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Coca-Cola HBC AG annual profit falls as virus impact hurts volumes; raises dividend
StockMarketWire.com
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Consumer Packaged Goods Coca-Cola HBC AG raised its dividend despite reporting a fall in annual profit on lower volumes amid Covid-19 disruptions in across its markets.
For the full year ended 31 December 2020, pre-tax profit fell to €593.9 million from €661.2 million year-on-year as sales declined 13.4% to €1.17 billion.
Volumes fell 5.7% to 2,135.6m unit cases.
The company proposed a dividend of €0.64, a 3.2% increase compared to last year.
'We expect to see a strong FX-neutral revenue recovery in 2021 on the back of gradual volume recovery against the COVID-19 impact in 2020, as well as price/mix recovery led by improved package mix and pricing taken in relation to the Polish sugar tax,' the company said.
'We believe that once the recovery is underway, the business can return to the growth algorithm we set out at our Capital Markets Day in 2019, which was for FX-neutral revenue growth of 5-6%, with 20-40 basis points of EBIT margin expansion per year on average,' it added.
Story provided by StockMarketWire.com
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