FIRST QUARTER 2024 TRADING
UPDATE
Strong start;
reiterating 2024
guidance
Coca-Cola HBC AG,
a growth-focused Consumer Packaged Goods business
and strategic bottling partner of The Coca-Cola Company,
today announces its Q1 2024 trading
update.
First quarter highlights
·
Continued
execution of our 24/7 strategy delivered 12.6% organic revenue
growth1
o Organic volume grew 1.8%, driven by good performances in
Emerging and Developing markets; Sparkling volumes were stable,
while Energy and Coffee delivered strong double-digit growth (up
+37.3% and +34.3% respectively)
o Organic revenue per case increased 10.6%, reflecting effective
revenue growth management initiatives through the last twelve
months
o Reported revenue growth of 1.0%, with strong organic growth
offset by FX translation headwinds in Nigeria and Egypt
o Ongoing improvement in value share on top of strong gains in
2023; 120bps gain in Non-Alcoholic Ready-To-Drink (NARTD) and 70bps
in Sparkling year-to-date
·
Organic revenue
growth across all segments, led by a particularly good performance
in Emerging
o Established:
Organic revenue up 5.1%, led by revenue-per-case
expansion, with volumes impacted by tough comparatives
o Developing:
Organic revenue increased by 12.5%, with an
encouraging improvement in volumes after a challenging
2023
o Emerging:
Organic revenue up 19.0%, driven by
revenue-per-case expansion, and with a resilient volume performance
despite macroeconomic headwinds and currency devaluation
·
Further
investment in our unique 24/7 portfolio and bespoke
capabilities
o Single-serve mix in Sparkling increased 230 basis points,
enabled by revenue growth management initiatives
o Monster Energy Green Zero Sugar launched in 16 markets,
supporting Monster's continued strong growth
o Coffee growth driven by premium out-of-home
recruitment
o Finlandia Vodka distribution expanded to a further 17
markets
o Announced an agreement to acquire BDS Vending in Ireland,
advancing our in-house capabilities in vending and enhancing our
route-to-market capabilities
Zoran Bogdanovic, Chief Executive Officer of Coca-Cola HBC AG,
commented:
"We have made a strong start to the year, with continued
progress of our 24/7 strategy. Organic revenues grew by 12.6% led
by our strategic priority categories of Sparkling, Energy and
Coffee. We are also pleased to report another quarter of volume
growth and market share gains.
"During the period, informed by data, insights and analytics,
we have accelerated investment in our unique 24/7 portfolio and in
our bespoke capabilities, with several new brand launches and
targeted initiatives across our markets. This ensures our continued
strong in-market execution, in close collaboration with our
customers.
"Although we are mindful of the broader macroeconomic
backdrop, we are confident in delivering our financial guidance in
the year ahead and on making further progress against our
medium-term growth targets."
Q1 2024 vs Q1 2023
|
Net sales revenue
|
Volume
|
Net sales revenue per unit
case
|
growth (%)
|
Organic1
|
Reported
|
Organic1
|
Reported
|
Organic1
|
Reported
|
Total Group
|
12.6
|
1.0
|
1.8
|
1.9
|
10.6
|
-0.8
|
Established markets
|
5.1
|
6.6
|
-3.8
|
-3.7
|
9.3
|
10.6
|
Developing markets
|
12.5
|
16.5
|
4.2
|
4.2
|
8.0
|
11.8
|
Emerging markets
|
19.0
|
-8.3
|
3.2
|
3.2
|
15.3
|
-11.2
|
1 For details on Alternative
Performance Measures ('APMs') refer to 'Alternative Performance
Measures' and 'Definitions and reconciliations of APMs'
sections.
Business Outlook
We have delivered a strong start to
2024. While we expect the macroeconomic and geopolitical
environment to remain challenging, we have high confidence in our
24/7 portfolio and the opportunities for growth in our diverse
markets, amplified by our bespoke capabilities, and above all, the
talent of our people. In 2024 we expect to make progress against
our medium-term growth targets.
We are confident in reiterating our
guidance for 2024:
·
Achieving our mid-term target of organic revenue
growth at a Group level of 6-7%
·
On a comparable basis, COGS per unit case should
increase low to mid-single digits through the combined effect of
inflation, transactional and translational FX
·
Organic EBIT growth in the range of +3% to
+9%
Technical 2024 guidance
Our technical guidance is unchanged
from what we provided at the FY23 results.
FX: We expect the impact of
translational FX on our Group comparable EBIT to be a €30 - 50
million headwind.
Restructuring: We do not expect
significant restructuring costs to occur.
Tax: We expect our comparable
effective tax rate to be towards the top end of our 25% to 27%
range.
Finance costs: We expect net
finance costs to be between €50 - 70 million.
Scope: We expect the scope
impact from the Finlandia acquisition on comparable EBIT to be
between €5 - 10 million.
Operational highlights
Leveraging our unique 24/7 portfolio
Organic revenue increased by 12.6%
in the first quarter of 2024, with 1.8% growth in volumes, as well
as strong revenue-per-case enhancement. Reported net sales revenue
increased by 1.0%, with adverse FX translation effects in Emerging
markets offsetting strong organic growth.
·
Sparkling volumes were flat in the quarter.
Trademark Coke grew low-single digits, with good growth in Zero and
low/no sugar variants. Momentum in Adult Sparkling continued, with
low-double digit growth overall, ongoing good performance from
Schweppes, and notably strong, double-digit growth in Kinley. Fanta
and Sprite declined mid-single digits, driven by Emerging markets
and tough comparatives.
·
Energy volumes grew 37.3%, with strong momentum
particularly in Emerging markets. We launched Monster Energy Green
Zero Sugar in 16 markets in the quarter, adding to the three
markets launched in Q4 2023.
·
Coffee grew by 34.3%, with good performance in
Developing and Emerging, and strong growth in Caffè Vergnano. We
continued to recruit out-of-home outlets for Costa Coffee and Caffè
Vergnano.
·
Still volumes grew 2.5%. We achieved growth in
Water in Emerging markets on soft comparatives, which offset
declines in Established and Developing, where the category was
impacted by our conscious choices to focus on opportunities for the
most profitable revenue growth. We delivered robust growth in
Sports Drinks in Developing and Emerging markets.
Winning in the marketplace
Organic net sales revenue per case
grew 10.6%. Within our revenue growth management toolkit,
pricing remained the most important driver
of value. We continued to adjust our pricing in Q1 2024 to mitigate
ongoing cost inflation, albeit at a lower level than 2023. We also
made successful pricing interventions to navigate currency
devaluation, regulation and taxation in specific markets. In
addition, we benefitted from the cycling
impact of pricing taken in 2023, an impact
we expect to reduce through the course of the year.
In Q1, and in our plans for 2024, we
continued to use our revenue growth management framework to
strengthen our customer offer, including through affordability and
premiumisation initiatives. Affordability actions range from new
promotion strategies leveraging data and insights to improve
returns, including promotions on key pack formats, to new entry
packages at specific price points. Premiumisation continues to be
important for a large number of consumers, and our leading ability
to use data, insights and analytics to segment our customer base
allows us to personalise portfolio assortments to address specific
consumer needs.
We continued to see an improvement
in package and category mix in the quarter.
Category mix benefitted from the increased contribution of Energy,
while package mix improved due to effective activations of
single-serve multipacks, which drove single-serve mix up 210 basis
points.
Our execution in the marketplace and
joint value creation with customers enabled us to continue to gain
share, building on strong gains in 2023. We gained 120 basis points
of value share in NARTD and 70 basis points in Sparkling
year-to-date.
ESG
leadership
Packaging circularity continues to
be a focus. Deposit return schemes went live in both the Republic
of Ireland and Hungary. In Nigeria, we are co-investing together
with The Coca-Cola Company to build the first-ever Coca-Cola
System-owned and operated packaging collection facility. We
expect it to be operational in the second half of 2024, collecting
around 100 tonnes of plastic bottles each month.
In Q1, we continued our long-running
commitment to the communities and watersheds in the six markets
that the Danube River runs through, by joining The Living Danube
Partnership, helping nature and communities thrive along the river
basin.
Established markets
Established markets net sales
revenue grew by 5.1% and 6.6% on an organic and reported basis
respectively.
Organic net sales revenue per case
increased by 9.3%. Established markets benefitted from pricing
actions taken through 2023 as well as specific additional increases
in Q1 2024 to navigate inflation and regulation. We drove another
quarter of strong improvement in package mix, with single-serve
improving 130 basis points.
Volume in the segment declined 3.8%
organically, on tough comparatives. Sparkling volumes declined by
mid-single digits, slightly offset by a positive performance from
Coke Zero and Adult Sparkling. Energy grew by mid-single digits
despite tough comparatives and Juice volumes grew by low-single
digits in the period.
In Italy, volumes decreased by
high-single digits on tough comparatives. Sparkling volumes
declined by mid-single digits due to Trademark Coke, partially
offset by Adult Sparkling, which grew by high-single digits. Stills
declined low-teens driven by Water, partially offset by Juice
volumes, up mid-single digits.
In Greece, volumes grew by
low-single digits despite challenging comparatives. Sparkling
volumes were flat with a positive performance from Coke Zero and
Adult Sparkling. Energy grew low-single digits and Stills grew by
high-single digits, driven by low double-digit growth in
Water.
In Ireland, volumes decreased by
mid-single digits, as consumers adjusted to the impact of the
Deposit Return Scheme in the Republic of Ireland launched in
February. Sparkling volumes declined mid-single digits, while
Energy and Coffee volumes grew mid-single digits.
In Switzerland, volumes declined
low-single digits. Sparkling declined mid-single digits, offset by
high-single digit growth in Stills, driven by low-double digit
growth in Water.
Developing markets
Net sales revenue grew by 12.5% and
16.5% on an organic and reported basis respectively.
Organic net sales revenue per case
increased by 8.0%. The segment benefitted from carryover pricing,
as well as positive channel and category mix.
Developing markets volume grew 4.2%
organically, with good momentum from our strategic priority
categories. Sparkling grew mid-single digits with Coke Zero up
low-double digits and Adult Sparkling up mid-teens. Coffee grew
high-single digits despite tough comparatives.
Poland volumes increased by
low-single digits, building on a strong prior year performance.
Sparkling volumes grew by mid-single digits, with growth across all
brands. Energy declined by high-single digits on challenging
comparatives and with some impact from the introduction of
regulatory measures since the start of January 2024. Stills volumes
declined low-double digits driven by Water and Juice.
In Hungary, volumes grew by
low-single digits, driven by our strategic priority categories.
Sparkling grew mid-single digits. Energy grew by over 30% and
Coffee grew by nearly 30% despite challenging
comparatives.
Volume in the Czech Republic
increased by low-double digits, with low-teens growth in Sparkling
and mid-single digit growth in Stills. Energy declined low-single
digits on very challenging comparatives, while Coffee grew
strong-double digits.
Emerging markets
Emerging markets
net sales revenue grew by 19.0% on an
organic basis but declined by 8.3% on a reported basis
predominantly due to currency devaluations in Nigeria and Egypt.
Net sales revenue per case grew
15.3% organically, as we made conscious decisions to drive pricing
to manage cost inflation and currency devaluations, as well as
benefitting from positive category and package mix.
Emerging markets volume grew 3.2%
organically. Sparkling volumes were flat, with over 30% growth in
low/no sugar variants of Trademark Coke. Energy saw strong
double-digit growth, despite tough comparatives. Stills grew
mid-single digits, driven by Water.
Volume in Nigeria grew
high-teens despite the challenging macroeconomic environment, reflecting our good
execution in the market. We purposely drove strong price mix to
manage cost inflation and currency devaluation, while still gaining
value share. Energy delivered strong double-digit growth, as
momentum continued in Predator and Monster. Sparkling volumes
grew mid-teens driven by Trademark Coke and Adult Sparkling. Within
Stills, we saw high-teens growth in Juices.
Ukraine volume declined mid-single
digits. Sparkling declined mid-single digits driven by Trademark
Coke, partially offset by a positive performance from Coke Zero and
Adult Sparkling. Energy grew mid-teens with good underlying
momentum, while Stills volumes grew mid-single digits.
In Romania, volumes declined
low-double digits driven by Sparkling and Stills.
The consumer environment remained challenging,
impacted by the introduction of a sugar tax in January, on top of
the VAT increase in January 2023 and the launch of a Deposit Return
Scheme in November 2023. Energy and Coffee
continued their strong momentum with volumes up high-teens and
mid-teens respectively.
In Egypt, volumes declined by
mid-single digits, reflecting a challenging consumer and
macroeconomic environment. We proactively drove strong price mix to
manage inflation and the currency devaluation in the period.
Sparkling declined high-teens, impacted by pushback against some
western brands. Energy continued its strong momentum from the
launch in 2023. Water grew by over 30%.
Russia volumes grew low-single
digits as we continued to operate a self-sufficient local
business.
Supplementary information
Group
|
First quarter 2024
|
First quarter 2023
|
%
Reported
|
%
Organic2
|
Volume (m unit
cases)3
|
632.6
|
621.1
|
1.9%
|
1.8%
|
Net sales revenue (€ m)
|
2,225.4
|
2,202.5
|
1.0%
|
12.6%
|
Net sales revenue per unit case
(€)
|
3.52
|
3.55
|
-0.8%
|
10.6%
|
Established markets
|
|
|
|
|
Volume (m unit cases)
|
131.9
|
136.9
|
-3.7%
|
-3.8%
|
Net sales revenue (€ m)
|
742.6
|
696.6
|
6.6%
|
5.1%
|
Net sales revenue per unit case
(€)
|
5.63
|
5.09
|
10.6%
|
9.3%
|
Developing markets
|
|
|
|
|
Volume (m unit cases)
|
104.5
|
100.3
|
4.2%
|
4.2%
|
Net sales revenue (€ m)
|
480.1
|
412.2
|
16.5%
|
12.5%
|
Net sales revenue per unit case
(€)
|
4.59
|
4.11
|
11.8%
|
8.0%
|
Emerging markets
|
|
|
|
|
Volume (m unit cases)
|
396.2
|
383.9
|
3.2%
|
3.2%
|
Net sales revenue (€ m)
|
1,002.7
|
1,093.7
|
-8.3%
|
19.0%
|
Net sales revenue per unit case
(€)
|
2.53
|
2.85
|
-11.2%
|
15.3%
|
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 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 2024 first
quarter trading update on Tuesday 30 April 2024 at 9:30 am
BST. 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
7
August 2024
|
2024
Half-year results
|
|
|
Enquiries
Coca-Cola HBC Group
Investors and Analysts:
|
|
|
Joanna Kennedy
Investor Relations
Director
|
Tel: +44
7802 427505
joanna.kennedy@cchellenic.com
|
|
|
Jemima Benstead
Investor Relations Manager
|
Tel: +44
7740 535130
jemima.benstead@cchellenic.com
|
|
|
Sarah Hebert-Lilley
Investor Relations Manager
|
Tel: +36
30 645 8678
sarah.hebert-lilley@cchellenic.com
|
|
|
Virginia Phillips
Investor Relations Manager
|
Tel: +44
7864 686582
virginia.phillips@cchellenic.com
|
|
|
Media:
|
|
Sonia Bastian
Head of Communications
|
Tel: +41
7946 88054
sonia.bastian@cchellenic.com
|
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,
Finlandia Vodka, The Macallan, Jack Daniel's and Grey Goose. We
foster an open and inclusive work environment amongst our 33,000
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 2024 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 2023
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 '2023 reported' or, where presented, '2023
adjusted'.
Reconciliation of organic measures
|
First quarter
2024
|
Volume (m unit cases)
|
Established
|
Developing
|
Emerging
|
Group
|
2023 reported
|
136.9
|
100.3
|
383.9
|
621.1
|
Consolidation perimeter
impact
|
0.2
|
-
|
-
|
0.2
|
Organic movement
|
-5.2
|
4.2
|
12.3
|
11.3
|
2024 reported
|
131.9
|
104.5
|
396.2
|
632.6
|
|
|
|
|
|
Organic growth (%)
|
-3.8%
|
4.2%
|
3.2%
|
1.8%
|
|
|
|
|
|
|
First quarter
2024
|
Net
sales revenue (€ m)
|
Established
|
Developing
|
Emerging
|
Group
|
2023 reported
|
696.6
|
412.2
|
1,093.7
|
2,202.5
|
Foreign currency impact
|
6.1
|
14.0
|
-251.0
|
-230.9
|
2023 adjusted
|
702.7
|
426.2
|
842.7
|
1,971.6
|
Consolidation perimeter
impact
|
3.8
|
0.6
|
0.2
|
4.6
|
Organic movement
|
36.1
|
53.3
|
159.8
|
249.2
|
2024 reported
|
742.6
|
480.1
|
1,002.7
|
2,225.4
|
|
|
|
|
|
Organic growth (%)
|
5.1%
|
12.5%
|
19.0%
|
12.6%
|
|
|
|
|
|
|
First quarter
2024
|
Net
sales revenue per unit case (€)4
|
Established
|
Developing
|
Emerging
|
Group
|
2023 reported
|
5.09
|
4.11
|
2.85
|
3.55
|
Foreign currency impact
|
0.04
|
0.14
|
-0.65
|
-0.37
|
2023 adjusted
|
5.13
|
4.25
|
2.20
|
3.17
|
Consolidation perimeter
impact
|
0.02
|
0.01
|
-
|
0.01
|
Organic movement
|
0.48
|
0.34
|
0.34
|
0.34
|
2024 reported
|
5.63
|
4.59
|
2.53
|
3.52
|
|
|
|
|
|
Organic growth (%)
|
9.3%
|
8.0%
|
15.3%
|
10.6%
|
4 Certain differences in calculations are due to
rounding.