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August 11, 2016

Coca-Cola HBC H1 performance by region – Focus

Today Coca-Cola HBC released its first-half results with organic sales and profits up despite flat volumes. Here, just-drinks takes a closer look at the company's performance by region in the six months to 1 July.

By Andy Morton

Today Coca-Cola HBC released its first-half results with organic sales and profits up despite flat volumes. Here, just-drinks takes a closer look at the company’s performance by region in the six months to 1 July.

Established markets

Operating profits (EBIT) jump 33% to EUR97.5m, FX-neutral net sales dip 2% to EUR1.2bn, volumes down 3%

Coca-Cola HBC blamed bad weather for declines across its established markets, in particular Italy and Ireland. Volumes in Italy declined by low single digits, led by sparkling, which was down by low single digits. Volumes in Ireland declined by high single digits driven by brand Coca Cola while volumes in Greece were broadly flat.

Developing markets

Operating profits (EBIT) fall 10% to EUR39.5m, FX-neutral sales up 2% to EUR526.8m, volumes up 4%

The company said there was a good performance across all regions, with sparkling and water the main growth drivers. In Poland, volumes increased by mid single digits while volumes in Hungary were up by low single digits. Czech Republic volumes declined by mid single digits amid “a challenging competitive environment”, CCHBC said.

Emerging markets

Operating profits (EBIT) climb 2% to EUR83.6m, FX-neutral sales up 7% to EUR1.3bn, volumes up 1%

Russia blotted the copybook in emerging markets as volumes declined by high single digits. This follows a 6% FY volumes drop despite the launch of Coca-Cola Life amid upheavals. Juice posted a low-teens decline. CCHBC said Nigeria remains a key growth driver for the group, while volumes in Romania increased by low teens. Ukraine posted a marginal decline.

Established markets:

Austria, Cyprus, Greece, Italy, Northern Ireland, Republic of Ireland and Switzerland.

Developing markets:

Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia.

Emerging markets:

Armenia, Belarus, Bosnia and Herzegovina, Bulgaria, FYROM, Moldova, Montenegro, Nigeria, Romania, the Russian Federation, Serbia (including the Republic of Kosovo) and Ukraine.

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