2022 Half Year Results

Strong volumes, revenue, EBIT; investing in growth

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 1 July 2022.

Half-year highlights

  • Execution of our strategy drove continued strong organic growth1, well balanced between volume and price/mix
    • Organic revenue +19.4%. Reported revenues +29.6%
    • Excluding Russia and Ukraine organic revenue +25.2%, with volume +12.1%
    • Organic revenue per case of 14.0% benefited from pricing and targeted actions to improve mix, further supported by out-of-home channel recovery
    • Broad based volume momentum continues outside of Russia and Ukraine, with growth led by strategic priorities
    • Integration of Egypt progressing well; 7 pp addition to reported revenue growth
    • Further value and volume share gains in NARTD and Sparkling
  • Organic EBIT up 23.0%, with margins up 30bps on an organic basis to 11%, benefiting from pricing, mix and cost discipline
    • Quality of revenue growth driving underlying profit expansion
    • Opex as a percent of revenue improved, driven by operating leverage and cost savings
    • Marketing expenses excluding Russia and Ukraine increased by 9%
  • Continued investment behind strategic priorities to drive profitable growth
    • Consistent investment behind adult sparkling proposition driving continued strong performance, with volumes +18.7% excluding Russia and Ukraine
    • Acquisition of craft adult sparkling business, Three Cents, expected to complete in Q3, strengthens premium brand offering
    • Coffee volumes +56% with accelerating contribution from out-of-home
    • Rapid digitisation of the enterprise - our proprietary B2B, Customer Portal now has more than 200,000 customers
    • Deployment of our key revenue growth and route to market capabilities in Egypt 
  • Improved cash generation and continued strong balance sheet
    • Comparable EPS +33.9%; free cash flow increased by €55.4 million to €332.9 million
    • Strong balance sheet and liquidity remains after paying the €0.71 dividend in August

Segment highlights

Established and Developing show strong momentum, Emerging impacted by declines in Russia 

  • Established: Organic revenue increased by 19.1% with well-balanced volume and
    revenue-per-case expansion. Organic EBIT expanded 26.5% with margins up 60bps
  • Developing: Organic revenue up 33.6%, led by strong share gains. Organic EBIT up 63.8% with margins up 120bps
  • Emerging: Organic revenue up 14.2% driven by momentum in markets excluding Russia and Ukraine. Organic EBIT up 15.5% with organic margins up 20bps

We delivered strong performance in the first half as we continued to execute our growth strategy with focus and discipline, including making progress on our sustainability commitments. I would like to thank our people for their outstanding contribution every day. I am also particularly grateful for our strong partnership and collaboration with customers and suppliers during these volatile times.

The quality of our 24/7 brand portfolio, revenue growth management capabilities and execution excellence allowed us to take full advantage of post-pandemic recovery across our markets and to continue to gain significant share. I am pleased we achieved strong organic growth, balanced between volume and revenue per case. Pricing, mix and cost efficiencies helped to mitigate input cost increases, underpinning successful conversion of revenue growth into profits and cashflow.

Consistent investment in high-potential opportunities, prioritised capabilities and capacity over years is delivering growth today. And we stay the course, with targeted investments for growth.

We have high confidence that our close customer partnerships, strong portfolio and the capabilities of our people will allow us to continue to create value even as we face a period of macro-economic and geo-political uncertainty. We are reinstating guidance for 2022 and expect to generate comparable EBIT in the range of €740-820 million.“

Zoran Bogdanovic CEO, Coca‑Cola HBC




% Change Report % Change Organic1





Volume (m unit cases)




Net sales revenue (€ m) 4,209.9


29.6% 19.4%

Net sales revenue per unit case (€)





Operating profit (EBIT)2 (€ m)




Comparable EBIT1 (€ m) 462.5 350.3 32.0% 23.0%
EBIT margin (%)
6.5 10.8 -420bps  
Comparable EBIT margin1 (%) 11.0 10.8 20bps 30bps
Net profit3 (€ m) 152.9 233.1 -34.4%  
Comparable net profit1,3 (€ m) 316.9 235.6 34.5%  
Basic earnings per share (EPS) (€) 0.418 0.639 -34.6%  
Comparable EPS1 (€) 0.865 0.646 33.9%  
Free cash flow1 (€ m) 332.9 277.5 20.0%  



1For details on APMs refer to ‘Alternative Performance Measures’ and ‘Definitions and reconciliations of APMs’ sections.

2 Refer to the condensed consolidated interim income statement.

3Net Profit and comparable net profit refer to net profit and comparable net profit respectively after tax attributable to owners of the parent.