REG - Coca-Cola HBC AG - Strong performance despite turbulent environment
12/05/2022 07:00
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RNS Number : 1868L Coca-Cola HBC AG 12 May 2022
FIRST QUARTER 2022 TRADING UPDATE
Strong performance despite turbulent environment
Coca-Cola HBC AG, a growth-focused Consumer Packaged Goods business and
strategic bottling partner of The Coca-Cola Company, today announces its Q1
2022 trading update.
First quarter highlights
· Focused execution of our strategy and continued reopening drove
broad based growth, with Q1 organic(1) growth of 24.2%
o Q1 organic revenue growth excluding Russia and Ukraine +25.9%
o Ongoing strength in the Emerging segment despite tough comparatives
o Value share gains accelerated, with Sparkling +240 bps and NARTD +190 bps.
Volume share also continued to expand
· We continue to provide urgent support and financial relief to our
people and their families impacted by conflict and the human tragedy in
Ukraine. In addition, together with The Coca-Cola Company, The Coca-Cola
Foundation and other bottlers, we have committed $15 million to support
humanitarian relief efforts in the region
· Organic volume growth of 11.3% continues to be driven by priority
categories in our 24/7 portfolio: Sparkling +10.0%; Low/no sugar sparkling
+45.3%; Adult sparkling +22.9%; and Energy +31.7%
· Pricing and other Revenue Growth Management actions drove organic
revenue per case growth of 11.6% with improving category, package and channel
mix. All three segments executed on pricing plans to manage increased
inflationary pressures with no negative impact on volumes
· Egypt added nearly 12 percentage points to reported volume growth
and 7 percentage points to reported net sales revenue in Q1. Integration of
the business is progressing ahead of expectations
· As previously announced, we are working in close alignment with The
Coca-Cola Company on the implementation of the decision to suspend its
business in Russia. We can confirm that as of 8th of March we stopped placing
orders for concentrate in Russia and ceased investments in the market. As per
our announcement on 3rd of March, our guidance for the current financial year
remains withdrawn
Zoran Bogdanovic, Chief Executive Officer of Coca-Cola HBC AG, commented:
"We are deeply distressed by the unspeakable tragedy and ongoing human
suffering in Ukraine. We stand with our colleagues and all those affected. We
continue to prioritise the safety of our people and their families and are
providing practical and financial support, as well as donations for
humanitarian relief in the impacted region.
Alongside this, the people of Coca-Cola HBC have continued to execute our
growth strategy, delivering strong top line growth which was well balanced
between volume and revenue per case.
The inflationary environment has only intensified since our last set of
results, and this is why I am so pleased to see the effective use of our
Revenue Growth Management capabilities, including pricing, visible in our
performance. There are several other highlights from the quarter including
welcoming Egypt to the Group, ongoing strong performance from Sparkling and
Energy and, in particular, the very strong market share performance which
continued to accelerate in Q1.
We have high confidence in our portfolio, evolving route to market,
customer-focused commercial strategy, the potential of our diverse markets,
and above all, the capability of our people. We remain agile as we prioritise
our investments, with discipline, across the rest of our markets to continue
to drive sustainable growth despite the uncertain environment."
(1)Perfomance, unless otherwise stated, refers to organic growth measures. For
details on Alternative Performance Measures ('APMs') refer to 'Alternative
Performance Measures' and 'Definitions and reconciliations of APMs' sections.
Segment highlights
· Established: Targeted execution in the out-of-home channel allowed
full benefit from reopening, which gained pace in the quarter
· Developing: Broad-based volume growth across markets and a strong
recovery in Poland as we cycle the implementation of the sugar tax
· Emerging: Strong momentum continues despite more challenging
comparatives and impact of conflict in Ukraine
Q1 2022 vs Q1 2021 Net sales revenue Volume Net sales revenue per unit case
growth (%) Organic(1) Reported Organic(1) Reported Organic(1) Reported
Group 24.2 31.0 11.3 23.4 11.6 6.2
Established markets 18.2 19.5 9.6 9.6 7.9 9.1
Developing markets 40.5 40.2 24.0 24.0 13.3 13.1
Emerging markets 22.7 36.2 8.5 28.8 13.1 5.8
(1)For details on Alternative Performance Measures ('APMs') refer to
'Alternative Performance Measures' and 'Definitions and reconciliations of
APMs' sections.
Ukraine and Russia
Coca-Cola HBC continues to prioritise the safety of our people and their
families impacted by conflict. We are providing immediate financial support to
our people in Ukraine and continue to work through The Coca-Cola Foundation
and Red Cross to provide humanitarian relief in the region.
This includes cash grants to our people through the Coca-Cola Disaster Relief
and Coca-Cola HBC Employee Donation Funds, on top of salary advance payments
and refugee assistance centres across Ukraine. Globally, the Coca-Cola System
has committed $15 million to various humanitarian relief organisations, while
providing more than 1.8 million litres of beverages, worth over €1 million,
in Ukraine and in bordering countries.
The Coca-Cola Company suspended its business in Russia and stopped taking
orders for concentrate with immediate effect on 8 March 2022. We are in the
process of implementing this decision in close alignment with The Coca-Cola
Company.
Following this decision, we will have a much smaller presence in the market
focused on local brands. We are evaluating all options here and will share
more in due course, alongside the financial implications of any decision made
for both 2022 performance and the level of non-cash charges.
Organic revenue growth excluding Russia and Ukraine was 25.9%, driven by
ongoing strong performance from the other markets in the Group.
Operational highlights
Leveraging our unique 24/7 portfolio
Our Sparkling portfolio performed well in Q1, driven by targeted campaigns and
strong market execution. Continued success from the new Coke Zero recipe
launch drove Trademark Coke volume growth of 10.6%. Thematic and impactful
flavour launches in Fanta drove volumes up 5.5%, while growth of 8.9% in
Sprite benefited from the ongoing success of the 'Let's Be Clear' campaign.
We are particularly pleased to see continued outperformance from our strategic
focus areas. Adult Sparkling brands volume grew by 22.9% benefiting from
underlying category strength, share gains as well as reopening of the
out-of-home. Low- and no-sugar variants continued to see strong performance
with volumes up 45.3%, reaching 27.1% of our Sparkling portfolio, up 6.6
percentage points in the year.
Energy maintained growth momentum, with volumes up 31.7% in the quarter. All
three brands, Monster, Burn and Predator saw double-digit growth, with
Predator volumes nearly doubling led by ongoing momentum in Nigeria as well as
growth in Poland.
We continue to make good progress with Coffee, growing volumes by 75.4%. Costa
benefited from reopening, as well as ongoing recruitment of new customers. We
launched Caffè Vergnano in 11 markets during Q1 and will continue to roll out
the brand this year.
Still drinks accelerated, with volume growth of 13.5%, continuing to benefit
from the reopening of the out-of-home channel where these categories
over-index. Water volumes grew by 11.3%, with good growth across all three
segments. Juice volume was up 21.1%, benefiting from an acceleration of growth
in the Developing and Emerging segment, while Ready-to-drink tea volume grew
by 16.9%.
Winning in the marketplace
Successful execution in the out-of-home channel to capture the full potential
of reopening in our markets, combined with expanded shelf space in the at-home
channel and accelerated growth in e-retail ensured strong performance. Value
share gains accelerated again in Q1, with the business gaining 190 basis
points in NARTD and 240 basis points in Sparkling. In addition, we continue to
gain volume share, led by Sparkling which gained nearly 5 percentage points of
volume share year to date.
Pricing and other revenue growth management actions drove an acceleration in
revenue per case expansion which reached 11.6% on an organic basis.
Outperformance in Adult Sparkling and Energy supported improvements in
category mix. Activation of single serve packages and growth in the
out-of-home channel improved package mix.
Pricing remains a critical tool as we manage increasing inflationary
pressures. During the quarter we effectively implemented pricing initiatives
to manage input cost inflation. All pricing actions have progressed according
to plan with no negative impact on volume. We remain focused on capturing
value opportunities through additional pricing in the rest of 2022, leveraging
the strength of our portfolio as well as our Revenue Growth Management
capabilities and analytics to drive sustainable growth.
Strong partnership with The Coca-Cola Company
We have worked in successful partnership with The Coca-Cola Company for over
70 years and continue to do so today. The strength of that relationship,
particularly through this period, is further exemplified by the extension of
our bottler's agreements for a new 10 year term. We will continue to create
value and seize the opportunities in our industry and markets together.
Segmental highlights
Established markets segment
Established markets volume grew 9.6%. Performance was led by double-digit
growth in Stills, mainly driven by Water, which benefited from strong
execution and cycling soft comparatives in the out-of-home channel. Sparkling
volumes grew high-single digits, with mid-thirties volume growth from Adult
Sparkling. Energy grew in the low-twenties despite tough comparatives.
In Italy, volumes grew by low-double digits. Volumes were driven by Sparkling,
which was led by strategic priorities: Coke Zero and Adults. Energy and
Ready-to-drink tea grew double digits. The market benefitted from the easing
of restrictions in the out-of-home channel from mid-February onwards and our
activations and execution ensured we captured additional share during the
reopening.
Volumes in Greece were up by high-single digits. We saw mid-teens volume
growth in Stills, driven by Water, which performed well in the out-of-home
channel. Sparkling grew low-single digits driven by Adult Sparkling, while
Energy continued to grow double digits.
In Ireland, volumes grew by mid-teens. Stills delivered strong double-digit
volume growth, driven by Water, supported by the easing of restrictions in the
out-of-home channel. Sparkling volumes grew by low-double digits, driven by
Trademark Coke and Adult Sparkling.
In Switzerland, volumes grew by mid-single digits. Stills grew high-teens,
driven by Water and Ready-to-drink tea, supported by improving trends in the
out-of-home. Sparkling volumes fell slightly, while we gained share.
Organic growth in net sales revenue per case was 7.9%. We benefitted from
pricing actions in all of our markets and favourable package mix, as well as
positive channel mix. Net sales revenue grew by 18.2% and 19.5% on an organic
and reported basis respectively.
Developing markets segment
Developing markets volume grew by 24.0%, driven by Sparkling, as we delivered
strong results in low- and no-sugar variants and Adult Sparkling. Both Energy
and Stills volumes grew by strong double digits.
Poland volumes increased by mid-thirties, with a very strong performance in
Sparkling, thanks to Trademark Coke, low/ no-sugar variants and Adult
Sparkling. The market cycled the implementation of the sugar tax and our
execution enabled us to gain significant share in Sparkling. Energy also grew
by double digits.
In Hungary, volumes increased by low-twenties. We saw double-digit growth in
Sparkling, driven by Trademark Coke, Fanta, and Adult Sparkling. Energy
continued its strong momentum, and Juices and Ready-to-drink tea saw a good
recovery.
Volume in the Czech Republic grew by low-double digits. We saw mid-single
digit growth in Sparkling driven by Coke Zero, Flavours and Adult Sparkling.
Water volumes grew strongly as the out-of-home channel cycled prior year's
lockdowns.
Organic net sales revenue per case increased by 13.3%. The segment benefitted
from pricing initiatives, as well as positive channel and package mix. Net
sales revenue grew by 40.5% and 40.2% on an organic and reported basis
respectively.
Emerging markets segment
Emerging markets' volume grew 8.5% organically, and 28.8% on a reported basis,
which includes the consolidation of Egypt from mid-January. Sparkling volumes
were up high-single digits against strong comparatives, while Adult Sparkling
grew high-teens and Energy in the thirties. Stills volumes were up high-single
digits basis with good performance from Water and Juice.
Russia grew volumes double digits, helped by soft comparatives and strong
momentum in the first part of the quarter before the outbreak of conflict in
Ukraine.
Volume in Nigeria increased by low-double digits as momentum continued on
tough comparatives. Sparkling grew by high-single digits led by mid-teens
volume growth in Trademark Coke. Energy continued to perform well, with
Predator nearly doubling volumes this quarter. Stills grew by mid-teens with a
high-double digit increase in Juice.
Ukraine volume fell by high-twenties in the quarter. Our primary focus remains
the safety of our people. At the start of the quarter, trends continued the
good momentum seen in 2021. Since February 24(th) our operations have been
impacted by the conflict and we have only been selling very limited quantities
where it was safe to do so.
Volume in Romania increased by low-single digits. Sparkling volumes fell
slightly, despite high-single digit growth in Adult Sparkling. We saw an
ongoing recovery in Stills, which grew by high-single digits, driven by Water.
Energy grew mid-teens.
Volume performance in Egypt is trending in line with plans, despite a more
challenging macro backdrop. Integration continues to progress well and ahead
of expectations, with focus on implementing our core capabilities,
particularly across Revenue Growth Management and Route to Market.
Net sales revenue per case grew 13.1% organically, benefiting from pricing, as
well as positive category and package mix, partially offset by country mix.
Net sales revenue grew by 22.7% on an organic basis, or by 36.2% on a reported
basis, due to the consolidation of Egypt from mid-January, which was only
partly offset by the weaker Russian Rouble.
Supplementary information
Group First quarter 2022 First quarter 2021 % %
Reported Organic(1)
Volume (m in unit cases) 605.5 490.8 23.4% 11.3%
Net sales revenue (€ m) 1,770.7 1,352.1 31.0% 24.2%
Net sales revenue per unit case (€) 2.92 2.75 6.2% 11.6%
Established markets
Volume (m in unit cases) 129.1 117.8 9.6% 9.6%
Net sales revenue (€ m) 575.1 481.1 19.5% 18.2%
Net sales revenue per unit case (€) 4.45 4.08 9.1% 7.9%
Developing markets
Volume (m in unit cases) 100.3 80.9 24.0% 24.0%
Net sales revenue (€ m) 331.9 236.7 40.2% 40.5%
Net sales revenue per unit case (€) 3.31 2.93 13.1% 13.3%
Emerging markets
Volume (m in unit cases) 376.1 292.1 28.8% 8.5%
Net sales revenue (€ m) 863.7 634.3 36.2% 22.7%
Net sales revenue per unit case (€) 2.30 2.17 5.8% 13.1%
(1 ) For details on APMs refer to 'Alternative Performance Measures'
and 'Definitions and reconciliations of APMs' sections.
The volume, net sales revenue and net sales revenue per unit case growth (%)
on reported and organic basis, are provided for NARTD and premium spirits, as
set out below:
NARTD First quarter 2022 First quarter 2021 % %
Reported Organic(1)
Volume (m unit cases)(2) 604.9 490.3 23.4% 11.3%
Net sales revenue (€ m) 1,726.2 1,321.5 30.6% 23.7%
Net sales revenue per unit case (€) 2.85 2.70 5.9% 11.2%
Premium Spirits
Volume (m unit cases)(2) 0.628 0.481 30.6% 30.6%
Net sales revenue (€ m) 44.5 30.6 45.4% 43.3%
Net sales revenue per unit case (€) 70.86 63.62 11.4% 9.8%
Total
Volume (m unit cases)(2) 605.5 490.8 23.4% 11.3%
Net sales revenue (€ m) 1,770.7 1,352.1 31.0% 24.2%
Net sales revenue per unit case (€) 2.92 2.75 6.2% 11.6%
( )
(1) For details on APMs refer to 'Alternative Performance Measures' and
'Definitions and reconciliations of APMs' sections.
(2) For NARTD volume, one unit case corresponds to approximately 5.678 litres
or 24 servings, being a typically used measure of volume. For premium spirits
volume, one unit case also corresponds to 5.678 litres. For biscuits volume,
one unit case corresponds to 1 kilogram.
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 create value for all
our stakeholders by supporting the socio-economic development of the
communities in which we operate and we believe building a more positive
environmental impact is integral to our future growth. Together, we and our
customers serve 715 million consumers across a broad geographic footprint of
29 countries on three continents. Our portfolio is one of the strongest,
broadest and most flexible in the beverage industry, offering consumer-leading
beverage brands in the sparkling, juice, water, sport, energy, plant-based,
ready-to-drink tea, coffee, adult sparkling and premium spirits categories.
These beverages include Coca-Cola, Coca-Cola Zero, Schweppes, Kinley, Costa,
Valser, Romerquelle, Fanta, Sprite, Powerade, FuzeTea, Dobry, Cappy, Monster
and Adez. We foster an open and inclusive work environment amongst our 36,000
employees and we are ranked among the top sustainability performers in ESG
benchmarks such as the Dow Jones Sustainability Indices, CDP, MSCI ESG and
FTSE4Good.
Coca-Cola HBC has a premium listing on the London Stock Exchange (LSE:CCH) and
is listed on the Athens Exchange (ATHEX:EEE). For more information, please
visit https://www.coca-colahellenic.com/ (https://www.coca-colahellenic.com/)
Conference call
Coca-Cola HBC will host a conference call for financial analysts and investors
to discuss the 2022 first quarter trading update on Thursday 12 May 2022 at
9:00 am BST. Interested parties can access the live, audio webcast of the call
through Coca-Cola HBC's website
https://www.coca-colahellenic.com/en/investor-relations
(https://www.coca-colahellenic.com/en/investor-relations) .
Next event
11 August 2022 2022 Half-year results
Enquiries
Coca‑Cola HBC Group
Investors and Analysts:
Joanna Kennedy Tel: +44 7802 427505
Investor Relations Director joanna.kennedy@cchellenic.com
Jemima Benstead Tel: +44 7740 535130
Investor Relations Manager jemima.benstead@cchellenic.com
Marios Matar Tel: +30 697 444 3335
Investor Relations Manager marios.matar@cchellenic.com
Media:
David Hart Tel: +41 41 726 0143
Group Communication Director david.hart@cchellenic.com
Tel: +30 6936750476
Greek media contact: cy@vando.gr
V+O Communications
Chara Yioti
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 2022 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 2021 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.
As of 1 January 2022 the Group has moved its reporting to organic growth APMs.
This is to enable a better understanding of underlying business performance,
that is more consistent with how Coca-Cola HBC's peer group reports.
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 metrics 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.
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. Any gains or losses on divestments are excluded from 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. Any gains or losses on such reorganisations are excluded
from the organic growth calculation.
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
'2021 reported' or, where presented, '2021 adjusted'.
Reconciliation of organic measures
First quarter 2022
Volume (m unit cases) Group Established Developing Emerging
2021 reported 490.8 117.8 80.9 292.1
Consolidation perimeter impact 59.3 - - 59.3
Organic movement 55.4 11.3 19.4 24.7
2022 reported 605.5 129.1 100.3 376.1
Organic growth (%) 11.3% 9.6% 24.0% 8.5%
First quarter 2022
Net sales revenue (€ m) Group Established Developing Emerging
2021 reported 1,352.1 481.1 236.7 634.3
Foreign currency impact (2.9) 5.4 (0.4) (7.9)
2021 adjusted 1,349.2 486.5 236.3 626.4
Consolidation perimeter impact 95.3 - - 95.3
Organic movement 326.2 88.6 95.6 142.0
2022 reported 1,770.7 575.1 331.9 863.7
Organic growth (%) 24.2% 18.2% 40.5% 22.7%
First quarter 2022
Net sales revenue per unit case (€)(1) Group Established Developing Emerging
2021 reported 2.75 4.08 2.93 2.17
Foreign currency impact - 0.05 (0.01) (0.03)
2021 adjusted 2.75 4.13 2.92 2.14
Consolidation perimeter impact (0.15) - - (0.12)
Organic movement 0.32 0.32 0.39 0.28
2022 reported 2.92 4.45 3.31 2.30
Organic growth (%) 11.6% 7.9% 13.3% 13.1%
(1) Certain differences in calculations are due to rounding.
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