2021 Half year results

Strong momentum across all segments

Coca-Cola HBC AG, a growth-focused Consumer Packaged Goods business and strategic bottling partner of The Coca-Cola Company, reports its financial results for the six months ended 2 July 2021.

Half-year highlights

  • Ongoing recovery and effective execution drove additional momentum and share gains in Q2, with H1 FX-neutral revenue growth +23.1% like-for-like1. Reported revenues +14.7%
    • FX-neutral net sales revenue closed 4% above 2019 levels (like-for-like)
    • Value share gains increased, + 50bps in NARTD
  • Volume growth of 15.9% like-for-like; sustained performance in the at-home channel complemented by recovery in out-of-home during Q2
  • Improvements in FX-neutral revenue per case, benefited from pricing taken in over 90% of our markets and positive category, package and channel mix
  • Prioritisation of opportunities and innovation within our 24/7 portfolio is building momentum
    • Sparkling volume +16.2%, with Adult sparkling +37.0% and Low/no sugar +40.3%
    • Energy volume + 66.1%, driven by the performance of Monster, Burn and Predator
  • Costa Coffee roll-out continues to progress well; Coffee strategy strengthened with premium Italian brand, Caffè Vergnano, to start distribution by 2022
  • Operating leverage and cost savings resulted in comparable EBIT margin up 340 bps to 10.8%
    • €120 million of COVID-related opex savings were achieved in 2020. We continue to expect to retain c. €20 million of this in 2021 and therefore €100 million of these costs to return in H2 2021.

Segment highlights

Rebound in Established and Developing segments adding to continued strong results in Emerging

  • Established: FX-neutral revenue increased by 17.1% as markets reopened, driving comparable EBIT margins up 440bps
  • Developing: FX-neutral revenue up 17.6%, with stable volume performance despite impact from Polish sugar tax; comparable EBIT margins up 180bps
  • Emerging: FX-neutral revenue up 30.3% like-for-like; continued strong performance from Russia and Nigeria and recovery through the rest of the segment led to comparable EBIT margins increasing by 340bps

“We are very pleased with the first half in which we increased value share gains, revenues and profitability as well as making continued progress on our strategic priorities.

I believe these results demonstrate the power of our 24/7 portfolio, our revenue growth management actions, the strength of our execution capabilities and the talent of our people whose resilience and adaptability will underpin our future opportunities.

The business gained momentum as the out-of-home channel recovered and growth in at-home continued. In addition, we have delivered growth in the Established and Developing segments alongside the consistent strong performance in the Emerging segment.

We are seeing excellent performance from our areas of strategic focus – in particular Low- and no-sugar sparkling, Adult sparkling and Energy. We have strengthened our Coffee strategy with Caffè Vergnano, which will add a premium offering alongside the broad appeal of Costa Coffee. We have made progress on our World Without Waste agenda with new launches of 100% recycled PET packaged beverages.

We are encouraged by the strength of the performance, and while conscious of the risks as the COVID-19 pandemic continues to impact our markets, we continue to expect a strong recovery in FX-neutral revenues and now believe that we can achieve a 20-30bps EBIT margin expansion this year.”

Zoran Bogdanovic Chief Executive Officer of Coca‑Cola HBC AG









Volume1 (m unit cases)




Net sales revenue1 (€ m)




Net sales revenue per unit case1 (€)




FX-neutral net sales revenue1,2 (€m)




FX-neutral net sales revenue per unit case1,2 (€) 2.88 2.71 6.2%
Operating expenses/ Net sales revenue (%) 26.6 30.1 -350bps
Comparable operating expenses / Net sales revenue (%) 26.2 30.0 -380bps
Operating profit (EBIT)1,3 (€ m) 350.1 202.9 72.5%
Comparable EBIT1,2 (€ m) 350.3 208.8 67.8%
EBIT margin (%) 10.8 7.2 360bps
Comparable EBIT margin2 (%) 10.8 7.4 340bps
Net profit4 (€ m) 233.1 124.0 88.0%
Comparable net profit2,4 (€ m) 235.6 129.0 82.6%
Basic earnings per share (EPS) (€) 0.639 0.341 87.4%
Comparable EPS2 (€) 0.646 0.355 82.0%
Free cash flow2 (€ m) 277.5 (38.5) NM



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 in May 2020. For the Group’s growth including the performance of Multon as a joint operation in the current period, refer to the relevant table in the ‘Supplementary information’ section.

.2For details on APMs refer to ‘Alternative Performance Measures’ and ‘Definitions and reconciliations of APMs’ sections.

3 Refer to the condensed consolidated interim income statement.

4 Net profit and comparable net profit refer to net profit and comparable net profit respectively after tax attributable to owners of the parent.


Coca‑Cola HBC Group

Coca-Cola HBC is a growth-focused Consumer Packaged Goods business and strategic bottler of The Coca-Cola Company. The company creates value for all its stakeholders by supporting the socio-economic development of the societies in which it operates and believes that building a more positive environmental impact is integral to its future growth. Together, the company and its customers serve more than 600 million consumers across a broad geographic footprint of 28 countries on 3 continents. Its portfolio is one of the strongest, broadest and most flexible in the beverage industry, offering consumer-leading partner brands in the sparkling, juice, water, sport, energy, plant-based, ready-to-drink tea, coffee, adult sparkling and premium spirits categories. These brands include Coca-Cola, Coca-Cola Zero, Schweppes, Kinley, Costa Coffee, Valser, Römerquelle, Fanta, Sprite, Powerade, Fuze Tea, Dobry, Cappy, Monster and Adez. Coca-Cola HBC fosters an open and inclusive work environment amongst its more than 26,000 employees and in November 2020 was rated Europe’s most sustainable beverage company by the S&P DJSI for the 7th time in 8 years. The company currently holds the highest possible ratings in leading ESG benchmarks such as, CDP (Climate and Water), MSCI ESG and FTSE4Good.

Coca-Cola HBC has a premium listing on the London Stock Exchange (LSE:CCH) and is listed on the Athens Exchange (ATHEX:EEE). For more information, please visit