Strong execution drove continued profitable growth

About this update from Coca-cola Hbc Ag

[{"type":"text","content":"\n \n   \n   \n Strong execution drives continued profitable growth \n Coca-Cola HBC AG, a growth-focused Consumer Packaged Goods business and strategic bottling partner of The Coca-Cola Company, reports its financial results for the twelve months ended 3 1 December 2024. \n Full-year highlights \n ·     Focused execution of strategic priorities drives strong organic revenue growth of 13.8% 1 \n o  Organic volume grew 2.8%, with all our strategic priority categories driving growth, Sparkling +1.5%, Energy +30.2% and Coffee +23.9% \n o  Organic revenue per case growth of 10.7%, driven by targeted revenue growth management (RGM) initiatives \n o  Reported revenue growth of 5.6%, with strong organic growth partly offset by FX headwinds in the Emerging segment \n o  Further value share gains, with our share in Non-Alcoholic Ready-To-Drink (NARTD) up 150bps and Sparkling up 20bps in 2024 \n   \n ·     Strong organic EBIT growth of 12.2% \n o  Comparable EBIT of €1,192.1 million; Comparable EBIT margins improved 40 basis points on a reported basis to 11.1%, down 20 basis points on an organic basis \n o  Comparable gross profit margin up 110 basis points to 36.1%, reflecting RGM initiatives and easing input cost inflation, with comparable COGS per unit case up 1.0% \n o  Higher operating expenses in the first half related to currency headwinds, as well as ongoing investment in the business through the year, resulted in comparable opex as a percentage of revenue up 70 basis points \n o  ROIC up 190 basis points to 18.3% \n   \n ·     Organic revenue and volume growth across all segments, in a range of macro conditions \n o  Established: Organic revenue up 3.3%, led by revenue per case expansion and positive volume; organic EBIT broadly flat \n o  Developing: Organic revenue up 12.7%, with strong revenue per case expansion and good volume progress; o rganic EBIT grew 39.6% \n o  Emerging: Organic revenue up 23.3%, as we utilised RGM initiatives to navigate FX headwinds while still driving solid volume growth; organic EBIT grew 13.0% \n   \n ·     Robust EPS and FCF performance, and improved shareholder returns \n o  Comparable EPS grew by 9.5% to €2.28, supported by strong EBIT delivery \n o  Free cash flow slightly increased year-on-year, at €712.6 million \n o  Net debt to comparable adjusted EBITDA of 1.0x, reflecting the strength of our balance sheet \n o  Returned €226 million to shareholders since the start of our ongoing share buyback programme \n o  Board of Directors to propose an ordinary dividend of €1.03 per share, up 11% year on year and representing a 45% payout \n   \n ·     Further investment across our strategic priorities \n o  Continued close partnership with The Coca-Cola Company to drive growth in Sparkling, capitalising on key consumer moments, including the Olympic Games, Euro 2024, music festivals and other events tailored to local markets \n o  Monster Energy Green Zero Sugar launched in 16 markets in 2024 and saw ongoing strong performance of the category, notably with affordable brands in Africa \n o  Coffee growth driven by increasing share of revenue in the out-of-home channel, in line with our plans \n o  We continue to focus on driving mixability and premiumisation, with our 24/7 portfolio, notably through Adult Sparkling and Premium Spirits, including expansion of Finlandia Vodka to 19 new markets \n o  We continue to lead in Sustainability and were recognised as the world's most sustainable beverage company by the 2024 Dow Jones Best-in-Class Indices 2 for the eighth time \n   \n Zoran Bogdanovic, Chief Executive Officer of Coca-Cola HBC AG, commented: \n \"I am proud that we have delivered yet another year of double-digit growth, with a 13.8% increase in organic revenues and volume growth in each of our segments. 2024 demonstrated that we can achieve a consistently strong financial performance even in a range of market conditions. I would like to thank our team for their commitment to our vision and our consistent focused execution. I would also like to thank our customers, The Coca-Cola Company and all our valued partners for their ongoing support. \n \"We continued to invest in our bespoke capabilities, driven by data, insights and analytics, to enable segmented and focused execution. We also made choices to further strengthen our 24/7 portfolio to drive growth and always with our customers at the heart of our decision making. We achieved share gains, and volume growth across all three of our priority categories, Sparkling, Energy and Coffee. \n \"In 2024, we made significant progress towards our Mission 2025 and NetZeroby40 goals. We saw encouraging results for our countries with newly launched Deposit Return Schemes in 2024, and we collaborated with governments and NGOs to assist communities impacted by floods across Europe and Nigeria. \n \"While we expect the macroeconomic and geopolitical environment to remain challenging, in the year ahead, we are confident that our portfolio, capabilities and people will enable us to make progress against our medium-term growth targets.\" \n   \n \n \n \n \n \n \n \n Full Year \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n 2024 \n \n \n 2023 \n \n \n % \n Change Reported \n \n \n % \n Change Organic 1 \n \n \n \n \n Volume (m unit cases) \n \n \n 2,914.5 \n \n \n 2,835.5 \n \n \n 2.8% \n \n \n 2.8% \n \n \n \n \n Net sales revenue (€ m) \n \n \n 10,754.4 \n \n \n 10,184.0 \n \n \n 5.6% \n \n \n 13.8% \n \n \n \n \n Net sales revenue per unit case (€) \n \n \n 3.69 \n \n \n 3.59 \n \n \n 2.7% \n \n \n 10.7% \n \n \n \n \n Operating profit (EBIT) 3 (€ m) \n \n \n 1,185.4 \n \n \n 953.6 \n \n \n 24.3% \n \n \n \n \n \n \n \n Comparable EBIT 1 (€ m) \n \n \n 1,192.1 \n \n \n 1,083.8 \n \n \n 10.0% \n \n \n 12.2% \n \n \n \n \n EBIT margin (%) \n \n \n 11.0 \n \n \n 9.4 \n \n \n 170bps \n \n \n \n \n \n \n \n Comparable EBIT margin 1 (%) \n \n \n 11.1 \n \n \n 10.6 \n \n \n 40bps \n \n \n -20bps \n \n \n \n \n Net profit 4 (€ m) \n \n \n 820.6 \n \n \n 636.5 \n \n \n 28.9% \n \n \n \n \n \n \n \n Comparable net profit 1,4 (€ m) \n \n \n 828.8 \n \n \n 764.2 \n \n \n 8.5% \n \n \n \n \n \n \n \n Basic earnings per share (EPS) (€) \n \n \n 2.253 \n \n \n 1.730 \n \n \n 30.2% \n \n \n \n \n \n \n \n Comparable EPS 1 (€) \n \n \n 2.275 \n \n \n 2.078 \n \n \n 9.5% \n \n \n \n \n \n \n \n Free cash flow 1 (€ m) \n \n \n 712.6 \n \n \n 711.8 \n \n \n 0.1% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n 1 For details on APMs refer to 'Alternative Performance Measures' and 'Definitions and reconciliations of APMs' sections \n 2 These indices were formerly known as the Dow Jones Sustainability Indices (DJSI). \n 3 Refer to the condensed consolidated income statement. \n 4 Net Profit and comparable net profit refer to net profit and comparable net profit respectively after tax attributable to owners of the parent. \n   \n Business Outlook \n We have delivered a strong performance in 2024, in mixed market conditions. We expect the macroeconomic and geopolitical backdrop to remain challenging, but we have high confidence in our 24/7 portfolio, bespoke capabilities, our people, and the opportunities for growth in our diverse markets. In 2025 we expect to make continued progress against our medium-term growth targets. \n   \n Our guidance for 2025 is: \n ·     Organic revenue growth of 6% to 8% \n ·     Organic EBIT growth of 7% to 11% \n   \n Technical 2025 guidance \n FX : We expect the impact of translational FX on our Group comparable EBIT to be a €15 to 35 million headwind. \n   \n Restructuring : We do not expect significant restructuring costs to occur. \n   \n Tax : We expect our comparable effective tax rate to be within a range of 26% to 28%. \n   \n Finance costs: We expect net finance costs to be between €40 to 60 million. \n   \n Group Operational Review \n Leveraging our unique 24/7 portfolio \n Full year organic revenue grew by 13.8%, driven by growth in volumes, price and mix. Reported net sales revenue increased by 5.6%, with adverse FX translation effects in the Emerging segment partially offsetting strong organic growth across the Group. \n   \n Volumes increased by 2.8% on an organic basis, led by our strategic priority categories of Sparkling, Energy and Coffee. \n ·     Sparkling volumes grew by 1.5%. Trademark Coke grew by low-single digits and Coke Zero grew mid-single digits, benefitting from our strong partnership with The Coca-Cola Company to capitalise on key moments across the year, executing programmes tailored to local markets. We delivered high-single digit growth in Adult Sparkling, supported by new flavours and package formats of Schweppes and Kinley, as well as the launch of Three Cents in a further eleven markets. Fanta and Sprite volumes declined low-single digit in the year. \n ·     Energy volumes grew by 30.2%, making 2024 the ninth year of consecutive double-digit growth. We made good progress in all segments despite new regulation in Poland and Romania. In Established and Developing markets, we achieved high-single digit growth, driven by Monster. In Emerging we saw strong double-digit growth, supported by Predator in Africa. Monster Energy Green Zero Sugar was launched in 16 markets, with encouraging signs in the first year of launch. \n ·     Coffee volumes grew 23.9%, with growth across all segments. Our primary focus was on the out-of-home channel, and we made good progress in terms of customer recruitment, adding another 4,300 outlets in the year. We see greater long-term potential in the out-of-home channel and have taken steps to re-focus our attentions here. \n ·     Stills volumes grew by 3.3%. In Sports Drinks we grew mid-teens, supported by the growth of Powerade, where we launched the brand in three new markets, leveraged the Olympic Games, and placed dedicated Powerade coolers in key markets. We also launched Vitamin Water in two new markets. Water grew mid-single digits on soft comparatives. Ready-to-Drink Tea increased mid-single digits and Juices declined low-single digits in challenging market dynamics. \n ·     Premium Spirits volumes grew by 31.8%, led by the Developing segment. We expanded Finlandia Vodka into 19 markets where we did not have distribution rights prior to acquisition. Finlandia Vodka is enhancing our premium spirits credentials and opening incremental mixability opportunities for our NARTD portfolio. We also launched Jack Daniel's & Coca-Cola in a further 15 markets in the year. \n   \n Winning in the marketplace \n Organic net sales revenue per case grew by 10.7% in the full year. Our revenue growth management (RGM) capabilities enabled us to navigate varying levels of inflation, currency devaluation, regulation and taxation across our markets during the year. In our European markets, inflationary pressures generally eased, but in Africa, we took pricing actions to mitigate currency devaluation and cost inflation. \n   \n One of the benefits of our RGM framework is that it allows us to meet demand for both affordability and premiumisation. We benefit from the breadth of our portfolio, with categories and brands at different price points, as well as our ability to adapt package formats for different occasions and affordability needs. \n   \n Affordability was more relevant in 2024, and we have continued to tailor initiatives to each market's local reality. We focused on entry and smaller packs, that offer a lower price point, and rolled out the 300ml PET affordable entry pack to Hungary, Croatia and Romania. Affordability is also addressed by targeted promotional activities, leveraging our advanced analytics tools to determine the most effective promotion mechanism, maximise value for customers, as well as improve return on investment. In Nigeria and Egypt, we delivered a strong performance from our affordably priced, returnable glass bottles (RGB), with volume growth of 19% and 22% respectively. \n   \n Alongside the focus on affordability, premiumisation remains important for specific shoppers. In 2024, we expanded our premium RGB portfolio in the at-home channel in Austria, drove mini-can and single-serve multi-pack activation, and continued to make good progress with premium small glass bottles in the hotels, restaurants and cafes (HoReCa) channel. \n   \n Our leading Data, Insights and Analytics capability is enhancing our RGM framework, and we continued to make progress through the year. We now have the ability to micro-segment our customers in all of our markets, which helps us to address specific consumer needs and personalise execution. We are further enhancing segmentation of the HoReCa channel with our bespoke tools to segment outlets. \n   \n Package mix saw further improvements, with total single-serve mix up 100 basis points in the year. All segments saw improvements in single-serve mix. Category mix also saw further improvements, driven by good growth in Adult Sparkling, Energy and Finlandia, partially offset by higher contribution of Water. \n   \n Our focused execution in the marketplace and joint value creation with customers enabled us to gain further value share. We gained 150 basis points of value share in NARTD in 2024. In Sparkling we gained 20 basis points of value share at the Group level. This was negatively impacted by country mix, due to stronger growth in Africa, where our share is lower. We were again the number one contributor to retail customers' absolute revenue growth within fast moving consumer goods (FMCG) in Europe, according to Nielsen. \n   \n Operating profit, margins and cost control \n Comparable gross profit grew by 8.9%, with gross profit margins up 110 basis points to 36.1% . Comparable COGS per case increased 1.0%, reflecting easing input cost inflation and the benefit from translational FX on the COGS line. \n   \n Comparable operating expenses as a percentage of revenue increased by 70 basis points to 25.1% in the full year. In the first half, we faced headwinds in operating costs, including a non-cash foreign currency remeasurement of balance sheet items in Emerging markets, as well as continued investment across the business. In the second half, we saw a good improvement in the trend of operating costs as a percentage of revenue, due to better operating leverage while we continued investing in the market. \n   \n Comparable EBIT increased by 10.0% on a reported basis to €1,192.1 million, principally driven by organic growth across our markets, only partially offset by negative foreign currency movements. The comparable EBIT margin was 11.1%, up 40 basis points on a reported basis, benefitting from operational leverage. On an organic basis, c omparable EBIT increased by 12.2%, and margins contracted 20 basis points, mainly due to negative foreign currency movements. \n   \n We saw a negative translational and transactional currency impact in 2024, driven mainly by the depreciation of the Nigerian Naira, Russian Rouble and Egyptian Pound. \n   \n Net profit and free cash flow \n Comparable net profit of €828.8 million and comparable basic earnings per share of €2.275 were 8.5% and 9.5% higher respectively. Reported net profit and reported basic earnings per share of €820.6 million and €2.253 were 28.9% and 30.2% higher respectively compared to 2023 . \n   \n Comparable taxes amounted to €306.8 million, representing a comparable effective tax rate of 27.0%. \n   \n ROIC expanded by 190 basis points to 18.3%, driven by higher profit and lower capital employed. \n   \n Net finance costs were €12.2 million higher than the prior year at €60.5 million, as the increase in interest expenses along with negative foreign currency movements more than offset the increase in finance income. \n   \n Capital expenditure increased by €4.4 million to €679.3 million as we continued to invest in growth initiatives such as production capacity, ongoing automation in supply chain, digital and data solutions, and energy-efficient coolers . Capex as a percentage of revenue was 6.3%, slightly below our target range of 6.5% to 7.5% , impacted by low levels of investment in Russia . \n   \n Free cash flow was €712.6 million, slightly increased compared to the prior year, largely reflecting higher operating profit, partially offset by higher taxes paid. \n   \n ESG leadership \n Sustainability remains a key priority, and we were pleased to be recognised in 2024, as the world's most sustainable beverage company by the 2024 Dow Jones Best-in-Class Indices 5 , for the eighth time, and achieved a double-A rating from CDP on climate and water. We remained focused on delivering our Mission 2025 and NetZeroby40 goals, and in December, the SBTi gave formal approval of our net zero targets based on their new guidelines. \n   \n We continue to support packaging circularity including the launch of deposit return schemes (DRS). In 2024, schemes went live in the Republic of Ireland and Hungary, and in Austria in January 2025. Poland and Greece are expected to launch in 2025. DRS help to consistently deliver high packaging collection rates. For example, in Romania (launched December 2023), results are encouraging with an average return rate of 77% of containers sold in the market in the last three months of 2024. \n   \n Also in the year, we collaborated with governments and NGOs to assist communities severely impacted by floods across Europe and Nigeria, delivering over 270,000 litres of beverages through a network of local charities and municipalities, supported by The Coca-Cola HBC Foundation. \n   \n On 31 January 2025 in Nigeria, the first-ever Coca-Cola System-owned and operated packaging collection facility was opened. The facility, in which we have co-invested with The Coca-Cola Company, has the capacity to process up to 13,000 metric tonnes of plastic bottles annually and we are operating the facility on behalf of the System. \n 5 These indices were formerly known as the Dow Jones Sustainability Indices (DJSI). \n   \n Operational Review by Reporting Segment \n   \n Established markets \n   \n \n \n \n \n \n \n \n Full Year \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2024 \n \n \n 2023 \n \n \n % \n Change Reported \n \n \n % \n Change Organic \n \n \n \n \n Volume (m unit cases) \n \n \n 631.3 \n \n \n 628.7 \n \n \n 0.4% \n \n \n 0.3% \n \n \n \n \n Net sales revenue (€ m) \n \n \n 3,501.3 \n \n \n 3,358.5 \n \n \n 4.3% \n \n \n 3.3% \n \n \n \n \n Net sales revenue per unit case (€) \n \n \n 5.55 \n \n \n 5.34 \n \n \n 3.8% \n \n \n 3.0% \n \n \n \n \n Operating profit (EBIT) (€ m) \n \n \n 385.8 \n \n \n 379.2 \n \n \n 1.7% \n \n \n \n \n \n \n \n Comparable EBIT (€ m) \n \n \n 388.0 \n \n \n 381.1 \n \n \n 1.8% \n \n \n -0.1% \n \n \n \n \n EBIT margin (%) \n \n \n 11.0 \n \n \n 11.3 \n \n \n -30bps \n \n \n \n \n \n \n \n Comparable EBIT margin (%) \n \n \n 11.1 \n \n \n 11.3 \n \n \n -30bps \n \n \n -40bps \n \n \n \n \n   \n Net sales revenue grew by 3.3% and 4.3% on an organic and reported basis respectively, as we were impacted by positive movement in the Swiss Franc and the consolidation of Finlandia. \n   \n Organic growth in net sales revenue per case was 3.0%, with the segment benefitting from pricing actions and package mix. A focus on single-serve activation drove a 110 basis points improvement in single-serve mix. \n   \n Established markets volume increased by 0.3% on an organic basis. Sparkling declined low-single digits, despite growth from Coke Zero, Sprite and Adult Sparkling. Energy saw continued good momentum, with volumes growing high-single digits in the period, despite tough comparatives. Stills grew low-single digits, with Sport drinks growing mid-single digits. \n   \n ·     Volumes in Greece grew by 6.1%, despite tough comparatives, driven by strong execution throughout key trading periods, capitalising on good tourism trends. Sparkling expanded mid-single digits driven by Coke Zero, Sprite and Adult Sparkling. Coffee grew mid-teens and Stills were up by high-single digits driven by Water. \n   \n ·     In Ireland, volumes declined by 0.4%, as consumers adjusted to the impact of the DRS launched in February in the Republic of Ireland. Encouragingly, volumes returned to growth in H2. Sparkling volumes declined by low-single digits, but we saw growth in Coke Zero and Sprite. Energy grew low-double digits on tough comparatives. Stills were slightly down year-on-year, driven by Juices. \n   \n ·     In Italy, volumes declined 2.3%, impacted by some consumer sensitivity, as well as a softer summer season due to adverse weather. Sparkling declined low-single digits, but we saw growth in Coke Zero, Coke Zero Sugar Zero Caffeine, Sprite and Adult Sparkling. Energy grew low-double digits, while Stills declined low-single digits, driven by Water. \n   \n ·     In Switzerland, volumes decreased by 1.1%, in a sensitive consumer environment and with adverse weather. Sparkling volumes fell by mid-single digits, although we drove growth in Sprite and Coke Zero Sugar Zero Caffeine. Energy volumes grew strong double-digits. In Stills, Water grew mid-single digits. \n   \n Comparable EBIT in the Established segment increased by 1.8% to €388.0 million, broadly unchanged on an organic basis. Comparable EBIT margin was 11.1%, down 40 basis points on an organic basis, due to a step up in investment to drive growth. \n   \n \n \n \n \n Developing markets \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Full Year \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2024 \n \n \n 2023 \n \n \n % \n Change Reported \n \n \n % \n  Change Organic \n \n \n \n \n Volume (m unit cases) \n \n \n 482.6 \n \n \n 471.0 \n \n \n 2.5% \n \n \n 2.5% \n \n \n \n \n Net sales revenue (€ m) \n \n \n 2,385.2 \n \n \n 2,088.6 \n \n \n 14.2% \n \n \n 12.7% \n \n \n \n \n Net sales revenue per unit case (€) \n \n \n 4.94 \n \n \n 4.43 \n \n \n 11.5% \n \n \n 10.0% \n \n \n \n \n Operating profit (EBIT) (€ m) \n \n \n 223.6 \n \n \n 152.6 \n \n \n 46.5% \n \n \n \n \n \n \n \n Comparable EBIT (€ m) \n \n \n 227.4 \n \n \n 153.8 \n \n \n 47.9% \n \n \n 39.6% \n \n \n \n \n EBIT margin (%) \n \n \n 9.4 \n \n \n 7.3 \n \n \n 210bps \n \n \n \n \n \n \n \n Comparable EBIT margin (%) \n \n \n 9.5 \n \n \n 7.4 \n \n \n 220bps \n \n \n 180bps \n \n \n \n \n \n \n \n \n \n \n \n \n   \n Net sales revenue grew by 12.7% and 14.2% on an organic and reported basis respectively, with positive impacts from the consolidation of Finlandia and from movements in the Polish Zloty. \n   \n Organic net sales revenue per case increased by 10.0%. The segment benefitted from pricing actions, as well as favourable category mix. Ongoing growth in Premium Spirits, particularly due to the rollout of Finlandia distribution, also benefitted our revenue per case. \n   \n Developing markets volume grew 2.5% on an organic basis. Sparkling volumes grew by low-single digits, driven by Coke Zero and Sprite. Energy delivered high-single digit growth, driven by Monster. Stills declined low-single digits, driven by Water and Juice, however Sports Drinks grew strong double-digits. \n   \n ·     Poland volumes increased by 0.7%. Sparkling declined low-single digits, but we drove growth in Coke Zero, Coke Zero Sugar Zero Caffeine, Sprite and Adult Sparkling. Energy grew by high-single digits, despite regulation in Q1, with a return to double-digit growth in H2. Stills volumes declined mid-single digits, driven by Water. \n   \n ·     In Hungary, volumes increased by 2.8%. Sparkling grew low-single digits, driven by Coke Zero, Sprite and Adult Sparkling. Energy grew by high teens, while Coffee grew strong double digits. Stills declined low-single digits, impacted by Water, however Sports drinks grew strong double-digits. \n   \n ·     Volume in the Czech Republic increased by 10.0%, supported by growth in both Sparkling and Stills. Trademark Coke saw a strong rebound of low-double digit growth, on soft comparatives. Coffee delivered strong double-digit growth. \n   \n Comparable EBIT in the Developing segment increased by 39.6% and 47.9% on an organic and reported basis respectively, to €227.4 million. Comparable EBIT margin was 9.5%, up 180 basis points on an organic basis, as operational leverage and cost control more than offset COGS inflation. \n   \n \n \n \n \n Emerging markets \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Full Year \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2024 \n \n \n 2023 \n \n \n % \n Change Reported \n \n \n % \n Change Organic \n \n \n \n \n Volume (m unit cases) \n \n \n 1,800.6 \n \n \n 1,735.8 \n \n \n 3.7% \n \n \n 3.7% \n \n \n \n \n Net sales revenue (€ m) \n \n \n 4,867.9 \n \n \n 4,736.9 \n \n \n 2.8% \n \n \n 23.3% \n \n \n \n \n Net sales revenue per unit case (€) \n \n \n 2.70 \n \n \n 2.73 \n \n \n -0.9% \n \n \n 18.9% \n \n \n \n \n Operating profit (EBIT) (€ m) \n \n \n 576.0 \n \n \n 421.8 \n \n \n 36.6% \n \n \n \n \n \n \n \n Comparable EBIT (€ m) \n \n \n 576.7 \n \n \n 548.9 \n \n \n 5.1% \n \n \n 13.0% \n \n \n \n \n EBIT margin (%) \n \n \n 11.8 \n \n \n 8.9 \n \n \n 290bps \n \n \n \n \n \n \n \n Comparable EBIT margin (%) \n \n \n 11.8 \n \n \n 11.6 \n \n \n 30bps \n \n \n -110bps \n \n \n \n \n   \n Net sales revenue grew by 23.3% on an organic basis, or by 2.8% on a reported basis, as currency headwinds from the Nigerian Naira, Egyptian Pound and Russian Rouble partially offset strong organic growth. \n   \n Net sales revenue per case grew 18.9% organically, primarily due to pricing actions taken throughout the year to manage the impact of currency devaluation, regulation and cost inflation. \n   \n Emerging markets volume grew by 3.7% organically. Sparkling volumes grew by low-single digits, while Energy and Coffee volumes grew strong double-digits. Still volumes were up mid-single digits. \n   \n ·     Volume in Nigeria grew by 6.1%, as we continued to execute well in a challenging macroeconomic environment. Growth was led by Sparkling, up high-single digits, with growth led by affordable offers, with RGBs up 19%. Trademark Coke brands grew low-double digits and Adult Sparkling grew strong double-digits, as our premiumisation initiatives to drive Schweppes continued to see good results. Energy delivered strong double-digit growth, driven by Predator. Stills declined high-single digits due to Juices. \n   \n ·     Volumes in Egypt declined by 2.2%, in a dynamic market. Sparkling declined by high-single digits, with Trademark Coke down double-digits as it saw the greatest impact from pushback against some Western brands. Energy continued to perform very strongly. Water increased mid-single digits. \n   \n ·     Volume in Romania declined by 2.5%, impacted by a challenging consumer environment after the introduction of a sugar tax in January, the launch of a DRS in November 2023 and a VAT increase in 2023. Sparkling fell mid-single digits, while Stills grew low-single digits. Coffee continued to grow above 20%, while Energy declined low-teens, impacted by the introduction of regulatory measures in March. \n   \n ·     Volume in Ukraine grew by 3.1%. Sparkling grew by low-single digits, with growth in Coke Zero, Adult Sparkling and Sprite. We saw good growth in Energy, up over 20%. Stills was in low-single digit decline, with good growth in Water offset by declines in RTD Tea. \n   \n ·     Volumes in Serbia, excluding Bambi, increased mid-single digits. Sparkling volume grew low-single digits, driven by Coke Zero, Sprite and Adult Sparkling. Energy and Coffee accelerated, with Energy growing high-teens and Coffee growing strong-double digits. Volumes of our snacks business, Bambi, declined around 50% in the second half of the year, impacted by a fire in the production plant at the end of June, resulting in a total volume decline for the market of 1.0%. \n   \n ·     Volumes in Russia grew by 9.3%. We continue to operate a local, self-sufficient business focused on local brands. \n   \n Comparable EBIT in the Emerging segment grew by 13.0% on an organic basis and 5.1% on a reported basis, to €576.7 million. Comparable EBIT margin was 11.8%, up 30 basis points on a reported basis, but down 110 basis points on an organic basis. The devaluations of the Nigerian Naira and Egyptian Pound meant that we faced transactional FX headwinds at the COGS level, as well as higher other operating expenses, due to the foreign currency mark-to-market (remeasurement) of balance sheet items in H1. \n   \n Conference call \n Coca-Cola HBC's management will host a conference call for investors and analysts on Thursday, 13 February 2025 at 9: 30 am GMT. To join the call, in listen-only mode please join via webcast . If you anticipate asking a question, please click here to register and find dial-in details. \n   \n \n \n \n \n Next event \n \n \n   \n \n \n \n \n 30 April 2025 \n \n \n 2025 First quarter trading update \n \n \n \n \n   \n   \n \n \n \n \n Enquiries \n \n \n   \n \n \n \n \n Coca-Cola HBC Group \n \n \n   \n \n \n \n \n Investors and Analysts: \n \n \n   \n \n \n \n \n   \n \n \n   \n \n \n \n \n Jemima Benstead \n Head of Investor Relations \n \n \n Tel: +44 7740 535130 \n [email protected] \n \n \n \n \n   \n \n \n   \n \n \n \n \n Virginia Phillips \n Investor Relations Manager \n \n \n Tel: +44 7864 686582 \n [email protected] \n \n \n \n \n   \n \n \n   \n \n \n \n \n Konstantina Galani \n Investor Relations Manager \n \n \n Tel: +30 697 323 2802 \n [email protected] \n \n \n \n \n   \n \n \n   \n \n \n \n \n Media: \n \n \n   \n \n \n \n \n Sonia Bastian \n Head of Communications \n \n \n Tel: +41 7946 88054 \n [email protected] \n \n \n \n \n   \n \n \n   \n \n \n \n \n Claire Evans \n Head of Corporate Communications \n \n \n Tel: +44 7896 054 972 \n [email protected] \n \n \n \n \n   \n \n \n   \n \n \n \n \n Greek media contact: \n V+O Communications \n Sonia Manesi \n \n \n Tel: +30 694 454 8914 \n [email protected] \n \n \n \n \n \n \n \n \n \n \n \n \n Coca-Cola HBC Group \n 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 2024 Dow Jones Best-in-Class Indices , CDP, MSCI ESG, FTSE4Good and ISS ESG. \n   \n Coca-Cola HBC is listed on the London Stock Exchange (LSE: CCH) and on the Athens Exchange (ATHEX: EEE). For more information, please visit https://www.coca-colahellenic.com/ \n   \n \n Financial information in this announcement is presented on the basis of \nInternational Financial Reporting Standards ('IFRS') \n   \n \n Special Note Regarding the Information set out herein \n Unless otherwise indicated, the condensed consolidated financial statements 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'). \n   \n Forward-Looking Statements \n 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 2025 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 . \n   \n 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 the condensed consolidated financial statements included in this document, 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 . \n   \n Alternative Performance Measures \n 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, financial condition and cash flow. The APMs should be read in conjunction with and do not replace by any means the directly reconcilable IFRS line items. For more details on APMs please refer to 'Definitions and reconciliations of APMs' section. \n   \n \n \n \n \n Group Financial Review \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Income statement \n \n \n Full Year \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2024 \n € million \n \n \n 2023 \n € million \n \n \n % \n Change Reported \n \n \n % \n Change Organic \n \n \n \n \n Volume (m unit cases) \n \n \n 2,914.5 \n \n \n 2,835.5 \n \n \n 2.8% \n \n \n 2.8% \n \n \n \n \n Net sales revenue \n \n \n 10,754.4 \n \n \n 10,184.0 \n \n \n 5.6% \n \n \n 13.8% \n \n \n \n \n Net sales revenue per unit case (€) \n \n \n 3.69 \n \n \n 3.59 \n \n \n 2.7% \n \n \n 10.7% \n \n \n \n \n Cost of goods sold \n \n \n (6,876.9) \n \n \n (6,626.6) \n \n \n 3.8% \n \n \n \n \n \n \n \n Comparable cost of goods sold 6 \n \n \n (6,875.8) \n \n \n (6,622.0) \n \n \n 3.8% \n \n \n \n \n \n \n \n Gross profit \n \n \n 3,877.5 \n \n \n 3,557.4 \n \n \n 9.0% \n \n \n \n \n \n \n \n Comparable gross profit 6 \n \n \n 3,878.6 \n \n \n 3,562.0 \n \n \n 8.9% \n \n \n \n \n \n \n \n Operating expenses \n \n \n (2,705.7) \n \n \n (2,613.5) \n \n \n 3.5% \n \n \n \n \n \n \n \n Comparable operating expenses 6 \n \n \n (2,700.1) \n \n \n (2,487.9) \n \n \n 8.5% \n \n \n \n \n \n \n \n Share of results of integral equity method investments 7 \n \n \n 13.6 \n \n \n 9.7 \n \n \n 40.2% \n \n \n \n \n \n \n \n Operating profit (EBIT) 7 \n \n \n 1,185.4 \n \n \n 953.6 \n \n \n 24.3% \n \n \n \n \n \n \n \n Comparable operating profit (EBIT) 6 \n \n \n 1,192.1 \n \n \n 1,083.8 \n \n \n 10.0% \n \n \n 12.2% \n \n \n \n \n Adjusted EBITDA 6 \n \n \n 1,597.8 \n \n \n 1,487.8 \n \n \n 7.4% \n \n \n \n \n \n \n \n Comparable adjusted EBITDA 6 \n \n \n 1,604.1 \n \n \n 1,506.1 \n \n \n 6.5% \n \n \n \n \n \n \n \n Finance costs, net \n \n \n (60.5) \n \n \n (48.3) \n \n \n 25.3% \n \n \n \n \n \n \n \n Share of results of non-integral equity method investments 7 \n \n \n 3.1 \n \n \n 5.0 \n \n \n -38.0% \n \n \n \n \n \n \n \n Profit before tax \n \n \n 1,128.0 \n \n \n 910.3 \n \n \n 23.9% \n \n \n \n \n \n \n \n Comparable profit before tax \n \n \n 1,134.7 \n \n \n 1,040.5 \n \n \n 9.1% \n \n \n \n \n \n \n \n Tax \n \n \n (308.3) \n \n \n (274.6) \n \n \n 12.3% \n \n \n \n \n \n \n \n Comparable tax 6 \n \n \n (306.8) \n \n \n (277.1) \n \n \n 10.7% \n \n \n \n \n \n \n \n Net profit 8 \n \n \n 820.6 \n \n \n 636.5 \n \n \n 28.9% \n \n \n \n \n \n \n \n Comparable net profit 6,8 \n \n \n 828.8 \n \n \n 764.2 \n \n \n 8.5% \n \n \n \n \n \n \n \n Basic earnings per share (€) \n \n \n 2.253 \n \n \n 1.730 \n \n \n 30.2% \n \n \n \n \n \n \n \n Comparable basic earnings per share (€) 6 \n \n \n 2.275 \n \n \n 2.078 \n \n \n 9.5% \n \n \n \n \n \n \n \n 6 Refer to the ' Alternative Performance Measures' and ' Definitions and reconciliations of APMs' sections. \n 7 Refer to the condensed consolidated income statement. \n 8 Net Profit and comparable net profit refer to net profit and comparable net profit respectively after tax attributable to owners of the parent. \n   \n Net sales revenue grew by 5.6% on a reported basis in 2024 compared to the prior year, primarily reflecting the benefits from pricing initiatives and volume growth, which were partially offset by unfavourable foreign currency movements mainly in connection with the Nigerian Naira, the Egyptian Pound and the Russian Rouble. On an organic basis, net sales revenue grew by 13.8% in 2024 compared to the prior year. \n   \n Both comparable and reported cost of goods sold increased by 3.8% in 2024 compared to the prior year, mainly reflecting higher volume, increased input costs as well as higher excise duties and taxes, partially offset by the translational impact from foreign currency movements. \n   \n Comparable operating expenses increased by 8.5% in 2024 compared to the prior year, mainly driven by higher selling and administrative expenses, while operating expenses increased by 3.5%, further benefitting from the cycling of prior-year's goodwill impairment, which was primarily related to the Group's subsidiary in Egypt. \n   \n Comparable operating profit increased by 10.0% in 2024 compared to the prior year, primarily reflecting the benefits from top-line growth, partially offset by unfavourable foreign currency movements, while operating profit increased by 24.3%, further benefitting from the cycling of prior-year's goodwill impairment, which was primarily related to the Group's subsidiary in Egypt. \n   \n Net finance costs increased by €12.2 million in 2024 compared to the prior year, mainly driven by higher foreign exchange losses arising due to the devaluation of the Nigerian Naira and higher interest expense from bonds issued during the year, despite the higher finance income earned on the Group's cash and cash equivalents and financial assets, as well as the gain arising from successful execution of a targeted bond buy-back. \n   \n On a comparable basis, the effective tax rate was 27.0% for 2024 and 26.6% for 2023. On a reported basis, the effective tax rate was 27.3% for 2024 and 30.2% for 2023, also cycling the impact of prior-year's goodwill impairment. The Group's effective tax rate varies depending on the mix of taxable profits by territory, the non-deductibility of certain expenses, non-taxable income and other one-off tax items across its territories. \n   \n Comparable net profit grew by 8.5% compared to the prior year, due to higher operating profitability, partially offset by higher net finance costs and taxes, while net profit grew by 28.9%, further cycling the impact of prior-year's goodwill impairment . \n   \n \n \n \n \n Balance Sheet \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n As at 31 December \n \n \n \n \n \n \n \n 2024 \n \n \n 2023 \n \n \n Change \n \n \n \n \n Assets \n \n \n € million \n \n \n € million \n \n \n € million \n \n \n \n \n Total non-current assets \n \n \n 6,091.0 \n \n \n 5,970.6 \n \n \n 120.4 \n \n \n \n \n Total current assets \n \n \n 4,562.7 \n \n \n 3,910.2 \n \n \n 652.5 \n \n \n \n \n Total assets \n \n \n 10,653.7 \n \n \n 9,880.8 \n \n \n 772.9 \n \n \n \n \n Liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total current liabilities \n \n \n 3,907.8 \n \n \n 3,847.3 \n \n \n 60.5 \n \n \n \n \n Total non-current liabilities \n \n \n 3,442.9 \n \n \n 2,846.8 \n \n \n 596.1 \n \n \n \n \n Total liabilities \n \n \n 7,350.7 \n \n \n 6,694.1 \n \n \n 656.6 \n \n \n \n \n Equity \n \n \n \n \n \n \n \n \n \n \n \n \n \n Owners of the parent \n \n \n 3,205.7 \n \n \n 3,092.8 \n \n \n 112.9 \n \n \n \n \n Non-controlling interests \n \n \n 97.3 \n \n \n 93.9 \n \n \n 3.4 \n \n \n \n \n Total equity \n \n \n 3,303.0 \n \n \n 3,186.7 \n \n \n 116.3 \n \n \n \n \n Total equity and liabilities \n \n \n 10,653.7 \n \n \n 9,880.8 \n \n \n 772.9 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net current assets \n \n \n 654.9 \n \n \n 62.9 \n \n \n 592.0 \n \n \n \n \n \n \n \n \n \n \n \n \n   \n Total non-current assets increased by €120.4 million during 2024, as a result of the Group's continued investment in property, plant and equipment, which was partially offset by foreign currency translation. Net current assets increased by €592.0 million, mainly reflecting higher financial assets and cash and cash equivalents following the issuance of the €500 million Euro-denominated fixed rate bond in November 2024. Non-current liabilities increased by €596.1 million in 2024, mainly due to the issuance of the new bonds in the year, less the short-term portion of long-term debt reclassified to current liabilities and the bond buy-back. \n   \n \n \n \n \n Cash flow statement \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Full Year \n \n \n   \n \n \n \n \n   \n \n \n 2024 \n  €million \n \n \n 2023 \n € million \n \n \n % \n Change \n \n \n \n \n Net cash from operating activities 9 \n \n \n 1,391.9 \n \n \n 1,386.7 \n \n \n 0.4% \n \n \n \n \n Capital expenditure 9 \n \n \n (679.3) \n \n \n (674.9) \n \n \n 0.7% \n \n \n \n \n Free cash flow 9 \n \n \n 712.6 \n \n \n 711.8 \n \n \n 0.1% \n \n \n \n \n   \n 9 Refer to the 'Definitions and reconciliations of APMs' section . \n   \n Net cash from operating activities in 2024 slightly increased compared to the prior year, as increased operating profitability was largely offset by lower cash generated from working capital movements and higher taxes paid. \n   \n Capital expenditure in 2024 was consistent with that of the prior year, amounting to €679.3 million of which 56% was related to investment in production equipment and facilities and 16% to the acquisition of marketing equipment. In 2023, capital expenditure amounted to €674.9 million of which 53% was related to investment in production equipment and facilities and 17% to the acquisition of marketing equipment. \n   \n As a result, free cash flow in 2024 was slightly increased compared to the prior year. \n   \n Definitions and reconciliations of APMs \n 1.   Comparable APMs 10 \n In discussing the performance of the Group, 'comparable' measures are used. Comparable measures are calculated by deducting from the directly reconcilable IFRS measures the impact of the Group's restructuring costs, the mark-to-market valuation of the commodity hedging activity, the acquisition, integration and divestment-related costs, the impairment of goodwill and indefinite-lived intangible assets, the Russia-Ukraine conflict impact and certain other tax items, which are collectively considered as items impacting comparability, due to their nature. More specifically the following items are considered as items that impact comparability: \n   \n 1)   Restructuring costs \n Restructuring costs comprise costs arising from significant changes in the way the Group conducts business, such as significant supply chain infrastructure changes, outsourcing of activities and centralisation of processes. These costs are included within the income statement line 'Operating expenses'; however, they are excluded from the comparable results so that the users can obtain a better understanding of the Group's operating and financial performance achieved from underlying activity. Restructuring costs resulting from initiatives driven by the Russia-Ukraine conflict are presented under the 'Russia-Ukraine conflict impact' item, to provide users complete information on the financial implications of the conflict. \n   \n 2)   Commodity hedging \n The Group has entered into certain commodity derivative transactions in order to hedge its exposure to commodity price risk. Although these transactions are economic hedging activities that aim to manage our exposure to sugar, aluminium, gas oil and plastics price volatility, hedge accounting has not been applied in all cases. In addition, the Group recognises certain derivatives embedded within commodity purchase contracts that have been accounted for as stand-alone derivatives and do not qualify for hedge accounting. The fair value gains or losses on the derivatives and embedded derivatives are immediately recognised in the income statement in the cost of goods sold and operating expenses line items. The Group's comparable results exclude the gains or losses resulting from the mark-to-market valuation of these derivatives to which hedge accounting has not been applied (primarily plastics) and embedded derivatives. These gains or losses are reflected in the comparable results in the period when the underlying transactions occur, to match the profit or loss to that of the corresponding underlying transactions. We believe this adjustment provides useful information related to the impact of our economic risk management activities. \n   \n 3)   Acquisition, integration and divestment-related costs or gains \n Acquisition costs comprise costs incurred to effect a business combination such as finder's fees, advisory, legal, accounting, valuation and other professional or consulting fees as well as changes in the fair value of contingent consideration recognised in the income statement. They also include any gain from bargain purchase arising from business combinations, as well as any gain or loss recognised in the income statement from the remeasurement to fair value of previously held interests and the reclassification to the income statement of items of other comprehensive income resulting from step acquisitions. Integration costs comprise direct incremental costs necessary for the acquiree to operate within the Group. Divestment-related costs comprise transaction expenses, including advisory, consulting, and other professional fees to effect the disposal of a subsidiary or equity method investment, any impairment losses or write-downs to fair value less costs to sell recognised in the income statement upon classification as held for sale and any relevant disposal gains or losses or reversals of impairment recognised in the income statement upon disposal. These costs or gains are included within the income statement line 'Operating expenses', however, to the extent that they relate to business combinations or divestments that have been completed or are expected to be completed, they are excluded from the comparable results so that the users can obtain a better understanding of the Group's operating and financial performance achieved from underlying activity. \n   \n 4)   Impairment of goodwill and indefinite-lived intangible assets \n Impairment losses recognised for goodwill and indefinite-lived intangible assets as well as reversals of impairment losses recognised for indefinite-lived intangible assets, are included within the income statement line 'Operating expenses', however they are excluded from comparable results so that the users can obtain a better understanding of the Group's ongoing operating and financial performance. \n   \n 5)   Russia-Ukraine conflict impact \n As a result of the conflict between Russia and Ukraine, the Group recognised net impairment losses for property, plant and equipment, intangible assets and equity method investments as well as restructuring costs, in connection with the new business model in Russia and adverse changes to the economic environment. The Group also recognised incremental allowance for expected credit losses and write-offs of inventory and property, plant and equipment resulting from the Russia-Ukraine conflict. The aforementioned net impairment losses were included within the income statement line 'Exceptional items related to Russia-Ukraine conflict' so as to provide users with enhanced visibility over these items considering their materiality, while remaining costs were included within 'Operating expenses' and 'Cost of goods sold' lines of the income statement accordingly. Net impairment losses and other costs directly attributable to the Russia-Ukraine conflict are excluded from the comparable results so that the users can obtain a better understanding of the Group's operating and financial performance from underlying activity. \n   \n 6)   Other tax items \n Other tax items represent the tax impact of (a) changes in income tax rates affecting the opening balance of deferred tax arising during the year and (b) certain tax related matters selected based on their nature. Both (a) and (b) are excluded from comparable after-tax results so that the users can obtain a better understanding of the Group's underlying financial performance. \n 10 Comparable APMs refer to comparable COGS, comparable gross profit, comparable operating expenses, comparable EBIT, comparable EBIT margin, comparable Adjusted EBITDA, comparable profit before tax, comparable tax, comparable net profit and comparable EPS. \n   \n The Group discloses comparable performance measures to enable users to focus on the underlying performance of the business on a basis which is common to both periods for which these measures are presented. \n   \n The reconciliation of comparable measures to the directly related measures calculated in accordance with IFRS is as follows: \n   \n Reconciliation of comparable financial indicators (numbers in € million except per share data) \n   \n \n \n \n \n \n \n \n Full Year 2024 \n \n \n \n \n \n \n \n COGS \n \n \n Gross \n Profit \n \n \n Operating \n expenses \n \n \n EBIT \n \n \n Adjusted \n EBITDA \n \n \n Profit before tax \n \n \n Tax \n \n \n Net \n Profit 11 \n \n \n EPS \n (€) \n \n \n \n \n As reported \n \n \n (6,876.9) \n \n \n 3,877.5 \n \n \n (2,705.7) \n \n \n 1,185.4 \n \n \n 1,597.8 \n \n \n 1,128.0 \n \n \n (308.3) \n \n \n 820.6 \n \n \n 2.253 \n \n \n \n \n Restructuring costs \n \n \n - \n \n \n - \n \n \n 3.3 \n \n \n 3.3 \n \n \n 3.3 \n \n \n 3.3 \n \n \n (0.7) \n \n \n 2.6 \n \n \n 0.007 \n \n \n \n \n Commodity hedging \n \n \n 1.1 \n \n \n 1.1 \n \n \n - \n \n \n 1.1 \n \n \n 1.1 \n \n \n 1.1 \n \n \n - \n \n \n 1.1 \n \n \n 0.003 \n \n \n \n \n Acquisition costs \n \n \n - \n \n \n - \n \n \n 1.9 \n \n \n 1.9 \n \n \n 1.9 \n \n \n 1.9 \n \n \n - \n \n \n 1.9 \n \n \n 0.005 \n \n \n \n \n Impairment of indefinite-lived intangible assets \n \n \n - \n \n \n - \n \n \n 0.4 \n \n \n 0.4 \n \n \n - \n \n \n 0.4 \n \n \n (0.1) \n \n \n 0.3 \n \n \n 0.001 \n \n \n \n \n Other tax items \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 2.3   \n \n \n 2.3 \n \n \n 0.006 \n \n \n \n \n Comparable \n \n \n (6,875.8) \n \n \n 3,878.6 \n \n \n (2,700.1) \n \n \n 1,192.1 \n \n \n 1,604.1 \n \n \n 1,134.7 \n \n \n (306.8) \n \n \n 828.8 \n \n \n 2.275 \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Full Year 2023 \n \n \n \n \n \n \n \n COGS \n \n \n Gross \n Profit \n \n \n Operating \n expenses \n \n \n EBIT \n \n \n Adjusted \n EBITDA \n \n \n Profit before tax \n \n \n Tax \n \n \n Net \n Profit 11 \n \n \n EPS \n (€) \n \n \n \n \n As reported \n \n \n (6,626.6) \n \n \n 3,557.4 \n \n \n (2,613.5) \n \n \n 953.6 \n \n \n 1,487.8 \n \n \n 910.3 \n \n \n (274.6) \n \n \n 636.5 \n \n \n 1.730 \n \n \n \n \n Restructuring costs \n \n \n - \n \n \n - \n \n \n 8.3 \n \n \n 8.3 \n \n \n 6.9 \n \n \n 8.3 \n \n \n (1.6) \n \n \n 6.7 \n \n \n 0.018 \n \n \n \n \n Commodity hedging \n \n \n 4.6 \n \n \n 4.6 \n \n \n - \n \n \n 4.6 \n \n \n 4.6 \n \n \n 4.6 \n \n \n (1.3) \n \n \n 3.3 \n \n \n 0.009 \n \n \n \n \n Acquisition costs \n \n \n - \n \n \n - \n \n \n 6.3 \n \n \n 6.3 \n \n \n 6.3 \n \n \n 6.3 \n \n \n - \n \n \n 6.3 \n \n \n 0.017 \n \n \n \n \n Russia-Ukraine conflict impact \n \n \n - \n \n \n - \n \n \n 0.5 \n \n \n 0.5 \n \n \n 0.5 \n \n \n 0.5 \n \n \n (0.1) \n \n \n 0.4 \n \n \n 0.001 \n \n \n \n \n Impairment of goodwill and indefinite-lived intangible assets \n \n \n - \n \n \n - \n \n \n 110.5 \n \n \n 110.5 \n \n \n - \n \n \n 110.5 \n \n \n - \n \n \n 110.5 \n \n \n 0.301 \n \n \n \n \n Other tax items \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 0.5 \n \n \n 0.5 \n \n \n 0.002 \n \n \n \n \n Comparable \n \n \n (6,622.0) \n \n \n 3,562.0 \n \n \n (2,487.9) \n \n \n 1,083.8 \n \n \n 1,506.1 \n \n \n 1,040.5 \n \n \n (277.1) \n \n \n 764.2 \n \n \n 2.078 \n \n \n \n \n   \n 11 Net Profit and comparable net profit refer to net profit and comparable net profit respectively after tax attributable to owners of the parent. \n   \n \n \n \n \n Reconciliation of comparable EBIT per reportable segment (numbers in € million) \n \n \n \n \n   \n \n \n \n \n \n \n \n Full Year 2024 \n \n \n \n \n \n \n \n Established \n \n \n Developing \n \n \n Emerging \n \n \n Consolidated \n \n \n \n \n EBIT \n \n \n 385.8 \n \n \n 223.6 \n \n \n 576.0 \n \n \n 1,185.4 \n \n \n \n \n Restructuring costs \n \n \n (0.1) \n \n \n 0.2 \n \n \n 3.2 \n \n \n 3.3 \n \n \n \n \n Commodity hedging \n \n \n 0.4 \n \n \n 3.6 \n \n \n (2.9) \n \n \n 1.1 \n \n \n \n \n Acquisition costs \n \n \n 1.9 \n \n \n - \n \n \n - \n \n \n 1.9 \n \n \n \n \n Impairment of indefinite-lived intangible assets \n \n \n - \n \n \n - \n \n \n 0.4 \n \n \n 0.4 \n \n \n \n \n Comparable EBIT \n \n \n 388.0 \n \n \n 227.4 \n \n \n 576.7 \n \n \n 1,192.1 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Full Year 2023 \n \n \n \n \n \n \n \n Established \n \n \n Developing \n \n \n Emerging \n \n \n Consolidated \n \n \n \n \n EBIT \n \n \n 379.2 \n \n \n 152.6 \n \n \n 421.8 \n \n \n 953.6 \n \n \n \n \n Restructuring costs \n \n \n 0.9 \n \n \n 1.1 \n \n \n 6.3 \n \n \n 8.3 \n \n \n \n \n Commodity hedging \n \n \n (0.9) \n \n \n (2.0) \n \n \n 7.5 \n \n \n 4.6 \n \n \n \n \n Acquisition costs \n \n \n 1.9 \n \n \n 1.0 \n \n \n 3.4 \n \n \n 6.3 \n \n \n \n \n Russia-Ukraine conflict impact \n \n \n - \n \n \n - \n \n \n 0.5 \n \n \n 0.5 \n \n \n \n \n Impairment of goodwill and indefinite-lived intangible assets \n \n \n - \n \n \n 1.1 \n \n \n 109.4 \n \n \n 110.5 \n \n \n \n \n Comparable EBIT \n \n \n 381.1 \n \n \n 153.8 \n \n \n 548.9 \n \n \n 1,083.8 \n \n \n \n \n   \n 2.   Organic APMs \n Organic growth \n 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 year to year 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. \n   \n More specifically, the following items are adjusted from the Group's volume, net sales revenue and comparable EBIT in order to derive organic growth metrics: \n   \n (a) Foreign Currency impact \n Foreign Currency impact in the organic growth calculation reflects the adjustment of prior-year net sales revenue and comparable EBIT metrics for the impact of changes in exchange rates applicable to the current year. \n   \n (b)        Consolidation perimeter impact \n Current year volume, net sales revenue and comparable EBIT metrics, are each adjusted for the impact of changes in the consolidation perimeter. More specifically adjustments are performed as follows: \n   \n i.          Acquisitions: \n For current-year acquisitions, the results generated in the current year 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. \n   \n 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. \n   \n ii.         Divestments: \n 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. \n   \n iii.        Reorganisations resulting in equity method accounting: \n 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. \n   \n 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'. Organic growth (%) for comparable EBIT margin is the organic movement expressed in basis points. \n   \n Reconciliation of organic measures \n   \n \n \n \n \n \n \n \n Full Year 2024 \n \n \n \n \n Volume (m unit cases) \n \n \n Established \n \n \n Developing \n \n \n Emerging \n \n \n Group \n \n \n \n \n 2023 reported \n \n \n 628.7 \n \n \n 471.0 \n \n \n 1,735.8 \n \n \n 2,835.5 \n \n \n \n \n Consolidation perimeter impact \n \n \n 0.9 \n \n \n - \n \n \n - \n \n \n 0.9 \n \n \n \n \n Organic movement \n \n \n 1.7 \n \n \n 11.6 \n \n \n 64.8 \n \n \n 78.1 \n \n \n \n \n 2024 reported \n \n \n 631.3 \n \n \n 482.6 \n \n \n 1,800.6 \n \n \n 2,914.5 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Organic growth (%) \n \n \n 0.3% \n \n \n 2.5% \n \n \n 3.7% \n \n \n 2.8% \n \n \n \n \n   \n \n \n \n \n \n \n \n Full Year 2024 \n \n \n \n \n Net sales revenue (€ m) \n \n \n Established \n \n \n Developing \n \n \n Emerging \n \n \n Group \n \n \n \n \n 2023 reported \n \n \n 3,358.5 \n \n \n 2,088.6 \n \n \n 4,736.9 \n \n \n 10,184.0 \n \n \n \n \n Foreign currency impact \n \n \n 14.2 \n \n \n 25.2 \n \n \n -789.3 \n \n \n -749.9 \n \n \n \n \n 2023 adjusted \n \n \n 3,372.7 \n \n \n 2,113.8 \n \n \n 3,947.6 \n \n \n 9,434.1 \n \n \n \n \n Consolidation perimeter impact \n \n \n 18.7 \n \n \n 3.2 \n \n \n 0.3 \n \n \n 22.2 \n \n \n \n \n Organic movement \n \n \n 109.9 \n \n \n 268.2 \n \n \n 920.0 \n \n \n 1,298.1 \n \n \n \n \n 2024 reported \n \n \n 3,501.3 \n \n \n 2,385.2 \n \n \n 4,867.9 \n \n \n 10,754.4 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Organic growth (%) \n \n \n 3.3% \n \n \n 12.7% \n \n \n 23.3% \n \n \n 13.8% \n \n \n \n \n   \n \n \n \n \n \n \n \n Full Year 2024 \n \n \n \n \n Net sales revenue per unit case (€) 12 \n \n \n Established \n \n \n Developing \n \n \n Emerging \n \n \n Group \n \n \n \n \n 2023 reported \n \n \n 5.34 \n \n \n 4.43 \n \n \n 2.73 \n \n \n 3.59 \n \n \n \n \n Foreign currency impact \n \n \n 0.02 \n \n \n 0.05 \n \n \n -0.45 \n \n \n -0.26 \n \n \n \n \n 2023 adjusted \n \n \n 5.36 \n \n \n 4.49 \n \n \n 2.27 \n \n \n 3.33 \n \n \n \n \n Consolidation perimeter impact \n \n \n 0.02 \n \n \n 0.01 \n \n \n - \n \n \n 0.01 \n \n \n \n \n Organic movement \n \n \n 0.16 \n \n \n 0.45 \n \n \n 0.43 \n \n \n 0.36 \n \n \n \n \n 2024 reported \n \n \n 5.55 \n \n \n 4.94 \n \n \n 2.70 \n \n \n 3.69 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Organic growth (%) \n \n \n 3.0% \n \n \n 10.0% \n \n \n 18.9% \n \n \n 10.7% \n \n \n \n \n   \n \n \n \n \n \n \n \n Full Year 2024 \n \n \n \n \n Comparable EBIT (€ m) \n \n \n Established \n \n \n Developing \n \n \n Emerging \n \n \n Group \n \n \n \n \n 2023 reported \n \n \n 381.1 \n \n \n 153.8 \n \n \n 548.9 \n \n \n 1,083.8 \n \n \n \n \n Foreign currency impact \n \n \n 1.9 \n \n \n 2.5 \n \n \n -40.3 \n \n \n -35.9 \n \n \n \n \n 2023 adjusted \n \n \n 383.0 \n \n \n 156.3 \n \n \n 508.6 \n \n \n 1,047.9 \n \n \n \n \n Consolidation perimeter impact \n \n \n 5.5 \n \n \n 9.2 \n \n \n 1.8 \n \n \n 16.5 \n \n \n \n \n Organic movement \n \n \n -0.5 \n \n \n 61.9 \n \n \n 66.3 \n \n \n 127.7 \n \n \n \n \n 2024 reported \n \n \n 388.0 \n \n \n 227.4 \n \n \n 576.7 \n \n \n 1,192.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Organic growth (%) \n \n \n -0.1% \n \n \n 39.6% \n \n \n 13.0% \n \n \n 12.2% \n \n \n \n \n   \n \n \n \n \n \n \n \n Full Year 2024 \n \n \n \n \n Comparable EBIT Margin (%) 12 \n \n \n Established \n \n \n Developing \n \n \n Emerging \n \n \n Group \n \n \n \n \n 2023 reported \n \n \n 11.3% \n \n \n 7.4% \n \n \n 11.6% \n \n \n 10.6% \n \n \n \n \n Foreign currency impact \n \n \n - \n \n \n - \n \n \n 1.3% \n \n \n 0.5% \n \n \n \n \n 2023 adjusted \n \n \n 11.4% \n \n \n 7.4% \n \n \n 12.9% \n \n \n 11.1% \n \n \n \n \n Consolidation perimeter impact \n \n \n 0.1% \n \n \n 0.4% \n \n \n - \n \n \n 0.1% \n \n \n \n \n Organic movement \n \n \n -0.4% \n \n \n 1.8% \n \n \n -1.1% \n \n \n -0.2% \n \n \n \n \n 2024 reported \n \n \n 11.1% \n \n \n 9.5% \n \n \n 11.8% \n \n \n 11.1% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Organic growth (%) \n \n \n -40bps \n \n \n 180bps \n \n \n -110bps \n \n \n -20bps \n \n \n \n \n   \n 12 Certain differences in calculations are due to rounding. \n   \n 3.   Other APMs \n   \n Adjusted EBITDA \n Adjusted EBITDA is calculated by adding back to operating profit the depreciation and net impairment of property, plant and equipment, the amortisation and net impairment of intangible assets, the net impairment of equity method investments, the employee share option and performance share costs and items, if any, reported in line 'Other non-cash items' of the condensed consolidated cash flow statement. Adjusted EBITDA is intended to provide useful information to analyse the Group's operating performance excluding the impact of operating non-cash items as defined above. The Group also uses comparable Adjusted EBITDA, which is calculated by deducting from Adjusted EBITDA the impact of: the Group's restructuring costs, the acquisition, integration and divestment-related costs, the mark-to-market valuation of the commodity hedging activity and the impact from the Russia-Ukraine conflict. Comparable Adjusted EBITDA is intended to measure the level of financial leverage of the Group by comparing comparable Adjusted EBITDA to Net debt. \n   \n Adjusted EBITDA and comparable Adjusted EBITDA are not measures of profitability and liquidity under IFRS and have limitations, some of which are as follows: Adjusted EBITDA and comparable Adjusted EBITDA do not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; Adjusted EBITDA and comparable Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; although depreciation and amortisation are non-cash charges, the assets being depreciated and amortised will often have to be replaced in the future, and Adjusted EBITDA and comparable Adjusted EBITDA do not reflect any cash requirements for such replacements. Because of these limitations, Adjusted EBITDA and comparable Adjusted EBITDA should not be considered as measures of discretionary cash available to us and should be used only as supplementary APMs. \n   \n Free cash flow \n Free cash flow is an APM used by the Group and defined as cash generated by operating activities after payments for purchases of property, plant and equipment net of proceeds from sales of property, plant and equipment and including principal repayments of lease obligations. Free cash flow is intended to measure the cash generation from the Group's business, based on operating activities, including the efficient use of working capital and taking into account its net payments for purchases of property, plant and equipment. The Group considers the purchase and disposal of property, plant and equipment as ultimately non‑discretionary since ongoing investment in plant, machinery, technology and marketing equipment, including coolers, is required to support the day-to-day operations and the Group's growth prospects. The Group presents free cash flow because it believes the measure assists users of the financial statements in understanding the Group's cash generating performance as well as availability for interest payment, dividend distribution and own retention. The free cash flow measure is used by management for its own planning and reporting purposes since it provides information on operating cash flows, working capital changes and net capital expenditure that local managers are most directly able to influence. \n   \n Free cash flow is not a measure of cash generation under IFRS and has limitations, some of which are as follows: free cash flow does not represent the Group's residual cash flow available for discretionary expenditures since the Group has debt payment obligations that are not deducted from the measure; free cash flow does not deduct cash flows used by the Group in other investing and financing activities and free cash flow does not deduct certain items settled in cash. Other companies in the industry in which the Group operates may calculate free cash flow differently, limiting its usefulness as a comparative measure. \n   \n Capital expenditure \n Capital expenditure is defined as payments for purchases of property, plant and equipment plus principal repayments of lease obligations less proceeds from sales of property, plant and equipment. The Group uses capital expenditure as an APM to ensure that the cash spending is in line with its overall strategy for the use of cash. \n   \n The following table illustrates how Adjusted EBITDA, Free Cash Flow and Capital Expenditure are calculated: \n   \n \n \n \n \n \n \n \n Full Year \n \n \n Full Year \n \n \n \n \n \n \n \n 2024 \n \n \n 2023 \n \n \n \n \n \n \n \n € million \n \n \n € million \n \n \n \n \n Operating profit (EBIT) \n \n \n 1,185.4 \n \n \n 953.6 \n \n \n \n \n Depreciation and impairment of property, plant and equipment, including \n right-of-use assets \n \n \n 395.7 \n \n \n 399.9 \n \n \n \n \n Amortisation and impairment of intangible assets \n \n \n 1.1 \n \n \n 113.9 \n \n \n \n \n Employee performance shares \n \n \n 15.6 \n \n \n 20.4 \n \n \n \n \n Adjusted EBITDA \n \n \n 1,597.8 \n \n \n 1,487.8 \n \n \n \n \n Share of results of integral equity method investments \n \n \n (13.6) \n \n \n (9.7) \n \n \n \n \n Gain on disposals of non-current assets \n \n \n (4.5) \n \n \n (1.3) \n \n \n \n \n Cash generated from working capital movements \n \n \n 100.8 \n \n \n 135.7 \n \n \n \n \n Tax paid \n \n \n (288.6) \n \n \n (225.8) \n \n \n \n \n Net cash from operating activities \n \n \n 1,391.9 \n \n \n 1,386.7 \n \n \n \n \n Payments for purchases of property, plant and equipment 13 \n \n \n (627.1) \n \n \n (623.0) \n \n \n \n \n Principal repayments of lease obligations \n \n \n (60.8) \n \n \n (59.1) \n \n \n \n \n Proceeds from sales of property, plant and equipment \n \n \n 8.6 \n \n \n 7.2 \n \n \n \n \n Capital expenditure \n \n \n (679.3) \n \n \n (674.9) \n \n \n \n \n Free cash flow \n \n \n 712.6 \n \n \n 711.8 \n \n \n \n \n   \n 13 Payments for purchases of property, plant and equipment for 2024 include €11.7 million (2023: €12.3 million) relating to repayment of borrowings undertaken to finance the purchase of production equipment by the Group's subsidiary in Nigeria, classified as 'Repayments of borrowings' in the condensed consolidated cash flow statement. \n   \n Net debt \n Net debt is an APM used by management to evaluate the Group's capital structure and leverage. Net debt is defined as current borrowings and non-current borrowings plus the fair value of fixed-to-floating interest rate swaps, less cash and cash equivalents and financial assets (time deposits and money market funds), as illustrated below: \n   \n \n \n \n \n \n \n \n As at 31 December \n \n \n \n \n \n \n \n 2024 \n \n \n 2023 \n \n \n \n \n \n \n \n € million \n \n \n € million \n \n \n \n \n Current borrowings \n \n \n 888.7 \n \n \n 948.1 \n \n \n \n \n Non-current borrowings \n \n \n 3,091.9 \n \n \n 2,476.4 \n \n \n \n \n Interest rate swaps (fixed-to-floating) \n \n \n (24.0) \n \n \n - \n \n \n \n \n Other financial assets \n \n \n (884.0) \n \n \n (568.6) \n \n \n \n \n Cash and cash equivalents \n \n \n (1,548.1) \n \n \n (1,260.6) \n \n \n \n \n Net debt \n \n \n 1,524.5 \n \n \n 1,595.3 \n \n \n \n \n   \n Return on invested capital ('ROIC') \n ROIC is an APM used by management to assess the return obtained from the Group's asset base and is defined as the percentage of comparable net profit excluding net finance costs divided by the five-quarter average capital invested in the business ('capital employed'). Capital employed is defined as the average net debt and shareholders' equity attributable to the owners of the parent, as illustrated below. The Group presents ROIC because it believes the measure assists users of the financial statements in understanding the Group's capital efficiency. \n   \n \n \n \n \n \n \n \n Year ended 31 December \n \n \n \n \n   \n \n \n 2024 \n € million \n \n \n 2023 \n € million \n \n \n \n \n Comparable operating profit \n \n \n 1,192.1 \n \n \n 1,083.8 \n \n \n \n \n Plus: Share of results of non-integral equity method investments \n \n \n 3.1 \n \n \n 5.0 \n \n \n \n \n Less: Comparable tax \n \n \n (306.8) \n \n \n (277.1) \n \n \n \n \n Tax shield 14 \n \n \n (16.3) \n \n \n (13.0) \n \n \n \n \n Comparable net profit excl. finance costs, net (a) \n \n \n 872.1 \n \n \n 798.7 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Average net debt 16 \n \n \n 1,715.5 \n \n \n 1,676.1 \n \n \n \n \n Plus: Average equity attributable to owners of the parent 16 \n \n \n 3,042.1 \n \n \n 3,194.2 \n \n \n \n \n Capital employed (b) \n \n \n 4,757.6 \n \n \n 4,870.3 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Return on invested capital (a/b) \n \n \n 18.3% \n \n \n 16.4% \n \n \n \n \n   \n 14 Tax shield is calculated as comparable effective tax rate times finance costs, net as illustrated below: \n   \n \n \n \n \n \n \n \n Year ended 31 December \n \n \n \n \n   \n \n \n 2024 \n € million \n \n \n 2023 \n € million \n \n \n \n \n Finance costs, net \n \n \n 60.5 \n \n \n 48.3 \n \n \n \n \n Comparable effective tax rate (%) 15 \n \n \n 27% \n \n \n 27% \n \n \n \n \n Tax shield \n \n \n 16.3 \n \n \n 13.0 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n 15 Comparable effective tax rate is calculated as comparable tax divided by comparable profit before tax, as illustrated below: \n   \n \n \n \n \n \n \n \n Year ended 31 December \n \n \n \n \n   \n \n \n 2024 \n € million \n \n \n 2023 \n € million \n \n \n \n \n Comparable tax \n \n \n 306.8 \n \n \n 277.1 \n \n \n \n \n Comparable profit before tax \n \n \n 1,134.7 \n \n \n 1,040.5 \n \n \n \n \n Comparable effective tax rate (%) \n \n \n 27% \n \n \n 27% \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n 16 Five-quarter average net debt and equity attributable to owners of the parent are calculated as presented below: \n   \n \n \n \n \n 2024 \n \n \n Q4 2023 \n € million \n \n \n Q1 2024 \n € million \n \n \n Q2 2024 \n € million \n \n \n Q3 2024 \n € million \n \n \n Q4 2024 \n € million \n \n \n Average \n € million * \n \n \n \n \n Net debt \n \n \n  1,595.3 \n \n \n  1,876.3 \n \n \n  1,826.6 \n \n \n  1,754.8 \n \n \n  1,524.5 \n \n \n  1,715.5 \n \n \n \n \n Equity attributable to owners of the parent \n \n \n  3,092.8 \n \n \n  2,943.2 \n \n \n  2,909.7 \n \n \n  3,059.2 \n \n \n  3,205.7 \n \n \n  3,042.1 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n 2023 \n \n \n Q4 2022 \n € million \n \n \n Q1 2023 \n € million \n \n \n Q2 2023 \n € million \n \n \n Q3 2023 \n € million \n \n \n Q4 2023 \n € million \n \n \n Average \n € million * \n \n \n \n \n Net debt \n \n \n 1,673.3 \n \n \n 1,827.2 \n \n \n 1,779.4 \n \n \n 1,504.9 \n \n \n 1,595.3 \n \n \n 1,676.1 \n \n \n \n \n Equity attributable to owners of the parent \n \n \n 3,282.3 \n \n \n 3,255.2 \n \n \n 3,005.0 \n \n \n 3,335.6 \n \n \n 3,092.8 \n \n \n 3,194.2 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n * Certain differences in calculations are due to rounding. \n   \n   \n   \n   \n   \n Condensed consolidated financial statements for the six months and the year ended \n 31 December 2024 \n   \n   \n   \n   \n   \n Condensed consolidated income statement (unaudited) \n   \n \n \n \n \n \n \n \n \n \n \n Six months ended \n 31 December \n \n \n \n \n \n \n \n Note \n \n \n 2024 \n \n \n 2023 \n \n \n \n \n € million \n \n \n € million \n \n \n \n \n Net sales revenue \n   \n   \n \n \n 3 \n \n \n 5,578.8 \n \n \n 5,162.5 \n \n \n \n \n Cost of goods sold \n \n \n \n \n \n (3,570.9) \n \n \n (3,366.7) \n \n \n \n \n Gross profit \n \n \n \n \n \n 2,007.9 \n \n \n 1,795.8 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Operating expenses \n \n \n \n \n \n (1,395.5) \n \n \n (1,405.1) \n \n \n \n \n Share of results of integral equity method investments \n \n \n \n \n \n 6.9 \n \n \n 5.6 \n \n \n \n \n Operating profit \n \n \n 3 \n \n \n 619.3 \n \n \n 396.3 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Finance costs, net \n \n \n 5 \n \n \n (14.1) \n \n \n (16.9) \n \n \n \n \n Share of results of non-integral equity method investments \n \n \n \n \n \n 1.8 \n \n \n 3.3 \n \n \n \n \n Profit before tax \n \n \n \n \n \n 607.0 \n \n \n 382.7 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Tax \n \n \n 6 \n \n \n (167.6) \n \n \n (132.1) \n \n \n \n \n Profit after tax \n \n \n \n \n \n 439.4 \n \n \n 250.6 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Attributable to: \n \n \n \n \n \n \n \n \n \n \n \n \n \n Owners of the parent \n \n \n \n \n \n 439.0 \n \n \n 250.8 \n \n \n \n \n Non-controlling interests \n \n \n \n \n \n 0.4 \n \n \n (0.2) \n \n \n \n \n \n \n \n \n \n \n 439.4 \n \n \n 250.6 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Basic and diluted earnings per share (€) \n \n \n 7 \n \n \n 1.21 \n \n \n 0.68 \n \n \n \n \n   \n   \n   \n Condensed consolidated statement of comprehensive income (unaudited) \n   \n \n \n \n \n   \n \n \n Six months ended \n 31 December \n \n \n \n \n   \n \n \n 2024 \n \n \n 2023 \n \n \n \n \n € million \n \n \n € million \n \n \n \n \n Profit after tax \n \n \n 439.4 \n \n \n 250.6 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Other comprehensive income: \n \n \n   \n \n \n \n \n \n \n \n Items that may be subsequently reclassified to income statement: \n \n \n   \n \n \n \n \n \n \n \n Cost of hedging \n \n \n (0.8) \n \n \n (4.4) \n \n \n \n \n Net (loss)/gain on cash flow hedges \n \n \n (11.3) \n \n \n 1.3 \n \n \n \n \n Foreign currency translation losses \n \n \n (77.7) \n \n \n (91.6) \n \n \n \n \n Share of other comprehensive income/(loss) of equity method investments \n \n \n 0.2 \n \n \n (3.9) \n \n \n \n \n Income tax relating to items that may be subsequently reclassified \n to income statement \n \n \n 3.4 \n \n \n (0.5) \n \n \n \n \n \n \n \n (86.2) \n \n \n (99.1) \n \n \n \n \n Items that will not be subsequently reclassified to income statement: \n \n \n   \n \n \n \n \n \n \n \n Valuation loss on equity investments at fair value through other \n comprehensive income \n \n \n (0.1) \n \n \n - \n \n \n \n \n Actuarial losses \n \n \n (0.3) \n \n \n (19.7) \n \n \n \n \n Income tax relating to items that will not be subsequently \n reclassified to income statement \n \n \n 0.9 \n \n \n 2.7 \n \n \n \n \n   \n \n \n 0.5 \n \n \n (17.0) \n \n \n \n \n Other comprehensive loss for the period, net of tax \n \n \n (85.7) \n \n \n (116.1) \n \n \n \n \n Total comprehensive income for the period \n \n \n 353.7 \n \n \n 134.5 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Total comprehensive income attributable to: \n \n \n   \n \n \n \n \n \n \n \n Owners of the parent \n \n \n 353.3 \n \n \n 136.2 \n \n \n \n \n Non-controlling interests \n \n \n 0.4 \n \n \n (1.7) \n \n \n \n \n \n \n \n 353.7 \n \n \n 134.5 \n \n \n \n \n   \n   \n Condensed consolidated income statement (unaudited) \n   \n \n \n \n \n \n \n \n \n \n \n Year ended 31 December \n \n \n \n \n \n \n \n Note \n \n \n 2024 \n \n \n \n \n \n 2023 \n \n \n \n \n € million \n \n \n € million \n \n \n \n \n Net sales revenue \n \n \n 3 \n \n \n 10,754.4 \n \n \n \n \n \n 10,184.0 \n \n \n \n \n Cost of goods sold \n \n \n \n \n \n (6,876.9) \n \n \n \n \n \n (6,626.6) \n \n \n \n \n Gross profit \n \n \n \n \n \n 3,877.5 \n \n \n \n \n \n 3,557.4 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Operating expenses \n \n \n \n \n \n (2,705.7) \n \n \n \n \n \n (2,613.5) \n \n \n \n \n Share of results of integral equity method investments \n \n \n \n \n \n 13.6 \n \n \n \n \n \n 9.7 \n \n \n \n \n Operating profit \n \n \n 3 \n \n \n 1,185.4 \n \n \n \n \n \n 953.6 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Finance costs, net \n \n \n 5 \n \n \n (60.5) \n \n \n \n \n \n (48.3) \n \n \n \n \n Share of results of non-integral equity method investments \n \n \n \n \n \n 3.1 \n \n \n \n \n \n 5.0 \n \n \n \n \n Profit before tax \n \n \n \n \n \n 1,128.0 \n \n \n \n \n \n 910.3 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Tax \n \n \n 6 \n \n \n (308.3) \n \n \n \n \n \n (274.6) \n \n \n \n \n Profit after tax \n \n \n \n \n \n 819.7 \n \n \n \n \n \n 635.7 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Attributable to: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Owners of the parent \n \n \n \n \n \n 820.6 \n \n \n \n \n \n 636.5 \n \n \n \n \n Non-controlling interests \n \n \n \n \n \n (0.9) \n \n \n \n \n \n (0.8) \n \n \n \n \n \n \n \n \n \n \n 819.7 \n \n \n \n \n \n 635.7 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Basic and diluted earnings per share (€) \n \n \n 7 \n \n \n 2.25 \n \n \n \n \n \n 1.73 \n \n \n \n \n   \n   \n Condensed consolidated statement of comprehensive income (unaudited) \n   \n \n \n \n \n   \n \n \n Year ended 31 December \n \n \n \n \n   \n \n \n 2024 \n \n \n 2023 \n \n \n \n \n € million \n \n \n € million \n \n \n \n \n Profit after tax \n \n \n 819.7 \n \n \n 635.7 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Other comprehensive income: \n \n \n   \n \n \n \n \n \n \n \n Items that may be subsequently reclassified to income statement: \n \n \n   \n \n \n \n \n \n \n \n Cost of hedging \n \n \n (2.3) \n \n \n (7.1) \n \n \n \n \n Net gain on cash flow hedges \n \n \n 10.8 \n \n \n 19.7 \n \n \n \n \n Foreign currency translation losses \n \n \n (209.5) \n \n \n (484.6) \n \n \n \n \n Share of other comprehensive loss of equity method \n investments \n \n \n (4.6) \n \n \n (11.7) \n \n \n \n \n Income tax relating to items that may be subsequently reclassified to \n income statement \n \n \n 1.0 \n \n \n (3.0) \n \n \n \n \n \n \n \n (204.6) \n \n \n (486.7) \n \n \n \n \n Items that will not be subsequently reclassified to income statement: \n \n \n   \n \n \n \n \n \n \n \n Valuation (loss)/gain on equity investments at fair value through other \n comprehensive income \n \n \n (0.2) \n \n \n 0.4 \n \n \n \n \n Actuarial gains/(losses) \n \n \n 1.0 \n \n \n (16.4) \n \n \n \n \n Income tax relating to items that will not be subsequently reclassified to \n income statement \n \n \n 0.1 \n \n \n 1.9 \n \n \n \n \n   \n \n \n 0.9 \n \n \n (14.1) \n \n \n \n \n Other comprehensive loss for the year, net of tax \n \n \n (203.7) \n \n \n (500.8) \n \n \n \n \n Total comprehensive income for the year \n \n \n 616.0 \n \n \n 134.9 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Total comprehensive income attributable to: \n \n \n   \n \n \n \n \n \n \n \n Owners of the parent \n \n \n 617.8 \n \n \n 141.3 \n \n \n \n \n Non-controlling interests \n \n \n (1.8) \n \n \n (6.4) \n \n \n \n \n \n \n \n 616.0 \n \n \n 134.9 \n \n \n \n \n   \n   \n   \n Condensed consolidated balance sheet (unaudited) \n   \n \n \n \n \n \n \n \n \n \n \n As at 31 December \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2024 \n \n \n 2023 \n \n \n \n \n \n Note \n \n \n € million \n \n \n € million \n \n \n \n \n \n Assets \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n Intangible assets \n \n \n 8 \n \n \n 2,506.7 \n \n \n 2,569.8 \n \n \n \n \n \n Property, plant and equipment \n \n \n 8 \n \n \n 3,197.3 \n \n \n 3,057.1 \n \n \n \n \n \n Other non-current assets \n \n \n \n \n \n 387.0 \n \n \n 343.7 \n \n \n \n \n \n Total non-current assets \n \n \n   \n \n \n 6,091.0 \n \n \n 5,970.6 \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n Inventories \n \n \n \n \n \n 863.9 \n \n \n 773.3 \n \n \n \n \n \n Trade, other receivables and assets \n \n \n \n \n \n 1,248.7 \n \n \n 1,205.1 \n \n \n \n \n \n Other financial assets \n \n \n 10 \n \n \n 901.7 \n \n \n 667.9 \n \n \n \n \n \n Cash and cash equivalents \n \n \n 10 \n \n \n 1,548.1 \n \n \n 1,260.6 \n \n \n \n \n \n   \n \n \n   \n \n \n 4,562.4 \n \n \n 3,906.9 \n \n \n \n \n \n Assets classified as held for sale \n \n \n \n \n \n 0.3 \n \n \n 3.3 \n \n \n \n \n \n Total current assets \n \n \n   \n \n \n 4,562.7 \n \n \n 3,910.2 \n \n \n \n \n \n Total assets \n \n \n \n \n \n 10,653.7 \n \n \n 9,880.8 \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n Liabilities \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n Borrowings \n \n \n 10 \n \n \n 888.7 \n \n \n 948.1 \n \n \n \n \n \n Other current liabilities \n \n \n \n \n \n 3,019.1 \n \n \n 2,899.2 \n \n \n \n \n \n Total current liabilities \n \n \n \n \n \n 3,907.8 \n \n \n 3,847.3 \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n Borrowings \n \n \n 10 \n \n \n 3,091.9 \n \n \n 2,476.4 \n \n \n \n \n \n Other non-current liabilities \n \n \n \n \n \n 351.0 \n \n \n 370.4 \n \n \n \n \n \n Total non-current liabilities \n \n \n   \n \n \n 3,442.9 \n \n \n 2,846.8 \n \n \n \n \n \n Total liabilities \n \n \n \n \n \n 7,350.7 \n \n \n 6,694.1 \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n Equity \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n Owners of the parent \n \n \n \n \n \n 3,205.7 \n \n \n 3,092.8 \n \n \n \n \n \n Non-controlling interests \n \n \n \n \n \n 97.3 \n \n \n 93.9 \n \n \n \n \n \n Total equity \n \n \n   \n \n \n 3,303.0 \n \n \n 3,186.7 \n \n \n \n \n \n Total equity and liabilities \n \n \n   \n \n \n 10,653.7 \n \n \n 9,880.8 \n \n \n \n \n \n   \n   \n   \n Condensed consolidated statement of changes in equity (unaudited) \n   \n \n \n \n \n   \n \n \n Attributable to owners of the parent \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n Share capital \n € million \n \n \n Share premium \n € million \n \n \n Group reorganisation reserve \n € million \n \n \n Treasury shares \n € million \n \n \n Exchange equalisation reserve \n € million \n \n \n Other reserves \n € million \n \n \n Retained earnings \n € million \n \n \n Total \n € million \n \n \n Non-controlling interests \n € million \n \n \n Total equity \n € million \n \n \n \n \n \n \n \n \n \n \n \n Balance as at 1 January 2023 \n \n \n 2,024.3 \n \n \n 2,837.4 \n \n \n (6,472.1) \n \n \n (131.2) \n \n \n (1,218.2) \n \n \n 292.5 \n \n \n 5,949.6 \n \n \n 3,282.3 \n \n \n 103.3 \n \n \n 3,385.6 \n \n \n \n \n \n Shares issued to employees exercising stock options (Note 11) \n \n \n 6.0 \n \n \n 8.2 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 14.2 \n \n \n - \n \n \n 14.2 \n \n \n \n \n \n Share-based compensation: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n Performance shares \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 20.4 \n \n \n - \n \n \n 20.4 \n \n \n - \n \n \n 20.4 \n \n \n \n \n \n Movement in shares held for equity compensation plan \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 0.2 \n \n \n - \n \n \n 0.2 \n \n \n - \n \n \n 0.2 \n \n \n \n \n \n Appropriation of reserves (Note 11) \n \n \n - \n \n \n - \n \n \n - \n \n \n 29.7 \n \n \n - \n \n \n (25.0) \n \n \n (4.7) \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n \n Purchase of shares held by non-controlling interests (Note 14) \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (9.9) \n \n \n (9.9) \n \n \n (2.7) \n \n \n (12.6) \n \n \n \n \n \n Acquisition of treasury shares (Note 11) \n \n \n - \n \n \n - \n \n \n - \n \n \n (42.6) \n \n \n - \n \n \n - \n \n \n - \n \n \n (42.6) \n \n \n - \n \n \n (42.6) \n \n \n \n \n \n Dividends (Note 13) \n \n \n - \n \n \n (289.9) \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 2.7 \n \n \n (287.2) \n \n \n (0.3) \n \n \n (287.5) \n \n \n \n \n \n Transfer of cash flow hedge reserve, including cost of hedging to inventories, net of tax  (17) \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (25.9) \n \n \n - \n \n \n (25.9) \n \n \n - \n \n \n (25.9) \n \n \n \n \n \n \n \n \n 2,030.3 \n \n \n 2,555.7 \n \n \n (6,472.1) \n \n \n (144.1) \n \n \n (1,218.2) \n \n \n 262.2 \n \n \n 5,937.7 \n \n \n 2,951.5 \n \n \n 100.3 \n \n \n 3,051.8 \n \n \n \n \n \n Profit for the year, net of tax \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 636.5 \n \n \n 636.5 \n \n \n (0.8) \n \n \n 635.7 \n \n \n \n \n \n Other comprehensive loss for the year, net of tax \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (490.7) \n \n \n 9.9 \n \n \n (14.4) \n \n \n (495.2) \n \n \n (5.6) \n \n \n (500.8) \n \n \n \n \n \n Total comprehensive income for the year, net of tax (18) \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (490.7) \n \n \n 9.9 \n \n \n 622.1 \n \n \n 141.3 \n \n \n (6.4) \n \n \n 134.9 \n \n \n \n \n \n Balance as at 31 December 2023 \n \n \n 2,030.3 \n \n \n 2,555.7 \n \n \n (6,472.1) \n \n \n (144.1) \n \n \n (1,708.9) \n \n \n 272.1 \n \n \n 6,559.8 \n \n \n 3,092.8 \n \n \n 93.9 \n \n \n 3,186.7 \n \n \n \n \n \n   \n (17) The amount included in other reserves of €25.9 million represents the cash flow hedge reserve, including cost of hedging, transferred to inventories of €30.8 million gain, and the deferred tax expense thereof amounting to €4.9 million. \n (18) The amount included in the exchange equalisation reserve of €490.7 million loss for 2023 represents the exchange loss attributable to owners of the parent, primarily related to the Nigerian Naira, the Russian Rouble and the Egyptian Pound, including €11.7 million loss relating to the share of other comprehensive income of equity method investments. \n The amount of other comprehensive income, net of tax included in other reserves of €9.9 million gain for 2023 consists of cash flow hedges gain of €12.6 million, valuation gains of €0.4 million on equity investments at fair value through other comprehensive income and the deferred tax expense thereof amounting to €3.1 million. \n The amount included in retained earnings of €622.1 million gain attributable to owners of the parent for 2023 comprises profit for the year, net of tax of €636.5 million, actuarial losses of €16.4 million and the deferred tax income thereof amounting to €2.0 million. \n The amount of €6.4 million loss included in non-controlling interests for 2023, represents the exchange loss attributable to the non-controlling interests of €5.6 million, and the share of \nnon-controlling interests in profit for the year, net of tax amounting to €0.8 million loss. \n   \n   \n Condensed consolidated statement of changes in equity (unaudited) \n   \n \n \n \n \n   \n \n \n Attributable to owners of the parent \n \n \n   \n \n \n \n \n \n   \n \n \n Share capital \n € million \n \n \n Share premium \n € million \n \n \n Group reorganisation reserve \n € million \n \n \n Treasury shares \n € million \n \n \n Exchange equalisation reserve \n € million \n \n \n Other reserves \n € million \n \n \n Retained earnings \n € million \n \n \n Total \n € million \n \n \n Non-controlling interests \n € million \n \n \n Total equity \n € million \n \n \n \n \n \n \n \n \n \n \n \n Balance as at 1 January 2024 \n \n \n 2,030.3 \n \n \n 2,555.7 \n \n \n (6,472.1) \n \n \n (144.1) \n \n \n (1,708.9) \n \n \n 272.1 \n \n \n 6,559.8 \n \n \n 3,092.8 \n \n \n 93.9 \n \n \n 3,186.7 \n \n \n \n \n \n Shares issued/granted to employees exercising stock options (Note 11) \n \n \n 1.8 \n \n \n 2.0 \n \n \n - \n \n \n 5.2 \n \n \n - \n \n \n (2.4) \n \n \n - \n \n \n 6.6 \n \n \n - \n \n \n 6.6 \n \n \n \n \n \n Share-based compensation: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n Performance shares \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 15.6 \n \n \n - \n \n \n 15.6 \n \n \n - \n \n \n 15.6 \n \n \n \n \n \n Movement in shares held for equity compensation plan \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 0.4 \n \n \n - \n \n \n 0.4 \n \n \n - \n \n \n 0.4 \n \n \n \n \n \n Appropriation of reserves (Note 11) \n \n \n - \n \n \n - \n \n \n - \n \n \n 23.4 \n \n \n - \n \n \n (183.2) \n \n \n 159.8 \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n \n Purchase and dilution of shares held by non-controlling interests (Note 14) \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (8.1) \n \n \n (8.1) \n \n \n 5.2 \n \n \n (2.9) \n \n \n \n \n \n Acquisition of treasury shares(Note 11) \n \n \n - \n \n \n - \n \n \n - \n \n \n (183.0) \n \n \n - \n \n \n - \n \n \n - \n \n \n (183.0) \n \n \n - \n \n \n (183.0) \n \n \n \n \n \n Dividends (Note 13) \n \n \n - \n \n \n (342.9) \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 3.2 \n \n \n (339.7) \n \n \n - \n \n \n (339.7) \n \n \n \n \n \n Transfer of cash flow hedge reserve, including cost of hedging to inventories, net of tax (19) \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 3.3 \n \n \n - \n \n \n 3.3 \n \n \n - \n \n \n 3.3 \n \n \n \n \n \n \n \n \n 2,032.1 \n \n \n 2,214.8 \n \n \n (6,472.1) \n \n \n (298.5) \n \n \n (1,708.9) \n \n \n 105.8 \n \n \n 6,714.7 \n \n \n 2,587.9 \n \n \n 99.1 \n \n \n 2,687.0 \n \n \n \n \n \n Profit for the year, net of tax \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 820.6 \n \n \n 820.6 \n \n \n (0.9) \n \n \n 819.7 \n \n \n \n \n \n   Other comprehensive loss for the year, net of tax \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (213.2) \n \n \n 9.3 \n \n \n 1.1 \n \n \n (202.8) \n \n \n (0.9) \n \n \n (203.7) \n \n \n \n \n \n Total comprehensive income for the year, net of tax (20) \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (213.2) \n \n \n 9.3 \n \n \n 821.7 \n \n \n 617.8 \n \n \n (1.8) \n \n \n 616.0 \n \n \n \n \n \n Balance as at 31 December 2024 \n \n \n 2,032.1 \n \n \n 2,214.8 \n \n \n (6,472.1) \n \n \n (298.5) \n \n \n (1,922.1) \n \n \n 115.1 \n \n \n 7,536.4 \n \n \n 3,205.7 \n \n \n 97.3 \n \n \n 3,303.0 \n \n \n \n \n \n (19) The amount included in other reserves of €3.3 million represents the cash flow hedge reserve, including cost of hedging, transferred to inventories of €4.0 million loss, and the deferred tax expense thereof amounting to €0.7 million. \n (20) The amount included in the exchange equalisation reserve of €213.2 million loss for 2024 represents the exchange loss attributable to owners of the parent, primarily related to the Nigerian Naira, the Russian Rouble and the Egyptian Pound, including €4.6 million loss relating to the share of other comprehensive income of equity method investments. \n The amount of other comprehensive income, net of tax included in other reserves of €9.3 million gain for 2024 consists of cash flow hedges gain of €8.5 million, valuation loss of €0.2 million on equity investments at fair value through other comprehensive income and the deferred tax income thereof amounting to €1.0 million. \n The amount included in retained earnings of €821.7 million gain attributable to owners of the parent for 2024 comprises profit for the year, net of tax of €820.6 million, actuarial gains of €1.0 million and the deferred tax income thereof amounting to €0.1 million. \n The amount of €1.8 million losses included in non-controlling interests for 2024, represents the exchange loss attributable to the non-controlling interests of €0.9 million, and the share of non-controlling interests in profit for the year, net of tax amounting to €0.9 million loss. \n   \n   \n Condensed consolidated cash flow statement (unaudited) \n \n \n \n \n   \n \n \n   \n \n \n As at 31 December \n \n \n \n \n   \n \n \n Note \n \n \n 2024 \n \n \n 2023 \n \n \n \n \n € million \n \n \n € million \n \n \n \n \n Operating activities \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Profit after tax \n \n \n \n \n \n 819.7 \n \n \n 635.7 \n \n \n \n \n Finance costs, net \n \n \n 5 \n \n \n 60.5 \n \n \n 48.3 \n \n \n \n \n Share of results of non-integral equity method investments \n \n \n \n \n \n (3.1) \n \n \n (5.0) \n \n \n \n \n Tax charged to the income statement \n \n \n 6 \n \n \n 308.3 \n \n \n 274.6 \n \n \n \n \n Depreciation and impairment of property, plant and equipment, including \n right-of-use assets \n \n \n \n \n \n 395.7 \n \...

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