RESULTS PRESENTATION
ANNUAL GENERAL MEETING
22 JUNE 2021
1 ANNUAL GENERAL MEETING 22 JUNE 2021
FORWARD-LOOKING
STATEMENT
Unless otherwise indicated, the condensed consolidated interim financial statements and the financial and operating data or other information included herein relate to Coca-Cola HBC AG and its subsidiaries ("Coca-Cola HBC" or the "Company" or "we" or the "Group").
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 2021 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 2020 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 the condensed consolidated interim financial statements included in this document, unless we are required by law or the rules of the UK Financial Conduct Authority to update these forward-looking statements, we will not necessarily update any of these forward-looking statements to conform them either to actual results or to changes in our expectations.
2 ANNUAL GENERAL MEETING 22 JUNE 2021
OPERATIONAL AGILITY
- RESILIENT PERFORMANCE
PEOPLE SAFE; CUSTOMERS SERVED | WINNING IN THE MARKET | |
• Safety of people ensured | • Strong value share gains | |
• Fully operational supply chain | • +40bps in NARTD | |
• Dynamic route-to-market | • +30bps in Sparkling | |
• Enhanced digital capabilities | ||
OPERATIONAL AGILITY | FINANCIAL PERFORMANCE |
• Structural improvements to cost base | • Volume and revenue trends stabilised in H2 |
• €120m of cost savings found | • Like-for-like EBIT margin at 10.6%, 20bps below all- |
• Disciplined working capital management | time highs |
• Strong cash generation up €54 m YoY | |
• Rigorous prioritisation of opportunities | |
• Proposed dividend of €0.64, up 3.2% YoY | |
3 ANNUAL GENERAL MEETING 22 JUNE 2021
FINANCIAL PERFORMANCE
- REVENUES
- Like-for-likevolume declined 4.6% with better trends in H2
- Like-for-likeprice/mix declined 4.1%, stabilising in H2
- Negative package and channel mix as a result of lockdowns
- Positive category mix and pricing
like-for-like | ||||
FY 2020 | FY 2019 | change | change | |
Volume (m u.c.) | 2,135.6 | 2,264.5 | -5.7% | -4.6% |
FX-neutral revenue per case (€) | 2.87 | 2.99 | -4.1% | -4.1% |
FX-neutral net sales revenue (€m) | 6,131.8 | 6,781.7 | -9.6% | -8.5% |
Net sales revenue (€m) | 6,131.8 | 7,026.0 | -12.7% | -11.7% |
- Like-for-likeFX-neutral revenues fell 8.5% YoY, stabilising after H1 decline of 15.1%
Financial indicators on a like-for-like basis adjust for the change in classification of our Russian Juice business (Multon) from a joint operation to a joint venture, the Group's election to classify share of results of integral equity method investments within operating profit and the performance of Bambi for H1 2020. They also exclude the recognition of restructuring costs, unrealised commodity hedging results and non-recurring items.
Certain differences in calculations are due to rounding.
4 ANNUAL GENERAL MEETING 22 JUNE 2021
YEARS OF EFFICIENCY IMPROVEMENTS BRING LASTING MARGIN RESILIENCE
- Restructuring work done over the last decade has created a more resilient, flexible and variable business
- Optimised, automated, efficient production infrastructure (plants and lines)
- Optimised, automated, widely outsourced logistics footprint (warehouses, distribution)
- Common systems and processes across the entire geographic footprint
- Process centralisation and shared services centres
- Digital transformation and Big Data Analytics for fast wide adoption of pilots and learnings
- Quick and decisive action on discretionary cost management
- €120 million of 2020 savings target delivered
REPORTED REVENUE GROWTH (%)
15.1 | |||||||||
8.0 | 4.9 | 5.5 | |||||||
3.3 | 3.2 | ||||||||
0.9 | 2.1 | ||||||||
13 | 14 | 15 | 16 | 2020 | |||||
2007 | 08 | 10 | 11 | 12 | 17 | 18 | 19 | ||
-2.4 | -2.5 | -2.0 | |||||||
-6.3 | -5.3 | ||||||||
-11.7 |
COMPARABLE EBIT MARGIN (%)
All time high EBIT margin | |||||||||||||
10.8 | 9.4 | 9.9 | 10.2 | 9.5 | 10.2 | 10.8 | 10.6 | ||||||
8.3 | |||||||||||||
7.7 | 7.5 | ||||||||||||
6.4 | 6.6 | 6.5 | |||||||||||
2007 | 08 | 09 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 2020* |
Financial indicators on a like-for-like basis adjust for the change in classification of our Russian Juice business (Multon) from a joint operation to a joint venture, the Group's election to classify share of results of integral equity method investments within operating profit and the performance of Bambi for H1 2020. They also exclude the recognition of restructuring costs, unrealised commodity hedging results and non-recurring items.
5 ANNUAL GENERAL MEETING 22 JUNE 2021
*2020 Revenue and Comparable EBIT on a like-for- like basis.
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Coca-Cola HBC AG published this content on 22 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 June 2021 13:14:05 UTC.