1H17 results – really that good?
Coca-Cola HBC (CCHBC) reported its 1H17 results yesterday morning (10 August). The top line came in at EUR 3,213m, up 5.6% yoy, but broadly in line with the consensus. Category and package mix improvements, as well as price increases, in 1H17 resulted in revenue per case growth of 4.3% on a FX-neutral basis. Volumes-wise, CCHBC delivered 1,021m unit cases, in line with the market’s expectations. All operating segments reported positive top-line and volume growth in 1H17. The gross profit margin eased by 10bps to 37.6%, due mostly to input costs ticking up by 2.4% on a FX-neutral basis; furthermore, management expects input costs to grow faster on the back of PET resin and aluminium pricing. The comparable EBIT came in at EUR 291.6m, 14.2% ahead of the consensus. The big beat on EBIT (+51.3% yoy) came solely from the Emerging segment on the back of the improved price mix, while the adverse net FX impact came in lower, as in previous periods (the positive RUB/USD rate mitigated the negative impact of the Nigerian Naira devaluation). The comparable net profit beat the market’s estimates by 17.5%, fuelled by lower finance costs stemming from the bond refinancing done in 2016.
Coca-Cola Hellenic Bottling Co. produces, sells and distributes an extensive portfolio of non-alcoholic ready-to-drink beverages. Co.'s business is engaged in producing, selling and distributing non-alcoholic ready-to-drink beverages under bottlers' agreements with The Coca-Cola Company. In some Territories, Co. also produces, sells, distributes and markets its own brands of juice and Water beverages. In addition, Co. bottles and distributes beer in Bulgaria and Former Yugoslav Republic of Macedonia and Co. distributes a selected number of third party premium spirit brands in certain central and eastern European operations.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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