TIDMCCH
RNS Number : 1868L
Coca-Cola HBC AG
12 May 2022
FIRST QUARTER 2022 TRADING UPDATE
Strong performance despite turbulent environment
Coca-Cola HBC AG, a growth-focused Consumer Packaged Goods
business and strategic bottling partner of The Coca-Cola Company,
today announces its Q1 2022 trading update.
First quarter highlights
-- Focused execution of our strategy and continued reopening
drove broad based growth, with Q1 organic(1) growth of 24.2%
o Q1 organic revenue growth excluding Russia and Ukraine
+25.9%
o Ongoing strength in the Emerging segment despite tough
comparatives
o Value share gains accelerated, with Sparkling +240 bps and
NARTD +190 bps. Volume share also continued to expand
-- We continue to provide urgent support and financial relief to
our people and their families impacted by conflict and the human
tragedy in Ukraine. In addition, together with The Coca-Cola
Company, The Coca-Cola Foundation and other bottlers, we have
committed $15 million to support humanitarian relief efforts in the
region
-- Organic volume growth of 11.3% continues to be driven by
priority categories in our 24/7 portfolio: Sparkling +10.0%; Low/no
sugar sparkling +45.3%; Adult sparkling +22.9%; and Energy
+31.7%
-- Pricing and other Revenue Growth Management actions drove
organic revenue per case growth of 11.6% with improving category,
package and channel mix. All three segments executed on pricing
plans to manage increased inflationary pressures with no negative
impact on volumes
-- Egypt added nearly 12 percentage points to reported volume
growth and 7 percentage points to reported net sales revenue in Q1.
Integration of the business is progressing ahead of
expectations
-- As previously announced, we are working in close alignment with The Coca-Cola Company on the implementation of the decision to suspend its business in Russia. We can confirm that as of 8th of March we stopped placing orders for concentrate in Russia and ceased investments in the market. As per our announcement on 3rd of March, our guidance for the current financial year remains withdrawn
Zoran Bogdanovic, Chief Executive Officer of Coca-Cola HBC AG,
commented:
"We are deeply distressed by the unspeakable tragedy and ongoing
human suffering in Ukraine. We stand with our colleagues and all
those affected. We continue to prioritise the safety of our people
and their families and are providing practical and financial
support, as well as donations for humanitarian relief in the
impacted region.
Alongside this, the people of Coca-Cola HBC have continued to
execute our growth strategy, delivering strong top line growth
which was well balanced between volume and revenue per case.
The inflationary environment has only intensified since our last
set of results, and this is why I am so pleased to see the
effective use of our Revenue Growth Management capabilities,
including pricing, visible in our performance. There are several
other highlights from the quarter including welcoming Egypt to the
Group, ongoing strong performance from Sparkling and Energy and, in
particular, the very strong market share performance which
continued to accelerate in Q1.
We have high confidence in our portfolio, evolving route to
market, customer-focused commercial strategy, the potential of our
diverse markets, and above all, the capability of our people. We
remain agile as we prioritise our investments, with discipline,
across the rest of our markets to continue to drive sustainable
growth despite the uncertain environment."
(1) Perfomance, unless otherwise stated, refers to organic
growth measures. For details on Alternative Performance Measures
('APMs') refer to 'Alternative Performance Measures' and
'Definitions and reconciliations of APMs' sections.
Segment highlights
-- Established : Targeted execution in the out-of-home channel
allowed full benefit from reopening, which gained pace in the
quarter
-- Developing : Broad-based volume growth across markets and a
strong recovery in Poland as we cycle the implementation of the
sugar tax
-- Emerging: Strong momentum continues despite more challenging
comparatives and impact of conflict in Ukraine
Net sales revenue Volume Net sales revenue
Q1 2022 vs Q1 2021 per unit case
growth (%) Organic(1) Reported Organic(1) Reported Organic(1) Reported
--------------------- ----------- --------- ----------- --------- ----------- ---------
Group 24.2 31.0 11.3 23.4 11.6 6.2
Established markets 18.2 19.5 9.6 9.6 7.9 9.1
Developing markets 40.5 40.2 24.0 24.0 13.3 13.1
Emerging markets 22.7 36.2 8.5 28.8 13.1 5.8
--------------------- ----------- --------- ----------- --------- ----------- ---------
(1) For details on Alternative Performance Measures ('APMs')
refer to 'Alternative Performance Measures' and 'Definitions and
reconciliations of APMs' sections.
Ukraine and Russia
Coca-Cola HBC continues to prioritise the safety of our people
and their families impacted by conflict. We are providing immediate
financial support to our people in Ukraine and continue to work
through The Coca-Cola Foundation and Red Cross to provide
humanitarian relief in the region.
This includes cash grants to our people through the Coca-Cola
Disaster Relief and Coca-Cola HBC Employee Donation Funds, on top
of salary advance payments and refugee assistance centres across
Ukraine. Globally, the Coca-Cola System has committed $15 million
to various humanitarian relief organisations, while providing more
than 1.8 million litres of beverages, worth over EUR1 million, in
Ukraine and in bordering countries.
The Coca-Cola Company suspended its business in Russia and
stopped taking orders for concentrate with immediate effect on 8
March 2022. We are in the process of implementing this decision in
close alignment with The Coca-Cola Company.
Following this decision, we will have a much smaller presence in
the market focused on local brands. We are evaluating all options
here and will share more in due course, alongside the financial
implications of any decision made for both 2022 performance and the
level of non-cash charges.
Organic revenue growth excluding Russia and Ukraine was 25.9%,
driven by ongoing strong performance from the other markets in the
Group.
Operational highlights
Leveraging our unique 24/7 portfolio
Our Sparkling portfolio performed well in Q1, driven by targeted
campaigns and strong market execution. Continued success from the
new Coke Zero recipe launch drove Trademark Coke volume growth of
10.6 %. Thematic and impactful flavour launches in Fanta drove
volumes up 5.5%, while growth of 8.9% in Sprite benefited from the
ongoing success of the 'Let's Be Clear' campaign .
We are particularly pleased to see continued outperformance from
our strategic focus areas. Adult Sparkling brands volume grew by
22.9% benefiting from underlying category strength, share gains as
well as reopening of the out-of-home. Low- and no-sugar variants
continued to see strong performance with volumes up 45.3%, reaching
27.1% of our Sparkling portfolio, up 6.6 percentage points in the
year.
Energy maintained growth momentum, with volumes up 31.7% in the
quarter. All three brands, Monster, Burn and Predator saw
double-digit growth, with Predator volumes nearly doubling led by
ongoing momentum in Nigeria as well as growth in Poland.
We continue to make good progress with Coffee, growing volumes
by 75.4%. Costa benefited from reopening, as well as ongoing
recruitment of new customers. We launched Caffè Vergnano in 11
markets during Q1 and will continue to roll out the brand this
year.
Still drinks accelerated, with volume growth of 13.5%,
continuing to benefit from the reopening of the out-of-home channel
where these categories over-index. Water volumes grew by 11.3%,
with good growth across all three segments. Juice volume was up
21.1%, benefiting from an acceleration of growth in the Developing
and Emerging segment, while Ready-to-drink tea volume grew by
16.9%.
Winning in the marketplace
Successful execution in the out-of-home channel to capture the
full potential of reopening in our markets, combined with expanded
shelf space in the at-home channel and accelerated growth in
e-retail ensured strong performance. Value share gains accelerated
again in Q1, with the business gaining 190 basis points in NARTD
and 240 basis points in Sparkling. In addition, we continue to gain
volume share, led by Sparkling which gained nearly 5 percentage
points of volume share year to date.
Pricing and other revenue growth management actions drove an
acceleration in revenue per case expansion which reached 11.6% on
an organic basis. Outperformance in Adult Sparkling and Energy
supported improvements in category mix. Activation of single serve
packages and growth in the out-of-home channel improved package
mix.
Pricing remains a critical tool as we manage increasing
inflationary pressures. During the quarter we effectively
implemented pricing initiatives to manage input cost inflation. All
pricing actions have progressed according to plan with no negative
impact on volume. We remain focused on capturing value
opportunities through additional pricing in the rest of 2022,
leveraging the strength of our portfolio as well as our Revenue
Growth Management capabilities and analytics to drive sustainable
growth.
Strong partnership with The Coca-Cola Company
We have worked in successful partnership with The Coca-Cola
Company for over 70 years and continue to do so today. The strength
of that relationship, particularly through this period, is further
exemplified by the extension of our bottler's agreements for a new
10 year term. We will continue to create value and seize the
opportunities in our industry and markets together.
Segmental highlights
Established markets segment
Established markets volume grew 9.6%. Performance was led by
double-digit growth in Stills, mainly driven by Water, which
benefited from strong execution and cycling soft comparatives in
the out-of-home channel. Sparkling volumes grew high-single digits,
with mid-thirties volume growth from Adult Sparkling. Energy grew
in the low-twenties despite tough comparatives.
In Italy, volumes grew by low-double digits. Volumes were driven
by Sparkling, which was led by strategic priorities: Coke Zero and
Adults. Energy and Ready-to-drink tea grew double digits. The
market benefitted from the easing of restrictions in the
out-of-home channel from mid-February onwards and our activations
and execution ensured we captured additional share during the
reopening.
Volumes in Greece were up by high-single digits. We saw
mid-teens volume growth in Stills, driven by Water, which performed
well in the out-of-home channel. Sparkling grew low-single digits
driven by Adult Sparkling, while Energy continued to grow double
digits.
In Ireland, volumes grew by mid-teens. Stills delivered strong
double-digit volume growth, driven by Water, supported by the
easing of restrictions in the out-of-home channel. Sparkling
volumes grew by low-double digits, driven by Trademark Coke and
Adult Sparkling.
In Switzerland, volumes grew by mid-single digits. Stills grew
high-teens, driven by Water and Ready-to-drink tea, supported by
improving trends in the out-of-home. Sparkling volumes fell
slightly, while we gained share.
Organic growth in net sales revenue per case was 7.9%. We
benefitted from pricing actions in all of our markets and
favourable package mix, as well as positive channel mix. Net sales
revenue grew by 18.2% and 19.5% on an organic and reported basis
respectively.
Developing markets segment
Developing markets volume grew by 24.0%, driven by Sparkling, as
we delivered strong results in low- and no-sugar variants and Adult
Sparkling. Both Energy and Stills volumes grew by strong double
digits.
Poland volumes increased by mid-thirties, with a very strong
performance in Sparkling, thanks to Trademark Coke, low/ no-sugar
variants and Adult Sparkling. The market cycled the implementation
of the sugar tax and our execution enabled us to gain significant
share in Sparkling. Energy also grew by double digits.
In Hungary, volumes increased by low-twenties. We saw
double-digit growth in Sparkling, driven by Trademark Coke, Fanta,
and Adult Sparkling. Energy continued its strong momentum, and
Juices and Ready-to-drink tea saw a good recovery.
Volume in the Czech Republic grew by low-double digits. We saw
mid-single digit growth in Sparkling driven by Coke Zero, Flavours
and Adult Sparkling. Water volumes grew strongly as the out-of-home
channel cycled prior year's lockdowns.
Organic net sales revenue per case increased by 13.3%. The
segment benefitted from pricing initiatives, as well as positive
channel and package mix. Net sales revenue grew by 40.5% and 40.2%
on an organic and reported basis respectively.
Emerging markets segment
Emerging markets' volume grew 8.5% organically, and 28.8% on a
reported basis, which includes the consolidation of Egypt from
mid-January. Sparkling volumes were up high-single digits against
strong comparatives, while Adult Sparkling grew high-teens and
Energy in the thirties. Stills volumes were up high-single digits
basis with good performance from Water and Juice.
Russia grew volumes double digits, helped by soft comparatives
and strong momentum in the first part of the quarter before the
outbreak of conflict in Ukraine.
Volume in Nigeria increased by low-double digits as momentum
continued on tough comparatives. Sparkling grew by high-single
digits led by mid-teens volume growth in Trademark Coke. Energy
continued to perform well, with Predator nearly doubling volumes
this quarter. Stills grew by mid-teens with a high-double digit
increase in Juice.
Ukraine volume fell by high-twenties in the quarter. Our primary
focus remains the safety of our people. At the start of the
quarter, trends continued the good momentum seen in 2021. Since
February 24(th) our operations have been impacted by the conflict
and we have only been selling very limited quantities where it was
safe to do so.
Volume in Romania increased by low-single digits. Sparkling
volumes fell slightly, despite high-single digit growth in Adult
Sparkling. We saw an ongoing recovery in Stills, which grew by
high-single digits, driven by Water. Energy grew mid-teens.
Volume performance in Egypt is trending in line with plans,
despite a more challenging macro backdrop. Integration continues to
progress well and ahead of expectations, with focus on implementing
our core capabilities, particularly across Revenue Growth
Management and Route to Market.
Net sales revenue per case grew 13.1% organically, benefiting
from pricing, as well as positive category and package mix,
partially offset by country mix. Net sales revenue grew by 22.7% on
an organic basis, or by 36.2% on a reported basis, due to the
consolidation of Egypt from mid-January, which was only partly
offset by the weaker Russian Rouble.
Supplementary information
First
First quarter quarter % %
Group 2022 2021 Reported Organic(1)
Volume (m in unit cases) 605.5 490.8 23.4% 11.3%
Net sales revenue (EUR m) 1,770.7 1,352.1 31.0% 24.2%
Net sales revenue per unit case (EUR) 2.92 2.75 6.2% 11.6%
Established markets
Volume (m in unit cases) 129.1 117.8 9.6% 9.6%
Net sales revenue (EUR m) 575.1 481.1 19.5% 18.2%
Net sales revenue per unit case (EUR) 4.45 4.08 9.1% 7.9%
Developing markets
Volume (m in unit cases) 100.3 80.9 24.0% 24.0%
Net sales revenue (EUR m) 331.9 236.7 40.2% 40.5%
Net sales revenue per unit case (EUR) 3.31 2.93 13.1% 13.3%
Emerging markets
Volume (m in unit cases) 376.1 292.1 28.8% 8.5%
Net sales revenue (EUR m) 863.7 634.3 36.2% 22.7%
Net sales revenue per unit case (EUR) 2.30 2.17 5.8% 13.1%
(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 growth (%) on reported and organic basis, are provided for
NARTD and premium spirits, as set out below:
First First
quarter quarter % %
NARTD 2022 2021 Reported Organic(1)
Volume (m unit cases)(2) 604.9 490.3 23.4% 11.3%
Net sales revenue (EUR m) 1,726.2 1,321.5 30.6% 23.7%
Net sales revenue per unit case (EUR) 2.85 2.70 5.9% 11.2%
Premium Spirits
Volume (m unit cases)(2) 0.628 0.481 30.6% 30.6%
Net sales revenue (EUR m) 44.5 30.6 45.4% 43.3%
Net sales revenue per unit case (EUR) 70.86 63.62 11.4% 9.8%
Total
Volume (m unit cases)(2) 605.5 490.8 23.4% 11.3%
Net sales revenue (EUR m) 1,770.7 1,352.1 31.0% 24.2%
Net sales revenue per unit case (EUR) 2.92 2.75 6.2% 11.6%
(1) For details on APMs refer to 'Alternative Performance
Measures' and 'Definitions and reconciliations of APMs'
sections.
(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
715 million consumers across a broad geographic footprint of 29
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, FuzeTea, Dobry,
Cappy, Monster and Adez. We foster an open and inclusive work
environment amongst our 36,000 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 2022 first quarter trading update on
Thursday 12 May 2022 at 9:00 am BST. 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 .
Next event
11 August 2022 2022 Half-year results
Enquiries
Coca--Cola HBC Group
Investors and Analysts:
Joanna Kennedy Tel: +44 7802 427505
Investor Relations Director joanna.kennedy@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 2022 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 2021 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.
As of 1 January 2022 the Group has moved its reporting to
organic growth APMs. This is to enable a better understanding of
underlying business performance, that is more consistent with how
Coca-Cola HBC's peer group reports.
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 metrics
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.
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. Any gains or losses on divestments are
excluded from 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. Any gains or losses on such reorganisations are
excluded from the organic growth calculation.
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 '2021
reported' or, where presented, '2021 adjusted'.
Reconciliation of organic measures
First quarter 2022
----------------------------------------------
Volume (m unit cases) Group Established Developing Emerging
2021 reported 490.8 117.8 80.9 292.1
Consolidation perimeter impact 59.3 - - 59.3
Organic movement 55.4 11.3 19.4 24.7
2022 reported 605.5 129.1 100.3 376.1
-------- ------------ ----------- ---------
Organic growth (%) 11.3% 9.6% 24.0% 8.5%
-------- ------------ ----------- ---------
First quarter 2022
----------------------------------------------
Net sales revenue (EUR m) Group Established Developing Emerging
2021 reported 1,352.1 481.1 236.7 634.3
Foreign currency impact (2.9) 5.4 (0.4) (7.9)
2021 adjusted 1,349.2 486.5 236.3 626.4
Consolidation perimeter impact 95.3 - - 95.3
Organic movement 326.2 88.6 95.6 142.0
2022 reported 1,770.7 575.1 331.9 863.7
-------- ------------ ----------- ---------
Organic growth (%) 24.2% 18.2% 40.5% 22.7%
-------- ------------ ----------- ---------
First quarter 2022
----------------------------------------------
Net sales revenue per unit case Group Established Developing Emerging
(EUR)(1)
2021 reported 2.75 4.08 2.93 2.17
Foreign currency impact - 0.05 (0.01) (0.03)
2021 adjusted 2.75 4.13 2.92 2.14
Consolidation perimeter impact (0.15) - - (0.12)
Organic movement 0.32 0.32 0.39 0.28
2022 reported 2.92 4.45 3.31 2.30
-------- ------------ ----------- ---------
Organic growth (%) 11.6% 7.9% 13.3% 13.1%
-------- ------------ ----------- ---------
(1) Certain differences in calculations are due to rounding.
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