- Strong volume growth to 1,359 million unit cases, 7% ahead of 2002

- Profitability continues to improve with:

- EBITDA* of 665 million euros, 15% ahead of 2002

- Operating profit (EBIT) of 258 million euros, 39% ahead of 2002

- Net profit of 115 million euros, substantially ahead of 35 million euros in 2002

- Return on Invested Capital (ROIC) increased to 7.0% compared with 5.1% for 2002

- Increased level of cash flow from operating activities less capital expenditure of 293 million euros compared with 110 million euros in 2002.

• 7% growth in volume to 318 million unit cases

• EBITDA* of 106 million euros, 26% ahead of 2002

• Operating loss (EBIT) of 11 million euros, 56% improvement compared to 2002

• Net profit significantly improved from a 47 million euros loss in Q4 2002 to an 18 million euros loss in Q4 2003.

Doros Constantinou, Managing Director of Coca-Cola HBC, commented: 'During 2003, CCHBC?s overall performance improved significantly, as measured by each of our key financial metrics, volume growth, operating margins, profitability, cash flows from operating activities and return on invested capital. Of note was the turnaround in the Italian market and the strong performance in Russia which, despite unfavourable weather conditions, recorded its first net profit. Our focus on world-class market execution, revenue management and tight operational control has enabled us to de liver these strong results. We finished 2003 in a solid position, with plans to continue execution of our clear and successful strategy.'

* We consider EBITDA as a key measure of performance. We calculate EBITDA as operating profit plus depreciation, amortisation and other non-cash items.