REG - Coca-Cola HBC AG - Strong execution drives continued growth
31/10/2024 07:00
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RNS Number : 3136K Coca-Cola HBC AG 31 October 2024
THIRD QUARTER 2024 TRADING UPDATE
Strong execution drives continued growth
Coca-Cola HBC AG, a growth-focused Consumer Packaged Goods business and
strategic bottling partner of The Coca-Cola Company, today announces its Q3
2024 trading update.
Third quarter highlights
· Another quarter of strong organic revenue growth(1), driven by
focused execution through the summer
o Organic revenue growth of 13.9%; year-to-date organic revenue growth of
13.7%
o Organic volumes up 4.0%, with all segments contributing; growth led by our
strategic priority categories, with Sparkling +3.9%, Energy +28.0% and Coffee
+35.6%
o Organic revenue per case up 9.5%, driven by targeted revenue growth
management initiatives
o Reported revenue growth of 8.9%, with strong organic growth partially
offset by FX headwinds in Emerging markets
o Ongoing value share gains in Non-Alcoholic Ready-To-Drink (NARTD) and
Sparkling year-to-date
· Broad-based organic revenue growth, with positive volumes and
revenue per case in all three segments, despite a mixed market environment
o Established: Organic revenue increased by 3.0%, with resilient volume
growth despite mixed conditions
o Developing: Organic revenue up 12.6%, led by revenue per case expansion
and with a positive volume performance
o Emerging: Organic revenue up 24.1%, driven by revenue per case expansion
as well as good volume growth, despite a challenging environment in several
markets
· Further investment in our unique 24/7 portfolio and our bespoke
capabilities
o Ongoing successful partnership with The Coca-Cola Company to capitalise on
the summer period with music and sport, particularly in the out-of-home
channel through the season
o Innovations continue to drive consumer recruitment; we continued to
benefit from Marvel activations, as well as targeted launches of Fanta
Beetlejuice and new Coke Creations flavours
Zoran Bogdanovic, Chief Executive Officer of Coca-Cola HBC AG, commented:
"Focused execution of our strategic priorities has helped deliver another
quarter of strong revenue growth, up 13.9%, with good volume momentum across
all three segments, as well as revenue per case expansion.
"I am pleased that our Q3 results build on the strength of our first half, and
clearly demonstrate how our 24/7 portfolio, combined with our bespoke
capabilities, can deliver quality growth in a range of market conditions. We
are mindful of macroeconomic and geopolitical challenges as well as a mixed
consumer environment. However, reflecting our strong performance in the first
nine months and our confidence that we can continue to win in the marketplace,
we are updating our guidance for the year.
"I would like to thank our teams for their hard work and agility, and our
customers, suppliers, The Coca-Cola Company and all other partners, for their
collaboration. I look forward to working together to deliver on our ambitions
for 2024 and prepare for the years ahead."
Q3 2024 vs Q3 2023 Net sales revenue Volume Net sales revenue per unit case
growth (%) Organic(1) Reported Organic(1) Reported Organic(1) Reported
Group 13.9 8.9 4.0 4.1 9.5 4.7
Established markets 3.0 4.1 0.9 1.1 2.0 2.9
Developing markets 12.6 14.0 2.5 2.5 9.8 11.2
Emerging markets 24.1 10.2 5.6 5.6 17.4 4.4
(1)For details on APMs refer to 'Alternative Performance Measures' and
'Definitions and reconciliations of APMs' sections.
Business outlook
We have delivered a strong performance in the first nine months of the year,
in mixed markets. We expect the macroeconomic and geopolitical backdrop to
remain challenging, but we have high confidence in our 24/7 portfolio, bespoke
capabilities and the opportunities for growth in our diverse markets. We are
updating our guidance ranges for 2024:
· Organic revenue growth of 11% to 13% (previously +8% to +12%)
· On a comparable basis, COGS per unit case should increase
low-single digits (previously low to mid-single digits) through the combined
effect of inflation, transactional and translational FX
· Organic EBIT growth in the range of 10% to 12% (previously +7% to
+12%)
Technical guidance
FX: We expect the impact of translational FX on our Group comparable EBIT to
be a €30 -50 million headwind (unchanged).
Restructuring: We do not expect significant restructuring costs to occur
(unchanged).
Tax: We expect our comparable effective tax rate to be towards the top end of
our 25% to 27% range (unchanged).
Finance costs: We expect net finance costs to be between €60 - 75 million
(unchanged).
Scope: We expect the scope impact from the Finlandia acquisition on comparable
EBIT to be €14-16 million (previously €10 - 12 million).
Operational highlights
Leveraging our unique 24/7 portfolio
Third quarter organic revenue grew by 13.9%, driven by growth in all segments
across volumes, price and mix. Reported net sales revenue increased by 8.9%,
with strong organic revenue growth partially offset by a negative foreign
currency impact due to the depreciation of the Nigerian Naira and the Egyptian
Pound.
Organic volumes grew by 4.0%, with growth across our strategic priority
categories of Sparkling, Energy and Coffee.
· Sparkling volumes grew by 3.9%. Trademark Coke grew by low-single
digits and Coke Zero grew mid-single digits, thanks to our partnership with
The Coca-Cola Company to capitalise on the summer with music and sport,
particularly in the out-of-home channel through the season. Fanta grew
mid-single digits, with growth across all segments. Innovation remains
critical to drive consumer recruitment, and we launched new Coke Creations
flavours and Fanta Beetlejuice in the period, while also benefitting from
Marvel activations in targeted markets.
· Energy volumes grew by 28.0%, with good growth across all segments.
In Established and Developing, growth was driven by Monster with the ongoing
rollout of Monster Green Zero. In Emerging we saw continued strong growth of
Predator and Fury in Nigeria and Egypt respectively.
· Coffee volumes grew 35.6%, with strong growth in all three
segments. Growth of both Costa Coffee and Caffѐ Vergnano continued to be
driven by the out-of-home segment, in line with our plans.
· Still volumes grew by 3.4%. Water grew mid-single digits, while
Juices declined low-single digits. Sports Drinks continued to grow strongly,
up high teens in the quarter, as we leveraged the Olympic Games with Powerade,
and continued to place dedicated Powerade coolers in key markets.
Ready-to-Drink Tea grew mid-single digits in the period, driven by a strong
performance in Developing.
Winning in the marketplace
Organic net sales revenue per case grew by 9.5%. In our European markets, the
contribution from incremental pricing reduced relative to H1. However, in
Africa it remained the main driver of net sales revenue per case growth due to
actions to mitigate ongoing inflation and currency devaluation.
We continued to use our revenue growth management (RGM) framework to meet
demand for both affordability and premiumisation. We benefit from the breadth
of our portfolio of categories and brands at different price points, as well
as our ability to adapt package formats for different occasions and
affordability needs. We continued to deliver a stronger performance from our
affordably priced, returnable glass bottles (RGB) in Nigeria and Egypt. When
it comes to premiumisation, we saw good progress with premium small glass
bottles in the hotels, restaurants and cafes (HoReCa) channel through the
summer period, and launched small cans of Kinley in several markets in the
at-home channel.
Our leading Data, Insights and Analytics capability (see here
(https://www.coca-colahellenic.com/en/investor-relations/results-reports-presentations.category-events-and-presentations)
for the materials from our recent bitesize investor event) is enhancing our
RGM framework by allowing micro-segmentation of customers to address specific
consumer needs and personalise execution. Promotions are a key tool to give
consumers affordable options, and we are using our advanced analytics
promotional effectiveness tools to maximise value for customers as well as
return on investment. We are further enhancing segmentation in the HoReCa
channel with our bespoke tools to segment outlets based on categories to
activate our 24/7 portfolio.
Package mix saw further improvements, with total single-serve mix up 60 basis
points in the quarter. All segments saw improvements in single-serve mix.
Our focused execution in the marketplace and joint value creation with
customers enabled us to gain further value share. We gained 160 basis points
of value share in NARTD year-to-date. In Sparkling we gained 20 basis points
of share at the Group level. However, this was negatively impacted
quarter-on-quarter by country mix, due to stronger growth in Africa, where our
share is lower.
ESG leadership
Following severe flooding across Central and Eastern Europe this quarter, we
collaborated with governments and NGOs to assist impacted communities,
delivering over 270,000 litres of beverages through a network of local
charities and municipalities. This is an example of how we support communities
in need in the countries where we operate.
Packaging circularity continues to be a key focus. Following successful
launches of Deposit Return Schemes (DRS) in Romania, Hungary and Ireland
within the past 12 months, we are pleased with the good progress on collection
rates as the systems mature and consumer participation steadily
increases. For example, in Romania, the DRS operator, RetuRO, reported an
average collection rate of 81% for in-scope packaging for the month of
September, compared to 49% in June.
Established markets
Established markets net sales revenue grew by 3.0% and 4.1% on an organic and
reported basis respectively, benefitting from movements in the Swiss Franc.
Organic net sales revenue per case increased by 2.0%, with a smaller impact
from pricing than the first half, as well as positive package and channel mix.
Volume increased by 0.9% on an organic basis. Sparkling volumes were broadly
in line with last year, however low and no-sugar variants grew, with Coke Zero
up mid-single digits. Energy continued its good momentum and delivered
high-single digits growth. Stills volume grew by low-single digits, with
Sports Drinks growing mid-single digits.
In Greece, volumes grew by mid-single digits, benefitting from well-planned
execution through the summer season. Sparkling grew by mid-single digits, led
by Coke Zero and Sprite. Coffee grew strong double-digits, while Stills were
up mid-single digits, driven by a good performance in Water and Juices.
In Ireland, volumes increased by low-single digits. Consumers continued to
adapt to the impact of the DRS launch in February in the Republic of Ireland,
and there was some impact from poor weather through the summer period.
Sparkling volumes were down low-single digit, although we achieved growth in
Coke Zero, Fanta and Sprite. Energy grew mid-teens, while Stills grew
mid-single digits driven by Water.
In Italy, volumes declined by low-single digits, impacted by some consumer
sensitivity, as well as a soft start to the summer season due to adverse
weather conditions. Sparkling declined low-single digits, but we saw good
growth in Coke Zero, Coke Zero Sugar Zero Caffeine, Sprite and Adult
Sparkling. Energy also grew low-double digits. Stills declined low-single
digits.
In Switzerland, volumes declined by low-single digits, in a sensitive consumer
environment and with challenging weather. Sparkling volumes fell by low-single
digits, although we drove growth in Fanta and Sprite. Energy delivered strong
double-digit growth. In Stills, Water saw low-single digit growth.
Developing markets
Developing markets net sales revenue grew by 12.6% and 14.0%, on an organic
and reported basis respectively, benefitting from movements in the Polish
Zloty.
Organic net sales revenue per case increased by 9.8%, while reported net sales
revenue per case increased by 11.2%. The segment benefitted from pricing
actions taken earlier in the year, as well as favourable category and package
mix. Ongoing growth in Premium Spirits, particularly Finlandia, also
benefitted our revenue per case.
Developing markets volumes increased by 2.5%. Sparkling grew by low-single
digits, driven by Coke Zero and Adult Sparkling both growing mid-single
digits. Energy continued its strong performance with volumes up high-single
digits, on tough comparatives. Coffee delivered high-teens growth. Stills
volumes were up by mid-single digits.
In Poland, volumes increased by low-single digits. Sparkling declined
low-single digits, but we drove high-single digit growth in Adult Sparkling
and low-double digit growth in Sprite. Energy grew low-double digits, despite
tough comparatives. Stills volumes declined low-single digits, driven by
declines in Water and Juices.
In Hungary, volumes increased by mid-single digits, supported by growth in all
categories. Sparkling grew low-single digits with Coke Zero up high-single
digits and Adult Sparkling up high-teens. Energy grew low-double digits, while
Coffee grew strong double digits.
Volume in the Czech Republic increased by high-single digits, driven by both
our Sparkling and Stills categories. Trademark Coke saw a strong rebound on
soft comparatives. Energy grew mid-single digits, while Coffee delivered very
strong growth.
Emerging markets
Net sales revenue grew by 24.1% and 10.2% on an organic and reported basis
respectively, with strong organic growth partly offset by the depreciation of
the Nigerian Naira and Egyptian Pound.
Net sales revenue per case grew 17.4% organically, benefitting from pricing
actions taken through the period to manage the impact of currency devaluation.
Emerging markets volumes grew 5.6% in the quarter, bringing the year-to-date
volume growth to 4.8%. Sparkling volumes grew by high-single digits and Stills
grew by low-single digits. Energy continued to deliver growth above 40%,
despite tough comparatives.
Volume in Nigeria grew by high-single digits, as we continued to execute well
in a challenging macroeconomic environment. Growth was led by Sparkling, up
low-double digits, with growth led by affordable offers, with RGBs up over
20%. Trademark Coke brands grew mid-teens and Adult Sparkling grew strong
double-digits, as our premiumisation initiatives to drive Schweppes continued
to see good results. Energy delivered strong high-teens growth, driven by
Predator. Stills declined high-single digits due to Juices.
Volume declined low-double digits in Egypt, on tough comparatives. Sparkling
declined by mid-teens, with Trademark Coke down double-digits as it saw the
greatest impact from pushback against some Western brands. Both Energy brands
continued to perform very strongly. Stills declined mid-single digits on the
back of tough comparatives in Water.
Volume in Romania grew by mid-single digits, despite challenges in the market
including the introduction of a sugar tax in January, the launch of a DRS in
November 2023 and new regulatory measures in the Energy category in March.
Sparkling grew low-single digits and Stills grew low-double digits, driven by
Water, where we have launched a new campaign for our local water brand. Coffee
grew strong double-digits while Energy declined double-digits.
Volume in Ukraine grew by high-single digits. Sparkling grew by low-double
digits, with growth led by Trademark Coke and Coke Zero, as well as Adult
Sparkling and Sprite. Energy accelerated its strong-double digit growth rate.
Stills was in slight decline, with good growth in Water offset by declines in
RTD Tea.
Volume in Serbia, excluding Bambi, grew high-single digits. Sparkling volume
grew mid-single digits, driven by Coke Zero and Sprite. We also delivered good
performances in Fanta and Adult Sparkling and Energy and Coffee delivered
mid-teens growth. Volumes of our snacks business, Bambi, declined over 60% in
the quarter, impacted by a fire in the production plant in Serbia on 29 June.
Russia volumes grew by double-digits, against soft comparatives on a one and
two-year basis. We continue to operate a local, self-sufficient business
focused on local brands.
Supplementary information
Third quarter Nine months
2024 2023 % % 2024 2023 % %
Reported Organic Reported Organic
Group
Volume (m unit cases)(2) 817.3 785.2 4.1% 4.0% 2,244.0 2,168.3 3.5% 3.5%
Net sales revenue (€ m) 3,047.9 2,797.8 8.9% 13.9% 8,223.5 7,819.3 5.2% 13.7%
Net sales revenue per unit case (€) 3.73 3.56 4.7% 9.5% 3.66 3.61 1.6% 9.9%
Established markets
Volume (m unit cases) 184.9 182.8 1.1% 0.9% 491.2 489.2 0.4% 0.2%
Net sales revenue (€ m) 998.9 959.5 4.1% 3.0% 2,714.0 2,587.5 4.9% 3.9%
Net sales revenue per unit case (€) 5.40 5.25 2.9% 2.0% 5.53 5.29 4.5% 3.6%
Developing markets
Volume (m unit cases) 132.8 129.5 2.5% 2.5% 367.1 356.8 2.9% 2.9%
Net sales revenue (€ m) 676.6 593.4 14.0% 12.6% 1,799.9 1,578.6 14.0% 11.9%
Net sales revenue per unit case (€) 5.09 4.58 11.2% 9.8% 4.90 4.42 10.8% 8.8%
Emerging markets
Volume (m unit cases) 499.6 472.9 5.6% 5.6% 1,385.7 1,322.3 4.8% 4.8%
Net sales revenue (€ m) 1,372.4 1,244.9 10.2% 24.1% 3,709.6 3,653.2 1.5% 23.2%
Net sales revenue per unit case (€) 2.75 2.63 4.4% 17.4% 2.68 2.76 -3.1% 17.5%
(2)One unit case corresponds to approximately 5.678 litres or 24 servings,
being a typically used measure of volume. For Premium Sprits volume, one unit
case also corresponds to 5.678 litres. For biscuits volume, one unit case
corresponds to 1 kilogram. For coffee volume, one unit case corresponds to 0.5
kilograms or 5.678 litres.
Conference call
Coca-Cola HBC's management will host a conference call for investors and
analysts on Thursday, 31 October 2024 at 9:30 am GMT. To join the call in
listen-only mode, please join via the webcast. If you anticipate asking a
question, please click here to register
(https://register.vevent.com/register/BI174c20f789334bb89e27c7d8047a4b2a) and
to find dial-in details.
Next event
12 February 2025 2024 Full-year results
Enquiries
Coca‑Cola HBC Group
Investors and Analysts:
Joanna Kennedy Tel: +44 7802 427505
Head of Investor Relations joanna.kennedy@cchellenic.com
Jemima Benstead Tel: +44 7740 535130
Senior Investor Relations Manager jemima.benstead@cchellenic.com
Virginia Phillips Tel: +44 7864 686582
Investor Relations Manager virginia.phillips@cchellenic.com
Konstantina Galani Tel: +30 6973232802
Investor Relations Manager konstantina-styliani.galani@cchellenic.com
Media:
Sonia Bastian Tel: +41 7946 88054
Head of Communications sonia.bastian@cchellenic.com
Claire Evans Tel: +44 7597 562 978
Senior Communications Manager claire.evans@cchellenic.com
Tel: +30 694 454 8914
Greek media contact: sm@vando.gr
V+O Communications
Sonia Manesi
Coca-Cola HBC Group
Coca-Cola HBC is a growth-focused consumer packaged goods business and
strategic bottling partner of The Coca-Cola Company. We 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 Dow Jones
Sustainability Indices, CDP, MSCI ESG, FTSE4Good and ISS ESG.
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/
Special Note Regarding the Information set out herein
Unless otherwise indicated, this trading update and the financial and
operating data or other information included herein relate to Coca-Cola HBC AG
and its subsidiaries ('Coca-Cola HBC' or the 'Company' or 'we' or the
'Group').
Forward-Looking Statements
This document contains forward-looking statements that involve risks and
uncertainties. These statements may generally, but not always, be identified
by the use of words such as 'believe', 'outlook', 'guidance', 'intend',
'expect', 'anticipate', 'plan', 'target' and similar expressions to identify
forward-looking statements. All statements other than statements of historical
facts, including, among others, statements regarding our future financial
position and results, our outlook for 2024 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.
Although we believe that, as of the date of this document, the expectations
reflected in the forward-looking statements are reasonable, we cannot assure
you that our future results, level of activity, performance or achievements
will meet these expectations. Moreover, neither we, nor our directors,
employees, advisors nor any other person assumes responsibility for the
accuracy and completeness of the forward-looking statements. After the date of
this trading update, unless we are required by law or the rules of the UK
Financial Conduct Authority to update these forward-looking statements, we
will not necessarily update any of these forward-looking statements to conform
them either to actual results or to changes in our expectations.
Alternative Performance Measures
The Group uses certain Alternative Performance Measures (APMs) in making
financial, operating and planning decisions as well as in evaluating and
reporting its performance. These APMs provide additional insights and
understanding to the Group's underlying operating and financial performance.
The APMs should be read in conjunction with and do not replace by any means
the directly reconcilable International Financial Reporting Standards (IFRS)
line items. For more details on APMs refer to 'Definitions and reconciliations
of APMs' section.
Definitions and reconciliations of APMs
Organic growth
Organic growth enables users to focus on the operating performance of the
business on a basis which is not affected by changes in foreign currency
exchange rates from period to period or changes in the Group's scope of
consolidation ('consolidation perimeter') i.e. acquisitions, divestments and
reorganisations resulting in equity method accounting. Thus, organic growth is
designed to assist users in better understanding the Group's underlying
performance.
More specifically, the following items are adjusted from the Group's volume
and net sales revenue in order to derive organic growth metrics:
(a) Foreign currency impact
Foreign currency impact in the organic growth calculation reflects the
adjustment of prior-period net sales revenue metric for the impact of changes
in exchange rates applicable to the current period.
(b) Consolidation perimeter impact
Current-period volume and net sales revenue metrics, are each adjusted for the
impact of changes in the consolidation perimeter. More specifically,
adjustments are performed as follows:
i. Acquisitions:
For current-year acquisitions, the results generated in the current period by
the acquired entities are not included in the organic growth calculation. For
prior-year acquisitions, the results generated in the current year over the
period during which the acquired entities were not consolidated in the prior
year, are not included in the organic growth calculation.
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.
ii. Divestments:
For current-year divestments, the results generated in the prior year by the
divested entities over the period during which the divested entities are no
longer consolidated in the current year are included in the current year's
results for the purpose of the organic growth calculation. For prior-year
divestments, the results generated in the prior year by the divested entities
over the period during which the divested entities were consolidated are
included in the current year's results for the purpose of the organic growth
calculation.
iii. Reorganisations resulting in equity method accounting:
For current-year reorganisations where the Group maintains either joint
control or significant influence over the relevant entities so that they are
reclassified from subsidiaries or joint operations to joint ventures or
associates and accounted for under the equity method, the results generated in
the current year by the relevant entities over the period during which these
entities are no longer consolidated are included in the current year's results
for the purpose of the organic growth calculation. For such reorganisations in
the prior year, the results generated in the current year by the relevant
entities over the period during which these entities were consolidated in the
prior year are included in the current year's results for the purpose of the
organic growth calculation. In addition, the share of results in the current
year of the relevant entities, for the respective period as described above,
is excluded from the organic growth calculation for such reorganisations.
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'.
Reconciliation of organic measures
Third quarter 2024 Nine months 2024
Volume (m unit cases) Group Established Developing Emerging Group Established Developing Emerging
2023 reported 785.2 182.8 129.5 472.9 2,168.3 489.2 356.8 1,322.3
Consolidation perimeter impact 0.4 0.4 - - 0.8 0.8 - -
Organic movement 31.7 1.7 3.3 26.7 74.9 1.2 10.3 63.4
2024 reported 817.3 184.9 132.8 499.6 2,244.0 491.2 367.1 1,385.7
Organic growth (%) 4.0% 0.9% 2.5% 5.6% 3.5% 0.2% 2.9% 4.8%
Third quarter 2024 Nine months 2024
Net sales revenue (€ m) Group Established Developing Emerging Group Established Developing Emerging
2023 reported 2,797.8 959.5 593.4 1,244.9 7,819.3 2,587.5 1,578.6 3,653.2
Foreign currency impact -129.1 2.1 7.5 -138.7 -604.7 9.9 27.1 -641.7
2023 adjusted 2,668.7 961.6 600.9 1,106.2 7,214.6 2,597.4 1,605.7 3,011.5
Consolidation perimeter impact 8.6 8.6 - - 20.1 16.6 3.2 0.3
Organic movement 370.6 28.7 75.7 266.2 988.8 100.0 191.0 697.8
2024 reported 3,047.9 998.9 676.6 1,372.4 8,223.5 2,714.0 1,799.9 3,709.6
Organic growth (%) 13.9% 3.0% 12.6% 24.1% 13.7% 3.9% 11.9% 23.2%
Net sales revenue per unit Third quarter 2024 Nine months 2024
case (€)(3) Group Established Developing Emerging Group Established Developing Emerging
2023 reported 3.56 5.25 4.58 2.63 3.61 5.29 4.42 2.76
Foreign currency impact -0.16 0.01 0.06 -0.29 -0.28 0.02 0.08 -0.49
2023 adjusted 3.40 5.26 4.64 2.34 3.33 5.31 4.50 2.28
Consolidation perimeter impact 0.01 0.03 - - 0.01 0.02 0.01 -
Organic movement 0.32 0.11 0.45 0.41 0.33 0.19 0.39 0.40
2024 reported 3.73 5.40 5.09 2.75 3.66 5.53 4.90 2.68
Organic growth (%) 9.5% 2.0% 9.8% 17.4% 9.9% 3.6% 8.8% 17.5%
(3) Certain differences in calculations are due to rounding.
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