REG - Coca-Cola HBC AG - Strong start; reiterating 2025 guidance
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RNS Number : 7131G Coca-Cola HBC AG 30 April 2025
FIRST QUARTER 2025 TRADING UPDATE
Strong start; reiterating 2025 guidance
Coca-Cola HBC AG, a growth-focused Consumer Packaged Goods business and
strategic bottling partner of The Coca-Cola Company, today announces its Q1
2025 trading update.
First quarter highlights
· Ongoing execution of our 24/7 strategy delivered 10.6% organic
revenue growth(1)
o Organic volume grew 1.8%, driven by a good performance in Emerging
markets; Sparkling volumes grew 1.1% and Energy grew +25.5%
o Organic revenue per case increased 8.7%, reflecting effective revenue
growth management (RGM) initiatives
o Reported revenue growth of 8.7%, with strong organic growth partially
offset by FX translation headwinds in the Emerging segment
o Value share gains in Non-Alcoholic Ready-To-Drink (NARTD) year-to-date, on
top of strong gains in 2024
· Organic revenue growth across all segments, despite a mixed
environment, with a particularly good performance in Emerging
o Established: Organic revenue up 2.1%, with a resilient volume performance
and modest revenue-per-case expansion
o Developing: Organic revenue increased by 4.6%, led by revenue-per-case
expansion, with a small decline in volumes
o Emerging: Organic revenue up 20.3%, driven by revenue-per-case expansion,
and with a good volume performance
· Further investment in our unique 24/7 portfolio and bespoke
capabilities
o Activated Coke & Meals campaigns across our markets through the
period, leveraging the biggest consumption occasion of Coca-Cola. As of early
April, nearly all our markets have started activating the "Share a Coke"
campaign, with ongoing activation through the summer
o Launched new innovations of Monster, continued to build stronger
distribution of Monster Energy Green Zero Sugar and introduced various local
marketing activations
o Coffee volumes impacted by our joint strategic decision with Costa Coffee
to refocus on the out-of-home channel, where we continue to see greater
long-term potential
o Continue to support packaging circularity and Austria launched a Deposit
Return Scheme in January
Zoran Bogdanovic, Chief Executive Officer of Coca-Cola HBC AG, commented:
"We continued the positive momentum for our business as we report a strong
start to the year, in a range of market conditions. Successful execution of
our growth strategy has delivered organic revenue growth of 10.6% with
increased volumes. The strength of our 24/7 portfolio and consistent
investment behind our bespoke capabilities, combined with our segmented
execution in the marketplace, have enabled us to deliver further
revenue-per-case growth over the period.
"We expect the broader macroeconomic and geopolitical environment to remain
challenging and unpredictable, but we have a proven track record of navigating
through periods of volatility, supported by our portfolio, capabilities and
people. We are reiterating our financial guidance for the year ahead and
expect to make further progress against our medium-term growth targets.
"I would like to thank our teams for their commitment and hard work, and our
customers, suppliers, The Coca-Cola Company and all our valued partners, for
their ongoing support."
Q1 2025 vs Q1 2024 Net sales revenue Volume Net sales revenue per unit case
growth (%) Organic(1) Reported Organic(1) Reported Organic(1) Reported
Total Group 10.6 8.7 1.8 1.8 8.7 6.8
Established markets 2.1 2.5 -0.1 -0.1 2.2 2.6
Developing markets 4.6 5.4 -2.5 -2.5 7.3 8.1
Emerging markets 20.3 14.8 3.5 3.5 16.2 10.9
(1) For details on Alternative Performance Measures ('APMs') refer to
'Alternative Performance Measures' and 'Definitions and reconciliations of
APMs' sections.
Business Outlook
We have delivered a strong start to the year, in a range of market conditions.
We expect the macroeconomic and geopolitical backdrop to remain challenging
and unpredictable, 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.
We are reiterating our guidance for 2025:
· Organic revenue growth of 6% to 8%
· Organic EBIT growth of 7% to 11%
Technical 2025 guidance
FX: We expect the impact of translational FX on our Group comparable EBIT to
be a €15 to 35 million headwind (unchanged).
Restructuring: We do not expect significant restructuring costs to occur
(unchanged).
Tax: We expect our comparable effective tax rate to be within a range of 26%
to 28% (unchanged).
Finance costs: We expect net finance costs to be between €40 to 60 million
(unchanged).
Scope: We expect a minor benefit from the consolidation of BDS Vending in
Ireland from 28 February 2025 (new).
Operational highlights
Leveraging our unique 24/7 portfolio
Organic revenue increased by 10.6% in the first quarter of 2025, with 1.8%
growth in volumes. Reported net sales revenue increased by 8.7%, with strong
organic growth partially offset by FX translation headwinds in the Emerging
segment.
· Sparkling volumes grew 1.1%. Trademark Coke grew low-single digits,
with high-single digit growth in Coke Zero. We continued to activate Coke
& Meals campaigns across our markets through the period, with a stepped-up
focus on flavours of Coke, as we leveraged the biggest consumption occasion of
Coca-Cola. Adult Sparkling grew low-single digits on tough comparatives. Fanta
and Sprite grew low-single digits and mid-single digits respectively.
· Energy volumes grew 25.5%, with double-digit growth in all three
segments. We launched new innovations of Monster and continued to build
stronger distribution of Monster Green Zero Sugar. We also introduced various
local marketing activations, including leveraging football events in Nigeria
and Egypt to activate Predator and Fury respectively through the period.
· Coffee volumes declined by 8.3%, on a tough comparative. The
decline was driven by Costa Coffee in the at-home channel, as a result of our
joint strategic decision with Costa Coffee to focus primarily on the
out-of-home channel, where we see greater long-term potential. In the
out-of-home channel, we continued to drive growth for both Costa Coffee and
Caffè Vergnano, through both recruitment of new outlets and growth in
existing outlets.
· Stills volumes grew 2.1%. Sports Drinks performed strongly, up
low-teens, with growth in all segments, as we leveraged relevant global and
local partnerships to drive transactions. Water grew by mid-single digits led
by growth in the Emerging and Established segments, and we continued to focus
on profitable growth.
Winning in the marketplace
Organic net sales revenue per case grew 8.7%. Our revenue growth management
(RGM) toolkit continued to allow us to tailor our approach to pricing in each
market, navigating varying levels of inflation, regulation and currency
pressures. In our European markets, the impact from pricing was lower than
2024, as we generally experienced lower levels of inflation in our markets. In
Africa, pricing remained a key tool to navigate high levels of inflation and
the effects of currency devaluation, although at lower levels than in 2024,
and we also benefitted from the cycling impact of pricing taken in 2024.
Affordability and premiumisation initiatives both remained important in the
start of 2025, as we faced dynamic trends across all our markets. In terms of
affordability, we continued to focus on entry packs and smaller packs, as well
as leveraged promotional activities. When it comes to premiumisation, among
other initiatives, we are leveraging our Data, Insights and Analytics (DIA)
capabilities to segment consumers and customers to focus on the affluent urban
consumer in Nigeria, with custom-built segmentation by city. Through this, we
focused on activating Schweppes and premium cans with affluent consumers, and
Schweppes volumes grew mid-teens in Q1.
We continued to see an improvement in package mix in the quarter, with
single-serve mix up 50 basis points. Category mix also improved, benefiting
from the increased contribution of Energy, Sports Drinks and Premium Spirits.
Our focused execution in the marketplace and joint value creation with
customers enabled us to continue to gain value share in NARTD, increasing 130
basis points year-to-date, building on strong gains in 2024. In Sparkling, we
gained or maintained share year-to-date in the majority of markets we track.
ESG leadership
We continue to support packaging circularity including the launch of Deposit
Return Schemes (DRS) and increasing rPET in our packaging. Austria launched
DRS in January 2025 with encouraging first results. DRS are now active in nine
of our markets, with two more coming later in 2025.
In Nigeria, the first-ever Coca-Cola System-owned and operated packaging
collection facility was opened in January. The facility has the capacity to
process up to 13,000 metric tonnes of plastic bottles annually, and is an
important step in reducing waste by collecting and recycling packaging in
Nigeria.
In Q1 we released our first Sustainability Statement in the 2024 Integrated
Annual Report as part of the Corporate Sustainability Reporting Directive
(CSRD) requirements. We were among the first companies in Europe that did this
to ensure greater transparency and compliance regarding our sustainability
initiatives and performance.
Established markets
Established markets net sales revenue grew by 2.1% and 2.5% on an organic and
reported basis respectively.
Organic net sales revenue per case increased by 2.2%. Established markets saw
a small benefit from pricing actions taken in Q1 2025 to navigate inflation,
as well as positive category and package mix, with single-serve mix improving
80 basis points.
Volume in the segment was broadly flat (down 0.1%), a resilient performance
despite ongoing headwinds from consumer sensitivity in some markets, fewer
selling days and a later Catholic Easter than 2024. Sparkling volumes declined
by low-single digits, although we delivered good growth in Coke Zero and
Sprite. Energy saw stronger momentum, with volumes growing low-teens. Coffee
declined slightly, and Stills grew low-single digits, with Sports Drinks
growing high-single digits in the period.
In Italy, volumes decreased by low-single digits. Sparkling declined
low-single digits, but we saw growth in Coke Zero and Sprite. Energy grew
strong double-digits, while Stills declined low-single digits. Sports Drinks
grew mid-single digits.
In Greece, volumes grew by low-single digits, building on a good prior year
performance. Sparkling volumes were flat, with high-single digit growth in
Coke Zero and growth in Fanta and Sprite. Energy grew high-single digits and
Coffee grew low-single digits. Stills grew low-single digits, driven by growth
in Water and strong double-digit growth in Sports Drinks on a small base.
In Ireland, volumes increased by low-single digits, on soft comparatives.
Sparkling volumes increased low-single digits, driven by Trademark Coke, Fanta
and Sprite. Energy grew low-double digits, while Coffee volumes declined
low-double digits. Stills grew mid-single digits, driven by Water.
In Switzerland, volumes declined by low-single digits. Sparkling declined
mid-single digits, while Energy grew strong double-digits. Stills grew
low-single digits, driven by Water.
Developing markets
Net sales revenue grew by 4.6% and 5.4% on an organic and reported basis
respectively, with positive impacts from the movements in the Polish Zloty.
Organic net sales revenue per case increased by 7.3%. The segment benefitted
from pricing actions taken in Q1 2025 to manage inflation, along with positive
category and package mix. Ongoing growth in Premium Spirits, particularly due
to the rollout of Finlandia distribution, also benefitted our revenue per
case.
Developing markets volume declined 2.5% organically, impacted by declines in
Poland, as well as some impact from fewer selling days and a later Catholic
Easter than 2024. Sparkling declined by mid-single digits, slightly offset by
mid-single digit growth in Coke Zero and Sprite. Energy grew above 20%, on a
soft comparative. Coffee declined by double-digits, and Stills volumes
decreased by mid-single digits, driven by Water, despite strong double-digit
growth in Sports Drinks.
Poland volumes decreased by mid-single digits, on a good performance in the
prior year. Sparkling volumes declined by high-single digits, despite growth
in Coke Zero, Fanta and Sprite. Energy grew by strong double-digits, on a soft
comparative due to the introduction of regulatory measures in the start of
2024. Coffee volumes fell by double-digits, and Stills declined high-single
digits driven by Water and Juice.
In Hungary, volumes grew by low-single digits. Sparkling grew by mid-single
digits, with growth in Trademark Coke, Fanta and Sprite. Energy grew by strong
double-digits. Coffee volumes fell by high-single digits. Stills declined by
mid-single digits, driven by Water and Juice.
Volume in the Czech Republic increased by high-single digits, supported by
high-single digit growth in Sparkling. Energy grew by strong double-digits,
while Coffee and Stills volumes declined.
Emerging markets
Emerging markets net sales revenue grew by 20.3% and 14.8% on an organic and
reported basis respectively, as currency headwinds from the Nigerian Naira and
Egyptian Pound partially offset strong organic growth.
Net sales revenue per case grew 16.2% organically, benefitting from the impact
of pricing throughout the last twelve months to manage inflation and currency
devaluation, as well as from positive category mix.
Emerging markets volume grew 3.5% organically, with a range of macroeconomic
and geopolitical trends across the segment. Sparkling volumes grew by
low-single digits, with growth across all brands, notably low-teens growth in
Coke Zero. We delivered strong double-digit growth in Energy, despite tough
comparatives. Coffee and Stills grew mid-single digits.
Volume in Nigeria grew low-single digits despite tough comparatives. Sparkling
grew by low-single digits, driven by growth in Fanta and Sprite. Adult
Sparkling also delivered strong growth, up mid-teens. Energy delivered
high-single digit growth, on tough comparatives, led by growth in Predator.
Stills grew mid-single digits, with high-teens growth in Juices.
Ukraine volume grew mid-single digits. Sparkling grew high-single digits
driven by Trademark Coke, Sprite and Adult Sparkling. We saw strong
double-digit growth in Energy. Stills declined double-digits.
In Romania, volumes declined low-single digits. Energy and Stills declined
mid-single digits and low single-digits respectively. Coffee continued its
strong momentum with volumes up low-teens.
In Egypt, volumes grew high-single digits on soft comparatives. Sparkling grew
mid-single digits, with growth across brands. Energy continued to perform very
strongly, particularly in Fury, our affordable brand. Water grew high-single
digits.
Volume in Serbia, excluding Bambi, grew low-single digits. Sparkling volume
declined by low-single digits, despite strong double-digit growth in Coke Zero
and mid-single digit growth in Fanta and Sprite. We also delivered high-single
digit growth in Stills, driven by Water. Volumes of our snacks business,
Bambi, declined approximately 50% in the quarter, impacted by a fire in the
production plant last year, resulting in a total decline for Serbia of
high-single digits. We are on track with our recovery plans for Bambi.
Russia volumes grew mid-single digits as we continued to operate a
self-sufficient business focused on local brands.
Supplementary information
First quarter
2025 2024 % Reported % Organic
Group
Volume (m unit cases)(2) 643.8 632.6 1.8% 1.8%
Net sales revenue (€ m) 2,418.3 2,225.4 8.7% 10.6%
Net sales revenue per unit case (€) 3.76 3.52 6.8% 8.7%
Established markets
Volume (m unit cases) 131.8 131.9 -0.1% -0.1%
Net sales revenue (€ m) 761.2 742.6 2.5% 2.1%
Net sales revenue per unit case (€) 5.78 5.63 2.6% 2.2%
Developing markets
Volume (m unit cases) 101.9 104.5 -2.5% -2.5%
Net sales revenue (€ m) 506.0 480.1 5.4% 4.6%
Net sales revenue per unit case (€) 4.97 4.59 8.1% 7.3%
Emerging markets
Volume (m unit cases) 410.1 396.2 3.5% 3.5%
Net sales revenue (€ m) 1,151.1 1,002.7 14.8% 20.3%
Net sales revenue per unit case (€) 2.81 2.53 10.9% 16.2%
(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 will host a conference call for financial analysts and investors
to discuss the 2025 first quarter trading update on Wednesday 30 April 2025 at
9:00 am BST. To join the call in listen-only mode, please join via the webcast
(https://edge.media-server.com/mmc/p/qqy64dzc/) . If you anticipate asking a
question, please click here to register
(https://register-conf.media-server.com/register/BI3c79aa76aa9f4cbcbc4c5e9f5984bef3)
and to find dial-in details.
Next event
15 July 2025 Bitesize webinar
6 August 2025 2025 Half-year results
Enquiries
Coca‑Cola HBC Group
Investors and Analysts:
Jemima Benstead Tel: +44 7740 535130
Head of Investor Relations jemima.benstead @cchellenic.com
Konstantina Galani Tel: +30 697 323 2802
Investor Relations Manager konstantina-styliani.galani @cchellenic.com
Matilde Durazzano Tel: +44 7851 105884
Investor Relations Manager matilde.durazzano @cchellenic.com.com
Media:
Claire Evans Tel: +44 7896 054 972
Head of Corporate Communications 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 750
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.
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 (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 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 2024 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 IFRS line items.
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
'2024 reported' or, where presented, '2024 adjusted'.
Reconciliation of organic measures
First quarter 2025
Volume (m unit cases) Group Established Developing Emerging
2024 reported 632.6 131.9 104.5 396.2
Consolidation perimeter impact - - - -
Organic movement 11.2 -0.1 -2.6 13.9
2025 reported 643.8 131.8 101.9 410.1
Organic growth (%) 1.8% -0.1% -2.5% 3.5%
First quarter 2025
Net sales revenue (€ m) Group Established Developing Emerging
2024 reported 2,225.4 742.6 480.1 1,002.7
Foreign currency impact -40.2 1.6 3.7 -45.5
2024 adjusted 2,185.2 744.2 483.8 957.2
Consolidation perimeter impact 1.2 1.2 - -
Organic movement 231.9 15.8 22.2 193.9
2025 reported 2,418.3 761.2 506.0 1,151.1
Organic growth (%) 10.6% 2.1% 4.6% 20.3%
First quarter 2025
Net sales revenue per unit case (€)(3) Group Established Developing Emerging
2024 reported 3.52 5.63 4.59 2.53
Foreign currency impact -0.06 0.01 0.04 -0.11
2024 adjusted 3.45 5.64 4.63 2.42
Consolidation perimeter impact - 0.01 - -
Organic movement 0.30 0.12 0.34 0.39
2025 reported 3.76 5.78 4.97 2.81
Organic growth (%) 8.7% 2.2% 7.3% 16.2%
(3) Certain differences in calculations are due to rounding.
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