Coca Cola HBC: Μείωση 14,7% στα έσοδα το α' 6μηνο

ENCOURAGING SIGNS AS MARKETS REOPEN

Coca-Cola HBC AG, a leading consumer products business and strategic bottling partner of The Coca-Cola Company, reports its financial results for the six months ended 26 June 2020.

Half-year highlights

• Employees remain safe, customers served, production and logistics fully operational
• FX-neutral revenue fell by 14.7%, with volumes down 9.2% and FX-neutral revenue per case down 6.1%, as the pandemic had a significant impact on the out-of-home channel, leading to lower volumes, the vast majority of which came from single-serve package formats, in turn adversely impacting price/mix1
• Sequential improvements in FX-neutral revenue since the April decline of 36%, to a 5% decline in July
• Continue to gain or maintain share in the majority of our markets in Sparkling and Non-alcoholic ready-to-drink
• FX-neutral revenue growth by segment heavily influenced by severity of lockdowns, timing and pace of easing and relative exposure to the out-of-home channel:

-         Established: -21.1% as countries in the segment entered lockdown first and derive a larger proportion of revenues from the out-of-home channel

-         Developing: -16.4% as several larger countries eased restrictions faster and the segment is relatively less exposed to the out-of-home channel

-         Emerging: -8.4% supported by growth in Nigeria and low exposure to the out-of-home channel in Russia

• Effective management of input costs and lower PET prices offset FX deterioration
• Strong cost control brought ¤61m of ¤100m savings planned for the year; comparable OPEX down 7.8%
• Operational deleverage drove comparable EBIT margins down 2.3pp to 7.4%. Comparable EBIT fell by 35.8% to ¤208.8m1
• Comparable EPS was ¤0.355, down 42.0%, while basic EPS was ¤0.341, down 36.4%.
• Strong balance sheet and adequate liquidity remains after paying a ¤0.62 dividend in July