February 28, 2019 - 17:37 AMT
Coca-Cola System makes more investment in Armenia's development

Coca-Cola Hellenic Armenia has unveiled the results of an independent Socio-Economic Impact Study (SEIS) that summarizes and evaluates the company’s activity for the period of 2015-2017. The study, conducted by KPMG Armenia LLC, identifies the economic, social and environmental impacts of the Coca-Cola System in Armenia, covering the main directions and spheres of the company investments, as well as the impact of thereof.

As pointed out in SEIS, locally manufactured products of Coca-Cola Hellenic Armenia create added value at every point of its extensive chain. For each AMD1 direct GVA of the company, additional AMD 1,5 was generated in the Armenian economy. As a result, in just 3 years Coca-Cola Hellenic Armenia’s total GVA contribution amounted to 29.5 billion AMD or the 0.21% of the total country GVA generated in that period.

“We have been manufacturing the most iconic soft drink in the world here in Armenia for the past 23 years, offering our consumers so much more than just refreshment. Every time they select our products, our value chain generates income across the country and supports thousands of jobs. We are very proud of our continuous contribution to the socio-economic development of Armenia through our business activity, as well as implemented projects aimed at community wellbeing. Believing that businesses are as sustainable as the societies in which they operate, we remain committed to the economy of Armenia and most importantly its people”, said Christoph Speck, General Manager of Coca-Cola Hellenic Armenia, commenting on the results of the study.

According to SEIS, Coca-Cola Hellenic Armenia has also a notable contribution in terms of employment opportunities. Each direct employment job created by the company generates 5.5 additional jobs (indirect and induced). According to KPMG, as a result of its activity in 2017 Coca-Cola Hellenic Armenia created 2341 full time jobs, which amounts to 0.23% of total number of employees in Armenia during that year.

“Our company was contracted as an independent consultant to prepare the Socio-Economic Impact Study of Coca-Cola Hellenic Armenia. We have performed comprehensive analysis to measure the impact of the company’s activities on the key areas in Armenia, notably gross value added, employment, investments, fiscal contributions, contribution to the social development and well-being of the Armenian community, as well as the environment. The results of the study and analysis are incorporated in the Report on the Social, Economic and Environmental Impact Assessment published jointly by KPMG Armenia LLC and Coca-Cola Hellenic Armenia” said Tigran Gasparyan, Managing Partner of KPMG Armenia.

Apart from contribution to the economy of Armenia, caused by its successful business activity, Coca-Cola Hellenic Armenia is known for its extensive CSR activity. During more than two decades, the company has managed to implement and support dozens of initiatives. The company spends 2% of the yearly revenue to community development projects. Only in the period of 2015-2017, according to SEIS, the company’s contribution to charitable donations amounted to AMD112.4 million, main areas being community wellbeing, youth empowerment and water stewardship.