Coca-Cola Hellenic (HBC) AG, the bottler of Coca-Cola products in 28 countries, including Nigeria reported a 2.5% revenue decline in 2015 full year to €6.35bn ($7bn). Profits also fell 4.9% to €280.3m for the year despite volume growth.

The company said currency devaluations reduced revenue by 5.1 percentage points.

Coca-HBC said, established markets returned to growth for the first time in five years with operating profits rising 39% to €171.3m, net sales up 2% to €2.5bn and volumes up 1%. Italy and Greece showed good performances with 2% and 1% volume growth respectively after declines in prior years.

Developing markets also put in good performances with a 68% rise in profits to €87.4m, while net sales climbed 4% to €1.1bn and volume growth rose 6%. Poland, Hungary and the Czech Republic reported 7%, 8% and 4% volume growth respectively. Coca-Cola Zero grew 30%, water 12% and Energy volumes rose 37%.

Emerging markets saw a 14% drop in profits to €159.5m, with net sales up 8% to €2.8bn and volumes up 3%. The company said its biggest markets by sales were hit by currency devaluations. Russia dragged down overall volumes, falling 6% despite the launch of Coca-Cola Zero.

Volumes in Nigeria, Romania and Ukraine grew 10%, 11% and 14% respectively.

Dimitris Lois, Chief Executive Officer of Coca-Cola HBC AG, commented:

“I am pleased with our progress in 2015; volumes grew in all segments for the first time in five years and margins have improved significantly. Our commercial initiatives supported volume expansion and we made further efficiency gains to ensure continued profitable growth.

“Conditions in Europe are slowly improving while countries with large oil exposure face ongoing difficult trading conditions. Going into 2016 we will continue to take action to address the challenges on a country by country basis. Overall we think the business is well placed to build further on both the volume growth and margin expansion achieved in 2015.”