TIDMCCH
RNS Number : 5969F
Coca-Cola HBC AG
08 November 2022
THIRD QUARTER 2022 TRADING UPDATE
CONTINUED POSITIVE MOMENTUM
Coca-Cola HBC AG, a growth-focused Consumer Packaged Goods
business and strategic bottling partner of The Coca-Cola Company,
today announces its Q3 2022 trading update.
Third quarter highlights
-- Successful execution delivered strong performance, with
organic revenue excluding Russia and Ukraine up 19.6% in Q3,
continuing H1's strong momentum
o Organic volumes (ex Russia and Ukraine) grew 5.7%, benefitting
from momentum in our priority categories, with Sparkling +6.2%;
Energy +30%; and Coffee +51%
o Organic revenue per case (ex Russia and Ukraine) increased
13.2% due to our conscious focus on driving value, with pricing and
targeted actions to drive mix as critical tools to manage cost
inflation. We also benefitted from very good performance in the
out-of-home channel and strong progress on single-serve mix
o Value share gains continued with Sparkling +190 bps and NARTD
+130 bps YTD
-- Group organic revenue up 7.4% in Q3
o Group organic volumes fell 6.6%, with double-digit growth in
Established and Developing offset by the cessation of sales of The
Coca-Cola Company brands in Russia, while Group organic revenue per
case grew by 15.0%
-- Reported net sales revenue up 26.9% in Q3
o Egypt integration making strong progress. Egypt added 13.4
percentage points to reported volume growth and 8.1 percentage
points to reported revenue growth in Q3
o Foreign currency benefitted reported revenue growth by 7.6
percentage points in the period
-- Segmental highlights: Established and Developing show
continued strong momentum, Emerging impacted by Russia and
Ukraine
o Established: Organic revenue increase by 19.3%, with continued
good momentum across markets, benefitting from strong summer
execution, particularly in the out-of-home channel
o Developing: Organic revenue up 23.1% led by strong share gains
across markets
o Emerging: Organic revenue down 6.2%, impacted by Russia and
Ukraine. Excluding these markets, organic revenue grew by 17.7%
Zoran Bogdanovic, Chief Executive Officer of Coca-Cola HBC AG,
commented:
"We delivered a strong performance and continued share gains in
Q3, thanks to our effective execution during this key trading
period and our focus on the categories and channels where we can
drive the best growth.
"So far we have seen limited evidence of changing consumer
behaviour, but are alert to this possibility and can adapt quickly
if needed. We are mindful of the impact that the challenging
environment has on our consumers. At the same time, we take a
responsible approach to pricing and mix decisions as part of our
revenue growth management framework, while continuing to provide
value to our shoppers and customers. As a result of this mindful
approach, we are encouraged to see consistently strong performance
on price / mix, alongside continued share gains, and that we remain
the number one contributor to revenue growth within FMCG across our
retail customers.
"On the back of our strong period of trading, and whilst
remaining conscious of the broader macroeconomic and geopolitical
risks across our regions, we are upgrading our 2022 comparable EBIT
guidance to EUR860 to EUR900 million.
"We remain confident in the strength and breadth of our
portfolio and resilience of our business. We continue to invest in
the opportunities that position us well for the future, with the
goal of delivering sustainable growth and creating shareholder
value. This includes making progress on our environmental goals,
now furthered with the issuance of our first ever green bond in Q3.
Finally, our performance is testament to the hard work of our
people, and I would like to thank all our customers and partners
for their ongoing support."
Net sales revenue Volume Net sales revenue
Q3 2022 vs Q3 2021 per unit case
growth (%) Organic(1) Reported Organic(1) Reported Organic(1) Reported
--------------------- ----------- --------- ----------- --------- ----------- ---------
Total Group 7.4 26.9 (6.6) 9.1 15.0 16.3
Established markets 19.3 20.9 10.1 10.1 8.3 9.8
Developing markets 23.1 18.7 11.2 11.2 10.7 6.7
Emerging markets (6.2) 34.9 (19.4) 8.0 16.5 24.9
--------------------- ----------- --------- ----------- --------- ----------- ---------
(1) Perfomance, unless otherwise stated, refers to organic
growth measures. For details on Alternative Performance Measures
('APMs') refer to 'Alternative Performance Measures' and
'Definitions and reconciliations of APMs' sections.
Business Outlook
We have benefitted from a strong period of trading over the
summer and better than expected financial performance. Therefore,
while we remain attentive to macro-economic and geo-political
risks, we are raising our guidance. We remain confident in our
powerful portfolio, revenue growth management capabilities, route
to market strength, customer-centric commercial strategy, the
potential of our diverse markets, and above all, the capabilities
of our people.
-- In 2022 we now expect to generate double-digit organic revenue growth at a Group level.
-- We continue to assume COGS/case increase by mid-teens in
2022, but now expect that to be towards the upper end of the
range.
-- We now expect the impact of FX on our Group comparable EBIT to be broadly neutral.
-- We now expect Group comparable EBIT in the range of EUR860 to
EUR900 million for 2022, which includes the full consolidation of
Multon starting on 11 August 2022.
Operational highlights
Leveraging our unique 24/7 portfolio
At Group level, Sparkling volumes declined by 7.9%, with
double-digit growth in Established and Developing, offset by the
cessation of sales of The Coca-Cola Company brands in Russia.
Excluding Russia and Ukraine, Sparkling volumes performed well, up
6.2%, despite cycling low-teens volume growth in the prior-year
period.
We continued to see good momentum in Energy, with volumes up
14.3%. Excluding Russia and Ukraine, volume growth was even
stronger, up 30%, with good growth in all three segments. Predator,
our more affordable energy proposition, grew strongly, driven by
good growth in Poland and Nigeria.
We made further progress with Coffee, growing volumes by 24.0%,
and 51.0% excluding Russia & Ukraine. Costa Coffee benefitted
from ongoing out-of-home customer recruitment. We have now launched
Caffè Vergnano in a total of 14 markets, ahead of plan, and early
signs have been very encouraging.
Still volumes at Group level fell by 4.8% , cycling good growth
in the prior-year period. Still volumes grew by 2.4% excluding
Russia and Ukraine. We saw mid-single-digit growth in both the
Established and Developing segments, while performance in the
Emerging segment was weaker mainly due to Russia and Ukraine. Water
volumes grew by 2.3% excluding Russia and Ukraine, driven by the
out-of-home channel and single-serve execution, and Ready-to-drink
tea grew by 5.7% excluding Russia and Ukraine.
Winning in the marketplace
We saw an acceleration in revenue -per-case expansion, which
grew 15.0% on an organic basis in the quarter, ahead of the 14.0%
increase achieved in H1.
Pricing is the most important tool to drive value and mitigate
COGS inflation. All price increases have been executed according to
plan. We also continue to support affordability in a
profit-accretive way, focusing on single-serve and entry packs and
targeted use of promotion. We are well prepared for a tougher
consumer backdrop. We are ready to adapt by using the breadth of
our portfolio and ability to segment our customer base to ensure we
meet shoppers' needs, while driving value for the business.
Our pricing actions were complemented by positive category and
package mix. Category mix benefitted by the increased contribution
from Energy, and package mix from strong activation of single-serve
packages, which drove single-serve mix up 240 basis points.
Effective execution in the out-of-home channel ensured our teams
captured the full potential of the summer season. We also saw good
momentum in the at-home channels, as we successfully partnered with
customers to drive value. Value share gains continued, with the
business gaining 190 basis points in Sparkling and 130 basis points
in NARTD on a year-to-date basis.
Earning our license to operate
In September 2022 we successfully issued our first Green Bond
for EUR500 million in support of our ambitious sustainability
projects. The net proceeds of the Green Bond will be allocated to
projects that meet the eligibility criteria outlined in our Green
Finance Framework. They will accelerate progress of our NetZeroby40
and Mission 2025 commitments including: circularity, energy
efficiency, water stewardship, biodiversity and community
programmes, innovation in sustainable packaging and support of
sustainable agriculture and procurement. This milestone initiative
demonstrates how sustainability is embedded in every aspect of our
business, including our financing.
Established markets
Established markets net sales revenue grew by 19.3% and 20.9% on
an organic and reported basis respectively.
Organic net sales revenue per case increased by 8.3%. All our
markets benefitted from pricing actions taken throughout the year
including additional increases in Q3. Pricing was increased across
all markets in the segment. Category mix improved with continued
strong performance from Sparkling, particularly Adult Sparkling, as
well as Energy. We drove another quarter of improvement in package
mix, with particular strength in glass bottles due to targeted
activations in the out-of-home channel.
Volume in the segment grew 10.1%, with good momentum across
markets driven by our strategic priorities. Sparkling volumes grew
by low double digits, benefiting from high-teens growth in Adult
Sparkling, helped by strong performance in the out-of-home channel.
Energy grew by strong double digits despite tough comparatives.
Still volumes grew by mid-single digits, led by RTD tea.
In Italy, volumes grew by low double digits, as we successfully
implemented summer activations in the market and benefitted from
high levels of tourism. Sparkling volumes grew by mid-teens led by
Trademark Coke and Fanta. Coke Zero volumes expanded by
mid-twenties and Adult Sparkling volumes by low thirties. Energy
grew strong double digits thanks to Monster.
In Greece, volumes grew by high single digits benefiting from
carefully planned execution in a strong tourist season. We saw high
single-digit growth in Sparkling spearheaded by Trademark Coke,
Fanta and Adult Sparkling, which benefitted from strong seasonal
activation and good performance in the out-of-home channel. Energy
continued its momentum with strong double-digit growth.
In Ireland, volumes grew by low double digits. Sparkling volumes
grew high single digits benefiting from Coke Zero growth in the low
twenties, and low double-digit growth from Adult Sparkling, helped
by good performance in the out-of-home channel. Energy delivered
another strong quarter, up strong double digits, driven by
Monster.
In Switzerland, volumes grew by low teens. Sparkling grew by low
teens driven by Coke Zero, Fanta and Sprite. Still volumes grew by
mid-teens driven by Water.
Developing markets
Organic net sales revenue per case increased by 10.7%. Net sales
revenue grew by 23.1% and 18.7%, on an organic and reported basis
respectively.
Organic net sales revenue per case increased by 10.7%, while
reported net sales revenue per case increased by 6.7%. Pricing
initiatives taken throughout the year, including additional
increases during the period, were the main driver of revenue per
case expansion in Q3. Pricing was increased across all markets in
the segment.
Developing markets volumes grew by 11.2%, driven by broad-based
strong performance across the Sparkling portfolio, up low teens.
Trademark Coke grew by mid-teens with strong performance across
regular and low/no sugar variants. Still volume grew by mid-single
digits, thanks to Water and Sports drinks.
In Poland, volumes increased by low double digits. Sparkling
volumes grew by mid-teens, propelled by good performance across the
portfolio and particularly in Trademark Coke and Sprite. Still
volumes grew by mid-single digits, led by the Water category.
In Hungary, volumes increased by low single digits, adversely
impacted by the sugar tax implemented on 1 July 2022. High
single-digit growth in Sparkling was partially offset by declines
in Energy and Juice.
Volume in the Czech Republic increased by low twenties, as we
cycled operational challenges in the previous year and benefitted
from stronger execution in the out-of-home channel. We saw
low-twenties growth in Sparkling and mid-teens growth in Still
volumes.
Emerging markets
Net sales revenue declined by 6.2% on an organic basis and grew
by 34.9% on a reported basis. In addition to the consolidation of
Egypt, this quarter benefitted from the Multon consolidation from
August 11 2022 and favourable currency impact.
Net sales revenue per case grew 16.5% organically, benefiting
from pricing actions taken throughout the year, including
additional increases during the period. Pricing was increased
across all markets in the segment. Category mix was also positive,
benefitting from continued good performance in the energy category,
with particularly strong performance from Predator in Nigeria.
Package mix improved, driven in particular by better performance
from single-serve Sparkling.
Emerging markets volumes declined 19.4% organically and grew
8.0% on a reported basis. Sparkling and Still volumes declined by
low-twenties and mid-teens respectively, both negatively impacted
by Russia and Ukraine performance, while Energy volumes were up
high single digits. Excluding Russia and Ukraine, organic volumes
were flat.
Russia volumes declined by mid-sixties on an organic basis, as
we finished inventory depletions at the end of July. We started the
new business model from 11 August this year.
Volume in Nigeria decreased by high single digits on very high
comparatives. We continued to gain both value and volume share as
we consciously drove stronger price mix to manage cost inflation.
Sparkling volumes declined by low double digits, partially offset
by Energy, which continued to grow strongly.
Volume in Ukraine is recovering well and fell by only high teens
in the quarter. We continued to increase production and have been
positively surprised by demand in the market.
Volume in Romania was flat for the quarter. Sparkling volumes
grew low single digits, with low teens growth in Energy, offset by
high single-digit declines in Still volumes.
Volume declined by mid-teens in Egypt, impacted by tough
comparatives and the more challenging consumer and macroeconomic
environment. Integration continues to progress well, and ongoing
deployment of our key capabilities helped to drive further market
share gains in Sparkling.
Supplementary information
Third quarter Nine months
% % % %
Group 2022 2021 Reported Organic(1) 2022 2021 Reported Organic(1)
Volume (m unit cases)(2) 757.5 694.2 9.1% (6.6%) 2,087.7 1,820.9 14.7% 0.4%
Net sales revenue
(EUR m) 2,695.7 2,124.3 26.9% 7.4% 6,905.6 5,372.2 28.5% 15.4%
Net sales revenue
per unit case (EUR) 3.56 3.06 16.3% 15.0% 3.31 2.95 12.1% 14.8%
Established markets
Volume (m unit cases) 196.8 178.7 10.1% 10.1% 502.5 453.0 10.9% 10.9%
Net sales revenue
(EUR m) 888.7 734.8 20.9% 19.3% 2,272.9 1,884.6 20.6% 19.1%
Net sales revenue
per unit case (EUR) 4.52 4.11 9.8% 8.3% 4.52 4.16 8.7% 7.4%
Developing markets
Volume (m unit cases) 133.0 119.6 11.2% 11.2% 363.4 310.5 17.0% 17.0%
Net sales revenue
(EUR m) 494.9 416.9 18.7% 23.1% 1,286.5 1,018.5 26.3% 29.3%
Net sales revenue
per unit case (EUR) 3.72 3.49 6.7% 10.7% 3.54 3.28 7.9% 10.5%
Emerging markets
Volume (m unit cases) 427.7 395.9 8.0% (19.4%) 1,221.8 1,057.4 15.5% (8.9%)
Net sales revenue
(EUR m) 1,312.1 972.6 34.9% (6.2%) 3,346.2 2,469.1 35.5% 7.4%
Net sales revenue
per unit case (EUR) 3.07 2.46 24.9% 16.5% 2.74 2.34 17.3% 17.9%
(1) For details on APMs refer to 'Alternative Performance
Measures' and 'Definitions and reconciliations of APMs'
sections.
(2) One unit case corresponds to approximately 5.678 litres or
24 servings, being a typically used measure of volume. For biscuits
volume, one unit case corresponds to 1 kilogram. For coffee volume,
one unit case corresponds to 0.5 kilograms or 5.678 litres.
Contingencies update
On 3 November 2022, the Hellenic Competition Commission issued a
ruling in a case initiated against our Greek subsidiary in 2016.
The ruling holds our Greek subsidiary in breach of the competition
rules related to the Greek immediate consumption market segment and
imposes a fine of EUR10.3 million as well as a behavioural remedy
in relation to beverage coolers. We disagree with the decision and
our Greek subsidiary will challenge it before the competent
courts.
Coca-Cola HBC Group
Coca-Cola HBC is a growth-focused consumer packaged goods
business and strategic bottling partner of The Coca-Cola Company.
We create value for all our stakeholders by supporting the
socio-economic development of the communities in which we operate
and we believe building a more positive environmental impact is
integral to our future growth. Together, we and our customers serve
715 million consumers across a broad geographic footprint of 29
countries on three continents. Our portfolio is one of the
strongest, broadest and most flexible in the beverage industry,
offering consumer-leading beverage brands in the sparkling, juice,
water, sport, energy, plant-based, ready-to-drink tea, coffee,
adult sparkling and premium spirits categories. These beverages
include Coca-Cola, Coca-Cola Zero, Schweppes, Kinley, Costa,
Valser, Römerquelle, Fanta, Sprite, Powerade, FuzeTea, Dobry,
Cappy, Monster and Adez. We foster an open and inclusive work
environment amongst our 33,000 employees and we are ranked among
the top sustainability performers in ESG benchmarks such as the Dow
Jones Sustainability Indices, CDP, MSCI ESG and FTSE4Good.
Coca-Cola HBC has a premium listing on the London Stock Exchange
(LSE:CCH) and is listed on the Athens Exchange (ATHEX:EEE). For
more information, please visit https://www.coca-colahellenic.com
.
Conference call
Coca-Cola HBC will host a conference call for financial analysts
and investors to discuss the 2022 third quarter trading update on
Tuesday 8 November 2022 at 9:00 am GMT. To join the call, in
listen-only mode please join via webcast . If you anticipate asking
a question, please click here to register and find dial-in
details.
Next event
14 February 2023 2022 Full-year results
Enquiries
Coca--Cola HBC Group
Investors and Analysts:
Joanna Kennedy Tel: +44 7802 427505
Head of Investor Relations joanna.kennedy@cchellenic.com
Jemima Benstead Tel: + 44 7740 535130
Investor Relations Manager jemima.benstead@cchellenic.com
Marios Matar Tel: +30 697 444 3335
Investor Relations Manager marios.matar@cchellenic.com
Media:
Sonia Bastian Tel: +41 7946 88054
Head of Communications sonia.bastian@cchellenic.com
Greek media contact:
V+O Communications Tel: +30 693 742 0246
Manos Iatrelis mi@vando.gr
Special Note Regarding the Information set out herein
Unless otherwise indicated, this trading update and the
financial and operating data or other information included herein
relate to Coca-Cola HBC AG and its subsidiaries ("Coca-Cola HBC" or
the "Company" or "we" or the "Group").
Forward-Looking Statements
This document contains forward-looking statements that involve
risks and uncertainties. These statements may generally, but not
always, be identified by the use of words such as "believe",
"outlook", "guidance", "intend", "expect", "anticipate", "plan",
"target" and similar expressions to identify forward-looking
statements. All statements other than statements of historical
facts, including, among others, statements regarding our future
financial position and results, our outlook for 2022 and future
years, business strategy and the effects of the global economic
slowdown, the impact of the sovereign debt crisis, currency
volatility, our recent acquisitions, and restructuring initiatives
on our business and financial condition, our future dealings with
The Coca-Cola Company, budgets, projected levels of consumption and
production, projected raw material and other costs, estimates of
capital expenditure, free cash flow, effective tax rates and plans
and objectives of management for future operations, are
forward-looking statements. By their nature, forward-looking
statements involve risk and uncertainty because they reflect our
current expectations and assumptions as to future events and
circumstances that may not prove accurate. Our actual results and
events could differ materially from those anticipated in the
forward-looking statements for many reasons, including the risks
described in the 2021 Integrated Annual Report for Coca-Cola HBC AG
and its subsidiaries. Although we believe that, as of the date of
this document, the expectations reflected in the forward-looking
statements are reasonable, we cannot assure you that our future
results, level of activity, performance or achievements will meet
these expectations. Moreover, neither we, nor our directors,
employees, advisors nor any other person assumes responsibility for
the accuracy and completeness of the forward-looking statements.
After the date of this trading update, unless we are required by
law or the rules of the UK Financial Conduct Authority to update
these forward-looking statements, we will not necessarily update
any of these forward-looking statements to conform them either to
actual results or to changes in our expectations.
Alternative Performance Measures
The Group uses certain Alternative Performance Measures ("APMs")
in making financial, operating and planning decisions as well as in
evaluating and reporting its performance. These APMs provide
additional insights and understanding to the Group's underlying
operating and financial performance. The APMs should be read in
conjunction with and do not replace by any means the directly
reconcilable International Financial Reporting Standards ("IFRS")
line items. For more details on APMs please refer to 'Definitions
and reconciliations of APMs' section.
As of 1 January 2022 the Group has moved its reporting to
organic growth APMs. This is to enable a better understanding of
underlying business performance, that is more consistent with how
Coca-Cola HBC's peer group reports.
Definitions and reconciliations of APMs
Organic growth
Organic growth enables users to focus on the operating
performance of the business on a basis which is not affected by
changes in foreign currency exchange rates from period to period or
changes in the Group's scope of consolidation ("consolidation
perimeter") i.e. acquisitions, divestments and reorganisations
resulting in equity method accounting. Thus, organic growth is
designed to assist users in better understanding the Group's
underlying performance.
More specifically, the following items are adjusted from the
Group's volume and net sales revenue in order to derive organic
growth metrics:
(a) Foreign Currency impact
Foreign Currency impact in the organic growth calculation
reflects the adjustment of prior-period net sales revenue metric
for the impact of changes in exchange rates applicable to the
current period.
(b) Consolidation perimeter impact
Current period volume and net sales revenue metrics are each
adjusted for the impact of changes in the consolidation perimeter.
More specifically adjustments are performed as follows:
i. Acquisitions:
For current year acquisitions, the results generated in the
current period by the acquired entities are not included in the
organic growth calculation. For prior-year acquisitions, the
results generated in the current year over the period during which
the acquired entities were not consolidated in the prior year, are
not included in the organic growth calculation.
For current year step acquisitions where the Group obtains
control of a) entities over which it previously held either joint
control or significant influence and which were accounted for under
the equity method, or b) entities which were carried at fair value
either through profit or loss or other comprehensive income, the
results generated in the current year by the relevant entities over
the period during which these entities are consolidated, are not
included in the organic growth calculation. For such step
acquisitions of entities previously accounted for under the equity
method the share of results for the respective period described
above, is included in the organic growth calculation of the current
year. For such step acquisitions of entities previously accounted
for at fair value through profit or loss any fair value gains or
losses for the respective period described above, are included in
the organic growth calculation. For such step acquisitions in the
prior year, the results generated in the current year by the
relevant entities over the period during which these entities were
not consolidated in the prior year, are not included in the organic
growth calculation. However, the share of results or gains or
losses from fair value changes of the respective entities, based on
their accounting treatment prior to the step acquisition, for the
current-year period during which these entities were not
consolidated in the prior year are included in the organic growth
calculation.
ii. Divestments:
For current year divestments, the results generated in the prior
year by the divested entities over the period during which the
divested entities are no longer consolidated in the current year,
are included in the current year's results for the purpose of the
organic growth calculation. For prior-year divestments, the results
generated in the prior year by the divested entities over the
period during which the divested entities were consolidated, are
included in the current year's results for the purpose of the
organic growth calculation.
iii. Reorganisations resulting in equity method accounting:
For current year reorganisations where the Group maintains
either joint control or significant influence over the relevant
entities so that they are reclassified from subsidiaries or joint
operations to joint ventures or associates and accounted for under
the equity method, the results generated in the current year by the
relevant entities over the period during which these entities are
no longer consolidated, are included in the current year's results
for the purpose of the organic growth calculation. For such
reorganisations in the prior year, the results generated in the
current year by the relevant entities over the period during which
these entities were consolidated in the prior year, are included in
the current year's results for the purpose of the organic growth
calculation. In addition, the share of results in the current year
of the relevant entities, for the respective period as described
above, is excluded from the organic growth calculation for such
reorganisations.
The calculations of the organic growth and the reconciliation to
the most directly related measures calculated in accordance with
IFRS are presented in the below tables. Organic growth (%) is
calculated by dividing the amount in the row titled 'Organic
movement' by the amount in the associated row titled '2021
reported' or, where presented, '2021 adjusted'.
Reconciliation of organic measures
Third quarter 2022 Nine months 2022
---------------------------------------------- ----------------------------------------------
Volume (m unit Group Established Developing Emerging Group Established Developing Emerging
cases)
2021 reported 694.2 178.7 119.6 395.9 1,820.9 453.0 310.5 1,057.4
Consolidation
perimeter
impact 108.8 - - 108.8 258.8 - - 258.8
Organic movement (45.5) 18.1 13.4 (77.0) 8.0 49.5 52.9 (94.4)
2022 reported 757.5 196.8 133.0 427.7 2,087.7 502.5 363.4 1,221.8
-------- ------------ ----------- --------- -------- ------------ ----------- ---------
Organic growth
(%) (6.6%) 10.1% 11.2% (19.4%) 0.4% 10.9% 17.0% (8.9%)
-------- ------------ ----------- --------- -------- ------------ ----------- ---------
Third quarter 2022 Nine months 2022
---------------------------------------------- ----------------------------------------------
Net sales revenue Group Established Developing Emerging Group Established Developing Emerging
(EUR m)
2021 reported 2,124.3 734.8 416.9 972.6 5,372.2 1,884.6 1,018.5 2,469.1
Foreign currency
impact 134.8 10.0 (14.9) 139.7 175.1 23.1 (23.4) 175.4
2021 adjusted 2,259.1 744.8 402.0 1,112.3 5,547.3 1,907.7 995.1 2,644.5
Consolidation
perimeter
impact 268.7 - - 268.7 506.7 - - 506.7
Organic movement 167.9 143.9 92.9 (68.9) 851.6 365.2 291.4 195.0
2022 reported 2,695.7 888.7 494.9 1,312.1 6,905.6 2,272.9 1,286.5 3,346.2
-------- ------------ ----------- --------- -------- ------------ ----------- ---------
Organic growth
(%) 7.4% 19.3% 23.1% (6.2%) 15.4% 19.1% 29.3% 7.4%
-------- ------------ ----------- --------- -------- ------------ ----------- ---------
Third quarter 2022 Nine months 2022
---------------------------------------------- ----------------------------------------------
Net sales revenue Group Established Developing Emerging Group Established Developing Emerging
per
unit case (EUR)(1)
2021 reported 3.06 4.11 3.49 2.46 2.95 4.16 3.28 2.34
Foreign currency
impact 0.19 0.06 (0.12) 0.35 0.10 0.05 (0.08) 0.17
2021 adjusted 3.25 4.17 3.36 2.81 3.05 4.21 3.20 2.50
Consolidation
perimeter
impact (0.18) - - (0.20) (0.19) - - (0.21)
Organic movement 0.49 0.35 0.36 0.46 0.45 0.31 0.34 0.45
2022 reported 3.56 4.52 3.72 3.07 3.31 4.52 3.54 2.74
-------- ------------ ----------- --------- -------- ------------ ----------- ---------
Organic growth
(%) 15.0% 8.3% 10.7% 16.5% 14.8% 7.4% 10.5% 17.9%
-------- ------------ ----------- --------- -------- ------------ ----------- ---------
(1) Certain differences in calculations are due to rounding.
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