Coca-Cola HBC AG · LSE:CCH
Coca-Cola HBC — Coca-Cola Hellenic — H1 2012 Earnings Presentation
26 slides from Coca-Cola HBC's earnings presentation, Aug 21, 2012
Slide 1: IFRS Results for the six months ended 29 June 2012
IFRS Results for the six months ended 29 June 2012 Results Presentation 21 August 2012 1
Slide 2: Disclaimer
Disclaimer The information contained herein includes forward-looking statements which are based on current expectations and assumptions about future events. You should not place undue reliance on these forward looking statements. These forward-looking statements are subject to risks, uncertainties a
Slide 3: Group results overview
Group results overview H1’12 Q2’12 Volume (m uc) -2% -3% Net sales (€m) +1% +1% Reported EBIT (€m) -27% -15% Comparable EBIT (€m) -23% -13% Reported EPS (€) -32% -15% Comparable EPS (€) -25% -13% (*) Financial indicators on a comparable basis exclude the recognition of restructuring costs and unreal
Slide 4: Reconciliation of Reported to Comparable Financial Indicators
Reconciliation of Reported to Comparable Financial Indicators Half year 2012 Half year 2011 COGS Gross Profit EBIT Net Profit EPS COGS Gross Profit EBIT Net Profit EPS Reported results (2,195.1) 1,237.0 169.9 91.2 0.25 (2,095.9) 1,299.8 231.9 132.5 0.37 Restructuring costs - - 17.6 15.0 0.04 - - 16.
Slide 5: Q2 Highlights
Q2 Highlights • 3% volume decline, incorporating an 8% and 7% decrease in established and developing markets respectively; volume in emerging markets grew by 2%. • Currency neutral revenue per case increased by 3% in the quarter, excluding the hyperinflation impact of Belarus. • Total revenue grew b
Slide 6: Factors influencing operating performance
Factors influencing operating performance • Reduced disposable income and persistently low consumer confidence levels in our EU markets together with unseasonable wet weather in Central and Eastern Europe and unfavourable comparable numbers year on year, affected top line in Q2. • The continuous shi
Slide 7: Established markets
Established markets H1 '12 change Q2 '12 change Volume (m u.c.) 334 -5% 184 -8% Net sales revenue (€m) 1,349 -5% 735 -8% Comparable EBIT (€)* 77 -45% 59 -39% Comp. EBIT margin* 5.7% -407 bps 8.0% -409 bps • Volume in Italy declined by just under 10% in the quarter and mid single-digits in the first
Slide 8: Developing markets
Developing markets H1 '12 change Q2 '12 change Volume (m u.c.) 188 -4% 109 -7% Net sales revenue (€m) 549 -6% 320 -8% Comparable EBIT (€)* 6 -82% 16 -57% Comp. EBIT margin* 1.0% -433 bps 4.9% -550 bps • Volume in Poland declined by high single-digits in Q2 and by mid single-digits in the first six m
Slide 9: Emerging markets
Emerging markets H1 '12 change Q2 '12 change Volume (m u.c.) 488 - 292 2% Net sales revenue (€m) 1,534 10% 941 13% Comparable EBIT (€)* 110 39% 119 35% Comp. EBIT margin* 7.1% +146bps 12.6% +205 bps • Volume in Russia increased in the low double-digits in the quarter, reflecting double-digit growth
Slide 10: Business outlook
Business outlook • We expect challenging trading conditions to persist across most of our markets. • We now expect a mid single-digits increase in input costs in the full year, compared to high single-digits previously, reflecting lower PET prices • Our revenue growth management strategy, driven by
Slide 11: IFRS Results for six months ended 29 June 2012: Financial Overview
IFRS Results for six months ended 29 June 2012 Financial Overview 11
Slide 12: Six Months 2012: P&L highlights (reported)
Six Months 2012: P&L highlights (reported) Six Months Six Months 2012 vs EURO (million) 2012 2011 2011 Volume (million u.c.) 1,010.5 1,036.3 -2% Net Sales Revenue 3,432.1 3,395.7 1% Gross Profit 1,237.0 1,299.8 -5% Operating Expenses (1,049.5) (1,051.1) 0% Restructuring Costs (17.6) (16.8) 5% Operat
Slide 13: Six Months 2012: P&L highlights (comparable)
Six Months 2012: P&L highlights (comparable) Six Months Six Months 2012 vs EURO (million) 2012 2011 2011 Volume (million u.c.) 1,010.5 1,036.3 -2% Net Sales Revenue 3,432.1 3,395.7 1% Gross Profit 1,241.2 1,299.8 -5% Operating Expenses (1,049.5) (1,051.1) 0% Operating Profit (EBIT) 191.7 248.7 -23%
Slide 14: Six Months 2012: Gross Profit (reported)
Six Months 2012: Gross Profit (reported) Six Months Six Months 2012 vs EURO (million) 2012 2011 2011 Net Sales Revenue 3,432.1 3,395.7 1% Cost of Sales (2,195.1) (2,095.9) 5% Gross Profit 1,237.0 1,299.8 -5% • Net sales revenue per unit case was up by 12 cent ( 4%) vs 2011 • Cost of sales per unit c
Slide 15: Six Months 2012: Opex per unit case (comparable)
Six Months 2012: Opex per unit case (comparable) Six Six EURO Months Months 2012 vs 2012 2011 2011 Sales 0.39 0.38 4% Marketing 0.12 0.12 -4% Warehouse / Distribution 0.32 0.30 3% Administration 0.21 0.21 2% Total operating 1.04 1.01 2% expenses (*) Financial indicators on a comparable basis exclude
Slide 16: Six Months 2012: Net Profit (reported)
Six Months 2012 : Net Profit (reported) Six Months Six Months 2012 vs EURO (million) 2012 2011 2011 Operating profit (EBIT) 169.9 231.9 -27% Finance costs & other (43.1) (44.0) -2% Profit before tax 126.8 187.9 -33% Tax (34.7) (51.2) -32% Minority interests (0.9) (4.2) -79% Net Profit 91.2 132.5 -31
Slide 17: Six Months 2012: Net Profit (comparable)
Six Months 2012: Net Profit (comparable) Six Six Months Months 2012 vs EURO (million) 2012 2011 2011 Operating profit (EBIT) 191.7 248.7 -23% Finance costs & other (43.1) (44.0) -2% Profit before tax 148.6 204.7 -27% Tax (38.6) (54.5) -29% Minority interests (0.9) (4.2) -79% Net Profit 109.1 146.0 -
Slide 18: Six Months 2012: Free Cash Flow
Six Months 2012: 2012: Free Cash Flow 2012 Six Months Six Months vs 2011 EURO (million) 2012 2011 Adjusted EBITDA* 367.6 425.0 (57.4) Change in Working Capital (63.1) (99.9) 36.8 Tax paid (37.1) (38.6) 1.5 Loss / (Gain) on asset disp. 2.0 (2.6) 4.6 Cash Flow from operations 269.4 283.9 (14.5) Net ca
Slide 19: Six Months 2012: Balance sheet
Six Months 2012: 2012: Balance sheet EURO (million) 29-Jun-12 31-Dec-11 Total non-current assets 5,269.6 5,185.1 Inventories 619.0 451.5 Trade and other receivables 1,269.6 1,122.4 Cash and equivalents 466.0 476.1 Total current assets 2,354.6 2,050.0 Total assets 7,624.2 7,235.1 Short-term borrowing
Slide 20: Q2 2012: P&L highlights (reported)
Q2 2012: P&L highlights (reported) 2012 vs EURO (million) Q2 2012 Q2 2011 2011 Volume (million u.c.) 585.0 602.5 -3% Net Sales Revenue 1,995.6 1,979.6 1% Gross Profit 740.6 778.2 -5% Operating Expenses (553.7) (557.2) -1% Restructuring Costs (4.2) (6.7) -37% Operating Profit 182.7 214.3 -15% Net pro
Slide 21: Q2 2012: P&L highlights (comparable)
Q2 2012: P&L highlights (comparable) 2012 vs EURO (million) Q2 2012 Q2 2011 2011 Volume (million u.c.) 585.0 602.5 -3% Net Sales Revenue 1,995.6 1,979.6 1% Gross Profit 747.0 778.2 -4% Operating Expenses (553.7) (557.2) -1% Operating Profit (EBIT) 193.3 221.0 -13% Net Profit 127.8 147.0 -13% EBITDA
Slide 22: Q2 2012: Gross Profit (reported)
Q2 2012: Gross Profit (reported) 2012 vs EURO (million) Q2 2012 Q2 2011 2011 Net Sales Revenue 1,995.6 1,979.6 1% Cost of Sales (1,255.0) (1,201.4) 4% Gross Profit 740.6 778.2 -5% • Net sales revenue per unit case was up by 13 cents (4%) vs Q2 2011 • Cost of sales per unit case increased by 15 cents
Slide 23: Q2 2012: Opex per unit case (comparable)
Q2 2012: Opex per unit case (comparable) 2012 vs EURO Q2 2012 Q2 2011 2011 Sales 0.34 0.33 3% Marketing 0.12 0.13 -3% Warehouse / Distribution 0.30 0.29 4% Administration 0.19 0.18 3% Total operating 0.95 0.92 2% expenses (*) Financial indicators on a comparable basis exclude the recognition of rest
Slide 24: Q2 2012: Net Profit (reported)
Q2 2012: Net Profit (reported) 2012 vs EURO (million) Q2 2012 Q2 2011 2011 Operating profit 182.7 214.3 -15% Finance costs & other (21.5) (24.6) -13% Profit before tax 161.2 189.7 -15% Tax (40.8) (45.1) -10% Minority interests (0.8) (3.2) -75% Net profit 119.6 141.4 -15% Earnings per Share (in euros
Slide 25: Q2 2012: Net Profit (comparable)
Q2 2012: Net Profit (comparable) 2012 vs EURO (million) Q2 2012 Q2 2011 2011 Operating profit 193.3 221.0 -13% Finance costs & other (21.5) (24.6) -13% Profit before tax 171.8 196.4 -13% Tax (43.2) (46.2) -6% Minority interests (0.8) (3.2) -75% Net profit 127.8 147.0 -13% Earnings per Share (in euro
Slide 26: Thank you
Thank you For further information on Coca-Cola Hellenic please visit our website at: www.coca-colahellenic.com or contact our Investor Relations team at Investor.relations@cchellenic.com +30 210 6183 100 26