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Πέμπτη, 10-Αυγ-2017 09:42

Coca-Cola HBC: 2017 half-year results

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EXCELLENT FIRST HALF RESULTS

Coca-Cola HBC AG, a leading bottler of The Coca-Cola Company, reports its financial results for the six months ended 30 June 2017.

Half-year highlights

Revenue growth accelerated in the second quarter, up 5.7% for the first half on an FX-neutral basis and 5.6% on a reported basis
Focus on value delivery through a combination of category and package mix improvements as well as price increases resulted in revenue per case growth by 4.3% on an FX-neutral basis with all market segments improving
Volume grew by 1.4% in the first half, with growth in all segments

- Volume in the Established markets increased by 0.8%, with a good second quarter supported by the late Easter and a warm June

- Good growth in most of the markets in the Developing segment led to 0.8% volume growth

- The Emerging markets segment delivered 1.9% volume growth in the first half with good performances in Ukraine, Romania and Serbia

Operating leverage resulted in a 40 basis point reduction in comparable operating expenses as percentage of net sales revenue
Comparable operating margin increased by 150 basis points to 9.1%, benefiting from operating leverage despite adverse input costs and foreign exchange movements
Comparable earnings per share was €0.576 – a 38.5% increase on the prior-year period; basic earnings per share was €0.526 - a 35.9% increase on the prior-year period

	Half-Year		Change
	2017	2016
Volume (m unit cases)	1,020.9	1,007.3	1.4%
Net sales revenue (€ m)	3,213.4	3,043.9	5.6%
Net sales revenue per unit case (€)	3.15	3.02	4.2%
FX-neutral net sales revenue¹(€ m)	3,213.4	3,039.8	5.7%
FX-neutral net sales revenue per unit case¹ (€)	3.15	3.02	4.3%
Operating expenses (€ m)	(933.5)	(918.1)	1.7%
Comparable operating expenses¹(€ m)	(920.3)	(885.1)	4.0%
Operating profit (EBIT)² (€ m)	266.4	220.6	20.8%
Comparable EBIT¹ (€ m)	291.1	229.6	26.8%
EBIT margin (%)	8.3	7.2	100bps
Comparable EBIT margin¹ (%)	9.1	7.5	150bps
Net profit³ (€ m)	191.6	140.0	36.9%
Comparable net profit^1,3 (€ m)	209.6	150.4	39.4%
Basic earnings per share (EPS) (€)	0.526	0.387	35.9%
Comparable EPS¹ (€)	0.576	0.416	38.5%

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

²Refer to the condensed consolidated income statement.

³Net 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:

"We are delighted to report an excellent set of results for the first half of the year, with volume and revenue per case growth in all three market segments. It is also very pleasing to see the revenue growth translating into significant margin expansion. This demonstrates that our strategy to exploit our lean asset base and improve profitability through operating leverage is powerful and delivers well.

"We are on track for broad-based revenue and margin growth for the full year with the organisation energised by the progress we are making towards our 2020 financial targets."

2017 HALF-YEAR RESULTS - EXCELLENT FIRST HALF RESULTS