2005 Investor Day - Sydney - Australian - Coca

Transcription

Profitably Growing Per Capita
Consumption in Australia
Pat Malloy
Director, Sales &
Customer Service
Warwick White
Managing Director
Jeff Maguire
Operations Director
13 October 2005
October 2005
1
Overall Agenda
Capitalising on the Health & Well-being Lifestyle Trend
Warwick White
Cementing stronger customer relationships with tailored
solutions
Pat Malloy
Leveraging our capital and scale for value and service
Jeff Maguire
Current Trading Environment
Warwick White
October 2005
2
1
The Australian business continues to grow strongly
$M
2001 to 2004
CAGR +15.2%
EBIT Growth of CCA Australia
450
400
350
1993 to 2000
CAGR +7.0%
300
250
200
150
100
50
0
1993
October 2005
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
3
Our Success Continues to be Driven by Execution of our
Pillars of Growth
1. Product and package innovation
2. Non-carbonated beverage expansion
3. Growing product availability through cold drink
placements and outlet expansion
4. Customer service improvement
5. Revenue management and cost discipline
October 2005
4
2
Pillars of Growth
5
October 2005
The Australian Beverage Market: There Is Still Significant
Potential for Growth
Total market size: $9.0bn
CCA share in each category
Market Size based on Litres consumed
CSD
19.0%
Energy
Other
58%
19.0%
RTD Coffee/Tea
CSD
60%
Water
35%
Juice
6%
Sports
46%
Energy
8%
RTD tea
4%
Sports
Juice
Water
1.7%
0.4%
0.5%
1.6%
October 2005
6
Source: Industry Estimates/ACN Food & Convenience T1/T2
3
We still have not maxed out the per capita consumption
growth

Each week, every Australian drinks one more of our beverages than they were in
2000
CCA volume growth of 5.2% pa since 2000.
Consumption of Commercial Beverages In Australia has increased from 1,218 per
capita in 2000 to 1,266 per capita in 2004
In 2004: Total Industry Non-alcoholic ready to drink beverage per capita (8oz Serves)
2500
2278
1912
2000
1659
1500
1178
UK
France
1377
1142
1415
1511
1266
1021
1000
7
October 2005
Mexico
USA
Spain
Germany
Canada
Belgium
Australia
0
New Zealand
500
Source: TCCC Infact – Market Estimates
We now have a Strong Portfolio of Brands to Tap into all the
Consumer Needs States
The Coca-Cola System: Bringing You A World Of Refreshment
Simple Pleasure
Sugar CSDS
October 2005
Better for You Pleasure
Sugar Free CSDS
Health & Lifestyle
NCBs & NPD
8
4
CARBONATED SOFT DRINKS
Global Comparisons Highlight That There Is Still
Significant CSD Growth Potential…
The Carbonated Soft Drinks Market ($4.9bn, 2,400m litres)
Australia consumption patterns and consumer habits follow the
US
Australian CSD per capita at 63% that of the USA
In 2004: Total Industry Carbonated Soft Drink Consumption Per Capita (8oz Serve)
900
777
800
700
624
600
500
400
339
379
400
New
Zealand
UK
493
497
Australia
Northern
Ireland
463
428
300
200
100
0
Germany
Belguim
Canada
9
October 2005
Mexico
United
States
In Australia, Sugar Free Products Have Grown From 23%
to 27% of The Market in 7 Years
ACNielsen Food & Convenience (T1/T2) - Value Sales (000s)
Sugar Free CSDs
Sugar CSDs
6.9%
8.1%
5.1%
0.8%
1.9%
3.9%
5.6%
27%
23%
1998
1999
2000
2001
2002
2003
2004
Value Growth
October 2005
10
Source: ACNielsen Food & Conv (T1/T2)
5
Sprite is Leveraging Its Urban Youth Connection and Zero
Young Adult Opportunity
The Opportunity
Sprite highly responsive to support – and Sprite Zero
communication haloing back onto Sprite brand
Sprite Sales +8.4% YTD
October 2005
11
Sprite Zero Ad
October 2005
12
6
Against This Background, Diet Coke Has Grown in Volume by 25%
and contributed $498M to growth since 2000
Launched in Australia in 1983
Core user base of loyal female drinkers (70% of volume)
70% of volume from highly loyal daily drinkers
Diet Coke – Australia’s favourite diet brand amongst Australian women
Campaigns over time have developed a sexy, confident, female character
Flavour variants over the last 3 years have brought in new users to the
franchise
2006
Driving Equity: “Its Good to be Me”
October 2005
13
Diet Coke Ads – The Business Presentation
May 2005
14
7
However, As Older Consumers Reduce Their Frequency Of
Consumption of Sugar CSDs, Not All Of Them Move into Diet CSDs….
INCIDENCE (PAST 24HRS) CSD X AGE
60%
55%
50%
SUGAR
43%
DIET
40%
30%
32%
33%
26%
20%
10%
9%
13%
6%
16%
9%
8%
7%
0%
Total
October 2005
12-19 Years
20-29 Years
15
30-39 Years
40-49 Years
50-65 Years
Source: COG 12MMT May ’05 – All Beverages
To fill this Gap, We are Introducing…..
October 2005
16
8
And now lets taste it..
17
May 2005
International Markets Highlight Overall Potential Of The
Water Market (Currently $1.2bn, 740m litres)
WATER
Household penetration remains low relative to the long term potential
of the category
80% of consumers claimed they consumed tap water in the last
24 hrs
Bottled water has only 17% household penetration
In 2004: Total Industry Packaged Water Consumption Per Capita (8oz Serve)
800
760
700
576
600
580
585
522
500
402
400
300
240
200
100
152
152
96
47
0
NZ
October 2005
Netherlands UK Australia Canada USA
18
Germany Belgium France
Spain
Italy
9
Our Increased Investment in Water Driving Results with 12% Volume
and 21% Value Growth pa Over the Last 3 Years
Water - Volume & Value Growth
(ACN Food & Conv)
35.0%
31.6%
Volume Grth
Value Grth
WATER
30.0%
25.0%
20.8%
21.1%
20.0%
15.0%
16.9%
14.6%
14.5%
12.2%
10.2%
10.2%
11.2%
10.4%
10.0%
5.7%
5.0%
0.0%
1999
October 2005
2000
2001
2002
19
2003
2004
We Have The Most Powerful Portfolio of Water Brands in
The Australian Market Place
WATER
Younger
At Home
Out & About
Older
No 1 share of voice in Water
October 2005
20
10
Key Brand Initiatives to Increase Total Water consumption
ensure We have an Offering for every Water Occasion
WATER
Mount Franklin

Sparkling & still in glass

Premium glass multi pack

Drive in home availability of 1.5 litre
multi serve & 6 x 600mL multi serve
Pump

Introduce 4 x 750mL multi pack
Pump
Pump 44 xx 750mL
750mL
October 2005
21
WATER
Mt Franklin Commercial
May 2005
22
11
Key Brand Initiatives to Increase Total Water consumption ensure
We have an Offering for every Water Occasion
Peat's Ridge
•
Drive Value through pack innovation
WATER
Neverfail
•
Leverage the brand with the 5 litre pack
October 2005
23
Relaunch of Deep Spring
Re-ignite as the adult carbonated good for you
offering
October 2005
24
12
Deep Spring Commercial
25
May 2005
Building on Fruitopia’s Early Success, We Will Continue To
Drive Value Ahead of Volume Growth In The Juice Market
• 2nd largest NARTD category behind CSD (21% share of NARTD
market)
• Juice growth driven by consumers desire for healthy beverage
solutions
JUICE
Juice & Juice Drinks - Volume & Value Growth
(ACN Food& Conv)
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
-0.5%
-1.0%
-1.5%
October 2005
Volume Grth
Value Grth
Market Size:
$1.4bn
766m litres
2002
2003
2004
26
2005 Est
Source: ACN Food & Con (T1/T2);
13
Fruitopia Classic is now the Number 2 Brand in
Foodstores ahead of Golden Circle
Manufacturer % Share of Juice
Launch of
Fruitopia
Classic
14
% $ share of Juice
JUICE
16
12
10
8
6
4
2
0
Jun 05
Aug 05
Jul 05
October 2005
Sep 05
Golden Circle
TCCC
27
Source: ACNielsen Foodstore
Further Fruitopia product & pack launches will continue
the growth momentum
Fruitopia
Carafe
JUICE
Alive’s “Juice bar” in a bottle
October 2005
28
14
And now lets taste Alive..
29
May 2005
Powerade is “Powering Ahead” with +7.8pts Volume
Share Gain in Quarter to Sept 2005 in Foodstores
Powerade Volume % Share gain versus year ago
SPORTS
10.0
9.0
8.0
8.0
7.7
6.0
4.0
1.1
2.0
0.0
-2.0
-1.9
-4.0
-6.0
-8.0
October 2005
-4.1
-2.9
-4.2
-5.6
4W/E
4W/E
4W/E
23/01/2005 20/02/2005 20/03/2005
4W/E
17/04/2005
30
4W/E
4W/E
4W/E
4W/E
4W/E
15/05/2005 12/06/2005 10/07/2005 07/08/2005 04/09/2005
Source: ACN Foodstore
15
We see a Big Opportunity to make Powerade a
Mainstream Beverage
In 2004: Total Industry Sports Consumption Per Capita (8oz Serve)
SPORTS
49
(Estimated size: $0.3bn, 75m litres)
50
40
30
19
20
16
15
15
Canada
Netherlands
11
10
0
Spain
Australia
31
October 2005
New Zealand
United States
Over the last 3 Years the Sports Market has grown by
14% in Volume and 20% Value CAGR
Sports - Volume & Value Growth
(ACN Food& Conv)
35%
31.6% 32.6%
Volume Grth
SPORTS
30%
Value Grth
25%
20%
16.2%
13.4%
15%
10%
9.1%
6.0%
6.2%
7.1%
5%
0%
2001
October 2005
2002
32
2003
2004
16
Powerade : “It ain’t over ‘til you say it’s over”
Watch this Space
SPORTS
New 1.0 Litre
Powerade Grip bottle
33
October 2005
Significant Opportunity to Expand our RTD Tea Offering with Market
forecast to grow at more than 50% Volume in 2005
In 2004: Total Industry RTD Tea Consumption Per Capita (8oz Serve)
180
162
(Estimated size: $0.05bn, 20m litres)
160
RTD TEA
140
120
100
80
49
60
40
20
1
1
2
2
UK
Mexico
Brazil
Australia
9
14
15
Indonesia
France
33
35
Canada
USA
0
October 2005
Spain
34
Germany
Japan
17
We Will Drive Profitable Growth Through Communication
& Innovation
RTD TEA
Launch Q3 05 – New Packaging
Jan 06 Launch New Label & Packaging Q3
More to Come
35
October 2005
And the Energy Phenomenon Continues with Market
Growth at Double digit levels each year since 2002
• 2nd largest growth category behind RTD Tea
• CAGR from 2001 to 2004 was 12% Volume and 17% Value
ENERGY
• Coke system is committed to the Energy Category and we have
grown 40% MAT 2005
In 2004: Total Industry RTD Energy Consumption Per Capita (8oz Serve)
50
40
30
20
10
0
Germany
October 2005
Spain
USA
Australia Belgium Netherlands Japan
36
UK
New Zealand
18
We are Upping our Energy Credentials
ENERGY
Recharge Idea: “Obey Your Thirst For Energy”
Watch this Space
Q4 2006
October 2005
37
But to capitalise on our marketing investments this business
is all about execution & our superior customer relationships
October 2005
38
19
Pillars of Growth
October 2005
39
Dimensions of the Australian Business
CCA satisfies Australia’s thirst, taste and refreshment by delivering the
equivalent of 20 million 8oz serves per day;
75,000 Convenience Customers
5,000 Grocery Stores (supermarkets)
55,000 Venders
1,000 Representatives in the field every day helping our Customers
200 Call Centre Representatives focussed on Customer Service
$2.0 billion of revenue delivers approximately $3.5 billion in retail sales
October 2005
40
20
CCA responding to Australia’s changing Retail Market
RETAILERS
1995
2005
Major Chains
Supermarkets/Discount/
Variety
Grocery/Discount/Variety/
Petroleum/Liquor
National
Convenience
McDonalds/KFC/Cinema
McDonalds/KFC/Subway/
Domino/Red Rooster/
Nandos/Michel’s/Muffin Break
Restaurants/Cafes
Essentially Chinese/
Foodservice takeaway
Multi cultural – Vietnamese/
Thai/Greek/Indian, etc.,
sophisticated Al Fresco
Pharmacies
Fragmented
Consolidated with increased
shopper frequency
41
October 2005
CCA responding to Australia’s changing Retail Market
1995
SHOPPERS
2005
Generally shop twice a week
Monday to Friday (daytime)
53% of households have 2 or
less people
48% of females in workforce
Less than 20% of main
shoppers were male
October 2005
50% of shoppers visit a
supermarket several times a
week (24x7)
58% of households have 2 or
less people (more households
but smaller)
56% of females in workforce
Convenience/range is critical
28% of main shoppers are
male
Time poor (longer working
hours)
42
21
So how has CCA changed (2001-2005)?
Invested in highly skilled customer teams (focussed on conceptual selling
rather than order taking)
Tailored customer solutions by customer & channel
Introduced channel based selling teams (Grocery, C-Stores/Petroleum,
Foodservice, HORECA, Route, Vending)
Invested in National Call Centre
Innovated package/product solutions to meet changing consumer demand
(additional 350 products)
Invested in the exploitation of Scan Data to maximise revenue & share
Continued to invest in Customer Service Improvement to differentiate CCA
from others
15.2% CAGR EBIT growth from 2001 – 2004
43
October 2005
CCA’s Two Major Objectives
Continue to grow per capita consumption profitability
Continue to grow our customers’ profits
How does CCA do it?
CCA Strategies are based on five core pillars:-
COLD DRINK
(immediate
consumption)
OUTLET
EXPANSION
DEVELOPMENT
(by channel/
by customer)
October 2005
NEW
PRODUCTS
REVENUE
MANAGEMENT
(a beverage for
every
consumption
occasion)
(right pack,
right product,
right price,
right channel)
CUSTOMER
SERVICE
44
22
Cld Drink
Cold
Drink
Equipment penetration is a key driver to
Immediate Consumption Growth
Coolers per 10,000 population
CCA Australia
75.0
65.0
55.0
CCA only 50%
through cooler
rollout
517 8oz.
serves
per
capita
45.0
332 8oz.
serves
per
capita
35.0
25.0
2003
October 2005
2004
2005
2004 Mexico
45
Cold
Drink
Space & Equipment Type have changed
37% increase in space for products in the past 3 years
CCA Shelves in the Australian Market
467,000
411,000
342,000
2003
October 2005
2004
2005
46
23
Cold
Drink
Tailored Cold Drink Solutions, Woolworths
Cooler Investment
Cold Development:
Opportunity:
Number of Placements:
Open Front Coolers: Express Lane & Checkout Solutions
To promote impulse sales at front of store
1,760 units nationally
+24%
+12%
Before
Before
After
47
October 2005
After
Tailored Cold Drink Solutions, Coles
Cold
Drink
Cooler Investment
Cold Development:
Open Front Cooler: Express Lane & Checkout Solutions
Opportunity:
To remove barriers to purchase at the checkout
Number of Placements:
1,100 units nationally
Before
Before
After
October 2005
48
After
24
We have increased the points of engagement in
corporate grocery* from 7.6 to 8.9
Outlet Expansion
Development
Availability of beverages throughout a Supermarket provide greater
likelihood of a beverage sale in every shopper basket
3
4
5
2
9
1
6
8
7
October 2005
49
*Corporate grocery is defined as Coles & Woolworths grocery stores
Ambient Water Racks compliment our cooler
investment
Outlet Expansion
Development
16,000 additional racks to be placed in 2006 to drive volume & profit growth
Dimmeys (Vic) –
Ambient Water and
Open Air Cooler
driving +15% volume,
+30% Net Contribution
Village Cinemas
(Karingal & Glen
Waverley, Vic) –
Ambient Water and
Open Air Cooler
driving +20% volume,
+37% Net Contribution
October 2005
50
25
Outlet Expansion
Development
CCA continues to grow its Outlet Base
80,000
CCA Australia - C&L Customer Base
75,000
70,000
65,000
60,000
55,000
50,000
2002
2003
2004
Actual
October 2005
2005
2006
Forecast
51
Success in Emerging Markets requires tailored
solutions to suit the Customer & Consumer
Outlet Expansion
Development
PHARMACIES
Pharmacy Stockists
1,475 outlets
+31% growth
October 2005
52
26
Outlet Expansion
Development
HORECA has delivered 50% growth in
contribution over 3 years
“Picture of Success” - HORECA
Specific Sales Training
Primary Opportunities
• Staff training & incentives
• Visible equipment
• Table activation
• Ambient display
FROM
TO
Secondary Opportunities
• Waitstaff branding
• Umbrellas & breeze barriers
53
October 2005
New
Products
New Products 2004 – 2005:
A beverage for every consumption occasion
Water
Juice
Tea
Sports
Energy
Non
Carbonated
Carbonated
2L
October 2005
54
27
New Products 2005:
A beverage for every consumption occasion
New
Products
Additional ambient PET pack to drive promotional
frequency & store traffic;
PET options (1.25L, 1.5L & 2L) to suit light, medium
& heavy users;
Fast tracked opportunity into Qtr 4 2005;
Entice consumers into the category. Build
shopping basket incidence;
Tailored solution for:
- Light Consumers
- Top Up & Impulse Shoppers
- Smaller Households
- Introducing New Buyers;
Clear differentiation of can packs & pricing.
October 2005
55
The next big opportunity is to exploit scan data
& work with our Key Customers to:
Revenue
Management
Grow the number of bottles purchased in each basket
(AWOP)
Increase basket penetration (bottles in more baskets)
Optimise profit
Optimise share
October 2005
56
28
Revenue
Management
CCA has grown the number of retail units
purchased
TCCC AVERAGE RETAIL UNITS PER PURCHASE
AVERAGE
RETAIL
UNITS
PER
PURCHASE
AVERAGE
RETAIL
UNITS
PER
PURCHAS
1.9
2 Litre +8%
1.8
1.78 bottles
per purchase
1.7
1.6
1.5
1.64 bottles
per purchase
1.4
1.3
18 Pack +8%
1.2
1.1
1.0
1.21 packs
per purchase
1.12 packs
per purchase
JANUARY 2004
JANUARY 2005
57
October 2005
AUGUST 2005
Source: Aztec Temple Data
TCCC has increased share & revenue per litre for
core CSD brands
Revenue
Management
AUSTRALIA GROCERY SCAN MARKET
TCCC
TTL TCCC SFT DRK % SHARE
TTL TCCC SFT DRKS $ / LITRE
90
$1.28
$1.32
$1.27
80
$1.20
70
$1.00
60
50
$1.40
43.3
50.8
45.4
40
$0.80
$0.60
30
PRICE
PRICE PER
PERLITRE
LITRE($
($)
VOLUME
VOLUMESHARE
SHARE(%)
(%)OF
OFTOTAL
TOTALSOFT
SOFTDRINK
DRINKS
100
$0.40
20
$0.20
10
0
$JANUARY 2004
October 2005
JANUARY 2005
58
AUGUST 2005
Source: ACNielsen ScanTrack for the 4 weeks of the month
29
CCA has grown C&L revenue over the last 3
years
Revenue
Management
2003
2004
2005
Net Sales Revenue
+3%
+5%
+5%
Net Contribution
+4%
+8%
+8%
October 2005
59
Step Change in Customer Service, shelf ready
packaging
Customer
Service
Working with Retailers to develop shelf friendly packaging, that will:

Reduce handling
Increase speed of shelf replenishment
Facilitate good product presentation on shelf
Not increase cost of goods
Conform to OH&S requirements
Be an industry/market solution
October 2005
60
30
Customer
Service
National Call Centre continues to lead in
Customer Service
2003
2005
Calls Received
960k
1.3m
Average speed of response
15 sec
8 sec
Hours speaking with Customers
providing In-Bound Customer Service
31k
55k
1 million calls p.a. answered within 5 seconds
2.6 million p.a. proactive sales calls
61
October 2005
Making it easier for our Customers to do
business with CCA
Customer
Service
In the last 12 months, CCA has introduced 4 additional
payment options for our Customers:
Electronic Payments
October 2005
Easy Pay
October 2004
BPAY
July 2005
Pay-By-Phone
10 October 2005
Pay-By-Web
10 October 2005
62
31
Pillars of Growth
63
October 2005
15
productiondistribution
plants willreaching
make 7.6
billion
serves of beverage
Comprehensive
90,000
customers
this year
Neverfail
Carbonated Beverages
Juice
Peats Ridge Springs
• 36 Production Lines
• 528 million serves of
Juice
Powerade
water
• 6.1 billion serves of
Carbonated
beverage
October 2005
64
32
Comprehensive distribution reaching 80,000 customers
• 8 Primary
warehouses
• 70 satellite
warehouses and
cross docks
• 450 trucks
• 90,000
customers
• 7.6 billion 8oz
serves delivered
this year
October 2005
65
Customer Service – 316 million unit cases ordered 99.8%
delivered in full.
2001
289 million unit cases ordered
97.3% delivered in full
2005
316 million unit cases ordered
99.8% delivered in full
October 2005
66
33
Labour productivity has increased through automation and
production line reliability
2001
276 million unit cases manufactured
245 SKUs
Manufacturing Productivity of 124 cases per man hour
2005
311 million unit cases manufactured
294 SKUs (↑20%)
Manufacturing Productivity of 133 cases per man hour (↑ 8%)
67
October 2005
Investment in production equipment has created capacity
and matched growth product strategies
HIGHLIGHTS OF 2005 MANUFACTURING INVESTMENT
PRODUCT TYPE
INVESTMENT
RESULTS
Water
$18 million
QLD Water Line
• New packaging formats
• An extra 134 million litres per year,
meets anticipated growth for next 10
years
• Reduced cost
Powerade &
Juice
$5 million
Pacific Beverage Line
Upgrade
• New products – still water in glass and
improved tasting juice products
• An extra 18 million litres water and 27
million litres of Powerade per year.
• Meets anticipated growth for 2-3 years
Carbonated Soft
Drinks
$2.6 million
• An extra 4 million litres per year
ensures NSW meets anticipated
Small PET Line in NSW
growth for 10 years.
• Reduced costs by $800,000 per year
October 2005
68
34
We will manage next 3 years investment with our current
capital structure
Planned Investment 2006-2009
Non-carbonated Beverages
Carbonated Beverages
Water
29%
CSDs
24%
Investment envisages 1
line per year for 3 years
@ $15 – 20M per line
Hotfill
22%
Juice
25%
Product specific manufacturing investment e.g. excludes warehousing, IT etc.
October 2005
69
Mentone performance under-pins confidence in
Sydney & Auckland
Measure
Average from CCA’s
traditional warehouses
Mentone
96
183
90%
98.6%
2.9
0.8
39.7
13.8
10%
10%
Productivity (cases/man hr)
Accuracy of inventory
records
Error order picking (errors
per 1000 cases picked)
Pallet Movements per
1000 cases sold
Cost per Case %
reduction
(inc depreciation)
October 2005
70
35
NSW opportunity to reduce complexity in distribution
Current NSW Logistics Network
2005
Interstate
Inbound
Interstate
Outbound
Canberra Break-Bulk
Smithfield DC
Route Customers
Newcastle Break-Bulk
102 Briens Rd
Northmead
Plant
Route Customers
Smithfield
Plant
Interstate
Outbound
Route Customers
Outside
Storage
Interstate
Inbound
Grocery Customer DCs
71
October 2005
NSW logistics will be simplified by 2008
2008
Future NSW Logistics Network
Interstate
Inbound
Interstate
Outbound
Eastern Creek DC
Northmead
Plant
Smithfield
Plant
Route Customers
Grocery Customer DCs
October 2005
72
36
Northmead bulk warehouse will provide 50,000 pallets of
storage capacity and reduced operating costs
reh
Wa
n
ctio
du on
Pro ansi
p
Ex
se
ou
g
sin
ou
re h
Wa
ace
Sp
ice
Off
$180million investment gives: 50,000 pallets of storage, a picking facility with
capacity till 2015, space for 4 more production lines
October 2005
73
Eastern Creek mixed pallet warehouse will increase customer
service & reduce cost
October 2005
74
37
Current Operating Environment
Increased market share in Q3 despite large price
gap to competitor
Higher COGS environment
Petrol Prices
Q4 weather
Retailer pricing
October 2005
75
Key Drivers for last Quarter Performance

Coke 1.5L and 6 pack cans in Grocery

Sprite momentum with Sprite Zero advertising

Mt Franklin / Pump racks and multi packs

Deep Spring relaunch

Fruitopia Alive launch

Cold drink coolers / new outlets

October price increase
Strong NPD pipeline led by Coca-Cola Zero
October 2005
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