CCHGY Coca Cola HBC AG (PK)

By Jaime Llinares Taboada

Coca-Cola HBC AG on Thursday removed financial guidance for 2022 due to the war between Russia and Ukraine.

The Switzerland-based bottler for Coca-Cola Co. said both regions generated around 20% of its volumes and earnings before interest and tax last year, and therefore the company no longer believes it is prudent to provide guidance for the period.

The group stopped production at its plant in Kyiv on Feb. 24.

"It is still too early to quantify the impact that the evolving geopolitical crisis and many governments' developing reactions to it will have on our business or on our full year 2022 results," Coca-Cola HBC said.

The company also said it is prepared to utilize revenue growth actions, including pricing, to offset currency depreciation and higher costs. It added that it is ready to redeploy marketing and capital expenditure investments to other markets.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

March 03, 2022 02:38 ET (07:38 GMT)

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