Cash to shareholders

Our business is highly cash generative and we have an excellent track record in working capital management.

  • c. €2.4bn cash returned to our shareholders in the last 15 years

We have a great track record in cash flow generation. We have reduced our working capital by €608 million since 2008 with increased focus as well as setting up structures such as the Shared Services Centre.

  • We have a disciplined approach to capital expenditure, investing about 5.5-6.5 percent of revenue, mostly on revenue-generating assets
  • Our target range for net debt to comparable EBITDA is 1.5 to 2.0 times; as at the end of 2015, this ratio was 1.5 times
  • Our progressive dividend policy has a target pay-out range of 35 percent to 45 percent of EPS

All of this is instrumental in generating cash, reducing financing costs and returning cash to our shareholders.

 

Barchart showing Coca-Cola HBC working capital by year
Working capital balance sheet position (€m)
  • 5.5-6.5% target range of revenue - disciplined approach to capital expenditure
  • 1.5x net debt / comparable EBITDA achieved by the end of 2015
  • 40.0 eurocents of dividends per share in 2015* (+11% vs. 2014)

* Board of Directors’ proposal to be approved by AGM