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Coca-Cola HBC 2020 Q3 Trading Update

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Coca-Cola HBC 2020 Q3 Trading Update Trading update for the nine months period ended 25 September 2020 11 November 2020 Page 1 of 9 THIRD QUARTER 2020 TRADING UPDATE STRONGLY IMPROVED TRADING IN Q3 Coca-Cola HBC AG, a growth-focused Consumer Packaged Goods business and strategic bottling partner of The Coca-Cola Company, today announces its 2020 Q3 trading update. Third quarter highlights Strong improvement in trading in Q3 with recovery in the out-of-home channel and growth in the at-home channel FX-neutral revenue -2.6% or -0.3% like-for-like1 and showing monthly sequential improvement - Volumes -1.4% reported and +1.0% like-for-like1; with volumes positive in August and September - FX-neutral revenue per case declined by -1.2% on both a reported and like-for-like1 basis, a significantly improved trend compared to Q2, driven by better performance in channel and package mix as trading in the out-of-home channel improved compared to Q2 - Strong market share performance continues with 40bps of value share gained YTD and the majority of our markets gaining or maintaining share FX-neutral revenue benefited from the strong positive performance in Nigeria, Russia and Poland; three of our five largest markets - Established: -5.4%; volume -8.6% with strong recovery in price/mix as trading improved in the out-of-home channel. Volumes -5.1% excluding Greece which was heavily impacted by lack of international tourism this summer - Developing: -0.1%; volume +2.5% led by strong volume performance in Poland, while an improved price/mix trend compared to Q2 was broad based across our Developing segment markets - Emerging: -1.3%; volume +1.2%, or on a like-for-like1 basis revenue +4.2% with volume +5.8%; strong like-for-like1 performance in Nigeria and Russia which both grew volumes double-digit Anticipated combined net impact of FX and raw materials for FY2020 continues unchanged vs original budget, as benefits from lower commodity costs offset weaker FX Strong progress on cost control leads us to increase our previous €100m cost savings target by €20m for the full year, further supporting EBIT and margin recovery Strong balance sheet and liquidity to meet all financial commitments as well as to operate and invest in the business Net sales revenue per unit Q3 2020 vs Q3 2019 Net sales revenue Volume case growth (%) FX – neutral2 Reported FX – neutral2 Reported Total Group -2.6 -6.7 -1.4 -1.2 -5.4 Established markets -5.4 -5.1 -8.6 3.5 3.8 Developing markets -0.1 -3.2 2.5 -2.6 -5.6 Emerging markets -1.3 -9.6 1.2 -2.5 -10.6 Zoran Bogdanovic, Chief Executive Officer of Coca-Cola HBC AG, commented: “We are encouraged by the strong improvement in trading in Q3, supported by a rapid recovery in the out-of-home channel as markets reopened. This performance demonstrates our ability to adapt to the fast-changing market environment. Looking into Q4, as we cycle a very strong volume comparator and see the renewal of lockdown restrictions in some markets, we are encouraged by the consistent growth we have seen in the at-home channel, which will be especially important for this final quarter. Combined with the increasing impact of our cost savings programmes this should allow us to continue to deliver good profitability in a severely disrupted year.“ 1Performance, unless stated otherwise, is negatively impacted by the change in classification of our Russian Juice business, Multon, from a joint operation to a joint venture, following its re-organisation. For performance measures excluding this impact, please refer to the relevant table in the ‘Supplementary information’ section. 2For details on Alternative Performance Measures (‘APMs’) refer to ‘Alternative Performance Measures’ and ‘Definitions and reconciliations of APMs’ sections. Trading update for the nine months period ended 25 September 2020 11 November 2020 Page 2 of 9 Trading and current environment Since the start of this crisis our top priority has been the safety of our people, customers, partners and communities. Keeping our colleagues safe and healthy lies at the very heart of our ability to continue serving our customers and operating the business for the shared benefit of all our stakeholders. Therefore, wherever they are working, our teams have the right protocols and equipment that keeps them – and others – safe. During the third quarter, we benefited from a strong improvement in trading as our markets continued to re-open following local and national lockdowns. The Emerging market segment, boosted by growth in Nigeria and Russia, was the best performing segment on a like-for-like basis. This was followed by the Developing market segment where half of the markets returned to volume growth in the quarter. The Established market segment saw the fastest recovery of volumes between Q2 and Q3, however, since more countries in the segment earn a higher proportion of their revenues from the out-of-home channel and are exposed to international tourism, volumes declined in the quarter. The improvement in performance in the third quarter has been most notable in the out-of-home channel, which typically accounts for slightly over 40% of our revenues. Overall, while in the weeks of the lockdowns we experienced volume declines in the out-of-home channel in the range of 70% to 90%, during the months of May and June this improved to declines in the range of 25% to 50% and during the third quarter to declines in the high single digits. Across our markets, 80% to 90% of the out-of-home channel was open and trading during the quarter, albeit at lower capacity compared to the prior year. Stronger trading in the out-of-home channel, in addition to benefiting volumes, has also contributed to improved performance in price/mix. Out-of-home outlets carry more single-serve package formats which sell at a higher revenue per case compared to the multi-serve formats which are mainly sold in the at-home channel. We are also continuing to see improved trends in the at-home channel as consumers shift their patterns of consumption. The at-home channel returned to growth in July and grew by mid-single digits in Q3. As our consumers have adapted to the new reality, switching some of their traditional out-of-home routines for at-home ones, we have adapted fast, creating offers which target the most relevant occasions, including meals, socialising, screen time and ‘me time’ at home. The success of this strategy is evident in the positive market share performance in the at-home channel where we have gained 40bp of share year to date. There is also a significant opportunity to drive premiumisation in the at-home channel, with a key area of focus being through selling more multi-packs of single-serves which earn a higher revenue per case than larger packages. Our increased activation around multi-packs of cans and glass bottles have driven 4.7% growth of single-serve multipacks in the at-home channel in Q3. Throughout the crisis, our adaptive commercial strategy has allowed us to act quickly to ensure we have the best return on our efforts, assets and investments possible in the market context. The ability to rapidly shift package offerings ensures our customers have the right packs on their shelves to meet consumer demands, with both affordable and premium offerings. Our route to market is increasingly digital, and also dynamic which allows us to re-route immediately to ensure that our sales force are maximising potential opportunities as the marketplace evolves. Finally, our ability to re-deploy promotion and marketing budgets between regions or countries delivers the best possible return on that spend. We have continued to roll out Costa Coffee and are now live in 13 markets with positive early indications from customers and good results on repeat orders. After making strong progress on the €100m of discretionary cost savings planned we now expect to deliver a further €20m of savings in the full year. We have also progressed on the re-prioritisation of capital expenditure targeted which reduces CAPEX cash outflow for 2020 by €100m compared with original plans. These actions continue to support profitability and liquidity, without sacrificing our preparedness for the recovery. We continue to maintain a strong balance sheet and adequate liquidity position, which, in addition to our leading market shares, excellent customer relationships and route to market, will allow us to weather this crisis and put us, our customers, and our partners in a strong position to capitalise on the opportunities we are seeing. Trading update for the nine months period ended 25 September 2020 11 November 2020 Page 3 of 9 Trading and current environment (continued) In October we hosted our annual stakeholder forum. This year’s forum was on the topic of Climate Change in the new normal and was attended by a wide range of stakeholders including customers, NGOs and investors. Despite the challenges of COVID-19, we will pursue our crucial work in this area and continue our push into using more renewable and clean energy. Year to date, renewable and clean energy made up 44% of our total energy consumption up 2pp compared to the previous year, while within our EU and Swiss footprint, the use of renewable and clean energy is 89%, putting us on target to meet our 2025 commitments in this area. We continue to make significant steps forward in the implementation of our World Without Waste sustainable packaging strategy. As part of our commitment to collect 100% of our primary packaging for recycling or reuse by 2030, we have supported collection modelling studies in 9 of our countries this year to identify the optimal systems for the efficient collection of beverage containers.
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