TIDMCCH
RNS Number : 5259P
Coca-Cola HBC AG
19 February 2016
EXECUTION DRIVES TOP-LINE AND MARGIN EXPANSION
Coca-Cola HBC AG, a leading bottler of The Coca-Cola Company,
reports its financial results for the full year ended 31 December
2015.
Full-year highlights
-- Underlying trends in volume growth continued to be strong in
the fourth quarter leading to a 2.6% increase in reported volume
for the year
o Established markets returned to growth for the first time in
five years, with good performances in Italy and Greece
o Volumes grew in all countries in the Developing markets
segment with particularly positive trends in Poland and Hungary
o Double-digit growth in Nigeria, Romania and Ukraine helped
drive volume in the Emerging markets segment up by 2.5%, despite
the anticipated mid single-digit decline in Russia
o Volume growth in all key categories except for RTD Tea
-- FX-neutral net sales revenue per case developed positively in
the fourth quarter, resulting in a marginal increase for the full
year; deflation in Europe and affordability concerns in certain
markets limited pricing opportunities in the Established and
Developing market segments, largely offsetting the pricing actions
taken in Emerging markets
-- Net sales revenue declined by 2.5% after a -5.1% adverse foreign exchange impact
-- Comparable EBIT was EUR473.2 million - up 11.4%; comparable
EBIT margin expanded by 100 basis points; pricing actions in
certain countries, favourable input costs and volume leverage,
particularly in Established and Developing markets, more than
offset the significant adverse impact from currencies, primarily
the Russian Rouble
-- Increased profits and further improvements in working capital
helped generate EUR411.8 million of free cash flow for the year
bringing the 2013-2015 free cash flow to EUR1.16 billion
-- On a reported basis, EBIT increased by 15.8% to EUR418.2
million; net profit was EUR280.3 million
-- Comparable EPS increased by 13.5% to EUR0.864; reported EPS declined by 4.7% to EUR0.771
-- The Board of Directors proposes a EUR0.40 dividend per share,
a 11.1% uplift on the 2014 dividend
Full Year Change
2015 2014
Volume (m unit cases) 2,055.0 2,002.9 2.6%
Net sales revenue (EUR m) 6,346.1 6,510.2 -2.5%
Net sales revenue per unit
case (EUR) 3.09 3.25 -4.9%
FX-neutral net sales revenue
per unit case (EUR) 3.09 3.08 0.3%
Operating profit (EBIT) (EUR
m) 418.2 361.1 15.8%
Comparable EBIT (EUR m) 473.2 424.7 11.4%
EBIT margin (%) 6.6 5.5 110bps
Comparable EBIT margin (%) 7.5 6.5 100bps
Net profit* (EUR m) 280.3 294.8 -4.9%
Comparable net profit* (EUR
m) 314.3 277.4 13.3%
Basic earnings per share
(EPS) (EUR) 0.771 0.809 -4.7%
Comparable EPS (EUR) 0.864 0.761 13.5%
------------------------------ -------- -------- -------
*Net Profit and Comparable Net Profit refer to net profit and
comparable net profit respectively after tax attributable to owners
of the parent.
Dimitris Lois, Chief Executive Officer of Coca-Cola HBC AG,
commented:
"I am pleased with our progress in 2015; volumes grew in all
segments for the first time in five years and margins have improved
significantly. Our commercial initiatives supported volume
expansion and we made further efficiency gains to ensure continued
profitable growth.
"Conditions in Europe are slowly improving while countries with
large oil exposure face ongoing difficult trading conditions. Going
into 2016 we will continue to take action to address the challenges
on a country by country basis. Overall we think the business is
well placed to build further on both the volume growth and margin
expansion achieved in 2015."
SPECIAL NOTE REGARDING THE INFORMATION SET OUT HEREIN
Unless otherwise indicated, the condensed consolidated interim
financial statements 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 2016 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 2014 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
the condensed consolidated financial statements included in this
document, 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.
Reconciliation of Reported to Comparable Financial Indicators
(numbers in EUR million except per share data)
Group Financial Full Year 2015
Results
----------------
Gross Adjusted
COGS(1) Profit(2) EBIT(3) EBITDA(4) Tax(5) Net Profit(6) EPS(7) (EUR)
Reported (4,018.7) 2,327.4 418.2 766.3 (76.4) 280.3 0.771
Restructuring
costs(8) - - 54.0 36.3 (11.9) 43.3 0.119
Commodity
hedging(9) 1.0 1.0 1.0 1.0 (0.2) 0.8 0.002
Other tax
items(10) - - - - (10.1) (10.1) (0.028)
---------- ---------------- --------- --------------- -------- -------------- --------------
Comparable (4,017.7) 2,328.4 473.2 803.6 (98.6) 314.3 0.864
---------------- ---------- ---------------- --------- --------------- -------- -------------- --------------
Group Financial Full Year 2014
Results
----------------
Gross Adjusted
COGS(1) Profit(2) EBIT(3) EBITDA(4) Tax(5) Net Profit(6) EPS(7) (EUR)
Reported (4,192.5) 2,317.7 361.1 742.1 (57.8) 294.8 0.809
Restructuring
costs(8) - - 55.2 34.2 (11.3) 50.4 0.138
Commodity
hedging(9) 8.4 8.4 8.4 8.4 (2.9) 5.5 0.015
Other tax
items(10) - - - - (13.4) (13.4) (0.037)
Non-recurring
items(11) - - - - - (59.9) (0.164)
Comparable (4,184.1) 2,326.1 424.7 784.7 (85.4) 277.4 0.761
---------------- ---------- ---------------- --------- --------------- -------- -------------- --------------
(1) Reported COGS refers to cost of goods sold.
(2) Reported Gross Profit refers to gross profit.
(3) Reported EBIT refers to operating profit.
(4) Adjusted EBITDA refers to operating profit before deductions
for depreciation and impairment of property, plant and equipment
(included both in cost of goods sold and in operating expenses),
amortisation and impairment of intangible assets, employee share
options and performance shares and other non-cash items, if any
(refer to 'Supplementary information' section).
(5) Reported tax refers to tax.
(6) Reported Net Profit refers to profit after tax attributable to owners of the parent.
(7) Reported EPS refers to basic earnings per share.
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(8) Restructuring costs comprise costs arising from significant
changes in the way we conduct business, such as significant supply
chain infrastructure changes and centralisation of processes. These
are included within the income statement line "restructuring
costs". However, they are excluded from the comparable results in
order for the user to obtain a proper understanding of the Group's
financial performance. Net profit for 2015 includes EUR1.2 million
from restructuring within joint ventures (2014: EUR6.5
million).
(9) The Group has entered into certain commodity derivative
transactions in order to mitigate its exposure to commodity price
risk. Although these transactions are economic hedging activities
that aim to manage our exposure to sugar, aluminium and gas oil
price volatility, they do not qualify for hedge accounting. In
addition, the Group recognises certain derivatives embedded within
commodity purchase contracts that have been accounted for as stand
alone derivatives and which do not qualify for hedge accounting.
The fair value gains and losses on the derivatives and embedded
derivatives are immediately recognised in the income statement in
the cost of goods sold line item. The Group's comparable results
exclude the unrealised gains or losses resulting from the
mark-to-market valuation of this hedging activity. These gains or
losses will be reflected in the comparable results in the period
when the underlying transactions will occur, to match the profit or
loss impact of the underlying transactions.
(10) Other tax items represent the tax impact of both changes in
income tax rates affecting the opening balance of deferred tax and
other one-off items arising during the year.
(11) Non-recurring items in 2014 refer to the gain included
within our share of results of equity method investments from the
sale of Zagorka by Brewmasters Holdings Ltd, a subsidiary of
Brewinvest S.A., a joint venture with Heineken.
Group Operational Review
Over the year we have successfully managed the business, in
challenging macroeconomic and trading conditions, to deliver strong
results. This performance marks an important step in returning our
business to sustainable growth and higher margins.
The combination of affordability measures in certain countries,
targeted and better-quality marketing, and our focus on execution
ensured volume growth in the year. Enhanced volume growth,
favourable input costs and operating cost discipline drove a 100
basis point improvement in our comparable EBIT margin in the year
despite the adverse impact of currencies.
Volume performance
Volume increased in the year by 2.6%, cycling a 2.8% decline in
the prior year. Good performance from Sparkling and Water further
supported by Juice helped achieve this growth.
Established market volume increased by 1.0%, cycling a 5.4%
decline in the prior year, and posting growth for the first time in
five years. Good Water performance, particularly in Italy, Austria
and Greece, as well as Energy growth offset a marginal decline in
the sparkling beverages category. Developing market volume grew by
5.7%, following a 6.0% decline in the prior year. All markets and
categories with the exception of RTD Tea contributed to the growth,
with notable performances in Poland and Hungary. Emerging markets
posted 2.5% growth, cycling a stable performance in the prior year.
With the exception of Russia and Belarus, all of our markets
delivered very good growth. In particular, Nigeria, Romania and
Ukraine achieved growth rates in low teens.
Category performance
Sparkling beverages volume grew by 2% boosted by trade marketing
initiatives such as 'Share a Coke' in Nigeria and Coke with Food
across our markets, organised trade performance in the Developing
segment and affordability measures in certain markets. These
actions more than offset the challenging trading conditions in
Russia, Belarus, Ireland and Greece. Within the category, Trademark
Coca-Cola increased by 3.3%, Coke Zero by 23.5% and Fanta by
4.0%.
Juice volume increased by 7.9% in the year. Russia was the key
driver of this growth as a result of the performance of our
expanded portfolio offering in the country, incorporating our
newest brand Moya Semya. Our investments in juice innovation in
Nigeria also paid off with a 19.2% volume uplift in the country.
Excluding Moya Semya, growth in the juice category overall for the
Group was 2.1%. Water grew by 4.7% in the period, with good
performances in most of our countries, particularly Ukraine,
Poland, Italy and Romania. Energy drinks category sustained its
growth momentum, increasing volumes by 6.6% driven by Hungary,
Poland, Serbia and Ireland.
Our Premium Spirits volume declined by 6.1%. Revenues were
EUR181.8 million - down 8.6% compared to prior year - after a 13.2%
adverse currency movement in the year.
Single-serve packs increased by 3.6%, while multi-serves
increased by 1.9%, leading to a 0.4 percentage point improvement in
package mix. All segments improved their mix, Emerging markets
being the key contributor to the performance. Sparkling mix
improved by 0.9 percentage points while Water mix deteriorated by
0.5 percentage points in the year.
Key financials
FX-neutral net sales revenue per unit case grew for the fifth
consecutive year, increasing by 0.3% in the year. Good delivery of
our revenue growth management initiatives in a number of Emerging
markets was, largely offset by the impact of our affordability
measures and deflationary pressures.
Net sales revenue of EUR6.3 billion was down 2.5% compared to
prior year. The 5.1% headwind from adverse movements in currencies
was only partly offset by the improved volume and the revenue
growth initiatives, including pricing, taken during the period.
FX-neutral input cost per unit case declined by 9% as expected.
The lower cost of EU sugar and PET resin benefited the Established
and Developing segments in particular.
Our restructuring efforts in recent years and tight cost
management have optimised the cost base, better positioning the
business for operating leverage, although higher currency
management costs in a very volatile year, coupled with the sharp
adverse currency impact on revenue, led to a stable performance in
terms of operating expenses as a percentage of net sales
revenue.
Comparable EBIT was EUR473.2 million, leading to a 100 basis
point expansion in comparable EBIT margin to 7.5%. Favourable input
costs, increased volume and the benefits from our revenue growth
management initiatives more than offset the EUR173.5 million
adverse impact of currency movements. Comparable EBIT and
comparable EBIT margin increased considerably in the Established
and Developing market segments, while profitability in the Emerging
markets segment declined. On a reported basis, we delivered
EUR418.2 million of EBIT in the year, a EUR57.1 million improvement
on the prior year.
We incurred EUR54.0 million in pre-tax restructuring charges in
the year, the majority of which was due to planned actions in the
Established and Emerging segments. We continue to effectively
execute our restructuring plans, targeting an increasingly agile
and efficient organisation.
In the year, we grew free cash flow by EUR79.1 million to
EUR411.8 million. Key drivers of the improvement were working
capital reduction, improved operational profitability and capital
expenditure. Both the balance sheet working capital position and
the working capital days improved in the year.
Comparable net profit of EUR314.3 million and comparable
earnings per share of EUR0.864 were 13.3% and 13.5% higher than in
the prior year, respectively. Reported net profit and reported
basic earnings per share were EUR280.3 million and EUR0.771,
respectively, in the period.
In line with our progressive dividend policy, the Board of
Directors proposes a full-year dividend of 0.40 Euros per share, an
11.1% increase on the 2014 dividend. The dividend payment will be
subject, among other things, to shareholders' approval at our
annual general meeting.
Operational Review by Reporting Segment
Established markets
Full Year Change
2015 2014
Volume (m unit cases) 621.1 615.2 1.0%
Net sales revenue
(EUR m) 2,485.6 2,448.9 1.5%
Net sales revenue
per unit case (EUR) 4.00 3.98 0.5%
FX-neutral net sales
revenue per unit case
(EUR) 4.00 4.10 -2.4%
Operating profit (EBIT)
(EUR m) 171.3 123.7 38.5%
Comparable EBIT (EUR
m) 198.8 146.7 35.5%
EBIT margin (%) 6.9 5.1 180bps
Comparable EBIT margin
(%) 8.0 6.0 200bps
--------------------------- -------- -------- -------
-- Unit case volume in our Established markets segment improved
by 1.0% in the year, following a 5.4% decline in the prior year.
This is the first year of growth following five consecutive years
of decline. Good Water growth combined with volume increases in
Italy and Greece, more than offset declines in Ireland.
-- Net sales revenue grew by 1.5% in the year. Volume leverage
and the positive currency impact, mainly from the Swiss Franc, more
than offset negative category and channel mix as well as price mix
deterioration amidst an overall deflationary environment.
FX-neutral net sales revenue per case declined by 2.4% in the
year.
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-- Volume in Italy returned to growth after five years of
decline, increasing by 2%, cycling a 10% decline in the prior year.
The underlying trading environment remains challenging with
unemployment still at high levels, albeit with some signs of
improvement in disposable income. Amidst these conditions, our
focus on executing our commercial strategy, driven by our OBPPC
(Occasion-based Brand Price Pack Channel) initiatives led to growth
in most key categories. Sparkling grew by 2%, driven by Trademark
Coke, with Fanta and Sprite also registering positive performances.
The Still category also grew, led by Water, which posted a 4%
increase. Single-serve contribution increased in the year, driven
by our single-serve focus on Sparkling in the immediate consumption
channel.
-- Volume in Greece grew for the second consecutive year,
increasing by 1% in the year, cycling a 2% increase in the prior
year. Performance in the still drinks category was the key growth
driver, with Water and Juice growing by 6% and 5%, respectively.
Coke Zero grew by 7%, while Energy continues to build its base,
growing by 24%. We are very pleased with the performance of the
business in Greece, given the challenging macroeconomic and trading
environment.
-- Volume in Switzerland was stable in the year, cycling a 7%
decline in the prior year. Water grew by 6% helped by increased
distribution. This, combined with Trademark Coke's positive
performance, offset declines in the other categories.
-- Volume declined by nearly 2% in Ireland, cycling a stable
performance in the prior year. We saw declines in most key
categories, with the exception of Water and Energy. Water grew by
9%, with Energy also delivering well with 26% growth. Sparkling
beverages declined in a very competitive market, despite the good
performance registered by Coke Zero, which grew by 6% and Fanta by
1%. Package mix improved by 1.8 percentage points in the year
driven by good performance of single-serve packs in Sparkling.
-- Comparable operating profit in the Established markets
segment improved by 35.5% to EUR198.8 million in the year.
Favourable input costs, benefits from restructuring and lower
operating expenses, favourable movements in currencies (mainly the
Swiss Franc) and volume leverage more than offset the negative
impact from our affordability measures. On a reported basis,
operating profit improved by 38.5% compared to the prior year to
EUR171.3 million.
Developing markets
Full Year Change
2015 2014
Volume (m unit cases) 378.7 358.3 5.7%
Net sales revenue
(EUR m) 1,092.0 1,054.1 3.6%
Net sales revenue
per unit case (EUR) 2.88 2.94 -2.0%
FX-neutral net sales
revenue per unit case
(EUR) 2.88 2.95 -2.4%
Operating profit (EBIT)
(EUR m) 87.4 52.0 68.1%
Comparable EBIT (EUR
m) 98.6 57.9 70.3%
EBIT margin (%) 8.0 4.9 310bps
Comparable EBIT margin
(%) 9.0 5.5 350bps
-------------------------- -------- -------- -------
-- Unit case volume in our Developing market segment grew by
5.7% in the year, with good performances in all of our countries.
The sparkling beverages category was the main growth driver,
supported by Water and to a lesser extent Juice.
-- Net sales revenue grew by 3.6% in the period. Benefits of
improved volume and category mix as well as the positive currency
impact more than offset unfavourable channel and price mix. On an
FX-neutral basis, net sales revenue per unit case declined by 2.4%
in the year.
-- In Poland, volume increased by 7% in the period. This follows
a 7% decline in the prior year when we rationalised unprofitable
volume by removing certain SKUs. Volume growth in the period was
driven by Sparkling beverages growing by 7%, boosted by good
results particularly in the organised trade. Still beverages posted
a 7% increase driven by Water performance with both plain and
flavoured water increasing. Package mix deteriorated by 1.1
percentage points in the year, driven by the strong performance of
Sparkling multi-serve packages in the discounters channel.
-- Volume in Hungary increased by 8% in the year, cycling a 1%
decline in the prior year, posting growth across all key
categories. Sparkling beverages increased by 8%, with positive
performance across the board. Notably Coca-Cola Zero grew by 30%.
Water grew by 12% driven by marketing activations in the fragmented
trade. Energy volumes were up 37%, continuing their double-digit
growth and reflecting the solid performance of our new product and
flavour launches. Juice volumes increased by 3%, helped by the
growth of Cappy. Our focus on increasing single-serve contribution
delivered results, with package mix improving by 1.7 percentage
points in the year, driven by the sparkling beverages category.
-- Czech Republic volume grew by 4% in the year, with good
performance across all key categories. This performance is a
testament to the success of our strategic decision to focus on
value-accretive volume and healthy growth. Water was the main
driver of this performance with significant support from Sparkling
which increased by 2% helped by the strong performance of Fanta in
the organised trade. Juice also grew strongly, posting a 14%
increase. Good growth of single-serve packages in the Sparkling
category led to a 0.2 percentage points improvement in the package
mix.
-- Developing markets posted a EUR40.7 million increase in
comparable operating profit to EUR98.6 million in the year.
Favourable input costs and improved volume more than offset the
impact of adverse channel mix as well as increased marketing and
promotional activity. Comparable operating margin for the segment
recorded a significant improvement, up 350 basis points. Reported
operating profit improved by EUR35.4 million compared to the prior
year, reaching EUR87.4 million.
Emerging markets
Full Year Change
2015 2014
Volume (m unit cases) 1,055.2 1,029.4 2.5%
Net sales revenue
(EUR m) 2,768.5 3,007.2 -7.9%
Net sales revenue
per unit case (EUR) 2.62 2.92 -10.3%
FX-neutral net sales
revenue per unit case
(EUR) 2.62 2.52 4.0%
Operating profit (EBIT)
(EUR m) 159.5 185.4 -14.0%
Comparable EBIT (EUR
m) 175.8 220.1 -20.1%
EBIT margin (%) 5.8 6.2 -40bps
Comparable EBIT margin
(%) 6.4 7.3 -90bps
-------------------------- -------- -------- -------
-- Unit case volume in our Emerging markets segment grew by 2.5%
in the year, following a stable performance in the prior year.
Strong performances in Nigeria, Romania and Ukraine across all key
categories and an exceptional performance in Juice more than offset
the weakness in Russia's Sparkling and Water performance amidst
challenging macroeconomic conditions.
-- Net sales revenue declined by 7.9% in the year. Benefits of
positive pricing initiatives, improved volume and category mix in
the year only partly compensated for the substantial negative
impact from currency movements and adverse package mix. FX-neutral
net sales revenue per case grew by 4.0% in the year, reflecting our
strategy to implement pricing initiatives in territories facing
currency headwinds.
-- Volume in Russia finished the year with a 6% decline as
anticipated, following 1% growth in the prior year. Within the
context of a low teens decline in the market, our strategic actions
including the launch of Coke Zero and increased promotional
activity in the organised trade held the decline of Trademark
Coca-Cola products to 2%. Juice registered 14% growth, partly
supported by the inclusion of Moya Semya in our portfolio, however
this was not enough to offset declines in the flavoured brands of
our Sparkling portfolio and to a lesser extent, in the water
category.
-- Volume in Nigeria grew by 10%, cycling a 4% increase in the
prior year, with good performance across all categories. Successful
trade activation initiatives such as the 'Share a Coke' campaign,
additional PET bottle production capacity and further utilisation
of SAP capabilities to improve product availability, helped drive
the growth. Juice is a significant contributor with 19% growth in
the year, demonstrating the success of our pulpy juice innovation
in the country. We continue to capitalise on the growth
opportunities that Nigeria has to offer.
-- Volume in Romania increased by 11% in the year, with good
performances across all categories. This follows a 6% decline in
the prior year. Sparkling performance was driven by Trademark
Coca-Cola and Fanta, supported by our new 1.25 L Sparkling pack for
the organised trade. Water grew by 7% in the year following the
completion of the SKU rationalisation process that took place over
the last couple of years. Cappy Pulpy continues to drive good
results in Juice. Package mix improved by 1.3 percentage points
driven by good growth in single-serve packages of both Sparkling
and Water.
-- Performance in Ukraine was strong with 14% growth in the
year, following a 4% decline in the prior year. The trading
environment remains volatile, with currency fluctuations and high
inflation impacting disposable income and consumer confidence.
Against this backdrop, we have maintained our focus on executing
our strategy of expanding our promotional initiatives in the
organised trade channel, through campaigns such as Coke with Food.
This enabled us to register good growth, reaching double digits in
nearly all key categories.
(MORE TO FOLLOW) Dow Jones Newswires
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-- Our Emerging markets segment posted a EUR44.3 million decline
in comparable operating profit to EUR175.8 million, leading to a 90
basis point deterioration in the segment's comparable operating
margin to 6.4%. Higher currency-driven pricing and revenue growth
management initiatives, improved volume and favorable input costs
only partly offset the significant currency headwinds and higher
operating and overhead costs. On a reported basis, operating profit
declined by 14% compared to prior year to EUR159.5 million.
Business Outlook
The outlook for 2016 is characterised by increased volatility.
In the Euro area, growth prospects are revised upwards, reflecting
the expected benefits from the oil and commodity price developments
and the accommodating monetary conditions. However in contrast,
growth estimates are revised downwards in the countries exporting
these commodities.
In our territory, we face mixed prospects. On the one hand, we
expect a reversal from deflation to inflation, and improvements in
unemployment levels and private consumption in many of our markets
benefitting from the low oil prices. On the other hand, oil
exporting countries such as Russia and Nigeria continue to face
ongoing challenges in an otherwise buoyant emerging markets
landscape.
The commercial initatives that we put in place in 2015 proved to
be effective, leading to good volume growth in all three segments.
We are determined to build further on this success and plan similar
initiatives in 2016. Looking forward, we expect to maintain volume
growth in all three market segments.
One of our key areas of focus in 2016 is revenue growth
management. We have planned pricing actions in markets impacted by
foreign currency depreciation and markets where deflationary
pressures are abating. In addition, we will continue with our OBPPC
initiatives to achieve better value for every case we sell. We
expect substantial improvements in FX-neutral net sales revenue per
case in the full year for all three segments.
The recent volatility of the Russian Rouble and the risk of a
Nigerian Naira devaluation make it difficult to estimate the
potential impact of currencies on our business. Taking into account
our hedged positions and current spot rates, we expect an adverse
impact on EBIT from foreign currency to amount to EUR135 million
for the full year.
World and EU sugar prices have started rising from their lows in
2015 and PET resin prices, which are correlated with oil prices,
are expected to further decrease if the current levels of oil price
persist in the remainder of the year. Given that we entered into
contracts, which cover all of our EU sugar and the majority of our
World sugar needs for 2016, and based on current oil spot prices,
we are confident that we can limit the increase in our overall
input costs per case to low single digits on an FX-neutral
basis.
Our efforts to gain further efficiencies in our operating cost
base continue. Aided by anticipated growth in our revenue, we
expect to deliver a significant reduction in operating expenses as
a percentage of net sales revenue in the year.
Overall our focus for 2016 is to build on this year's good
performance with another year of volume and revenue growth along
with margin expansion. We have strong plans and our track record
gives us confidence that we can take appropriate action in
countries where we face challenging market conditions. Our
efficiency programmes have, over several years, created a strong
platform. As many of our European markets slowly improve, we expect
to capitalise on this platform.
Technical guidance
Our initiatives to further improve operational efficiencies
remain unchanged. For 2016, we have identified restructuring
initiatives of approximately EUR35 million. We expect these
initiatives to yield EUR25 million in annualised benefits from 2017
onwards, while the initiatives already taken in 2015 and those that
we will take in 2016 are expected to yield EUR22 million of total
benefits in 2016.
Considering the dynamics of the evolving mix of profitability in
our country portfolio, we expect our comparable effective tax rate
to be in a range between 24% and 26%.
Annual capital expenditure over the medium term is expected to
range between 5.5% and 6.5% of net sales revenue, although in 2016,
we expect this ratio to materialise at the lower end of this range
as a result of the significant volatility in some of our Emerging
markets.
Group Financial Review
Selected income statement
and other items Full Year
------------------------------------
2014
2015 EUR
EUR million million % Change
------------- ---------- ---------
Volume (m unit cases) 2,055.0 2,002.9 2.6%
Net sales revenue 6,346.1 6,510.2 -2.5%
Net sales revenue per unit
case (EUR) 3.09 3.25 -4.9%
FX-neutral net sales revenue
per unit case (EUR)(1) 3.09 3.08 0.3%
Cost of goods sold (4,018.7) (4,192.5) -4.1%
Comparable cost of goods sold(2) (4,017.7) (4,184.1) -4.0%
Gross profit 2,327.4 2,317.7 0.4%
Comparable gross profit(2) 2,328.4 2,326.1 0.1%
Operating expenses (1,855.2) (1,901.4) -2.4%
Operating profit (EBIT) 418.2 361.1 15.8%
Comparable operating profit
(EBIT)(2) 473.2 424.7 11.4%
Adjusted EBITDA(3) 766.3 742.1 3.3%
Comparable adjusted EBITDA(2) 803.6 784.7 2.4%
Total net finance costs (68.2) (72.9) -6.4%
Tax (76.4) (57.8) 32.2%
Comparable tax (98.6) (85.4) 15.5%
Profit after tax attributable
to owners of the parent 280.3 294.8 -4.9%
Comparable profit after tax
attributable to owners of
the parent(2) 314.3 277.4 13.3%
Basic earnings per share (EUR) 0.771 0.809 -4.7%
Comparable basic earnings
per share (EUR)(2) 0.864 0.761 13.5%
Net cash from operating activities(3) 739.3 686.3 7.7%
Capital expenditure(3) (327.5) (353.6) -7.4%
Free cash flow(3) 411.8 332.7 23.8%
------------- ---------- ---------
(1) FX-neutral net sales revenue per unit case refers to net
sales revenue translated using 2015 exchange rates divided by
volume (unit cases).
(2) Refer to the 'Reconciliation of Reported to Comparable
Financial Indicators' section.
(3) Refer to 'Supplementary Information' section.
Net sales revenue
Net sales revenue decreased by 2.5% in 2015, compared to the
prior year, as strong volume performance and the positive result
from our revenue growth management initiatives were more than
offset by adverse currency headwinds. On an FX-neutral basis, net
sales revenue per unit case improved by 0.3%.
Cost of goods sold
Cost of goods sold decreased by 4.1% and comparable cost of
goods sold decreased by 4.0% for 2015, compared to the prior year,
as the input cost environment, in particular EU sugar and PET resin
prices, continued to be favourable.
Gross profit
Gross profit increased by 0.4%, increasing slightly from
EUR2,317.7 million in 2014 to EUR2,327.4 million in 2015.
Comparable gross profit margin increased from 35.7% in 2014 to
36.7% in 2015 mainly reflecting the benefits of favourable input
costs.
Operating expenses
Operating expenses decreased by 2.4% in 2015 compared to 2014,
mainly reflecting the benefits of our restructuring initiatives and
tight cost management. Operating expenses as a percentage of net
sales revenue remained stable.
Operating profit
Comparable operating profit increased by 11.4% in 2015 compared
to 2014, reflecting the increased sales volume, the benefits from
our revenue growth management initiatives and favourable input
costs, which were only partially offset by the significant adverse
foreign currency impact. In line with comparable operating profit,
operating profit increased by 15.8% in 2015.
Total net finance costs
Total net finance costs decreased by EUR4.7 million in 2015,
compared to 2014 mainly due to the cessation of hyperinflation
accounting in Belarus and lower net foreign exchange losses.
Tax
On a comparable basis, Coca-Cola HBC's effective tax rate was
approximately 24% for 2015 compared to 23% for 2014. On a reported
basis, the Group's effective tax rate was approximately 21% for
2015 and 16% for 2014. Coca-Cola HBC's effective tax rate varies
depending on the mix of taxable profits by territory, the
non-deductibility of certain expenses, non-taxable income and other
one-off tax items across its territories. In 2014 the reported
effective tax rate was impacted by the net impact of the gain from
the sale of equity method investments.
Profit after tax attributable to owners of the parent
On a comparable basis, profit after tax attributed to owners of
the parent increased by 13.3% in 2015 compared to 2014, mainly
driven by higher operating profitability.
Net cash from operating activities and capital expenditure
Net cash from operating activities increased by 7.7% in 2015
compared to 2014, reflecting increased operating profitability and
the improvement in working capital.
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Capital expenditure, net of receipts from the disposal of assets
and including principal repayments of finance lease obligations,
decreased by 7.4% in the year. In 2015, capital expenditure
amounted to EUR327.5 million of which 55% was related to investment
in production equipment and facilities and 24% to the acquisition
of marketing equipment. In 2014, capital expenditure amounted to
EUR353.6 million of which 51% was related to investment in
production equipment and facilities and 25% to the acquisition of
marketing equipment.
In 2015, free cash flow grew by EUR79.1 million to EUR411.8
million, reflecting increased cash from operating activities and
lower capital expenditure.
Supplementary Information
The financial measures Adjusted EBITDA, Capital Expenditure and
Free Cash Flow consist of the following reported amounts in the
condensed consolidated financial statements:
Full Year
2015 2014
EUR million EUR million
Profit after tax 280.7 294.2
Tax charged to the income statement 76.4 57.8
Total finance costs, net 68.2 72.9
Share of results of equity method
investments (7.1) (63.8)
Operating profit (EBIT) 418.2 361.1
Depreciation and impairment of property,
plant and equipment 340.2 368.8
Amortisation of intangible assets 0.4 0.4
Employee share options and performance
shares 8.8 12.1
Other non-cash items (1.3) (0.3)
Adjusted EBITDA 766.3 742.1
Losses / (gains) on disposal of non-current
assets 1.8 (1.8)
Decrease in working capital 43.9 15.0
Tax paid (72.7) (69.0)
------------- -------------
Net cash from operating activities 739.3 686.3
------------- -------------
Payments for purchases of property,
plant and equipment (331.5) (362.6)
Principal repayments of finance lease
obligations (13.8) (14.0)
Proceeds from sale of property, plant
and equipment 17.8 23.0
------------- -------------
Capital expenditure (327.5) (353.6)
------------- -------------
Net cash from operating activities 739.3 686.3
Capital expenditure (327.5) (353.6)
------------- -------------
Free cash flow 411.8 332.7
------------- -------------
The volume, net sales revenue and net sales revenues per unit
case on a reported and FX-neutral base, are provided for NARTD and
premium spirits, as set out below:
Full Year %
NARTD 2015 2014 Change
Volume (m unit cases) (1) 2,052.6 2,000.3 2.6%
Net sales revenue (EUR m) 6,164.3 6,311.3 -2.3%
Net sales revenue per Unit Case (EUR) 3.00 3.16 -5.1%
FX-neutral net sales revenue per unit case (EUR) 3.00 3.00 -
Full Year %
Premium Spirits 2015 2014 Change
Volume (m unit cases)(1) 2.396 2.553 -6.1%
Net sales revenues (EUR m) 181.8 198.9 -8.6%
Net sales revenue per unit case (EUR) 75.9 77.9 -2.6%
FX-neutral net sales revenue per unit case (EUR) 75.9 67.6 12.3%
Full Year %
Total 2015 2014 Change
Volume (m unit cases)(1) 2,055.0 2,002.9 2.6%
Net sales revenue (EUR m) 6,346.1 6,510.2 -2.5%
Net sales revenue per unit case (EUR) 3.09 3.25 -4.9%
FX-neutral net sales revenue per unit case (EUR) 3.09 3.08 0.3%
(1) For NARTD volume, one unit case corresponds to approximately
5.678 litres or 24 servings, being a typically used measure of
volume. For premium spirits volume, one unit case also corresponds
to 5.678 litres.
Coca-Cola HBC Group
Coca-Cola HBC is a leading bottler of The Coca-Cola Company with
a sales volume of more than 2 billion unit cases. It has a broad
geographic footprint with operations in 28 countries serving a
population of approximately 590 million people. Coca-Cola HBC
offers a diverse range of non-alcoholic ready to drink beverages in
the sparkling, juice, water, sport, energy, tea and coffee
categories. Coca-Cola HBC is committed to promoting sustainable
development in order to create value for its business and for
society. This includes providing products that meet the beverage
needs of consumers, fostering an open and inclusive work
environment, conducting its business in ways that protect and
preserve the environment and contribute to the socio-economic
development of the local communities.
Coca-Cola HBC has a premium listing on the London Stock Exchange
(LSE: CCH) and its shares are listed on the Athens Exchange (ATHEX:
EEE). Coca-Cola HBC is included in the Dow Jones Sustainability and
FTSE4Good Indexes. For more information, please visit
http://www.coca-colahellenic.com.
Financial information in this announcement is presented on the
basis of
International Financial Reporting Standards ("IFRS").
Conference call
Coca-Cola HBC will host a conference call for financial analysts
and investors to discuss the 2015 full-year financial results on 19
February 2016 at 10:00 am Swiss time (9:00 am London, 11:00 am
Athens, and 4:00 am New York time). Interested parties can access
the live, audio webcast of the call through Coca-Cola HBC's
website
(www.coca-colahellenic.com/investorrelations/webcasts).
Enquiries
Coca--Cola HBC Group
Basak Kotler
Investor Relations Tel: +41 41 726 0143
Director email: basak.kotler@cchellenic.com
Nikos Efstathopoulos
Investor Relations Tel: +30 210 618 3260
Manager email: nikos.efstathopoulos@cchellenic.com
International media
contact:
Teneo Tel: +44 20 7240 2486
Rob Morgan robert.morgan@teneostrategy.com
Ben Ullmann ben.ullmann@teneostrategy.com
Anushka Mathew anushka.mathew@teneostrategy.com
Greek media contact:
V+O Communications Tel: +30 211 7501219
Argyro Oikonomou email: ao@vando.gr
Condensed consolidated financial statements for the six months
and the year ended 31 December 2015
Condensed consolidated balance sheet (unaudited)
As at As at
31 December 31 December
2015 2014
Note EUR million EUR million
------------------------------ ------ ------------ ------------
Assets
Intangible assets 4 1,911.6 1,884.8
Property, plant and equipment 4 2,545.5 2,624.1
Other non-current assets 208.1 308.0
------------------------------ ------ ------------ ------------
Total non-current assets 4,665.2 4,816.9
------------------------------ ------ ------------ ------------
Inventories 435.8 414.2
Trade and other receivables 939.3 1,010.6
Cash and cash equivalents 5 487.4 636.3
------------------------------ ------ ------------ ------------
1,862.5 2,061.1
Assets classified as held
for sale 5.5 1.0
------------------------------ ------ ------------ ------------
Total current assets 1,868.0 2,062.1
------------------------------ ------ ------------ ------------
Total assets 6,533.2 6,879.0
------------------------------ ------ ------------ ------------
Liabilities
Short-term borrowings 5 781.5 548.6
Other current liabilities 1,709.4 1,647.3
------------------------------ ------ ------------ ------------
Total current liabilities 2,490.9 2,195.9
------------------------------ ------ ------------ ------------
Long-term borrowings 5 923.0 1,556.3
Other non-current liabilities 295.2 335.7
------------------------------ ------ ------------ ------------
Total non-current liabilities 1,218.2 1,892.0
------------------------------ ------ ------------ ------------
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February 19, 2016 02:00 ET (07:00 GMT)
Total liabilities 3,709.1 4,087.9
Equity
Owners of the parent 2,819.8 2,787.0
Non-controlling interests 4.3 4.1
------------------------------ ------ ------------ ------------
Total equity 2,824.1 2,791.1
------------------------------ ------ ------------ ------------
Total equity and liabilities 6,533.2 6,879.0
------------------------------ ------ ------------ ------------
The accompanying notes form an integral part of these condensed
consolidated financial statements
Condensed consolidated income statement (unaudited)
Six months Six months
ended ended
31 December 31 December
2015 2014
Note EUR million EUR million
---------------------------- ---- ------------ ------------
Net sales revenue 3 3,195.2 3,327.1
Cost of goods sold (2,019.7) (2,159.1)
---------------------------- ---- ------------ ------------
Gross profit 1,175.5 1,168.0
Operating expenses (924.8) (927.7)
Restructuring costs 7 (31.6) (43.3)
Operating profit 3 219.1 197.0
Total finance costs, net 8 (31.0) (34.0)
Share of results of equity
method investments 4.3 59.8
---------------------------- ---- ------------ ------------
Profit before tax 192.4 222.8
Tax 9 (37.2) (23.7)
Profit after tax 155.2 199.1
---------------------------- ---- ------------ ------------
Attributable to:
Owners of the parent 155.1 199.7
Non-controlling interests 0.1 (0.6)
---------------------------- ---- ------------ ------------
155.2 199.1
---------------------------- ---- ------------ ------------
Basic and diluted earnings
per share (EUR) 10 0.43 0.55
Condensed consolidated statement of comprehensive
income (unaudited)
Six months Six months
ended ended
31 December 31 December
2015 2014
EUR million EUR million
------------------------------------------------ -------------- --------------
Profit after tax for the period 155.2 199.1
Other comprehensive income:
Items that may be subsequently
reclassified to income statement:
Valuation gain / (loss) on available-for-sale
assets 0.2 (0.7)
Cash flow hedges:
Net (losses)/gains during the
period (2.2) 12.1
Net losses reclassified to
profit and loss for the period 1.4 3.6
Transfers to inventory for the
period (7.4) (8.2) (4.2) 11.5
------ -------
Foreign currency translation (178.3) (275.7)
Share of other comprehensive
income of
equity method investments (1.1) (0.1)
Income tax relating to items
that may be subsequently reclassified
to income statement (1.6) (7.8)
------------------------------------------------ -------------- --------------
(189.0) (272.8)
Items that will not be subsequently
reclassified to income statement:
Actuarial gains / (losses) 6.0 (16.7)
Income tax relating to items
that will not be subsequently
reclassified to income statement (2.5) 2.3
------------------------------------------------ -------------- --------------
3.5 (14.4)
------------------------------------------------ -------------- --------------
Other comprehensive income for
the period, net of tax (185.5) (287.2)
------------------------------------------------ -------------- --------------
Total comprehensive income for
the period (30.3) (88.1)
------------------------------------------------ -------------- --------------
Total comprehensive income attributable
to:
Owners of the parent (30.4) (87.5)
Non-controlling interests 0.1 (0.6)
------------------------------------------------ -------------- --------------
(30.3) (88.1)
------------------------------------------------ -------------- --------------
Condensed consolidated income statement (unaudited)
Year ended Year ended
31 December 31 December
2015 2014
Note EUR million EUR million
---------------------------- ---- ------------ ------------
Net sales revenue 3 6,346.1 6,510.2
Cost of goods sold (4,018.7) (4,192.5)
---------------------------- ---- ------------ ------------
Gross profit 2,327.4 2,317.7
Operating expenses (1,855.2) (1,901.4)
Restructuring costs 7 (54.0) (55.2)
Operating profit 3 418.2 361.1
Total finance costs, net 8 (68.2) (72.9)
Share of results of equity
method investments 7.1 63.8
---------------------------- ---- ------------ ------------
Profit before tax 357.1 352.0
Tax 9 (76.4) (57.8)
Profit after tax 280.7 294.2
---------------------------- ---- ------------ ------------
Attributable to:
Owners of the parent 280.3 294.8
Non-controlling interests 0.4 (0.6)
---------------------------- ---- ------------ ------------
280.7 294.2
---------------------------- ---- ------------ ------------
Basic and diluted earnings
per share (EUR) 10 0.77 0.81
Condensed consolidated statement of comprehensive
income (unaudited)
Year ended Year ended
31 December 31 December
2015 2014
EUR million EUR million
------------------------------------------------ -------------- --------------
Profit after tax for the year 280.7 294.2
Other comprehensive income:
Items that may be subsequently
reclassified to income statement:
Valuation gain / (loss) on available-for-sale
assets 0.1 (0.6)
Cash flow hedges:
Net (losses)/gains during the
year (5.2) 5.4
Net losses reclassified to
profit and loss for the year 4.6 7.4
Transfers to inventory for the
year (19.7) (20.3) (6.4) 6.4
------ --------
Foreign currency translation (65.8) (322.0)
Share of other comprehensive
income of
equity method investments (0.2) -
Income tax relating to items
that may be subsequently reclassified
to income statement 5.5 (6.6)
------------------------------------------------ -------------- --------------
(80.7) (322.8)
Items that will not be subsequently
reclassified to income statement:
Actuarial gains / (losses) 11.1 (38.7)
Income tax relating to items
that will not be subsequently
reclassified to income statement (2.9) 6.6
------------------------------------------------ -------------- --------------
8.2 (32.1)
------------------------------------------------ -------------- --------------
Other comprehensive income for
the year, net of tax (72.5) (354.9)
------------------------------------------------ -------------- --------------
Total comprehensive income for
the year 208.2 (60.7)
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------------------------------------------------ -------------- --------------
Total comprehensive income attributable
to:
Owners of the parent 207.8 (60.1)
Non-controlling interests 0.4 (0.6)
------------------------------------------------ -------------- --------------
208.2 (60.7)
------------------------------------------------ -------------- --------------
Condensed consolidated statement of changes
in equity (unaudited)
Attributable to owners
of the parent
Share Share Group Treasury Exchange Other Retained Non-
capital Premium Reorganization shares equalisation reserves earnings Total controlling Total
EUR EUR reserve EUR reserve EUR EUR EUR interests equity
million million EUR million million EUR million million million million EUR million EUR million
--------------- ------- -------- -------------- -------- ------------ -------- -------- -------- ----------- ------------
Balance as at 1
January 2014 1,997.4 5,287.1 (6,472.1) (70.7) (293.3) 388.7 2,125.1 2,962.2 5.1 2,967.3
Shares issued
to employees
exercising
stock options 0.7 0.7 - - - - - 1.4 - 1.4
Share-based
compensation:
Options - - - - - 12.1 - 12.1 - 12.1
Movement in
shares held
for
equity
compensation
plan - - - - - (2.3) - (2.3) - (2.3)
Hyperinflation
impact - - - - - - 3.2 3.2 - 3.2
Share of other
changes in
equity of
equity method
investments - - - - - - (0.5) (0.5) - (0.5)
Appropriation /
transfer
of reserves - - - - - (138.0) 138.0 - - -
Dividends (note
13) - (130.2) - - - - 1.2 (129.0) (0.4) (129.4)
--------------- ------- -------- -------------- -------- ------------ -------- -------- -------- ----------- ------------
1,998.1 5,157.6 (6,472.1) (70.7) (293.3) 260.5 2,267.0 2,847.1 4.7 2,851.8
Profit for the
year net of
tax - - - - - - 294.8 294.8 (0.6) 294.2
Other
comprehensive
income
for the year,
net of tax - - - - (322.0) (0.8) (32.1) (354.9) - (354.9)
--------------- ------- -------- -------------- -------- ------------ -------- -------- -------- ----------- ------------
Total
comprehensive
income
for the year,
net of tax(1) - - - - (322.0) (0.8) 262.7 (60.1) (0.6) (60.7)
Balance as at
31 December
2014 1,998.1 5,157.6 (6,472.1) (70.7) (615.3) 259.7 2,529.7 2,787.0 4.1 2,791.1
--------------- ------- -------- -------------- -------- ------------ -------- -------- -------- ----------- ------------
(1) The amount included in the exchange equalisation reserve of
EUR322.0 million loss for 2014 represents the exchange loss
attributed to the owners of the parent.
The amount included in other reserves of EUR0.8 million loss for
2014 consists of loss on valuation of available-for-sale financial
assets of EUR0.6 million, cash flow hedges gains of EUR6.4 million
(of which EUR5.4 million represents revaluation gain for the year,
EUR7.4 million represents revaluation loss reclassified to profit
and loss for the year and EUR6.4 million represents revaluation
gain reclassified to inventory for the year) and the deferred tax
expense thereof amounting to EUR6.6 million.
The amount of EUR262.7 million gain comprises profit for the
year of EUR294.8 million plus actuarial loss of EUR38.7 million
less a deferred tax income of EUR6.6 million.
The amount of EUR0.6 million loss included in non-controlling
interests for 2014 represents the share of non-controlling
interests in retained earnings.
Condensed consolidated statement of changes
in equity (unaudited)
Attributable to owners
of the parent
Share Share Group Treasury Exchange Other Retained
Capital Premium Reorganization shares equalisation reserves earnings Total Non-controlling Total
EUR EUR reserve EUR reserve EUR EUR EUR interests equity
million million EUR million million EUR million million million million EUR million EUR million
-------------- ------- ------- -------------- -------- ------------ -------- -------- -------- --------------- ------------
Balance as at
1 January
2015 1,998.1 5,157.6 (6,472.1) (70.7) (615.3) 259.7 2,529.7 2,787.0 4.1 2,791.1
Shares issued
to employees
exercising
stock options 2.0 3.1 - - - - - 5.1 - 5.1
Share-based
compensation:
Options and
performance
shares - - - - - 8.8 - 8.8 - 8.8
Movement in
shares held
for equity
compensation
plan - - - (0.6) - 1.3 - 0.7 - 0.7
Acquisition of
treasury
shares (note
11) - - - (58.5) - - - (58.5) - (58.5)
Appropriation
of reserves - - - (2.2) - 5.2 (3.0) - - -
Dividends
(note 13) - (132.4) - - - - 1.3 (131.1) (0.2) (131.3)
-------------- ------- ------- -------------- -------- ------------ -------- -------- -------- --------------- ------------
2,000.1 5,028.3 (6,472.1) (132.0) (615.3) 275.0 2,528.0 2,612.0 3.9 2,615.9
Profit for the
year net
of tax - - - - - - 280.3 280.3 0.4 280.7
Other
comprehensive
income
for the year,
net of tax - - - - (66.1) (14.6) 8.2 (72.5) - (72.5)
-------------- ------- ------- -------------- -------- ------------ -------- -------- -------- --------------- ------------
Total
comprehensive
income
for the year
net of tax(2) - - - - (66.1) (14.6) 288.5 207.8 0.4 208.2
-------------- ------- ------- -------------- -------- ------------ -------- -------- -------- --------------- ------------
Balance as at
31 December
2015 2,000.1 5,028.3 (6,472.1) (132.0) (681.4) 260.4 2,816.5 2,819.8 4.3 2,824.1
-------------- ------- ------- -------------- -------- ------------ -------- -------- -------- --------------- ------------
(2) The amount included in the exchange equalisation reserve of
EUR66.1 million loss for 2015 represents the exchange loss
attributed to the owners of the parent.
The amount included in other reserves of EUR14.6 million loss
for 2015 consists of gain on valuation of available-for-sale
financial assets of EUR0.1 million, cash flow hedges losses of
EUR20.3 million (of which EUR5.2 million represents revaluation
loss for the year, EUR4.6 million represents revaluation loss
reclassified to profit and loss for the year and EUR19.7 million
represents revaluation gain reclassified to inventory for the
year), EUR0.1 million gain relating to share of other comprehensive
income of equity method investments and the deferred tax income
thereof amounting to EUR5.5 million.
The amount of EUR288.5 million gain comprises profit for the
year of EUR280.3 million plus actuarial gains of EUR11.1 million
less a deferred tax expense of EUR2.9 million.
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The amount of EUR0.4 million gain included in non-controlling
interests for 2015 represents the share of non-controlling
interests in retained earnings.
Condensed consolidated cash flow statement (unaudited)
Year ended Year ended
31 December 31 December
2015 2014
Note EUR million EUR million
---------------------------------------- ----- ------------ ------------
Operating activities
Profit after tax for the year 280.7 294.2
Total finance costs, net 8 68.2 72.9
Share of results of equity method
investments (7.1) (63.8)
Tax charged to the income statement 76.4 57.8
Depreciation and impairment
of property, plant and equipment 4 340.2 368.8
Employee share options and performance
shares 8.8 12.1
Amortisation of intangible assets 4 0.4 0.4
Other non- cash items (1.3) (0.3)
766.3 742.1
Loss /(gain) on disposal of
non-current assets 1.8 (1.8)
Increase in inventories (37.1) (38.0)
Increase in trade and other
receivables (13.8) (53.9)
Increase in trade and other
payables 94.8 106.9
Tax paid (72.7) (69.0)
---------------------------------------- ----- ------------ ------------
Net cash from operating activities 739.3 686.3
---------------------------------------- ----- ------------ ------------
Investing activities
Payments for purchases of property,
plant and equipment (331.5) (362.6)
Payments for purchase of intangible
assets 17 - (14.1)
Proceeds from sales of property,
plant and equipment 17.8 23.0
Net receipts from investments 17 118.2 6.6
Interest received 9.5 10.0
Net cash used in investing activities (186.0) (337.1)
---------------------------------------- ----- ------------ ------------
Financing activities
Proceeds from shares issued
to employees exercising stock
options 11 5.1 1.4
(Payments) / proceeds for shares
held by non-controlling interests (1.2) 2.6
Share buy-back payments 11 (58.5) -
Dividends paid to owners of
the parent (131.1) (129.0)
Dividends paid to non-controlling
interests (0.2) (0.4)
Proceeds from borrowings 742.7 1,137.9
Repayments of borrowings (1,162.7) (1,347.2)
Principal repayments of finance
lease obligations (13.8) (14.0)
Interest paid (69.5) (91.3)
Net cash used in financing
activities (689.2) (440.0)
---------------------------------------- ----- ------------ ------------
Decrease in cash and cash equivalents (135.9) (90.8)
---------------------------------------- ----- ------------ ------------
Movement in cash and cash equivalents
Cash and cash equivalents at
1 January 636.3 737.5
Decrease in cash and cash equivalents (135.9) (90.8)
Effect of changes in exchange
rates (13.0) (11.4)
Hyperinflation impact on cash - 1.0
---------------------------------------- ----- ------------ ------------
Cash and cash equivalents at
the end of the year 487.4 636.3
---------------------------------------- ----- ------------ ------------
Selected explanatory notes to the condensed consolidated
financial statements (unaudited)
1. Basis of preparation and accounting policies
Basis of preparation
These condensed consolidated financial statements are prepared
in accordance with International Financial Reporting Standards
("IFRS") as issued by the International Accounting Standards Board
("IASB") applicable to Interim Financial Reporting ("IAS 34").
These condensed consolidated financial statements should be read in
conjunction with the 2014 annual financial statements, which
include a full description of the Group's accounting policies.
Comparative figures have been reclassified and adjusted where
necessary to conform with changes in presentation in the current
year according to IAS 1 presentation requirements. More
specifically, an amount of EUR1.0 million included in 'Trade and
other receivables' was reclassified from the 2014 comparatives and
shown separately to 'Assets classified as held for sale' on the
condensed consolidated balance sheet.
Accounting policies
The accounting policies used in the preparation of the condensed
consolidated financial statements of Coca-Cola HBC AG ("Coca-Cola
HBC", the "Company" or the "Group") are consistent with those used
in the annual financial statements for the year ended 31 December
2014, except for the amendments to the IFRSs effective as of 1
January 2015, but which do not have a material impact on the
condensed consolidated financial statements of the Group.
In January 2016, the IASB issued a new standard, IFRS 16 Leases;
the Group is currently assessing the effect that it will have on
the consolidated financial statements of the Group.
2. Exchange rates
The Group's reporting currency is the euro (EUR). Coca-Cola HBC
translates the income statements of subsidiary operations to the
euro at average exchange rates and the balance sheet at the closing
exchange rate for the year.
The principal exchange rates used for transaction and
translation purposes in respect of one euro were:
Average for the year Closing as at
ended
31 December 31 December 31 December 31 December
2015 2014 2015 2014
------------- ----------- ----------- ----------- -----------
US dollar 1.11 1.33 1.09 1.22
UK sterling 0.72 0.81 0.74 0.78
Polish zloty 4.17 4.19 4.23 4.31
Nigerian
naira 215.63 208.35 216.15 204.99
Hungarian
forint 309.12 308.58 312.98 315.45
Swiss franc 1.06 1.22 1.08 1.20
Russian
Rouble 67.67 50.82 78.95 68.34
Romanian
leu 4.44 4.45 4.54 4.47
Serbian
dinar 120.70 117.26 121.33 120.41
Czech koruna 27.29 27.55 27.03 27.69
Ukrainian
hryvnia 24.52 15.86 26.06 19.23
------------- ----------- ----------- ----------- -----------
3. Segmental analysis
The Group has one business, being the production, sale and
distribution of ready -to- drink primarily non-alcoholic,
beverages. The Group operates in 28 countries and its financial
results are reported in the following three reportable
segments:
Established Austria, Cyprus, Greece, Italy, Northern
markets: Ireland, the Republic of Ireland and
Switzerland,
Developing Croatia, Czech Republic, Estonia, Hungary,
markets: Latvia, Lithuania, Poland, Slovakia
and Slovenia,
Emerging markets: Armenia, Belarus, Bosnia and Herzegovina,
Bulgaria, FYROM, Moldova, Montenegro,
Nigeria, Romania, the Russian Federation,
Serbia (including the Republic of Kosovo)
and Ukraine.
Information on the Group's segments is as follows:
Six months ended Year ended
31 December 31 December 31 December 31 December
2015 2014 2015 2014
------------------------------- ------------ ------------- ------------ -------------
Volume in unit cases(1)
(million)
Established countries 315.8 309.3 621.1 615.2
Developing countries 197.9 188.0 378.7 358.3
Emerging countries 534.7 535.4 1,055.2 1,029.4
------------------------------- ------------ ------------- ------------ -------------
Total volume 1,048.4 1,032.7 2,055.0 2,002.9
------------------------------- ------------ ------------- ------------ -------------
Net sales revenue (EUR
million)
Established countries 1,248.6 1,220.9 2,485.6 2,448.9
Developing countries 563.4 549.4 1,092.0 1,054.1
Emerging countries 1,383.2 1,556.8 2,768.5 3,007.2
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------------------------------- ------------ ------------- ------------ -------------
Total net sales revenue 3,195.2 3,327.1 6,346.1 6,510.2
------------------------------- ------------ ------------- ------------ -------------
Operating profit (EUR million)
Established countries 98.1 64.8 171.3 123.7
Developing countries 43.5 29.2 87.4 52.0
Emerging countries 77.5 103.0 159.5 185.4
------------------------------- ------------ ------------- ------------ -------------
Total operating profit 219.1 197.0 418.2 361.1
------------------------------- ------------ ------------- ------------ -------------
Reconciling items (EUR
million)
Finance costs, net (31.0) (34.0) (68.2) (72.9)
Tax (37.2) (23.7) (76.4) (57.8)
Share of results of equity
method investments 4.3 59.8 7.1 63.8
Non-controlling interests (0.1) 0.6 (0.4) 0.6
------------------------------- ------------ ------------- ------------ -------------
Profit after tax attributable
to owners of the parent 155.1 199.7 280.3 294.8
------------------------------- ------------ ------------- ------------ -------------
Additional information by product type:
Six months ended Year ended
31 December 31 December 31 December 31 December
2015 2014 2015 2014
------------------------- ------------ ------------ ------------ ------------
Volume in unit cases(1)
(million)
NARTD(2) 1,047.0 1,031.1 2,052.6 2,000.3
Premium spirits 1.4 1.6 2.4 2.6
Total volume 1,048.4 1,032.7 2,055.0 2,002.9
------------------------- ------------ ------------ ------------ ------------
Net sales revenue (EUR
million)
NARTD(2) 3,087.8 3,204.4 6,164.3 6,311.3
Premium spirits 107.4 122.7 181.8 198.9
Total net sales revenue 3,195.2 3,327.1 6,346.1 6,510.2
------------------------- ------------ ------------ ------------ ------------
(1) For NARTD volume, one unit case corresponds to approximately
5.678 litres or 24 servings, being a typically used measure of
volume. For premium spirits volume, one unit case corresponds also
to 5.678 litres. Volume data is derived from unaudited operational
data.
(2) Non alcoholic, ready-to-drink beverages.
4. Tangible and intangible assets
Property,
plant Intangible
and equipment assets
EUR million EUR million
------------------------------ -------------- ------------
Opening net book value as
at 1 January 2015 2,624.1 1,884.8
Additions 367.4 -
Reclassified from assets held
for sale 0.9 -
Reclassified to assets held
for sale (5.4) -
Disposals (15.0) -
Depreciation, impairment and
amortisation (340.2) (0.4)
Foreign exchange differences (86.3) 27.2
Closing net book value as
at 31 December 2015 2,545.5 1,911.6
------------------------------- -------------- ------------
5. Net debt
As at
31 December 31 December
2015 2014
EUR million EUR million
-------------------------- ------------ ------------
Long-term borrowings 923.0 1,556.3
Short-term borrowings 781.5 548.6
Cash and cash equivalents (487.4) (636.3)
--------------------------- ------------ ------------
Net debt 1,217.1 1,468.6
--------------------------- ------------ ------------
During November 2015 the outstanding bond of EUR600 million
maturing in November 2016 was reclassified from long term
borrowings to short term borrowings. In addition, the bond of $400
million issued in 2003, which was fully hedged by cross currency
swap contracts and which matured in September 2015, was repaid
using the available cash balance.
6. Financial risk management and financial instruments
The Group's activities expose it to a variety of financial
risks: market risk (including currency risk, interest rate risk,
and commodity price risk), credit risk, liquidity risk and capital
risk. There have been no changes in the risk management policies
since 31 December 2014.
The Group's financial instruments recorded at fair value are
included in Level 2 within the fair value hierarchy. The financial
instruments include derivatives for which there have been no
changes in valuation techniques and inputs used to determine their
fair value since 31 December 2014. As at 31 December 2015, the
total derivatives included in Level 2 were financial assets of
EUR17.3 million and financial liabilities of EUR55.4 million.
During 2015 the Group recognized embedded derivatives whose
risks and economic characteristics were not considered to be
closely related to the commodity contract in which they were
embedded. The valuation techniques used to determine their fair
value maximized the use of observable market data. The fair value
of the embedded derivatives as at 31 December 2015 amounted to a
financial asset of EUR6.2 million and are classified within Level
2.
There were no transfers between Level 1, 2 and 3 during 2015.
The fair value of bonds and notes payable as at 31 December 2015,
including the current portion, is EUR1,465.8 million, compared to
their book value of EUR1,394.7 million, including the current
portion.
7. Restructuring costs
Restructuring costs amounted to EUR31.6 million before tax for
the six months ended 31 December 2015. The Group recorded EUR13.7
million, EUR8.2 million and EUR9.7 million of restructuring charges
in its established, developing and emerging countries respectively.
For the six months ended 31 December 2014, restructuring costs
amounted to EUR43.3 million. The Group recorded EUR19.8 million,
EUR6.2 million and EUR17.3 million of restructuring charges in its
established, developing and emerging countries respectively. The
restructuring costs mainly concern redundancy costs and impairment
of property, plant and equipment.
Restructuring costs amounted to EUR54.0 million before tax for
the year 2015. The Group recorded EUR23.9 million, EUR9.0 million
and EUR21.1 million of restructuring charges in its established,
developing and emerging countries respectively. For the year 2014,
restructuring costs amounted to EUR55.2 million. The Group recorded
EUR25.6 million, EUR7.3 million and EUR22.3 million of
restructuring charges in its established, developing and emerging
countries respectively. The restructuring costs mainly concern
redundancy costs and impairment of property, plant and
equipment.
8. Total finance costs, net
Six months ended
31 December 31 December
2015 2014
EUR million EUR million
------------------------------ ------------ ------------
Interest income (4.5) (5.3)
Finance costs 33.4 35.2
Net foreign exchange losses 2.1 4.2
Gain on net monetary position - (0.1)
Total finance costs, net 31.0 34.0
------------------------------- ------------ ------------
Year ended
31 December 31 December
2015 2014
EUR million EUR million
------------------------------ ------------ ------------
Interest income (9.5) (10.0)
Finance costs 70.2 69.6
Net foreign exchange losses 7.5 10.9
Loss on net monetary position - 2.4
Total finance costs, net 68.2 72.9
------------------------------- ------------ ------------
Hyperinflation
Belarus was considered to be a hyperinflationary economy from
the fourth quarter of 2011 and up until 31 December 2014. During
this period hyperinflation accounting was applied in accordance
with IAS 29. However, since 1 January 2015 hyperinflation
accounting has been discontinued, as Belarus ceased to meet the
criteria of a hyperinflationary economy as defined by IAS 29. All
amounts expressed in the measuring unit at 31 December 2014 were
treated as the basis for the carrying amounts as at 1 January
2015.
9. Tax
The Group's effective tax rate for 2015 may differ from the
theoretical amount that would arise using the weighted average tax
rate applicable to profits of the consolidated entities, as a
consequence of a number of factors, the most significant of which
are the application of statutory tax rates of the countries in
which the Group operates, the non-deductibility of certain
expenses, the non-taxable income and one off tax items.
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10. Earnings per share
Basic earnings per share is calculated by dividing the net
profit attributable to the owners of the parent by the weighted
average number of shares outstanding during the period (full year
of 2015: 363,727,764, full year of 2014: 364,304,795, six months
ended 31 December 2015: 363,061,665, six months ended 31 December
2014: 364,331,278). Diluted earnings per share is calculated by
adjusting the weighted average number of ordinary shares
outstanding to assume conversion of all dilutive ordinary shares
arising from exercising employee stock options.
11. Share capital
In 2014, the share capital of Coca-Cola HBC increased by the
issue of 129,022 new ordinary shares following the exercise of
stock options pursuant to the Coca-Cola HBC AG's employees' stock
option plan. Total proceeds from the issuance of the shares under
the stock option plan amounted to EUR1.4 million.
n 2015, the share capital of Coca-Cola HBC increased by the
issue of 322,050 new ordinary shares following the exercise of
stock options pursuant to the Coca-Cola HBC AG's employees' stock
option plan. Total proceeds from the issuance of the shares under
the stock option plan amounted to EUR5.1 million.
On 23 June 2015, the Annual General Meeting adopted a proposal
for share buy-back of up to 3,000,000 ordinary shares of Coca-Cola
HBC for the purpose of neutralizing the dilution resulting from
shares issues under Coca-Cola HBC's equity compensation plans. The
program was completed in full during 2015 for a consideration of
EUR58.5 million.
Following the above changes, as at 31 December 2015 the share
capital of the Group amounted to EUR2,000.1 million and comprised
368,141,297 shares with a nominal value of CHF 6.70 each.
12. Non-controlling interests
On 8 June 2011, the Board of Directors of the Coca-Cola HBC's
subsidiary Nigerian Bottling Company plc ("NBC") resolved to
propose a scheme of arrangement between NBC and its minority
shareholders, involving the cancellation of part of the share
capital of NBC. The transaction was approved by the Board of
Directors and General Assembly of NBC on 8 June 2011 and 22 July
2011 respectively and resulted in the acquisition of the remaining
33.6% of the voting shares of NBC bringing the Group's interest in
the subsidiary to 100%. The transaction was completed in September
2011 and NBC was de-listed from the Nigerian Stock Exchange. The
consideration for the acquisition of non-controlling interests was
EUR100.2 million, including transaction costs of EUR1.8 million,
out of which EUR73.8 million was paid as of 31 December 2015 (as of
31 December 2014: EUR72.6 million).
13. Dividends
The Board of Directors of Coca-Cola HBC AG has proposed a
EUR0.40 dividend per share in respect of 2015. If approved by the
shareholders of Coca-Cola HBC AG, this dividend will be paid in
2016.
The shareholders of Coca-Cola HBC AG approved the dividend
distribution of EUR0.36 per share at the Annual General Meeting
held on 23 June 2015. The total dividend amounted to EUR132.4
million and was paid on 28 July 2015. Of this an amount of EUR1.3
million relates to shares held by the Group.
On 25 June 2014 the shareholders of Coca-Cola HBC AG at the
Annual General Meeting approved the dividend distribution of
EUR0.354 per share. The total dividend amounted to EUR130.2 million
and was paid on 29 July 2014. Of this an amount of EUR1.2 million
related to shares held by the Group.
14. Contingencies
There have been no significant adverse changes in contingencies
since 31 December 2014 (as described in our 2014 Integrated Annual
Report available on the Coca-Cola Hellenic's web site:
www.coca-colahellenic.com). On 7 July 2015, the Supreme
Administrative Court of Greece rejected our appeal against the
decision of the Court of Appeals that upheld the decision but
reduced the fine imposed by the Greek Competition Authority. The
Supreme Administrative Court also rejected the counter-appeals by
the Competition Authority and one of our competitors. Following
this development, the case is closed.
15. Capital commitments
As of 31 December 2015 the Group has capital commitments of
EUR75.4 million (31 December 2014: EUR81.0 million), which mainly
relate to plant and machinery equipment.
16. Number of employees
The average number of full-time equivalent employees in 2015 was
33,311 (36,362 for 2014).
17. Related party transactions
a) The Coca-Cola Company
As at 31 December 2015, The Coca-Cola Company and its
subsidiaries (collectively, "TCCC") indirectly owned 23.1% (2014:
23.1%) of the issued share capital of Coca-Cola HBC.
Total purchases of concentrate, finished products and other
materials from TCCC and its subsidiaries during the full year and
the six months ended 31 December 2015 amounted to EUR1,355.0
million and EUR642.9 million (EUR1,381.1 million and EUR651.4
million in the respective prior year periods). Total net
contributions received from TCCC for marketing and promotional
incentives during the same period amounted to EUR89.5 million and
EUR56.3 million (EUR78.7 million and EUR48.1 million in the
respective prior year periods) while the Group received
contributions for purchases of coolers amounting of EUR0.5 million
for both the full year and the six months ended 31 December 2015
(EUR0.3 million for both prior year periods).
During 2015, the Group sold EUR9.1 million of finished goods and
raw materials to TCCC, while there were no such sales for the six
months ended 31 December 2015 (EUR28.1 million and EUR16.2 million
in the respective prior year periods), while other income from TCCC
was EUR6.6 million and EUR2.8 million for the full year and the six
months ended 31 December 2015 (EUR18.2 million and EUR9.6 million
in the respective prior year periods). Other expenses from TCCC
amounted to EUR4.1 million and EUR4.0 million for the full year and
the six months ended 31 December 2015 (EUR3.2 million and EUR3.1
million in the respective prior year periods).
As at 31 December 2015, the Group had a total amount of EUR72.4
million due from TCCC (EUR88.2 million as at 31 December 2014), and
had a total amount of EUR216.8 million due to TCCC including loans
payable of EUR13.5 million (EUR222.3 million including loans
payable of EUR7.3 million as at 31 December 2014).
An amount of EUR14.1 million was paid to TCCC in the second
quarter of 2014 in relation to the acquisition of certain
intangible assets.
b) Frigoglass S.A. ('Frigoglass') and Kar-Tess Holding
Frigoglass, a company listed on the Athens Exchange, is a
manufacturer of coolers, cooler parts, glass bottles, crowns and
plastics. Truad Verwaltungs AG, currently indirectly owns 44.4% of
Frigoglass and also indirectly controls Kar Tess Holding, which
holds approximately 23.2% (2014: 23.2%) of Coca Cola HBC's total
issued capital. Frigoglass has a controlling interest in Frigoglass
Industries Limited, a company in which Coca-Cola HBC has a 23.9%
effective interest, through its investment in NBC. Furthermore,
during 2015 Coca-Cola HBC acquired through its investment in NBC a
23.9% effective interest of Frigoglass West Africa Ltd., a company
in which Frigoglass has a controlling interest.
During the full year and the six months ended 31 December 2015,
the Group made purchases of EUR101.7 million and EUR51.8 million
(EUR91.4 million and EUR49.5 million in the respective prior year
periods) of coolers, raw materials and containers from Frigoglass
and its subsidiaries and incurred maintenance and other expenses of
EUR14.8 million and EUR8.5 million (EUR14.1 million and EUR7.6
million in the respective prior year periods). The Group recorded
other income of EUR0.8 million and EUR0.6 million from Frigoglass
during the full year and the six months ended 31 December 2015
(EUR0.1 million for both prior year periods). As at 31 December
2015, Coca-Cola HBC owed EUR23.6 million (EUR12.1 million as at 31
December 2014) to, and was owed EUR0.6 million (EUR0.4 million as
at 31 December 2014) by Frigoglass.
c) Beverage Partners Worldwide ("BPW")
BPW is a 50/50 joint venture between TCCC and Nestlé. The Group
purchased inventory from BPW of EUR82.9 million and EUR31.6 million
during the full year and the six months ended 31 December 2015
respectively (EUR79.0 million and EUR27.8 million in the respective
prior year periods). As at 31 December 2015, the Group owed EUR5.8
million (EUR3.6 million as at 31 December 2014) to, and was owed
EUR5.4 million (EUR0.9 million as at 31 December 2014) by BPW.
d) Other related parties
During the full year and the six months ended 31 December 2015,
the Group purchased EUR22.6 million and EUR12.2 million of raw
materials and finished goods (EUR19.7 million and EUR9.3 million in
the respective prior year periods) from other related parties and
recorded sales of finished goods of EUR0.3 million and EUR0.1
million (EUR0.3 million for both prior year periods) to other
related parties. In addition, the Group received reimbursement for
direct marketing expenses of EUR0.7 million and EUR0.3 million for
the full year and the six months ended 31 December 2015 (EUR0.2
million for both prior year periods) from other related parties.
Furthermore, the Group acquired EUR2.3 million and EUR1.5 million
in tangible fixed assets from other related parties during the full
year and the six months ended 31 December 2015 (EUR1.4 million and
EUR0.4 million in the respective prior year periods). During the
full year and six months ended 31 December 2015, the Group incurred
other expenses of EUR29.0 million and EUR14.3 million (EUR31.2
million and EUR13.4 million in the respective prior year periods)
and recorded income of EUR0.4 million and EUR0.2 million
respectively (EUR0.5 million and EUR0.2 million in the respective
prior year periods). As at 31 December 2015, the Group owed EUR1.7
million (EUR8.9 million as at 31 December 2014) to, and was owed
EUR2.3 million including loans receivable of EUR0.1 million (EUR2.3
million as at 31 December 2014 with loans receivable of EUR0.2
million) by other related parties.
e) Joint Ventures
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