Coca-Cola Hellenic Bottling Company S.A. (LSE:CCB) ROIC % : -0.47% (As of Mar. 2013)

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What is Coca-Cola Hellenic Bottling Company S.A. ROIC %?

ROIC % measures how well a company generates cash flow relative to the capital it has invested in its business. It is also called ROC %. Coca-Cola Hellenic Bottling Company S.A.'s annualized return on invested capital (ROIC %) for the quarter that ended in Mar. 2013 was -0.47%.

As of today (2024-05-16), Coca-Cola Hellenic Bottling Company S.A.'s WACC % is 0.00%. Coca-Cola Hellenic Bottling Company S.A.'s ROIC % is 0.00% (calculated using TTM income statement data). Coca-Cola Hellenic Bottling Company S.A. earns returns that do not match up to its cost of capital. It will destroy value as it grows.

Coca-Cola Hellenic Bottling Company S.A. ROIC % Historical Data

The historical data trend for Coca-Cola Hellenic Bottling Company S.A.'s ROIC % 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.

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Coca-Cola Hellenic Bottling Company S.A. ROIC % Chart

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

Trend

Dec03

Dec04

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

ROIC %

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4.86

8.29

8.69

5.95

4.00

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
ROIC %	Get a 7-Day Free Trial															-0.66	7.40	8.74	-1.96	-0.47

Competitive Comparison of Coca-Cola Hellenic Bottling Company S.A.'s ROIC %

For the Beverages - Non-Alcoholic subindustry, Coca-Cola Hellenic Bottling Company S.A.'s ROIC %, along with its competitors' market caps and ROIC % 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 ROIC % 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 ROIC % distribution charts can be found below:

* The bar in red indicates where Coca-Cola Hellenic Bottling Company S.A.'s ROIC % falls into.

Coca-Cola Hellenic Bottling Company S.A. ROIC % Calculation

Coca-Cola Hellenic Bottling Company S.A.'s annualized Return on Invested Capital (ROIC %) for the fiscal year that ended in Dec. 2012 is calculated as:

	ROIC % (A: Dec. 2012 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (A: Dec. 2011 )	+	Invested Capital (A: Dec. 2012 ))	/ count )
=	337.7 * ( 1 - 25.21% )	/	( (5565	+	7065.8)	/ 2 )
=	252.56583	/	6315.4
=	4.00 %

where

	Invested Capital		(A: Dec. 2011 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	7235.1	-	1541.5	-	( 491.8	-	max(0, 1921.4	-	2050	+	491.8	))
=	5565

	Invested Capital		(A: Dec. 2012 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	7250.1	-	435.8	-	( 452.7	-	max(0, 2222.3	-	1970.8	+	452.7	))
=	7065.8

Coca-Cola Hellenic Bottling Company S.A.'s annualized Return on Invested Capital (ROIC %) for the quarter that ended in Mar. 2013 is calculated as:

	ROIC % (Q: Mar. 2013 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Dec. 2012 )	+	Invested Capital (Q: Mar. 2013 ))	/ count )
=	-45.2 * ( 1 - 21.29% )	/	( (7065.8	+	8042.4)	/ 2 )
=	-35.57692	/	7554.1
=	-0.47 %

where

	Invested Capital		(Q: Dec. 2012 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	7250.1	-	435.8	-	( 452.7	-	max(0, 2222.3	-	1970.8	+	452.7	))
=	7065.8

	Invested Capital		(Q: Mar. 2013 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	7249.5	-	0	-	( 342.6	-	max(0, 2759.9	-	1967	+	342.6	))
=	8042.4

Note: The Operating Income data used here is four times the quarterly (Mar. 2013) data.

Coca-Cola Hellenic Bottling Company S.A. (LSE:CCB) ROIC % Explanation

ROIC % measures how well a company generates cash flow relative to the capital it has invested in its business. It is also called ROC %. The reason book values of debt and equity are used is because the book values are the capital the company received when issuing the debt or receiving the equity investments.

There are four key components to this definition. The first is the use of operating income or EBIT rather than net income in the numerator. The second is the tax adjustment to this operating income or EBIT, computed as a hypothetical tax based on an effective or marginal tax rate. The third is the use of book values for invested capital, rather than market values. The final is the timing difference; the capital invested is from the end of the prior year whereas the operating income or EBIT is the current year's number.

Why is ROIC % important?

Because it costs money to raise capital. A firm that generates higher returns on investment than it costs the company to raise the capital needed for that investment is earning excess returns. A firm that expects to continue generating positive excess returns on new investments in the future will see its value increase as growth increases, whereas a firm that earns returns that do not match up to its cost of capital will destroy value as it grows.

As of today, Coca-Cola Hellenic Bottling Company S.A.'s WACC % is 0.00%. Coca-Cola Hellenic Bottling Company S.A.'s ROIC % is 0.00% (calculated using TTM income statement data).

Be Aware

Like ROE % and ROA %, ROIC % is calculated with only 12 months of data. Fluctuations in the company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.

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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 » ROIC %

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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.