Financial Performance

Financial performance

Downloadable Excel spreadsheet showing our financial data from 2008, to our most recent set of results.

Download our historical data in Excel

We measure our performance against our strategic objectives using specific KPIs. These KPIs allow us, and our stakeholders, to track our progress in delivering on our targets.

These are also the financial and operational milestones which we focus on in implementing our Growth Story 2025 strategy.

Volume growth Volume growth

Volume Growth (%)

How we measure our progress

Volume is measured in unit cases, where one unit case represents 5.678 litres. We grow volume as we expand per capita consumption of our products and expand into new market or categories. 

What happened in the year

Volume grew by 13%, or 14% on a like-for-like1 basis. Volumes grew rapidly as our Established and Developing markets reopened and the Emerging markets benefited from strong recovery. 

Link to remuneration

Revenue growth is used to assess business performance for the purpose of annual Management Incentive Plan (MIP) bonus awards, and volume is a key component of revenue

Currency neutral revenue growth Currency neutral revenue growth

Currency-neutral revenue growth (%) 

How we measure our progress

We measure revenues on a currency-neutral and like-for-like basis to allow better focus on the underlying performance of the business. We grow currency-neutral revenue per case through pricing and other RGM actions. 

What happened in the year

Currency-neutral revenue per case grew by 5.8%, or by 3.9% excluding pricing taken to pass on the Polish sugar tax, as positive category mix and package mix as well as pricing actions drove improvement. Currency-neutral revenue grew by 19.6%, or by 20.6% on a like-for-like basis. 

Link to remuneration

Revenue growth is used to assess business performance for the purpose of our MIP awards.

Comparable EBIT and Comparable EBIT margin Comparable EBIT and Comparable EBIT margin

Comparable EBIT and comparable EBIT margin (%)

How we measure our progress 

We measure this by comparable EBIT and comparable EBIT margin progress. We generate positive operational leverage as we grow revenues on our efficient cost base. Using a comparable measure allows us to adjust for one-off items which impact comparability of performance year on year. 

What happened in the year

Comparable EBIT grew by 23.6%. Comparable EBIT margins grew by 60bps taking EBIT margins to 11.6% as revenue recovery generated operating leverage in the business. 30bps of the expansion was due to a property divestment in Cyprus. 

Link to remuneration

Comparable EBIT is used to assess business performance for the purpose of our MIP awards.

CapEx and ROIC CapEx and ROIC

CapEx as percentage of NSR (%) and ROIC (%) 

How we measure our progress

CapEx as percentage of NSR (%) ROIC (%) We measure capital expenditure (CapEx) as a percentage of net sales revenue (NSR), and ROIC (return on invested capital), to ensure prudent capital allocation and efficient working capital management. Disciplined investment supports our growth. 

What happened in the year

CapEx as a percentage of NSR reached 7.5%, within our targeted range for this metric. We prioritised investments based on our strategy, particularly focusing on growth markets, digital and sustainability. ROIC increased by 370bps to 14.8% as operating profit improved and we continued to carefully control net working capital. 40bps of the improvement was due to a property divestment in Cyprus. 

Link to remuneration

ROIC is given a 42.5% weighting in the assessment of performance conditions used to determine long-term Performance Share Plan (PSP) awards

employee engagement employee engagement

Employee Engagement

How we measure our progress

Employee engagement score (%) We conduct an engagement survey with an independent third party and measure our results against the norm for companies which perform highly on this metric. 

What happened in the year

Our employee engagement is above the global top decile norm. 

Link to remuneration

Maintaining our high engagement score is part of the CEO’s individual performance metrics. These are used along with business performance measures to determine the CEO’s annual MIP bonus award.

our sustainability commitments our sustainability commitments

Our sustainability commitments

How we measure our progress

 Progress on Mission 2025 as well as progress towards our NetZeroby40 ambition. 

What happened in the year

We made progress against most areas of commitments; however, we need to accelerate our improvement in packaging. Please see details of our performance here.

Link to remuneration

Our efforts and ambitions are long term and cumulative, therefore greenhouse gas reduction is used to determine long-term PSP awards. Greenhouse gas reductions have a 15% weighting in PSP determinations. The benefit of this KPI is that it is quantifiable, and several of our Mission 2025 commitments feed into its progress.

We have invested €2 bn since 2000 to grow and expand our business.

 

Country Acquisition Year CCHBC / JV with TCCC

Egypt

Acquisition of Coca-Cola Bottling Company of Egypt S.A.E.

2022

CCHBC

Italy

Acquisition of a 30% shareholding in Casa Del Caffè Vergnano S.p.A., a premium Italian coffee company. 2021 CCHBC
Italy

Acquisition of Acque Minerali S.r.l. (“Lurisia”),  a premium water and adult sparkling beverages company.

2019 JV with TCCC
Serbia Acquisition of Koncern Bambi a.d. Požarevac (“Bambi”), a leading confectionary business. 2019 CCHBC
Hungary

Acquisition of Rézangyal, the leading pálinka brand.

2017 CCHBC
Serbia

Acquisition of Zlatna and Zlatni Pelin brands from MB Impex spirits manufacturer.

2017 CCHBC
Lithuania Acquisition of Neptūno Vandenys, UAB (“Neptunas”), a mineral water company. 2016 JV with TCCC
Belarus Acquisition of Vlanpak FE, a fruit juice and nectar producer. 2011 JV with TCCC
Italy

Acquisition of Socib S.p.A. and related entities, the second largest Coca-Cola franchise bottler in Italy (Territory expansion).

2008 CCHBC
Hungary Acquisition of Yoppi Kft., a hot beverages vending operator. 2006 CCHBC
Italy Acquisition of Fonti del Vulture S.r.l., a producer of high quality mineral water. 2006 JV with TCCC
Serbia Acquisition of Fresh & Co, a leading juice company. 2006 JV with TCCC
Cyprus

Acquisition  of Lanitis Bros Public Limited (Territory expansion).

2006 CCHBC
Serbia Acquisition of Vlasinka d.o.o., a mineral water company. 2005 JV with TCCC
Ireland Acquisition of Vendit Ltd, one of the largest vending operators. 2005 CCHBC
Bulgaria Acquisition of Bankya Mineral Waters Bottling Company EOOD, a mineral water company. 2005 JV with TCCC
Russia

Acquisition of Multon Z.A.O group, a leading fruit juice producer.

2005 JV with TCCC
Greece Acquisition of Tsakiris S.A., a potato chip company. 2003 CCHBC
Austria   Acquisition of Romerquelle GmbH, a mineral water company.   2003 JV with TCCC
Poland Acquisition of Multivita sp. zo.o., a mineral water company. 2003 JV with TCCC
The Baltics
(Lithuania, Estonia, Latvia)
Acquisition of The Coca-Cola Company’s bottling operations (Territory expansion). 2002 CCHBC
Romania

Acquisition of Dorna Apemin S.A., a premier sparkling mineral water company.

2002 JV with TCCC
Switzerland Acquisition Valser Mineralquellen AG, a mineral water bottler. 2002 JV with TCCC
Russia Acquisition of The Coca-Cola Company’s bottling operations (Territory expansion). 2001 CCHBC
Key

JV = Joint Venture
TCCC = The Coca‑Cola Company
CCHBC = Coca‑Cola Hellenic Bottling Company