Large business category



As a leading bottler of the Coca-Cola Company brands, the company undertakes significant capital investment and wanted to make sustainability a key consideration within this appraisal process. Led by the finance team, the company incorporated the true cost of key environmental impacts within its evaluation methodology.


Although cost savings are a key consideration, the company believes the greatest benefit will come from the mid to long-term strategic impact of being more efficient in natural resource and energy use, while maintaining its licence to operate and stakeholder trust.


To change the capital expenditure evaluation process, a new methodology was developed to incorporate environmental and social impacts with factors such as water and carbon being monetised. Cross-functional teams of experts, led by finance, were created to develop the methodology. Better informed decision making is now possible by requiring people to think about and prioritise investment, leading to reduced environmental impacts and improved social outcomes. Before the new approach, the 2016 water savings capital expenditure projects would have had a financial payback of 5.3 years. Using the new methodology to reflect the true cost of water, the company has calculated a financial payback of 0.5 years for the same projects.


Sustainability considerations can become very technical and difficult to understand. The company needed to interpret these for different accounting audiences in countries ranging from Switzerland and Poland to Nigeria and Russia.

Judges’ comments

The Coca-Cola Hellenic Bottling Company team brought to life the vital role that the finance team can play to embed sustainability into everyday decision making. It was able to develop an approach that systematically integrated environmental and social factors into capital expenditure across the diverse geographies, changing decisions as a result.