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How did Coca-Cola HBC perform in 2018? - results data

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  • Full-year sales beat company expectations, climbing 6% to EUR6.66bn (US$7.52bn)
  • Volumes in 12 months rise 4.2%
  • All three reporting segments up, Nigeria drags on 'emerging markets' segment
  • 'Established' and 'developing' segments set to slow in 2019

Coca-Cola HBC has maintained its mid-single-digit sales performances of late, delivering a second consecutive year of 6% growth.

The Coca-Cola bottler said late last week that the top-line came in at just under EUR6.7bn for the 12 months to the end of December. The sales growth echoed that of both 2017 and the first six months of last year, when sales rose 5.9% and 6.4%, respectively.

Coca-Cola HBC 2018 - Sales versus 2017 - Organic

2017 (restated)2018
Fourth Quarter1461.81560.3
Third Quarter1788.11868.5
Second Quarter1737.91875.3
First Quarter1295.31353

Source: Company results

CEO Zoran Bogdanovic

"In 2018, we delivered another very good performance with revenue growth above our target range and another step up in margins. Strong volume growth in all our segments was helped by a record number of new product launches, whilst price/mix improved for the eighth consecutive year. This growth supported margin progress, which we delivered while increasing our investment in marketing.

Our sharp focus on cost efficiencies continues while we invest in the business for growth. The shape of the business ... give us confidence in our ability to continue to grow revenues and margins."

Coca-Cola HBC 2018 - Sales by Region - Organic

Established MarketsDeveloping MarketsEmerging MarketsTotal
2017 - at 2018 FX rates2418.91167.72696.56283.1
20182470.11306.92880.16657.1

Source: Company results

All three of CCHBC's reporting segments were up, with 'developing markets' jumping by almost 12%. Price rises in Czech Hungary and Poland helped the segment, with the latter's healthy economic growth throughout the year boosting performance. The established markets segment saw many countries deliver less spectacular volumes growth, with Italy dipping by 0.6% in volume terms. Price increases also played a part in the established segment in 2018.

Finally, in 'emerging markets' a near-7% increase in sales was kept in check by Nigeria, which was down in volume terms due to "continued intense competition". In Russia, the group saw its CSD volumes benefit from 11% volume rises for brand Coke and Fanta. Sprite was down in the country in 2018 following the launch of Sprite Cucumber in the year prior.

Elsewhere in brand terms, the group saw total CSD volumes deliver their highest full-year growth rate in ten years. Low- and no-calorie offerings led the charge, with Coke Zero upping its volumes for the seventh consecutive quarter.

To read Coca-Cola HBC's official 2018 results release, click here.


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