TIDMCCH
RNS Number : 1350R
Coca-Cola HBC AG
03 November 2021
THIRD QUARTER 2021 TRADING UPDATE
Focused strategy drives acceleration in growth and share
gains
Coca-Cola HBC AG, a growth-focused C onsumer P ackaged G oods
business and strategic bottling partner of The Coca-Cola Company,
today announces its 2021 Q3 trading update.
Third quarter highlights
- Strong Q3 FX-neutral revenue growth of 17.1%. Sharp
acceleration on a 2 year basis, closing 16.8% up on Q3 2019 or 8.9%
ahead YTD, on a like-for-like basis(1)
o Targeted execution captured the summer season and we benefited
from the reopening of the out-of-home channel; Emerging segment
strength continued
o 70bps of value share gained in non-alcoholic ready-to-drink
(NARTD) YTD
- Volume growth of 13.1% was supported by priority categories in
our 24/7 portfolio: Sparkling +13.1%; Low/no sugar sparkling
+54.6%; Adult sparkling +27.5%; and Energy +29.4%
- Price/mix up 5.1% YTD and up 3.5% in Q3 on a tougher
comparator; all three segments saw price/mix expansion gain pace
versus 2019
- Rigorous COGS management and disciplined OPEX control
- On track to complete the acquisition of Coca-Cola Bottling Company of Egypt by Q1 2022
- Announced commitment to achieve net-zero emissions across the entire value chain by 2040
Segment highlights
-- Established : Sustained positive price/mix development and
volume recovery propelled by good execution during the summer
season, and out-of-home channel reopening
-- Developing : Q3 segment v olumes slightly ahead of 2019 despite Polish sugar tax
-- Emerging : Strong momentum in Nigeria and Russia in the period despite higher comparators
Net sales revenue Volume Net sales revenue
Q3 2021 vs Q3 2020 per unit case
growth (%) FX - neutral(2) Reported FX - neutral(2) Reported
--------------------- ---------------- --------- ------- ---------------- ---------
Total Group 17.1 16.1 13.1 3.5 2.7
Established markets 9.8 10.0 8.0 1.7 1.9
Developing markets 11.8 11.0 -1.9 14.0 13.1
Emerging markets 26.1 23.7 21.3 3.9 2.0
--------------------- ---------------- --------- ------- ---------------- ---------
Zoran Bogdanovic, Chief Executive Officer of Coca-Cola HBC AG,
commented:
"We delivered a strong acceleration of performance in Q3, the
result of targeted and well-prepared execution during the summer
season, as well as continued growth momentum in the Emerging
segment.
We accelerated FX-neutral revenue growth across all segments on
a two-year basis and drove a faster pace of market share gains in
the quarter. This performance is due to the strength of our 24/7
portfolio, our revenue growth management capabilities, the
adaptability of our route-to-market and most critically also thanks
to the agility of our people who bring our strategy to life in the
marketplace through close partnership with our customers.
In the current inflationary environment impacting all industries
our revenue growth management tools, as well as our ability to take
price in the context of robust insights and analytics, will be
critical. Our actions in 2021, as well as the plans we have for Q4
and beyond will help us to mitigate the current challenging cost
environment. I am pleased to reiterate our guidance for 2021 of a
strong recovery in FX-neutral revenues and a 20-30bps EBIT margin
expansion."
(1) Year to date 2021 performance, unless stated otherwise, is
negatively impacted by the change in classification of our Russian
Juice business, Multon, from a joint operation to a joint venture,
following its re-organisation in May 2020 as well as positively
impacted by the acquisition of Bambi in June 2019 when compared to
the 2019 performance.
(2) For details on Alternative Performance Measures ('APMs')
refer to 'Alternative Performance Measures' and 'Definitions and
reconciliations of APMs' sections.
Operational highlights
Winning in the marketplace
Execution of targeted plans to capture the full potential of the
summer season as markets continued to reopen drove FX-neutral
revenues up by 17.1% in Q3, on tough comparators. Careful
prioritisation of investment allowed us to seize the highest
potential opportunities. Our dynamic route to market, which
integrates physical and on-line sales, coupled with increased use
of digital tools that segment our customer base, ensured targeted,
successful execution.
The out-of-home channel grew volumes by 20%, benefiting from
reopening and the partial recovery of tourism in several markets.
We have actively supported our out-of-home customers and have been
able to re-route our teams during the summer season to maximise
these outlets' opportunities in a changing marketplace. Out-of-home
volumes were 10% above 2019 levels in Q3.
The at-home channel continues to show good momentum, growing 10%
in Q3. We remain focused on increasing our share of the most
valuable at-home occasions. We are seeing solid demand for premium
offerings including Adult sparkling brands and single-serve package
formats. Affordability needs are met with the right pack and price
portfolio offerings as well as targeted promotions. At-home volumes
were 17% above 2019 levels.
We continue to invest in digital commerce channels where we are
seeing revenue growth in the high double-digits, boosted by
shifting consumer habits amplified by the COVID-19 pandemic. We
will continue to invest capital and management attention in this
area.
Leveraging our unique 24/7 portfolio
We have accelerated market share gains in NARTD, gaining 70bps
of value share year to date compared to 50bps at H1 2021.
Our sparkling portfolio continues to gain or maintain share in
the majority of markets. Sparkling volumes grew by 13.1%, driven by
strategic focus areas, with Adult sparkling brands up 27.5% and
low/no sugar variants up 54.6%. We are seeing broad-based growth
across brands with Trademark Coke up 11.7%, Fanta up 13.6% and
Sprite up 18.1%.
Energy continues to show momentum, with volumes up 29.4% in the
quarter, and broad-based strength across the portfolio of brands we
offer, including Burn, Monster and Predator.
We are making good progress with Coffee. We expect to start
distributing Caffè Vergnano in selected markets during Q4 and are
broadening distribution in all channels with Costa.
Still drinks volumes showed good results in Q3. Water volumes
grew by 12.4% in the quarter, benefiting from the reopening of the
out-of-home channel where this category over-indexes. Juice volume
was up 14.0%, with growth in all three segments, while
Ready-to-drink tea volume grew by 6.5%.
Revenue growth management and price/mix
FX-neutral revenue per case increased by 3.5% in the quarter and
by 5.1% year to date, with Q3 impacted by a tougher comparator.
Comparing price/mix performance with 2019 allows us to remove the
fluctuations of price/mix in 2020 which were mostly the result of
lockdowns and reopening in our markets. Compared to 2019 we see
that price/mix is accelerating in Q3 in all three segments and for
the Group as a whole. Q3 price/mix was up 1.8% excluding pricing
taken to offset the Polish sugar tax.
Revenue growth management capabilities continue to be our most
important tool to ensure healthy price/mix expansion. Premium
offerings, s maller packs which allow for a lower consumer price
points at an attractive revenue per case, and the careful flexing
of promotional activities ensures that we are increasing the value
from every case we sell. We are pleased to see that package mix
continued to recover in Q3, expanding by 3.1 percentage points
year-on-year; package mix is now 1 percentage point above 2019
levels. We continue to believe that pack mix has a long runway for
ongoing improvement supported by consumer trends and shifts to
single-serve formats.
At the same time, pricing is a critical tool in the current
inflationary environment and during the quarter we continued to
take pricing in our markets. In 2021 we have taken price in over
95% of our markets, and in all cases other than Poland we have not
seen a negative impact on volume as a result of pricing actions. We
remain focused on capturing value opportunities through extra
pricing in Q4, leveraging our revenue growth management
capabilities and analytics.
Net Zero by 2040
In October we announced a commitment to achieving net zero
emissions across the entire value chain by 2040. This commitment
extends our existing, approved science-based target which calls for
a 25% reduction in emissions across our value chain by 2030, with a
further 50% reduction in the following decade.
Established markets segment - reopening and consistent price/mix
expansion drove FX-neutral revenues ahead of 2019 in the
quarter
Established markets volume grew 8.0%, finishing the quarter 1%
below 2019 levels. Given the segment's proportionally larger
exposure to the out-of-home channel, continued reopening provided
strong support to volumes. The segment also benefited from the
partial recovery of tourism in Italy and Greece as well as the
'staycation' trend in Ireland. The at-home channel continues to
show good performance.
Energy was the best performing category this quarter, with
volumes growing in the low twenties. Stills grew by double digits,
mainly driven by Water, which benefited from the out-of-home
channel reopening, where the category over-indexes. Sparkling
volumes grew mid-single digits, with high-single digit growth in
low/no sugar offerings and double-digit growth from Adult
sparkling.
In Italy, volumes increased by high-single digits. Volumes
benefitted from easing restrictions in the out-of-home channel in
Q3 and continued momentum in the at-home channel. We saw
high-single digit volume growth in Sparkling led by Trademark Coke
and Energy, and high-single digit growth in Stills boosted by Fuze
Tea.
Volumes in Greece grew by mid twenties. The performance was
supported by better than expected tourism trends and easing of
travel restrictions in the summer, benefitting both the out-of-home
and at-home channels. We saw volume growth in the low thirties in
Stills and mid-teens volume growth in Sparkling driven by Coke Zero
and Adult sparkling.
In Switzerland, volumes declined by mid-single digits. The
weaker performance reflects poor summer weather and limited
international tourism. Stills finished with double-digit declines
while Sparkling closed down mid-single digits.
In Ireland, volumes grew by mid-single digits. Volumes
benefitted from good performance in the at-home channel, as well as
a recovery in the out-of-home channel. Stills volumes grew by high
twenties. The Sparkling category grew low-single digits overall,
with double-digit growth in Adult sparkling.
FX-neutral net sales revenue per case increased by 1.7%. We
benefited from favourable package and channel mix, as well as
pricing actions, while category mix was negative given the strength
of the recovery in Water. FX-neutral revenues grew by 9.8% in the
quarter, while reported revenue grew by 10.0%.
Developing markets segment - volumes slightly ahead of 2019
despite volume impact from Polish sugar tax
Volume in the Developing markets declined by 1.9%, finishing the
quarter 0.6% ahead of 2019 levels despite the impact of Poland,
where pricing taken to offset the sugar tax has led to anticipated
volume declines. Energy volumes grew in the high teens while
Sparkling was down low single digits. Low/no sugar and Adult
sparkling volumes grew by mid teens.
In Poland, volumes continue to be impacted by pricing taken to
offset the sugar tax which started from 1 January of the current
year. Volume declines moderated during Q3 when compared to a 2019
base, finishing the quarter above 2019 levels. The impact from the
tax is progressing in line with expectations and we are encouraged
by both the strong performance of low/no sugar variants and market
share gains.
In Hungary, volume increased high-single digits, helped by
looser COVID-19 restrictions compared to other countries in the
segment, in part helped by high vaccination rates. The country
benefitted from excellent weather, with one of the warmest and
driest summers in recent years. We saw good growth in Sparkling
with double-digit performance in Adult sparkling as well as strong
momentum in Energy.
Volume in the Czech Republic declined in the low double digits,
weighed down by commercial and operational challenges. As a result,
all categories were in decline during the period except for Energy,
with volumes growing by low thirties. These issues have now been
resolved.
FX-neutral net sales revenue per case increased by 14.0%,
propelled by pricing in Poland. Excluding this impact, the
segment's price/mix growth would have been 4.0% . The segment
benefited from positive category and package mix while channel mix
declined. FX-neutral net sales revenue in the Developing markets
was up 11.8% in the quarter, while reported revenue increased by
11.0% impacted by adverse currency movements in the Polish Zloty
and Hungarian Forint.
Emerging markets segment - sustained strong performance despite
higher comparators
Emerging markets' volume increased by 21.3%, with continued
strong performance from Nigeria, Russia, Ukraine and others.
Sparkling volumes were up low twenties, while Adult Sparkling and
Energy performed very well in the quarter, both increasing high
double digits. Stills volumes were up mid-teens with strong
performance from Water led by Russia, and Juice led by Nigeria.
Russian volumes accelerated in Q3, with volumes up by mid
twenties supported by very good weather and increased local
tourism. All categories grew double digits, with Sparkling up mid
twenties supported by double-digit growth in Coke Regular and very
strong performance of Coke Zero. Schweppes and Energy continued the
good momentum, with high double digit and mid-twenties volume
growth respectively.
Nigerian performance gained momentum in Q3, with volume up mid
thirties despite the double-digit comparator. Strength was broad
based across categories and benefited from robust demand,
investment in capacity and distribution as well as segmented
execution. Sparkling grew by high thirties with very strong
performance from Coke Zero. The Energy category is developing
rapidly in Nigeria and Predator, our affordable proposition, is
achieving solid market share gains and making a meaningful
contribution to Nigeria's performance. Stills grew by low-double
digits with a high-double digit increase in Juice.
Volume in Romania increased by high-single digits benefiting
from a continued recovery in Stills, which grew by mid teens.
Sparkling volumes grew mid-single digits, propelled by mid-teens
volume growth in Adult sparkling.
FX neutral net sales revenue per case was up 3.9%, benefiting
from pricing as well as positive category and package mix.
FX-neutral revenues increased by 26.1%, while reported revenues
grew by 23.7% mainly due to the weakened Russian Rouble and
Nigerian Naira.
Supplementary information
Third Third Nine Nine
quarter quarter % months months %
Group 2021 2020 Change 2021 2020 Change
Volume (m in unit cases) 694.2 613.7 13.1% 1,820.9 1,604.2 13.5%
Net sales revenue (EUR m) 2,124.3 1,829.4 16.1% 5,372.2 4,660.6 15.3%
Net sales revenue per unit case
(EUR) 3.06 2.98 2.7% 2.95 2.91 1.6%
FX-neutral net sales revenue(1)
(EUR m) 2,124.3 1,813.6 17.1% 5,372.2 4,501.4 19.3%
FX-neutral net sales revenue
per unit case(1) (EUR) 3.06 2.96 3.5% 2.95 2.81 5.1%
Established markets
Volume (m in unit cases) 178.7 165.5 8.0% 453.0 410.8 10.3%
Net sales revenue (EUR m) 734.8 667.7 10.0% 1,884.6 1,653.6 14.0%
Net sales revenue per unit case
(EUR) 4.11 4.03 1.9% 4.16 4.03 3.4%
FX-neutral net sales revenue(1)
(EUR m) 734.8 669.4 9.8% 1,884.6 1,650.8 14.2%
FX-neutral net sales revenue
per unit case(1) (EUR) 4.11 4.04 1.7% 4.16 4.02 3.5%
Developing markets
Volume (m in unit cases) 119.6 121.9 -1.9% 310.5 311.6 -0.4%
Net sales revenue (EUR m) 416.9 375.7 11.0% 1,018.5 895.9 13.7%
Net sales revenue per unit case
(EUR) 3.49 3.08 13.1% 3.28 2.88 14.1%
FX-neutral net sales revenue(1)
(EUR m) 416.9 372.8 11.8% 1,018.5 884.3 15.2%
FX-neutral net sales revenue
per unit case(1) (EUR) 3.49 3.06 14.0% 3.28 2.84 15.6%
Emerging markets
Volume (m in unit cases) 395.9 326.3 21.3% 1,057.4 881.8 19.9%
Net sales revenue (EUR m) 972.6 786.0 23.7% 2,469.1 2,111.1 17.0%
Net sales revenue per unit case
(EUR) 2.46 2.41 2.0% 2.34 2.39 -2.5%
FX-neutral net sales revenue(1)
(EUR m) 972.6 771.4 26.1% 2,469.1 1,966.3 25.6%
FX-neutral net sales revenue
per unit case(1) (EUR) 2.46 2.36 3.9% 2.34 2.23 4.7%
(1) For details on APMs refer to 'Alternative Performance
Measures' and 'Definitions and reconciliations of APMs'
sections.
The volume, net sales revenue and net sales revenue per unit
case on reported and FX-neutral basis, are provided for NARTD and
premium spirits, as set out below:
Third Third Nine Nine
quarter quarter % months months %
NARTD 2021 2020 Change 2021 2020 Change
Volume (m unit cases)(2) 693.2 612.9 13.1% 1,818.5 1,602.5 13.5%
Net sales revenue (EUR m) 2,060.0 1,781.2 15.7% 5,220.3 4,553.2 14.7%
Net sales revenue per unit case
(EUR) 2.97 2.91 2.3% 2.87 2.84 1.0%
FX-neutral net sales revenue
(EUR m) 2,060.0 1,765.3 16.7% 5,220.3 4,396.0 18.8%
FX-neutral net sales revenue
per unit case (EUR) 2.97 2.88 3.2% 2.87 2.74 4.6%
Premium Spirits
Volume (m unit cases)(2) 1.013 0.750 35.1% 2.371 1.660 42.8%
Net sales revenue (EUR m) 64.3 48.2 33.4% 151.9 107.4 41.4%
Net sales revenue per unit case
(EUR) 63.47 64.27 -1.2% 64.07 64.70 -1.0%
FX-neutral net sales revenue
(EUR m) 64.3 48.3 33.1% 151.9 105.4 44.1%
FX-neutral net sales revenue
per unit case (EUR) 63.47 64.40 -1.4% 64.07 63.49 0.9%
Total
Volume (m unit cases)(2) 694.2 613.7 13.1% 1,820.9 1,604.2 13.5%
Net sales revenue (EUR m) 2,124.3 1,829.4 16.1% 5,372.2 4,660.6 15.3%
Net sales revenue per unit case
(EUR) 3.06 2.98 2.7% 2.95 2.91 1.6%
FX-neutral net sales revenue
(EUR m) 2,124.3 1,813.6 17.1% 5,372.2 4,501.4 19.3%
FX-neutral net sales revenue
per unit case (EUR) 3.06 2.96 3.5% 2.95 2.81 5.1%
(2) 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. For biscuits volume, one unit case corresponds to
1 kilogram.
Coca-Cola HBC Group
Coca-Cola HBC is a growth-focused consumer packaged goods
business and strategic bottling partner of The Coca-Cola Company.
We create value for all our stakeholders by supporting the
socio-economic development of the communities in which we operate
and we believe building a more positive environmental impact is
integral to our future growth. Together, we and our customers serve
more than 600 million consumers across a broad geographic footprint
of 28 countries on three continents. Our portfolio is one of the
strongest, broadest and most flexible in the beverage industry,
offering consumer-leading beverage brands in the sparkling, juice,
water, sport, energy, plant-based, ready-to-drink tea, coffee,
adult sparkling and premium spirits categories. These beverages
include Coca-Cola, Coca-Cola Zero, Schweppes, Kinley, Costa,
Valser, Romerquelle, Fanta, Sprite, Powerade, Fuze Tea, Dobry,
Cappy, Monster and Adez. We foster an open and inclusive work
environment amongst our more than 26,000 employees and we are
ranked among the top sustainability performers in ESG benchmarks
such as the Dow Jones Sustainability Indices, CDP, MSCI ESG and
FTSE4Good.
Coca-Cola HBC has a premium listing on the London Stock Exchange
(LSE:CCH) and is listed on the Athens Exchange (ATHEX:EEE). For
more information, please visit https://www.coca-colahellenic.com
.
Conference call
Coca-Cola HBC will host a conference call for financial analysts
and investors to discuss the 2021 Third quarter trading update on
Wednesday, 3 November 2021 at 9:00 am GMT. Interested parties can
access the live, audio webcast of the call through Coca-Cola HBC's
website
https://www.coca-colahellenic.com/en/investor-relations/results-reports-presentations
.
Next event
17 February 2022 2021 Full year results
Enquiries
Coca--Cola HBC Group
Investors and Analysts:
Joanna Kennedy Tel: +44 7802 427505
Investor Relations Director joanna.kennedy@cchellenic.com
Carla Fabiano Tel: +44 7808 215245
Investor Relations Manager carla.fabiano@cchellenic.com
Jemima Benstead Tel: +44 7740 535130
Investor Relations Manager jemima.benstead@cchellenic.com
Marios Matar Tel: +30 697 444 3335
Investor Relations Manager marios.matar@cchellenic.com
Media:
David Hart Tel: + 41 41 726 0143
Group Communication Director david.hart@cchellenic.com
Greek media contact:
V+O Communications Tel: +30 6936750476
Chara Yioti cy@vando.gr
Special Note Regarding the Information set out herein
Unless otherwise indicated, this trading update and the
financial and operating data or other information included herein
relate to Coca-Cola HBC AG and its subsidiaries ("Coca-Cola HBC" or
the "Company" or "we" or the "Group").
Forward-Looking Statements
This document contains forward-looking statements that involve
risks and uncertainties. These statements may generally, but not
always, be identified by the use of words such as "believe",
"outlook", "guidance", "intend", "expect", "anticipate", "plan",
"target" and similar expressions to identify forward-looking
statements. All statements other than statements of historical
facts, including, among others, statements regarding our future
financial position and results, our outlook for 2021 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 2020 Integrated Annual Report for Coca-Cola HBC AG
and its subsidiaries. Although we believe that, as of the date of
this document, the expectations reflected in the forward-looking
statements are reasonable, we cannot assure you that our future
results, level of activity, performance or achievements will meet
these expectations. Moreover, neither we, nor our directors,
employees, advisors nor any other person assumes responsibility for
the accuracy and completeness of the forward-looking statements.
After the date of this trading update, unless we are required by
law or the rules of the UK Financial Conduct Authority to update
these forward-looking statements, we will not necessarily update
any of these forward-looking statements to conform them either to
actual results or to changes in our expectations.
Alternative Performance Measures
The Group uses certain Alternative Performance Measures ("APMs")
in making financial, operating and planning decisions as well as in
evaluating and reporting its performance. These APMs provide
additional insights and understanding to the Group's underlying
operating and financial performance. The APMs should be read in
conjunction with and do not replace by any means the directly
reconcilable International Financial Reporting Standards ("IFRS")
line items.
Definitions and reconciliations of APMs
FX- neutral APMs
The Group also evaluates its operating and financial performance
on an FX-neutral basis (i.e. without giving effect to the impact of
variation of foreign currency exchange rates from period to
period). FX-neutral APMs are calculated by adjusting prior-period
amounts for the impact of exchange rates applicable to the current
period. FX-neutral measures enable users to focus on the
performance of the business on a basis which is not affected by
changes in foreign currency exchange rates applicable to the
Group's operating activities from period to period.
FX-neutral net sales revenue and FX-neutral net sales revenue
per unit case
FX-neutral net sales revenue and FX-neutral net sales revenue
per unit case are calculated by adjusting
prior-period net sales revenue for the impact of changes in
exchange rates applicable in the current period.
The calculations of the FX-neutral net sales revenue and
FX-neutral net sales revenue per unit case and the reconciliation
to the most directly related measures calculated in accordance with
IFRS is as follows:
Reconciliation of FX-neutral net sales revenue per unit case
(numbers in EUR million unless otherwise stated)
Third quarter 2021
---------------------------------------------------
Established Developing Emerging Consolidated
Net sales revenue 734.8 416.9 972.6 2,124.3
Currency impact - - - -
------------ ----------- --------- -------------
FX-neutral net sales revenue 734.8 416.9 972.6 2,124.3
Volume (m unit cases) 178.7 119.6 395.9 694.2
------------ ----------- --------- -------------
FX-neutral net sales revenue per
unit case (EUR) 4.11 3.49 2.46 3.06
------------ ----------- --------- -------------
Third quarter 2020
---------------------------------------------------
Established Developing Emerging Consolidated
Net sales revenue 667.7 375.7 786.0 1,829.4
Currency impact 1.7 (2.9) (14.6) (15.8)
------------ ----------- --------- -------------
FX-neutral net sales revenue 669.4 372.8 771.4 1,813.6
Volume (m unit cases) 165.5 121.9 326.3 613.7
------------ ----------- --------- -------------
FX-neutral net sales revenue per
unit case (EUR) 4.04 3.06 2.36 2.96
------------ ----------- --------- -------------
Nine months 2021
---------------------------------------------------
Established Developing Emerging Consolidated
Net sales revenue 1,884.6 1,018.5 2,469.1 5,372.2
Currency impact - - - -
------------ ----------- --------- -------------
FX-neutral net sales revenue 1,884.6 1,018.5 2,469.1 5,372.2
Volume (m unit cases) 453.0 310.5 1,057.4 1,820.9
------------ ----------- --------- -------------
FX-neutral net sales revenue per
unit case (EUR) 4.16 3.28 2.34 2.95
------------ ----------- --------- -------------
Nine months 2020
---------------------------------------------------
Established Developing Emerging Consolidated
Net sales revenue 1,653.6 895.9 2,111.1 4,660.6
Currency impact (2.8) (11.6) (144.8) (159.2)
------------ ----------- --------- -------------
FX-neutral net sales revenue 1,650.8 884.3 1,966.3 4,501.4
Volume (m unit cases) 410.8 311.6 881.8 1,604.2
------------ ----------- --------- -------------
FX-neutral net sales revenue per
unit case (EUR) 4.02 2.84 2.23 2.81
------------ ----------- --------- -------------
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