued by the IASB
with Customers. The objective of the standard is to provide a single,
and are not yet effective:
comprehensive revenue recognition model for all contracts with
customers to improve comparability within industries, across –– Annual Improvements to IFRSs: 2012-2014 Cycle
industries, and across capital markets. It contains principles that –– Amendments to IFRS 10 and IAS 28: Sale or contribution of assets
an entity will apply to determine the measurement of revenue and between an investor and its associate or joint venture
the timing of when it is recognised. The underlying principle is that
–– Amendments to IAS 1: Disclosure initiatives
an entity will recognise revenue to depict the transfer of goods or
services to customers at an amount that the entity expects to –– Amendments to IFRS 11: Accounting for acquisitions of interests
in joint operations.
2. Exchange rates
The Group’s reporting currency is the Euro (€). Coca-Cola HBC translates the income statements of subsidiary operations to the Euro
at average exchange rates and the balance sheets at the closing exchange rates at 31 December. The principal exchange rates used for
transaction and translation purposes in respect of one Euro are:
Average Average Closing Closing
2015 2014 2015 2014
US dollar 1.11 1.33 1.09 1.22
UK sterling 0.72 0.81 0.74 0.78
Polish zloty 4.17 4.19 4.23 4.31
Nigerian naira 215.63 208.35 216.15 204.99
Hungarian forint 309.12 308.58 312.98 315.45
Swiss franc 1.06 1.22 1.08 1.20
Russian rouble 67.67 50.82 78.95 68.34
Romanian leu 4.44 4.45 4.54 4.47
Ukrainian hryvnia 24.52 15.86 26.06 19.23
Czech koruna 27.29 27.55 27.03 27.69
Serbian dinar 120.70 117.26 121.33 120.41
119
3. Segmental analysis
The Group has one business, being the production, sale and distribution of ready-to-drink, primarily non-alcoholic, beverages. The Group
operates in 28 countries and its financial results are reported in the following three reportable segments:
Established markets: Austria, Cyprus, Greece, Italy, Northern Ireland, the Republic of Ireland and Switzerland.
Developing markets: Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia.
Emerging markets: Armenia, Belarus, Bosnia and Herzegovina, Bulgaria, FYROM, Moldova, Montenegro, Nigeria, Romania, the Russian Federation,
Serbia (including the Republic of Kosovo) and Ukraine.
The Group’s operations in each of the three reportable segments have been aggregated on the basis of their similar economic characteristics,
assessed by reference to their net sales revenue per unit case as well as disposable income per capita, exposure to political and economic
volatility, regulatory environments, customers and distribution infrastructures. The accounting policies of the Group’s reportable segments
are the same as those described in Note 1. The Group’s chief operating decision maker is its Operating Committee, which evaluates
performance and allocates resources based on volume, net sales revenue and operating profit.
There are no material amounts of sales or transfers between the Group’s segments. In addition there are no customers who represent more
than 5% of the total balance of trade receivables for the Group or more than 10% of net sales revenue for the Group.
2015 2014
Year ended 31 December Note € million1 € million1
Volume in unit cases2
Established 621.1 615.2
Developing 378.7 358.3
Emerging 1,055.2 1,029.4
Total volume in unit cases 2,055.0 2,002.9
Net sales revenue
Established 2,485.6 2,448.9
Developing 1,092.0 1,054.1
Emerging 2,768.5 3,007.2
Total net sales revenue 6,346.1 6,510.2
Operating profit
Emerging 159.5 185.4
Total operating profit 418.2 361.1
Interest expense and finance charges
Established (30.5) (60.9)
Developing (2.0) (1.3)
Emerging (16.0) (33.9)
Corporate3 (131.8) (137.7)
Inter segment interest expense 110.1 161.8
Total interest expense and finance charges 20 (70.2) (72.0)
Finance income
Established (0.1) 15.8
Developing 1.9 1.2
Emerging 29.9 49.3
Corporate3 87.9 105.5
Inter segment finance income (110.1) (161.8)
Total finance income 20 9.5 10.0
Income tax expense
Emerging (24.8) (18.6)
Corporate3 (7.0) (10.9)
Total income tax expense 21 (76.4) (57.8)
1. Excluding volume which is reported in unit cases.

2. One unit case corresponds to approximately 5.678 litres or 24 servings, being a typically used measure of volume. Volume data is derived from unaudited operational data.
3. Corporate refers to holding, finance and other non-operating subsidiaries of the Group.
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Strategic Report
2015 2014
Year ended 31 December Note € million € million
Reconciling items
Net foreign exchange translation losses 20 (7.5) (10.9)
Share of results of equity method investments 6 7.1 63.8
Expenditure on non-current assets4
Emerging 220.7 263.0
Total expenditure on non-current assets 331.5 376.7
4. Total additions of property, plant and equipment for the year ended 31 December 2015 were €367.4m (2014:€366.7m). Total additions of intangible assets for the year
ended 31 December 2015 were €nil (2014: €14.1m).
Depreciation and impairment of property, plant and equipment and amortisation of intangible assets included in the measure of operating
profit, is as follows:
2015 2014
Depreciation and impairment of property, plant and equipment
Emerging (176.1) (196.3)
Total depreciation and impairment of property, plant and equipment 5 (340.2) (368.8)
Amortisation of intangible assets
Emerging (0.4) (0.4)
Total amortisation of intangible assets 4 (0.4) (0.4)
Net sales revenue from external customers and the balance of non-current assets attributed to Switzerland (the Group’s country of domicile),
Russia, Italy and Nigeria were as follows for the years ended 31 December:
2015 2014
Year ended 31 December € million € million
Net sales revenue from external customers
Switzerland 447.0 400.3
Russia 1,039.3 1,335.6
Italy 919.3 911.8
Nigeria 621.6 586.7
All countries other than Switzerland, Russia, Italy and Nigeria 3,318.9 3,275.8
Total net sales revenue from external customers 6,346.1 6,510.2
2015 2014
Non-current assets5
Switzerland 554.6 503.2
Russia 400.1 554.1
Italy 1,004.1 1,028.1
Nigeria 584.9 547.3
All countries other than Switzerland, Russia, Italy and Nigeria 1,942.0 1,912.6
Total non-current assets 4,485.7 4,545.3
5. Excluding derivative financial instruments, held-to-maturity and available-for-sale investments, equity method investments and deferred tax assets.
121
3. Segmental analysis continued

In addition to non-alcoholic beverages, the Group sells and distributes premium spirits. An analysis of volume and net sales revenue per
product type is presented below:
2015 2014
Year ended 31 December € million1 € million1
Volume in unit cases2
NARTD* 2,052.6 2,000.3
Premium spirits2 2.4 2.6
Total volume in unit cases 2,055.0 2,002.9
Net sales revenue
NARTD 6,164.3 6,311.3
Premium spirits 181.8 198.9
Total net sales revenue 6,346.1 6,510.2
1. Excluding volume, which is reported in unit cases.

2. One unit case corresponds to approximately 5.678 litres or 24 servings, being a typically used measure of volume. Volume data is derived from unaudited operational data.
For premium spirits volume, one unit case corresponds to 5.678 litres.
* NARTD: non-alcoholic, ready-to-drink beverages.
4. Intangible assets
Other
Franchise intangible
Goodwill agreements Trademarks assets Total
€ million € million € million € million € million
Cost
As at 1 January 2014 1,874.3 155.9 73.5 26.6 2,130.3
Additions – – 14.1 – 14.1
Foreign currency translation (26.5) 0.9 (24.3) (0.3) (50.2)
As at 31 December 2014 1,847.8 156.8 63.3 26.3 2,094.2
Amortisation
As at 1 January 2014 182.4 – 8.9 17.7 209.0
Charge for the year – – – 0.4 0.4
As at 31 December 2014 182.4 – 8.9 18.1 209.4
Net book value as at 1 January 2014 1,691.9 155.9 64.6 8.9 1,921.3
Net book value as at 31 December 2014 1,665.4 156.8 54.4 8.2 1,884.8
Cost
As at 1 January 2015 1,847.8 156.8 63.3 26.3 2,094.2
Foreign currency translation 34.8 (1.1) (6.4) (0.1) 27.2
As at 31 December 2015 1,882.6 155.7 56.9 26.2 2,121.4
Amortisation
As at 1 January 2015 182.4 – 8.9 18.1 209.4
Charge for the year – – – 0.4 0.4
As at 31 December 2015 182.4 – 8.9 18.5 209.8
Net book value as at 1 January 2015 1,665.4 156.8 54.4 8.2 1,884.8
Net book value as at 31 December 2015 1,700.2 155.7 48.0 7.7 1,911.6
Goodwill is allocated to each of the Group’s cash-generating units expected to benefit from the business combination in which the
goodwill arose. Other indefinite-lived intangible assets are also allocated to the Group’s cash-generating units expected to benefit from
those intangibles.
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Strategic Report
The following table sets forth the carrying value of intangible assets subject to and not subject to amortisation:
2015 2014
Intangible assets not subject to amortisation
Goodwill 1,700.2 1,665.4
Franchise agreements 155.7 156.8
Trademarks 47.9 54.3
1,903.8 1,876.5
Intangible assets subject to amortisation
Trademarks 0.1 0.1
Water rights 7.7 8.2
7.8 8.3
Total intangible assets 1,911.6 1,884.8
The following table sets forth the carrying value of goodwill and other indefinite lived intangible assets for those cash-generating units that
are considered significant in comparison with the Group’s total carrying value of goodwill and other indefinite-lived intangible assets, as at
31 December 2015.
Franchise
Goodwill agreements Total
€ million € million € million
Italy 625.2 126.9 752.1
Switzerland 424.8 – 424.8
The Republic of Ireland and Northern Ireland 288.9 – 288.9
Total 1,338.9 126.9 1,465.8
The Group conducts a test 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 was indicated from the impairment tests of 2015 and 2014.
The recoverable amount of each cash-generating unit was determined through a value-in-use calculation. That calculation uses cash flow
projections based on financial budgets approved by the Board of Directors covering a one-year period and cash projections for four additional
years. Cash flow projections for years two to five were projected by management based on operation and market specific high-level
assumptions including growth rates, discount rates and forecasted selling prices and direct costs. Management determined gross margins
based on past performance, expectations for the development of the market and expectations about raw material costs. The growth rates
used in perpetuity reflect the forecasts in line with management beliefs. These forecasts exceeded, in some cases, those expected for the
industry in general, due to the strength of our brand portfolio. Management estimates discount rates using rates that reflect current market
assessments of the time value of money and risks specific to the countries of operation.
For those cash-generating units that are considered significant in comparison with the Group’s total carrying value of goodwill and other
indefinite-lived intangible assets, as at 31 December 2015, cash flows beyond the five-year period (the period in perpetuity) have been
extrapolated using the following estimated growth and discount rates:
Growth rate in perpetuity (%) Discount rate (%)
2015 2014 2015 2014
Italy 2.5 2.5 5.9 6.8
Switzerland 0.6 0.9 6.1 6.4
The Republic of Ireland and Northern Ireland 2.2 1.1 6.1 6.6
Sensitivity analysis
In the cash-generating units of the Multon ZAO group of companies and Nigeria, possible changes in certain key assumptions would remove
the remaining headroom. In the joint operation of the Multon ZAO group of companies, which has €40.5m of goodwill, the recoverable
amount calculated based on value in use exceeded carrying value by €184.6m. Any one of a reduction in the average gross profit margin
of 3.9%, a fall in the revenue growth rate in perpetuity of 5.6%, or a rise in the weighted average discount rate of 3.8% would remove the
remaining headroom. Further, in Nigeria which has €39.8m of goodwill and franchise agreements, the recoverable amount calculated
based on value in use exceeded carrying value by €53.8m. Any one of a reduction in the average gross profit margin of 0.6%, a fall in the
revenue growth rate in perpetuity of 0.3%, or a rise in the weighted average discount rate of 0.3% would remove the remaining headroom.
123
5. Property, plant and equipment

Land and Plant and Returnable Assets under
buildings equipment containers construction Total
€ million € million € million € million € million
Cost
As at 1 January 2014 1,497.7 3,946.0 366.1 103.8 5,913.6
Additions 7.4 150.2 44.1 165.0 366.7
Disposals (12.7) (164.6) (4.5) – (181.8)
Classified to assets held for sale (refer to Note 12) (0.1) (0.9) – – (1.0)
Reclassifications 44.5 103.5 – (148.0) –
Foreign currency translation (130.8) (369.3) 9.0 (7.2) (498.3)
Effect of hyperinflation 0.4 3.6 – 0.1 4.1
As at 31 December 2014 1,406.4 3,668.5 414.7 113.7 5,603.3
Depreciation and impairment
As at 1 January 2014 379.9 2,485.3 146.5 – 3,011.7
Charge for the year 39.5 262.1 34.8 – 336.4
Impairment 10.7 20.2 1.2 0.3 32.4
Disposals (3.4) (159.5) (0.5) – (163.4)
Foreign currency translation (32.3) (212.5) 4.1 – (240.7)
Effect of hyperinflation 0.1 2.7 – – 2.8
As at 31 December 2014 394.5 2,398.3 186.1 0.3 2,979.2
Net book value as at 1 January 2014 1,117.8 1,460.7 219.6 103.8 2,901.9
Net book value as at 31 December 2014 1,011.9 1,270.2 228.6 113.4 2,624.1
Cost
As at 1 January 2015 1,406.4 3,668.5 414.7 113.7 5,603.3
Additions 3.8 110.7 47.1 205.8 367.4
Disposals (5.7) (130.9) (28.1) – (164.7)
Reclassified from assets held for sale (refer to Note 12) – 0.9 – – 0.9
Reclassifications 76.6 149.3 0.5 (226.4) –
Foreign currency translation (28.3) (114.9) (6.5) (6.1) (155.8)
As at 31 December 2015 1,441.6 3,671.0 427.7 87.0 5,627.3
Depreciation and impairment
As at 1 January 2015 394.5 2,398.3 186.1 0.3 2,979.2
Charge for the year 40.8 232.9 34.4 – 308.1
Impairment 7.1 21.9 3.1 – 32.1
Disposals (5.6) (128.3) (15.8) – (149.7)
Foreign currency translation (6.3) (61.6) (1.6) – (69.5)
As at 31 December 2015 423.9 2,451.4 206.2 0.3 3,081.8
Net book value as at 1 January 2015 1,011.9 1,270.2 228.6 113.4 2,624.1
Net book value as at 31 December 2015 1,017.7 1,219.6 221.5 86.7 2,545.5
In 2014 the Group recorded an impairment loss of €10.0m, €6.9m and €18.5m and recorded reversals of impairment of €2.4m, €0.2m and
€0.4m relating to property, plant and equipment in the established, developing and the emerging segments respectively. This resulted in a
net impairment loss of €7.6m, €6.7m and €18.1m in the established, developing and emerging segments respectively. Impairment recorded
mainly relates to restructuring initiatives; refer also to Note 19 (b). The impaired assets, being mainly production equipment, were written off
based on value-in-use calculations; while assets with a recoverable amount of €2.7m were valued at fair value less cost to sell, which is
considered a Level 3 measurement.
In 2015 the Group recorded an impairment loss of €12.8m, €5.0m and €17.0m and recorded reversals of impairment of 1.0m, €0.5m and
€1.2m relating to property, plant and equipment in the established, developing and emerging segments respectively. This resulted in a net
impairment loss of €11.8m, €4.5m and €15.8m in the established, developing and emerging segments respectively. Impairment recorded
mainly relates to restructuring initiatives; refer also to Note 19(b). The impaired assets, being mainly land and buildings and production
equipment, were written off based on value-in-use calculations; while assets with a recoverable amount of €36.3m were valued at fair
value less cost to sell, which is considered a Level 3 measurement.
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Assets under construction as at 31 December 2015 include advances for equipment purchases of €16.2m (2014: €19.6m). Depreciation
charge for the year included in operating expenses amounted to €133.2m (2014: €155.6m). Depreciation charge for the year included in cost
of goods sold amounted to €174.9m (2014: €180.8m).
Assets held under finance leases have been pledged as security in relation to the liabilities under the finance leases. The net book value of land
and buildings held under finance leases as at 31 December 2015 was €38.0m (2014: €40.2m). The net book value of plant and equipment held
under finance leases as at 31 December 2015 was €78.6m (2014: €85.8m).
Included in property, plant and equipment are assets held under finance leases, where the Group is the lessee, as follows:
2015 2014
Leasehold equipment
Cost 202.2 207.2
Accumulated depreciation (85.6) (81.2)
Net book amount 116.6 126.0
6. Equity method investments and joint operations

(a) Investments in associates
Summarised financial information of our investments in associates is as follows:
2015 2014
Share of profit 4.6 3.3
Share of other comprehensive income (1.0) 0.8
Share of total comprehensive income 3.6 4.1
Included in investment in associates is the Group’s investment in Frigoglass Industries Limited and Frigoglass West Africa Ltd. Nigerian
Bottling Company Ltd holds an interest in Frigoglass Industries Limited of 23.9% (2014: 23.9%). During 2015 Nigeria Bottling Company Ltd
acquired an investment of 23.9% in Frigoglass West Africa Ltd for a consideration of €0.5m. The Group has a 100% (2014:100%) interest in
Nigeria Bottling Company Ltd, therefore the Group has an effective interest of 23.9% in both Frigoglass Industries Limited and Frigoglass
West Africa Ltd (2014: 23.9% in Frigoglass Industries Limited). There are restrictive controls in the movement of
funds out of Nigeria.
Changes in the carrying amounts of investments in associates are as follows:
2015 2014
As at 1 January 20.6 18.1
Acquisitions 0.5 –
Share of results of equity method investments 4.6 3.3
Return of capital from associates – (0.7)
Dividends (1.5) (0.9)
Foreign currency translation (1.0) 0.8
As at 31 December 23.2 20.6
(b) Investments in joint ventures

The Group has a material joint venture with Heineken that is conducted through a number of legal entities. The BrewTech B.V. group of
companies is engaged in the bottling and distribution of soft drinks and beer in FYROM. BrewTech B.V. is incorporated in the Netherlands and
the Group owns 50% of its share capital. In addition, the Group has another joint venture with Heineken that is conducted through a number
of legal entities, being the Brewinvest S.A. group of companies. Brewinvest S.A., parent company of Brewinvest S.A. group of companies,
is incorporated in Greece and the Group owns 50% (2014: 50%) of its share capital. The structure of both joint ventures provides the Group
with rights to their net assets. On 27 October 2014, Brewmasters Holdings Ltd, subsidiary of Brewinvest S.A. group of companies, sold its
participation in Zagorka A.D. to Heineken. Zagorka A.D. was engaged in the bottling and distribution of beer in Bulgaria. Following the sale
of Zagorka A.D. the joint venture’s operating activity is conducted via the BrewTech B.V. group. The Group’s share of the consideration
amounted to €76.5m. The transaction resulted in a gain for the Group of €59.9m, net of tax. The revenue and profit after tax of Zagorka A.D.
up to the date of disposal amounted to €59.3m and €10.8m respectively.
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6. Equity method investments and joint operations continued

Summarised financial information of the Group’s material joint venture is as follows (the information below reflects the amount presented
in the IFRS financial statements of the joint venture, and not the Group’s share in those amounts):
2015 2014
Summarised balance sheet:
Cash and cash equivalents 29.5 10.2
Other current assets 7.3 84.3
Total current assets 36.8 94.5
Short-term borrowings (0.3) –
Other current liabilities (including trade payables) (10.5) (28.4)
Total current liabilities (10.8) (28.4)
Non-current assets 80.4 269.3
Non-current other liabilities (0.4) (0.6)
Net assets 106.0 334.8
Summarised statement of comprehensive income:
Revenue 55.1 53.8
Depreciation and amortisation (5.9) (7.0)
Interest income 1.0 1.9
Interest expense (0.2) –
Profit before tax from continuing operations 11.8 12.6
Income tax expense (1.4) (1.8)
Profit after tax from continuing operations 10.4 10.8
Profit after tax from discontinued operations – 130.7
Other comprehensive income (0.1) –
Total comprehensive income 10.3 141.5
Dividends received 119.6 1.0
Reconciliation of net assets to carrying amount
Closing net assets 106.0 334.8
Interest in joint venture at 50% 53.0 167.4
Goodwill 16.9 16.9
Non-controlling interest (1.7) (1.7)
Carrying value 68.2 182.6
Summarised financial information of the Group’s investment in other joint ventures is as follows:
2015 2014
Carrying amount 22.4 24.3
Share of loss (2.7) (10.1)
Share of other comprehensive income 0.8 (0.8)
Share of total comprehensive income (1.9) (10.9)
The Group’s share of loss in other joint ventures includes restructuring initiatives within the joint ventures of €1.2m (2014: €6.2m).
Changes in the carrying amounts of investments in joint ventures are as follows:
2015 2014
Share of results of equity method investments 2.5 60.5
Return of capital from joint ventures – (4.0)
Dividends (119.6) (1.0)
Share of other comprehensive income of equity method investments 0.1 (0.5)
Foreign currency translation 0.7 (0.8)
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At 31 December 2015, the Group’s share of its joint ventures’ capital commitments and long-term commitments to purchase raw materials
and receive services amounted to €4.9m and €nil respectively (2014: €nil and €0.1m respectively).
(c) Investments in joint operations

The Group has a 50% interest in the Multon Z.A.O. group of companies (‘Multon’). Multon is engaged in the production and distribution of
juices in Russia and is classified as a joint operation as the arrangement gives the Group right to the assets and obligations for the liabilities
relating to the joint arrangement.
Other joint operations of the Group comprise mainly a 50% interest in each of several water businesses including Romerquelle, Fonti del
Vulture, Dorna, Multivita, Valser and Vlasinka, which are engaged in the production and distribution of water in Austria, Italy, Romania, Poland,
Switzerland and Serbia respectively.
7. Financial instruments
Categories of financial instruments as at 31 December were as follows:
2015
Derivatives
designated
Loans and Assets at as hedging Held-to- Available-
receivables FVTPL instruments maturity for-sale Total
Assets € million € million € million € million € million € million
Investments – – – 1.1 1.7 2.8
Derivative financial instruments – 12.6 10.9 – – 23.5
Trade and other receivables
excluding prepayments 859.4 – – – – 859.4
Cash and cash equivalents 487.4 – – – – 487.4
Total 1,346.8 12.6 10.9 1.1 1.7 1,373.1
Liabilities Derivatives
held at designated
amortised Liabilities as hedging
cost at FVTPL instruments Total
Liabilities € million € million € million € million
Trade and other payables excluding provisions 1,509.6 – – 1,509.6
Borrowings 1,704.5 – – 1,704.5
Derivative financial instruments – 29.5 25.9 55.4
Total 3,214.1 29.5 25.9 3,269.5
2014
Derivatives
designated
Loans and Assets at as hedging Held-to- Available-
receivables FVTPL instruments maturity for-sale Total
Assets € million € million € million € million € million € million
Investments – – – 1.2 2.0 3.2
Derivative financial instruments – 14.7 39.2 – – 53.9
Trade and other receivables excluding
prepayments 896.1 – – – – 896.1
Cash and cash equivalents 636.3 – – – – 636.3
Total 1,532.4 14.7 39.2 1.2 2.0 1,589.5
Liabilities Derivatives
held at designated
amortised Liabilities as hedging
cost at FVTPL instruments Total
Liabilities € million € million € million € million
Trade and other payables excluding provisions 1,487.6 – – 1,487.6
Borrowings 2,104.9 – – 2,104.9
Derivative financial instruments – 59.7 26.6 86.3
Total 3,592.5 59.7 26.6 3,678.8
127
7. Financial instruments continued

The derivative financial instruments are included in the Group’s balance sheet as follows:
Assets Liabilities
At 31 December 2015 € million € million
Current
Foreign currency forward contracts 7.3 (2.0)
Foreign currency option contracts 8.6 –
Commodity swap contracts 1.0 (14.3)
Forward starting swap contracts – (24.6)
Total current 16.9 (40.9)
Non-current
Embedded derivatives 6.2 –
Total non-current 6.6 (14.5)
At 31 December 2014
Current
Foreign currency forward contracts 15.6 (4.4)
Foreign currency option contracts 25.5 –
Cross-currency swap contracts – (34.3)
Interest rate swap contracts 10.6 –
Total current 53.0 (52.1)
Non-current
Forward starting swap contracts – (24.7)
Total non-current 0.9 (34.2)
As at 31 December 2015, other receivables which served as collateral for net open position of interest rate and cross-currency swap derivative financial
instruments was €nil (2014: €3.5m) as the respective financial instruments matured on 17 September 2015.
Net fair values of derivative financial instruments

(a) Cash flow hedges
The fair values of derivative financial instruments as at 31 December designated as cash flow hedges were:
2015 2014
Contracts with positive fair values
Foreign currency forward contracts 1.8 12.0
Foreign currency option contracts 6.5 19.7
Commodity swap contracts – 0.4
Total contracts with positive fair values 8.3 32.1
2015 2014
Contracts with negative fair values
Foreign currency forward contracts (0.5) (0.6)
Commodity swap contracts (0.8) (1.3)
Forward starting swap contracts (24.6) (24.7)
Total contracts with negative fair values (25.9) (26.6)
Cash flows from the Group’s cash flow hedges at 31 December 2015 are expected to occur and, accordingly, affect profit or loss in 2016,
except for the commodity swap contracts, for which cash flows are expected to occur and affect profit or loss between 2016 and 2018; and
the forward starting swap contracts, which were settled on issuance of the forecasted fixed rate debt in March 2016 (refer to Note 34) and will
impact profit or loss over the term of the debt issued.
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(b) Fair value hedges

The fair values of derivative financial instruments as at 31 December designated as fair value hedges were:
2015 2014
(c) Undesignated hedges

The fair values of derivative financial instruments as at 31 December which economically hedge Group’s risks and for which hedge accounting
has not been applied, were:
2015 2014
Interest rate swap contracts – 10.6
Embedded derivatives 6.2 –
Commodity swap contracts 1.4 1.8
Contracts with negative fair values
Foreign currency forward contracts (1.5) (3.8)
Cross-currency swap contracts – (34.3)
Commodity swap contracts (28.0) (21.6)
Total contracts with negative fair values (29.5) (59.7)
Foreign currency forward contracts and foreign currency option contracts

The Company uses a combination of foreign currency forward and option contracts to hedge foreign exchange transaction exposures.
The net notional principal amounts of the outstanding foreign currency forward contracts at 31 December 2015 totalled €284.2m
(2014: €175.8m). The net notional principal amounts of the outstanding foreign currency option contracts at 31 December 2015 totalled
€132.2m (2014: €106.0m).
Commodity swap contracts

The Group purchases sugar, aluminium cans and gas oil on an ongoing basis to meet its operational needs. The Group uses commodity swap
contracts to hedge commodity price exposure deriving from the increased volatility in commodity prices.
These contracts, which economically hedge sugar, aluminium and gas oil purchases, are expected to reduce volatility of cash flows attributable
to the fluctuation of the respective commodity price for a period up to 36 months, in accordance with the Group’s risk management policy
(see Note 28).
The notional principal amounts of the outstanding commodity swap contracts at 31 December 2015 totalled €163.7m (2014: €165.1m).
129
7. Financial instruments continued

Interest rate swap contracts
The interest rate swap contracts with a notional value of $400.0m, which related to the $400.0m US dollar fixed rate debt, matured on
17 September 2015.
The Group entered into forward starting swap contracts of €500.0m in 2014 and an additional €100.0m in August 2015 to hedge the
interest rate risk related to its Euro-denominated forecasted issuance of fixed rate debt in March 2016 (refer to Note 34). The notional
principal amounts of the outstanding forward starting swap contracts at 31 December 2015 total €600.0m and are formally designated
as cash flow hedges.
The forward starting swap contracts outstanding at 31 December 2015 can be summarised as follows:
Currency Amount million Start date Maturity date Pay fixed rate Receive floating rate
EUR 350.0 9 March 2016 9 March 2026 1.5195% Euribor
600.0
Repricing date of the fixed payments for all Euro-denominated forward starting swap contracts is 9 March whereas repricing dates of the
floating receipts are 9 March and 9 September until maturity.
Cross-currency swap contracts

The cross-currency swap contracts with a notional value of US$400m (€357.1m) as at 31 December 2014, which related to the $400m US
dollar denominated debt, matured on 17 September 2015.
Cash flow hedges

The net amount reclassified from other comprehensive income to profit and loss for the period amounted to a €4.6m loss (2014: €7.4m loss),
all of which was recorded in interest expense (2014: €7.4m loss).
The ineffectiveness recognised in interest expense for the interest rate and cross-currency swap contracts used for cash flow hedging was
€nil in 2015 (2014: €4.6m loss).
Fair value hedges

The fair value net gain of the foreign currency forward and option contracts used as fair value hedging instruments was €4.1m in 2015
(2014: €5.5m net gain), which had been recognised in operating expenses and offset with a similar loss on the hedged item attributable to
foreign currency risk.
Undesignated hedges
The net losses on foreign currency and commodity derivative contracts at fair value through profit and loss (which economically hedged the
Group's risks but for which hedge accounting was not applied) amounted to a €24.9m loss (2014: €38.3m loss) of which a €19.7m loss was
recorded in cost of goods sold (2014: €18.3m loss) and a €5.2m loss in operating expenses (2014: €20.0m loss).
Embedded derivatives
During 2015 the Group recognised embedded derivatives whose risks and economic characteristics were not considered to be closely related
to the commodity contract in which they were embedded. The fair value of the embedded derivatives as at 31 December 2015 amounted to
a financial asset of €6.2m.
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Strategic Report
8. Deferred tax
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities,
when the deferred taxes are levied by the same fiscal authority on either the taxable entity or different taxable entities, and there is an
intention to settle the balances on a net basis. The following amounts, after offsetting balances within the same tax jurisdiction where
applicable, are shown in the consolidated balance sheet as at 31 December:
2015 2014
Deferred tax assets 56.3 40.0
Deferred tax liabilities (132.0) (137.4)
Net deferred tax (75.7) (97.4)
The gross amounts of deferred tax assets and liabilities are as follows:
2015 2014
Deferred tax assets
To be recovered after more than 12 months 59.2 68.2
To be recovered within 12 months 79.7 83.0
138.9 151.2
Deferred tax liabilities

To be recovered after more than 12 months (197.6) (236.6)
To be recovered within 12 months (17.0) (12.0)
(214.6) (248.6)
Deferred tax liabilities (net) (75.7) (97.4)
The movements in deferred tax assets and liabilities during the year, after offsetting balances within the same tax jurisdiction where applicable,
are as follows:
2015 2014
As at 1 January (97.4) (136.2)
Taken to the income statement (refer to Note 21) 16.8 22.7
Taken to other comprehensive income 2.6 –
Foreign currency translation 2.3 16.1
As at 31 December (75.7) (97.4)
131
8. Deferred tax continued

The movements in deferred tax assets and liabilities during the year, without taking into consideration the offsetting of balances within the
same tax jurisdiction where applicable, are as follows:
Tax in excess Other
of book Derivative deferred tax
depreciation instruments liabilities Total
Deferred tax liabilities € million € million € million € million
As at 1 January 2014 (270.2) (2.1) (6.8) (279.1)
Taken to the income statement 4.9 (1.0) 2.5 6.4
Taken to other comprehensive income – (1.6) (1.3) (2.9)
Transfers between assets/liabilities 0.8 1.8 (1.7) 0.9
Foreign currency translation 26.3 (0.2) – 26.1
As at 31 December 2014 (238.2) (3.1) (7.3) (248.6)
Taken to the income statement 26.1 (2.1) – 24.0
Taken to other comprehensive income – 3.3 (0.8) 2.5
Transfers between assets/liabilities – – (0.5) (0.5)
Foreign currency translation 8.3 – (0.3) 8.0
As at 31 December 2015 (203.8) (1.9) (8.9) (214.6)
Book in excess of Tax losses Pensions and Other deferred

tax depreciation Provisions carry-forward Leasing benefit plans tax assets Total
Deferred tax assets € million € million € million € million € million € million € million
As at 1 January 2014 5.7 46.1 25.0 15.6 21.3 29.2 142.9
Taken to the income
statement 0.3 7.3 11.4 (0.7) (2.0) – 16.3
Taken to other
comprehensive income – – – – 7.2 (4.3) 2.9
Transfers between
assets/liabilities 1.5 (0.8) – 0.1 – (1.7) (0.9)
Foreign currency
translation – (6.8) (1.6) (1.6) 0.6 (0.6) (10.0)
As at 31 December 2014 7.5 45.8 34.8 13.4 27.1 22.6 151.2
Taken to the income
statement 0.3 (0.2) (9.0) (0.6) 1.7 0.6 (7.2)
Taken to other
comprehensive income – – – – (2.3) 2.4 0.1
Transfers between
assets/liabilities – 3.1 – – 0.5 (3.1) 0.5
Foreign currency
translation – (2.4) (1.4) (0.7) – (1.2) (5.7)
As at 31 December 2015 7.8 46.3 24.4 12.1 27.0 21.3 138.9
Deferred tax assets are recognised for tax losses carry-forward to the extent that realisation of the related tax benefit through the reduction
of future taxes is probable. In particular, following the relevant local rules applying in our jurisdictions, €15.6m of the recognised deferred tax
asset is attributable to tax losses that expire between 2016 and 2020, €5.0m is attributable to tax losses that will expire after 2020 and €3.8m
is attributable to tax losses that can be carried forward indefinitely. The Group has unrecognised deferred tax assets attributable to tax losses
that are available to carry forward against future taxable income of €15.6m (2014: €12.6m). €12.1m of this unrecognised deferred tax asset
is attributable to tax losses that expire between 2016 and 2020 and €3.5m is attributable to tax losses that expire after 2020.
Deferred tax is recognised in full on temporary differences arising from investment in subsidiaries, associates and joint ventures, except
where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not
reverse in the foreseeable future. This includes taxation in respect of the retained earnings of overseas subsidiaries only to the extent that, at
the balance sheet date, dividends have been accrued as receivable or a binding agreement to distribute past earnings in future periods has
been entered into by the subsidiary.
The aggregate amount of distributable reserves arising from the realised earnings of the Group’s operations was €1,616.4m
(2014: €1,689.4m). No deferred tax liabilities have been recognised on such reserves given that their distribution is controlled by
the Group or, in the event of plans to remit overseas earnings of subsidiaries, such distribution would not give rise to a tax liability.
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Strategic Report
9. Other non-current assets

Other non-current assets consisted of the following at 31 December:
2015 2014
Non-current prepayments 12.4 14.5
Non-current receivables from sale of property, plant and equipment – 8.5
Loans to and receivables from related parties (refer to Note 32) – 0.2
Non-current income tax receivable 8.2 8.1
Non-current receivables from customers 5.1 4.7
Loans to non-related parties 0.7 0.4
Held-to-maturity investments 1.1 1.2
Pension plan assets (refer to Note 16) 2.2 –
Available-for-sale financial assets 1.7 2.0
Total other non-current assets 31.4 39.6
Non-current receivables from customers relate to re-negotiated trade receivables, which are expected to be settled within the new
contractual due date.
Movements in available-for-sale financial assets are as follows:
2015 2014
Purchases – 0.1
Impairment (0.4) –
Unrealised gains / (losses) on available-for-sale financial assets 0.1 (0.6)
Available-for-sale financial assets relate to listed equities of €1.2m (2014: €1.1m) and other unlisted equities of €0.5m (2014: €0.9m). The fair
values of available-for-sale financial assets are based on quoted market prices, where available, or cost or discounted cash flow projections
where quoted market prices are unavailable.
10. Inventories
Inventories consisted of the following at 31 December:
2015 2014
Finished goods 194.8 162.2
Raw materials and work in progress 159.4 168.5
Consumables 81.6 83.5
Total inventories 435.8 414.2
The amount of inventories recognised as an expense during 2015 was €3,035.4m (2014: €3,157.2m). During 2015 provision of obsolete
inventories recognised as an expense amounted to €11.7m (2014: €12.3m), whereas provision reversed in the period amounted to
€0.1m (2014: €3.1m).
133
11. Trade, other receivables and assets

Trade receivables consisted of the following at 31 December:
2015 2014
Trade receivables 742.9 763.7
Less: Provision for doubtful debts (78.9) (79.2)
Total trade receivables 664.0 684.5
The credit period given to customers ranges from 7 days to 90 days depending on the country and customer type. In most territories, interest
is not charged for late payment.
The Group provides for all significant receivables that are considered non-collectible after considering the following indicators: delinquency
in payment (over 90 days), significant financial difficulties, and high risk profile of the debtor. For all other receivables, the Group collectively
assesses whether there are indicators for impairment based on delinquency in payments. Before accepting any new credit customers, the
Group investigates the potential customer’s credit quality (usually through external agents) and defines credit limits for each customer.
Customers are reviewed on an ongoing basis and credit limits adjusted accordingly. There are no customers who represent more than 5% of
the total balance of trade receivables for the Group. The Group’s exposure to credit risk is managed by established policies and procedures
regarding financial risk management, as described in Note 28.
The trade receivables are as follows:
2015 2014
Within due date 579.5 573.1
Less: Provision for doubtful debts within due date (4.4) –
Past due 163.4 190.6
Less: Provision for doubtful debts past due (74.5) (79.2)
Total trade receivables 664.0 684.5
As at 31 December 2015, the Group held collateral, in the form of mortgages, bank guarantees, bills of exchange and credit insurance, as
security against trade receivables with a nominal amount of €33.4m (2014: €32.4m).
As at 31 December 2015, trade receivables of €88.9m (2014: €111.4m) were past due but not impaired. The ageing analysis of these trade
receivables is as follows:
2015 2014
Up to 3 months 79.9 104.4
3 to 6 months 2.7 3.7
6 to 9 months 1.0 1.4
More than 9 months 5.3 1.9
Total 88.9 111.4
As at 31 December 2015, trade receivables of €74.5m (2014: €79.2m) were past due and impaired. The ageing analysis of these receivables
is as follows:
2015 2014
Up to 3 months (1.0) (4.4)
3 to 6 months (9.5) (8.0)
6 to 9 months (2.2) (4.4)
More than 9 months (61.8) (62.4)
Total (74.5) (79.2)
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Strategic Report
The movement in the provision for doubtful debts during the year is as follows:
2015 2014
As at 1 January (79.2) (79.0)
Amounts written off during the year 10.3 11.3
Amounts recovered during the year 1.2 0.5
Increase in allowance recognised in profit or loss (11.8) (13.5)
As at 31 December (78.9) (79.2)
Other receivables and assets consisted of the following at 31 December:

2015 2014
Prepayments 66.3 66.8
Receivables from related parties (refer to Note 32) 85.7 104.0
Loans to related parties (refer to Note 32) 8.0 5.1
Collateral for interest rate swap contracts (refer to Note 7) – 3.5
VAT and other taxes receivable 25.3 21.3
Loans and advances to employees 6.4 6.7
Receivables from sale of property, plant and equipment 8.7 16.9
Other receivables 45.1 31.2
Total other receivables and assets 245.5 255.5
The related party receivables, net of the provision for doubtful debts, are as follows:
2015 2014
Within due date 79.2 79.8
Past due 6.5 24.2
Less: Provision for doubtful debts – –
Total related party receivables 85.7 104.0
As at 31 December 2015, related party receivables of €6.5m (2014: €24.2m) were past due but not impaired. The ageing analysis of these
receivables is as follows:
2015 2014
Up to 3 months 4.3 7.7
3 to 6 months 0.8 8.2
6 to 9 months 0.4 2.5
More than 9 months 1.0 5.8
Total 6.5 24.2
135
12. Assets classified as held for sale

During 2014, non-current assets with a net book value of €1.0m were reclassified from property, plant and equipment to assets held for sale.
The €1.0m assets held for sale comprise the net book value of property, plant and equipment in our established markets segment of €0.9m
and buildings in our emerging markets segment of €0.1m, which have been written down to fair value less cost to sell. This is a non-recurring
fair value measurement and within Level 3 of the fair value hierarchy. The fair value of held for sale assets is determined through the use of a
sales comparison approach.
During 2015, non-current assets with a net book value of €0.9m were reclassified to property, plant and equipment, because the criteria for
continued classification as held for sale were no longer met and the depreciation charge for the year was adjusted for the depreciation that
would have been recognised had the assets not been classified as held for sale. Furthermore, non-current assets in our established markets
with a net book value of €5.4m were reclassified from property, plant and equipment to assets held for sale. The €5.5m assets held for sale
comprise the net book value of property, plant and equipment in our established and emerging markets, that have been written down to fair
value less cost to sell. This is a non-recurring fair value measurement and within Level 3 of the fair value hierarchy. The fair value of held-for-
sale assets is determined through the use of a sales comparison approach.
13. Cash and cash equivalents

Cash and cash equivalents as at 31 December comprise the following:
2015 2014
Cash at bank, in transit and in hand 124.7 102.1
Short-term deposits 362.7 534.2
Total cash and cash equivalents 487.4 636.3
Cash and cash equivalents are held in the following currencies:

2015 2014
Euro 392.6 549.7
Nigerian naira 35.7 36.6
Romania leu 11.6 3.1
Russian rouble 7.8 6.7
Swiss franc 6.8 6.0
Polish zloty 5.4 1.3
US dollar 4.8 5.0
Belarusian rouble 3.1 4.2
Ukrainian hryvnia 3.1 2.7
Serbian dinar 1.3 6.1
Other 15.2 14.9
Total cash and cash equivalents 487.4 636.3
€26.4m equivalent in Nigerian naira relates to the outstanding balance of the bank account held for the repayment of the former minority
shareholders of the Company’s subsidiary Nigerian Bottling Company plc (refer to Note 26).
The amount of dividends payable to the Company by its operating subsidiaries is subject to, among other restrictions, general limitations
imposed by the corporate laws and exchange control restrictions of the respective jurisdictions where those subsidiaries are organised and
operate. Also, there are fund transfer restrictions in certain countries in which we operate, in particular Belarus, Greece, Nigeria, Serbia and
Ukraine. These restrictions do not have a material impact on the Group’s liquidity, as the amounts of cash and cash equivalents held in such
countries are generally retained for capital expenditure and working capital purposes. Intra group dividends paid by certain of our subsidiaries
are also subject to withholding taxes.
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14. Borrowings
The Group held the following borrowings as at 31 December:
2015 2014
Bank overdrafts – 3.9
Current portion of long-term bonds, bills and unsecured notes 599.8 334.3
Commercial paper 173.5 100.0
Loan payable to related parties (refer to Note 32) 0.2 93.2
Other borrowings – 8.6
773.5 540.0
Obligations under finance leases falling due within one year 8.0 8.6
Total borrowings falling due within one year 781.5 548.6
Borrowings falling due within one to two years
Bonds, bills and unsecured notes – 599.6
Borrowings falling due within two to five years
Bonds, bills and unsecured notes 794.9 –
Borrowings falling due in more than five years
Bonds, bills and unsecured notes – 793.7
825.6 1,457.6
Obligations under finance leases falling due in more than one year 97.4 98.7
Total borrowings falling due after one year 923.0 1,556.3
Total borrowings 1,704.5 2,104.9
Commercial paper programme and committed credit facilities

In March 2002, the Group established a €1.0bn global commercial paper programme (the ‘old CP programme’) to further diversify its
short-term funding sources. In October 2013, a new €1.0bn Euro-commercial paper programme (the ‘new CP programme’ and, together
with the old CP programme, the ‘CP programmes’) was established in place of the old CP programme. The Euro-commercial paper notes may
be issued either as non-interest-bearing notes sold at a discount or as interest-bearing notes at a fixed or floating rate. All commercial paper
issued under the CP programmes must be repaid within 7 to 364 days. The new CP programme has been granted the STEP label and is fully,
unconditionally and irrevocably guaranteed by Coca-Cola HBC AG and Coca-Cola HBC Holdings B.V. The outstanding amount under the
CP programmes was €173.5m as at 31 December 2015 (2014: €100.0m).
In June 2015, the Group replaced its then-existing €500.0m syndicated revolving credit facility with a new €500.0m syndicated loan facility,
provided by various financial institutions, expiring on 24 June 2020, with the option to be extended for one more year. This facility can be
used for general corporate purposes and carries a floating interest rate over EURIBOR and LIBOR. No amounts have been drawn under the
syndicated loan facility since inception. The syndicated loan facility is fully, unconditionally and irrevocably guaranteed by Coca-Cola HBC AG
and Coca-Cola HBC Holdings B.V. and is not subject to any financial covenants.
Euro medium-term note programmes

In 2001, the Group established a €2.0bn Euro medium-term note programme (the ‘Old EMTN programme’), which was increased to
€3.0bn in April 2012. In June 2013, a new €3.0bn Euro medium-term note programme (the ‘New EMTN programme’ and, together with
the Old EMTN programme, the ‘EMTN programmes’) was established in place of the Old EMTN programme. Notes are issued under the
New EMTN programme through Coca-Cola HBC’s 100%-owned subsidiary Coca-Cola HBC Finance B.V. and are fully, unconditionally and
irrevocably guaranteed by Coca-Cola HBC AG and Coca-Cola HBC Holdings B.V.
In December 2008, Coca-Cola HBC Finance B.V. issued €500.0m of five-year Euro-denominated fixed rate notes carrying 7.875% per annum
coupon which was fully repaid in January 2014.
In March 2011, Coca-Cola HBC Finance B.V. completed the successful offering of €300.0m of 4.25% fixed rate Euro-denominated
notes under the Old EMTN programme to be consolidated and form a single series with the existing €300.0m 4.25% fixed rate notes due
16 November 2016 issued in November 2009. The issue of these notes brought the total outstanding amount of the series to €600.0m.
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14. Borrowings continued

In June 2013, Coca-Cola HBC Finance B.V. completed the issue of €800.0m 2.375% seven-year fixed rate Euro-denominated notes under
the New EMTN programme. The net proceeds of the new issue were used to repay the US$500.0m notes due in September 2013 and
partially repay €183.0m of the 7.875% five-year fixed rate notes due in January 2014.
As at 31 December 2015, a total of €1.4bn in notes issued under the EMTN programme were outstanding and a further amount of €2.2bn
was available for issuance under the new EMTN programme.
Notes issued in the US market

On 17 September 2003, the Coca-Cola HBC Group successfully completed, through its 100%-owned finance subsidiary Coca-Cola HBC
Finance B.V., a US$900.0m global offering of privately placed notes with registration rights. The first tranche consisted of an aggregate
principal amount of US$500.0m due in September 2013 and the second tranche consisted of an aggregate principal amount of US$400.0m
due in September 2015. The net proceeds of the offering were used to refinance certain outstanding debt, the leveraged re-capitalisation
of the Group and the acquisition of Römerquelle GmbH. In December 2003, an exchange offer was made by Coca-Cola Hellenic Bottling
Company S.A. in order to effect the exchange of the privately placed notes for similar notes registered with the US Securities and Exchange
Commission (SEC). Acceptances under the offer, which was finalised in February 2004, were US$898.1m. Both tranches of notes were
de-registered in connection with Coca-Cola HBC’s voluntary share exchange offer by filing a Form 15F with the SEC in August 2013 and the
2013 US notes were fully repaid upon maturity. The 2015 US notes were fully, unconditionally and irrevocably guaranteed by Coca-Cola HBC
AG and Coca-Cola HBC Holdings B.V. and were not subject to any financial covenants. The tranche of US$400.0m was fully repaid upon
maturity using the available cash balance.
Summary of bonds and notes outstanding as at 31 December 2015

Start date Maturity date Fixed coupon
€300m notes 16 November 2009 16 November 2016 4.250%
€300m notes 2 March 2011 16 November 2016 4.250%
€800m notes 18 June 2013 18 June 2020 2.375%
The fair value of bonds and notes payable, including the current portion, is €1,465.8m (2014: €1,831.6m) compared to their book value,
including the current portion, of €1,394.7m (2014: €1,727.6m). The fair values are within Level 1 of the fair value hierarchy.
The present value of finance lease liabilities as at 31 December was as follows:
2015 2014
Less than one year 8.0 8.6
Later than one year but less than two years 8.3 7.7
Later than two years but less than three years 8.8 7.9
Later than three years but less than four years 7.7 8.3
Later than four years but less than five years 8.2 7.4
Later than five years 64.4 67.4
Present value of finance lease liabilities 105.4 107.3
The minimum lease payments of finance lease liabilities as at 31 December were as follows:
2015 2014
Later than one year but less than two years 15.7 14.8
Later than two years but less than three years 15.6 14.6
Later than three years but less than four years 14.1 14.5
Later than four years but less than five years 14.1 13.0
162.0 159.2
Future finance charges on finance leases (56.6) (51.9)
Present value of finance lease liabilities 105.4 107.3
Finance leases are mainly for land and buildings as well as plant and equipment. The finance leases do not contain contingent rent payments or
escalation clauses.
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The borrowings, including loans payable to related parties at 31 December, were held in the following currencies:
Current Non-current Current Non-current
2015 2015 2014 2014
€ million € million € million € million
Euro 777.3 852.3 202.5 1,494.4
US dollar 1.8 42.3 335.2 33.0
UK sterling 1.4 14.2 1.3 14.1
Polish zloty 0.9 14.2 0.9 14.8
Croatian kuna – – 8.6 –
Other 0.1 – 0.1 –
Total borrowings 781.5 923.0 548.6 1,556.3
The carrying amounts of the borrowings, including loans payable to related parties held at fixed and floating interest rate as at 31 December
2015, as well as the weighted average interest rates and maturities of fixed rate borrowings, were as follows:
Fixed interest rate Floating interest rate Total
€ million € million € million
Euro 1,602.4 27.2 1,629.6
US dollar 30.6 13.5 44.1
UK sterling 15.6 – 15.6
Polish zloty 15.1 – 15.1
Other 0.1 – 0.1
Total borrowings 1,663.8 40.7 1,704.5
Financial liabilities represent fixed and floating rate borrowings held by the Group. The Group’s policy is to hedge exposures to changes in the
fair value of debt and interest rates by using a combination of cross-currency swap contracts, fixed-to-floating-rate interest rate swap
contracts and interest rate option contracts. The weighted average interest rate of the fixed rate Euro liabilities is 2.8% and the weighted
average maturity for which the interest rate is fixed is 2.6 years.
The transactions with related parties bear floating interest based on the following benchmark rates:
Euro 6-12 month EURIBOR (European inter-bank offer rate)
USD 3 month LIBOR (London inter-bank offer rate)
15. Trade and other payables

Trade and other payables consisted of the following at 31 December:
2015 2014
Trade payables 485.1 509.2
Accrued liabilities 468.5 427.6
Payables to related parties (refer to Note 32) 259.2 253.1
Deposit liabilities 112.6 117.3
Other tax and social security liabilities 89.7 66.8
Salaries and employee-related payables 45.8 52.7
Deferred income 1.2 1.2
Other payables 41.5 45.8
Total trade and other payables 1,503.6 1,473.7
The amount due to pension funds as at 31 December 2015 was €1.1m (2014: €1.9m).
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16. Provisions and employee benefits

Provisions consisted of the following at 31 December:
2015 2014
Current
Employee benefits 62.3 50.9
Restructuring and other 24.5 12.0
Total current provisions 86.8 62.9
Non-current
Employee benefits 140.1 149.0
Restructuring and other 1.4 1.2
Total non-current provisions 141.5 150.2
Total provisions 228.3 213.1
The movements in restructuring and other provisions comprise:

2015 2014
Arising during the year 44.5 38.3
Utilised during the year (28.4) (50.8)
Unused amount reversed (3.0) (0.4)
Foreign currency translation (0.4) –
Restructuring and other provisions comprise outstanding balances relating to restructuring of €15.8m (2014: €7.9m) of which €15.7m is
expected to be completed in 2016 and €0.1m in 2017 and 2018 (see Note 19(b)), a provision for employee litigation of €3.8m (2014: €3.3m)
and other items of €6.3m (2014: €2.0m).
Employee benefits
Employee benefits consisted of the following at 31 December:
2015 2014
Defined benefit plans
Employee leaving indemnities 86.9 95.7
Pension plans 22.3 38.9
Long service benefits – jubilee plans 8.7 8.5
Total defined benefit plans 117.9 143.1
Other employee benefits
Annual leave 8.2 8.7
Other employee benefits 76.3 48.1
Total other employee benefits 84.5 56.8
Total employee benefits obligations 202.4 199.9
Other employee benefits is primarily comprised of employee bonuses including a management incentive plan which is a cash variable plan
that operates over a three-year period.
Employees of Coca-Cola HBC’s subsidiaries in Austria, Bulgaria, Croatia, Greece, Italy, Montenegro, Nigeria, Poland, Romania, Serbia and
Slovenia are entitled to employee leaving indemnities, generally based on each employee’s length of service, employment category and
remuneration. These are unfunded plans where the Company meets the payment obligation as it falls due.
Coca-Cola HBC’s subsidiaries in Austria, Greece, Northern Ireland, the Republic of Ireland and Switzerland sponsor defined benefit pension
plans. Of the three plans in the Republic of Ireland, two have plan assets, as do the two plans in Northern Ireland, one plan in Greece and two
plans in Switzerland. The Austrian plans do not have plan assets and the Company meets the payment obligation as it falls due. The defined
benefit plans in Austria, Greece, Republic of Ireland and Northern Ireland are closed to new members.
Coca-Cola HBC provides long-service benefits in the form of jubilee plans to its employees in Austria, Croatia, Nigeria, Poland, Slovenia
and Switzerland.
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Defined benefit obligation by segment is as follows:

2015 2014
Emerging 37.4 40.3
Developing 2.2 2.6
Defined benefit obligation 117.9 143.1
The average duration of the defined benefit plans is 19 years and the total employer contributions expected to be paid in 2016 are €20.1m.
Asset liability matching: Plan assets allocated to growth assets are monitored regularly to ensure they remain appropriate and in line with the
Group’s long-term strategy to manage the plans. As the plans mature the level of investment risk will be reduced by investing more in assets
such as bonds that better match the liabilities.
Pension plan assets are invested in different asset classes in order to maintain a balance between risk and return. Investments are well
diversified to limit the financial effect of the failure of any individual investment. Through its defined benefit plans the Group is exposed
to a number of risks as outlined below:
–– Asset volatility: The liabilities are calculated using a discount rate set with reference to corporate bond yields; if assets underperform this
yield, this will create a deficit. The Northern Ireland, the Republic of Ireland and Swiss plans hold a significant proportion of growth assets
(equities) which are expected to outperform corporate bonds in the long term while providing volatility and risk in the short term.
–– Changes in bond yields: A decrease in corporate bond yields will increase the plan liabilities, although this decrease will be partially offset
by an increase in the value of the plans’ bond holdings.
–– Inflation: The Northern Ireland, the Republic of Ireland and Swiss plans’ benefit obligations are linked to inflation, and higher inflation will
lead to higher liabilities (although, in most cases, caps on the level of inflationary increases are in place to protect against extreme inflation).
The majority of the assets are either unaffected by or loosely correlated with inflation, meaning that an increase in inflation will also increase
the deficit.
–– Life expectancy: The majority of the pension plans’ obligations are to provide benefits for the life of the member, so increases in life
expectancy will result in an increase in the liabilities.
The sensitivity analysis presented below is based on a change in assumption while all other assumptions remain constant.
Impact on defined benefit obligation as at 31 December 2015
Change in assumptions Increase in assumption Decrease in assumption
Discount rate 0.50% decrease 8.47% increase 9.72%
Rate of compensation increase 0.50% increase 2.23% decrease 2.08%
Rate of pension increase 0.50% increase 4.33% decrease 1.96%
Life expectancy 1 year increase 1.61% decrease 1.60%
Reconciliation of defined benefit obligation:

2015 2014
Present value of defined benefit obligation at 1 January 484.8 410.0
Current service cost 12.1 10.3
Interest cost 13.1 15.2
Plan participants’ contributions 4.9 4.3
Past service cost (5.8) (3.9)
Curtailment/settlement (5.5) 3.2
Benefits paid (26.4) (29.2)
Gains from change in demographic assumptions (0.7) (3.7)
(Gain)/loss from change in financial assumptions (2.8) 67.4
Experience adjustments (1.8) 0.9
Present value of defined benefit obligation at 31 December 496.4 484.8
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16. Provisions and employee benefits continued

Reconciliation of plan assets:
2015 2014
Fair value of plan assets at 1 January 341.7 301.3
Interest income on plan assets 7.3 9.4
Return on plan assets excluding interest income 6.0 19.7
Actual employer’s contributions 16.1 13.6
Actual participants’ contributions 4.9 4.3
Actual benefits paid (12.4) (14.2)
Settlement (7.3) –
Admin expenses (0.3) (0.2)
Fair value of plan assets at 31 December 380.7 341.7
The present value and funded status of defined benefit obligations were as follows at 31 December:
2015 2014
Present value of funded obligations 398.5 378.2
Fair value of plan assets (380.7) (341.7)
17.8 36.5
Present value of unfunded obligations 97.9 106.6
Defined benefit obligations 115.7 143.1
Plus: amounts recognised within non-current assets (refer to Note 9) 2.2 –
Total defined benefit obligations 117.9 143.1
Funding levels are monitored in conjunction with the agreed contribution rate. The funding level of the funded plans as at 31 December 2015
was 96% (2014: 90%).
Two of the plans have a funded status surplus of €2.2m as at 31 December 2015 (31 December 2014: €nil) that is recognised as an asset on
the basis that the Group has an unconditional right to future economic benefits either via a refund or a reduction in future contributions.
The movement in the defined benefit obligation recognised on the balance sheet was as follows:
2015 2014
Defined benefit obligation as at 1 January 143.1 114.7
Expense recognised in the income statement 14.0 15.6
Remeasurements recognised in OCI (11.1) 38.7
Employer contributions (16.1) (13.6)
Benefits paid (14.0) (15.0)
Foreign currency translation (0.2) 2.7
Defined benefit obligation as at 31 December 115.7 143.1
Plus: amounts recognised within non-current assets (refer to Note 9) 2.2 –
Total defined benefit obligation as at 31 December 117.9 143.1
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The assumptions (weighted average for the Group) used in computing the defined benefit obligation comprised the following for the years
ended 31 December:
2015 2014
% %
Discount rate 2.6 2.7
Rate of compensation increase 2.9 2.9
Pension increases 0.8 1.0
Life expectancy for pensioners at the age of 65 in years: 2015 2014

Male 22 21
Female 24 24
The expense recognised in the income statement comprised the following for the years ended 31 December:
2015 2014
Service cost 8.1 9.6
Net interest cost on defined benefit liability/(asset) 5.8 5.9
Actuarial gain (0.2) (0.1)
Administrative expenses 0.3 0.2
Total 14.0 15.6
Defined benefit plan expenditure is included in staff costs and presented in cost of goods sold and operating expenses.
Plan assets are invested as follows:
2015 2014
% %
Asset category
Equity securities – Eurozone 4 3
Equity securities – non-Eurozone 20 32
Government bonds – non-Eurozone – 9
Government bonds – Eurozone 18 9
Corporate bonds – Eurozone 1 2
Corporate bonds – non-Eurozone 28 29
Real estate 10 8
Cash 2 2
Other 17 6
Total 100 100
The assets of funded plans are generally held in separately administered trusts, either as specific assets or as a proportion of a general fund,
or are insurance contracts. Plan assets held in trust are governed by local regulations and practice in each country. The category “other”
mainly includes investments in funds holding a portfolio of assets. Plan assets relate predominately to quoted financial instruments.
Equity securities were not invested in ordinary shares of the Company as at 31 December 2015 or 31 December 2014.
Defined contribution plans

The expense recognised in the income statement in 2015 for the defined contribution plan is €22.2m (2014: €25.2m). This is included in staff
costs and recorded in cost of goods sold and operating expenses.
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17. Share capital, share premium and Group reorganisation reserve

Number Group
of shares Share Share reorganisation
(authorised capital premium reserve Total
and issued) € million € million € million € million
Balance as at 1 January 2014 367,690,225 1,997.4 5,287.1 (6,472.1) 812.4
Shares issued to employees exercising stock options 129,022 0.7 0.7 – 1.4
Dividends – – (130.2) – (130.2)
Balance as at 31 December 2014 367,819,247 1,998.1 5,157.6 (6,472.1) 683.6
Shares issued to employees exercising stock options 322,050 2.0 3.1 – 5.1
Dividends – – (132.4) – (132.4)
Balance as at 31 December 2015 368,141,297 2,000.1 5,028.3 (6,472.1) 556.3
In 2014, the share capital of the Group increased by the issue of 129,022 new ordinary shares following the exercise of stock options
pursuant to the Group’s employee stock option plan. Total proceeds from the issuance of the shares under the stock option plan amounted
to €1.4m.
On 25 June 2014, Coca-Cola HBC’s extraordinary general meeting of shareholders approved the distribution of a €0.354 dividend
per share. The effect to Coca-Cola HBC’s share premium amounted to €130.2m (refer also to Note 27).
In 2015, the share capital of the Group increased by the issue of 322,050 new ordinary shares following the exercise of stock options
pursuant to the Group’s employee stock option plan. Total proceeds from the issuance of the shares under the stock option plan amounted
to €5.1m.
On 23 June 2015, Coca-Cola HBC’s Annual General Meeting of shareholders approved the distribution of €0.36 dividend per share.
The effect of Coca-Cola HBC’s premium amounted to €132.4m (refer also to Note 27).
After the above changes, the share capital as at 31 December 2015 amounted to €2,000.1m and is comprised of 368,141,297 shares with
a nominal value of CHF 6.70 each.
18. Reserves
The reserves of the Group at 31 December were as follows:
2015 2014
Treasury shares (132.0) (70.7)
Exchange equalisation reserve (681.4) (615.3)
Other reserves
Hedging reserve, net (25.1) (10.4)
Tax-free reserve 163.8 163.8
Statutory reserves 20.0 17.0
Stock option reserve 79.1 70.3
Available-for-sale financial assets valuation reserve, net 0.8 0.7
Other 21.8 18.3
Total other reserves 260.4 259.7
Total reserves (553.0) (426.3)
Treasury shares
Treasury shares held by the Group represent shares acquired following approval of share buy-back programmes, forfeited shares under
the equity compensation plan operated by the Group, and shares representing the initial ordinary shares of Coca-Cola HBC acquired from
Kar-Tess Holding. On 23 June 2015, the Annual General Meeting adopted a proposal for a share buy-back programme of up to three million
(3,000,000) ordinary shares of Coca-Cola HBC for the purpose of neutralising the dilution resulting from past and future issuances of shares
under the Group’s equity compensation plans. The programme was completed in full during 2015 for a consideration of €58.5m.
Exchange equalisation reserve

The exchange equalisation reserve comprises all foreign exchange differences arising from the translation of the financial statements
of entities with functional currencies other than the Euro. The majority of the movement of 2015 is related to the Russian rouble and the
Swiss franc, while the majority of the movement of 2014 related to the Russian rouble.
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Other reserves
Hedging reserve
The hedging reserve reflects changes in the fair values of derivatives accounted for as cash flow hedges, net of the deferred tax related
to such balances. The movement for 2015 relates to the movement in cash flow hedges of €14.7m loss, net of deferred tax income of
€5.6m (2014: €0.4m loss, net of deferred tax expense of €6.8m).
Tax-free and statutory reserves

The tax-free reserve includes investment amounts exempt from tax according to incentive legislation, and other tax-free income or income
taxed at source. During 2015 there was no movement in tax-free reserves, while in 2014 tax-free reserves of €4.0m were offset against tax
losses carried forward and €74.0m was allocated to retained earnings as a result of the transformation of 3E (Cyprus) Limited Greek Branch
into a Greek single-member limited company, named Coca-Cola HBC Service MEPE.
Statutory reserves are particular to the various countries in which the Group operates. The amount of statutory reserves of the parent
entity, Coca-Cola HBC, is €nil. During 2015, an amount of €3.0m (2014: €0.3m increase) was reclassified to statutory reserves relating to the
establishment of additional reserves. Additionally, in 2014 an amount of €60.3m was allocated from statutory reserves to retained earnings,
due to cancellation of the statutory reserve in Czech Republic (€4.7m) and the transformation of 3E (Cyprus) Limited Greek Branch described
above (€55.6m).
Other reserves
Other reserves are particular to the various countries in which the Group operates and include shares held for the Group’s employee stock
purchase plan, which is an equity compensation plan in which eligible employees may participate.
Stock option reserve

The stock option reserve represents the cumulative charge to the income statement for employee stock option and performance share
awards. The movement for the stock option reserve for 2015 was a €8.8m increase (2014: €12.1m increase).
Available-for-sale financial assets valuation reserve

The available-for-sale financial assets valuation reserve reflects changes in the fair values of available-for-sale financial assets. Amounts
in this reserve are reclassified to profit or loss upon sale or impairment of the related investments. The movement for the available-for-sale
financial assets valuation reserve for 2015 was a €0.1m gain, net of deferred tax expense of €0.1m including €0.1m share of other
comprehensive income from equity method investments (2014: €0.4m loss, net of deferred tax income of €0.2m) and relates to
the revaluation impact of listed and unlisted equities held.
19. Total operating costs

Total operating costs for the years ended 31 December comprised:
2015 2014
Operating expenses 1,855.2 1,901.4
Restructuring costs 54.0 55.2
Total operating costs 1,909.2 1,956.6
(a) Operating expenses

2015 2014
Selling expenses 851.8 908.9
Delivery expenses 531.7 564.4
Administrative expenses 462.9 416.0
Stock option and performance shares expense (refer to Note 25) 8.8 12.1
Operating expenses 1,855.2 1,901.4
In 2015, operating expenses included net losses on disposal of property, plant and equipment of €1.8m (2014: €1.8m net gains).
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19. Total operating costs continued

(b) Restructuring costs
As part of the effort to optimise its cost base and sustain competitiveness in the marketplace, the Company undertook restructuring
initiatives in 2015 which amounted to €54.0m (2014: €55.2m) before tax. During 2015, the Company recorded €23.9m (2014: €25.6m),
€9.0m (2014: €7.3m) and €21.1m (2014: €22.3m) of restructuring charges in its established, developing and emerging markets respectively.
The restructuring concerns mainly employees’ costs (see Note 16) and impairment of property, plant and equipment (see Note 5).
(c) Staff costs

Staff costs included in the income statement in operating expenses, restructuring costs and in cost of goods sold are analysed as follows:
2015 2014
Wages and salaries 760.8 766.5
Social security costs 151.5 168.8
Pension and other employee benefits 131.3 135.5
Termination benefits 26.2 33.1
Total staff costs 1,069.8 1,103.9
Staff costs included in operating expenses and restructuring costs amounted to €814.1m in 2015 (2014: €844.5m).
Staff costs included in cost of goods sold amounted to €255.7m in 2015 (2014: €259.4m).
The average number of full-time equivalent employees in 2015 was 33,311 (2014: 36,362).
(d) Fees and other services of the statutory auditor

Audit and other fees charged in the income statement concerning the statutory auditor of the consolidated financial statements,
PricewaterhouseCoopers S.A. and affiliates, were as follows, for the years ended 31 December:
2015 2014
Audit fees 5.0 5.7
Audit related fees 0.5 0.4
Other fees 0.1 0.1
Total audit and all other fees 5.6 6.2
20. Finance costs

Net finance costs for the years ended 31 December comprised:
2015 2014
Interest income 9.5 10.0
Interest expense (59.4) (59.3)
Other finance costs (1.9) (1.9)
Net foreign exchange remeasurement losses (7.5) (10.9)
Finance charges paid with respect to finance leases (8.9) (8.4)
Finance costs (77.7) (80.5)
Loss on net monetary position – (2.4)
Total finance costs (77.7) (82.9)
Total finance costs, net (68.2) (72.9)
Other finance costs include commitment fees on loan facilities, and not drawn down and other similar fees.
Belarus was considered to be a hyperinflationary economy from the fourth quarter of 2011 up to 31 December 2014. During this period
hyperinflation accounting was applied in accordance with IAS 29. The restatement was based on conversion factors derived from the
Belarusian Consumer Price Index (CPI), as compiled by the National Statistical Committee of the Republic of Belarus. The conversion factor
used for December 2014 was 1.145 which resulted in a net monetary loss for 2014 of €2.4m. However, since 1 January 2015 hyperinflation
accounting has been discontinued, as Belarus ceased to meet the criteria of a hyperinflationary economy. All amounts expressed in the
measuring unit as at 31 December 2014 were treated as the basis for the carrying amounts as at 1 January 2015.
Capitalised borrowing costs in 2015 amounted to €0.4m (2014: €0.5m). The average interest rate used to capitalise borrowing costs of the
Group for 2015 was 3.01% (2014: 3.08%).
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21. Tax
The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable
to profits of the consolidated entities as follows:
2015 2014
Profit before tax 357.1 352.0
Tax calculated at domestic tax rates applicable to profits in the respective countries 88.6 59.9
Additional local taxes in foreign jurisdictions 11.7 7.6
Tax holidays in foreign jurisdictions (1.5) (1.1)
Expenses non-deductible for tax purposes 14.1 19.8
Income not subject to tax (28.3) (31.5)
Changes in tax laws and rates (10.1) 1.4
Current year tax losses not recognised 3.7 3.6
Recognition of previously unrecognised post-acquisition tax losses (2.6) (0.7)
Other 0.8 (1.2)
Income tax charge per the income statement 76.4 57.8
Non-deductible expenses for tax purposes include marketing and advertising expenses, service fees, bad debt provisions, entertainment
expenses, certain employee benefits and stock options expenses and other items that, partially or in full, are not deductible for tax purposes
in certain of our jurisdictions.
The income tax charge for the years ended 31 December is as follows:
2015 2014
Current tax charge 93.2 80.5
Deferred tax charge (refer to Note 8) (16.8) (22.7)
Total income tax charge 76.4 57.8
22. Earnings per share

The calculation of the basic and diluted earnings per share attributable to the owners of the parent entity is based on the following data:
2015 2014
Net profit attributable to the owners of the parent (€ million) 280.3 294.8
Weighted average number of ordinary shares for the purposes of basic earnings per share (million) 363.7 364.3
Effect of dilutive stock options (million) 1.5 1.3
Weighted average number of ordinary shares for the purposes of diluted earnings per share (million) 365.2 365.6
Basic and diluted earnings per share (€) 0.77 0.81
Outstanding stock options that have an anti-dilutive effect and are therefore excluded from diluted earnings per share in 2015 were €4.5m
(2014: €5.8m).
23. Components of other comprehensive income

The components of other comprehensive income for the years ended 31 December comprise:
2015 2014
Tax (expense)/ Tax (expense)/
Before-tax income Net-of-tax Before-tax income Net-of-tax
€ million € million € million € million € million € million
Available-for-sale financial assets 0.1 (0.1) – (0.6) 0.2 (0.4)
Cash flow hedges (20.3) 5.6 (14.7) 6.4 (6.8) (0.4)
Foreign currency translation (65.8) – (65.8) (322.0) – (322.0)
Actuarial gains/(losses) 11.1 (2.9) 8.2 (38.7) 6.6 (32.1)
Share of other comprehensive income
of equity method investments (0.2) – (0.2) – – –
Other comprehensive income (75.1) 2.6 (72.5) (354.9) – (354.9)
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24. Shares held for equity compensation plan

The Group operates a stock purchase plan, the Employee Stock Purchase Plan, which is an equity compensation plan, administered by a
Plan Administrator, in which eligible employees may participate. Under the terms of this plan, employees have the opportunity to invest 1%
to 15% of their salary in ordinary Coca-Cola HBC shares by contributing to the plan monthly. Coca-Cola HBC will match up to a maximum of
3% of the employee’s salary by way of contribution. Employer contributions are used to purchase matching shares on a monthly basis on the
open market, which is the London Stock Exchange. Matching shares vest one year after the purchase. Forfeited shares may be used to meet
Plan expenses or for any other purposes relevant to the Plan. Dividends received in respect of shares under the Plan are used to purchase
additional shares and are immediately vested to the employees. Shares are held under the Plan Administrator.
In order to adapt the plan to the Greek legal framework Coca-Cola HBC matches the contribution of employees resident in Greece with
an annual employer contribution, made in December, of up to 5% of the employee’s salary, and matching shares purchased in December
vest immediately.
During 2015, 266,261 shares were purchased by Coca-Cola HBC (2014: 287,214) as matching shares to employee investments.
The charge to the income statement totalled €4.8m (2014: €4.3m). The cost of unvested matching shares held by the trust at the end
of December 2015 was €4.6m (2014: €3.8m). The total number of shares held under the plan as at 31 December 2015 was 2,417,413
(2014: 2,472,937). The total contributions made by employees to the plan during 2015 were €5.5m (2014: €5.3m).
No provision is made for any increase or decrease in value of these shares, as they will vest to employees, and the risks and rewards
of fluctuations of the share price are borne by those employees.
25. Stock option and performance share compensation plans

The Group operates an employee stock option plan as an equity compensation plan, under which senior managers are granted awards of stock
options, based on performance, potentiality and level of responsibility. Options are granted at an exercise price equal to the closing price of the
Company’s shares trading on the London Stock Exchange on the day of the grant. Options vest in one-third increments each year for three years
and can be exercised for up to ten years from the date of award. When the options are exercised, the proceeds received, net of any transaction
costs, are credited to share capital (at the nominal value) and share premium. The Group has not issued any new stock options in 2015.
The following table summarises information regarding outstanding stock options exercisable at 31 December 2015:
Vesting status Number of
Exercise price Exercise price as at Vesting dates for End of stock options
(EUR) (GBP) 31 Dec 2015 further increments option period outstanding
2005 December grant 13.19 11.24 fully vested – – 31.12.20201 250,001
2006 March grant 14.23 12.13 fully vested – – 20.03.2016 50,001
2007 December grant 26.41 22.51 fully vested – – 12.12.2017 1,202,200
2011 March grant 18.53 15.79 fully vested – – 15.03.2021 18,334
2013 June grant – 15.00 two-thirds 21.06.2016 – 20.06.2023 1,475,664
2013 December grant – 16.99 two-thirds 10.12.2016 – 09.12.2023 1,609,163
2014 December grant – 13.33 one-third 10.12.2016 10.12.2017 09.12.2024 1,610,332
Total 12,337,506
1. Relates to stock options granted under the previous stock option plan which expire at the end of December 2020.
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A summary of stock option activity in 2015 under all plans is as follows:

Weighted* Weighted
Number of average average
stock options exercise price exercise price
2015 2015 (EUR) 2015 (GBP)
Outstanding at January 1 12,925,795 18.51 14.49
Exercised (322,050) 15.47 11.40
Expired (35,062) 22.52 16.60
Forfeited (231,177) 20.14 14.84
Outstanding at December 31 12,337,506 19.76 14.56
Exercisable at December 31 10,276,017 19.73 14.54
A summary of stock option activity in 2014 under all plans is as follows:

Weighted* Weighted
Number of average average
stock options exercise price exercise price
2014 2014 (EUR) 2014 (GBP)
Outstanding at January 1 11,580,884 17.22 14.63
Granted 1,720,500 17.03 13.33
Exercised (129,022) 11.46 8.97
Expired (155,567) 20.02 15.67
Forfeited (91,000) 21.04 16.47
Outstanding at December 31 12,925,795 18.51 14.49
Exercisable at December 31 9,047,310 18.32 14.34
* For convenience purposes, the prices are translated at the closing exchange rate.
The related weighted average share price during the period of exercise was £15.08 (2014 : £14.17).
The total charge to the income statement for employee stock option awards for 2015 amounted to €8.7m (2014: €12.1m).
Equity-settled share-based payments are measured at fair value at the date of grant using a Monte Carlo simulation stock option valuation
model. For the year of 2014, inputs into the model are as follows:
2014
Weighted average share price £13.33
Weighted average fair value of options granted £3.50
Risk-free interest rates 1.80%
Expected volatility 30.00%
Dividend yield 2.10%
Expected life 7.6 years
The weighted average remaining contractual life of share options outstanding under the stock option compensation plans at 31 December
2015 was 5.3 years (2014: 6.3 years).
During 2015 the Group adopted a performance share plan, under which senior managers are granted performance share awards, which have
a three-year vesting period and are linked with Group-specific key performance indicators. Performance share awards are granted at a price
equal to the closing price of the Company’s shares trading on the London Stock Exchange on the day of the grant.
The number of performance shares granted in 2015 and outstanding as at 31 December 2015 was 652,159.
The fair value for the 2015 performance shares plan is £13.84m. Relevant inputs into the valuation are as follows:
2015
Weighted average share price £14.70
Dividend yield 2.0%
Weighted average vesting period 3.3 years
The total charge to the income statement for employee performance shares awards for 2015 amounted to €0.1m (2014: nil).
149
26. Business combinations and acquisition of non-controlling interests

Acquisitions of non-controlling interests
On 8 June 2011, the Board of Directors of the Company’s subsidiary Nigerian Bottling Company plc (‘NBC’) resolved to propose a scheme
of arrangement between NBC and its minority shareholders 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% of the voting shares of NBC by Coca-Cola Hellenic Bottling Company S.A., bringing the Group’s interest
in NBC 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 €100.2m, including transaction costs of €1.8m, out of which €73.8m was
paid as of 31 December 2015 (31 December 2014: €72.6m). The remaining amount of €26.4m has yet to be paid in respect of shares acquired
as the sellers have yet to claim the cash consideration. This amount is currently held in a separate bank account in Nigeria awaiting claim
(see Note 13).
27. Dividends
The Board of Directors of Coca-Cola HBC AG has proposed a €0.40 dividend per share in respect of 2015. If approved by the shareholders
of Coca-Cola HBC AG, this dividend will be paid in 2016.
The shareholders of Coca-Cola HBC AG approved the dividend distribution of €0.36 per share at the Annual General Meeting
held on 23 June 2015. The total dividend amounted to €132.4m and was paid on 28 July 2015. Of this an amount of €1.3m related to
shares held by the Group. Dividends paid by the Group in 2015 to non-controlling interests in the emerging markets amounted to €0.2m.
The shareholders of Coca-Cola HBC AG approved the dividend distribution of €0.354 per share at the Annual General Meeting held on
25 June 2014. The total dividend amounted to €130.2m and was paid on 29 July 2014. Of this an amount of €1.2m related to shares held
by the Group. Dividends paid by the Group in 2014 to non-controlling interests in the emerging markets amounted to €0.4m.
28. Financial risk management

Financial risk factors
The Group’s activities expose it to a variety of financial risks: market risk (including foreign currency risk, interest rate risk, commodity price
risk), credit risk, liquidity risk and capital risk. The Group’s overall risk management programme focuses on the volatility of financial markets
and seeks to minimise potential adverse effects on the Group’s cash flows. The Group uses derivative financial instruments to hedge certain
risk exposures.
Risk management is carried out by Group Treasury in a controlled manner, consistent with the Board of Directors’ approved policies.
Group Treasury identifies, evaluates and hedges financial risks in close cooperation with the Group’s subsidiaries. The Board of
Directors has approved the Treasury Policy and Chart of Authority, which together provide the control framework for all treasury
and treasury-related transactions.
Market risk
Foreign currency risk
The Group is exposed to the effect of foreign currency risk on future commercial transactions, recognised monetary assets and liabilities
that are denominated in currencies other than the local entity’s functional currency, as well as net investments in foreign operations. Foreign
currency forward and option contracts are used to hedge a portion of the Group’s foreign currency risk. The majority of the foreign currency
forward and option contracts have maturities of less than one year after the balance sheet date. The foreign currency risk arising from the
investment in foreign operations is not hedged.
Management has set up a policy that requires Group companies to manage their foreign exchange risk against their functional currency.
To manage their foreign exchange risk arising from future commercial transactions and recognised monetary assets and liabilities, entities
in the Group use foreign currency forward and option contracts transacted by Group Treasury. Group Treasury’s risk management policy
is to hedge, on an average coverage ratio basis, between 25% and 80% of anticipated cash flows and 100% of balance sheet exposures
in each major foreign currency without significant currency control for the next twelve months by using a layer strategy. Each subsidiary
designates contracts with Group Treasury as fair value hedges or cash flow hedges, as appropriate. External foreign exchange contracts
are designated at Group level as hedges of foreign exchange risk on specific monetary assets, monetary liabilities or future transactions
on a gross basis.
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Strategic Report
The following tables present details of the Group’s sensitivity to reasonably possible increases and decreases in the Euro and US dollar
against the relevant foreign currencies. In determining reasonable possible changes, the historical volatility over a twelve-month period of the
respective foreign currencies in relation to the Euro and the US dollar has been considered. The sensitivity analysis determines the potential
gains and losses in the income statement or equity arising from the Group’s foreign exchange positions as a result of the corresponding
percentage increases and decreases in the Group’s main foreign currencies relative to the Euro and the US dollar. The sensitivity analysis
includes outstanding foreign currency denominated monetary items, external loans, and loans between operations within the Group where
the denomination of the loan is in a currency other than the functional currency of the local entity. The sensitivity analysis for exchange risk
for 2015 and 2014 was as follows:
2015 exchange risk sensitivity analysis

Euro strengthens against Euro weakens against
local currency local currency
Loss/(gain) (Gain)/loss
% of historical in income (Gain)/loss in income Loss/(gain)
volatility over a statement in equity statement in equity
12-month period € million € million € million € million
Armenian dram 12.70% (0.1) – 0.1 –
Belarusian rouble 27.69% (1.6) – 2.9 –
Bulgarian lev 0.54% (0.1) – 0.1 –
Croatian kuna 2.11% (0.1) (0.4) 0.1 0.4
Czech koruna 3.41% – (0.3) 0.1 0.2
Hungarian forint 7.43% 0.1 (0.5) (0.1) 0.4
Moldovan leu 28.23% 1.2 1.8 (2.2) (3.2)
Nigerian naira 15.66% 2.8 – (3.9) –
Polish zloty 7.13% 0.2 (1.8) 0.1 1.2
Romanian leu 3.63% 0.2 (1.0) (0.2) 1.1
Russian rouble 28.12% 3.5 (11.5) (1.6) 1.2
Serbian dinar 3.41% 0.2 – (0.2) –
Swiss franc 22.61% (0.8) (3.7) 1.3 5.8
UK sterling 9.82% – 0.7 – (0.9)
Ukrainian hryvnia 38.74% 5.7 – (13.0) –
US dollar 12.26% (0.9) 1.8 1.2 (2.3)
10.3 (14.9) (15.3) 3.9
US dollar strengthens against US dollar weakens against

Euro 12.26% (0.5) – 0.6 –
Nigerian naira 9.11% 1.2 – (1.4) –
Romanian leu 12.43% 0.3 – (0.4) –
Russian rouble 26.30% 5.4 (18.1) (0.6) 5.5
Serbian dinar 12.63% (0.1) – 0.2 –
6.9 (18.1) (2.9) 5.5
151
28. Financial risk management continued

2014 exchange risk sensitivity analysis
Euro strengthens against Euro weakens against
Armenian dram 20.41% 0.6 – (0.9) –
Belarusian rouble 11.03% (0.9) – 1.2 –
Bulgarian lev 0.81% (0.1) – 0.1 –
Croatian kuna 0.97% – (0.1) – 0.1
Czech koruna 2.37% 0.1 (0.3) (0.1) 0.4
Hungarian forint 6.50% – (0.4) – 0.4
Moldovan leu 8.16% 0.3 0.6 (0.4) (0.7)
Nigerian naira 11.68% 0.9 – (1.1) –
Polish zloty 4.85% (0.1) (2.5) 0.1 2.7
Romanian leu 3.18% 0.1 (1.1) (0.1) 1.2
Russian rouble 31.25% 1.3 (15.6) 2.8 9.3
Serbian dinar 3.68% 0.2 – (0.2) –
Swiss franc 1.93% (0.1) (0.9) 0.1 1.0
UK sterling 5.85% (0.3) 3.0 0.3 (3.4)
US dollar 5.91% (1.4) 2.5 1.6 (2.8)
5.2 (14.8) (5.5) 8.2
US dollar strengthens against US dollar weakens against

Euro 5.91% (0.2) – 0.2 –
Nigerian naira 9.71% 2.7 – (3.3) –
Russian rouble 29.72% 6.3 (20.3) (5.0) 21.5
11.4 (20.3) (12.8) 21.5
Commodity price risk

The Group is affected by the volatility of certain commodity prices (being mainly sugar, aluminium, PET and gas oil) in relation to certain
raw materials necessary for the production of the Group’s products.
Due to the significantly increased volatility of commodity prices, the Group’s Board of Directors has developed and enacted a risk
management strategy regarding commodity price risk and its mitigation. Although the Group continues to contract prices with suppliers
in advance, to reduce its exposure to the effect of short-term changes in the price of sugar, aluminium and gas oil, the Group hedges the
purchase price of sugar, aluminium and gas oil using commodity swap contracts based on a rolling 36 month forecast. The Group Treasury’s
Risk management policy is to hedge a minimum of 50% and a maximum of 80% of commodity exposure for the next twelve months.
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Strategic Report
The following table presents details of the Group’s income statement and equity sensitivity to increases and decreases in sugar, aluminium
and gas oil prices. The table does not show the sensitivity to the Group’s total underlying commodity exposure or the impact of changes in
volumes that may arise from increase or decrease in the respective commodity prices. The sensitivity analysis determines the potential effect
on profit or loss and equity arising from the Group’s commodity swap contract positions as a result of the reasonably possible increases or
decreases of the respective commodity price. The sensitivity analysis for sugar, aluminium and gas oil price risk was as follows:
31 December 2015
Commodity price increases with Commodity price decreases with
all other variables held constant all other variables held constant
% of historical
volatility over a (Gain)/loss Loss/(gain
12-month period in income (Gain)/loss in income Loss/(gain)
per contract statement in equity statement in equity
maturity € million € million € million € million
Sugar 19.9% (10.8) – 10.8 –
Aluminium 18.3% (10.5) (1.3) 10.5 1.3
Gas oil 33.4% (5.5) – 5.5 –
(26.8) (1.3) 26.8 1.3
31 December 2014
Commodity price increases with Commodity price decreases with
all other variables held constant all other variables held constant
% of historical
volatility over a
12-month (Gain)/loss Loss/(gain
period in income (Gain)/loss in income Loss/(gain)
per contract statement in equity statement in equity
maturity € million € million € million € million
Sugar 12.2% (6.3) – 6.3 –
Aluminium 18.4% (9.9) (3.6) 9.9 3.6
Gas oil 17.1% (3.3) – 3.3 –
(19.5) (3.6) 19.5 3.6
Interest rate risk

The sensitivity analysis in the following paragraph has been determined based on exposure to interest rates of both derivative and non-
derivative instruments existing at the balance sheet date and assuming constant foreign exchange rates. For floating rate liabilities, the
analysis is prepared assuming the amount of liability outstanding at the balance sheet date was outstanding for the whole year. A 100 basis
point increase or decrease represents management’s assessment of a reasonably possible change in interest rates.
If interest rates had been 100 basis points higher and all other variables were held constant, the Group’s profit or loss and equity for
the year ended 31 December 2015 would have been affected by a €0.1m loss (2014: €0.2m loss) and by a €53.7m gain (2014: €45.4m gain)
respectively. If interest rates had been 100 basis points lower and all other variables were held constant, the Group’s profit and loss and equity
for the year ended 31 December 2015 would have been affected by a €0.1m gain (2014: €0.2m gain) and by a €58.4m loss (2014: €49.5m loss)
respectively. The limited impact to the Group’s profit and loss is mainly attributable to the Group’s minor exposure to interest rate fluctuations
as the majority of outstanding debt is in the form of fixed rate bonds. The impact in the Group’s equity is attributable to the changes in the fair
value of the forward starting swaps entered into 2014 and used as cash flow hedging instruments, assuming 100% hedge effectiveness.
Credit risk
The Group has limited concentration of credit risk across trade and financial counterparties. Policies are in place to ensure that sales
of products and services on credit are made to customers with an appropriate credit history. The Group has policies that limit the amount
of credit exposure to any single financial institution.
The Group’s maximum exposure to credit risk in the event that counterparties fail to perform their obligations at 31 December 2015
in relation to each class of recognised financial asset is the carrying amount of those assets as indicated on the balance sheet.
If credit is granted to customers, their credit quality is normally assessed using external agencies and historic experience. Credit limits
are set accordingly. Further information regarding credit risk exposure is described in Note 11.
With respect to derivative financial instruments, credit risk arises from the potential failure of counterparties to meet their obligations
under the contract or arrangement. The Group’s maximum credit risk exposure for each derivative instrument is the carrying amount of the
derivative (refer to Note 7). In addition, the Group regularly makes use of money market funds and time deposits to invest temporarily excess
cash balances and to diversify its counterparty risk. The money market funds have a minimum AAA rating and strict investment limits are set,
per fund, depending on the size of the fund. As at 31 December 2015, the temporarily excess cash balance is invested in time deposits.
153

The Group only undertakes investment and derivative transactions with banks and financial institutions that have a minimum credit rating
of ‘BBB-’ from Standard & Poor’s and ‘Baa3’ from Moody’s. The Group also uses Credit Default Swaps of a counterparty in order to measure in
a more timely way the creditworthiness of a counterparty and set up its counterparties in tiers in order to assign maximum exposure and tenor
per tier. If the Credit Default Swaps of certain counterparty exceed 400 basis points the Group will stop trading derivatives with that
counterparty and will try to cancel any deposits on a best-effort basis.
Liquidity risk
The Group actively manages liquidity risk to ensure there are sufficient funds available for any short-term and long-term commitments.
Bank overdrafts and bank facilities, both committed and uncommitted, are used to manage this risk.
Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has built an appropriate liquidity risk management
framework for the management of the Group’s short-, medium- and long-term funding and liquidity requirements. The Group manages
liquidity risk by maintaining adequate cash reserves and committed banking facilities, access to the debt and equity capital markets, and by
continuously monitoring forecasted and actual cash flows. In Note 14, the undrawn facilities that the Group has at its disposal to manage
liquidity risk are discussed under the headings ‘Commercial paper programme and committed credit facilities’ and ‘Euro medium-term
note programme’.
The following tables detail the Group’s remaining contractual maturities for its financial liabilities. The tables include both interest and principal
undiscounted cash flows, assuming that interest rates remain constant from 31 December 2015.
up to 1 year 1-2 years 2-5 years over 5 years
Borrowings 833.8 52.1 908.9 86.7
Derivative liabilities 40.9 11.8 2.7 –
Trade and other payables 1,502.4 – – 7.2
As at 31 December 2015 2,377.1 63.9 911.6 93.9
Borrowings 606.8 698.5 111.3 892.4
Derivative liabilities 17.8 5.8 19.8 –
Trade and other payables 1,473.7 6.6 – 7.3
As at 31 December 2014 2,098.3 710.9 131.1 899.7
The Group hedges exposures to changes in the fair value of debt, as well as in the foreign exchange cash flows of debt, by using a combination
of interest rate and cross currency swap contracts (refer to Notes 7 and 14). The impact of these instruments has been included in the
aggregate interest and principal undiscounted cash flows related to the underlying borrowings presented above.
Capital risk
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern and to maintain an optimal
capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Group may increase or decrease debt, issue or buy back shares, adjust the amount
of dividends paid to shareholders, or return capital to shareholders.
The Group’s goal is to maintain a conservative financial profile. This is evidenced by the credit ratings maintained with Standard & Poor’s and
Moody’s. In May 2015, Standard & Poor’s changed the outlook from negative to stable and affirmed Coca-Cola HBC’s ‘BBB+’ long-term, ‘A2’
short-term corporate credit ratings. In November 2015, Moody’s changed the outlook from negative to stable and affirmed Coca-Cola HBC’s
‘Baa1’ long-term, ‘P2’ short-term corporate credit ratings.
The Group monitors its financial capacity and credit ratings by reference to a number of key financial ratios including net debt to comparable
adjusted EBITDA, which provides a framework within which the Group's capital base is managed. This ratio is calculated as net debt divided by
comparable adjusted EBITDA. The Group’s current effort is to maintain the net debt to comparable adjusted EBITDA ratio within a 1.5 to 2.0
range. The ratios at 31 December 2015 and 2014 were as follows:
2015 2014
Total borrowings (refer to Note 14) 1,704.5 2,104.9
Less: Cash and cash equivalents (refer to Note 13) (487.4) (636.3)
Net debt 1,217.1 1,468.6
Operating profit before deductions for depreciation and impairment of property, plant and equipment, amortisation
and impairment of intangible assets, employee share options and other non-cash items 766.3 742.1
Restructuring costs 36.3 34.2
Unrealised commodity derivatives 1.0 8.4
Total comparable adjusted EBITDA 803.6 784.7
Net debt/comparable adjusted EBITDA ratio 1.5 1.9
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Strategic Report
Fair values of financial assets and liabilities

For financial instruments such as cash, deposits, debtors and creditors, investments, loans payable to related parties, short-term borrowings
(excluding the current portion of bonds and notes payable) and other financial liabilities (other than bonds and notes payable), carrying values
are a reasonable approximation of their fair values. According to the fair value hierarchy, the financial instruments measured at fair value are
classified as follows:
Level 1
The fair value of available-for-sale listed equity securities is based on quoted market prices at 31 December 2015. The fair value of bonds
is based on quoted market prices at 31 December 2015.
Level 2
The fair value of foreign currency forward and option contracts, commodity swap contracts, interest rate swap contracts, forward starting
swap contracts, embedded foreign currency derivatives and cross currency swap contracts is determined by using valuation techniques.
These valuation techniques maximise the use of observable market data. The fair value of the foreign currency forward and option contracts,
commodity swap contracts, embedded foreign currency derivatives and cross currency swap contracts is calculated by reference to quoted
forward exchange, deposit rates and forward rate curve of the underlying commodity at 31 December 2015 for contracts with similar maturity
dates. The fair value of interest rate option contracts is calculated by reference to the Black and Scholes valuation model and implied
volatilities. The fair value of interest rate swap contracts is determined as the difference in the present value of the future interest cash inflows
and outflows, based on observable yield curves.
Level 3
The fair value of available-for-sale unlisted investments is determined through the use of estimated discounted cash flows.
The following table provides the fair value hierarchy in which fair value measurements are categorised for assets and liabilities measured
at fair value as at 31 December 2015:
Level 1 Level 2 Level 3 Total
Financial assets at FVTPL
Foreign currency forward contracts – 4.7 – 4.7
Foreign currency option contracts – 0.3 – 0.3
Embedded derivatives – 6.2 – 6.2
Commodity swap contracts – 1.4 – 1.4
Derivative financial assets used for hedging
Fair value hedges
Cash flow hedges
Available-for-sale financial assets
Equity securities 1.2 – 0.5 1.7
Total financial assets 1.2 23.5 0.5 25.2
Financial liabilities at FVTPL
Foreign currency forward contracts – (1.5) – (1.5)
Commodity swap contracts – (28.0) – (28.0)
Derivative financial liabilities used for hedging
Cash flow hedges
Forward starting swap contracts – (24.6) – (24.6)
Total financial liabilities – (55.4) – (55.4)
There were no material changes in fair value measurements for Level 3 items for the year ended 31 December 2015. There have been no
transfers between Level 1 and Level 2 in the period.
155

The following table provides the fair value hierarchy in which fair value measurements are categorised for assets and liabilities measured at fair
value as at 31 December 2014:
Level 1 Level 2 Level 3 Total
Financial assets at FVTPL
Interest rate swap contracts – 10.6 – 10.6
Derivative financial assets used for hedging
Fair value hedges
Cash flow hedges
Available-for-sale financial assets
Equity securities 1.1 – 0.9 2.0
Total financial assets 1.1 53.9 0.9 55.9
Financial liabilities at FVTPL
Cross-currency swap contracts – (34.3) – (34.3)
Derivative financial liabilities used for hedging
Cash flow hedges
Forward starting swap contracts – (24.7) – (24.7)
Total financial liabilities – (86.3) – (86.3)
There were no material changes in fair value measurements for Level 3 items for the year ended 31 December 2014. There have been no
transfers between Level 1 and Level 2 in the period.
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Strategic Report
Offsetting financial assets and financial liabilities

(a) Financial assets
The following financial assets are subject to offsetting, enforceable master netting or similar agreements.
As at 31 December 2015
Gross amounts
of recognised Net amounts of Related amounts not set
Gross amounts financial liabilities financial assets off in the balance sheet
of recognised set off in the presented in the Financial Cash collateral Net
financial assets balance sheet balance sheet instruments received amount
Derivative financial assets 23.5 – 23.5 (5.0) – 18.5
Cash and cash equivalents 487.4 – 487.4 – – 487.4
Other current assets 718.9 (54.9) 664.0 – – 664.0
Total 1,229.8 (54.9) 1,174.9 (5.0) – 1,169.9
Gross amounts of Related amounts not set
recognised Net amounts of off in the balance sheet
Gross amounts financial liabilities financial assets
financial assets balance sheet balance sheet instruments received amount
Derivative financial assets 53.9 – 53.9 (17.3) – 36.6
Cash and cash equivalents 636.3 – 636.3 – – 636.3
Other current assets 747.3 (62.8) 684.5 – – 684.5
Total 1,437.5 (62.8) 1,374.7 (17.3) – 1,357.4
(b) Financial liabilities

The following financial liabilities are subject to offsetting, enforceable master netting or similar agreements.
Gross amounts
of recognised Net amounts of Related amounts not set
Gross amounts financial liabilities financial assets off in the balance sheet
financial assets balance sheet balance sheet instruments pledged amount
Derivative financial liabilities 55.4 – 55.4 (5.0) – 50.4
Other current liabilities 540.0 (54.9) 485.1 – – 485.1
Total 595.4 (54.9) 540.5 (5.0) – 535.5
Gross amounts Related amounts not set
of recognised Net amounts of off in the balance sheet
Gross amounts financial liabilities financial assets
financial assets balance sheet balance sheet instruments pledged amount
Derivative financial liabilities 86.3 – 86.3 (17.3) (3.5) 65.5
Bank overdrafts 3.9 – 3.9 – – 3.9
Other current liabilities 572.0 (62.8) 509.2 – – 509.2
Total 662.2 (62.8) 599.4 (17.3) (3.5) 578.6
The Group enters into derivative transactions under International Swaps and Derivatives Association (ISDA) master netting agreements
or other similar agreements. In general, under such agreements the counterparties can elect to settle into one single net amount the
aggregated amounts owed by each counterparty on a single day in respect of all outstanding transactions of the same currency and the
same type of derivative. In the event of default or early termination all outstanding transactions under the agreement are terminated and
subject to any set-off. These agreements do not meet all of the IAS 32 criteria for offsetting in the statement of financial position, as the
Group does not have any current legally enforceable right to offset amounts since the right can be applied if elected by both counterparties.
157
29. Contingencies
The Greek Competition Authority issued a decision on 25 January 2002, imposing a fine on Coca-Cola Hellenic Bottling Company S.A.
(following the mergers now Coca-Cola HBC Holdings B.V.) of approximately €2.9m for certain discount and rebate practices and required
changes to the Coca-Cola Hellenic Bottling Company S.A.’s commercial practices with respect to placing coolers in certain locations and
lending them free of charge. On 16 June 2004, the fine was reduced on appeal to €1.8m. On 29 June 2005, the Greek Competition Authority
requested that Coca-Cola Hellenic Bottling Company S.A. provide information on its commercial practices as a result of a complaint by certain
third parties regarding Coca-Cola Hellenic Bottling Company S.A’s compliance with the decision of 25 January 2002. On 7 October 2005,
Coca-Cola Hellenic Bottling Company S.A. was served with notice to appear before the Greek Competition Authority. On 14 June 2006, the
Greek Competition Authority issued a decision imposing a daily penalty of €5,869 for each day that Coca-Cola Hellenic Bottling Company S.A.
allegedly failed to comply with the decision of 25 January 2002. On 31 August 2006, Coca-Cola Hellenic Bottling Company S.A. deposited
an amount of €8.9m, reflecting the amount of the fine and applicable tax, with the Greek authorities. As a result of this deposit, Coca-Cola
Hellenic Bottling Company S.A. increased the charge to its 2006 financial statements in connection to this case. On 23 November 2007,
the Court of Appeals partly reversed and partly upheld the decision of the Greek Competition Authority reducing the amount of the fine
to €5.9 million. The reduction of the fine by €2.8m was recognised in Coca-Cola Hellenic Bottling Company S.A.’s 2007 income statement.
Coca-Cola Hellenic Bottling Company S.A. (following the mergers now Coca-Cola HBC Holdings B.V.) appealed the decision of the Court
of Appeals to the extent it upheld the fine, to the Supreme Administrative Court of Greece. The Greek Competition Authority and one of
Coca-Cola Hellenic Bottling Company S.A.’s competitors also appealed the decision of the Court of Appeals to the extent that it reduced the
fine. On 7 July 2015, the Supreme Administrative Court of Greece rejected our appeal against the decision of the Court of Appeals, as well as
the counter-appeals which had been filed by the Greek Competition Authority and one of our competitors. Following this development, the
case is closed.
In relation to the Greek Competition Authority’s decision of 25 January 2002, one of Coca-Cola Hellenic Bottling Company S.A.’s competitors
has filed a lawsuit against Coca-Cola Hellenic Bottling Company S.A. claiming damages in an amount of €7.7m. The court of first instance
heard the case on 21 January 2009 and subsequently rejected the lawsuit. The plaintiff has appealed the judgement and on 9 December 2013
the Athens Court of Appeals rejected the plaintiff’s appeal. The plaintiff has the right to file a petition for cessation against the Athens Court
of Appeal’s decision before the Supreme Court. Following the spin off, Coca-Cola HBC Greece S.A.I.C. substituted Coca-Cola Hellenic
Bottling Company S.A. as defendant in this lawsuit. Coca-Cola HBC Greece S.A.I.C. has not provided for any losses related to this case.
On 19 April 2014, the same plaintiff filed a new lawsuit against Coca-Cola Hellenic Bottling Company S.A. (following the spin-off Coca-Cola
HBC Greece S.A.I.C.) claiming payment of €7.5m as compensation for losses and moral damages for alleged anti-competitive commercial
practices of Coca-Cola Hellenic Bottling Company S.A. between 1994 and 2013. The two lawsuits partially overlap in the time period for
which damages are sought by the plaintiff and therefore, it is assumed that the plaintiff will not file a petition for cessation before the
Supreme Court against the Athens Court of Appeal decision issued in relation to the initial lawsuit. The hearing of the new lawsuit is
scheduled for 18 December 2016. Coca-Cola HBC Greece S.A.I.C. has not provided for any losses related to this case.
On 1 February 2012, the Greek Competition Commission conducted an inspection of Coca-Cola Hellenic Bottling Company S.A.’s
(following the spin-off Coca-Cola HBC Greece S.A.I.C.) operations as part of an investigation to our commercial practices in recent years
into the sparkling, juice and water categories. Coca-Cola HBC Greece S.A.I.C., by which the production, bottling and distribution division
of Coca-Cola Hellenic Bottling Company S.A. was absorbed, has a policy of strict compliance with Greek and EU competition law and it
is cooperating fully with the Greek Competition Commission.
In 1992, our subsidiary Nigerian Bottling Company (‘NBC’) acquired a manufacturing facility in Nigeria from Vacunak, a Nigerian Company.
In 1994, Vacunak filed a lawsuit against NBC, alleging that a representative of NBC had orally agreed to rescind the sale agreement and instead
enter into a lease agreement with Vacunak. As part of its lawsuit Vacunak sought compensation for rent and loss of business opportunities.
NBC discontinued all use of the facility in 1995. On 19 August 2013, NBC received the written judgement of the Nigerian court of first instance
issued on 28 June 2012 providing for damages of approximately €38.5m. NBC has filed an appeal against the judgement. Based on advice
from NBC’s outside legal counsel, we believe that it is unlikely that NBC will suffer material financial losses from this case. We have
consequently not provided for any losses in relation to this case.
The tax filings of the Group and its subsidiaries are routinely subjected to audit by tax authorities in most of the jurisdictions in which the Group
conducts business. These audits may result in assessments of additional taxes. The Group provides additional tax in relation to the outcome
of such tax assessments, to the extent that a liability is probable and estimable.
The Group is also involved in various other legal proceedings. Management believes that any liability to the Group that may arise as a result of
these pending legal proceedings will not have a material adverse effect on the results of operations, cash flows, or the financial position of the
Group taken as a whole.
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Strategic Report
30. Commitments
(a) Operating leases
The total of future minimum lease payments under non-cancellable operating leases at 31 December was as follows:
2015 2014
Later than one year but less than five years 98.5 109.1
Future minimum lease payments 159.9 177.2
The total operating lease charges included within operating expenses for the years ended 31 December were as follows:
2015 2014
Plant and equipment 68.5 68.8
Property 29.5 32.7
Total operating lease charges 98.0 101.5
(b) Capital commitments

At 31 December 2015 the Group had capital commitments amounting to €70.5m (2014: €81.0m). Of this, €nil related to the Company’s share
of the commitments arising from joint operations (2014: €5.5m).
(c) Long-term commitments

At 31 December 2015 the Group had commitments to purchase raw materials and receive services amounting to €542.8m (2014: €434.6m).
31. Directors’ and senior management remuneration

The total remuneration paid to or accrued for Directors and the senior management team for 2015 amounted to €18.2m (2014: €18.7
million). Salaries and other short-term benefits amounted to €12.3m (2014: €10.7m). Out of the total remuneration, the amount accrued
for stock option and performance shares grants during 2015 was €5.1m (2014: €7.4m). Pension and post-employment benefits for
Directors and senior management during 2015 amounted to €0.8m (2014: €0.6m).
159
32. Related party transactions

(a) The Coca-Cola Company
As at 31 December 2015, The Coca-Cola Company indirectly owned 23.1% (2014: 23.1%) of the issued share capital of Coca-Cola HBC.
The Coca-Cola Company considers Coca-Cola HBC to be a ‘key bottler’ and has entered into bottlers’ agreements with Coca-Cola HBC
in respect of each of the Group’s territories. All the bottlers’ agreements entered into by The Coca-Cola Company and Coca-Cola HBC are
Standard International Bottlers’ (‘SIB’) agreements. The terms of the bottlers’ agreements grant Coca-Cola HBC the right to produce and
the exclusive right to sell and distribute the beverages of The Coca-Cola Company in each of the countries in which the Group operates.
Consequently, Coca-Cola HBC is obliged to purchase all concentrate for The Coca-Cola Company’s beverages from The Coca-Cola
Company, or its designee, in the ordinary course of business. On 10 October 2012, The Coca-Cola Company agreed to extend the term
of the bottlers’ agreements for a further ten years until 2023. On 29 December 2008, Kar-Tess Holding and The Coca-Cola Company agreed
to extend their existing shareholders’ agreement, whereby the combined shareholdings of Kar-Tess Holding and The Coca-Cola Company
in Coca-Cola Hellenic Bottling Company S.A. will not fall below 44% for the period up to January 2014 and not below 40% for the period
thereafter until 31 December 2018. However, on 22 February 2013, Coca-Cola HBC announced that the shareholders’ agreement of Kar-Tess
Holding and The Coca-Cola Company would be terminated upon settlement of the voluntary share exchange offer and will not be renewed
in relation to Coca-Cola HBC.
The Coca-Cola Company owns or has applied for the trademarks that identify its beverages in each of the countries in which the Group
operates. The Coca-Cola Company has authorised Coca-Cola HBC and certain of its subsidiaries to use the trademark ‘Coca-Cola’ in their
corporate names.
Total purchases of concentrate, finished products and other materials from The Coca-Cola Company and its subsidiaries during 2015
amounted to €1,355.0m (2014: €1,381.1m).
The Coca-Cola Company makes discretionary marketing contributions to Coca-Cola HBC’s operating subsidiaries. The participation in
shared marketing agreements is at The Coca-Cola Company’s discretion and, where cooperative arrangements are entered into, marketing
expenses are shared. Such arrangements include the development of marketing programmes to promote The Coca-Cola Company’s
beverages. Total net contributions received from The Coca-Cola Company for marketing and promotional incentives during the year
amounted to €89.5m (2014: €78.7m). Contributions for price support and marketing and promotional campaigns in respect of specific
customers are recorded in net sales revenue as an offset to promotional incentives paid to customers. In 2015, such contributions
totalled €46.2m (2014: €44.1m). Contributions for general marketing programmes are recorded as an offset to selling expenses.
In 2015, such contributions made by The Coca-Cola Company to Coca-Cola HBC totalled €43.4m (2014: €36.3m) and the contributions of
Coca-Cola HBC to The Coca-Cola Company totalled €0.1m (2014: €1.7m). The Coca-Cola Company has also customarily made additional
payments for marketing and advertising directly to suppliers as part of the shared marketing arrangements. The proportion of direct and
indirect payments, made at The Coca-Cola Company’s discretion, will not necessarily be the same from year to year. In addition, there were
support payments received from The Coca-Cola Company for the placement of cold drinks equipment for the year ended 31 December
2015 of €0.5m (2014: €0.3m).
During the year, the Group sold €9.1m of finished goods and raw materials to The Coca-Cola Company (2014: €28.1m).
Other income primarily comprises rent, facility and other items of €6.6m (2014: €4.0m) and a toll-filling relationship in Poland of €nil
(2014: €14.2m). Other expenses related to facility costs charged by The Coca-Cola Company and shared costs included in operating
expenses amounted to €4.1m (2014: €3.2m).
Coca-Cola HBC agreed on 4 April 2014 to assume control through ZAO Multon (‘Multon’), of the Moya Semya brands from The Coca-Cola
Company in the Russian Federation and Belarus. The Coca-Cola Company holds 23.1% of the issued share capital of the Company and
a 50% economic interest in Multon. The Moya Semya brands are managed through the Multon Juice business in Russia. The Company paid
US$19.0m (€14.1m) to The Coca-Cola Company as consideration to acquire an effective 50% economic interest in the Moya Semya brands.
As at 31 December 2015, the Group had a total amount due from The Coca-Cola Company of €72.4m (2014: €88.2m), and a total amount
due to The Coca-Cola Company of €216.8m including loans payable of €13.5m (2014: total payables €222.3m with loans payable €7.3m).
(b) Frigoglass S.A. (‘Frigoglass’), Kar-Tess Holding and A.G Leventis (Nigeria) Plc
Truad Verwaltungs AG, currently indirectly owns 44.4% of Frigoglass and 50.8% of AG Leventis (Nigeria) PLC and also indirectly controls
Kar-Tess Holding, which holds approximately 23.2% (2014: 23.2%) of Coca-Cola HBC’s total issued capital.
Frigoglass, a company listed on the Athens Exchange, is a manufacturer of coolers, cooler parts, glass bottles, crowns and plastics. Frigoglass
has a controlling interest in Frigoglass Industries Limited, a company in which the Group has a 23.9% effective interest, through its investment
in Nigerian Bottling Company Ltd (refer to Note 6). Furthermore during 2015 the Group acquired through its investment in Nigerian Bottling
Company Ltd a 23.9% effective interest in Frigoglass West Africa Ltd., a company in which Frigoglass has a controlling interest (refer to
Note 6).
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Strategic Report
The Group entered into a supply agreement with Frigoglass for the purchase of cooling equipment in 1999. The supply agreement was
extended in 2004, 2008 and most recently, in 2013, on substantially similar terms. Coca-Cola HBC has the status of most favoured customer
of Frigoglass, on a non-exclusive basis, provided that it obtains at least 60% (at prices which are negotiated on an annual basis and which must
be competitive) of its annual requirements for cooling equipment from Frigoglass. The current agreement expires on 31 December 2018.
During 2015, the Group made purchases of €101.7m (2014: €91.4m) of coolers, cooler parts, glass bottles, crowns and raw and plastics
from Frigoglass and its subsidiaries and incurred maintenance and other expenses of €14.8m (2014: €14.1m). In addition, the Group recorded
other income of €0.8m (2014: €0.1m). As at 31 December 2015, Coca-Cola HBC owed €23.6m (2014: €12.1m) to, and was owed €0.6m
(2014: €0.4m) by, Frigoglass.
During 2015, the Group purchased €18.8m (2014: €7.3m) of finished goods and other materials from AG Leventis (Nigeria) PLC. Furthermore,
the Group incurred rental expenses of €1.7m (2014: €0.9m) and other expenses of €2.8m (2014: €1.1m) from AG Leventis (Nigeria) PLC.
As at 31 December 2015, the Group owed €1.2m (2014: €3.8m) to, and was owed €1.9m (2014: €0.7m) by, AG Leventis (Nigeria) PLC.
(c) Directors
Mr. George A. David, Mr. Anastassis G. David, Mr. Anastasios I. Leventis and Mr. Christo Leventis have all been nominated by Kar-Tess Holding
to the Board of Coca-Cola HBC. Mr Irial Finan and Mr José Octavio Reyes were originally nominated by TCCC to the Board of Coca-Cola HBC.
There have been no transactions between Coca-Cola HBC and the Directors except for remuneration (refer to Note 31).
(d) Other
Beverage Partners Worldwide (‘BPW’)
BPW is a 50/50 joint venture between The Coca-Cola Company and Nestlé. During 2015, the Group purchased inventory from BPW
amounting to €82.9m (2014: €79.0m). As at 31 December 2015, Coca-Cola HBC owed €5.8m (2014: €3.6m) to and was owed €5.4m
(2014: €0.9m) by, BPW.
Leventis Overseas
Leventis Overseas was related to Coca-Cola HBC by way of common directors up until 25 June 2014, as a result of which significant influence
was considered to exist up until that date. From 1 January 2014, up until 25 June 2014, the Group purchased €1.6m of finished goods and
other materials from Leventis Overseas.
Other related parties
During 2015, the Group recorded sales of finished goods of €0.3m to other related parties (2014: €0.3m) and purchased €3.8m (2014:
€10.8m) of raw materials and finished goods from other related parties. In addition, during 2015, the Group incurred expenses of €24.5m
(2014: €29.2m) mainly related to maintenance services for cold drinks of equipment and installations of coolers, fountains, vending and
merchandising equipment from other related parties. Furthermore, during 2015, the Group acquired €2.3m in tangible fixed assets from
other related parties (2014: €1.4m). In addition, during 2015, the Group recorded income of €0.4m (2014: €0.5m) while €0.7m was received
as reimbursements for direct marketing expenses (2014: €0.2m). At 31 December 2015, the Group owed €0.5m (2014: €5.1m) to and was
owed €0.4m including loans receivables of €0.1m (2014: €1.6m including loans receivables of €0.2m) by, other related parties.
(e) Joint ventures

The Group purchased €49.0m of finished goods (2014: €56.5m) and recorded sales of finished goods and raw materials of €11.9m (2014:
€0.7m) from joint ventures. In addition, the Group received reimbursement for direct marketing expenses incurred of €0.6m for the year
(2014: €0.3m). Furthermore, the Group incurred other expenses of €0.6m (2014: €0.9m) and recorded other income of €2.5m (2014: €2.7m)
from joint ventures. In addition, the Group acquired €1.2m in tangible fixed assets from joint ventures in 2015 (2014: €nil). As at 31 December
2015, the Group owed €42.2m including loans payable of €17.4m (2014: €163.7m including loans payable €150.2m) to and was owed €13.0m
including loans receivable of €7.9m (2014: €17.4m including loans receivable of €5.1m) by joint ventures. During 2015 the Group received
dividends of €119.6m from Brewinvest S.A. group of companies.
There are no significant transactions with other related parties for the year ended 31 December 2015.
161
33. List of principal Group companies

The following are the principal Group companies as at 31 December:
% of voting rights % ownership
Country of registration 2015 2015 2014
AS Coca-Cola HBC Eesti Estonia 100.0% 100.0% 100.0%
Brewinvest S.A. Group1,2 Greece 50.0% 50.0% 50.0%
BrewTech B.V. Group1 The Netherlands 50.0% 50.0% 50.0%
CC Beverages Holdings II B.V. The Netherlands 100.0% 100.0% 100.0%
CCB Management Services GmbH Austria 100.0% 100.0% 100.0%
CCHBC Armenia CJSC Armenia 90.0% 90.0% 90.0%
CCHBC Bulgaria AD Bulgaria 99.4% 99.4% 99.4%
CCHBC Insurance (Guernsey) Limited Guernsey 100.0% 100.0% 100.0%
CCHBC IT Services Limited Bulgaria 100.0% 100.0% 100.0%
Coca-Cola Beverages Austria GmbH Austria 100.0% 100.0% 100.0%
Coca-Cola Beverages Belorussiya Unitary Enterprise Belarus 100.0% 100.0% 100.0%
Coca-Cola HBC Ceska republika, s.r.o. Czech Republic 100.0% 100.0% 100.0%
Coca-Cola Beverages Ukraine Ltd Ukraine 100.0% 100.0% 100.0%
Coca-Cola Bottlers Chisinau S.R.L. Moldova 100.0% 100.0% 100.0%
Coca-Cola Bottlers lasi Srl Romania 99.2% 99.2% 99.2%
Coca-Cola Bottling Company (Dublin) Limited3 Republic of Ireland – – 100.0%
Coca-Cola HBC-Srbija d.o.o. Serbia 100.0% 100.0% 100.0%
Coca-Cola HBC B-H d.o.o. Sarajevo Bosnia and Herzegovina 100.0% 100.0% 100.0%
Coca-Cola HBC Finance B.V. The Netherlands 100.0% 100.0% 100.0%
Coca-Cola HBC Finance plc England and Wales 100.0% 100.0% 100.0%
Coca-Cola HBC Greece S.A.I.C. Greece 100.0% 100.0% 100.0%
Coca-Cola HBC Holdings B.V. The Netherlands 100.0% 100.0% 100.0%
Coca-Cola HBC Hrvatska d.o.o. Croatia 100.0% 100.0% 100.0%
Coca-Cola HBC Hungary Ltd Hungary 100.0% 100.0% 100.0%
Coca-Cola HBC Ireland Limited Republic of Ireland 100.0% 100.0% 100.0%
Coca-Cola HBC Italia S.r.l. Italy 100.0% 100.0% 100.0%
Coca-Cola HBC Kosovo L.L.C. Kosovo 100.0% 100.0% 100.0%
Coca-Cola HBC Northern Ireland Limited Northern Ireland 100.0% 100.0% 100.0%
Coca-Cola HBC Polska sp. z.o.o. Poland 100.0% 100.0% 100.0%
Coca-Cola HBC Romania Ltd Romania 100.0% 100.0% 100.0%
Coca-Cola HBC Slovenija d.o.o. Slovenia 100.0% 100.0% 100.0%
Coca-Cola HBC Slovenska republika s.r.o. Slovakia 100.0% 100.0% 100.0%
Coca-Cola HBC Switzerland Ltd Switzerland 99.9% 99.9% 99.9%
Coca-Cola Hellenic Bottling Company-Crna Gora d.o.o., Podgorica Montenegro 100.0% 100.0% 100.0%
Coca-Cola Hellenic Business Service Organisation Bulgaria 100.0% 100.0% 100.0%
Coca-Cola Hellenic Procurement GmbH Austria 100.0% 100.0% 100.0%
Deepwaters Investments Ltd Cyprus 50.0% 50.0% 50.0%
Lanitis Bros Ltd Cyprus 100.0% 100.0% 100.0%
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Strategic Report
% of voting rights % ownership

Country of registration 2015 2015 2014
LLC Coca-Cola HBC Eurasia Russia 100.0% 100.0% 100.0%
MTV West Kishinev Bottling Company S.A.4 Moldova – – 100.0%
Multon Z.A.O. Group5 Russia 50.0% 50.0% 50.0%
Nigerian Bottling Company Ltd Nigeria 100.0% 100.0% 100.0%
SIA Coca-Cola HBC Latvia Latvia 100.0% 100.0% 100.0%
Star Bottling Limited Cyprus 100.0% 100.0% 100.0%
Star Bottling Services Corp. British Virgin Islands 100.0% 100.0% 100.0%
Tsakiris S.A. Greece 100.0% 100.0% 100.0%
UAB Coca-Cola HBC Lietuva Lithuania 100.0% 100.0% 100.0%
Valser Services AG Switzerland 99.9% 99.9% 99.9%
Yoppi Hungary Kft. Hungary 100.0% 100.0% 100.0%
1. Joint venture.
2. On 27 October 2014, Brewmasters Holdings Ltd., a subsidiary of Brewinvest S.A., and joint venture with Heineken, sold its participation in Zagorka A.D. to Heineken.
3. On 3 October 2015, Coca-Cola Bottling Company (Dublin) Limited was dissolved.
4. On 6 November 2015, MTV West Kishinev Bottling Company S.A. merged with Coca-Cola Bottlers Chisinau S.R.L.
5. Joint operation.
34. Post-balance sheet events

In December 2015, the Group signed an agreement for the acquisition of Neptūno Vandenys, UAB, the leading bottled water company in
Lithuania. The acquisition is subject to customary closing conditions, including relevant regulatory approvals, and is expected to be completed
towards the end of the first quarter of 2016.
During the first months of 2016 the Group incurred €2.3m of restructuring costs before tax, €0.8m in its established, €0.6m in its developing
and €0.9m in its emerging markets.
On 3 March 2016, Coca-Cola HBC AG’s subsidiary Coca-Cola HBC Finance B.V. issued a fixed rate bond of €600m due 11 November 2024,
under the Group’s €3.0bn Euro medium-term note programme. The coupon rate of the new bond is 1.875% which, including the amortisation
of the loss on the forward starting swap contracts (see Note 7) over the term of the fixed rate bond, results in an effective interest rate of
2.99%. The new bond is guaranteed by Coca-Cola HBC AG and Coca-Cola HBC Holdings B.V. The proceeds from the bond issue will be
mainly used for the repayment of existing bonds. On the same date, Coca-Cola HBC Finance B.V announced a tender offer for its bonds
maturing in November 2016, resulting in a reduction in their nominal value by approximately €214.6m.
On 16 March 2016 the Board of Directors granted 716,270 performance share plan awards under the performance share plan, which have a
three-year vesting period.
The ongoing tensions and market changes in Ukraine and the Russian Federation have adversely impacted the economies of these countries,
and among other things, have resulted in increased volatility in currency markets, causing the Russian rouble and the Ukrainian hryvnia to
depreciate significantly against some major currencies. Management continuously monitors and assesses the situation in order to ensure
that timely actions and initiatives are undertaken to minimise potential adverse impact on the Company’s performance.
The macroeconomic and financial environment in Greece remains fragile. The recent developments relating to the instability of the Greek
banking sector and the resulting imposition of capital controls restricting the movement of funds out of Greece are anticipated to further
impact consumers’ disposable income which may adversely affect the Group’s operations in Greece for 2016. Our 2015 revenues for Greece
amounted to 6% of consolidated net sales revenues and our 2015 non-current assets for the territory amounted to 3% of the consolidated
non-current assets. We are continuously monitoring developments in Greece. As at 31 December 2015, cash and cash equivalents of
€7.2 million were subject to capital controls.
Furthermore, in Nigeria, the introduction of tight capital controls and the pegging of the naira to the USD at a rate that may not be reflecting
the supply and demand rate for the currency may result in volatility in the local currency. We are continuously monitoring and assessing the
situation and we are taking timely actions to secure the smooth operation of our business in this challenging environment and to minimise
any adverse impact of a potential currency devaluation on the Group’s performance.
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Sustainability assurance statement
Independent Assurance Statement Methodology, approach, limitations and scope of work

on the 2015 Integrated Annual Report We planned and carried out our work in order to obtain all the
To the management and stakeholders of Coca-Cola Hellenic evidence, information and explanations that we considered
Bottling Company AG: necessary in relation to the above responsibilities. Our work
included the following procedures, which involved a range of
denkstatt GmbH was commissioned by Coca-Cola Hellenic evidence-gathering activities:
Bottling Company AG (hereinafter referred to as “the Company”)
to provide independent third-party assurance, in accordance with –– Gathering information and conducting interviews with members
the AA1000 Assurance Standard (AA1000AS), for the printed and of the Executive Management, staff from the Sustainability,
downloadable pdf versions of the Company’s 2015 Integrated Human Resources, Procurement, Product Quality and Safety,
Annual Report (hereinafter referred to as “the Report”). We have and Public Affairs and Communication departments, as well
reviewed all sustainability-related content and data included in as various Group-level functional managers, regarding the
the Report. Financial data were not reviewed as part of this process. Company’s adherence to the principles of inclusivity, materiality
The assurance engagement covered the nature and extent of the and responsiveness. This includes the commitment of the
Company’s incorporation of the principles of inclusivity, materiality Company’s management to the principles, the existence of
and responsiveness for stakeholder dialogue contained in the systems and procedures to support adherence to the principles,
AA1000 Series. The extent of application of the Global Reporting and the embedding of the principles at country level. Key topics
Initiative (GRI G4), the GRI G4 Food Processing Sector Supplement of the interviews conducted at Group level included: employee
and the CDSB Climate Change Reporting Framework have engagement, diversity management, the environment, supplier
been verified. engagement, business ethics and anti-corruption, community
trust and the materiality assessment process, and healthy
Management responsibilities and safe products.
The Company’s management is responsible for preparing –– Conducting further interviews at national headquarters in
the Report and related website content, and the information Austria, Bosnia and Herzegovina, Hungary, Italy, Northern
and statements within it. They are responsible for identifying Ireland, Nigeria, Russia, Serbia and Ukraine, in order to guarantee
stakeholders and material issues, defining commitments with the completeness of the information required for the audit.
respect to sustainability-related performance, and for establishing
–– Site visits to eleven bottling plants, with a focus on
and maintaining appropriate performance management and internal
emerging markets:
control systems from which reported information is derived.
–– Established markets: Nogara (Italy), Edelstal (Austria),
The Company’s management is also responsible for establishing Knockmore Hill (Northern Ireland)
data collection and internal control systems to ensure reliable –– Developing markets: Dunaharaszti (Hungary)
reporting, specifying acceptable reporting criteria and selecting
–– Emerging markets: Benin and Owerri (Nigeria), Samara and
data to be collected for the purposes of the Report. Management
Vladivostok (Russia), Kiev (Ukraine), Sarajevo (Bosnia and
responsibilities also extend to preparing the Report in accordance
Herzegovina) and Belgrade (Serbia)
with the GRI G4 Sustainability Reporting Guidelines.
–– Making enquiries and conducting spot checks to assess
Assurance provider’s responsibilities implementation of the Company’s policies (at plant,
Our responsibilities are to: country and corporate level).
–– express our conclusions and make recommendations on –– Making enquiries and conducting spot checks with regard
the nature and extent of the Company’s adherence to the to selected documentation required to assess the current
AA1000 Accountability Principles Standard (AA1000APS); data collection systems and the procedures implemented
–– express our conclusions on the reliability of the information to ensure reliable and consistent reporting by the plants to
in the Report, and whether it is in accordance with the criteria the corporate level.
in the GRI G4 guidelines; and –– Conducting additional interviews with seven representatives
–– express our conclusions and make recommendations on the of the following external stakeholder groups: customers, suppliers,
nature and extent of the Company’s adherence to the CDSB academia and non-governmental organisations. The interviews
Climate Change Reporting Framework. were conducted as part of The Coca-Cola Company’s Joint
Stakeholder Forum during the EXPO in Milan.
Our team of experts has extensive professional experience of –– Verifying all three inventory scopes (scopes 1, 2 and 3) as defined
assurance engagements related to non-financial information by the GHG Protocol, including progress against emission reduction
and sustainability management, meaning it is qualified to conduct targets, reported changes in emissions compared with the base
this independent assurance engagement. During 2015 we did year (2010) and emissions intensity figures for 2015.
not perform any tasks or services for the Company or other clients
–– Verifying the GRI index in the Report to ensure consistency
which would lead to a conflict of interest, nor were we responsible
with the requirements of GRI G4 (comprehensive).
for the preparation of any part of the Report.
The scope of the assurance covered all of the information relevant
Scope, standards and criteria used to sustainability in the Report and focused on Company systems
We have fulfilled our responsibilities to provide appropriate and activities during the reporting period. The following chapters
assurance that the information in the Report is free of material were not covered in the sustainability assurance process:
misstatements. We planned and carried out our work based on
the GRI G4 guidelines, the AA1000 Series and the CDSB Climate –– Corporate Governance, Financial Statements, Supplementary
Change Reporting Framework. We used the criteria in AA1000APS Information and Swiss Statutory Reporting.
to perform a Type 2 engagement and to provide high assurance
regarding the nature and extent of the Company’s adherence
to the principles of inclusivity, materiality and responsiveness.
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Strategic Report
Positive developments Responsiveness

–– Business ethics and anti-corruption: new organisational –– Country level: clearly explained stakeholder engagement plans
measures have been introduced, such as national ethics and exist at country level and, in a few cases, at plant level as well.
compliance committees, the Approval Portal, the Speak Up However, these mostly target selected stakeholder groups that
whistleblowing hotline and the Compliance Week. Furthermore, are the most powerful and/or of the greatest interest for the
targeted training approaches have been developed for both Company. In this respect, a more holistic approach is recommended:
high-risk and low-risk employees. regular stakeholder forums should be organised where all
–– Risk management: sustainability-related criteria have been stakeholders have the chance to meet, discuss key sustainability-
integrated into risk management tools used at country and related challenges and collaborate in an effort to identify solutions.
plant level, forming a structured and coherent approach to –– There are a variety of excellent community engagement
deal with various risks within the 4C strategic framework. projects, both at country and plant level. They take specific
–– The Company has committed to adopt its environmental targets local circumstances into account and are also clearly aligned
for minimising water and energy consumption and reducing with the Group’s community development focus areas.
packaging waste. For the carbon footprint, science-based –– Excellent examples of environmental and social impact
emission reduction targets (Sectoral Decarbonisation assessments have been identified in the course of the audit
Approach, SDA) have been applied. (e.g. Austria, Bosnia and Herzegovina, Italy and Russia).
–– True costing/Accounting for Sustainability approach: the
Additional conclusions and recommendations
Company has developed a new method for the financial evaluation
–– Traceability is partially lacking in connection with some community
of capital projects including the true cost of water, water scarcity
investment key performance indicators. As a result, data reporting
and internal carbon pricing. This methodology, known as
systems need to be adapted so that these data become fully
Accounting for Sustainability (A4S), also includes social criteria
traceable and reliable.
such as job creation, health and safety and cultural heritage.
–– The quality of human resources data − especially for employee
–– Employee engagement survey: the survey methodology is solid
training and education – varies from country to country, often due
and transparent. Group-wide results were very positive overall
to different interpretations of certain indicators. Consequently,
and an improvement was observed in the three major indices
there is a need to ensure a clear and uniform understanding of
(engagement/value/ambassador). Various responsive measures
indicators across all operations. The updated white book on
(action plans, workshops, etc.) have been identified across all
HR indicators should support this process.
operations to address the challenges identified by the survey.
–– Supplier engagement is currently in the process of becoming more
–– Health and safety: the strategic importance of health and safety
standardised in terms of sustainability-related criteria. The Company
is reflected in the positive development of various indicators,
needs to ensure that staff in all operations are familiar with and use
such as the number of fatalities or lost time of over one day
recently developed tools (e.g. the ESG pre-assessment template).
due to accidents.
–– Awareness of the new Speak Up whistleblowing hotline needs to
Findings and conclusions concerning adherence to the be raised throughout the Group. The Company should ensure that
AA1000 principles of inclusivity, materiality and responsiveness, all employees know when and how to make use of this mechanism.
and specific performance-related information –– Typical risks related to the Code of Business Conduct and the
Inclusivity Anti-Bribery Policy vary widely from region to region. In order to
–– Group level: the Company maintains a comprehensive and efficient address these risks as efficiently as possible, specific local conditions
Group-level stakeholder engagement process. Its cornerstones have to be taken into account in the development of policies,
are the annual internal and external stakeholder survey and the training approaches and reporting mechanisms.
Annual Stakeholder Forum (held in Milan in 2015). In 2015 external –– There is a need for increased awareness of how the Health and
stakeholders were interviewed for the first time as part of the Wellness Policy, particularly the chapter on responsible sales and
assurance audit. marketing, are considered in the implementation of community
–– Country and plant level: various stakeholder management tools involvement projects. The Company needs to assess whether
are used at country (e.g. stakeholder mapping tool) and plant all initiatives are aligned with these policies, as well as with
level (e.g. stakeholder map and engagement plan). These give UNESDA membership.
decision-makers a concise overview of key social actors and their –– Providing consumers with a choice of healthy products is one
demands, and help them define tailored engagement strategies. of the key goals of CCHBC. To further strengthen its position as
a sustainability leader in the sector, the Company needs to focus
Materiality
more closely on this topic in the future.
–– Group level: there is a highly developed materiality assessment
process which efficiently monitors and integrates stakeholder
expectations, and also integrates factors from the Group risk
universe. The result of this process is described in the Report,
in the chapter entitled Managing Our Material Issues. Vienna, 12 March 2016
–– Country and plant level: there is generally a clear understanding
denkstatt GmbH
of the sustainability issues that are, or might become, material
Consultancy for Sustainable Development
for the different operations. However, in most locations, these
are not identified as part of a systematic materiality assessment Willibald Kaltenbrunner
process, but rather ‘pragmatically’ in the course of day-to-day Lead Auditor
business. Implementation of materiality assessment processes Managing Partner, denkstatt
at country level is therefore recommended.
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Coca-Cola HBC 2015 GRI Indicators List
This section forms part of the Coca-Cola HBC 2015 Integrated Annual Report and provides more detail to internal and external stakeholders
on the Company’s sustainability-related policies, programmes and performance. It follows the guidance of the Global Reporting Initiative (GRI)
and more specifically the G4 sustainability reporting guidelines. As part of the Integrated Annual Report, this report also serves as our
Communication on Progress (COP) to the United Nations Global Compact.
Materiality and stakeholder engagement

Understanding, considering and addressing the insights of our stakeholders related to economic, environmental and social issues is key to
ensuring sustainable growth for Coca-Cola HBC. For this, we rely on direct inputs from our internal and external stakeholders, through proactive
engagement, collaboration and partnership on business strategies and processes. We also conduct ongoing trend analysis, research and
monitoring of broader national and international socio-economic and sustainable developments that, over time, may affect how we create value.
We survey both our internal and external stakeholders annually, asking them to prioritise our material issues on a scale of 1-10, ranging from
not important to highly important. Close to 300 internal business leaders in 28 countries and the central functions were asked to rank the issues
based on their significance and potential to impact our business. Over 500 external stakeholders were identified in diverse groups in each of our
countries and the Group, and asked to rank the same issues based on how important each issue is to their decision-making. In the surveys we
also provide opportunity for all stakeholders to propose additional issues and comment on our stakeholder engagement approach and methods.
The materiality matrix on page 21 of this report has been compiled based on the outcome of these surveys, showing the importance of
the issues to external stakeholders’ decision-making on the vertical, and the potential impact of the issues on our business on the horizontal
axis. The materiality assessment process also includes input from the Group Business Resilience function, and the matrix has been validated
by the Sustainability Steering Committee, key internal business leaders and the Social Responsibility Committee of the Board of Directors,
which oversees our materiality process from a governance perspective. During 2015, we continued our series of issue brief publications,
which are meant to provide our stakeholders with an in-depth understanding of each of our material issues. Each year, the briefs cover three
material issues, our approach to managing these, progress to date and selected case studies as examples. Starting with health and nutrition,
carbon and energy and stakeholder/community engagement in 2014, we continued with water stewardship, sustainable packaging and
direct and indirect economic impacts in 2015. The idea is to continue these deep-dives on three issues each year in a four-year cycle; then,
closing the cycle, to start again from the beginning, assuming there will be substantial development to warrant a fresh look. The six issue briefs
published so far are available for review on our website (http://www.coca-colahellenic.com/sustainability/ourapproach/engagingourstakehold).
Proactive engagement with our stakeholders is a continuous, well-defined approach both for the Group and our countries, managed in
diverse ways ranging from daily interactions with our customers and suppliers to ongoing engagement as part of business planning and risk
assessment. We actively participate in forums, industry platforms and collaborative programmes in all of our markets, indirectly engaging with
a broad range of stakeholders as members of national industry associations. The table that follows shows the ways in which we engage
various stakeholders.
Stakeholders How we engage

Shareholders –– Annual General Meetings, quarterly roadshows and results briefings, webcasts with shareholder and analyst participation,
and analysts ongoing dialogue with analysts and investors.
Employees –– Engagement and values surveys; management by objectives along seven key result areas including corporate social
responsibility, ambassadorship, health, safety and sustainability communications programme; community and active
lifestyle projects; quarterly CEO business updates; annual Leadership Conference; Employee Works Council;
whistleblower hotline; and materiality survey.
Customers –– Joint value creation initiatives, trade marketing activities, cooperation on health and sustainability-related initiatives,
regular meetings, dedicated account teams, joint business planning, customer care centres, satisfaction surveys,
Annual Stakeholder Forum and materiality survey.
Consumers –– Consumer hotlines, local websites, plant tours, research, surveys, focus groups, segmented and customised integrated
communications via innovative channels including social media.
Suppliers –– Joint value creation initiatives, supplier award event, industry associations, workshops on sustainable supply,
Annual Stakeholder Forum, materiality survey, SEDEX (platform for ethical and sustainable supply chains).
Governments and –– Participation in consultations (e.g. European Commission communication on Circular Economy; the EU Platform for
regulatory authorities Action on Diet, Physical Activity and Health); discussions and dialogue with food safety and environment agencies,
foreign investment advisory councils, embassies, etc; Annual Stakeholder Forum; and materiality survey.
Non-governmental –– Conferences, consultations, discussions, partnering on common issues (e.g. nature conservation, health and nutrition
and intergovernmental and community investment programme); memberships of business and industry associations; Annual Stakeholder
organisations Forum; and materiality survey.
(NGOs and IGOs)
Communities –– Plant visits; community stewardship programme; partnerships on common issues such as youth development, empowerment
of women and other, locally relevant social issues; corporate contributions, offering management capabilities and time pro
bono; lectures at universities; volunteerism; conservation of nature and biodiversity; protection of the environment;
decreasing our footprint.
In 2015, we continued building and maintaining relationships critical to our operations. Through longer-term initiatives such as the
development of supplier capabilities and joint value creation initiatives with them and our customers, we proactively integrate sustainability
into these relationships across the value chain. Our partnership with The Coca-Cola Company provides us with additional insights and
information about key sustainability and business issues.
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Strategic Report
GRI INDICATORS
GRI standard and specific disclosures 4.0
Below, we report against the full GRI 4.0 standard and specific disclosures, as well as the disclosure required by the Food Processing Sector
Supplement (FPSS). Some data is provided directly in the table, while for other indicators we indicate where the data and a more full discussion
of the topic can be found in this Integrated Annual Report (IAR). Unless stated otherwise, the period covered is calendar year 2015 and the
status described is as at 31 December 2015.
GENERAL STANDARD DISCLOSURES

Reference to page
number in the IAR Omissions External assurance
Strategy and analysis 1-5, 10-15, 51, 55-60 None Yes
Organisational profile 1-3, 8, 24-36, 187 None Yes
Identified material aspects and boundaries 16-23, 166-187 None Yes
Stakeholder engagement 16-23, 39-46, 116-21, 166 None Yes
Report profile 164-195 None Yes
Governance 62-104, 188 None Only for sustainability-related content
Ethics and integrity 189, 190, 191 None Yes
167
Coca-Cola HBC 2015 GRI Indicators List continued
ECONOMIC
Performance Reference to
indicator page numbers
and DMA Description in the IAR Content or reference
Economic performance
EC1 Direct economic value generated and distributed 3, 8-9, 20, Please see the respective sections of the Integrated
on an accrual basis, including revenues, operating 35-42, 117, Annual Report including full financial disclosures and
costs, employee compensation, donations and other 167-188 the section on Community trust.
community investments, retained earnings, and
payments to capital providers and governments
FPSS and EC1 Specify the amount spent on the programmes 8-9, 35-42, We invested €8.2 million in community programmes
and practices to which the food processing sector 59, 168, related to youth development, water stewardship, active
is uniquely suited for contributing 191, 193 lifestyles and other activities, corresponding to 2.3% of
our 2015 reported pre-tax profit. We are also working
with our suppliers to ensure sustainable sourcing
practices are implemented.
EC2 Financial implications and other risks and opportunities 19, 50, 55-61 CCHBC has adopted a comprehensive top-down,
for the organisation’s activities due to climate change bottom-up approach to enterprise risk management
to ensure that all business risks and opportunities,
including those relating to climate change, are identified
and managed appropriately. Specific programme details
are available in the Material issues and Risk management
sections of this report.
EC3 Coverage of defined benefit plan obligations 113, 117, 12,841 of our total number of employees employed on
140-141, 168 average in 2015 are eligible for benefit plans. Of these,
8,049 are covered by defined contribution pension plans
and 4,792 are covered by defined benefit pension plans.
EC4 Significant financial assistance received from government None
FPSS and EC4 Governmental support for agriculture, biofuels and Does not apply: we do not produce agricultural or biofuel
food production has important consequences across products, nor receive any subsidies for them.
the global food value chain
Market presence
EC5 Range of ratios of standard entry-level wage by gender 146, 168 In every country the lowest paid employee categories
compared to local minimum wage at significant locations (junior line operators and entry-level merchandisers)
of operation earn at least the minimum wage. On average, junior line
operators and merchandisers earn approximately 1.5 times
the local minimum wage in our established markets,
approximately 1.7 times in our developing markets and
approximately two times the local minimum wage in our
emerging markets. The range of ratios is similar for both
male and female workers.
EC6 Proportion of senior management hired from the 37, 168 Employees are systematically hired from the local
local community at significant locations of operation workforce. 96% of employees are local nationals.
80% of managers are local nationals.
In our established markets, 86% of total employees
and 55% of managers are local nationals.
In developing markets, 98% of total employees and
96% of managers are local nationals.
Finally, in our emerging markets, 99% of total employees
and 93% of managers are local nationals.
As senior management, we consider our top 300 business
leaders, which include country function heads, Group
sub-function heads and the Group’s Operating
Committee, including the CEO.
As local hire, we consider employees of the same
nationality as the operation they work for.
Indirect economic impacts
EC7 Development and impact (current or expected) on 39-42, 168 Covered in detail in this report in the Community
local communities and economies of infrastructure trust section.
investments and services supported
In 2015, we have provided 46,202 m3 of clean water
to communities next to our plants in Aseire, Enugu
and Benin, Nigeria.
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Strategic Report
EC8 Understanding and describing significant indirect 16, 17, 39-42, As a business, our primary contribution to the communities
economic impacts, including the extent of impacts 45-46, 169 we serve is through our core business activities, which
generate income for employees, pay our suppliers and
contribute to the public good through e.g. the payment
of state taxes. Within the European Union, the Coca-Cola
System supports approximately 600,000 direct and indirect
jobs throughout our value chain.
Procurement practices
EC9 Proportion of spending on local suppliers at significant 169 Our practice is to source locally, provided that goods and
locations of operation services are available to meet our requirements and quality
standards in an economically viable way. As of 2015, over
90% of our spending is local in our countries of operation
or from within the European Union, which is considered
local for EU countries.
ENVIRONMENTAL
Materials
EN1 Materials used by weight or volume 183-185 See Environmental Data Table
FPSS and EN1 Commentary added to specify wild-caught and Does not apply: we do not catch or farm any fish.
farmed seafood
EN2 Percentage of materials used that are recycled 183-185 See Environmental Data Table
input materials
Energy
EN3 Energy consumption within the organisation 183-185 See Environmental Data Table
EN4 Energy consumption outside the organisation 183-185 See Environmental Data Table
EN5 Energy intensity 183-185 See Environmental Data Table
EN6 Reduction of energy consumption as a direct result 169, 183-185 In 2015 we invested €5.3 million in different energy
of conservation and efficiency initiatives efficiency initiatives in our plants which saved 375.3 million
MJ of energy. Our energy use ratio improved by 7.2%
in 2015 vs. 2014. Further, we continued to require the
implementation of our Top 18 Energy Savers Initiatives,
which are mandatory at each of our production sites.
EN7 Reductions in energy requirements of products 169, 183-185 In addition to our 10 existing combined heat and
sold and services achieved power plants, we built two new plants in Nigeria during
2015. We invested €75.4 million in new energy-efficient
and HFC-free cold drink equipment in 2015: this helped
our customers to save 532.4 million kWh of electricity.
Water
EN8 Total water withdrawal by source 169, 183-185 Total water withdrawal amounted to 23.6 billion litres
in 2015. From municipalities: 7.3 billion litres; from wells:
15.6 billion litres; from surface waters: 0.7 billion litres.
EN9 Water sources significantly affected by withdrawal 169, 183-185 None – every bottling plant undertakes a Source
of water Vulnerability Assessment (done in collaboration
with independent experts and consultants) to ensure
the sustainability of water supply, and has an established
Source Water Protection Programme to ensure future
sustainability of water use. Moreover, we have committed
to have all of our sites certified by European Water
Stewardship (EWS) or Alliance for Water Stewardship
(AWS) by 2020. As of end of 2015 we have 13 sites
with a Gold certification in EWS.
EN10 Percentage and total volume of water recycled 169, 183-185 Total volume recycled and reused internally: 1.37 billion litres
and reused
Biodiversity
EN11 Location and size of land owned, leased, managed in, 169 Two sites (Zalaszentgrot in Hungary and Tylicz in Poland)
or adjacent to, protected areas and areas of high are adjacent to Natura 2000 areas. Biodiversity-related
biodiversity value outside protected areas topics are covered in the certification process
for the European Water Stewardship standard
and reported accordingly.
169
ENVIRONMENTAL CONTINUED
FPSS and EN11 Commentary added to include waters 20, 170, 190 There is no negative impact from our operations on
Natura 2000 areas as certified by the Gold certification in
the European Water Stewardship standard of both sites.
We support water stewardship projects and implement
environmental protection initiatives in 24 countries. In nine
countries, together with The Coca-Cola Company we have
water replenishment projects, which contribute to the
full replenishment of the total volume of water we use
in our final beverages.
EN12 Description of significant impacts of activities, products, None
and services on biodiversity in protected areas and areas
of high biodiversity value outside protected areas
EN13 Habitats protected or restored 170 In 24 countries of operation, we conduct community water
projects with NGOs, a number of which include wetland
habitat protection programmes. In 2015, major programmes
included our partnership with WWF, the Global Water Program,
the GDP – Mediterranean programme – in eight of our
countries and the Yelnya Bog initiative in Belarus. We
also conduct clean-up activities on riversides and
coasts in several of the countries we operate in.
EN14 Number of IUCN Red List species and national conservation None
list species with habitats in areas affected by operations,
by level of extinction risk
Emissions, effluents and waste
EN15 Direct Greenhouse Gas (GHG) emissions (Scope 1) 183-185 See Environmental Data Table
EN16 Energy indirect Greenhouse Gas (GHG) emissions (Scope 2) 183-185 See Environmental Data Table
EN17 Other indirect Greenhouse Gas (GHG) emissions (Scope 3) 183-185 See Environmental Data Table
EN18 Greenhouse Gas emissions intensity 183-185 See Environmental Data Table
EN19 Reduction of Greenhouse Gas (GHG) emissions 183-185 See Environmental Data Table
EN20 Emissions of ozone-depleting substances by weight 183-185 See Environmental Data Table
EN21 NOx, SOx, and other significant air emissions by type 183-185 See Environmental Data Table
and weight
EN22 Total water discharge by quality and destination 17, 183-185 Total waste water discharged: 10.4 billion litres; volume
discharged to municipal treatment systems: 2.8 billion
litres; volume treated on-site and discharged to natural
bodies of water: 7.6 billion litres
EN23 Total weight of waste by type and disposal method 183-185 See Environmental Data Table
EN24 Total number and volume of significant spills 183-185 See Environmental Data Table
EN25 Weight of transported, imported, exported, or treated 183-185 See Environmental Data Table
waste deemed hazardous under the terms of the
Basel Convention Annex I, II, III, and VIII, and percentage
of transported waste shipped internationally
EN26 Identity, size, protected status, and biodiversity value 170, 183-185 Since the completion of our wastewater treatment
of water bodies and related habitats significantly programme in 2011 – with 44 on-site wastewater
affected by discharges of water and runoff treatment plants – no natural habitat is significantly
affected by wastewater discharge, as 100% of our
waste water is treated to levels supporting aquatic life.
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Strategic Report
Products and services Metal cans

We have launched our lightest beverage can, the ‘B-can’, which is
Sustainable packaging and recycling an ultra-light can with 4.5% less material than the standard 33cl
Sustainable packaging is central to our sustainability approach. can, through our partnership with Ball Packaging Europe. In 2015,
We continue to minimise the environmental impacts of our packaging we became the first Coca-Cola bottler to pilot the ‘B-can’ in Serbia
following our 3 Rs principle: reduce, recover and re-use. Since and Hungary. The new 330ml can weighs only 9.45g compared
adopting this approach, we have significantly improved our primary to its 10g predecessor. Migrating our total can volume to this
packaging material use and environmental impact. We continue ultra-lightweight benchmark would reduce our use of aluminium
to raise the bar, identifying and capturing incremental opportunities by approximately 850 metric tonnes per year, representing about
for packaging optimisation, driving innovation, minimising our 2.5% of our annual use.
environmental impact and ultimately driving cost reduction.
Glass
Plastic packaging Although returnable and one-way glass bottles comprise a smaller
Polyethylene terephtalate (PET) plastic bottles represent our largest part of our portfolio, also here we have continued to drive innovation
primary packaging type, with the highest number of servings sold. with our suppliers and partners without compromising safety or
We continue our focus on package innovation and quality, which beverage quality. Our initiatives are delivering results, as we have
has helped us achieve an average package weight reduction of over successfully reduced the weight of our glass bottles for many of our
16% since 2014. Together with the light-weighting of bottles, we also key beverage categories, in some cases by as much as 30%. For new
introduced a new shorter bottle neck type, which allows us to reduce package or size launches, we leverage the technical innovations to
the weight of the plastic closures used on these bottles by up to 15%. ensure we introduce optimised light-weight packages from day one.
Plastic bottle recycling/sustainable PET sourcing Package highlights
PET bottle recycling and preserving resources remain a focus area The ‘Twist’ bottle is a new, light-weight PET bottle development for
for us. In 2005, together with industry partners, Coca-Cola HBC bottled water, which is on average 22% lighter than its predecessor,
co-funded a pioneering PET bottle-to-bottle recycling facility located supporting CO2 emission reductions. In addition, the design of the
in Austria. In 2011, the decision was taken to expand the production bottle makes it easier to collapse for recycling purposes. This design
with the addition of a second production line using state-of-the-art was successfully pioneered in Greece, praised for its innovation and
recycling technology. The facility produces recycled PET material environmental benefit, contributing towards Greece being recognised
(rPET) from post-consumer bottles. The rPET can then be added with a Gold award in 2014 for its sustainable packaging. Additional
to the manufacturing process to produce new bottles. Over recent launches of the ‘Twist’ bottle have been completed in Hungary
years, we have expanded the use of rPET, increasing consumption and Bulgaria, with further rollout planned in 2016.
from 4000 to 15,800 tonnes, delivering bottles with a recycled
content of up to 50%.
PlantPET is a PET material partially (30%) made of plants, a
renewable resource that is fully recyclable. This material was first
introduced in Serbia and received great recognition and feedback
from consumers. We have expanded the use of PlantPET to other
countries and continue to explore new opportunities going forward.
http://www.coca-colacompany.com/plantbottle-technology/
EN27 Initiatives to mitigate environmental impacts of 171, 183-185 Packaging and recovery organisations for post-consumer
products and services and extent of impact mitigation packaging waste are established in 19 countries;
energy-efficient and HFC-free coolers are provided
to our customers; rPET (recycled PET) accounts for 6.3%
of our total PET material; PlantBottleTM is introduced
in 10 countries (Bulgaria, Greece, Hungary, Italy, Poland,
Romania, Russia, Serbia, Slovakia, Switzerland).
EN28 Percentage of products sold and their packaging 171, 183-185 69% of packaging is recovered and collected in the countries
materials that are reclaimed by category where we have contributed to set up recovery organisations.
Compliance
EN29 Monetary value of significant fines and total number 171, 183-185 No significant fines; five ‘Notices of Violation’, four of them
of non-monetary sanctions for non-compliance with no monetary fines and one with a fine of €688.
with environmental laws and regulations
171
Transport In 2015, we have introduced the Transportation Management

Most products are delivered by road, and our own fleet in 2015 Excellence initiative, which focuses on optimising usage of our
comprised 15,609 cars, vans and trucks, an 11% reduction vs. 2014. larger trucks, in terms of both range of kilometres driven, and
The transportation of our products accounts for only 7% of our maximum load weight. To do so, we factor in opportunities to
carbon footprint. We have not yet developed a specific target for utilise cross-country transports and avoid idle reverse logistics.
CO2 in transportation, but we have undertaken specific initiatives Further, we work with our customers in different Joint Value Creation
based on our publicly communicated science-based carbon initiatives in the area of logistics, which save their and our cost and
reduction target which calls for a 25% reduction in CO2 ratio across fuel and reduce carbon emissions. One of these initiatives is
the entire value chain by 2020 vs. 2010. We have a clear focus on the use of backhauling arrangements, which means that we are using
improving our performance in this area, making our distribution the return journey of customer trucks to collect products. In a few
network as efficient as possible. locations (Switzerland and Russia), we transport products by rail.
Air freight is not normally used.
Compared to 2014, in 2015 we improved carbon emissions from
our own fleet by 11.5%. Emissions from outsourced fleet were flat We have developed an internal metric called ‘number of touches’,
despite a 3% increase in delivered products during 2015. In the latest which represents how efficient we are in the distribution of our
fleet tender, carbon emissions were part of the overall criteria for the products to our customers (including warehouse handling and
evaluation of participants. transportation). In 2015, we reached an average of 1.69 touches
and our 2016 target is to reduce this further to below 1.65.
Our own drivers are trained in Safe and Eco-Driving and Alert Driving,
and fleet performance is monitored monthly (fuel consumption per Moreover, in recent years we have outsourced a large part of our
100 km, road accidents, kilometres driven per car). Fuel consumption haulage and distribution and optimised our logistics infrastructure,
per 100 km is included in the incentive programmes in most of which helps us in providing better service to our customers,
our countries. 90% of our new Company light vehicles are equipped decreasing cost and carbon emissions. For outsourced distribution
with MobilEye technology (a collision avoidance driver warning and transportation, we measure the kilometres driven, carbon
technology) and in total 6,109 cars were equipped with MobilEye, emissions as per the GHG Protocol tool for mobile combustion,
which corresponds to 46% of our total light fleet, in 2015. Although and number of fatalities.
primarily a safety device, the technology also improved fuel efficiency
Fleet parameters are monitored at least quarterly in each country
by 5% in trials. To reinforce how seriously we view vehicle safety,
and at corporate level. In each country, we have a fleet manager
we apply strict consequences for drivers who ignore normally
or fleet supervisor who is part of our Supply Chain function and
accepted standards of driver behaviour and at the same time we
at Corporate level there is a fleet manager who is responsible for
have established a recognition programme for the best drivers. We
monitoring. Fuel consumption per 100 km is part of the incentives
are seeing positive results with this approach, as fleet accidents per
of fleet-responsible people in most countries.
million kilometres travelled declined by 7.6% during 2015, to 4.96.
In addition, we provide defensive driver training for all employees
who drive on Company business. In the period 2013-15, 11,792
Company employees were trained in different modules of defensive
training. Only in 2015, the total number of training modules
completed stood at 18,981 across our area of operations.
At corporate level, alongside the Group Fleet Safety Policy
we have introduced internal guidance fleet safety.
We use a standard dispatching tool (LEO) which allows us to
optimise the routes of trucks and save cost and fuel, and reduce
carbon emissions. This tool is also used for the routing of our light
fleet job cars (business developers’ cars) to help save cost and fuel
and reduce carbon emissions.
EN30 Significant environmental impacts of transporting 172, 183-185 The impacts of the transport of goods and people result
products and other goods and materials used from the combustion of fuel and resulting air emissions.
for operations and transporting members Number of own vehicles: 15,609. CO2 emissions from own
of the workforce fleet in 2015: 120,100 tonnes, which is 11.5% less vs. 2014.
CO2 emissions from outsourced fleet: 186,519 tonnes,
which is flat vs. 2014, despite transporting a higher
production volume.
Overall
EN31 Total environmental protection expenditures 172, 183-185 Investment in energy optimisation initiatives: €5.3 million.
and investments by type Investments in water-saving initiatives: €4.8 million.
Investments in packaging optimisation projects:
€8.1 million. Investments in energy-efficient and
HFC-free cold drink equipment: €75.4 million.
172
Strategic Report
Supplier environmental assessment We define tier one suppliers as those that fulfil all, or part of the
following criteria: high percentage of spend; limited alternatives;
Raw material sourcing at Coca-Cola HBC and partnership supporting our business strategies. These suppliers
We consider our suppliers as critical partners, contributing to the are critical to the overall competitiveness and success of Coca-Cola
ongoing and sustainable success of our business and maintaining HBC and of the total supply base.
our reputation with stakeholders. As a critical part of our value chain,
the performance of our suppliers directly impacts the sustainability Tier two suppliers are those which have strategic importance
performance and commitments of Coca-Cola HBC. These include at a local or regional level.
a wide range of economic, environmental and social impacts.
Tier three suppliers represent low-volume, low-spend suppliers
For example, ingredients contribute to 83% of our water footprint
where there are many alternative sources available, enabling
while packaging and Cold Drink Equipment account for 68% of the
a flexible supply base.
value chain emissions. We partner with our suppliers to provide new
technologies for equipment, packaging and Cold Drink Equipment, We place significant focus on forming partnerships with
and with our logistics providers to minimise our impacts and drive multinational suppliers that have supply points located within our
our performance. Given the diversity of countries from which we countries, while also developing strong local suppliers across our
source raw materials, we consider that the labour practices and territories. These efforts support our strategy for local sourcing and
ethical business practices of our suppliers reflect on the contributing to socio-economic development in the countries where
reputation of our Company. we conduct business. These suppliers significantly contribute to
our business and include key markets such as Russia, Nigeria,
We are committed to high standards of performance for
Italy, Romania and Poland.
human rights, labour practices, minimising environmental impacts,
maintaining health and safety and ethical business practices, while For agricultural commodities, we work with multinational
delivering unsurpassed quality. Our supplier partners play a critical suppliers to source ingredients from farms located in Coca-Cola
role in ensuring that we deliver against these standards. HBC countries. For example, we source juice from farms in Greece,
Poland, Serbia, Italy, Russia, Hungary and others; while for sweeteners
Coca-Cola HBC has made strong commitments to reduce
we source sugar from our EU countries, as well as Switzerland, Serbia,
carbon emissions across the value chain by 25% by 2020 against a
Russia, Belarus, Ukraine and others, and iso-glucose from Hungary.
2010 baseline. Our sustainable supply joint value creation initiatives
and joint ventures with our supply partners play an important To ensure proper governance and that our suppliers meet our
role in supporting the Company to achieve this target. In addition, targets, we have implemented policies including our Supplier Guiding
we require all suppliers to adhere to the ethical standards, Principles, Sustainable Agriculture Guiding Principles and Supplier
employment and human rights practices, environmental and work Code of Business Conduct. In addition, we have developed an
safety requirements prescribed in our Supplier Guiding Principles environmental, social and governance supplier pre-assessment
(SGPs). We aim to achieve 100% of our supply base SGPs by 2020. process which includes criteria for supplier selection. We maintain
Moreover, we expect our ingredients and primary packaging suppliers transparency throughout our supply base through our membership
to comply with high food safety standards. Finally, we are working of SEDEX, The Coca-Cola Company Supplier Guiding Principles
towards ensuring that all of our agricultural suppliers meet our audits and in Ecovadis from 2016 onwards. We also recognise
Sustainable Agriculture Guiding Principles (available on our supplier certifications as per international standards including
website at www.coca-colahellenic.com). ISO 9001, 14001, FSSC 2200 and OHSAS 18001. For agricultural
commodities we are aligning with industry to recognise the Rain
Under a unified procurement framework, we segment our supply
Forest Alliance, Fair Trade, Bon Sucro and the Sustainable
base universe of over 43,000 suppliers (reduced from 59,500
Agriculture Initiative Platform.
in 2014) into direct and indirect spend suppliers. Direct spend
suppliers include ingredients and packaging suppliers. Indirect The following flow diagram depicts our process for supply base
suppliers include categories such as IT, production equipment, management, including responsibilities in the organisation and
spare parts, maintenance services, logistics providers, fleet where policies, standards and governance processes are applied.
vehicles, utilities and temporary labour.
We also classify suppliers into three tiers based on their importance
to the business and potential opportunities. We assess a large
part of our suppliers, mainly direct spend suppliers, based on their
financial stability, social and water impacts based on location, energy
and carbon impacts based on supply type, quality impacts based
on supplier performance and external market factors impacting
commodity pricing.
173
Supply base management

End-to-end sourcing process is governed by both CCHBC 2020 Strategic Framework and
Governance Procurement and CSR targets and guidelines
Stakeholder Scope Strategy Execution Rollout Change

Step A Step B Step C Step D Step E management
Step F
Develop
Analyse supply Monitor,
change
Map, engage base and Execute measure
Define scope management
and align with develop sourcing contract
and baseline plan and
stakeholders sourcing strategy lifetime
execute tender
strategy management
outcome
Process
Responsibility Responsibility Responsibility Responsibility Responsibility Responsibility

Internal Internal Internal Internal Internal Internal
customer(s) and customer(s) and customer(s) and customer(s) and customer(s) and customer(s) and
procurement procurement procurement procurement procurement procurement
and other and other
supporting supporting
functions, e.g. functions, e.g.
legal etc. legal etc.
Depending on the step, applicable KBIs are as follows: supplier prequalification (ESG),
KBIs number of suppliers, SGP/SAGP compliance, SEDEX/Ecovadis membership, performance KBIs,
lifetime cost improvement, service level to customers and value-added deliverables
EN32 Percentage of new suppliers that were screened 173-174 Our Supplier Guiding Principles (workplace accountability
using environmental criteria audits) are the principal tool to monitor actual and negative
performance of our suppliers in terms of environmental
practices. Suppliers contractually confirm adherence to
Coca-Cola HBC SGPs. Moreover, these are part of all
issued tenders and purchase orders sent to suppliers.
As of 2015, all new suppliers have agreed to adhere
to the Supplier Guiding Principles.
EN33 Significant actual and potential negative environmental No significant actual or potential environmental impact.
impacts in the supply chain and actions taken
Environmental grievance mechanisms
EN34 Number of grievances about environmental impacts 174 None. The formal mechanisms that we use in order
filed, addressed and resolved through formal grievance to deal with such issues include: our immediate crisis
mechanisms management processes (Incident Management and Crisis
Resolution, IMCR), direct customer and consumer lines
in all of our 28 countries, our Code of Business Conduct,
ISO audits and workplace accountability audits.
174
Strategic Report
SOCIAL: Labour Practices and Decent Work

Employment
LA1 Total number and rates of employee hires and employee 36-42, We employed 33,311 people in 2015, of whom over
turnover by age group, gender and market segment 175, 186 96% were permanent employees. In the AIR, we provide
breakdowns by market segment. Women accounted
for 23% of our workforce, and 33% of management.
Total number of hires: 4,223

Total number of new hires under the age of 30: 2,822
Total number of new hires for ages between 30-50: 1,577
Total number of new hires over the age of 50: 63
Number of female hires (entire workforce): 1,515

Number of male hires (entire workforce): 2,708
Established markets number of hires: 600

Developing markets number of hires: 558
Emerging markets number of hires: 3,065
Total turnover rate: 11.8%

Turnover under the age of 30: 21.8%
Turnover for ages between 30-50: 11.0%
Turnover over the age of 50: 9.5%
Male employees turnover: 11.9%

Female employees turnover: 11.5%
Established markets total turnover: 7.7%

Developing markets total turnover: 9.6%
Emerging markets total turnover: 13.5%
LA2 Benefits provided to full-time employees that are not 36-42, 175 The same basic benefits are provided to full-time and
provided to temporary or part-time employees temporary employees, in particular in relation to labour
rights and safety.
LA3 Return to work and retention rates after parental leave, 36-42, Total return to work rate: 77.3%
by gender 175, 186 Female employees return to work rate: 74.4%
Male employees return to work rate: 91.6%
Total retention rate: 94.1%

Female employees retention rate: 95.3%
Male employees retention rate: 90.6%
Total number of employees that were entitled to parental
leave: 11,750
Total number of female employees that were entitled to
parental leave: 3,934
Total number of male employees that were entitled to
parental leave: 7,816
Total number of employees that took parental leave: 1,915
Total number of female employees that took parental
leave: 1,683
Total number of male employees that took parental
leave: 232
Total number of employees who returned to work after
parental leave ended: 1,048
Total number of female employees who returned to work
after parental leave ended: 841
Total number of male employees who returned to work
after parental leave ended: 207
Total number of employees retained 12 months after
returning to work following a period of parental leave: 1,134
Total number of female employees retained 12 months
after returning to work following a period of parental
leave: 863
Total number of male employees retained 12 months after
returning to work following a period of parental leave: 271
175
SOCIAL: Labour Practices and Decent Work continued

Labour/management relations
LA4 Minimum notice period(s) regarding significant 176, 186 On average, the minimum notice period is six weeks for
operational changes, including whether it is specified employees and five weeks for employee representatives,
in collective agreements with variations between countries. In 2015 we held 302
consultations with unions, including meetings on
organisational changes.
FP3 Percentage of working time lost due to industrial 176 There were two incidents of industrial action during
disputes, strikes and/or lock-outs, by country 2015: one short work stoppage involving 26 employees,
and a strike of more than one day, involving 91 employees.
Occupational health and safety
LA5 Percentage of total workforce represented in formal 176 The number of employees covered by formal Health
joint management worker health and safety committees and Safety Committees is 18,471, which corresponds
that help monitor and advise on occupational health to approximately 55% of the total number of Coca-Cola HBC
and safety programmes full-time equivalent (FTE) employees.
LA6 Types and rates of injury; occupational diseases; 176, 186 In 2015, we achieved a lost-time incident rate of 0.43, a
lost days; absenteeism; and number of work-related 12% improvement on 2014 and the seventh consecutive
fatalities by market segment and by gender year of double-digit percentage improvement. Average
sickness days per FTE stood at 3.96. There were three
fatalities, all associated with contractor activities in Nigeria,
versus five in 2014. The contractor lost-time accidents
(LTA) frequency rate stood at 1.46. We recorded 0.03
occupational ill health incidents in 2015 per 100
FTE employees. This refers to one incident in our
established markets, related to a female employee.
Data by segment:
Lost-time incident rate
Established markets: 1.14
Developing markets: 0.54
Emerging markets: 0.19
Average sickness days per FTE employees

Fatalities
Established markets: 0
Developing markets: 0
Emerging markets: 3
Contractors’ LTA frequency rate

Data by gender:
Lost-time incident rate
Male: 0.47
Female: 0.30
Average sickness days per FTE

Male: 3.52
Female: 5.55
Fatalities
Male: 3
Female: 0
Contractors’ LTAs frequency rate

Male: 1.47
Female: 1.34
176
Strategic Report
Occupational health and safety
LA7 Workers with high incidence of high risk of diseases 177 4,079 FTE employees operate in Nigeria, where the risk
related to their occupation of exposure to communicable diseases (such as malaria,
HIV etc) is generally higher than the average for our
Group employees.
Among these, there is a higher exposure risk for the
61 employees who work at our wastewater treatment
facilities, where in addition to wastewater from production,
communal wastewater is also treated.
LA8 Health and safety topics covered in formal 177 In 10 countries health and safety topics are part of trade
agreements with trade unions union agreements, covering a total of 8,767 employees.
Training and education
LA9 Average hours of training per year per full-time equivalent 177 Average training hours per FTE: 21.4
(FTE) employee by gender, and by employee category Female average training hours per FTE (excluding Nigeria): 19.3
Male average training hours per FTE (excluding Nigeria): 18.5
Training hours/FTE for manage-self layer: 21.1

Training hours/FTE for manager of others layer: 30.9
Training hours/FTE for manager of managers layer: 32.5
Training hours/FTE for function head layer: 19.0
Training hours/FTE for general managers and above: 4.0
LA10 Programmes for skills management and lifelong learning 177 We provide training and development opportunities
that support the continued employability of employees for all our employees reflecting one of our corporate
and assist them in managing career endings values: Learning. In 2015 our training programmes
covering leadership, functional training and general
business training included 84,815 participations,
across all management layers.
LA11 Percentage of employees receiving regular performance 177 17,067 employees received performance and career
and career development reviews by gender and by feedback as part of our People Development Forums
employee category in 2015. 12,668 employees had formal annual objectives
for 2015.
% of employees who have performance review (total): 47.9%
% of employees who have performance review (male):
36.4%
% employees who have performance review (female): 11.8%
By management layer as % of total employees:

% of employees who have performance review
(manage-self layer): 38.4%
(manager of others layer): 6.9%
(manager of managers layer): 2.3%
(function head layer): 0.4%
(general manager and above layer): 0.3%
Diversity and equal opportunity
LA12 Composition of governance bodies and breakdown 21, 37, 177 Women accounted for 23% of our workforce and 33%
of employees per employee category according of management. 33% of OPCO members and group
to gender, age group, minority group membership, function heads were female employees in 2015.
and other indicators of diversity
Under the age of 30: 30.5% of female employees vs total
number of employees in this age bracket
Between the ages of 30-50: 20.9% of female employees vs
total number of employees in this age bracket
Over the age of 50: 19.5% of female employees vs total
number of employees over 50
Female employees with disabilities vs total: 0.6%

Female employees with disabilities as % of total
employees with disabilities 24.3%
Male employees with disabilities as %
of total employees with disabilities 75.7%
Total number of nationalities: 71 vs 67 in 2014
177
SOCIAL: Labour Practices and Decent Work continued

and DMA Description in the AIR Content or reference
Equal remuneration for women and men
LA13 Ratio of basic salary and remuneration women to men 178 Basic salary ratio (women/men) by market segment
by employee category, and market segment and management layer
Established markets:
Senior leaders: 75%
Management positions: 86%
Managers of others: 103%
Management trainees: 83%
Developing markets:
Senior leaders: 70%
Emerging markets:
Senior leaders: 88%
Remuneration ratio (women/men) by market segment

and management layer
Established:
Senior leaders: 74%
Developing:
Senior leaders: 47%
Emerging:
Senior leaders: 103%
Supplier assessment for labour practices
LA14 Percentage of new suppliers that were screened 173, 178 Our Supplier Guiding Principles, or SGPs, (workplace
using labour practices criteria accountability audits), are the principal tools to monitor
actual and negative performance of our suppliers in
terms of labour practices. Suppliers contractually confirm
adherence to CCHBC SGPs. Moreover SGPs are part
of all issued tenders and purchase orders sent to suppliers.

to the Supplier Guiding Principles. See also our supplier
environmental assessment section in this report.
LA15 Significant actual and potential negative impacts for 19, 178 During two supplier audits we encountered issues related
labour practices in the supply chain and actions taken to leave days, hours of work and timely payment of pension
benefits. Issues were addressed and resolved within 2015.
Labour practices grievance mechanisms
LA16 Number of grievances about labour practices 178 There were nine grievances filed about labour practices,
filed, addressed and resolved through formal four of which were addressed and resolved within 2015
grievance mechanisms and five of which are still ongoing.
SOCIAL: Human Rights

Investment
HR1 Percentage and total number of significant investment 19, 21, 49, 178 Our total CAPEX investment in 2015 was €328 million.
agreements and contracts that include clauses Of this, 55% constituted production equipment, cold drink
incorporating human rights concerns, or that have equipment, refillable containers and fleet, all of which were
undergone human rights screening covered by contracts that included supplier guiding
principles covering human rights.
178
Strategic Report
HR2 Total hours of employee training on policies and 19, 179 All Directors and employees are trained on the Code of
procedures concerning aspects of human rights that Business Conduct, which includes human rights and other
are relevant to operations, including the percentage ESG requirements. All employees must gain certification.
of employees trained In 2015, 42,762 training hours were devoted to training on
CCH Policies and Guidelines.
Non-discrimination
HR3 Total number of incidents of discrimination None
and corrective actions taken
Freedom of association and collective bargaining
HR4 Operations and significant suppliers identified in which None
the right to exercise freedom of association and
collective bargaining may be violated or at significant risk,
and actions taken to support these rights
Child labour
HR5 Operations and significant suppliers identified as having None
significant risk for incidents of child labour, and measures
taken to contribute to the effective abolition of child labour
Forced or compulsory labour
HR6 Operations and significant suppliers identified as having None
significant risk for incidents of forced or compulsory labour,
and measures to contribute to the elimination of all forms
of forced or compulsory labour
Security practices
HR7 Percentage of security personnel trained in the 179, 186 The Code of Business Conduct emphasises that
organisation’s policies or procedures concerning aspects compliance is our way of doing business with integrity.
of human rights that are relevant to operations All new employees, including national security leaders
and managers, receive Code of Business Conduct and
anti-corruption training, which is refreshed every two
years. Most on-site security personnel are employees
of contracted partners, who also have to abide by CCHBC’s
Supplier Guiding Principles and all other applicable
Company policies as per their contract, and receive
relevant information as part of their induction.
Indigenous rights
HR8 Total number of incidents of violations involving rights None
of indigenous people and actions taken
Assessment
HR9 Percentage and total number of operations that 179 During 2015 33 (50%) of the bottling plants operating
have been subject to human rights reviews and/or were audited. We have a three-year audit plan with
impact assessments 13 plants scheduled for 2016.
Supplier human rights assessment
HR10 Percentage of new suppliers that were screened 19, 179 Our Supplier Guiding Principles (workplace accountability
using human rights criteria audits) are the principal tools to monitor actual and
negative performance of our suppliers in terms of
human rights. Suppliers contractually confirm adherence
to CCHBC SGPs. Moreover SGPs are part of all issued
tenders and purchase orders sent to suppliers.
As of 2015, all new suppliers have agreed to adhere to

the Supplier Guiding Principles.
HR11 Significant actual and potential negative human rights None
impacts in the supply chain and actions taken
Human rights grievance mechanisms
HR12 Number of grievances related to human rights None
filed, addressed and resolved through formal
grievance mechanisms
179
SOCIAL: Society
Local communities
SO1 Percentage of operations with implemented local 39-42, 180 All our operations implement community
community engagement, impact assessments engagement and developmental programmes. In 2015,
and development programmes nine of our countries implemented socio-economic impact
assessments (SEIAs), while publicly disclosed information
with SEIA studies is currently underway in 10 more
Coca-Cola HBC countries.
SO2 Operations with significant actual and potential 180 During 2015, we continued to consolidate our infrastructure
negative impacts on local communities in order to improve efficiency across the organisation.
These projects involved the majority of the countries in
which we operate and the resulting restructuring initiatives
can have an impact on local communities, when they involve
the closing or consolidation of facilities. In all such cases,
we have taken actions to minimise the impact, for example
by providing those people affected with other employment
opportunities within the organisation, relocation support,
or voluntary exit packages and professional support to
facilitate employment elsewhere.
Anti-corruption
SO3 Percentage and total number of business units 17, 58, 180 We have a zero-tolerance approach to corruption.
analysed for risks related to corruption Bi-annual mandatory training programmes ensure
SO4 Communication (employees, business partners, 17, 58, 180 employees understand both applicable anti-bribery and
governmental bodies) and training (total number anti-corruption laws and our Anti-Bribery Policy, and act
and percentage) on anti-corruption policies in compliance with these. Programmes are developed by
and procedures the legal department with in-class training for risk-zone
employees to target specific risks faced by each regional
function. For further information please see the Anti-Bribery
Policy and Compliance Handbook and Code of Business
Conduct on our website (www.coca-colahellenic.com)
SO5 Confirmed incidents of corruption and actions taken 17, 58, 180 No reported incidents of corruption.
Anti-bribery and corruption are specifically categorised
as risks within our Enterprise Risk Universe. As part of their
quarterly risk review process, operations assess current
and emerging risks within this category, and where a risk
is identified, implement appropriate mitigation steps.
Public policy
SO6 Total value of financial and in-kind contributions to political None
parties, politicians, and related institutions by country
FPSS and SO6 Report context of any lobbying activities related Coca-Cola HBC did not engage in any lobbying activity
to subsidised or otherwise advantaged production related to subsidised production.
(for example, lobbying by food processing companies
to influence agricultural legislation)
Anti-competitive behaviour
SO7 Total number of legal actions for anti-competitive None
behaviour, anti-trust, and monopoly practices and
their outcomes
Compliance
SO8 Monetary value of significant fines and total number None. We collect reports from countries at Group level
of non-monetary sanctions for non-compliance with on contingencies, including fines, that are over a specific
laws and regulations threshold, for the purpose of submitting these to our
external financial auditors.
Supplier assessment for impacts on society
SO9 Percentage of new suppliers that were screened 19, 180 Our Supplier Guiding Principles (workplace accountability
using criteria for impacts on society audits) are the principal tools to monitor actual and
negative performance of our suppliers in terms of societal
impact. Suppliers contractually confirm adherence to
Coca-Cola HBC SGPs. Moreover SGPs are part of all
issued tenders and purchase orders sent to suppliers.

to the Supplier Guiding Principles.
SO10 Significant actual and potential negative impacts None
on society in the supply chain and actions taken
180
Strategic Report
SOCIAL: Product Responsibility

Grievance mechanisms for impacts on society
SO11 Number of grievances about impacts on society filed, 181 There were two grievances related to societal impact,
addressed and resolved thourgh formal grievance which are being addressed.
mechanisms
Customer health and safety
PR1 Percentage of significant product and service 45-46, 181 There are no safety impacts associated with our products.
categories for which health and safety impacts
are assessed for improvement
PR2 Total number of incidents of non-compliance with 45-46, 181 We had no incidents relating specifically to the health
regulations and voluntary codes concerning health and safety of our products during 2015. We are making
and safety impacts of products and services during progress to reduce quality failures, such that in 2015 issues
their life cycle, by type of outcomes from product spoilage, process and packaging failures
resulted in a decreased cost for the Group vs. 2014.
Our consumer complaint rate improved vs. 2014 with
0.19 complaints per million containers sold against a
target of 0.18. We have therefore improved our target
to 0.17 for 2016.
FP5 Percentage of production volume manufactured 45-46, 181 During 2015, 66 bottling plants were operational,
in sites certified by an independent third party 65 of which were certified according to ISO 9001 and
according to internationally recognised food safety FSSC 22000 standards; this represents 99.4% of
management system standards produced volume in 2015.
FP6 Percentage of total sales volume of consumer 45-46, 181 Our products do not contain saturated fats or trans fats.
products, by product category, that are lowered Our sports drinks contain salts which constitute part of
in saturated fat, trans fats, sodium and sugars their desired characteristics to replace salts lost through
perspiration. Low-calorie sparkling beverages accounted
for 7% of total volume in 2015; water accounted for 19%.
FP7 Percentage of total sales volume of consumer 45-46, 181 We have several products with functional benefits such
products, by product category sold, that contain as Cappy Ice Fruit Multi-vitamin in a number of countries
increased fibre, vitamins, minerals, phytochemicals and 5Alive juice drinks in Nigeria which are fortified with
or functional food additives vitamins to suit local markets. These products account
for a very small percentage of total Group sales.
Product and service labelling
PR3 Type of product and service information required by 18, 181 The printed packs and labels of all products sold in 2015
procedures, and percentage of significant products had front-of-pack calorie and sugar information, and
and services subject to such information requirements back-of-pack Guideline Daily Amounts (GDA) information
in the EU. We are working to include this on some glass
bottles without print or labels in Nigeria, where relevant
product information is included on the closure with
limited space.
FPSS and PR3 Description of importance of social and 18, 181 In 2007, we pioneered Guideline Daily Amounts (GDA)
environmental product information and its labels on the front of package in our EU countries, as
communication to consumers a voluntary initiative. Since then, we have rolled out
front-of-pack labelling of calorie content in non-EU
countries too (excluding returnable glass in Nigeria
as described above).
FP8 Policies and practices on communication 18, 181 In 2007, we pioneered Guideline Daily Amounts (GDA) labels
to consumers about ingredients and nutritional on the front of package in our EU countries, as a voluntary
information beyond legal requirements initiative. Since then, we have rolled out front-of-pack
labelling of calorie content in non-EU countries too
(excluding returnable glass in Nigeria as described above).
In 2015, we introduced colour-coded labelling in Ireland,
providing consumers with even clearer information
about the contents of our beverages.
PR4 Total number of incidents of non-compliance No such incidents related to product information
with regulations and voluntary codes concerning and labelling.
product and service information and labelling,
by type of outcomes
181
SOCIAL: Product Responsibility continued

PR5 Practices related to customer satisfaction, including 182, 186 We track the satisfaction of consumers and customers.
results of surveys measuring customer satisfaction Our consumer complaint rate was 0.19 per million containers
sold. Our customer survey found that in outlet execution,
we scored 1st or 2nd in performance and relationship
health in 24 of 27 countries. For key accounts, we
scored 1st or 2nd in 16 of 22 countries.
Marketing communications
PR6 Sale of banned or disputed products 18, 182 None of our products are banned in the markets where
Detailed definition we operate and we comply with all local legal requirements
a) Report whether the organisation sells products: for the sale and marketing of those products. Wherever
– Banned in certain markets there is stakeholder concern expressed relating to beverage
– The subject of stakeholder questions or public debate industry ingredients, we address those concerns through
b) Report how the organisation has responded to our industry associations and other alliances.
questions or concerns regarding these products
PR7 Total number of incidents of non-compliance with None
regulations and voluntary codes concerning marketing
communications, including advertising, promotion and
sponsorship, by type of outcomes
Customer Privacy
PR8 Total number of substantiated complaints regarding breaches None
of customer privacy and losses of customer data
Compliance
PR9 Monetary value of significant fines for non-compliance None. We collect reports from countries at Group level
with laws and regulations concerning the provision on contingencies, including fines, that are over a specific
and use of products and services threshold, for the purpose of submitting these to our
external financial auditors.
Animal husbandry
FP9 Percentage and total of animals raised and/or processed, Does not apply: we do not raise and/or process animals.
by species and breed type
FP10 Policies and practices, by species and breed type, Does not apply: we do not raise and/or process animals.
related to physical alterations and the use of anaesthetic
FP11 Percentage and total of animals raised and/or processed, Does not apply: we do not raise and/or process animals.
by species and breed type, per housing type
FP12 Policies and practices on antibiotic, anti-inflammatory, Does not apply: we do not raise and/or process animals.
hormone, and/or growth promotion treatments,
by species and breed
Transportation, handling and slaughter
FP13 Total number of incidents of non-compliance with laws Does not apply: we do not raise and/or process animals.
and regulations, and adherence to voluntary standards
related to transportation, handling, and slaughter
practices for live terrestrial and aquatic animals
182
Strategic Report
Environmental Data Table

Relative amount Relative amount
Total 2015 (defined in Total 2014 (defined in
GRI G4 indicator amount each relevant amount each relevant
Environmental data and DMA 2015* indicator) 2014 indicator)
Production
Total beverage production (m litres) 12,158 11,474
Materials
Materials used EN1 Tonnes g/lpb Tonnes g/lpb
Sugar and fructose syrup 920,324 77.8 886,966 77.3
Concentrate 57,813 4.9 50,649 4.4
Carbon dioxide 112,798 9.5 112,642 9.8
Nitrogen 10,736 0.9 10,046 0.9
PET (bottles) 249,729 21.1 249,895 21.8
Plastic (closures) 23,992 2.0 23,246 2.0
Metal (crowns) 7,686 0.6 7,207 0.6
PE (labels and stretch/shrink film) 37,925 3.2 36,326 3.2
Glass (bottles) 96,325 8.1 71,907 6.3
Aluminium (cans) 38,679 3.3 37,750 3.3
Paper (labels) 1,341 0.1 1,145 0.1
Composite carton (tetra pack, bricks) 46,338 3.9 43,950 3.8
Cardboard 44,387 3.8 39,075 3.4
Wood (pallets) 63,336 5.4 83,108 7.2
Percentage of materials EN2 6.3% for PET; 18% for glass; 5.2% for PET; 13.5% for glass;
from recycled sources 34% for aluminium 33.5% for aluminium
Energy million MJ MJ/lpb million MJ MJ/lpb
Energy consumption within the organisation EN3 6,946 0.6 7,323 0.6
Fuel consumption 2,215 2,363
Light heating oil 177 0.01 145 0.01
Heavy heating oil 62 0.01 107 0.01
Natural gas 1,837 0.16 1,962 0.17
LPG 138 0.01 149 0.01
Fuels for own fleet 1,736 1,875
Total electricity consumption 2,877 2,972
Electricity from renewable sources 579
Electricity from non-renewable sources 2,298
Heating consumption 0 113
Cooling consumption 21 1
Steam consumption 98 0
Electricity sold n/a n/a
Energy consumption outside the organisation EN4 16,686 1.4 17,132 1.5
Electricity use in cold drink equipment 14,108 14,595
Fuel consumption from corporate flights 14 18
Energy (fuel) consumption from third-party fleet 2,563 2,519
Energy intensity EN5 0.44 0.47
Reduction of energy consumption EN6 4,012 3,501
in bottling plants (vs. baseline 2004)
Initiatives to reduce direct energy consumption See the text part in the tables above
Reductions in energy requirements EN7 See the text part in the tables above
of products and services
Energy reduction from cold drink equipment 2,004 1,215
at marketplace (vs. baseline 2010)
Water Million Litres l/lpb Million Litres l/lpb
Total water withdrawal by source EN8 23,610 2.00 24,237 2.11
Water received from municipality 7,342 0.62 8,059 0.70
Water received from wells 15,554 1.32 15,550 1.36
Water received from surface waters 714 0.06 628 0.05
183
Environmental Data Table continued

Total 2015 (defined in Total 2014 (defined in
GRI G4 indicator amount each relevant amount each relevant
Environmental data and DMA 2015* indicator) 2014 indicator)
Water sources significantly affected EN9 None None
by withdrawal of water
Percentage and total volume of water EN10
recycled and reused
Total recycling and reuse of water 1,370 mL 1,012 mL
Percentage recycled/reused in total water withdrawal 5.8% 4.2%
Biodiversity
Total amount of land owned 668 ha 857 ha
Major impacts on biodiversity EN12 None None
Programmes to protect and restore habitats EN13 see IAR, website
Red List species with habitats affected by operations EN14 None None
Emissions, effluents and waste
Direct greenhouse gas (GHG) emissions (Scope 1) Tonnes g/lpb Tonnes g/lpb
Greenhouse gas emissions from operations EN15 317,694 26.9 344,632 30.0
CO2 from energy used in plants (Scope 1) EN15 123,949 10.5 133,469 11.6
CO2 from fuel used in Company vehicles EN15 120,100 10.2 135,731 11.8
Coolant emissions from Cold Drink EN15 15,457 1.3 20,313 1.8
Equipment (CO2 eq)
CO2 for product carbonation (CO2 losses) EN15 46,162 3.9 44,584 3.9
CO2 from remote properties’ fuel consumption EN15 12,026 1.0 10,534 0.9
Energy indirect GHG emissions (Scope 2) EN16 317,216 26.8 374,134 32.6
CO2 from electricity used in plants EN16 264,301 22.4 324,535 28.3
(Scope 2 Market-based)
CO2 from electricity used in plants EN16 289,250 24.5 324,535 28.3
(Scope 2 Location-based)
CO2 from supplied heating and cooling (Scope 2) EN16 38,562 3.3 33,557 2.9
CO2 from electricity consumption EN16 14,353 1.2 16,042 1.4
in remote properties Market-based
CO2 from electricity consumption EN16 16,754 1.4 16,042 1.4
in remote properties Location-based
Total emissions (Scope 1 and 2 Market-based) 634,910 53.7 718,766 62.6
Total emissions (Scope 1 and 2 Location-based) 662,260 56.0 718,766 62.6
Other indirect GHG emissions (Scope 3) EN17 3,539,765 299.3 3,613,097 314.9
CO2 from electricity use of cold drink equipment EN17 1,586,747 134.2 1,698,628 148.0
CO2 embedded in packaging (Cradle-to-Gate) EN17 1,246,124 105.4 1,220,844 106.4
CO2 from sugar EN17 436,986 37.0 421,719 36.8
CO2 from third-party transports EN17 186,519 15.8 186,429 16.2
CO2 from head office flights EN17 970 0.1 1,224 0.1
CO2 from product carbonation EN17 82,418 7.0 84,252 7.3
GHG emissions intensity EN18 353.0 377.6
(Scope 1, 2 and 3 – Scope 2 Market-based)
GHG emissions intensity EN18 355.4 377.6
(Scope 1, 2 and 3 – Scope 2 Location-based)
Programmes to reduce GHG emissions EN19 See the text part in the above table
Ozone-depleting substance emissions EN20 Tonnes
CFCs and HCFCs 0.034 0.00000 0.283 0.00002
Other significant air emissions EN21 Tonnes
NOx 5,621 0.48 5,586 0.49
SO2 4,002 0.34 3,998 0.35
Particulate matter 593 0.05 599 0.05
* As of 2015 reported carbon emissions for Scope 2 are market-based. For the baseline year and years prior to 2015, we have used location-based results
as a proxy since a true market-based result could not be calculated.
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Strategic Report

GRI G4 Total 2015 (defined in Total 2014 (defined in
indicator and amount each relevant amount each relevant
Environmental data DMA 2015* indicator) 2014 indicator)
Effluents
Total Water Discharge by Quality and Destination EN22 Since 2011 all the wastewater from our plants is treated to levels supporting
aquatic life. In 2015 we had a total of 43 plants with their own wastewater
treatment facilities (mostly using full aerobic process) and the rest of our
plants discharge to municipal wastewater treatment plants.
Quantity of wastewater discharged EN22 10,443 mL 0.9 l/lpb 11,284 mL 1.0 l/lpb
Total COD (Chemical Oxygen Demand) produced EN22 3,125 t O2 264 mg O2/lpb 3,574 t O2 312 mg O2/lpb
Total COD reaching the environment EN22 470 t O2 40 mg O2/l 490 t O2 43 mg O2/l
Water discharged to our own wastewater EN22 7,422 mL 5,040 mL 0.4
treatment plants (WWTP)
Water discharged to municipal-owned WWTP EN22 3,021 mL 6,244 mL 0.5
Water habitats affected by water discharges EN26 0 0
Waste
Amount of solid waste EN23 Tonnes Tonnes
Total amount EN23 103,727 8.8 g/lpb 97,587 8.5 g/lpb
Waste recycled EN23 74,184 68,155
Waste reused EN23 6,700 7,750
Waste incinerated without energy recovery EN23 1 57
Waste incinerated with energy recovery EN23 3,422 1,706
Waste composed EN23 7,991 11,182
Waste disposed of in landfills EN23 8,958 8,738
Recycling and energy recovery EN23 92,296 91% 88,792 91%
Spills of chemicals, oils, fuels EN24 6t 0.000 g/lpb 23 t 0.002 g/lpb
Hazardous waste generated EN25 4,506 0.4 g/lpb 1,144 0.1 g/lpb
Recycled hazardous waste EN25 2,034
Non-recycled hazardous waste EN25 438
Products and services
Significant environmental impacts EN27 CFCs and HCFCs CFCs and HCFCs
Percentage reclaimable products EN28 Third-party carriers Third-party carriers
Rate of returnable packaging 10.4% 10%
Possible rate of packaging recycling See AIR See AIR
Achieved rate of packaging recycling See AIR See AIR
Compliance
Incidents and fines EN29 EUR EUR
Monetary value of significant fines 688 1,500
Number of significant fines 0 (we have five Notices of Violation, 2
four of them with no fine and
one at 688 EUR)
Transport
Environmental impacts of transport EN30 3rd party carriers 3rd party carriers
Number of vehicles 15,609 17,555
Fuel consumption own and leased fleet (litres) 48,339,398 4.1 ml/lpb 52,122,683 4.5 ml/lpb
Energy consumption in own and leased fleet 1,736 0.1 MJ/lpb 1,875 0.2 MJ/lpb
fuel consumption (million MJ):
Diesel 1,170
Petrol 534
CNG 0
LPG 32
Carbon emissions from fuel consumption 120,100 10 g/lpb 135 731 12 g/lpb
(own and leased fleet: Scope 1) tonnes CO2
Carbon emissions from fuel consumption 186,519 16 g/lpb 186 429 16 g/lpb
(third-party fleet: Scope 3) tonnes CO2
Expenditures
Total environmental expenditures EN31 See some of the investments in the respective table of the GRI index.
Total investment is not disclosed publicly.
* As of 2015 reported carbon emissions for Scope 2 are market-based. For the baseline year and years prior to 2015, we have used location-based results
as a proxy since a true market-based result could not be calculated. 185
Social Data Table

2015 2014
Employee development
LA1 Average number of employees 33,311 36,362
Permanent employees >96% >95%
Employee engagement score 87% 82%
Values index score 88% 81%
Hires by age group, gender and region See data at
GRI index above
LA1 Employee turnover 11.8% 14.7%
Turnover by age group, gender and market segment See data at
GRI index above
LA3 Return to work and retention rate after parental leave See data at
by gender GRI index above
Training and development
LA9 Average training hours per employee, See data at 18
by gender and employee category GRI index above
Key People in Key Positions 79% 78%
Human rights
HR4-7 Number of workplace accountability audits 15 16
HR4-7 Number of human rights violations resulting in litigation 0 0
against the Company
Equality and diversity
LA13 Women in management 33% 32%
HR4 Breaches of equality legislation 0 0
Labour rights
LA4 Employees covered by collective bargaining 50% 49%
LA4 Employees belonging to independent trade unions 28% 28%
Health and safety
LA6 Fatalities (including contractors) 3 5
LA6 Accident incidence (accidents with >1 day absence per 100 employees) 0.43 0.49
FLA6 Average sickness days per FTE employees 3.96 4.23
Employee LTA 143 178
Contractor LTIFR 1.43 0.91
/OIFR 0.03 0.00
FLA6 Data by gender and market segment See data at
GRI index above
Number of plants with OHSAS 18001 certification 65 plants that 65 plants that
were operational in were operational in
% of production volume covered 2015 were certified, 2014 were certified,
covering 99.4% of covering 99.5% of
production volume production volume
Consumer health
Percentage of still beverages (juices, waters, etc.) 30.9% 30.4%
Average calorie content (per 100ml) 31kcal 30 kcal
PR3 Rollout of GDA labels See data at All sparkling
GRI index for details beverages in cans
and PET bottles,
all other beverages
in the EU
PR5 Consumer complaints (per million containers sold) 0.19 0.22
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Strategic Report
Supplier engagement
HR2 Number of independent SGP audits 49 47
EC1 Total supplier spend €2,835 million €2,926 million
EC6 Spending within local territories (includes EU) >90% >90%
Economic benefits
EC1 Income taxes €76.4 million €57.8 million
Salaries and benefits €1,070 million €1,104 million

EC1 Investment in community projects € 8.2 million € 8.7 million
(2.3% of reported (2.5% of reported
pre-tax profit) pre-tax profit)
Political contributions 0 0
Organisational profile
G4-10 Employment profile by type of contract (permanent, temporary, Type of contract:
contractors, self-employed etc), gender and region
Permanent: 32,087
Temporary: 1,224
Male: 25,642
Female: 7,669
Established: 6,642
Developing: 5,315
Emerging: 21,354
In addition, during 2015
we employed 4,491 people
on a contractor basis,
317 self-employed
workers and 388 seasonal
workers, who were not on
Coca-Cola HBC contracts
Remuneration and incentives
G4-54 Ratio of the annual total compensation for the organisation’s Ratio calculated in Euros:
highest-paid individual to the median annual total compensation Established markets: 16.2
for all employees, by segment Developing markets: 36.9
G4-55 Ratio of percentage increase in annual total compensation for the Rate of increase/
organisation’s highest-paid individual to the median percentage (decrease) calculated
increase in annual total compensation for all employees, by segment based on
Euro-based ratios
Established markets: -1.3%

Developing markets: -14.1%
Emerging markets: +2.1%
G4-12 Description of the Group’s Supply Chain
Our Supply Chain organisation plays a central role in our business, ensuring that in all our processes we minimise our environmental impact,
and ensure sustainability in our value chain, all the way from sourcing raw materials to manufacturing the end product and distributing
it to our customers.
In our own business, we are creating a 100% quality culture with zero tolerance for failure to meet standards. This approach extends to our
suppliers. Coca-Cola HBC requires Tier 1 suppliers (as defined on page 173 of this report) to gain certification to the following standards:
ISO 9001 (quality), ISO 14001 (environment) and OHSAS 18001 (health and safety). Ingredient and packaging suppliers must also
achieve certification to FSSC 22000 for food safety and the Global Food Safety Initiative (GFSI). Quality and food safety remain our
top priority to ensure that we meet customer and consumer expectations while delivering against our cost leadership commitments.
We have stringent processes in place to minimise the occurrence of quality issues. However, when issues arise, we have robust procedures
and systems in place that enable us to deal with them quickly and efficiently, thus ensuring that our customers and consumers retain
confidence in our products.
We operate in a vast territory stretching across 28 countries in three continents. While providing us with opportunity, this footprint also
challenges us to constantly optimise our operational infrastructure. Our aim is to build a borderless Supply Chain that will supply our territory
at optimum cost and have the capability to embed innovative technologies fast. As we look for opportunities to optimise our infrastructure,
we seek to build or transform existing plants into efficient mega-plants, where it makes sense, which can effectively serve a country or an
entire region. Such optimisation takes into consideration the Group supply chain as a whole, in an integrated manner, from the number of
plants and the number and nature of filling lines to the number of distribution centres and warehouses.
187
2015 Code of Business Conduct Whistleblower hotline

In September 2015, we introduced our new Whistleblower hotline.
violations and allegations received The hotline is managed by a third party and is now available across
through the Whistleblower hotline the Group in 23 languages and can be accessed at any time via phone
or internet. When our new hotline was launched, we conducted
In 2015, 105 allegations of violations of the Group’s Code of Business a Group-wide campaign to make all employees aware of the new
Conduct were investigated. Of the 105 allegations investigated, hotline and remind them of the various avenues available to report
81 were substantiated as violations of the Code of Business Conduct. concerns and violations of the Code Business of Conduct. Additionally,
Twenty-two of the investigated matters involved an employee in a throughout the year we communicate the importance of reporting
management position or involved a loss greater than Euro 10,000. potential violations of the Code of Business Conduct and encourage
all employees to ask their managers, Code Compliance Officers or
As a result of the 81 matters substantiated as violations of the
the Internal Audit Department questions.
Code of Business Conduct, 71 employees were terminated. An
additional 75 employees received discipline in the form of formal/ In 2015, we received 45 allegations through our whistleblower hotline.
written warnings, financial penalties (unpaid suspension or loss of Allegations received related to issues not covered under the Code
bonus) or voluntary resignation from the Company. of Business Conduct were routed to the appropriate department
for appropriate handling. All allegations involving potential Code of
Business Conduct violations were investigated in accordance with the
Violations by Code of Business Conduct sections Group Code of Business Conduct Handling Guidelines. Importantly,
we make sure that the learnings from both the Code of Business
Conduct violations and allegations reported through the whistleblower
hotline are drawn and result in relevant decision-making and
procedural changes; for example the re-evaluation of our procedures
in connection with incidents and the review, adjustment or update of
related policies. We also undertake measures to improve our systems
and use them to prevent as many of these violations as possible from
happening, learning from our experience and that of others.
Use of information: 1
Anti-bribery and corruption: 3
Dealing with customers, suppliers and competitors: 3
Workplace health and safety: 5
Fair treatment of employees: 8
Conflicts of interest: 9
Business and financial records: 32
Safeguarding Company assets: 32
Other: 12
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Strategic Report
UN Global Compact – Communicating our Progress
Coca-Cola HBC has participated in the UN Global Compact since 1.1.4 Effective management systems to integrate
2005 and is continuously working to implement and promote the the human rights principles
10 Principles in support of human rights, labour rights, the –– Our commitments are integrated into management systems
environment and anti-corruption. and training.
–– During 2015, 66 bottling plants were operational, 65 of which
More specifically, we fulfil our commitments to the UN Global
were certified to OHSAS 18001 – 99.4% of production volume.
Compact by:
–– High-profile health and safety campaigns and gender diversity
–– Implementing the 10 Principles into Company operations initiatives are among the programmes which bring our
and strategy commitments to life.
–– Supporting the Compact’s global platforms, including
the CEO Water Mandate and Caring for Climate initiatives 1.1.5 Effective monitoring and evaluation of mechanisms
–– Contributing to UN sustainable development goals of human rights integration
–– Working to make our supply chain more sustainable –– Regular reviews check that we adhere to all applicable laws and
regulations, our Code of Business Conduct and internal standards.
–– Promoting the development of local networks
–– Certification on a regular basis confirms that we are in legal
–– Reporting transparently in accordance with GRI G4 standards compliance, processes are well implemented, targets are set
and reached and reporting is timely and accurate.
1.1 GC Advanced Level
Our Integrated Annual Report serves as our Communication –– Both suppliers and Company-owned operations are subject
on Progress (COP) to the Global Compact. To achieve Advanced to independent assessments of workplace conditions.
Level status we must meet the 21 criteria of the COP Differentiation –– We have a well-publicised whistleblower system, with all
programme. Below is a summary of these criteria and how we meet contacts investigated.
each one. –– Coca-Cola HBC received no fines for non-compliance
with human rights-related laws and regulations in 2015.
1.1.1 Mainstreaming into corporate functions and business units
We have integrated sustainability into the way we run our business. Robust Labour Management
We identified material issues to our business with our stakeholders Policies and Procedures
and developed ambitious strategies, demanding targets, rigorous
1.1.6 Robust commitments, strategies or policies
governance and integrated reporting. We have also implemented
in the area of labour
internationally recognised management systems. Almost all (99.4%)
–– Relevant policies include our Human Rights Policy and
of our production volume now comes from plants that are certified
Supplier Guiding Principles (SGPs), available on our website.
for quality (ISO 9000), environment (ISO 14001), health and safety
(OHSAS 18001) and food safety (ISO 22000 and FSSC 22000). –– Our SGPs (workplace accountability audits) are the principal
tools to monitor actual and negative performance of our suppliers
in terms of labour. Suppliers contractually confirm adherence
1.1.2 Value chain implementation
to Coca-Cola HBC SGPs. Moreover SGPs are part of all issued
Our supply chain is the biggest contributor to our impacts,
tenders and purchase orders sent to suppliers. As of 2015,
particularly from an environmental perspective. To address this,
all new suppliers have accepted adherence to the Supplier
we work with our suppliers, NGOs and other partners to tackle issues
Guiding Principles.
such as water use and carbon emissions in our agricultural supply
chain. We have also begun collaborative work with customers on joint –– We also have a commitment to engage in social dialogue in
sustainability initiatives. Together with The Coca-Cola Company, we the communities where we live and work. Various community
are setting long-term sustainability targets and public commitments development and investment initiatives that serve the needs of
for our business that include our supply chain in a lifecycle approach. the communities in the countries where we operate are included
in this report, in the Community trust section.
Robust Human Rights Management
1.1.7 Effective management systems to integrate
Policies and Procedures the labour principles
1.1.3 Robust commitments, strategies or policies –– These commitments are integrated into our management
in the area of human rights systems and training programmes.
–– Relevant policies include: an updated Human Rights Policy, –– We have independent unions and/or works councils as well as
including reference to the UN Framework and Guiding Principles formal communications protocols in place. For details please see
on Business and Human Rights (the Ruggie Framework) and the relevant sections of our GRI data table included in this report.
ILO International Labour Standards; Equal Opportunities Policy;
–– Comprehensive people development initiatives endeavour to
Supplier Guiding Principles; Occupational Health and Safety Policy;
ensure all employees achieve their potential. Pay for entry-level
and HIV-AIDS Policy.
positions is significantly above local minimum wage, where one
–– In 2015, in Northern Ireland, we ran a programme for high-potential exists. For details, please see the GRI data table in this report.
women focused on developing their business knowledge,
–– We conduct gender diversity programmes in our own operations.
confidence and leadership skills. The programme, called Elevating
Women in Management, provides personal development planning –– We work to improve working conditions in informal packaging
and coaching support and has been given positive reviews by collection systems.
participating women associates –– We participate in industry initiatives, e.g. AIM-Progress,
–– We continue to support the 5by20 programme of The Coca-Cola SEDEX (procurement).
Company to empower five million women entrepreneurs by 2020.
189
UN Global Compact – Communicating our Progress continued
1.1.8 Effective monitoring and evaluation mechanisms –– Regular meetings (via webinars) are held at which people
of labour principles integration responsible for environmental issues at corporate and
–– Regular reviews check that we adhere to all applicable country level discuss performance and share best practices.
labour laws and regulations and internal standards. –– There is an intranet-based system for sharing successful practices
–– Independent audits are undertaken of both Company from all countries and tracking replication by other countries.
and supplier workplaces. Within the successful practices database, there are several
–– We have a well-publicised whistleblower system, environmental categories such as water reduction, energy
with all contacts investigated. optimisation, waste management, recycled waste,
–– Coca-Cola HBC received no significant fines for wastewater treatment etc.
non-compliance with labour laws and regulations in 2015. –– Compliance and continuous improvement are integral to our
management systems. Annual targets are set and progress is
Robust Environmental Management monitored by the Board of Directors (via its Social Responsibility
Policies and Procedures Committee), and reported publicly.
–– Coca-Cola HBC received no significant fines for non-compliance
1.1.9 Robust commitments, strategies or policies with environmental laws and regulations in 2015. For details
in the area of environmental stewardship please see the GRI data table in this report.
–– We have publicly available policies on water stewardship,
climate change, packaging and recycling. –– For two consecutive years the Group has rewarded the country
with the best annual environmental performance.
–– All of our suppliers are required to adhere to our Supplier
Guiding Principles.
Robust Anti-Corruption Management
–– Environmental targets to 2020 and performance against
Policies & Procedures
them are publicly reported.
–– Since 2011, 100% of wastewater is treated to a level 1.1.12 Robust commitments, strategies or policies
that supports aquatic life. in the area of anti-corruption
–– Coca-Cola HBC’s zero-tolerance approach to corruption is clearly
–– We develop energy-efficient HFC-free refrigeration
defined in our Anti-Corruption Policy and Compliance Handbook,
with suppliers – up to 63% more energy-efficient than
which prohibits bribery both in commercial dealings with our
2004 models. Details in the GRI data table in this report.
customers and suppliers, and in contacts with government
–– We have built 12 CHP plants to date; these reduce authorities and government officials.
emissions from each bottling plant by at least 40%.
–– Our Code of Business Conduct emphasises that compliance
–– In 2015 we committed to four out of six initiatives is the Coca-Cola HBC way of doing business with integrity.
of the ‘We Mean Business’ coalition prior to the All new employees receive Code of Business Conduct and
COP21 meeting in Paris. anti-corruption training, which is refreshed every two years,
underlining our zero-tolerance approach to corruption.
1.1.10 Effective management systems to integrate
–– We expect our suppliers to adhere to and audit them
the environmental principles
against our Supplier Guiding Principles that require, among
–– During 2015, 66 bottling plants were operational, 65 of which
other things, compliance with all applicable anti-corruption laws.
had achieved ISO 14001 certification, accounting for 99.4%
of our production volume. In 2015, we achieved certification –– We have worked with Global Compact local networks
in energy management for our plant in Prague (Czech Republic). and others to conduct anti-corruption initiatives.
–– In the period 2013-15 we achieved 13 Gold certificates by –– We publicly report on Code of Business Conduct violations by
the European Water Stewardship Standard (EWS) and we have type and relevant actions/learnings undertaken as a result.
committed to certify 100% of our plants by 2020 to the European
Water Stewardship Standard (EWS) or Alliance for Water 1.1.13 Effective management systems to integrate
Stewardship (AWS). the anti-corruption principles
–– All employees undergo mandatory training and certification
–– In each of our countries we have a Carbon and Water champion
in the Code of Business Conduct and the Anti-Bribery Policy
who works with the Corporate Carbon and Water team to plan,
and Compliance Handbook.
investigate, track and implement carbon and water reduction
initiatives. –– We require employees to obtain prior legal approvals before
extending anything of value to government officials or hiring any
–– Environmental priorities (Carbon and Water reduction) are part
third party to represent us with government officials. We require
of each country’s Business Plan process.
employees to accurately record expenses related to dealings
with government officials and commercial parties.
1.1.11 Effective monitoring and evaluation mechanisms
for environmental stewardship –– We routinely conduct third-party due diligence to ensure that
–– Regular reviews check that we adhere to all applicable third parties interacting on our behalf with government officials
environmental laws and regulations and internal standards. are carefully chosen against our anti-corruption criteria and
agree to abide by our Anti-Bribery Policy.
–– Environmental management systems and data are audited
annually by third parties at all bottling plants. –– We offer annual risk tailored in-class workshops on anti-corruption
to our ‘risk-zone’ employees.
–– Regular internal audits assure that all plants meet environmental
requirements (both legal and our internal ones). –– To foster an integrity culture, we run Group-wide Ethics and
Compliance Week setting tone from the top and the middle
–– Regular performance review meetings are held at plant level,
management, and offering employees engaging business
country level and corporate level (at least monthly) for the main
ethics and anti-corruption communication.
environmental KPIs.
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Strategic Report
–– Employees can raise concerns about conduct and compliance 1.1.17 Advocacy and public policy engagement
in various ways, including our confidential whistleblower –– We work with industry associations to inform public policy on
hotline and email system. We also have an open door policy. sustainability challenges, sharing our experience and advancing
–– We commit to protecting from retaliation those who raise practical solutions. Since 2005, our Green Danube partnership
concerns in good faith. has conducted advocacy in 11 countries.
–– We aim to be transparent about our positions – calling for urgent
1.1.14 Effective monitoring and evaluation of mechanisms action on climate change, for example. We offer consumers
for the integration of anti-corruption healthy products and choice in all markets and we oppose measures
–– We internally audit our third-party due diligence that single out products or industries, such as soft drink taxes.
programme and monitor employee anti-corruption training. We also challenge proposals that focus more on short-term
–– All contacts are investigated and any material issues financial gain than long-term sustainability.
are reported to the Audit and Risk Committee.
–– All violations of our Code result in disciplinary action, 1.1.18 Partnerships and collective action
even dismissal. –– Multi-stakeholder partnerships are critical to solving many
sustainability challenges. We participate in many such initiatives,
–– Our whistleblower system is independently audited by
even setting them up where none exist.
Denkstatt each year.
–– We have supported the development of Local Networks and
–– Independent audits of supplier sites are conducted. In 2015,
in 2015 were actively involved in nine UN Global Compact
49 audits took place.
networks.
–– Since 2005, our Green Danube partnership with the ICPDR has
Action in Support of Broader UN Goals and Issues been active in conservation, awareness-raising, education and
1.1.15 Core business contributions to UN goals and issues advocacy in 11 countries. In total, we conduct community water
–– Coca-Cola HBC’s primary contribution is through core business and environmental protection partnerships in 24 countries.
activities. Direct and indirect employment, salaries, supplier –– Underpinned by a global agreement between the Coca-Cola
payments, community investments and government taxes System and the International Federation of Red Cross and Red
are among the ways that we generate local economic benefit. Crescent societies, we work with national Red Cross societies
–– Our business also brings indirect benefits, such as technical on emergency relief and other locally relevant issues.
expertise or inward investment – particularly important in –– We have led the set-up of recovery organisations in 19 countries,
developing or transitional economies. We are helping to develop which collect, recycle or recover beverage packaging. We also
the Russian sugar beet industry, for example, bringing in technical supported the establishment in Austria of the first PET-to-PET
expertise and funding so as to stop importing foreign cane sugar. recycling plant, closing the recycling loop.
–– As a founding member of the CEO Water Mandate and Caring –– Active lifestyles and youth development are other key areas
for Climate initiatives, Coca-Cola HBC has committed to address where we work with NGOs, government agencies and other
water conservation and CO2 emissions in our operations, technical experts.
supply chain and beyond.
–– We also support entrepreneurs in our value chain. In Nigeria, Corporate Sustainability Governance
we are helping women micro-distributors as part of the global and Leadership
5by20 programme of The Coca-Cola Company to empower
five million female entrepreneurs by 2020. 1.1.19 CEO commitment and leadership
–– The CEO and Management of Coca-Cola HBC support the
1.1.16 Strategic social investments and philanthropy UN Global Compact and oversee our work in the areas of human
–– Our four strategic focus areas are: youth/education, sport/active rights, labour rights, the environment and anti-corruption, and
lifestyles, water/environment protection and emergency relief. through these also contribute to the UN’s recently articulated
Most of our community funding was channelled into these four Sustainable Development Goals, as highlighted in his statement
areas in 2015. For more information please see the Community at the beginning of this report.
Trust section of this report. –– The CEO has incentivised targets related to sustainable
–– We engage with UNDP, UNEP, UNESCO and other agencies development in his performance plan, as do all other
to address broader UN goals. Partnerships focus on such issues OPCO members.
as: access to sanitation, safe drinking water and watershed –– The CEO is actively involved in our sustainability agenda and attends
conservation; youth development and education; quarterly meetings of the Board’s Social Responsibility Committee.
entrepreneurship and job creation; HIV/AIDS and –– The CEO also participates in ‘top-to-top’ meetings with partners
malaria and disaster relief and rehabilitation. such as The Coca-Cola Company and other bottlers to ensure
–– In 2015 we channelled more than €8.2 million – approximately alignment of priorities including sustainability issues, strategies
2.3% of our reported pre-tax profit – into community investment and targets.
programmes. We submit this data to the London Benchmarking
Group (LBG) for verification.
191
1.1.20 Board adoption and oversight –– We engage with a wide range of stakeholders on our sustainability
–– The Board of Directors strongly supports the UN Global Compact pillars including employees, consumers, customers and suppliers,
and our work in the local networks, as seen by the Chairman’s as well as non-governmental organisations (NGOs), regulatory
letter in the Annual Integrated Report. bodies, industry associations and authorities, both local and
–– The Social Responsibility Committee of the Board of Directors national, and the communities in which we operate.
meets quarterly to review and guide sustainability performance. –– Our annual Stakeholder Forum brings together academics,
The chairman is Sir Michael Llewellyn-Smith, the Senior government, industry, suppliers and other participants in our
Independent Director on our Board. value chain. Please see more about this in the GRI Index
section of this report.
1.1.21 Stakeholder engagement –– We also participate in multi-stakeholder partnerships to address
–– Proactively engaging with our key stakeholders is an important issues that are material to our business and our communities.
part of defining the issues that are material to our business.
Progress against the United Nations’ Global Compact CEO Water Mandate
Coca-Cola HBC is a founder signatory of the UN Global Compact’s CEO Water Mandate. An in-depth discussion of our water stewardship
strategy and progress can be found our Integrated Annual Report which together with this section serve as our COP-Water. Below is
a summary of our progress in the six focus areas of the Water Mandate.
CEO Water Mandate Coca-Cola HBC’s progress
1. Direct Operations
–– Conduct a comprehensive water-use assessment to understand –– Awarded new European Water Stewardship Gold Level certification at eight
Company’s water use in direct production. facilities in 2015, and overall since 2013 13 sites have the Gold EWS.
–– Set targets for operations for water conservation and wastewater –– 64.3% reduction in direct water footprint since 2004 – target is 75%
treatment, framed in a corporate cleaner production and reduction by 2020.
consumption strategy. –– 30.2% improvement in water efficiency since 2004 – target is 40%
–– Invest in and use new technologies to achieve these goals. improvement by 2020. In 2015 we reset the target: 30% improvement
–– Raise awareness in corporate culture. in 2020 vs. 2010.
–– Include water sustainability in business decision-making. –– 100% of wastewater treated since 2011.
–– All bottling plants undertake the following reviews: annual water footprint
assessment; bi-annual risk assessments; source vulnerability assessments;
and source water protection programmes. All are subject to internal audit.
–– Using the Global Water tool for water stress projection per plant.
–– During 2015, 66 plants were operational, 65 of which were ISO 14001-certified,
accounting for 99.4% of annual production volume.
–– Working with equipment suppliers to develop and implement water-saving
technologies and more water-efficient cleaning methods.
–– Work with UNIDO (United Nations Industrial Development Organization)
to introduce a Chemical leasing project (paying not for kilogrammes
of chemical used but for cleaning effectiveness which reduces water
and chemicals in the plant).
–– Mandatory ‘Top 10 Water Savers initiative’ which helps plants across our
operations identify water-saving opportunities (68.2% implementation rate
in 2015)
–– Invested €4.8 million in water reduction initiatives in 2015.
–– Voluntary employee participation is encouraged in watershed
protection initiatives.
–– Our new ‘Near Loss-leading’ KPI encourages our employees to report
water-saving ideas and opportunities.
–– In 2015 we introduced a ‘true cost of water and water stress multiplier’
to support decision-making process for investment projects.
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2. Supply Chain and Watershed Management

–– Encourage suppliers to improve water conservation, quality monitoring, –– Tier 1 suppliers, as defined on page 173 of this report, are required
wastewater treatment, recycling. to achieve ISO 14001 certification.
–– Encourage suppliers to assess their water usage and impacts. –– Sustainable agriculture programme.
–– Share water sustainability practices – established and emerging – –– Supplier Guiding Principles.
with suppliers. –– Supplier risk assessment for Tier 1 suppliers includes water stress risk
–– Encourage major suppliers to regularly report progress against goals. and is updated annually.
–– Build capacities to analyse and respond to watershed risk. –– Water footprint measures are used in supply chain.
–– Bi-annual risk assessments study local context for bottling plants.
–– Source vulnerability assessments at all plants.
–– Source water protection programmes at all plants.
–– Commitment to achieve 100% certification of all plants by 2020
by the European Water Stewardship or Alliance for Water Stewardship.
–– Environmental and watershed protection partnerships in 24 countries.
3. Collective Action
–– Build ties with civil society organisations, especially regional and local. –– Community watershed partnerships involve government agencies, NGOs
–– Work with national, regional and local governments and authorities and communities in 24 countries.
to address water sustainability issues and policies, as well as with –– Work with UN bodies, IGOs and NGOs on water initiatives, including UNDP,
relevant international bodies. UNICEF, GWP, WWF and many local community NGOs in various countries
–– Encourage development and use of technologies, including efficient –– Through our award-winning Green Danube partnership, we have had active
irrigation methods, new plant varieties, drought resistance, programmes running for the past 10 years with strategic NGOs in our
water efficiency and salt tolerance. markets in countries of the Danube River basin. These include public
–– Actively support Country Networks of the UN Global Compact. education and awareness-raising initiatives each year; engagement in and
–– Support water initiatives and collaborate with UN bodies and IGOs. support of freshwater and wetland habitat restoration activities, which also
include benefits such as the preservation of biodiversity in the affected
wetlands; and other community benefits such as better quality drinking
water and restored community water sporting opportunities.
–– Projects include promoting rainwater harvesting in water-scarce areas
in Greece, borehole projects for communities around our Nigerian plants
in water-scarce areas to ensure safe drinking water for communities in need,
the honouring of World Water Day to raise employee awareness in various
markets of operations, Water Ambassadorship projects in Africa, and
cleaning of watershed areas and river banks in many countries in Europe.
We were active members of Country Networks of the Global Compact
in nine countries in 2015.
4. Public Policy
–– Contribute to government regulation and creation of market –– Green Danube partnership since 2005 actively engages in public policy .
mechanisms to drive water sustainability agenda. –– Support development of national policy and regulatory frameworks
–– Advocate water sustainability in global and local policy discussions, for integrated water resources management. More on this on our website
presenting role and responsibility of the private sector in supporting and at www.icpdr.org.
integrated water resource management. –– Founding member of the Water Footprint Network.
–– Partner with government, business, civil society and others –– Founder signatory of the CEO Water Mandate.
to advance knowledge, intelligence and tools.
–– Support policy-oriented bodies and frameworks.
5. Community Engagement
–– Endeavour to understand the water and sanitation challenges –– Work in partnerships with local governments, communities and civil society
in our communities and how we impact those challenges. to support safe water access and sanitation initiatives in a number of
–– Be active community members, and encourage/support local countries, from Nigeria to Romania.
government, groups and initiatives advancing water and sanitation. –– UN World Water Day awareness-raising and celebrations, spreading the
–– Work with public authorities to support – when appropriate – word with hashtags on social media for scope.
development of adequate water infrastructure, including water –– Annual river celebrations such as International Danube Day and raising public
and sanitation delivery systems. awareness about freshwater conservation and understanding of the Danube,
–– Undertake water-resource education and awareness campaigns Sava, Vistula and Volga rivers, the Black Sea, and various other watersheds
with local stakeholders. and water sources in our markets.
–– Clean-ups of waterways, embankments, oxbows and floodplains, and
conservation of wetland habitat in most countries of operation.
–– School education on water sustainability in eight countries using our Danube
Box tool-kit. We have also launched three similar initiatives for other rivers
and the Black Sea, building on learnings from other country examples, and
reaching millions of children in class, online and on social media.
–– Bi-annual risk assessments study on water and sanitation in local communities.
6. Transparency
–– Describe actions and investments in relation to the CEO Water Mandate –– GRI reporter since 2003; GRI G4 compliant as of 2015
in a COP, referring to performance indicators such as GRI. –– Report to CDP Water since 2012.
–– Publish and share water strategies (targets, results, areas for improvement) –– Use Global Water Tool for identification of production sites which
in corporate reports, using GRI water indicators. are in the area of river basins with water stress, in order to plan and
–– Be transparent in dealings and conversations with governments implement solid water reduction actions.
and other public authorities on water issues.
193
UNGC Caring for Climate Business Forum progress

Coca-Cola HBC is a founder signatory of the UN Global Compact’s Caring for Climate initiative. We provide detailed information on our
approach and results in our disclosure to the Carbon Disclosure Project (CDP), as well as in our Integrated Annual Report. Both of these serve
as our COP-Climate. Below is a summary of our progress against the five commitments in Caring for Climate.
Caring for Climate Coca-Cola HBC’s progress
Taking practical actions now to increase the efficiency of energy usage –– Improved energy efficiency (per litre of produced beverage) by 39.6%
and to reduce the carbon burden of our products, services and processes, in 2015 vs. 2004
to set voluntary targets for doing so, and to report publicly on the –– Cut total energy usage by 20% despite 36% increase in production volume
achievement of those targets annually in our COP for climate. since 2004
–– Reduced absolute emissions from operations (Scope 1 & 2, as defined on
page 184 of this report) by 23.5% and emissions intensity (Scope 1 & 2 per litre
of beverage) by 43.6% since 2004
–– Committed to reduce direct emissions by 20% by 2020 vs. 2004 and
as we are set to reach this target earlier, in 2015 we set a new commitment:
to reduce carbon emissions intensity from our operations by 50%
by 2020 vs. 2010
–– Committed to reduce carbon intensity across the whole value chain
by 25% by 2020 vs. 2010
–– The aforementioned commitments are science-based commitments
approved by the World Resources Institute (WRI)
–– Constructed 12 on-site Combined Heat and Power plants – 2 during
2015 in Nigeria. Each reduces plant emissions by 40%, with food-grade
CO2 recovery further boosting this figure
–– Renewable energy projects include Photo Voltaic panels and heat pumps
–– Programmes include: ‘Top 18 Energy Saves and 10 Most Basic Energy
Savers’ in all plants
–– Energy-saving projects in our plants resulted in savings of €2.1 million
during 2015
–– Developed energy-efficient and HFC-free refrigeration up to 63% more
efficient than 2004 models
–– Set up 19 organisations that collect, recycle or recover the equivalent of
69% of our packaging
–– During 2015, 66 plants were operational, 65 of which were ISO 14001-certified,
accounting for 99.4% of annual production volume
–– One plant is certified to ISO 50001 (energy management)
Building significant capacity within Coca-Cola HBC to understand fully the –– Have calculated and reported on total carbon footprint annually since 2006
implications of climate change for our business and to develop a coherent –– Describe risks and opportunities to the Carbon Disclosure Project
business strategy for minimising risks and identifying opportunities. (2015 result: 99B; 2014 result: 96A) http://www.coca-colahellenic.com/~/
media/Files/C/CCHBC/documents/Environment/Energy%20and%20
climate%20change/ProgrammeResponseInvestor%20CDP%202014.pdf
–– Risks and opportunities are also in the Integrated Annual Report.
–– Climate change risks are embedded in the overall Enterprise Risk
management process
–– Water stewardship is our main mitigation strategy
–– Emergency relief (disaster relief) is part of the Community pillars
–– Carbon and water reduction initiatives fully embedded in each country’s
business plan
–– Carbon and water Champion in each country and at corporate level
–– The climate change-related information in our Integrated Annual Report
is based on CDSB CCRF (the Climate Disclosure Standards Board Climate
Change Reporting Framework).
Engaging fully and positively with our national governments, inter- –– Prior to COP21 in Paris, we committed to 4 out of 6 initiatives of the
governmental organisations and civil society organisations to develop ‘We Mean Business’ coalition
policies and measures that provide an enabling framework for the –– Previously participated actively at COP15; signed Copenhagen,
business sector to contribute effectively to building a low-carbon Bali and 2 degrees communiqués
and climate-resilient economy. –– Liberty Island, Hungary – five-year restoration programme with WWF,
supported by EU LIFE+ Nature Conservation Fund
–– The European Commission named our Combined Heat and Power (CHP)
programme an Official Partner of the Sustainable Energy Europe campaign
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Strategic Report
Working collaboratively with other enterprises nationally and sectorally, –– Tier 1 suppliers, as defined on page 173 of this report, are required
and along our value chains, by setting standards and taking joint initiatives to gain ISO 14001 certification
aimed at reducing climate risks, assisting with adaptation to climate –– Develop with suppliers HFC-free, energy-efficient refrigeration that
change and enhancing climate-related opportunities. is up to 63% more efficient than 2004
–– Work with suppliers to light-weight packaging and increase recycled PET
content – in 2015 rPET was 15,838 tonnes, 19.4% higher than in 2014
–– Launched PlantBottleTM, made from up to 30% renewable plant-based
sources, in 10 countries
–– Developed with suppliers the lightest can in Europe (B-can)
–– Led set-up of 19 recovery organisations; equivalent of 69% of our
packaging is recovered or recycled
–– Sustainable agriculture programme
Becoming an active business champion for rapid and extensive response –– Through the 19 recovery organisations we have helped set up, we provide
to climate change with peers, employees, customers, investors and the infrastructure and education to encourage consumers to recycle
broader public. –– Provide support to WWF Earth Hour campaign in some of our countries
of operation
–– World Water Day campaign in several countries
–– Training programmes for employees: local training; central environmental
training for people from production, engineering, quality, sustainability
(more than 220 people from 23 countries trained in the last years);
training in Super Ambassador programme for Key Account Managers
within the commercial function
–– Work with suppliers on development of a range of packaging optimisation
and light-weighting initiatives, and on developing eco-friendly coolers
195
Shareholder Information
We take great pride in being regarded as a transparent and Share price performance
accessible company in all our communications with the investment LSE: CCH 2015 2014 2013
communities around the world. In £ per share
Coca-Cola HBC engages with key financial audiences, including Close 14.48 12.28 17.62
institutional investors, sell-side analysts and financial journalists, High 16.29 18.00 19.70
as well as our Company’s shareholders. The Investor Relations Low 10.57 12.14 14.65
department manages the interaction with these audiences by Market capitalisation (at close, £m) 5,237 4,475 6,479
attending ad hoc meetings and investor conferences throughout

the year, in addition to the regular meetings and presentations
ATHEX: EEE 2015 2014 2013
held at the time of the results announcements.
In € per share
Analysis by shareholder Close 19.79 15.68 21.00

High 23.16 22.00 23.69
Low 13.88 15.00 17.00
1-10,000: 3% Market capitalisation (at close, €m) 7,158 5,713 7,721
10,001-100,000: 3%
Source: Bloomberg
100,001-1,000,000: 12%
1,000,001-over: 79%
Share capital
Treasury shares: 3%
In 2015, the share capital of Coca-Cola HBC increased by the issue
of 322,050 new ordinary shares following the exercise of stock
options pursuant to the Group’s employee stock option plan. Total
proceeds from the issuance of the shares under the stock option
* Percent has been calculated without major shareholders,
Kar-Tess Holding and The Coca-Cola Company plan amounted to €5.1 million.
Following the above changes, and including 6,445,060 ordinary
Geographic concentration (excludes shares held as treasury shares, on 31 December 2015 the share
The Coca-Cola Company and Kar-Tess Holding) capital of the Group amounted to €2,000.1 million and comprised
368,141,297 shares with a nominal value of CHF 6.70 each.
UK: 40%
Continental Europe: 24% Major shareholders
United States: 20% The principal shareholders of the Group are Kar-Tess Holding
Rest of the world: 13% (a Luxembourg company), which holds approximately 23.2% of the
Retail investors: 3% outstanding ordinary shares, and The Coca-Cola Company, which
indirectly holds approximately 23.1% of the Group’s outstanding
ordinary shares.
Dividends
Listings For 2015, the Board of Directors has proposed a 0.40 Euro dividend
Coca-Cola HBC AG (LSE: CCH) was admitted to the premium listing per share in line with the Group’s progressive dividend policy. This
segment of the Official List of the UK Listing Authority and to trading compares to a dividend payment of 0.36 Euro per share for 2014.
on the London Stock Exchange’s main market for listed securities on
29 April 2013. With effect from 29 April 2013, Coca-Cola HBC AG’s For more information on our dividend policy and dividend history,
shares were also admitted on the Athens Exchange (ATHEX: EEE). please visit our website at www.coca-colahellenic.com.
Coca Cola HBC AG has been included as a constituent of the FTSE Financial calendar
100 and FTSE All-Share indices from 20 September 2013.
13 May 2016 First quarter trading update
21 June 2016 Annual General Meeting
London Stock Exchange
Ticker symbol: CCH 11 August 2016 Half-year financial results
ISIN: CH019 825 1305 9 November 2016 Third quarter trading update
SEDOL: B9895B7
Reuters: CCH.L
Corporate website
Bloomberg: CCH LN
Athens Exchange
Ticker symbol: EEE Shareholder and analyst information
ISIN: CH019 825 1305 Shareholders and financial analysts can obtain further information
Reuters: EEEr.AT by contacting:
Bloomberg: EEE GA Investor Relations
Tel: +30 210 618 3100
Credit rating Email: [email protected]
Standard & Poor’s: L/T BBB+, S/T A2 BBB, stable outlook IR website: www.coca-colahellenic.com/investorrelations
Moody’s: L/T Baa1, S/T P2, stable outlook
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Strategic Report
Swiss statutory reporting
198 Report of the statutory auditor on Coca-Cola HBC AG’s consolidated financial statements
199 Report of the statutory auditor on Coca-Cola HBC AG’s financial statements
200 Coca-Cola HBC AG’s financial statements
209 Report of the statutory auditor on the Statutory Remuneration Report
210 Statutory Remuneration Report
197
Swiss statutory reporting continued
Report of the statutory auditor

to the General Meeting of
Coca-Cola HBC AG
Steinhausen/Zug
Report of the statutory auditor on Coca-Cola HBC AG’s consolidated financial statements
As statutory auditor, we have audited the accompanying consolidated financial statements of Coca-Cola HBC AG, which comprise the
Consolidated Balance Sheet, Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Statement
of Changes in Equity, Consolidated Cash Flows Statements and Notes to the Consolidated Financial Statements (pages 106 to 163), for the
year ended 31 December 2015.
Board of Directors’ responsibility

The Board of Directors is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with the
International Financial Reporting Standards (IFRS) and the requirements of Swiss law. This responsibility includes designing, implementing and
maintaining an internal control system relevant to the preparation and fair presentation of consolidated financial statements that are free from
material misstatement, whether due to fraud or error. The Board of Directors is further responsible for selecting and applying appropriate
accounting policies and making accounting estimates that are reasonable in the circumstances.
Auditor’s responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in
accordance with Swiss law and Swiss Auditing Standards as well as the International Standards on Auditing. Those standards require that we
plan and perform the audit to obtain reasonable assurance whether the consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial
statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement
of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the internal
control system relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s
internal control system. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of
accounting estimates made, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated financial statements of Coca-Cola HBC AG for the year ended 31 December 2015 give a true and fair view
of the financial position, the results of operations and the cash flows in accordance with International Financial Reporting Standards (IFRS)
and comply with Swiss law.
Report on other legal requirements

We confirm that we meet the legal requirements on licensing according to the Auditor Oversight Act (AOA) and independence
(article 728 CO and article 11 AOA) and that there are no circumstances incompatible with our independence.
In accordance with article 728a paragraph 1 item 3 CO and Swiss Auditing Standard 890, we confirm that an internal control system exists which
has been designed for the preparation of consolidated financial statements according to the instructions of the Board of Directors.
We recommend that the consolidated financial statements submitted to you be approved.
PricewaterhouseCoopers AG
Daniel Anliker Philipp Kegele

Audit expert
Auditor in charge
Zürich, 17 March 2016
198
Strategic Report

to the General Meeting of
Coca-Cola HBC AG
Steinhausen/Zug
Report of the statutory auditor on Coca-Cola HBC AG’s financial statements

As statutory auditor, we have audited the accompanying financial statements of Coca-Cola HBC AG, which comprise the Balance Sheet,
Statement of Income and Notes to the Financial Statements (pages 200 to 208) , for the year ended 31 December 2015.

The Board of Directors is responsible for the preparation of the financial statements in accordance with the requirements of Swiss law and the
Company’s articles of incorporation. This responsibility includes designing, implementing and maintaining an internal control system relevant
to the preparation of financial statements that are free from material misstatement, whether due to fraud or error. The Board of Directors is
further responsible for selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the
circumstances.
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Swiss
law and Swiss Auditing Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance whether the
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers the internal control system relevant to
the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the entity’s internal control system. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness of accounting estimates made, as well as evaluating the overall
presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Opinion
In our opinion, the financial statements of Coca-Cola HBC AG for the year ended 31 December 2015 comply with Swiss law and the
Company’s articles of incorporation.
Report on other legal requirements

We confirm that we meet the legal requirements on licensing according to the Auditor Oversight Act (AOA) and independence (article 728
CO and article 11 AOA) and that there are no circumstances incompatible with our independence.
In accordance with article 728a paragraph 1 item 3 and article 11 AOA and Swiss Auditing Standard 890, we confirm that an internal control
system exists which has been designed for the preparation of financial statements according to the instructions of the Board of Directors.
We further confirm that the proposed appropriation of available earnings and reserves complies with Swiss law and the Company’s articles
of incorporation.
We recommend that the financial statements submitted to you be approved.

Audit expert
Auditor in charge
199
Coca-Cola HBC AG’s financial statements, Zug

Balance Sheet
As at
31 December 2015
Note CHF
ASSETS
Cash and cash equivalents 536,616
Short-term receivables from direct and indirect participations 2.1 6,655,964
Short-term receivables from third parties 829,446
Prepaid expenses and accrued income 217,690
Total current assets 8,239,716
Investment in subsidiary 2.2 8,864,976,905
Property, plant and equipment 1,687,394
Total non-current assets 8,866,664,299
Total assets 8,874,904,015
LIABILITIES AND SHAREHOLDERS‘ EQUITY

Trade payables due to third parties 1,201,896
Short-term liabilities to direct and indirect participations 2.3 4,718,144
Accrued expenses 2.3 16,997,970
Total short-term liabilities 22,918,010
Long-term interest-bearing liabilities to indirect participations 2.4 83,361,819
Provisions 249,285
Total long-term liabilities 83,611,104
Share capital 2.5 2,466,546,690
Legal capital reserves
Reserves from capital contributions 6,137,759,778
Reserves for treasury shares 2.6 85,298,196
Retained earnings
Results carried forward 200,291,137
Loss of the year (55,673,772)
Treasury shares 2.6 (65,847,128)
Total shareholders‘ equity 2.7 8,768,374,901
Total liabilities and shareholders’ equity 8,874,904,015
200
Strategic Report
Statement of Income
For the year ended
31 December 2015
Note CHF
Dividend income 254,173,995

Other operating income 2.8 24,396,113
Total operating income 278,570,108
Personnel expenses (16,119,421)

Other operating expenses (19,921,664)
Write down of investment 2.2 (254,173,996)
Depreciation on property, plant and equipment (198,837)
Total operating expenses (290,413,918)
Operating loss (11,843,810)
Finance income 936,859

Finance expenses (7,609,779)
Extraordinary, non-recurring or prior period expenses 2.9 (36,844,908)
Loss before tax (55,361,638)

Direct taxes (312,134)
Loss for the year (55,673,772)
201
Notes to the Financial Statements of Coca-Cola HBC AG, Zug

Introduction
Coca-Cola HBC AG (“the Company”) was incorporated on 19 September 2012 by Kar-Tess Holding. On 11 October 2012, the Company
announced a voluntary share exchange offer to acquire all outstanding ordinary registered shares and all American depositary shares of
Coca-Cola Hellenic Bottling Company S.A., Maroussi (GR) (‘CCHBC SA’). As a result of the successful completion of this offer, on 25 April
2013 the Company acquired 96.85% of the issued CCHBC SA shares, including shares represented by American depositary shares, and
became the new parent company of the Group (the Company and its direct and indirect subsidiaries). On 17 June 2013, the Company
completed its statutory buy-out of the remaining shares of CCHBC SA that it did not acquire upon completion of its voluntary share
exchange offer.
1. Principles
Accounting principles applied in the preparation of the financial statements
These financial statements have been prepared in accordance with the provisions of commercial accounting as set out in the Swiss Code
of Obligations (Art. 957 to 963b CO, applicable to the year ended 31 December 2015). Significant accounting and valuation principles are
described below:
Dividend income
Dividend income is recognised when the right to receive payment is established.
Other operating income

The Company provides management services to its principal subsidiaries and acts as guarantor to its principal subsidiary,
Coca-Cola HBC Finance B.V. The income from these services is recognised in the accounting period in which the service is provided.
Exchange rate differences

The accounting records of the Company are retained in Euro (€) and translated to Swiss francs (CHF) for presentation purposes. Except for
investments in subsidiaries, property, plant and equipment, long-term liabilities and equity, which are translated at historical rates, all other
assets and liabilities denominated in foreign currencies are translated into CHF using the closing exchange rate as at 31 December 2015.
Income and expenses are translated into CHF at the average exchange rate of the reporting year. Net unrealised exchange losses are
recorded in the income statement; other than net unrealised gains which are deferred within accrued liabilities. Exchange gains or losses
arising from the remeasurement of balance sheet amounts as well as those from business transactions denominated in foreign currencies
are recorded in the income statement.
Income statement
Balance sheet as at for the year ended
Exchange rates 31 December 2015 31 December 2015
EUR 1.08 1.06
USD 0.99
GBP 1.47
Investment in subsidiary
Investment in subsidiary is valued at historical cost and tested for impairment if identified triggering events occur.
Capitalised organisational costs

Based on the new accounting law, organisational costs are expensed. An amount of CHF 36,844,908 has been recorded in extraordinary
expenses which corresponds to organisational costs that have been capitalised in the past and were fully amortised as at 1 January 2015.
Property, plant and equipment

Depreciation is calculated on the basis of the following useful lives and in accordance with the following methods:
Property, plant and equipment Useful life Method
Leasehold improvements (building) 20 years 5% linear
Leasehold improvements (office infrastructure) 10 years 10% linear
Building infrastructure 12 years 8.33% linear
Furniture and fixtures, office equipment and other tangible fixed assets 8 years 12.5% linear
Telephony infrastructure 7 years 12.5% linear
Communication equipment, computers and PCs 4 years 14.29% linear
Tablets 3 years 33.33% linear
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Treasury shares
Treasury shares are usually recognised at acquisition cost and deducted from shareholders’ equity at the time of acquisition. If treasury shares
are sold, the gain or loss arising is recognised in the income statement as finance income or finance expense.
2. Information relating to the balance sheet and statement of income

2.1. Short-term receivables from direct and indirect participations
As at
31 December 2015
Name of participation Interest-bearing CHF
CCB Management Services GmbH, Vienna No 6,030,398
Coca-Cola HBC Finance B.V., Amsterdam No 625,566
6,655,964
2.2. Investments in subsidiaries

As at
31 December 2015
Direct subsidiary CHF
Coca-Cola HBC Holdings B.V., Amsterdam1 9,119,150,901
Write down of investment2 (254,173, 996)
Investments in subsidiaries 8,864,976,905
1. Coca-Cola HBC Holdings B.V., Amsterdam was incorporated on 26 June 2013.

2. The amount of write down is equal to the dividend received on 29 December 2015 from Coca-Cola HBC Holdings B.V. of CHF 254,173,996.
In 2015 the Company has adopted a practice to reduce the value of its investment in Coca-Cola HBC Holdings B.V. by an amount equal to
the dividend received from that subsidiary.
The principal direct and indirect participations of the Company are disclosed in Note 33 to the consolidated financial statements.
2.3. Short-term liabilities to direct and indirect participations and accrued expenses
As at
31 December 2015
CHF
CCB Management Services GmbH, Vienna 3,088,364
Coca-Cola Hellenic Business Service Organisation, Sofia 3,706
Coca-Cola HBC Ireland Limited, Dublin 66,043
Coca-Cola HBC Finance B.V. Amsterdam 1,560,031
Total short-term liabilities to direct and indirect participations 4,718,144
Direct taxes 294,105

Management incentive plan (MIP) 3,770,492
Personnel-related expenses (social security and insurance, payroll taxes) 1,155,494
Other accrued expenses 2,362,305
Net unrealised gains from foreign currency translation 9,415,574
Total accrued expenses 16,997,970
2.4. Long-term interest-bearing liabilities

Long-term interest-bearing liabilities comprise loans from Coca-Cola HBC Finance B.V. On 28 July 2015 and 13 August 2015 the
Company entered into interest-bearing long-term loan agreements with Coca-Cola Finance B.V. with a nominal amount of €132,416,396
and €66,000,000 respectively. The loans with Coca-Cola HBC Finance B.V. mature on 31 December 2019. The outstanding amount of
the loans as at 31 December 2015 was CHF 83,361,819.
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2. Information relating to the balance sheet and statement of income continued

2.5 Share capital
Nominal value Total
Number of shares CHF CHF
Share capital as at 1 January 2015 367,819,247 6.70 2,464 388,955
Share issued to employees exercising stock options 322,050 6.70 2,157,735
Share capital as at 31 December 2015 368,141,297 6.70 2,466,546,690
2.6 Treasury shares

The number of treasury shares held by the Company and its subsidiaries qualifying under article 659b SCO and their movements are as follows:
Book value per share Total
Treasury shares (held by subsidiaries) Number of shares CHF CHF
Total ordinary treasury shares as at 31 December 2015 3,430,135 24.8673 85,298,196
Book value per share Total

Treasury shares held by the Company Number of shares CHF CHF
Treasury shares held by the Company as at 31 December 2014 14,925 130.6600 (1,950,100)
Shares purchased as part of ‘Buy-back programme’ in 20151 3,000,000 21.2990 (63,897,028)
Treasury shares held by the Company as at 31 December 2015 3,014,925 21.8404 (65,847,128)
1. On 23 June 2015, the Annual General Meeting adopted a proposal for share buy-back of up to 3,000,000 ordinary shares. The programme started on
17 August 2015 and finished on 21 December 2015. The Company purchased 3,000,000 of its ordinary shares of CHF 6.70 each at an average price
of GBP 1,407.53 pence per share (minimum price of GBP 1,284.67 pence and maximum price of GBP 1,548.45 pence).
2.7 Equity
Share capital Legal capital reserves Retained earnings Treasury shares Total
Reserves from Reserves for
capital treasury shares
contributions held by subsidiaries
CHF CHF CHF CHF CHF CHF
Balance as at 1 January 2015 2,464,388,955 6,276,922,292 85,298,196 200,291,137 (1,950,100) 9,024,950,480
Shares issued to employees
exercising stock options 2,157,735 3,452,593 5,610,328
Dividends1 (142,615,107) (142,615,107)
Own shares bought back 2015 (63,897,028) (63,897,028)
Loss of the year (55,673,772) (55,673,772)
Balance as at 31 December 2015 2,466,546,690 6,137,759,778 85,298,196 144,617,365 (65,847,128) 8,768,374,901
1. At the Annual General Meeting of the Company held on 23 June 2015, the shareholders approved the distribution of a €0.36 dividend per each ordinary registered
share. The dividend was paid on 28 July 2015 and amounted to CHF 142,615,107.
2.8 Other operating income

2015
Management fees 22,272,052
Guarantee fee 2,124,061
Total other operating income 24,396,113
Management fees relate to service income earned from services provided to the Company‘s direct and indirect participations.
Guarantee fee is the income the Company receives for the services provided as guarantor to Coca-Cola HBC Finance B.V.
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Strategic Report
2.9. Extraordinary, non-recurring or prior period expenses

Extraordinary amortisation of CHF 36,844,908 resulted from capitalised organisational costs that have been fully amortised as at
1 January 2015, according to the new accounting law.
3. Other information
3.1. Net release of hidden reserves
No hidden reserves have been released for the year ended 31 December 2015.
3.2. Number of employees

In 2015 on an annual average basis, the number of full-time-equivalent employees did not exceed 50.
3.3. Lease liabilities (not terminable or expiring within 12 months of balance sheet date)
2015
Residual term (years) CHF
Office rental , Turmstrasse 26, Zug 1 to 5 years 799,427
Total lease liabilities 799,427
3.4. Pension liabilities

As at 31 December 2015 the liability to the pension scheme amounted to CHF 264,635.
3.5. Contingent liabilities

Euro medium term note programmes
In 2001 the Group established a €2.0bn Euro medium term note programme (the “Old EMTN programme”) which was increased to €3.0bn in
April 2012. In June 2013, a new €3.0bn Euro medium term note programme (the “New EMTN Programme”) was established to replace the Old
EMTN programme. The New EMTN programme was updated in September 2014 and then again in September 2015. Notes are issued under
the New EMTN programme through the Company’s wholly owned subsidiary, Coca-Cola HBC Finance B.V., a private limited liability company
established under the laws of the Netherlands, and are guaranteed by the Company and Coca-Cola HBC Holdings B.V.
In November 2009 Coca-Cola HBC Finance B.V. issued €300m and in March 2011 issued €300m, in total €600m 4.25% notes due 2016
under the Old EMTN programme, which are guaranteed by Coca-Cola HBC Holdings B.V. as the original guarantor and also the Company
which acceded as a guarantor in June 2013 pursuant to a supplemental trust deed.
On 18 June 2013 Coca-Cola HBC Finance B.V. issued €800m 2.375% notes due 18 June 2020 under the New EMTN programme,
which are guaranteed by the Company and Coca-Cola HBC Holdings B.V.
As at 31 December 2015, a total of €1.4bn in notes issued under the EMTN programme were outstanding. A further amount of €2.2bn
is available for issuance under the new EMTN programme.
Syndicated multi-currency revolving credit facility

In June 2015, a new syndicated multi-currency revolving credit facility agreement was signed for €500m. Coca-Cola HBC Finance B.V. is the
original borrower, ING Bank N.V., London Branch the facility agent and the Company and Coca-Cola HBC Holdings B.V are the two guarantors.
Commercial paper programme

In October 2013 the Group established a new €1.0bn Euro commercial paper programme which was updated in September 2014.
Notes are issued under the Euro commercial paper programme by Coca-Cola HBC Finance B.V. and guaranteed by the Company and
Coca-Cola HBC Holdings B.V. The outstanding amount under the commercial paper programmes was €173.5m as at 31 December
2015 (2014: €100.0m).
Credit support provider

On 18 July 2013 the Company signed as credit support provider to Deutsche Bank-Frankfurt, to J.P. Morgan Securities plc, to Credit Suisse
International, to Crēdit Suisse AG, to ING Bank N.V, to Sociētē Gēnērale and to The Royal Bank of Scotland plc in favour of Coca-Cola HBC
Finance B.V. for the obligations as defined in the ISDA Master Agreements.1
On 24 July 2013 the Company signed as credit support provider to the Governor and Company of the Bank of Ireland, Dublin in favour of
Coca-Cola HBC Finance B.V. for the obligations as defined in the ISDA Master Agreement.1
1. The ISDA (International Swap Dealers Association) Master Agreement is a standardised form issued by the International Swap Dealers Association Inc. to be used
for credit support transactions.
205
3. Other information continued

3.5. Contingent liabilities continued
On 8 August 2013 the Company signed as credit support provider to Citibank N.A. in favour of CCHBC Bulgaria AD for the obligations
as defined in the ISDA Master Agreement.1
On 8 August 2013 the Company signed as credit support provider to Citibank N.A. in favour of Bankya Mineral Waters Bottling Company
EOOD (subsequently merged into Coca-Cola HBC Bulgaria AD) for the obligations as defined in the ISDA Master Agreement.1
On 24 June 2014 the Company signed as credit support provider to Intesa Sanpaolo S.pA. in favour of Coca-Cola HBC Finance B.V. for
the obligations as defined in the ISDA Master Agreement.1
On 5 October 2015 the Company signed as credit support provider to Macquarie Bank International Limited in favour of Coca-Cola HBC
Finance B.V. for the obligations as defined in the ISDA Master Agreement.1
On 24 June 2014 Coca-Cola HBC AG signed as credit support provider to Intesa Sanpaolo S.pA. in favour of Coca-Cola HBC Finance B.V.
for the obligations as defined in the ISDA Master Agreement.1
1. The ISDA (International Swap Dealers Association) Master Agreement is a standardised form issued by the International Swap Dealers Association Inc. to be used
for credit support transactions.
3.6. Significant shareholders

As at 31 December 2015, there were two shareholders exceeding the threshold of 5% voting rights in the Company’s share capital.
Percentage Percentage of
Number of issued share outstanding share
Date of shares capital1 capital2
Total Kar-Tess Holding 31.12.2015 85,355,019 23.2% 23.6%
Total shareholdings related to The Coca-Cola Company 31.12.2015 85,112,078 23.1% 23.5%
1. Basis: total issued share capital including treasury shares. Share basis 368,141,297.
2. Basis: total issued share capital excluding treasury shares. Share basis 361,696,237.
3.7. Shareholdings, conversion and option rights

The table below sets out a comparison of the interests in the Company’s total issued share capital that the members of the Board of Directors
(“Directors”) and Operating Committee hold (all of which, unless otherwise stated, are beneficial interests or are interests of a person connected
with a Director or a member of the Operating Committee) and the interests in the Company’s share capital.
31.12.2015
Percentage of issued Percentage of
Number of shares share capital1 outstanding share capital2
Directors
Dimitris Lois 35,993 0.01% 0.01%
Anastassis G. David3 – – –
George A. David – – –
Irial Finan – – –
Christo Leventis4 – – –
Antonio D’Amato – – –
Sir Michael Llewellyn-Smith 545 0.00% 0.00%
Nigel Macdonald 1,700 0.00% 0.00%
Anastasios I. Leventis5 – – –
José Octavio Reyes – – –
John P. Sechi – – –
Alexandra Papalexopoulou – – –
Olusola (Sola) David-Bohra – – –
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Strategic Report
31.12.2015
Percentage of issued Percentage of
Number of shares share capital1 outstanding share capital2
Operating Committee
Alain Brouhard 11,186 0.00% 0.00%
Jan Gustavsson 47,856 0.01% 0.01%
John Brady 10,145 0.00% 0.00%
Keith Sanders 24,228 0.00% 0.00%
Martin Marcel6 3,797 0.01% 0.01%
Michalis Imellos 11,585 0.00% 0.00%
Sanda Parezanovic7 425 0.00% 0.00%
Sotiris Yannopoulos 7,993 0.00% 0.00%
Zoran Bogdanovic 13,600 0.00% 0.00%
1. Basis: total issued share capital including treasury shares. Share basis 368,141,297 as at 31 December 2015.
2. Basis: total issued share capital excluding treasury shares. Share basis 361,696,237 as at 31 December 2015.
3. The infant child of Mr. Anastassis David being a beneficiary of a private discretionary trust for the primary benefit of present and future members of the family of the late
Anastasios George Leventis, of which Truad Verwaltungs AG is the Trustee, has an indirect interest with respect to the 85,355,019 shares held by Kar-Tess Holding S.A..
The infant child of Mr. Anastassis David being a beneficiary of a further private discretionary trust for the primary benefit of present and future members of the family of the
late Anastasios George Leventis, of which Selene Treuhand AG is the Trustee, has a further indirect interest in respect of 823,008 shares held by New Argen Holdings Ltd..
Mr. Anastassis David is connected with his infant child for the purposes of rule 3 of the Disclosure and Transparency Rules of the UK Financial Conduct Authority.
4. The infant children of Mr. Christo Leventis being beneficiaries of a private discretionary trust for the primary benefit of present and future members of the family of the
late Anastasios George Leventis, of which Truad Verwaltungs AG is the Trustee, have indirect interests with respect to the 85,355,019 shares held by Kar-Tess Holding
S.A.. The infant children of Mr. Christo Leventis being beneficiaries of a further private discretionary trust for the primary benefit of present and future members of the
family of the late Anastasios George Leventis, of which Selene Treuhand AG is the Trustee, have further indirect interests in respect of 1,234,513 shares held by New
Argen Holdings Ltd.. Mr. Christo Leventis is connected with his infant children for the purposes of rule 3 of the Disclosure and Transparency Rules of the UK Financial
Conduct Authority. By virtue of himself being a beneficiary of a private discretionary trust for the primary benefit of present and future members of the family of the late
Christodoulos Papaneokleus Leventis, of which Mervail Company (PTC) Limited is the trustee, Mr. Christo Leventis has an indirect interest with respect to the 757,307
shares held by Carlcan Holding Limited.
5. The infant child of Mr. Anastasios I. Leventis, being a beneficiary of a private discretionary trust for the primary benefit of present and future members of the family of the
late Anastasios George Leventis, of which Truad Verwaltungs AG is the Trustee, has an indirect interest in respect of the 85,355,019 shares held by Kar-Tess Holding S.A..
The infant child of Mr. Anastasios I. Leventis, being a beneficiary of a further private discretionary trust for the primary benefit of present and future members of the family of
the late Anastasios George Leventis, of which Selene Treuhand AG is the Trustee, has a further indirect interest in respect of 823,008 shares held by New Argen Holdings Ltd..
Mr. Anastasios I. Leventis is connected with his infant child for the purposes of rule 3 of the Disclosure and Transparency Rules of the UK Financial Conduct Authority. By virtue
of himself being a beneficiary of a private discretionary trust for the primary benefit of present and future members of the family of the late Christodoulos Papaneokleus Leventis,
of which Mervail Company (PTC) Limited is the trustee, Mr. Anastasios I. Leventis has an indirect interest with respect to 623,664 shares held by Carlcan Holding Limited.
6. Mr. Martin Marcel joined the Operating Committee on 1 January 2015.
7. Ms. Sanda Parezanovic joined the Operating Committee on 1 June 2015.
The following table sets out information regarding the stock options and performance shares held by members of the Operating Committee
as at 31 December 2015:
Stock options (“ESOP”) Performance shares (“PSP”)
Unvested and
subject to
Number of Already Vesting at Vesting at Granted in performance Vested but
stock options vested the end of 2016 the end of 2017 2015 conditions unexercised
Dimitris Lois 1,700,000 1,250,000 330,000 120,000 138,476 138,476 –
Alain Brouhard 320,000 228,332 68,334 23,334 26,484 26,484 –
Jan Gustavsson 801,000 674,332 95,001 31,667 29,695 29,695 –
John Brady 826,001 699,333 95,001 31,667 29,828 29,828 –
Keith Sanders 529,000 429,000 75,000 25,000 28,959 28,959 –
Martin Marcel 199,000 163,666 26,334 9,000 24,746 24,746 –
Michalis Imellos 286,000 176,499 80,001 30,000 32,771 32,771 –
Sanda Parezanovic 48,500 29,833 13,667 5,000 19,395 19,395 –
Sotiris Yannopoulos 150,500 101,165 32,668 16,667 25,281 25,281 –
Zoran Bogdanovic 245,250 170,915 51,001 23,334 27,555 27,555 –
3.8 Fees paid to the auditor

The audit and other fees paid to the auditor are disclosed in Note 19 to the consolidated financial statements.
4. Post balance sheet events

On 3 March 2016, the Company’s subsidiary Coca-Cola HBC Finance B.V. (the “Issuer”) issued a fixed rate bond of €600 million with a coupon
of 1.875% due 11 November 2024, under the Issuer’s €3bn Euro medium term note programme. The new bond is guaranteed by the Company
and Coca-Cola HBC Holdings B.V. The proceeds from the bond issue will be used mainly for the repayment of existing debt. On the same date the
Issuer announced a tender offer for its bonds maturing in November 2016, resulting in a reduction of their nominal value by approximately €214.6m.
207
Proposed appropriation of retained earnings and reserves

1. Proposed appropriation of retained earnings and reserves
Retained earnings and reserves CHF
Balance brought forward from previous years 200,291,137
Net loss for the year (55,673,772)
Total retained earnings to be carried forward 144,617,365
General capital contribution reserve before distribution 6,137,759,778
Total retained earnings and reserves 6,282,377,143
2. Proposed treatment of reserves

The Board of Directors proposes a gross dividend of €0.40 for each ordinary registered share to be paid out of the general capital
contribution reserve. Own shares held directly by the Company are not entitled to dividends. The total aggregate amount of the
dividends shall be capped at an amount of CHF 200,000,000 (the “Cap”), and thus will reduce the general capital contribution reserve of
CHF 6,137,759,778, as shown in the financial statements as of 31 December 2015, by a maximum of CHF 200,000,000. To the extent that
the dividend calculated on €0.40 per share would exceed the Cap on the day of the extraordinary general meeting, due to the exchange rate
determined by the Board of Directors in its reasonable opinion, the euro per share amount of the dividend shall be reduced on a pro-rata basis
so that the aggregate amount of all dividends paid does not exceed the Cap. Payment of the dividend shall be made at such time and with
such record date as shall be determined by the annual shareholders’ meeting and the Board of Directors.
3. Proposed appropriation of reserves/declaration of dividend

Variant 1: Dividend of EUR 0.40 at current exchange rate
As of 31 December 2015 CHF
Reserves from capital contributions before distribution 6,137,759,778
Proposed dividend of €0.401 (160,655,604)
Reserves from capital contributions after distribution 5,977,104,174
1. Illustrative at an exchange rate of CHF 1.10 per EUR. Assumes that the shares entitled to a dividend amount to 365,126,372.
Variant 2: Dividend if Cap is triggered

As of 31 December 2015 CHF
Reserves from capital contributions before distribution 6,137,759,778
(Maximum) dividend if Cap is triggered2 (200,000,000)
(Minimum) Reserves from capital contributions after distribution 5,937,759,778
2. Dividend is capped at a total aggregate amount of CHF 200,000,000.
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Strategic Report

to the General Meeting
Coca-Cola HBC AG
Steinhausen/Zug
Report of the statutory auditor on the statutory remuneration report

We have audited the accompanying remuneration report (pages 211 to 213) dated 17 March 2016 of Coca-Cola HBC AG for the year ended
31 December 2015.

The Board of Directors is responsible for the preparation and overall fair presentation of the remuneration report in accordance with Swiss
law and the Ordinance against Excessive Compensation in Stock Exchange Listed Companies (Ordinance). The Board of Directors is also
responsible for designing the remuneration system and defining individual remuneration packages.
Our responsibility is to express an opinion on the accompanying remuneration report. We conducted our audit in accordance with
Swiss Auditing Standards. Those standards require that we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether the remuneration report complies with Swiss law and articles 14–16 of the Ordinance.
An audit involves performing procedures to obtain audit evidence on the disclosures made in the remuneration report with regard to
compensation, loans and credits in accordance with articles 14–16 of the Ordinance. The procedures selected depend on the auditor’s
judgement, including the assessment of the risks of material misstatements in the remuneration report, whether due to fraud or error.
This audit also includes evaluating the reasonableness of the methods applied to value components of remuneration, as well as
assessing the overall presentation of the remuneration report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Opinion
In our opinion, the remuneration report of Coca-Cola HBC AG for the year ended 31 December 2015 complies with Swiss law and
articles 14–16 of the Ordinance.

Audit expert
Auditor in charge
209
Statutory Remuneration Report

Additional disclosures regarding the Statutory Remuneration Report
The section below is in line with the Ordinance against excessive pay in stock exchange listed companies, which requires disclosure of the
elements of compensation paid to the Company’s Board of Directors and the Operating Committee. The numbers relate to the calendar
years of 2015 and 2014. In the information presented below, the exchange rate used for conversion of 2015 remuneration data from Euro
to CHF is 1/1.0622 and the exchange rate used for conversion of 2014 remuneration data from Euro to CHF is 1/1.2152.
As the Company is headquartered in Switzerland, it is required for statutory purposes to present compensation data for two consecutive years,
2014 and 2015. The applicable methodology used to calculate the value of stock option and performance shares follows Swiss standards.
In 2015, the fair value of performance shares from the 2015 grant is calculated based on the performance share awards that are expected
to vest, and not the stock options that vested in 2015. In 2014, the fair value of stock options is calculated based on the stock options that
have been granted during 2014, and not the stock options that vested in 2014. Below is the relevant information for Swiss statutory purposes.
Compensation for acting members of governing bodies
The Company‘s Directors believe that the level of remuneration offered to Directors and the members of the Operating Committee should
reflect their experience and responsibility as determined by, among other factors, a comparison with similar multinational companies and
should be sufficient to attract and retain high-calibre Directors who will lead the Group successfully. In line with the Group‘s commitment to
maximise shareholder value, its policy is to link a significant proportion of remuneration for its Operating Committee to the performance of
the business through short-and long-term incentives. Therefore the Operating Committee members’ financial interests are closely aligned
with those of the Company’s shareholders through the equity-related long-term compensation plan.
The total remuneration of the Directors and members of the Operating Committee of the Company, including performance share grants,
during 2015 amounted to CHF 18.6 million. Out of this, the amount relating to the expected value of performance shares awards granted in
relation to 2015 was CHF 4.7 million. Pension and post-employment benefits for Directors and the Operating Committee of the Company
during 2015 amounted to CHF 0.8 million.
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Strategic Report
Compensation of the Board of Directors

2015 CHF
Cash and Cash Pension and Total fair value of
non-cash performance post-employment stock options at Total
Fees benefits1 incentives benefits the date granted compensation
George A. David2 – – – – – –
Anastasios I. Leventis2 – – – – – –
Christo Leventis2 – – – – – –
Anastassis G. David3 71,699 – – – – 71,699
Irial Finan 69,043 – – – – 69,043
Antonio D’Amato 79,665 – – – – 79,665
Christos Ioannou4 41,160 – – – – 41,160
Sir Michael Llewellyn-Smith 100,909 – – – – 100,909
Nigel Macdonald 95,598 – – – – 95,598
Susan Kilsby5 39,833 – – – – 39,833
José Octavio Reyes6 83,086 – – – – 83,086
John P. Sechi 82,321 – – – – 82,321
Alexandra Papalexopoulou7 39,833 – – – – 39,833
Olusola (Sola) David-Bohra8 44,409 – – – – 44,409
Dimitris Lois9 – – – – – –
Total Board of Directors 747,556 – – – – 747,556
1. Allowances consist of cost of living allowance, housing support, Employee Stock Purchase Plan, private medical insurance, relocation expenses, home trip
allowance, lump sum expenses and similar allowances.
2. George A. David, Anastasios I. Leventis and Christo Leventis waived any annual fee in respect of their membership on the Board of Directors or any
Board Committee.
3. With effect from 24 June 2015 Mr. Anastassis David retired from the Company’s Nomination Committee. The Group has applied a half-year period fee of
CHF 2,656 for Nomination Committee membership.
4. Mr. Christos Ioannou retired from the Board of Directors and the Audit Committee on 24 June 2015. The Group has applied a half-year period fee of CHF 6,639
for Audit Committee membership.
5. Ms. Susan Kilsby retired from the Board, the Remuneration Committee and the Nomination Committee on 24 June 2015. The Group has applied a half-year
period fee of CHF 2,656 for the Nomination Committee and CHF 2,656 for the Remuneration Committee.
6. With effect from 24 June 2015 Mr. Reyes retired from the Company’s Nomination Committee. The Group has applied a half-year period fee of CHF 2,656 for his
Nomination Committee membership. The Group paid, as required by Swiss legislation, a social security contribution of CHF 6,077 for Mr. Reyes in addition to his
fees of CHF 77,009.
7. Ms. Alexandra Papalexopoulou was appointed to the Board and the Nomination Committee on 24 June 2015. The Group has applied a half-year period fee of
CHF 2,656 for the Nomination Committee and CHF 2,656 for the Remuneration Committee.
8. Ms. Olusola (Sola) David-Bohra was appointed to the Board of Directors and the Audit Committee on 24 June 2015. The Group has applied a half-year period
fee of CHF 6,639 for Audit Committee membership. The Group paid, as required by legislation, a social security contribution of CHF 3,249 for Ms. Olusola (Sola)
David-Bohra in addition to fees of CHF 41,160.
9. Dimitris Lois’ compensation is based on his role as CEO and member of the Operating Committee, according to his employment contract. Mr. Lois is not entitled
to and does not receive additional compensation as a Director.
Non-Executive Directors do not participate in any of the Group’s incentive plans, nor do they receive any retirement benefits.
211
Compensation of the Board of Directors

2014 CHF
Fees benefits1 incentives benefits the date granted3 compensation
George A. David2 – – – – – –
Anastasios P. Leventis2 – – – – – –
Haralambos K. Leventis2 – – – – – –
Anastasios I. Leventis2,4 – – – – – –
Christo Leventis2,5 – – – – – –
Anastassis G. David6 85,061 – – – – 85,061
Irial Finan 78,985 – – – – 78,985
Antonio D’Amato 91,137 – – – – 91,137
Christos Ioannou 94,175 – – – – 94,175
Sir Michael Llewellyn-Smith7 109,364 – – – – 109,364
Nigel Macdonald 109,364 – – – – 109,364
Susan Kilsby 91,137 – – – – 91,137
José Octavio Reyes8 49,174 – – – – 49,174
John P. Sechi9 47,087 – – – – 47,087
John Hunter10 48,103 – – – – 48,103
Stefan F. Heidenreich 47,087 – – – – 47,087
Dimitris Lois11 – – – – – –
Total Board of Directors 850,674 – – – – 850,674
1. Allowances consist of cost of living allowance, housing support, Employee Stock Purchase Plan, private medical insurance, relocation expenses, home trip
allowance, lump sum expenses and similar allowances.
2. George A. David, Anastasios P. Leventis, Haralambos K. Leventis, Anastasios I. Leventis and Christo Leventis waived any annual fee in respect of their
membership on the Board of Directors or any Board Committee.
3. Values under long-term incentives represent the fair value of stock options that were granted during 2014 in order to comply with Swiss reporting guidelines. The
CEO was granted 360,000 options with a fair value of CHF 5.33 (€4.39 initial currency fair value). The Monte Carlo methodology was applied to calculate fair value.
4. Mr. Anastasios I. Leventis replaced Mr. Anastasios P. Leventis, who retired from the Board of Directors on 25 June 2014.
5. Mr. Christos Leventis replaced Mr. Haralambos K. Leventis, who retired from the Board of Directors on 25 June 2014.
6. Mr. Anastassis G. David has waived his fee as a Vice Chairman of the Board of Directors.
7. An additional annual fee of €10,000 for the Senior Independent Director was introduced in 2014. The Group has applied CHF 6,076 for the Senior Independent
Director for a half-year period. Note that Sir Michael Llewellyn-Smith has waived his fee as Social Responsibility Committee Chairman.
8. Mr. José Octavio Reyes replaced Mr. John Hunter, who retired from the Board of Directors on 25 June 2014. In addition to the half year fees paid to Mr. Reyes,
the Company paid a social security contribution of CHF 3,605.
9. Mr. John P. Sechi replaces Mr. Stefan F. Heidenreich who retired from the Board of Directors on 25 June 2014. Therefore, half an annual fee was paid.
10. The Group, for Mr. Hunter on top of the basic fee of CHF 45,568, paid as required by Swiss legislation a social security contribution of CHF 2,535.
11. Dimitris Lois’ compensation is based on his role as CEO and member of the Operating Committee, according to his employment contract. Mr. Lois is not entitled
to and does not receive additional compensation as a Director.
Non-Executive Directors do not participate in any of the Group’s incentive plans, nor do they receive any retirement benefits.
212
Strategic Report
Compensation of the Operating Committee

The total remuneration paid to or accrued for the Operating Committee for 2015 amounted to CHF 17.9 million.
2015 CHF
Base salary benefits1 incentives2
benefits3 the date granted4 compensation
Dimitris Lois, Chief Executive Officer
(highest compensated member of
the Operating Committee)5 881,201 1,108,580 458,743 152,097 1,693,461 4,294,082
Other members6,7,8,9 4,241,711 3,812,714 1,858,301 682,832 2,992,674 13,588,232
Total Operating Committee 5,122,912 4,921,294 2,317,044 834,929 4,686,135 17,882,314
1. Allowances consist of cost of living allowance, housing, support, schooling, Employee Stock Purchase Plan, private medical insurance, relocation expenses,
employer social security contributions, lump sum expenses and similar allowances.
2. The bonus represents the monetary value that was paid under MIP in 2015 reflecting the 2014 business performance.
3. Members of the Operating Committee participate in the pension plan of their employing entity, as appropriate.
4. Values under long-term incentives represent the fair value of performance shares that are expected to vest for the 2015 grant in order to comply with Swiss
reporting guidelines.
5. Dimitris Lois’ compensation is based on his role as CEO and member of the Operating Committee Team, according to his employment contract. Mr. Lois is
not entitled to and does not receive the fixed compensation applicable for Executive Directors of the Board of Directors.
6. June Hirst stepped down from the role of Human Resources Director on 31 May 2015.
7. Kleon Giavassoglou resigned from the role of Supply Chain Director on 31 December 2014.
8. Sanda Parezanovic was appointed to the role of Human Resources Director on 1 June 2015.
9. Marcel Martin was appointed to the role of Supply Chain Director on 1 January 2015.
The total remuneration paid to or accrued for the Operating Committee for 2014 amounted to CHF 18.5 million.
2014 CHF
Base salary benefits1 incentives2 benefits3 the date granted4 compensation
Dimitris Lois, Chief Executive Officer
(highest compensated member of the
Operating Committee)5 840,079 586,323 363,211 132,048 1,921,894 3,843,555
Other members6,7 4,639,841 3,587,602 2,088,613 624,838 3,683,631 14,624,525
Total Operating Committee 5,479,920 4,173,925 2,451,824 756,886 5,605,525 18,468,080
1. Allowances consist of cost of living allowance, housing, support, schooling, Employee Stock Purchase Plan, private medical insurance, relocation expenses,
employer social security contributions, lump sum expenses and similar allowances.
2. The bonus represents the monetary value that was paid under MIP in 2014 reflecting the 2013 business performance.
3. Members of the Operating Committee participate in the pension plan of their employing entity, as appropriate.
4. Values under long-term incentives represent the fair value of stock options that were granted during 2014, in order to comply with Swiss reporting guidelines.
The fair value that was used for the calculation is CHF 5.33 (€4.39). Grant date is 10 December 2014. Monte Carlo methodology was applied to calculate fair value.
5. Dimitris Lois’ compensation is based on his role as CEO and member of the Operating Committee Team, according to his employment contract. Mr. Lois is not
entitled to and does not receive the fixed compensation applicable for Executive Directors of the Board of Directors.
6. Richard Smyth resigned from the role of Region Director on 30 June 2014.
7. Sotiris Yannopoulos was appointed to the role of Region Director on 1 July 2014.
Credits and loans granted to governing bodies

In 2015, there were no credits or loans granted to active or former members of the Company‘s Board of Directors, members of the Operating
Committee or to any related persons. There are no outstanding credits or loans.
213
Glossary
Brand Coca-Cola products DME

Includes Coca-Cola, Coca-Cola Zero and Coca-Cola Direct marketing expenses
Light brands
Energy use ratio
Capital expenditure; CAPEX The KPI used by Coca-Cola HBC to measure energy
Gross CAPEX is defined as payments for purchase consumption in the bottling plants, expressed in
of property, plant and equipment. Net CAPEX is megajoules of energy consumed per litre of produced
defined as payments for purchase of property, plant beverage (MJ/lpb)
and equipment less receipts from disposals of property,
plant and equipment plus principal repayment of finance FMCG
lease obligations Fast moving consumer goods
Carbon emissions Fragmented trade

Emissions of CO2 and other greenhouse gases from Kiosks, quick service restaurants (QSR), hotels,
fuel combustion and electricity use in Coca-Cola HBC’s restaurants and cafes (HORECA)
own operations (scope 1 and 2, mostly in bottling and Future consumption
distribution), in tonnes A distribution channel where consumers buy multi-packs
Carbon footprint and larger packages from supermarkets and discounters
Global emissions of CO2 and other greenhouse gases which are not consumed on the spot
from Coca-Cola HBC’s wider value chain (raw materials, FYROM
product cooling, etc.) Former Yugoslav Republic of Macedonia
CHP GDP
Combined heat and power plants Gross domestic product
Coca-Cola HBC GfK
Coca-Cola HBC AG, and, as the context may require, We work with the company Growth for Knowledge (GfK)
its subsidiaries and joint ventures; also, the Group, to track our customer satisfaction level.
the Company
GRI
Coca-Cola System Global Reporting Initiative, global standard for
The Coca-Cola Company and its bottling partners sustainability reporting
Cold drink equipment IFRS
A generic term encompassing point-of-sale equipment International Financial Reporting Standards of the
such as coolers (refrigerators), vending machines and International Accounting Standards Board
post-mix machines
IIRC
Comparable adjusted EBITDA The International Integrated Reporting Council, a global
We define adjusted EBITDA as operating profit before coalition of regulators, investors, companies, standard
deductions for depreciation and impairment of property, setters, the accounting profession and NGOs
plant and equipment (included both in cost of goods
sold and in operating expenses), amortisation and Immediate consumption
impairment of and adjustments to intangible assets, A distribution channel where consumers buy chilled
stock option compensation and other non-cash items, beverages in single-serve packages and fountain
if any products for immediate consumption, away from home
Comparable net profit Inventory days

Refers to net profit after tax attributable to owners We define inventory days as the average number of days
of the parent an item remains in inventory before being sold using the
following formula: average inventory ÷ cost of goods
Comparable operating profit sold x 365
Operating profit (EBIT) refers to profit before tax
excluding finance income/(costs) and share of results Ireland
of equity method investments The Republic of Ireland and Northern Ireland
Consumer Italy
Person who drinks Coca-Cola HBC products Territory in Italy served by Coca-Cola HBC
(excludes Sicily)
Customer
Retail outlet, restaurant or other operation that sells or Joint value creation (JVC)
serves Coca-Cola HBC products directly to consumers An advanced programme and process to collaborate
with customers in order to create shared value
214
Strategic Report
Litre of produced beverage (lpb): SKU

Unit of reference to show environmental performance Stock Keeping Unit
relative to production volume
Still and water beverages
Market Non-alcoholic beverages without carbonation including,
When used in reference to geographic areas, a country but not limited to, waters and flavoured waters, juices and
in which Coca-Cola HBC does business juice drinks, sports and energy drinks, teas and coffee
Modern trade Territory
The way of buying is shifting as consumers increase The 28 countries where Coca-Cola HBC operates
frequency in visits to stores but have smaller basket
sizes which can cause higher volume but lower revenue Unit case
Approximately 5.678 litres or 24 servings, a typical
NARTD volume measurement unit
Non-alcoholic ready-to-drink
UN Global Compact (UNGC)
OBPPC The world’s largest corporate citizenship initiative
Occasion, Brand, Price, Package, Channel provides a framework for businesses to align strategies
with its ten principles promoting labour rights, human
Organised trade rights, environmental protection and anti-corruption
Large retailers (e.g. supermarkets, discounters, etc.)
Volume
PET Amount of physical product produced and sold,
Polyethylene terepthalate, a form of polyester measured in unit cases
used in the manufacturing of beverage bottles
Volume share
Ready-to-drink (RTD) Share of total unit cases sold
Drinks that are pre-mixed and packaged, ready to be
consumed immediately with no further preparation Value share
Share of total revenue
Right Execution Daily (RED)
Major Group-wide programme to ensure in-outlet Waste ratio
excellence The KPI used by Coca-Cola HBC to measure waste
generation in the bottling plant, expressed in grammes
Receivable days of waste generated per litre of produced beverage (g/lpb)
The average number of days it takes to collect the
receivables using the following formula: average Waste recycling
accounts receivables x net sales revenue x 365 The KPI used by Coca-Cola HBC to measure the
percentage of production waste at bottling plants that
SAP is recycled or recovered
A powerful software platform that enables us to
standardise key business processes and systems Water footprint
A measure of the impact of water use, in operations
Serving or beyond, as defined by the Water Footprint Network
237ml or 8oz of beverage, equivalent to 1/24 of methodology
a unit case
Water use ratio
Shared services The KPI used by Coca-Cola HBC to measure water
Centre to standardise and simplify key finance and use in the bottling plant, expressed in litres of water used
human resources processes per litre of produced beverage (l/lpb)
Sparkling beverages
Non-alcoholic carbonated beverages containing
flavourings and sweeteners, excluding, among others,
waters and flavoured waters, juices and juice drinks,
sports and energy drinks, teas and coffee
215
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”, “seeks”,
“estimates”, “potential” and similar expressions to identify forward-
looking statements. All statements other than statements of
historical facts, including, among others, statements regarding
the future financial position and results, Coca-Cola HBC’s outlook
for 2016 and future years, business strategy and the effects of
the global economic slowdown, the impact of the sovereign debt
crisis, currency volatility, Coca-Cola HBC’s recent acquisitions, and
restructuring initiatives on Coca-Cola HBC’s business and financial
condition, Coca-Cola HBC’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, free cash flow, effective tax rates 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 the Coca-Cola
HBC’s current expectations and assumptions as to future events
and circumstances that may not prove accurate. Forward looking
statements speak only as of the date they are made. Coca-Cola
HBC’s actual results and events could differ materially from those
anticipated in the forward-looking statements for many reasons,
including the risks described under the section entitled “Risk
management”. Although Coca-Cola HBC believes that, as of the
date of this document, the expectations reflected in the forward-
looking statements are reasonable, Coca-Cola HBC cannot assure
that Coca-Cola HBC’s future results, level of activity, performance
or achievements will meet these expectations. Moreover, neither
Coca-Cola HBC, nor its directors, employees, advisors nor any other
person assumes responsibility for the accuracy and completeness
of any forward-looking statements. After the date of this Integrated
Annual Report, unless Coca-Cola HBC is required by law or the rules
of the UK Financial Conduct Authority to update these forward-
looking statements, Coca-Cola HBC makes no commitment
to update any of these forward-looking statements to conform
them either to actual results or to changes in Coca-Cola
HBC’s expectations.
216
Visit us at
Guided by our users’ thoughts and feedback,
we have completely refreshed our website.
Launching in April, the new Group site will feature
all of our latest news and financial data, stories
from around our business and communities, a
vibrant new design and an improved experience
for audiences.
Write to us at
[email protected]
We have a dedicated email address which you
can use to communicate with us.
This report has been printed on revive 150gr sappi magnosatin and revive 120gr arcoset fedrigoni uncoated,
a paper which is certified by the Forest Stewardship Council®. The paper is made in a mill registered to EMAS,
the Eco Management Audit Scheme, and with ISO14001 environmental management system accreditation.
Printed by Peak advertising without the use of film separations, plates and associated processing chemicals.
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Coca-Cola HBC AG
Turmstrasse 26, CH-6300 Zug, Switzerland
[email protected]
[email protected]

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Chairman’s Chief Executive Financial

Market review p6 Strategy and KPIs p12 Business resilience: Managing

Key highlights for the year

Comparable EBIT Net profit Comparable net profit Comparable earnings

2.6% 13.5% €0.40

Coca-Cola HBC at a glance

Given our fundamental strengths – strong sales and

Our business segments Business segment volume

See more about our markets on pages 24-33.

Established markets: 30%

Established markets Developing markets Emerging markets

€2,486m €1,092m €2,769m

Our investment case

Leading brands and a diverse A sustainable business Lean manufacturing footprint

See more about consumer and industry trends

By navigating economic challenges, evolving

Real GDP evolution (%) How the

Small baskets: 79%

How we are addressing changing conditions

Our business model is at the heart of everything we do. It defines

See our financial review starting on page 51.

See our corporate values on page 12 and Our People

See our key performance indicators on page 50.

Intellectual Producing cost-efficiently

Social and relationship

See our key performance indicators on page 39.

Value created Value shared with

5.5% motivated workforce.

Chief Executive Officer’s review

Targeted approaches delivered success Engaged people

Chief Executive Officer’s review continued Play to Win strategic

Enablers: What ensures the success of

Strategic targets: How we measure our performance

Develop the meals Maintain the highest

Achieve right execution of product placement

Segment each market and expand coverage with

Cost Optimise Manage capital Reduce

Standardise and Utilise shared services

Enablers: What ensures the success of our business

Our strategy and KPIs

Our strategic objectives

Underpinned by our enablers and values

KPIs Key people in Women in

Focus on cost Generate free cash flow

OpEx as Comparable EBIT Free cash ﬂow ROIC

Greenhouse gas Greenhouse gas

751 4,000 4,698

Managing our material issues

We prioritise material issues on the basis of their

Coca-Cola HBC connectivity matrix

Using material issues to manage and report

GRI aspects: Compliance

GRI aspects: Economic performance;

Managing our material issues continued

Economic dimension continued

GRI aspects: materials; effluents

Managing our material issues continued

“We are focused on

“We are seeing these

“We need to be flexible and