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Πέμπτη, 09-Αυγ-2018 09:11

Coca-Cola HBC AG: Half-yearly financial report

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Coca-Cola HBC AG, a leading bottler of The Coca-Cola Company, reports its financial results for the six months ended 29 June 2018.

Half-year highlights

Strong revenue growth, 6.4% in the first half on an FX-neutral basis; acceleration in the second quarter, supported by new product launches, good weather and the FIFA World Cup
FX-neutral revenue per case increased by 1.8%, delivered through pricing, as well as continued improvements in category and package mix in all three segments
Volume accelerated in the second quarter, resulting in 4.6% growth in the first half. Sparkling beverages volume was particularly strong, also up by 4.6%

- Established markets volume increased by 0.9%, with good performances in Greece and Ireland

- Strong growth in the Developing markets continues, with volume up 8.9%, led by Poland and Hungary

- Emerging markets delivered 5.1% volume growth, supported by a return to growth in Nigeria and Russia in the second quarter

Revenue growth, coupled with cost control, resulted in a 60 basis point improvement in comparable operating expenses as percentage of net sales revenue
Comparable operating profit margin increased by 60 basis points to 9.6%, notwithstanding a 30 basis point increase in marketing investments to support product launches and FIFA world cup activations; operating profit margin increased by 110 basis points to 9.4%
Comparable earnings per share was €0.603 - a 4.7% increase on the prior-year period; basic earnings per share was €0.590 - a 12.2% increase

	Half-Year		Change
	2018	2017
Volume (m unit cases)	1,067.4	1,020.9	4.6%
Net sales revenue (€ m)	3,228.3	3,213.4	0.5%
Net sales revenue per unit case (€)	3.02	3.15	-3.9%
FX-neutral net sales revenue¹(€ m)	3,228.3	3,033.2	6.4%
FX-neutral net sales revenue per unit case¹ (€)	3.02	2.97	1.8%
Operating expenses / Net sales revenue (%)	28.1	29.1	-90bps
Comparable operating expenses / Net sales revenue (%)	28.0	28.6	-60bps
Operating profit (EBIT)² (€ m)	303.9	266.4	14.1%
Comparable EBIT¹ (€ m)	310.5	291.1	6.7%
EBIT margin (%)	9.4	8.3	110bps
Comparable EBIT margin¹ (%)	9.6	9.1	60bps
Net profit³ (€ m)	216.9	191.6	13.2%
Comparable net profit^1,3 (€ m)	221.7	209.6	5.8%
Basic earnings per share (EPS) (€)	0.590	0.526	12.2%
Comparable EPS¹ (€)	0.603	0.576	4.7%
Free cash flow¹ (€)	126.8	95.1	33.3%

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.

Zoran Bogdanovic, Chief Executive Officer of Coca-Cola HBC AG, commented:

"The evolution of our portfolio is gathering pace and gaining traction with customers across our markets. We have delivered a strong set of results as product launches and tailored commercial activation enabled us to capitalise on favourable market conditions and the FIFA World Cup. Revenue growth was excellent driven by both volume and price/mix improvements across all three of our geographic segments. Margins continue to improve as we keep our focus on driving top-line growth and cost control.

"We continue to make good progress against the 2020 targets and expect to deliver another year of revenue growth and improvement in margins.”

Please find the complete announcement attached

Half-yearly financial report for the six months ended 29 June 2018 - STRONG VOLUME GROWTH DELIVERS GOOD RESULTS