FDBusiness.com

Coca-Cola HBC has reported a 15.8% increase in EBIT to €418.2 million on net revenue down 2.5% after a -5.1% adverse foreign exchange impact to €6.346 billion for the year ended 31 December 2015, as volume increased by 2.6%. Comparable EBIT was €473.2 million – up 11.4% – and comparable EBIT margin expanded by 100 basis points as pricing actions in certain countries, favourable input costs and volume leverage, particularly in established and developing markets more than offset the significant adverse impact from currencies, primarily the Russian Rouble. Net profit for 2015 was €280.3 million, down 4.9%.

Coca-Cola HBC’s established markets returned to growth for the first time in five years, with good performances in Italy and Greece. Volumes grew in all countries in the group’s developing markets segment with particularly positive trends in Poland and Hungary. Double-digit growth in Nigeria, Romania and Ukraine helped drive volume in the emerging markets segment up by 2.5%, despite the anticipated mid single-digit decline in Russia. Volume growth was achieved across all key categories except for RTD tea.

Dimitris Lois, chief executive of Coca-Cola HBC, comments: “I am pleased with our progress in 2015; volumes grew in all segments for the first time in five years and margins have improved significantly. Our commercial initiatives supported volume expansion and we made further efficiency gains to ensure continued profitable growth.”

He adds: “Conditions in Europe are slowly improving while countries with large oil exposure face ongoing difficult trading conditions. Going into 2016 we will continue to take action to address the challenges on a country by country basis. Overall we think the business is well placed to build further on both the volume growth and margin expansion achieved in 2015.”