Latest financial update


Coca‑Cola HBC AG, a leading bottler of the brands of The Coca‑Cola Company, today announces its 2019 Q1 trading update.


First quarter highlights

  • Strong performance across all segments delivered FX-neutral revenue growth of 4.7%.
  • Volumes increased by 3.5%, an acceleration from the prior year first quarter, despite a 90 basis point headwind from the later Easter.
    - Established segment volumes grew by 0.2%, with ongoing growth in Ireland and Greece and a notable improvement in Italy despite the Easter impact.
    - Developing segment volumes grew by 2.6%, cycling a very strong 11.8% in the prior year period.
    - Emerging segment volumes grew by 5.7% with encouraging volume growth in Nigeria and continued strong results from Russia, Romania and Ukraine.
  • FX-neutral revenue per case increased by 1.1% as better pack mix, and the benefits of price increases in the second half of 2018, more than offset dilution from the discontinuation of Brown-Forman Spirits distribution in Russia.
    - In the Established segment, positive pack mix and selective price increases drove a 1.2% improvement in FX-neutral revenue per case.
    - In the Developing segment, FX-neutral revenue per case grew by 3.8%, an improvement from the pace of expansion in 2018, reflecting our strategy to drive more revenue growth in this segment from pack and category mix, as well as price increases.
    - In the Emerging segment, the 1.1% improvement in FX-neutral revenue per case was held-back by adverse channel and category mix in Russia, as well as weaker price mix in Nigeria.
  • Following several years of strong financial performance and good progress towards our 2020 growth targets, the Board is proposing a special dividend of €2.00 per share, amounting to a total of approximately €730 million.


Q1 2019 vs. Q1 2018 Net sales revenue Volume Net sales revenue per unit case 
growth (%) FX-neutral1 Reported   FX-neutral1 Reported
Total Group 4.7 4.4 3.5 1.1 0.8
Established markets 1.5 2.1 0.2 1.2 1.8
Developing markets 6.5 4.7 2.6 3.8 2.0
Emerging markets 6.9 6.4 5.7 1.1 0.7

1For details on Alternative Performance Measures (‘APMs’) refer to ‘Alternative Performance Measures’ and ‘Definitions and reconciliations of APMs’ section.

A full body shot of Zoran Bogdanovic - CEO
We have started the year well, delivering solid growth in revenues despite the impact of this year’s late Easter. Volume growth accelerated compared to last year and our ongoing revenue growth management initiatives continue to deliver improvements in price/mix. This good start sets us up well to deliver on our plans and make 2019 another year in which we achieve FX-neutral revenue growth above our targeted range with another step up in margins. I am also pleased to announce that the Board has decided to propose a special dividend of €2.00 per share, reflecting successive years of strong performance, confidence in the future and our commitment to creating value for our shareholders. Zoran Bogdanovic, Chief Executive Officer of Coca‑Cola HBC AG