Coca‑Cola HBC AG, a leading bottler of The Coca‑Cola Company, reports its financial results for the six-month period ended 3 July 2015.

Half-year highlights

  • Underlying volume growth gained momentum in the second quarter, resulting in a 3.8% increase in reported half-year volume; excluding the 2.5% contribution from the four extra selling days in Q1, volumes grew by 1.3%
    • Volume in the Established markets was broadly unchanged from the prior-year period
    • Developing segment turnaround continued, with all markets contributing to the 6.2% volume growth
    • Very good performance in Nigeria, Romania and Ukraine more than offset weakness in Russia, lifting Emerging market volume by 5.4%
  • FX-neutral revenue per case was stable, with pricing actions in Emerging markets offsetting our affordability measures and deflation in certain Established and Developing markets
  • Net sales revenue declined by 1.0% as a 4.6% adverse impact from currencies more than offset volume gains
  • Comparable EBIT was €219.0 million – up 31.2%, leading to a 170 basis point improvement in EBIT margin as favourable input costs, increased volume, benefits from our revenue growth management initiatives and cost efficiencies were partly offset by significant adverse movements in currencies; reported EBIT was €199.1 million
  • Free cash flow was €219.2 million – up €124.4 million, driven by further improvements in working capital as well as operational profitability
  • Comparable earnings per share was €0.389 – a 43.5% increase on the prior-year period; reported basic earnings per share was €0.344
  Half-year Change
  2015 2014  
Volume (m unit cases) 1,006.6 970.2 3.8%
Net Sales Revenue (€ m) 3,150.9 3,183.1 -1.0%
Net Sales Revenue per Unit Case (€) 3.13 3.28 -4.6%
FX-neutral net sales revenue per unit case (€) 3.13 3.13 -
Operating profit (EBIT) (€ m) 199.1 164.1 21.3%
Comparable EBIT (€ m) 219.0 166.9 31.2%
EBIT margin (%) 6.3 5.2 120bps
Comparable EBIT margin (%) 7.0 5.2 170bps
Net profit* (€ m) 125.2 95.1 31.7%
Comparable Net Profit* (€ m) 141.7 98.8 43.4%
Basic earnings per share (EPS) (€) 0.344 0.261 31.8%
Comparable EPS (€) 0.389 0.271 43.5%

* Net Profit and Comparable Net Profit refer to net profit and comparable net profit respectively after tax attributable to owners of the parent.

Dimitris Lois, Chief Executive Officer of Coca‑Cola HBC AG, commented:
“We are pleased to have achieved strong results, with good volume growth and a significant improvement in margins. Our strategic initiatives are delivering, both through our commercial strategy designed to drive growth and ongoing efficiency improvements.

“Difficult conditions remain in many of our markets, particularly in Russia, although we have proven to be adaptable and resilient in such markets. Conditions are more favourable in Eastern Europe and Nigeria, where we are confident of further growth. We have become more optimistic as the year has progressed and remain confident that 2015 will be a year of volume growth and progress on margins.”

Conference call

Coca‑Cola HBC will host a conference call for financial analysts and investors to discuss the 2015 half-year financial results on 13 August 2015 at 10:00 am, Swiss time (9:00 am London, 11:00 am Athens, and 4:00 am New York time). Interested parties can access a transcript of the webcast here.

Coca‑Cola HBC Group
Basak Kotler
Investor Relations Director
Eri Tziveli
Investor Relations Manager
Nikos Efstathopoulos
Investor Relations Manager
International media contact:  
StockWell Communications
Rob Morgan
Ben Ullmann
Anushka Mathew
Greek media contact:  
V+O Communications
Argyro Oikonomou

About Coca‑Cola HBC

Coca‑Cola HBC is a leading bottler of The Coca‑Cola Company with a sales volume of more than 2 billion unit cases. It has a broad geographic footprint with operations in 28 countries serving a population of approximately 590 million people. Coca‑Cola HBC offers a diverse range of non-alcoholic ready to drink beverages in the sparkling, juice, water, sport, energy, tea and coffee categories. Coca‑Cola HBC is committed to promoting sustainable development in order to create value for its business and for society. This includes providing products that meet the beverage needs of consumers, fostering an open and inclusive work environment, conducting its business in ways that protect and preserve the environment and contribute to the socio-economic development of the local communities.

Coca‑Cola HBC has a premium listing on the London Stock Exchange (LSE: CCH) and its shares are listed on the Athens Exchange (ATHEX: EEE). Coca‑Cola HBC is included in the Dow Jones Sustainability and FTSE4Good Indexes. For more information, please visit