REG - Coca-Cola HBC AG - SOLID PERFORMANCE DESPITE VOLUME PRESSURE <Origin Href="QuoteRef">CCH.L</Origin> - Part 2
06/11/2014 08:41
- Part 2: For the preceding part double click ID:nRSF2845Wa
612.7 623.7
Gains on disposal of non-current assets (2.0) (4.3)
Decrease in working capital 7.9 22.8
Tax paid (46.0) (39.7)
Net cash from operating activities 572.6 602.5
Payments for purchases of property, plant and equipment (226.3) (253.1)
Principal repayments of finance lease obligations (9.6) (12.7)
Proceeds from sale of property, plant and equipment 8.0 8.4
Capital expenditure (227.9) (257.4)
Net cash from operating activities 572.6 602.5
Capital expenditure (227.9) (257.4)
Free cash flow 344.7 345.1
1 Adjusted EBITDA refers to operating profit before deductions for depreciation and impairment of property, plant and
equipment (included both in cost of goods sold and in operating expenses), amortisation and impairment of intangible
assets, employee share options and other non-cash items, if any.
Coca-Cola HBC Group
Coca-Cola HBC is the second-largest bottler of the brands of The Coca-Cola Company in terms of volume with sales of more
than 2 billion unit cases. It has a broad geographic footprint with operations in 28 countries serving a population of
approximately 585 million people. Coca-Cola HBC offers a diverse range of non-alcoholic ready to drink beverages in the
sparkling, juice, water, sport, energy, tea and coffee categories. Coca-Cola HBC is committed to promoting sustainable
development in order to create value for its business and for society. This includes providing products that meet the
beverage needs of consumers, fostering an open and inclusive work environment, conducting its business in ways that protect
and preserve the environment and contribute to the socio-economic development of the local communities.
Coca-Cola HBC has a premium listing on the London Stock Exchange (LSE: CCH) and its shares are listed on the Athens
Exchange (ATHEX: EEE). Coca-Cola HBC is included in the Dow Jones Sustainability and FTSE4Good Indexes. For more
information, please visit http://www.coca-colahellenic.com.
Financial information in this announcement is presented on the basis of
International Financial Reporting Standards ('IFRS').
Conference call
Coca-Cola HBC will host a conference call with financial analysts to discuss the third quarter and 2014 nine months
financial results on 6 November 2014 at 10:00 am, Swiss time (9:00 am London, 11:00am Athens, and 4:00 am New York time).
Interested parties can access the live, audio webcast of the call through Coca-Cola HBC's website
(www.coca-colahellenic.com/investorrelations/webcasts).
Enquiries
Coca-Cola HBC AG Basak KotlerInvestor Relations Director Tel: +41 41 726 0143email: basak.kotler@cchellenic.com
Eri TziveliInvestor Relations Manager Tel: +30 210 618 3133 email: eri.tziveli@cchellenic.com
Dimitris BakasInvestor Relations Manager Tel: +30 210 618 3124 email: dimitris.bakas@cchellenic.com
International media contact: StockWell CommunicationsRob MorganBen UllmannAnushka Mathew Tel: +44 20 7240 2486robert.morgan@stockwellgroup.comben.ullmann@stockwellgroup.comanushka.mathew@stockwellgroup.com
Greek media contact: V+O CommunicationsArgyro Oikonomou Tel: +30 211 7501219email: ao@vando.gr
Condensed consolidated interim balance sheet (unaudited)
Note As at 26 September 2014E million As at 31 December 2013E million
Assets
Intangible assets 4 1,927.3 1,921.3
Property, plant and equipment 4 2,791.4 2,901.9
Other non-current assets 306.7 300.0
Total non-current assets 5,025.4 5,123.2
Inventories 512.6 429.0
Trade and other receivables 1,035.2 985.1
Cash and cash equivalents 5 649.8 737.5
Total current assets 2,197.6 2,151.6
Total assets 7,223.0 7,274.8
Liabilities
Short-term borrowings 5 502.7 446.2
Other current liabilities 1,838.5 1,619.9
Total current liabilities 2,341.2 2,066.1
Long-term borrowings 5 1,572.8 1,853.6
Other non-current liabilities 330.1 387.8
Total non-current liabilities 1,902.9 2,241.4
Total liabilities 4,244.1 4,307.5
Equity
Owners of the parent 2,973.9 2,962.2
Non-controlling interests 5.0 5.1
Total equity 2,978.9 2,967.3
Total equity and liabilities 7,223.0 7,274.8
The accompanying notes form an integral part of these condensed consolidated interim financial statements
Condensed consolidated interim income statement (unaudited)
Note Three months to 26 September 2014E million Three months to 27 September 2013E million
Net sales revenue 3 1,817.1 1,918.3
Cost of goods sold (1,152.1) (1,210.9)
Gross profit 665.0 707.4
Operating expenses (466.6) (499.9)
Restructuring costs 7 (18.6) (1.9)
Operating profit 3 179.8 205.6
Total finance costs, net 8 (15.6) (18.6)
Share of results of equity method investments 7.1 7.0
Profit before tax 171.3 194.0
Tax 9 (38.2) (46.7)
Profit after tax 133.1 147.3
Attributable to:
Owners of the parent 133.2 147.2
Non-controlling interests (0.1) 0.1
133.1 147.3
Basic earnings per share (E) 10 0.37 0.40
Diluted earnings per share (E) 10 0.36 0.40
Condensed consolidated interim statement of comprehensive income (unaudited)
Three months to 26 September 2014E million Three months to 27 September 2013E million
Profit after tax for the period 133.1 147.3
Other comprehensive income:
Items that may be subsequently reclassified to income statement:
Available-for-sale financial assets:
Valuation (losses)/ gains during the period (0.4) 0.1
Cash flow hedges:
Amounts of gains / (losses) during the period 5.3 (6.0)
Amounts of losses reclassified to 2.1 2.1
profit and loss for the period
Transfers to inventory for the period 3.5 (3.6)
Foreign currency translation (30.3) (18.0)
Share of other comprehensive income of 0.8 (0.4)
equity method investments
Income tax relating to items that may be subsequently reclassified to income statement (2.8) 1.6
(21.8) (24.2)
Items that will not be subsequently reclassified to income statement:
Actuarial (losses) / gains (12.7) 6.3
Income tax relating to components of 2.6 (1.1)
other comprehensive income
(10.1) 5.2
Other comprehensive income for the period, net of tax (31.9) (19.0)
Total comprehensive income for the period 101.2 128.3
Total comprehensive income attributable to:
Owners of the parent 101.3 128.2
Non-controlling interests (0.1) 0.1
101.2 128.3
Condensed consolidated interim income statement (unaudited)
Note Nine months to 26 September 2014E million Nine months to 27 September 2013E million
Net sales revenue 3 5,000.2 5,299.4
Cost of goods sold (3,185.5) (3,398.2)
Gross profit 1,814.7 1,901.2
Operating expenses (1,440.3) (1,537.3)
Restructuring costs 7 (30.5) (24.3)
Operating profit 3 343.9 339.6
Total finance costs, net 8 (54.5) (68.0)
Share of results of equity method investments 11.1 11.4
Profit before tax 300.5 283.0
Tax 9 (72.3) (70.2)
Profit after tax 228.2 212.8
Attributable to:
Owners of the parent 228.3 212.8
Non-controlling interests (0.1) -
228.2 212.8
Basic earnings per share (E) 10 0.63 0.59
Diluted earnings per share (E) 10 0.62 0.58
Condensed consolidated interim statement of comprehensive income (unaudited)
Nine months to 26 September 2014E million Nine months to 27 September 2013E million
Profit after tax for the period 228.2 212.8
Other comprehensive income :
Items that may be subsequently reclassified to income statement:
Available-for-sale financial assets:
Valuation (losses) / gains during the period (0.3) 0.4
Cash flow hedges:
Amounts of (losses)/ gains during the period (1.4) 0.6
Amounts of lossesreclassified to 5.9 8.7
profit and loss for the period
Transfers to inventory for the period 1.3 (3.6)
Foreign currency translation (76.6) (86.7)
Share of other comprehensive income of 0.9 (0.6)
equity method investments
Income tax relating to items that may be subsequently reclassified to income statement (1.6) (0.4)
(71.8) (81.6)
Items that will not be subsequently reclassified to income statement:
Actuarial (losses) / gains (34.7) 26.0
Income tax relating to items that will not be subsequently reclassified to income statement 6.9 (4.5)
(27.8) 21.5
Other comprehensive income for the period, net of tax (99.6) (60.1)
Total comprehensive income for the period 128.6 152.7
Total comprehensive income attributable to:
Owners of the parent 128.7 152.7
Non-controlling interests (0.1) -
128.6 152.7
Condensed consolidated interim statement of changes in equity (unaudited)
Attributable to owners of the parent
ShareCapitalE million SharePremiumE million Group Reorganization reserveE million Treasury shares Exchange equalisation reserveE million OtherreservesE million RetainedearningsE million Total Non-controlling interests E million TotalequityE million
E million E million
Balance as at 1 January 2014 1,997.4 5,287.1 (6,472.1) (70.7) (293.3) 388.7 2,125.1 2,962.2 5.1 2,967.3
Shares issued to employees exercising stock options 0.4 0.5 - - - - - 0.9 - 0.9
Share-based compensation:
Options - - - - - 9.4 - 9.4 - 9.4
Movement in treasury shares - - - - - (1.9) - (1.9) - (1.9)
Hyperinflation impact - - - - - - 3.6 3.6 - 3.6
Appropriation/transfer of reserves - - - - - (134.0) 134.0 - - -
Dividends (note 13) - (130.2) - - - - 1.2 (129.0) - (129.0)
1,997.8 5,157.4 (6,472.1) (70.7) (293.3) 262.2 2,263.9 2,845.2 5.1 2,850.3
Profit for the period net of tax - - - - - - 228.3 228.3 (0.1) 228.2
Other comprehensive income for the period, net of tax - - - - (75.7) 3.9 (27.8) (99.6) - (99.6)
Total comprehensive income for the period net of tax(1) - - - - (75.7) 3.9 200.5 128.7 (0.1) 128.6
Balance as at 26 September 2014 1,997.8 5,157.4 (6,472.1) (70.7) (369.0) 266.1 2,464.4 2,973.9 5.0 2,978.9
(1) The amount included in the exchange equalisation reserve of E75.7 million loss for the first nine months of 2014
represents the exchange loss attributed to the owners of the parent of E76.6 million plus the share of equity method
investments of E0.9 million gain.
The amount included in other reserves of E3.9 million gain for the first nine months of 2014 consists of loss on valuation
of available-for-sale financial assets of E0.3 million, cash flow hedges gains of E5.8 million (of which E1.4 million
represents revaluation loss for the period, E5.9 million represents revaluation loss reclassified to profit and loss for
the period and E1.3 million represents revaluation losses reclassified to inventory for the period) and the deferred income
tax charge of E1.6 million.
The amount of E200.5 million gain comprises a gain for the period of E228.3 million plus actuarial loss of E34.7 million
less deferred income tax credit of
E6.9 million.
The amount of E0.1 million loss included in non-controlling interests for the first nine months of 2014 represents the
share of non-controlling interests in the retained earnings.
Condensed consolidated interim statement of changes in equity (unaudited)
Attributable to owners of the parent
Sharecapital(3)E million SharePremium(3)E million Group Reorganization reserve(3)E million Treasury shares(3) Exchange equalisation reserveE million OtherreservesE million RetainedearningsE million Total Non-controlling interests E million TotalequityE million
E million E million
Balance as at 1 January 2013 370.2 569.3 - (54.3) (168.1) 376.6 1,895.0 2,988.7 17.8 3,006.5
Shares issued to employees exercising stock options 5.6 9.2 - - - - - 14.8 14.8
Share-based compensation:
Options - - - - - 4.1 - 4.1 - 4.1
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