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Πέμπτη, 16-Φεβ-2017 09:25

Coca-Cola HBC: Results 2016

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CONTINUED GOOD PROGRESS IN MARGIN RECOVERY

Coca-Cola HBC AG, a leading bottler of The Coca-Cola Company, reports its financial results for the full year ended 31 December 2016.

Full-year highlights

Another year of good progress, with the business developing in line with our 2020 strategic plan
Net sales revenue up 3.0% on an FX-neutral basis; taking account of currency movements, net sales revenue declined by 2.0%
FX-neutral revenue per case grew in all geographic segments, up 2.9% overall; this substantial increase reflects our focus on value through price increases, mainly in Emerging markets, as well as better package and category mix
Volume increased by 0.1%, with good growth led by Nigeria and Romania, offset by continuing decline in Russia and weaker volume performance in Italy and Austria
Cost efficiencies resulted in a 100 basis-point reduction in comparable operating expenses as a percentage of net sales revenue
Comparable EBIT margin increased by 90 basis points to 8.3%, benefiting from our revenue growth management initiatives, cost efficiencies and benign input costs; EBIT margin improved by 160 basis points to 8.1% on a reported basis
Increased profits helped generate €431.2 million of free cash flow, up €19.4 million year on year
Comparable EPS increased by 12.5% to €0.972; reported EPS increased by 23.1% to €0.949
The Board of Directors proposes a €0.44 dividend per share, a 10% increase on the 2015 dividend

	Full Year		Change
	2016	2015
Volume (m unit cases)	2,057.9	2,055.0	0.1%
Net sales revenue (€ m)	6,219.0	6,346.1	-2.0%
Net sales revenue per unit case (€)	3.02	3.09	-2.1%
FX-neutral net sales revenue¹(€ m)	6,219.0	6,038.0	3.0%
FX-neutral net sales revenue per unit case¹ (€)	3.02	2.94	2.9%
Operating expenses (€ m)	(1,792.5)	(1,909.2)	-6.1%
Comparable operating expenses¹(€ m)	(1,756.8)	(1,855.2)	-5.3%
Operating profit (EBIT) (€ m)	506.3	418.2	21.1%
Comparable EBIT¹ (€ m)	517.5	473.2	9.4%
EBIT margin (%)	8.1	6.6	160bps
Comparable EBIT margin¹ (%)	8.3	7.5	90bps
Net profit² (€ m)	343.5	280.3	22.5%
Comparable net profit^1,2 (€ m)	352.1	314.3	12.0%
Basic earnings per share (EPS) (€)	0.949	0.771	23.1%
Comparable EPS¹ (€)	0.972	0.864	12.5%
Free cash flow¹ (€ m)	431.2	411.8	4.7%

¹For details on APMs refer to ‘Alternative Performance Measures' and ‘Definitions and reconciliations of APMs' sections.

²Net Profit and comparable net profit refer to net profit and comparable net profit respectively after tax attributable to owners of the parent.

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

"I am delighted with our 2016 performance and the momentum in the business. We have delivered solid currency-neutral revenue growth and another year of significant growth in margins and profits, representing a sustainable and well established recovery. Cost and efficiency actions continue to improve profitability and enable the business to maximise the gains from top line growth.

"In 2017, we expect slightly better economic conditions to support volume growth. We take confidence from these improving underlying trends as well as the success of both our commercial activities and cost initiatives, which will remain key focus areas in our plans. We are confident that 2017 will be a year of currency-neutral revenue growth and margin expansion as we continue to make progress towards our 2020 targets.”

FY2015 results announcement