GREECE: Coca-Cola Hellenic braced for more storms in 2013 - analyst
Coca-Cola Hellenic released its full-year results yesterday
Coca-Cola Hellenic faces another tough year despite a strong outlook for growth engines Nigeria, Poland and Russia, an analyst has said.
Uncertainty in Czech and Hungary, coupled with further struggles in Italy and Greece, will serve up further challenges for the Greek bottler, Nomura said today (15 February). In full-year results released yesterday, CCH saw net profits tumble 28% year-on-year as established markets dragged on volumes.
However, Russia - which accounts for about one-fifth of CCH's volumes - Nigeria and Poland posted a good Q4, with momentum set to continue through this year, Nomura said.
"We see a mixed recovery across the group, with another challenging year in the established markets and continued pressures from modern retail and soft consumer sentiment in the developing markets," it said.
The analyst also said CCH's decision to list on the London stock exchange instead of in Athens is “on track” and likely to happen in June. “We acknowledge that this could act as a positive catalyst for the shares in the short term given significant scope for new investor interest here,” Nomura said.
CCH announced in October that it had set up Coca-Cola HBC AG, a Swiss holding company, to acquire CCH's ordinary shares through an exchange offer. Following the purchase, it hopes to take a premium listing on the London Stock Exchange, while maintaining a presence on the Athens and New York stock exchanges.
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