Financial profile
The Group’s goal is to maintain a conservative financial profile. This is evidenced by the strong credit ratings that we maintain with Standard and Poor’s and Moody’s Investors Service.
The Group monitors its capital structure on the basis of the Gearing ratio 1 . The Group’s strategy is to maintain a gearing ratio within a 35% to 45% range. At the same time the Company’s strong cash flow generation is expected to enable us to maintain dividends within a pay-out ratio that has historically been 20-30% of profit after tax attributable to shareholders of the Group, with an annual dividend per share increase.
On 18 March 2011, Coca-Cola Hellenic announced proposals for a capital return to its shareholders of approximately €183 million, i.e. € 0.50 per share. The proposed transaction which is subject to shareholder and regulatory approval is expected to be paid out on 21 June 2011 and to be financed from the cash position of the company.
Coca-Cola Hellenic’s goal is to generate Free Cash Flow 2 of approximately €1.35 billion over the three-year period from 2011 to 2013.
1 The Gearing Ratio is defined as net debt divided by total capital. Total capital is calculated as 'equity' as shown in the consolidated balance sheet plus net debt.
2 Free Cash Flow is defined as cash flow from operations less net capital expenditure
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