Coca-Cola Hellenic Bottling reports Q1 net loss of €35.8M, compared to year-ago loss of €15.9M, as net revenue falls 7% to €1.33B
Nevin Barich
LONDON
,
May 16, 2014
(press release)
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Coca-Cola HBC AG, the second largest bottler of the brands of The Coca-Cola Company, reports its financial results for the three-month period ended 28 March 2014.
Industry Intelligence Editor's Note: This press release omits select charts and/or marketing language for editorial clarity. Click here to view the full report.
First quarter highlights
Gained or maintained market share in volume and value in 15 markets in Sparkling beverages and in 13 markets in NARTD1
Improvement in currency-neutral net sales revenue per unit case for the 11th consecutive quarter as incidence rate related pricing is implemented in addition to continued successful
implementation of revenue growth management initiatives
Volume decline due to Easter phasing, value-accretive volume initiatives and country-specific issues, partially offset by continued solid growth in Russia
Comparable EBIT benefited from revenue growth management initiatives and favourable input costs, the impact of which was more than offset by higher than expected foreign currency headwinds and one-off operational expense items
Year-on-year reduction in the working capital balance sheet position
Action plan underway to fully mitigate the incremental impact of higher than expected foreign exchange headwind for the year
Dimitris Lois, Chief Executive Officer of Coca-Cola HBC AG, commented:
“This quarter, Easter phasing and other timing issues combined with one-off items in some of our major markets has resulted in weak performance. Given the seasonality of our business, the first quarter is typically small and therefore, not indicative of our expected full-year performance.
In the first three months of the year, we have maintained our track record of winning in the marketplace by holding or expanding our market share in the majority of our markets. We have also continued to focus on our revenue growth initiatives, growing currency-neutral net sales revenue per case for the eleventh consecutive quarter. Moreover, we have made further progress on working capital management.
While the challenging trading conditions persist in most of our territories, our expectations for the full year remain unchanged.”
1 Nielsen/IRI data based on 23 measured markets in Sparkling beverages and 21 measured markets in NARTD
Conference call
Coca-Cola HBC will host a conference call with financial analysts to discuss the first quarter of 2014 financial results on 16 May 2014 at 10:00 am Swiss time (9:00am London, 11:00am Athens, and 4:00am New York). Interested parties can access the live audio webcast of the call through Coca-Cola Hellenic’s website (www.coca-colahellenic.com/investorrelations/webcasts).
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