Coca Cola HBC reports better 2016 results

Coca Cola Hellenic Bottling Company on Thursday announced sales worth 6.22 billion euros and net profits of 343.5 million euros in 2016.

In an announcement, the company said net revenue from sales in neutral foreign currency basis grew 3.0 pct, while if foreign currency fluctuations were taken into account, net revenue from sales fell 2.0 pct last year. The volume of sales grew 0.1 pct reflecting good performance in Nigeria and Romania despite a decline in Russia and lower performance in Italy and Austria.

Comparable operating expenses as a percentage of net sales revenue fell by 100 basis points, reflecting a more efficient cost management, while comparable operating profit margin grew 90 basis points to 8.3 pct. Net cash flow totalled 431.2 million euros, up 19.4 million from the previous year while comparable earnings per share grew 12.5 pct to 0.972 euros. The board is recommending paying a dividend of 0.44 euros per share to shareholders, up 10 pct from 2015.

Dimitris Lois, Chief Executive of Coca Cola HBC, commenting on the results said he was “extremely satisfied”. “We achieved a stable growth in revenue from sales in neutral foreign currency basis and a significant improvement in margins and profits, a fact signalling a sustainable and well grounded recovery. We expect slightly better economic conditions in 2017 that will support a further growth of sales volume”.