Coca-Cola Hellenic Bottling Company S.A. (LSE:CCB) Net-Net Working Capital : €-9.91 (As of Mar. 2013)

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What is Coca-Cola Hellenic Bottling Company S.A. Net-Net Working Capital?

In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.

Coca-Cola Hellenic Bottling Company S.A.'s Net-Net Working Capital for the quarter that ended in Mar. 2013 was €-9.91.

The industry rank for Coca-Cola Hellenic Bottling Company S.A.'s Net-Net Working Capital or its related term are showing as below:

LSE:CCB's Price-to-Net-Net-Working-Capital is not ranked ^*
in the Beverages - Non-Alcoholic industry.
Industry Median: 12.95
* Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.

Coca-Cola Hellenic Bottling Company S.A. Net-Net Working Capital Historical Data

The historical data trend for Coca-Cola Hellenic Bottling Company S.A.'s Net-Net Working Capital can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Coca-Cola Hellenic Bottling Company S.A. Net-Net Working Capital Chart

Coca-Cola Hellenic Bottling Company S.A. Annual Data

Trend

Dec03

Dec04

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Net-Net Working Capital

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-10.08

-10.52

-10.11

-9.96

-9.82

Coca-Cola Hellenic Bottling Company S.A. Quarterly Data
	Jun08	Sep08	Dec08	Mar09	Jun09	Sep09	Dec09	Mar10	Jun10	Sep10	Dec10	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13
Net-Net Working Capital	Get a 7-Day Free Trial															-10.23	-10.92	-9.98	-9.71	-9.91

Competitive Comparison of Coca-Cola Hellenic Bottling Company S.A.'s Net-Net Working Capital

For the Beverages - Non-Alcoholic subindustry, Coca-Cola Hellenic Bottling Company S.A.'s Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Coca-Cola Hellenic Bottling Company S.A.'s Price-to-Net-Net-Working-Capital Distribution in the Beverages - Non-Alcoholic Industry

For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, Coca-Cola Hellenic Bottling Company S.A.'s Price-to-Net-Net-Working-Capital distribution charts can be found below:

* The bar in red indicates where Coca-Cola Hellenic Bottling Company S.A.'s Price-to-Net-Net-Working-Capital falls into.

Coca-Cola Hellenic Bottling Company S.A. Net-Net Working Capital Calculation

Coca-Cola Hellenic Bottling Company S.A.'s Net-Net Working Capital (NNWC) per share for the fiscal year that ended in Dec. 2012 is calculated as

	Net-Net Working Capital		(A: Dec. 2012 )
=	(Cash, Cash Equivalents, Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(452.7	+	0.75 * 0	+	0.5 * 458	-	4261.4
-	0	-	0)	/	364.500
=	-9.82

Coca-Cola Hellenic Bottling Company S.A.'s Net-Net Working Capital (NNWC) per share for the quarter that ended in Mar. 2013 is calculated as

	Net-Net Working Capital		(Q: Mar. 2013 )
=	(Cash, Cash Equivalents, Marketable Securities	+	0.75 * Accounts Receivable	+	0.5 * Total Inventories	-	Total Liabilities
-	Preferred Stock	-	Minority Interest)	/	Shares Outstanding (EOP)
=	(342.6	+	0.75 * 0	+	0.5 * 550.4	-	4270.6
-	0	-	0)	/	368.653
=	-9.91

In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.

This is a conservative way of estimating the company's value.

Coca-Cola Hellenic Bottling Company S.A. (LSE:CCB) Net-Net Working Capital Explanation

One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.

Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.

Coca-Cola Hellenic Bottling Company S.A. Net-Net Working Capital Related Terms

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Coca-Cola Hellenic Bottling Company S.A. (LSE:CCB) Business Description

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GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Beverages - Non-Alcoholic » Coca-Cola Hellenic Bottling Company S.A. (LSE:CCB) » Definitions » Net-Net Working Capital

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Coca-Cola Hellenic Bottling Company S.A. was incorporated in Greece and founded in 1969. It took its current form in August 2000 through the acquisition of the Coca-Cola Beverages PLC by Hellenic Bottling Company S.A. The Company is headquartered in Athens. Its two major shareholders are the Kar-Tess Holding S.A., a private holding company, and The Coca-Cola Company. The Company and its subsidiaries are primarily engaged in the production, sales and distribution of non-alcoholic ready to drink beverages, under franchise from The Coca-Cola Company. The Company distributes its products in 27 countries in Europe and Nigeria. The Company has one business, being the production, sale and distribution of non-alcoholic, ready-to-drink beverages. The Company operates in 28 such as Austria, Cyprus, Greece, Italy, Northern Ireland, Republic of Ireland and Switzerland, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia, Armenia, Belarus, Bosnia and Herzegovina, Bulgaria, FYROM, Moldova, Montenegro, Nigeria, Romania, Russia, Serbia and Ukraine. The Company is licensed to produce, sell and distribute a range of beverages. The Coca-Cola Company owns the trademarks for most of these. It supplies the concentrates and is largely responsible for consumer marketing. The Company's product portfolio consists of the world-leading brands Coca-Cola, Coca-Cola Light (diet Coke), Fanta and Sprite brands that it owns manufactures and distributes, including Amita, Avra, Deep RiverRock and Fruice brands licensed by other companies, such as Nestea and Monster. The Company produces, markets and sells its customers valuable brands, in addition to the 136 brands. In 2012, sparkling beverages of The Coca-Cola Company accounted for 62% of its sales volume, low calorie sparkling beverages accounted for 6%, while still and water beverages accounted for approximately 32% of its sales volume. With more than 30 water brands in its portfolio, it focuses on generating value through the 'on-the-go' or immediate consumption occasion.