Business
ENCOURAGING SIGNS AS MARKETS REOPEN
ENCOURAGING SIGNS AS MARKETS REOPEN.
About this update from Coca-cola Hbc Ag
[{"type":"text","content":"\n \n \n RNS Number : 1421V\n Coca-Cola HBC AG\n 05 August 2020\n \n \n \n \n ENCOURAGING SIGNS AS MARKETS REOPEN\n \n \n Coca-Cola HBC AG, a leading consumer products business and strategic bottling partner of The Coca-Cola Company, reports its financial results for the six months ended 26 June 2020.\n \n \n Half-year highlights\n \n \n · \n Employees remain safe, customers served, production and logistics fully operational\n \n \n · \n FX-neutral revenue fell by 14.7%, with volumes down 9.2% and FX-neutral revenue per case down 6.1%, as the pandemic had a significant impact on the out-of-home channel, leading to lower volumes, the vast majority of which came from single-serve package formats, in turn adversely impacting price/mix1\n \n \n · \n Sequential improvements in FX-neutral revenue since the April decline of 36%, to a 5% decline in July\n \n \n · \n Continue to gain or maintain share in the majority of our markets in Sparkling and Non-alcoholic ready-to-drink \n \n \n · \n FX-neutral revenue growth by segment heavily influenced by severity of lockdowns, timing and pace of easing and relative exposure to the out-of-home channel:\n \n \n - \n Established: -21\n .1%\n as countries in the segment entered lockdown first and derive a larger proportion of revenues from the out-of-home channel \n \n \n - Developing: -16.4% as several larger countries eased restrictions faster and the segment is relatively less exposed to the out-of-home channel\n \n \n - \n Emerging: -8.4% supported by growth in Nigeria and low exposure to the out-of-home channel in Russia\n \n \n · \n Effective management of input costs and lower PET prices offset FX deterioration\n \n \n · \n Strong cost control brought €61m of €100m savings planned for the year; comparable OPEX down 7.8%\n \n \n · \n Operational deleverage drove comparable EBIT margins down 2.3pp to 7.4%. Comparable EBIT fell by 35.8% to €208.8m1\n \n \n · \n Comparable EPS was €0.355, down 42.0%, while basic EPS was €0.341, down 36.4%. \n \n \n · \n Strong balance sheet and adequate liquidity remains after paying a €0.62 dividend in July\n \n \n \n \n \n \n \n \n \n \n \n \n Half-Year\n \n \n \n \n Change\n \n \n \n \n \n \n \n \n \n \n \n \n \n 2020\n \n \n \n \n 2019\n \n \n \n \n \n \n \n \n \n \n \n \n \n Volume1 (m unit cases)\n \n \n \n \n 990.5\n \n \n ...