Drinks supplier Coca-Cola Amatil says new products such as Coke Life and a focus on smaller cans will help lift sagging sales in Australia.
The company wants to cut its reliance on consumers who drink a lot of the group's brands and attract a broader consumer base that may not often drink Coke.
"We'll be successful if we've got more people enjoying a Coke - whether it's a Zero, a Diet, a Life, a red Coke - every now and again, whatever works for them, and enjoying smaller pack sizes," managing director Alison Watkins said.
The company launched smaller 250ml cans in 2014, and sales are tracking above expectations.
Coke Life, a lower calorie, naturally sweetened product, will be launched in April, as Coca-Cola works to re-engage with health conscious consumers worried about the sugar content of soft drinks.
The company's net profit tripled in 2014 to $272 million, due primarily to fewer one-off items including writedowns and redundancy costs.
But profit before significant items of $375.5 million in 2014 was down 25 per cent from 2013.
Coca-Cola was impacted by weak consumer sentiment in Australia, as well as reduced or disappointing promotional activity, aggressive pricing by competitors, and a growing range of water and soft drink products.
Consumers drank more energy, sports and milk drinks, but that wasn't enough to offset a decline in carbonated soft drinks.
The company says the worst is now behind it, and is targeting a return to mid-single-digit earnings growth over the next few years, and no further declines after a tough 2014.
"We've got some exciting new product launches to look forward to, we've got the Indonesian situation on a much more stable footing, so we do think the worst is behind us," Ms Watkins said.
Coca-Cola's business in Indonesia and Papaua New Guinea suffered a 65 per cent earnings fall in 2014.
Market share was gained in Indonesia but intense competition limited price increases, and legislated increases in wages and fuel prices, plus a fall in the value of the Indonesian rupiah, increased costs.
Shareholders on Tuesday approved a $US500 million injection into Coca-Cola's Indonesian business by parent The Coco-Cola Company, which will help the operation broaden its product range and make products more affordable.
Quay Equities head of trading Tristan K'Nell said Coca-Cola's underlying profit missed market expectations, but a forecast of a return to profit growth in 2015 year was a positive for investors.
Its shares added 63 cents, or 6.31 per cent, to $10.61.
COCA-COLA OPTIMISTIC DEPSITE UNDERLYING PROFIT FALL
* Full year net profit of $272m, up from $79.9m in 2013
* Underlying profit of $375.5m, down 25pct from $503m
* Revenue of $4.94b, down two pct from $5.04b
* Final dividend of 22 cents, down from 32 cents
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