COCA-COLA HBC A.G.

RESULTS FOR THE THREE MONTHS ENDED 29 MARCH 2013

RESULTS FOR THE THREE MONTHS ENDED 29 MARCH 2013

FIRST QUARTER HIGHLIGHTS

 

Q1

Q1

%

 

2013

2012

Change

Volume (m unit cases)

426.7

427.0

-

Net Sales Revenue (€ m)

1,431.9

1,433.4

-

Net Sales Revenue per Unit Case (€)

3.36

3.36

-

Currency Neutral Net Sales Revenue per Unit Case (€)

3.38

3.36

1%

Comparable Cost of Goods Sold

949.2

940.2

1%

Comparable EBIT (€ m)

(1.0)

(1.1)

9%

Comparable Net Loss (€ m)

(15.9)

(19.1)

17%

Comparable EPS (€)

(0.04)

(0.05)

20%

 

 

 

 

Note : Comparative amounts for the first quarter of 2012 have been adjusted where necessary to reflect the impact of newly adopted accounting standards in 2012 as detailed in note 1 to the condensed consolidated interim financial statements.

 

First Quarter 2013
  • Volume: In the first quarter of 2013 we maintained total volume in line with the prior year period. Volume increased by 7% in our emerging markets, fully offsetting 3% and 7% declines in our developing and established markets respectively.
  • Sales: Total net sales revenue was flat, while currency neutral net sales revenue per case increased by 1%, marking the seventh consecutive quarter of increase.
  • Comparable operating profit (EBIT): The benefits from our revenue growth initiatives as well as lower operating expenses offset higher input costs as well as the negative impact from currency fluctuations, resulting in marginally better operating performance versus the prior year quarter.
  • First Quarter 2013: We gained or maintained volume shares in sparkling beverages in the majority of our markets including Austria, Ireland, Greece, the Czech Republic, Russia, Romania, Ukraine and Bulgaria.
  • Free Cash Flow: In the first quarter we registered a cash outflow of €40 million, compared to an outflow of €32 million in the same prior year period.
  • Dividend: The Board of Directors of Coca-Cola HBC AG decided to propose the distribution of a €0.34 dividend per share.
 

 

Dimitris Lois, Chief Executive Officer of Coca-Cola HBC AG, commented:

“During the first quarter of the year, our emerging markets once again registered solid volume growth. At the same time, we continued to show resilience in our established and developing markets, despite persistently challenging trading conditions and the unseasonably cold weather experienced across most of Europe in March. Against this backdrop, volumes grew in all key product categories, with the exception of water and a marginal decline in juice. Further, we continued to focus on our top line with currency neutral net sales revenue per case increasing for the seventh consecutive quarter.

 

For the remainder of 2013, we anticipate that economic and trading conditions will remain challenging, particularly in our established markets.  We expect to make further progress in driving operational performance and delivering on our strategic commitments: winning in the marketplace, improving our currency neutral net sales revenue per case and focusing on cost leadership through disciplined working capital management and tight operating expenses control.

 

Our admission to the premium listing segment of the London Stock Exchange was successfully completed on 29 April 2013, alongside our Athens and New York listings.  We believe that our premium listing will enhance liquidity of our stock and increase our access to the international capital markets.”

Attachment