TIDMCCH
RNS Number : 7752R
Coca-Cola HBC AG
31 October 2023
THIRD QUARTER 2023 TRADING UPDATE
Strong growth driving further value creation
Coca-Cola HBC AG, a growth-focused Consumer Packaged Goods
business and strategic bottling partner of The Coca-Cola Company,
today announces its Q3 2023 trading update.
Third quarter highlights
-- Another quarter of strong organic growth (1) , driven by
continued execution of our 24/7 strategy
o Organic revenue up 15.3%; year-to-date organic revenue growth
of 17.0%
o Organic volume growth of 2.2% was led by our strategic
priority categories, with Sparkling +1.5%, Energy +24.8% and Coffee
+33.5%
o Organic revenue per case growth of 12.9%, reflecting the
cumulative benefits of revenue growth management initiatives over
the last twelve months, across all categories and segments
o Reported revenue up 3.8%, with strong organic growth offset by
FX headwinds in Emerging markets
o Further improvement in value share gains year-to-date; 110bps
gain in Non-Alcoholic Ready-To-Drink (NARTD) and 60bps in
Sparkling
-- Segmental highlights: Broad-based organic revenue growth,
with a particularly strong performance in Emerging
o Established : Organic revenue increased by 7.7%, led by
revenue-per-case expansion, with a mixed volume performance against
tough comparatives and varied weather conditions
o Developing : Organic revenue up 15.9%, with a strong volume
performance in Energy and Coffee, partially offsetting weaker
volumes in Sparkling, Water and Juices
o Emerging : Organic revenue up 21.8%, with a strong improvement
in volume growth, notably in Egypt
Zoran Bogdanovic, Chief Executive Officer of Coca-Cola HBC AG,
commented:
"We're pleased to have delivered another solid performance, and
a second consecutive quarter of organic volume growth. This was
driven by our strong execution, underpinned by a continued focus on
our strategic priority categories of Sparkling, Energy and Coffee,
as well as our focus on bespoke capability development to drive
personalised execution for every outlet. Our sophisticated revenue
growth management, powered by data, insights and analytics, is
helping us to adapt our initiatives and execution to different
consumer environments and successfully balance affordability and
premiumisation. As a result, we have both enhanced revenue per case
and driven higher levels of market share.
"We continue to invest in our future with a clear focus on
delivering against our sustainability agenda. In Austria, we have
introduced an industry-leading alternative to plastic shrink film
for multipacks of multi-serve bottles, and in Romania, we have
invested in recycled PET capabilities to drive packaging
circularity.
"We reiterate our guidance for strong growth in 2023 and,
despite continued macro uncertainties, we are well placed to
deliver on our medium-term targets."
Q3 2023 vs Q3 Net sales revenue Volume Net sales revenue per
2022 unit case
Organic Reported Organic Reported Organic (1) Reported
growth (%) (1) (1)
--------------------- --------- --------- -------- --------- ------------- ---------
Total Group 15.3 3.8 2.2 3.7 12.9 0.1
Established markets 7.7 8.0 -7.1 -7.1 16.0 16.2
Developing markets 15.9 19.9 -2.6 -2.6 19.0 23.1
Emerging markets 21.8 -5.1 7.9 10.6 12.8 -14.2
--------------------- --------- --------- -------- --------- ------------- ---------
(1) For details on APMs refer to 'Alternative Performance
Measures' and 'Definitions and reconciliations of APMs'
sections.
Business outlook
Our performance in the third quarter was in line with
expectations, underpinned by a second successive quarter of organic
volume growth and despite tougher trading conditions in some
markets. While we remain attentive to macroeconomic and
geopolitical risks, we have a high degree of confidence in our
broad 24/7 portfolio, the growth opportunities in our diverse
markets, enhanced by our focus on execution and prioritised
capabilities, and above all, the abilities of our talented people.
Our expectations for 2023 are unchanged:
-- We continue to expect mid-teens full-year organic revenue growth
-- We continue to assume COGS/case increases by high-single
digits in 2023, as inflationary pressures begin to moderate
-- We continue to expect organic EBIT growth in the range of 9% to 12% in 2023
Technical guidance
Within our technical guidance we now expect a lower level of
finance costs for 2023; elsewhere our expectations are
unchanged.
FX: We expect the impact of translational FX on our Group
comparable EBIT to be a EUR50-60 million headwind.
Restructuring : We do not expect significant restructuring
initiatives to take place in 2023.
Tax : We continue to expect our comparable effective tax rate to
be at the top end of our 25% to 27% range.
Finance costs: We now expect net finance costs for 2023 to be in
the range of EUR50-60 million (previously EUR65-75 million).
Scope : In 2023 we expect around a EUR45 million scope benefit
to EBIT, reflecting the consolidation of Multon (from 11 August
2022) and the acquisition of Three Cents (from 21 October
2022).
Medium-term targets
As part of the evolution of our growth story, in May 2023 we
updated our financial targets to cover the medium-term period
beyond 2023. Alongside continued strong execution of our strategy,
these targets reflect a positive outlook for our market categories
and our expectation to gain further market share.
-- Average annual organic revenue growth of 6-7% (previously a target of 5-6% per annum)
-- Average annual organic EBIT margin expansion of 20-40 basis points per annum
-- Capital expenditure as a percentage of revenue in the range of 6.5-7.5% per annum
-- Continued focus on growing ROIC (2022: 14.1%)
We also reaffirmed our commitment to a progressive dividend
representing a pay-out ratio of between 40-50% of comparable
Earnings Per Share per annum, supported by our delivery of growth
in free cash flow in the mid-term. We also reaffirmed our target of
maintaining a ratio of net debt to EBITDA in the range of 1.5 to 2
times.
Operational highlights
Leveraging our unique 24/7 portfolio
Third quarter organic revenue grew by 15.3%, with growth in
volumes, price and mix. Reported net sales revenue increased by
3.8%, with FX headwinds in Nigeria, Russia and Egypt offsetting
strong organic growth across the group.
Volumes grew by 2.2% on an organic basis in the quarter,
propelled by our strategic priority categories of Sparkling, Energy
and Coffee. These categories remain less elastic and are facing
less pressure from private label than other areas of NARTD.
-- Sparkling volumes grew by 1.5%. Highlights included an
improved performance in Adult Sparkling, with mid-single digit
growth, driven by Established and Emerging. Coke Zero was the best
performing Trademark Coke variant, supported by a good performance
of Coke Zero Sugar Zero Caffeine. Sprite also performed well, up
low-single digits, driven by Developing and Established.
-- Energy volumes grew by 24.8%, with good momentum across all
segments. In Established and Developing markets, growth continued
to be driven by Monster, while in Emerging growth was led by Burn
and Predator.
-- Coffee volumes grew 33.5%, with growth above 20% in all three
segments. Progress in the out-of-home channel remains our priority
for both Costa Coffee and Caffè Vergnano, and in Q3 we continued to
recruit more outlets.
-- Still volumes grew by 0.9%, despite high-single digit and
double-digit declines in Established and Developing respectively,
as we consciously chose to focus on the opportunities for the most
profitable revenue growth in the Water category. In Sports Drinks
we delivered high-single digit growth.
Winning in the marketplace
Organic net sales revenue per case expanded by 12.9%, a slowdown
from the 19.0% growth in H1. We continued to benefit from pricing
taken in the previous twelve months, as well as a positive
contribution from mix. However, as expected, there was a lower
contribution from incremental pricing, as the need for further
price increases in the quarter were limited, reflecting lower
levels of cost inflation.
Our revenue growth management initiatives, powered by our
focused ongoing investment in data, insights and analytics, have
allowed us to make conscious decisions to enhance revenue per case
across our markets, while addressing both affordability and
premiumisation.
Compared to 12 months ago affordability is in greater focus,
particularly in Romania, Hungary and Czech, where there is a more
notable pressure on consumer disposable income. In all our markets
we address affordability by utilising the strength of our broad
portfolio of brands, to offer single-serve and entry packs, and by
continuing to improve the return on promotions.
Our targeted actions drove positive category and package mix.
Category mix benefitted mainly from the increased contribution of
Adult Sparkling and Energy. Package mix improved due to good
activation of single-serve offerings, which improved single-serve
mix by 90 basis points, with gains across all three segments.
Good performance in the out-of-home channel ensured our teams
operated effectively through the summer season, despite short-term
challenges driven by weather. Year-to-date we gained 110 basis
points of value share in NARTD and 60 basis points in Sparkling.
This improved performance benefitted from our core focus of driving
joint value with customers.
Earning our licence to operate
In Q3, we expanded our industry-leading pilot to launch a
cardboard-based alternative to plastic shrink film for 1.5 litre
PET multipacks in Austria. As a result, we expect it to initially
save around 200 tonnes of plastic per year. We also invested EUR11m
in new equipment in Romania to produce recycled PET (rPET)
in-house. In September, we issued our first Green Finance Report,
detailing how we have used the proceeds of our inaugural EUR500m
green bond and its environmental impact, with approximately 60%
allocated to circular economy projects and 40% to energy efficiency
projects.
Established markets
Established markets net sales revenue grew by 7.7% and 8.0% on
an organic and reported basis respectively.
Organic net sales revenue per case increased by 16.0%, with
pricing benefitting from actions taken in all markets over the last
twelve months, as well as targeted initiatives to drive mix.
Category mix improved with a good performance from Adult Sparkling
as well as Energy. We drove another quarter of strong improvement
in package mix, supported by further activations of single-serve
formats.
Volume in the segment declined by 7.1%. Sparkling volumes
declined high-single digits, as we intentionally focused on revenue
per case expansion. Within that, Adult Sparkling grew by mid-single
digits. Energy also delivered mid-single digit growth despite
strong comparatives. Stills volumes declined by high-single digits,
reflecting the conscious choices to prioritise revenue growth in
Water, which resulted in a weak volume performance in the
category.
In Greece, volumes grew by mid-single digits, benefitting from
carefully planned execution in a strong tourist season. Low-single
digit growth in Sparkling was led by Coke Zero and Adult Sparkling,
which benefitted from strong seasonal activation and good
performance in the out-of-home channel. Energy continued its
momentum with strong double-digit growth.
In Ireland, volumes declined by low-single digits, impacted by
mixed weather and strong comparatives. Sparkling volumes declined
low-single digits, partially offset by Coke Zero growth of
mid-single digits. Energy delivered solid growth in the quarter.
Water declined by low-teens in the period.
In Italy, volumes declined by high-teens, driven by ongoing
declines in Water and challenging weather conditions, coupled with
strong comparatives. Water contracted by over 30%, as we made
deliberate choices to focus on profitable revenue growth. While
Adult Sparkling grew by mid-single digits, on the back of the
successful Kinley re-launch, Sparkling volumes overall fell by
low-teens.
In Switzerland, volumes declined by low-single digits as we
cycled a very strong summer period. Sparkling volumes fell by
low-single digits, while Energy delivered strong growth above 50%.
In Stills, Water saw modest growth while Ready-To-Drink Tea
declined double-digits.
Developing markets
Developing markets net sales revenue grew by 15.9% and 19.9%, on
an organic and reported basis respectively, benefitting from
positive foreign currency movements from the Polish Zloty and
Hungarian Forint.
Organic net sales revenue per case increased by 19.0%, while
reported net sales revenue per case increased by 23.1%. Pricing
initiatives taken over the previous twelve months were the main
driver of revenue per case expansion in Q3. Category mix and
package mix were also positive in the quarter, driven by Energy and
further improvement of single-serve mix.
Developing markets volumes declined by 2.6%, similar to Q2,
driven by a low-single digit decline of the Sparkling category.
Energy delivered another strong performance with volumes up
high-teens, while Coffee continued to deliver strong double-digit
growth. Stills volumes were down by mid-teens led by the Water
category.
In Poland, volumes declined low-single digits, driven by Water,
which was over 30% lower. Sparkling was broadly unchanged
year-on-year, but we drove low-double digit growth in Coke Zero.
Energy and Coffee continued their strong momentum, growing
mid-teens and over 50% respectively.
In Hungary, volumes declined by high-single digits, against a
still-tough inflationary environment for the consumer. This
environment impacted Stills more than Sparkling, and we saw Stills
decline over 20%, led by Water and Juice. Sparkling volumes were
down low-single digits in the period.
Volume in the Czech Republic decreased by low-double digits,
with declines in both Sparkling and Stills categories, albeit
improving on Q2. Energy delivered solid growth in the period, with
volumes up high-single digits, driven by Monster while Coffee
continued its strong momentum, with volumes growing above 20%.
Emerging markets
Net sales revenue grew by 21.8% on an organic basis and declined
by 5.1% on a reported basis, with the difference due to an adverse
currency impact from the Nigerian Naira, Russian Rouble and
Egyptian Pound.
Net sales revenue per case grew 12.8% organically, benefitting
from pricing actions taken over the last twelve months, including
additional increases during the period to manage currency
devaluation in Nigeria.
Emerging markets volumes grew 7.9% organically and 10.6% on a
reported basis, including the consolidation of Multon. Sparkling
volumes grew by mid-single digits and Stills grew by low-double
digits, mainly driven by a strong performance of Water in Egypt.
Energy delivered growth of almost 40% in the quarter, continuing
the momentum from prior p eriods.
Volumes in Nigeria grew by mid-single digits, led by Sparkling
with Trademark Coke brands up low-teens. Energy continued to
deliver strong double-digit volume growth driven by Predator.
Stills volumes were down by low-teens, led by Water, as we focused
on profitable revenue growth.
Volume in Ukraine declined by low-single digits in the period ,
reflecting tougher comparatives and operational challenges created
by the ongoing conflict. Sparkling fell mid-single digits, while
Energy delivered strong double-digit growth.
Volume in Romania declined by low-teens in the quarter, with a
mid-teens decline in Stills and low-teens decline in Sparkling, as
the consumer environment remained challenging, with ongoing
inflation and higher value-added taxes. Energy continued its strong
momentum with volumes up low-twenties, driven by Monster.
Volume grew by high -teens in Egypt. Sparkling grew by
high-single digits, driven by Trademark Coke, which delivered
mid-teens growth, with particularly strong growth for Coke Zero.
Water delivered strong double-digit growth, on soft comparatives.
We are also very pleased with progress of our recent launches in
the Energy category.
Volumes in Serbia declined by low-single digits, mainly driven
by Sparkling, as we faced tougher trading conditions amidst greater
volatility in the region. Trademark Coke fell high single-digits,
while Adult Sparkling grew mid-single digits. Energy delivered
mid-teens growth in the period, despite tough comparatives. Water
volumes were up high-single digits.
Russia volumes were higher on an organic basis compared to the
prior-year quarter, but on the same basis were down around 40%
compared to the same period in 2021.
Supplementary information
Third quarter Nine months
% %
% Organic % Organic
Group 2023 2022 Reported (2) 2023 2022 Reported (2)
Volume (m unit cases)
(3) 785.2 757.5 3.7% 2.2% 2,168.3 2,087.7 3.9% 0.1%
Net sales revenue (EUR
m) 2,797.8 2,695.7 3.8% 15.3% 7,819.3 6,905.6 13.2% 17.0%
Net sales revenue per
unit case (EUR) 3.56 3.56 0.1% 12.9% 3.61 3.31 9.0% 16.8%
Established markets
Volume (m unit cases) 182.8 196.8 -7.1% -7.1% 489.2 502.5 -2.6% -2.7%
Net sales revenue (EUR
m) 959.5 888.7 8.0% 7.7% 2,587.5 2,272.9 13.8% 13.3%
Net sales revenue per
unit case (EUR) 5.25 4.52 16.2% 16.0% 5.29 4.52 16.9% 16.5%
Developing markets
Volume (m unit cases) 129.5 133.0 -2.6% -2.6% 356.8 363.4 -1.8% -1.8%
Net sales revenue (EUR
m) 593.4 494.9 19.9% 15.9% 1,578.6 1,286.5 22.7% 20.6%
Net sales revenue per
unit case (EUR) 4.58 3.72 23.1% 19.0% 4.42 3.54 25.0% 22.8%
Emerging markets
Volume (m unit cases) 472.9 427.7 10.6% 7.9% 1,322.3 1,221.8 8.2% 1.8%
Net sales revenue (EUR
m) 1,244.9 1,312.1 -5.1% 21.8% 3,653.2 3,346.2 9.2% 18.3%
Net sales revenue per
unit case (EUR) 2.63 3.07 -14.2% 12.8% 2.76 2.74 0.9% 16.1%
(2) For details on APMs refer to 'Alternative Performance
Measures' and 'Definitions and reconciliations of APMs'
sections.
(3) One unit case corresponds to approximately 5.678 litres or
24 servings, being a typically used measure of volume. For Premium
Sprits volume, one unit case also corresponds to 5.678 litres. For
biscuits volume, one unit case corresponds to 1 kilogram. For
coffee volume, one unit case corresponds to 0.5 kilograms or 5.678
litres.
Conference call
Coca-Cola HBC will host a conference call for financial analysts
and investors to discuss the 2023 third quarter trading update on
Tuesday 31 October 2023 at 9:30 am GMT. To join the call in
listen-only mode please join via the webcast . If you anticipate
asking a question, please click here to register and to find
dial-in details.
Next event
14 February 2024 2023 Full-year results
Enquiries
Coca--Cola HBC Group
Investors and Analysts:
John Dawson Tel: +44 7552 619509
Investor Relations Director john.dawson@cchellenic.com
(Interim)
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
Virginia Phillips Tel: + 44 7864 686582
Investor Relations Manager virginia.phillips@cchellenic.com
Media:
Sonia Bastian Tel: +41 7946 88054
Head of Communications sonia.bastian@cchellenic.com
Greek media contact:
V+O Communications Tel: +30 694 454 8914
Sonia Manesi sm@vando.gr
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 open up moments that refresh us all, by creating value for our
stakeholders and supporting the socio-economic development of the
communities in which we operate. With a vision to be the leading
24/7 beverage partner, we offer drinks for all occasions around the
clock and work together with our customers to serve 740 million
consumers across a broad geographic footprint of 29 countries. Our
portfolio is one of the strongest, broadest and most flexible in
the beverage industry, with consumer-leading beverage brands in the
sparkling, adult sparkling, juice, water, sport, energy,
ready-to-drink tea, coffee, and premium spirits categories. These
include Coca-Cola, Coca-Cola Zero Sugar, Fanta, Sprite, Schweppes,
Kinley, Costa Coffee, Caffè Vergnano, Valser, FuzeTea, Powerade,
Cappy, Monster Energy, The Macallan, Jack Daniel's and Grey Goose.
We foster an open and inclusive work environment amongst our 32,000
employees and believe that building a more positive environmental
impact is integral to our future growth. We rank among the top
sustainability performers in ESG benchmarks such as the Dow Jones
Sustainability Indices, CDP, MSCI ESG, FTSE4Good and ISS ESG.
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/
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 2023 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 2022 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
Organic growth
Organic growth enables users to focus on the operating
performance of the business on a basis which is not affected by
changes in foreign currency exchange rates from period to period or
changes in the Group's scope of consolidation ('consolidation
perimeter') i.e. acquisitions, divestments and reorganisations
resulting in equity method accounting. Thus, organic growth is
designed to assist users in better understanding the Group's
underlying performance.
More specifically, the following items are adjusted from the
Group's volume and net sales revenue in order to derive organic
growth metrics:
(a) Foreign Currency impact
Foreign Currency impact in the organic growth calculation
reflects the adjustment of prior-period net sales revenue metric
for the impact of changes in exchange rates applicable to the
current period.
(b) Consolidation perimeter impact
Current period volume and net sales revenue metrics are each
adjusted for the impact of changes in the consolidation perimeter.
More specifically adjustments are performed as follows:
i. Acquisitions:
For current year acquisitions, the results generated in the
current period by the acquired entities are not included in the
organic growth calculation. For prior-year acquisitions, the
results generated in the current year over the period during which
the acquired entities were not consolidated in the prior year, are
not included in the organic growth calculation.
For current year step acquisitions where the Group obtains
control of a) entities over which it previously held either joint
control or significant influence and which were accounted for under
the equity method, or b) entities which were carried at fair value
either through profit or loss or other comprehensive income, the
results generated in the current year by the relevant entities over
the period during which these entities are consolidated, are not
included in the organic growth calculation. For such step
acquisitions of entities previously accounted for under the equity
method the share of results for the respective period described
above, is included in the organic growth calculation of the current
year. For such step acquisitions of entities previously accounted
for at fair value through profit or loss any fair value gains or
losses for the respective period described above, are included in
the organic growth calculation. For such step acquisitions in the
prior year, the results generated in the current year by the
relevant entities over the period during which these entities were
not consolidated in the prior year, are not included in the organic
growth calculation. However, the share of results or gains or
losses from fair value changes of the respective entities, based on
their accounting treatment prior to the step acquisition, for the
current-year period during which these entities were not
consolidated in the prior year are included in the organic growth
calculation.
ii. Divestments:
For current year divestments, the results generated in the prior
year by the divested entities over the period during which the
divested entities are no longer consolidated in the current year,
are included in the current year's results for the purpose of the
organic growth calculation. For prior-year divestments, the results
generated in the prior year by the divested entities over the
period during which the divested entities were consolidated, are
included in the current year's results for the purpose of the
organic growth calculation.
iii. Reorganisations resulting in equity method accounting:
For current year reorganisations where the Group maintains
either joint control or significant influence over the relevant
entities so that they are reclassified from subsidiaries or joint
operations to joint ventures or associates and accounted for under
the equity method, the results generated in the current year by the
relevant entities over the period during which these entities are
no longer consolidated, are included in the current year's results
for the purpose of the organic growth calculation. For such
reorganisations in the prior year, the results generated in the
current year by the relevant entities over the period during which
these entities were consolidated in the prior year, are included in
the current year's results for the purpose of the organic growth
calculation. In addition, the share of results in the current year
of the relevant entities, for the respective period as described
above, is excluded from the organic growth calculation for such
reorganisations.
The calculations of the organic growth and the reconciliation to
the most directly related measures calculated in accordance with
IFRS are presented in the below tables. Organic growth (%) is
calculated by dividing the amount in the row titled 'Organic
movement' by the amount in the associated row titled '2022
reported' or, where presented, '2022 adjusted'.
Reconciliation of organic measures
Third quarter 2023 Nine months 2023
---------------------------------------------- ----------------------------------------------
Volume (m unit cases) Group Established Developing Emerging Group Established Developing Emerging
2022 reported 757.5 196.8 133.0 427.7 2,087.7 502.5 363.4 1,221.8
Consolidation
perimeter
impact 11.4 - - 11.4 78.2 0.2 - 78.0
Organic movement 16.3 -14.0 -3.5 33.8 2.4 -13.5 -6.6 22.5
-------- ------------ ----------- --------- -------- ------------ ----------- ---------
2023 reported 785.2 182.8 129.5 472.9 2,168.3 489.2 356.8 1,322.3
-------- ------------ ----------- --------- -------- ------------ ----------- ---------
Organic growth (%) 2.2% -7.1% -2.6% 7.9% 0.1% -2.7% -1.8% 1.8%
-------- ------------ ----------- --------- -------- ------------ ----------- ---------
Third quarter 2023 Nine months 2023
---------------------------------------------- ----------------------------------------------
Net sales revenue Group Established Developing Emerging Group Established Developing Emerging
(EUR m)
2022 reported 2,695.7 888.7 494.9 1,312.1 6,905.6 2,272.9 1,286.5 3,346.2
Foreign currency
impact -306.6 1.4 17.1 -325.1 -491.3 7.6 22.7 -521.6
2022 adjusted 2,389.1 890.1 512.0 987.0 6,414.3 2,280.5 1,309.2 2,824.6
Consolidation
perimeter
impact 43.6 0.5 - 43.1 315.8 2.8 - 313.0
Organic movement 365.1 68.9 81.4 214.8 1,089.2 304.2 269.4 515.6
-------- ------------ ----------- --------- -------- ------------ ----------- ---------
2023 reported 2,797.8 959.5 593.4 1,244.9 7,819.3 2,587.5 1,578.6 3,653.2
-------- ------------ ----------- --------- -------- ------------ ----------- ---------
Organic growth (%) 15.3% 7.7% 15.9% 21.8% 17.0% 13.3% 20.6% 18.3%
-------- ------------ ----------- --------- -------- ------------ ----------- ---------
Third quarter 2023 Nine months 2023
---------------------------------------------- ----------------------------------------------
Net sales revenue Group Established Developing Emerging Group Established Developing Emerging
per unit case (EUR)
(4)
2022 reported 3.56 4.52 3.72 3.07 3.31 4.52 3.54 2.74
Foreign currency
impact -0.40 0.01 0.13 -0.76 -0.24 0.02 0.06 -0.43
2022 adjusted 3.15 4.52 3.85 2.31 3.07 4.54 3.60 2.31
Consolidation
perimeter
impact - - - 0.03 0.02 - - 0.08
Organic movement 0.41 0.72 0.73 0.30 0.52 0.75 0.82 0.37
-------- ------------ ----------- --------- -------- ------------ ----------- ---------
2023 reported 3.56 5.25 4.58 2.63 3.61 5.29 4.42 2.76
-------- ------------ ----------- --------- -------- ------------ ----------- ---------
Organic growth (%) 12.9% 16.0% 19.0% 12.8% 16.8% 16.5% 22.8% 16.1%
-------- ------------ ----------- --------- -------- ------------ ----------- ---------
(4) Certain differences in calculations are due to rounding.
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END
TSTMMBMTMTIJTRJ
(END) Dow Jones Newswires
October 31, 2023 03:00 ET (07:00 GMT)
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