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... ... @@ -102,136 +102,116 @@ 102 102 |2022|The company complete the acquisition of Coca-Cola Bottling Company of Egypt S.A.E. 103 103 104 104 105 -[[image:CCH5.jpg]] 106 106 106 +Markets 107 107 108 - ==Brands==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. 109 109 110 - Coca-ColaHBCis acustomer-centricbusinessaimingtoprovidevalueto itsustomers by growing their businessand through perfect executionintheplace.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]] 111 111 112 112 113 - The company grow bysupporting its customers’ growth. To do this, the companyleverageits24/7 portfolio and segmented sales execution to grow theoverall beverage industry,focusing onareas of high value opportunity and executing with excellence.113 +Established Markets 114 114 115 115 116 -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 - 129 129 The company operate in the established markets: Austria, Cyprus, Greece, Italy, Northern Ireland, Republic of Ireland and Switzerland. 130 130 131 - 132 132 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. 133 133 134 - 135 135 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. 136 136 137 137 138 - ==Developing Markets==123 +Developing Markets 139 139 140 140 The company operate in the developing markets: Croatia, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia. 141 141 142 - 143 143 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. 144 144 145 145 146 - ==Emerging Markets==130 +Emerging Markets 147 147 148 148 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. 149 149 150 - 151 151 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. 152 152 153 - 154 154 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. 155 155 138 +<market img> 156 156 157 -[[image:CCH3.png]] 158 158 141 +Brands 159 159 160 - =FinancialHighlights=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. 161 161 162 -**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}} 163 163 146 +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. 164 164 165 -“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. 166 166 149 +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. 167 167 168 - 2021 also marked 70 years since its early beginnings in Nigeria and I ammore excited than ever by thegrowthpotential of itsbusiness, further strengthened with theadditionof Egypt to its country portfolio.151 +<img brand> 169 169 170 170 171 - Revenue growth management actions focused behind both premiumand affordable offers, as well as pricingand ongoing productivity improvements have enabledit to continue investingbehind its strategic priorities, includingin capabilities development, whilstachieving EBIT margin expansion.154 +Financial Highlights 172 172 156 +Zoran Bogdanovic, Chief Executive Officer of Coca-Cola HBC AG, commented: 173 173 158 +[[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 +“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 + 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. 163 + 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. 165 + 174 174 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%.” 175 175 176 176 177 177 Effective execution in a volatile environment drove strong recovery 178 178 179 -* 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 171 +FX-neutral revenue growth +20.6% like-for-like1. Reported revenues +16.9% 182 182 173 +Business gained momentum in Q4, with FX-neutral revenue closing 10% above 20192 levels for the year like-for-like 183 183 175 +Value share gains continued to increase, +80bps in NARTD 176 + 177 + 184 184 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 185 185 186 -* 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 180 +Sparkling volume +13.8%, Low/no sugar +47.3%; Adult sparkling +31.8% 188 188 182 +Energy volume + 45.3%, driven by the performance of Monster, Burn and Predator 189 189 184 + 190 190 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 191 191 192 192 193 193 Consistent investment behind strategic priorities building growth momentum 194 194 195 -* 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 190 +Costa Coffee now available in 17 markets; Caffè Vergnano launched in Q4, now live in 5 markets 198 198 192 +Geographical expansion into Egypt adds exciting growth opportunity, integration on track 199 199 194 +Net Zero commitment backed by €250 million investment by 2025 195 + 196 + 200 200 Expanded EBIT margin while increasing marketing investment 201 201 202 -* 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 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% 205 205 201 +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 206 206 203 +Marketing expenditure +63%, full year spend almost back to pre-pandemic levels 204 + 205 + 207 207 Strong earnings growth, record high free cash flow and increased dividend pay-out target range 208 208 209 -* 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 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 212 212 210 +Increased dividend pay-out ratio target to 40-50%, previously 35-45% 213 213 214 -(% 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% 212 +Board of Directors to propose ordinary dividend of €0.71 per share, up +10.9% year-on-year 233 233 234 234 235 - =References=215 +References 236 236 237 237 {{putFootnotes/}}