Case Study: Coca-Cola Hellenic Bottling Company achieves centralised commodity risk control and reduced counterparty exposure with Reval

Coca-Cola HBC Treasury Takes Control of Commodity Risk Management

Coca‑Cola Hellenic Bottling Company (Coca‑Cola HBC), the world’s second‑largest Coca‑Cola bottler with €6.8bn in 2012 sales serving 581m people across 28 countries, faced significant commodity price exposure in aluminium, oil, plastics and sugar. Hedging had been fragmented and executed through suppliers, causing P/L volatility, higher counterparty and credit risk, short and inconsistent hedging horizons, limited transparency and uneven controls—problems exposed during the 2008 liquidity squeeze.

The company centralized commodity risk management in treasury, introduced a SaaS treasury and risk management (TRM) system, and established governance under the financial risk management committee. Treasury now executes hedges directly with banks (using stronger documentation), consolidates commodity, FX and interest‑rate risk, automates valuation and reporting with SAP integration, and enforces monthly exposure processes and KPIs. The result was reduced P/L volatility and counterparty risk, lower execution costs, improved transparency and controls, and industry recognition (2013 gtnews risk management award).

Coca-Cola Hellenic Bottling Company