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102	102	|2022|The company complete the acquisition of Coca-Cola Bottling Company of Egypt S.A.E.
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	105	+[[image:CCH5.jpg]]
105	105
106		-Markets
107	107
108		-The company manage and report on its business by grouping its geographical markets into three segments: emerging, developing and established markets. These groupings are based on a wide range of criteria, including socio-economic similarities, GDP per capita, consumption of sparkling drinks per capita and the state of development of the local drinks market.
	108	+== Brands ==
109	109
110		-[[https:~~/~~/www.coca-colahellenic.com/en/about-us/what-we-do/markets>>url:https://www.coca-colahellenic.com/en/about-us/what-we-do/markets]]
	110	+Coca-Cola HBC is a customer-centric business aiming to provide value to its customers by growing their business and through perfect execution in the marketplace.
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112	112
113		-Established Markets
	113	+The company grow by supporting its customers’ growth. To do this, the company leverage its 24/7 portfolio and segmented sales execution to grow the overall beverage industry, focusing on areas of high value opportunity and executing with excellence.
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	116	+With over 100 brands covering eight categories – sparkling, water, juices, ready-to-drink tea, energy, plant-based, premium spirits and coffee – Coca-Cola HBC has more opportunities to help its customers delight consumers than ever before, by providing the brands and drinks people want, when and where they want them.
	117	+
	118	+
	119	+[[image:CCH6.png]]
	120	+
	121	+
	122	+= Markets =
	123	+
	124	+The company manage and report on its business by grouping its geographical markets into three segments: emerging, developing and established markets. These groupings are based on a wide range of criteria, including socio-economic similarities, GDP per capita, consumption of sparkling drinks per capita and the state of development of the local drinks market.{{footnote}}https://www.coca-colahellenic.com/en/about-us/what-we-do/markets{{/footnote}}
	125	+
	126	+
	127	+== Established Markets ==
	128	+
116	116	The company operate in the established markets: Austria, Cyprus, Greece, Italy, Northern Ireland, Republic of Ireland and Switzerland.
117	117
	131	+
118	118	These countries share a tradition of political and economic stability and similar economic features, not least, high levels of disposable income per capita. This prosperity and economic security supports the affordability of its products, notably its single-serve packages.
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	134	+
120	120	Established countries generally show high levels of consumer sophistication. There are signs of activities concentrating in the retail sector – a critical indication for future channel development. A shift in demand towards domestic consumption, reflecting a reduction in disposable income, further supports this trend. In this context, activation at final points of sale is a key focus for its marketing and sales efforts.
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122	122
123		-Developing Markets
	138	+== Developing Markets ==
124	124
125	125	The company operate in the developing markets: Croatia, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia.
126	126
	142	+
127	127	While developing markets have market-oriented economies, they generally have lower disposable income per capita than its established markets. In addition, these countries can be exposed to periods of economic volatility. Entry to the European Union has resulted in increased political stability, as countries increasingly conform to the EU’s principles, objectives and regulations.
128	128
129	129
130		-Emerging Markets
	146	+== Emerging Markets ==
131	131
132	132	The company operate in the emerging markets: Armenia, Belarus, Bosnia & Herzegovina, Bulgaria, Egypt, Moldova, Montenegro, Nigeria, North Macedonia, Romania, the Russian Federation, Serbia (including the Republic of Kosovo) and Ukraine.
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	150	+
134	134	These countries share relatively similar political and economic volatility, with lower per capita GDP than its developing or established segments. As a result, consumer demand is especially price sensitive, making the affordability of Coca Cola HBC’s products even more important.
135	135
	153	+
136	136	The company deliver its products with a strategy of specialised revenue growth management, packaging and promotional programmes – these are the considerations at the core of its response to the nuances of local economic conditions.
137	137
138		-<market img>
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	157	+[[image:CCH3.png]]
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141		-Brands
142	142
143		-Coca-Cola HBC is a customer-centric business aiming to provide value to its customers by growing their business and through perfect execution in the marketplace.
	160	+= Financial Highlights =
144	144
	162	+**Zoran Bogdanovic, Chief Executive Officer of Coca-Cola HBC AG, commented:**{{footnote}}https://www.coca-colahellenic.com/en/media/news/financial_news/2022/2021-full-year-results{{/footnote}}
145	145
146		-The company grow by supporting its customers’ growth. To do this, the company leverage its 24/7 portfolio and segmented sales execution to grow the overall beverage industry, focusing on areas of high value opportunity and executing with excellence.
147	147
148		-
149		-With over 100 brands covering eight categories – sparkling, water, juices, ready-to-drink tea, energy, plant-based, premium spirits and coffee – Coca-Cola HBC has more opportunities to help its customers delight consumers than ever before, by providing the brands and drinks people want, when and where they want them.
150		-
151		-<img brand>
152		-
153		-
154		-Financial Highlights
155		-
156		-Zoran Bogdanovic, Chief Executive Officer of Coca-Cola HBC AG, commented:
157		-
158		-[[https:~~/~~/www.coca-colahellenic.com/en/media/news/financial_news/2022/2021-full-year-results>>url:https://www.coca-colahellenic.com/en/media/news/financial_news/2022/2021-full-year-results]]
159		-
160	160	“The business has delivered a very strong recovery in 2021, with all key metrics above pre-pandemic levels, the result of consistent and disciplined focus on its strategic priorities over the last few years. The company finished the year with strong revenue growth, its highest ever EBIT margin and free cash flow while continuing to gain share. This performance demonstrates the strength of its 24/7 brand portfolio, revenue growth management capabilities and execution excellence in its markets. It is driven by the strong drive and passion of its people, who continue to show great creativity and adaptability in navigating the volatile operating environment while nurturing its culture which embraces change, challenge and care. The company's results and strong future plans are also a reflection of its stronger than ever partnership with The Coca-Cola Company.
161	161
	167	+
162	162	2021 also marked 70 years since its early beginnings in Nigeria and I am more excited than ever by the growth potential of its business, further strengthened with the addition of Egypt to its country portfolio.
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	170	+
164	164	Revenue growth management actions focused behind both premium and affordable offers, as well as pricing and ongoing productivity improvements have enabled it to continue investing behind its strategic priorities, including in capabilities development, whilst achieving EBIT margin expansion.
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	173	+
166	166	Coca-Cola HBC is encouraged by the momentum the company see in the business. The company expect 2022 to be a year of strong sales supported by ongoing volume momentum, pricing actions and beneficial category mix. While mindful of inflationary headwinds and other risks, its track record and continuous focus on efficiencies give me confidence in delivering another year of EBIT growth. Given the positive long-term outlook for the business Coca-Cola HBC is increasing its targeted dividend pay-out range to 40-50%.”
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169	169	Effective execution in a volatile environment drove strong recovery
170	170
171		-FX-neutral revenue growth +20.6% like-for-like1. Reported revenues +16.9%
	179	+* FX-neutral revenue growth +20.6% like-for-like1. Reported revenues +16.9%
	180	+* Business gained momentum in Q4, with FX-neutral revenue closing 10% above 20192 levels for the year like-for-like
	181	+* Value share gains continued to increase, +80bps in NARTD
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173		-Business gained momentum in Q4, with FX-neutral revenue closing 10% above 20192 levels for the year like-for-like
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175		-Value share gains continued to increase, +80bps in NARTD
176		-
177		-
178	178	Volume growth of 14.0% like-for-like, or 13% on a reported basis, led by the Emerging and Established segments as well as the strategic priorities in its portfolio
179	179
180		-Sparkling volume +13.8%, Low/no sugar +47.3%; Adult sparkling +31.8%
	186	+* Sparkling volume +13.8%, Low/no sugar +47.3%; Adult sparkling +31.8%
	187	+* Energy volume + 45.3%, driven by the performance of Monster, Burn and Predator
181	181
182		-Energy volume + 45.3%, driven by the performance of Monster, Burn and Predator
183	183
184		-
185	185	Strength of brand portfolio demonstrated as pricing and other revenue growth management actions drove FX-neutral revenue per case +5.8%, or +3.9% excluding Poland
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188	188	Consistent investment behind strategic priorities building growth momentum
189	189
190		-Costa Coffee now available in 17 markets; Caffè Vergnano launched in Q4, now live in 5 markets
	195	+* Costa Coffee now available in 17 markets; Caffè Vergnano launched in Q4, now live in 5 markets
	196	+* Geographical expansion into Egypt adds exciting growth opportunity, integration on track
	197	+* Net Zero commitment backed by €250 million investment by 2025
191	191
192		-Geographical expansion into Egypt adds exciting growth opportunity, integration on track
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194		-Net Zero commitment backed by €250 million investment by 2025
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196		-
197	197	Expanded EBIT margin while increasing marketing investment
198	198
199		-Comparable EBIT grew by 23.6% with margins +60bps to 11.6%, including c. 30bps benefit from Cyprus property sale. Reported EBIT grew by 21.0%
	202	+* Comparable EBIT grew by 23.6% with margins +60bps to 11.6%, including c. 30bps benefit from Cyprus property sale. Reported EBIT grew by 21.0%
	203	+* Opex as a percent of revenue improved by 2.2pp, driven by operating leverage, cost savings higher than plan; 30 bps benefit from Cyprus property sale
	204	+* Marketing expenditure +63%, full year spend almost back to pre-pandemic levels
200	200
201		-Opex as a percent of revenue improved by 2.2pp, driven by operating leverage, cost savings higher than plan; 30 bps benefit from Cyprus property sale
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203		-Marketing expenditure +63%, full year spend almost back to pre-pandemic levels
204		-
205		-
206	206	Strong earnings growth, record high free cash flow and increased dividend pay-out target range
207	207
208		-Comparable EPS up 33.7% to €1.58 on lower tax rate; free cash flow increased by €104.3 million to €601.3 million
	209	+* Comparable EPS up 33.7% to €1.58 on lower tax rate; free cash flow increased by €104.3 million to €601.3 million
	210	+* Increased dividend pay-out ratio target to 40-50%, previously 35-45%
	211	+* Board of Directors to propose ordinary dividend of €0.71 per share, up +10.9% year-on-year
209	209
210		-Increased dividend pay-out ratio target to 40-50%, previously 35-45%
211	211
212		-Board of Directors to propose ordinary dividend of €0.71 per share, up +10.9% year-on-year
	214	+(% style="width:899px" %)
	215	+|(% style="width:485px" %) |(% style="width:146px" %)**Full-Year**|(% style="width:136px" %) |(% style="width:129px" %)**%**
	216	+|(% style="width:485px" %) |(% style="width:146px" %)**20211**|(% style="width:136px" %)**2020**|(% style="width:129px" %)**Change**
	217	+|(% style="width:485px" %)Volume (m unit cases)|(% style="width:146px" %)2,412.70|(% style="width:136px" %)2,135.60|(% style="width:129px" %)13.00%
	218	+|(% style="width:485px" %)Net sales revenue (€ m)|(% style="width:146px" %)7,168.40|(% style="width:136px" %)6,131.80|(% style="width:129px" %)16.90%
	219	+|(% style="width:485px" %)Net sales revenue per unit case (€)|(% style="width:146px" %)2.97|(% style="width:136px" %)2.87|(% style="width:129px" %)3.50%
	220	+|(% style="width:485px" %)FX-neutral net sales revenue (€)|(% style="width:146px" %)7,168.40|(% style="width:136px" %)5,994.90|(% style="width:129px" %)19.60%
	221	+|(% style="width:485px" %)FX-neutral net sales revenue per unit case3 (€)|(% style="width:146px" %)2.97|(% style="width:136px" %)2.81|(% style="width:129px" %)5.80%
	222	+|(% style="width:485px" %)Operating expenses/ Net sales revenue ~(%)|(% style="width:146px" %)25.6|(% style="width:136px" %)27.4|(% style="width:129px" %) -190bps
	223	+|(% style="width:485px" %)Comparable operating expenses / Net sales revenue ~(%)|(% style="width:146px" %)25.1|(% style="width:136px" %)27.3|(% style="width:129px" %)-220bps
	224	+|(% style="width:485px" %)Operating profit (EBIT) (€ m)|(% style="width:146px" %)799.3|(% style="width:136px" %)660.7|(% style="width:129px" %)21.00%
	225	+|(% style="width:485px" %)Comparable EBIT (€ m)|(% style="width:146px" %)831|(% style="width:136px" %)672.3|(% style="width:129px" %)23.60%
	226	+|(% style="width:485px" %)EBIT margin ~(%)|(% style="width:146px" %)11.2|(% style="width:136px" %)10.8|(% style="width:129px" %)40bps
	227	+|(% style="width:485px" %)Comparable EBIT margin ~(%)|(% style="width:146px" %)11.6|(% style="width:136px" %)11|(% style="width:129px" %)60bps
	228	+|(% style="width:485px" %)Net profit5 (€ m)|(% style="width:146px" %)547.2|(% style="width:136px" %)414.9|(% style="width:129px" %)31.90%
	229	+|(% style="width:485px" %)Comparable net profit (€ m)|(% style="width:146px" %)578.1|(% style="width:136px" %)431.4|(% style="width:129px" %)34.00%
	230	+|(% style="width:485px" %)Basic earnings per share (EPS) (€)|(% style="width:146px" %)1.499|(% style="width:136px" %)1.14|(% style="width:129px" %)31.50%
	231	+|(% style="width:485px" %)Comparable EPS (€)|(% style="width:146px" %)1.584|(% style="width:136px" %)1.185|(% style="width:129px" %)33.70%
	232	+|(% style="width:485px" %)Free cash flow3 (€ m)|(% style="width:146px" %)601.3|(% style="width:136px" %)497|(% style="width:129px" %)21.00%
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214	214
215		-References
	235	+= References =
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217	217	{{putFootnotes/}}