COCA-COLA HBC A.G.

RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013

 



RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013

FOURTH QUARTER HIGHLIGHTS

 

Q4

Q4

%

 

2013

2012

Change

Volume (m unit cases)

481

477

1%

Net Sales Revenue (€ m)

1,575

1,605

-2%

Net Sales Revenue per Unit Case (€)

3.27

3.37

-3%

Currency Neutral Net Sales Revenue per Unit Case (€)

3.40

3.37

 1%

Comparable Cost of Goods Sold

1,037

1,050

-1%

Comparable EBIT (€ m)

68

56

23%

Comparable Net Profit* (€ m)

34

22

54%

Comparable EPS (€)

0.09

0.06

50%

 

 

 

 

 

Full Year

Full Year

%

Change

 

2013

2012

Volume (m unit cases)

2,061

2,085

-1%

Net Sales Revenue (€ m)

6,874

7,045

-2%

Net Sales Revenue per Unit Case (€)

3.34

3.38

-1%

Currency Neutral Net Sales Revenue per Unit Case (€)

3.42

3.38

1%

Comparable Cost of Goods Sold

4,433

4,518

-2%

Comparable EBIT (€ m)

454

453

-

Comparable Net Profit* (€ m)

293

285

3%

Comparable EPS (€)

0.81

0.78

4%

 

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

 

Fourth Quarter 2013

Full Year 2013
  •  Volume grew by 1% in the quarter. More specifically, a 4% volume increase in emerging markets and a stable performance in the established markets were partly offset by a 5% decline in developing markets.
  • Sales: While net sales revenue declined by 2%, currency neutral net sales revenue per case grew by 1%, marking the tenth consecutive quarter of currency neutral net sales revenue growth.
  • Comparable operating profit (EBIT): Comparable EBIT increased by 23% in the fourth quarter.  Our revenue growth initiatives and higher volume more than offset total input cost increases in absolute terms. Operating expenses as a percentage of net sales revenue declined by 130bps, more than offsetting the unfavourable foreign currency movements. Comparable EBIT margin increased by 90bps in the fourth quarter of the year.
  
  • Volume declined by 1% in 2013. A 2% volume increase in emerging markets was more than offset by a 4% decline in established markets and a 3% decline in developing markets.
  • Sales: Net sales revenue declined by 2%. Currency neutral net sales revenue per case grew by 1%, maintaining our growth trend for the third year.
  • Comparable operating profit (EBIT): Comparable EBIT was maintained at the same level as in the prior year. Our revenue growth initiatives offset the negative volume contribution and total input cost increases in absolute terms. Operating expenses as a percentage of net sales revenue declined by 50bps and outweighed unfavourable foreign currency movements, resulting in a 20bps improvement in comparable EBIT margin year-on-year. This is the first margin improvement in the past three years.
 Dividend: The Board of Directors of Coca-Cola HBC AG proposes a 35.4 Euro cents dividend per share (2012: 34.0 Euro cents), in line with our progressive dividend policy.

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

“We have delivered a strong fourth quarter with growth in both volume and currency neutral net sales revenue per case which, combined with excellent management of operating expenses, led to a 90bps improvement in our EBIT margin.

In the full year, we are encouraged by the results of our initiatives in the market place, which have lead to share gains in most of our markets, as well as the results of our operating expense and working capital management. Our persistent actions have marked 2013 as the year of inflection in EBIT margin and drove working capital to negative levels for the first time. As a result, once again we have delivered solid free cash flow growth. Based on these results and against the backdrop of continuing economic difficulties and volatility in our territories, we are cautiously optimistic about the year ahead.

We remain confident in our ability to continue to drive operational performance and deliver on our strategic commitments: winning in the marketplace, growing currency neutral net sales revenue per case, focusing on cost leadership through tight operating expense control and generating solid free cash flow, enabling us to invest in sustainable growth and create long-term shareholder value.”

Attachment