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Πέμπτη, 13-Φεβ-2020 09:15

Coca-Cola HBC: Full Year Results

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Q4 ACCELERATION AND ANOTHER STRONG YEAR

Coca-Cola HBC AG, a leading bottler of The Coca-Cola Company, reports its financial results for the full year ended 31 December 2019.

Full-year highlights

Solid full-year FX-neutral revenue growth of 4.4% (+3.7% excluding the Bambi acquisition¹); Strong Q4 revenue growth (+7.4% FX-neutral, +6.0% excluding Bambi) partially offset the impact of poor weather in Q2 and Q3
All market segments delivered full-year FX-neutral revenue growth:
- - Established: +1.3%; ongoing strong performance in Italy
  - Developing: +4.2%; broad-based acceleration in volumes in Q4
  - Emerging: + 7.1%; Nigerian share gains and +24% volumes in Q4
  - The discontinuation of Lavazza had a negative impact of 20bps on full-year growth
Full year volume +3.3%; volume accelerated in all segments in Q4
Sparkling volumes +3.5% with growth in all segments; low/no sugar +26.7% and Adult Sparkling +7.1%
Innovation drove 4.2 percentage points of volume growth
FX-neutral revenue per case +1.0%; +2.1% excluding Nigeria where we invested in pricing
Comparable EBIT +11.5% (+9.5% excluding Bambi): Comparable EBIT margin +60 basis points to 10.8% (+50bps excluding Bambi)
Comparable EPS +10.0% to €1.436; basic EPS +10.2% to €1.340
Free cash flow +19.6% to €442.6million with capex at 6.9% of revenue
The Board of Directors proposes an ordinary dividend of €0.62 per share, an 8.8% increase on 2018

	Full Year		Change
	2019	2018
Volume¹ (m unit cases)	2,264.5	2,192.3	3.3%
Net sales revenue¹ (€ m)	7,026.0	6,657.1	5.5%
Net sales revenue per unit case¹ (€)	3.10	3.04	2.2%
FX-neutral net sales revenue^1,2 (€)	7,026.0	6,731.9	4.4%
FX-neutral net sales revenue per unit case^1,2 (€)	3.10	3.07	1.0%
Operating expenses/ Net sales revenue (%)	27.5	28.2	-70bps
Comparable operating expenses / Net sales revenue (%)	26.9	27.7	-80bps
Operating profit (EBIT)³ (€ m)	715.3	639.4	11.9%
Comparable EBIT² (€ m)	758.7	680.7	11.5%
EBIT margin (%)	10.2	9.6	60bps
Comparable EBIT margin² (%)	10.8	10.2	60bps
Net profit⁴ (€ m)	487.5	447.4	9.0%
Comparable net profit^2,4 (€ m)	522.2	480.4	8.7%
Basic earnings per share (EPS) (€)	1.340	1.216	10.2%
Comparable EPS² (€)	1.436	1.306	10.0%
Free cash flow² (€ m)	442.6	370.0	19.6%

¹ For performance excluding Bambi refer to ‘Supplementary Information‘ section. Bambi is a Serbian confectionery business that we acquired in 2019.

²For details on APMs refer to ‘Alternative Performance Measures' and ‘Definitions and reconciliations of APMs' sections.

³Refer to the condensed consolidated income statement.

⁴Net 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:

"2019 was another year of strong growth with the business recording its highest ever volume and comparable EBIT. I am particularly pleased with how we finished the year, following the unseasonable weather we faced in Q2 and Q3. We drove growth across all three market segments as well as in our three largest markets of Russia, Italy and Nigeria. Our core sparkling category continues to grow, supported by momentum in low- and no-sugar variants and we continue to gain or maintain share in the majority of our markets. We were recognised by the Dow Jones Sustainability Index as Europe's most sustainable beverage company for the sixth time in seven years. We enter 2020 with considerable momentum and exciting plans that include the roll-out of Costa Coffee in at least 10 of our markets. We are confident that we are well on track to deliver our 2020 commitments and to make solid progress on our 2025 growth agenda.”

Please find below the 2019 FY results press release

2019 FULL YEAR RESULTS - Q4 ACCELERATION AND ANOTHER STRONG YEAR