TIDMCCH
RNS Number : 3460Y
Coca-Cola HBC AG
12 May 2021
FIRST QUARTER 2021 TRADING UPDATE
Good start in a challenging environment
Coca-Cola HBC AG, a growth-focused C onsumer P ackaged G oods
business and strategic bottling partner of The Coca-Cola Company,
today announces its 2021 Q1 trading update.
First quarter highlights
-- Good FX-neutral revenue growth, +2.7% or +6.1%
like-for-like(1) , driven by Sparkling and Energy, the Emerging
segment and strong execution in the at-home channel
-- G rowth accelerated in the Emerging segment, while the
Established and Developing segments continued to be impacted by
COVID-19 related restrictions extending through most of the
quarter
-- Volumes up +1.5% or +4.7% like--for--like(1) ; Sparkling and
Energy together grew 10.7%. The comparative period in 2020 had 3
fewer selling days but also benefited from 2.5 months of
pre-pandemic trading
-- FX-neutral revenue per case +1.2% or +1.3% like-for-like(1) ;
continued strong category mix and pricing in several markets
-- Gained or maintained value share in Non-alcoholic
ready-to-drink and Sparkling in the majority of markets
-- Costa Coffee roll-out continues to progress well; now selling a range of formats in 16 markets
Segment highlights
-- Established: Sustained positive price/mix development despite
ongoing restrictions in the out-of-home channel
-- Developing: Sugar tax implementation in Poland progressed as
expected with volume recovering at the end of the quarter. Pricing
taken to offset this tax had a 10.3pp impact on Developing
price/mix
-- Emerging: Continued strong momentum in Nigeria and
accelerated trends in Russia, with both markets growing volumes
double--digit
Net sales revenue per
Q1 2021 vs Q1 2020 Net sales revenue Volume unit case
growth (%) FX - neutral(2) Reported FX - neutral(2) Reported
--------------------- ---------------- --------- ------- ---------------- ---------
Total Group 2.7 -4.0 1.5 1.2 -5.4
Established markets -3.2 -3.7 -4.7 1.5 1.1
Developing markets -3.5 -7.3 -11.4 8.9 4.6
Emerging markets 10.4 -3.0 8.7 1.6 -10.7
--------------------- ---------------- --------- ------- ---------------- ---------
Zoran Bogdanovic, Chief Executive Officer of Coca-Cola HBC AG,
commented:
" We have had a good start to the year despite the continued
impact of the pandemic, with revenue growth led by Sparkling,
Energy and strong execution in the at-home channel. Our operational
agility, flexible route to market and strong customer relationships
mean that we are well placed to capitalise on the reopening of the
out-of-home channel. In the meantime, our diverse and balanced
geographic footprint has allowed us to benefit from accelerating
revenue in the Emerging market segment, while lockdowns continue to
impact most European markets.
The speed and shape of recovery from the pandemic remains
uncertain, but Q1 puts us on track to achieve our 2021 guidance for
a strong recovery in FX-neutral revenues, along with a small
increase in EBIT margin."
(1) Performance, 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.
(2) For details on Alternative Performance Measures ('APMs')
refer to 'Alternative Performance Measures' and 'Definitions and
reconciliations of APMs' sections.
Operational highlights
Good performance in a challenging environment
Our business delivered a good performance in the quarter,
maintaining the momentum seen in Q4. Strong execution is being
driven by improvements in our route-to-market, through greater use
of digital tools and our increasing ability to segment our customer
base in more fine detail. We have also seen results from our focus
on gaining share in the highest value at-home occasions, and we
continue to gain or maintain share in the majority of our
markets.
We benefited from another strong performance in the Emerging
segment. Underlying category growth, combined with our teams'
execution of the portfolio, focusing on affordable packs as well as
premiumisation opportunities in Adult Sparkling and Energy, led to
continued double digit growth in Nigeria and an acceleration in
Russia. We continue to invest behind the most attractive growth
opportunities in this key segment, adding both capabilities and
capacity to sustain business momentum.
While Q1 volume growth included 3 additional selling days, it
was delivered against a comparative period that was far less
impacted by COVID-19 restrictions, with Q1 2020 benefitting from
roughly two and a half months of pre-pandemic trading.
Continued growth in the at-home channel
The at-home channel has continued to be an engine for growth for
the business with volume expansion in the mid-single digits. Our
teams have executed their plans well, including:
-- Remaining focused on increasing our share of at--home
occasions, targeting affordable and premium offerings with our
customers.
-- Ensuring affordability needs are met with the right pack and
price portfolio offerings and targeted promotion. There is a strong
focus on smaller packs that allow for lower consumer price
points.
-- Continuing to seize a considerable premiumisation opportunity
in the at-home channel through the expansion of multi-packs of
single-serves which earn a higher revenue per case, and which grew
by 18.4% in Q1, a significant acceleration compared to the prior
two quarters (Q3 2020 +4.7%, Q4 2020 +12.9%).
The out-of-home channel saw declines of 20 to 30% in January and
February. Performance stabilised in March as we began to lap a base
where many of our markets had gone into lockdowns by mid-March
2020. Once underway, the recovery of the out-of-home channel, in
addition to driving volume growth, is also expected to have a
positive impact on price/mix. In the meantime:
-- The flexibility of our route to market allows us to
dynamically re-allocate our sales force, maximising opportunities
in a changing marketplace.
-- We are actively supporting our customers so that they can
drive more transactions and capture the growth opportunities in the
channel as markets begin to reopen through the rest of the
year.
Digital commerce channels are an increasingly important part of
our route to market, and the COVID-19 pandemic has provided an
additional boost to this trend.
Although e-retail and digital commerce currently contribute a
small proportion of revenues, we are seeing revenue growth from the
channel in the high double digits, and we continue to invest
capital and management attention in this area.
We now focus on four main areas of opportunity in this
space:
-- Growing demand from our customers to order online from us and engage with us 24/7
-- Opportunities to digitise our physical business to business
(B2B) route to market through e-marketplaces creating ecosystem
effects
-- Business acceleration with pure e-retail and omnichannel
brick and click customers where we are working to increase our
availability, digital shelf space and visibility as well as direct
shopper engagement; and
-- Opportunities in accelerating direct to consumer (D2C) offers
and business models, especially in the post-COVID context with more
and more consumers' moving online
Driving growth through disciplined innovation
Costa Coffee is now live in 16 markets and we continue to build
our presence and distribution with plans to expand coverage to all
28 markets by 2023. We have also had good early results from the
out-of-home opportunity which remains a key focus for 2021.
We began the roll out of the enhanced formula and package design
for Coca-Cola Zero Sugar towards the end of the quarter, as well as
the targeted acceleration of Aquarius in several markets.
Established markets segment - positive price/mix on partially
offsetting out-of-home
Established markets volume declined 4.7% in the quarter. The
Established segment countries have a greater proportion of their
revenues from the out-of-home channel and most of the countries in
the segment saw restrictions in this channel tighten throughout the
quarter, which impacted performance. Meanwhile the at--home channel
continued to see strong volume performance as consumers have
adapted their habits and our teams have focused execution on
growing at-home occasions.
Energy and Sparkling continue to be the best performing
categories, with Energy volumes up double digits. Sparkling volumes
excluding Energy declined by low-single digits with low and
no-sugar variants and Adult Sparkling growing volumes double digit.
This good performance was offset by weaker trading in Water and
Juice, which declined in the low to high--teens. Water over-indexes
to the out-of-home channel which impacted performance.
In Italy, volumes declined by low-single digits. The country was
the first in our territories to see restrictions in the out-of-home
channel in 2020. We have seen low-single digit volume growth in
Sparkling led by Trademark Coke and Energy while Stills volumes
declined by mid-single digits.
Volumes in Greece declined low single digit. The out-of-home
channel was closed for the whole quarter. Despite this, we saw
low-single digit volume growth in Sparkling and ongoing volume
growth in the at-home channel, while Stills volumes declined by low
teens.
In Switzerland, volumes declined by low double digits. The
out-of-home channel was closed for the whole quarter while the
at-home channel grew. On a category basis we saw volume declines in
Stills and Sparkling overall, while Energy saw strong volume
growth.
In Ireland, volumes declined by low single digits. The
out-of-home channel was closed for the whole quarter impacting
performance, while we continued to see strong trends in the at-home
channel. The sparkling category remained resilient, with low-single
digit volume declines overall while Energy saw strong volume
growth. Stills volumes declined, led by Water.
FX-neutral net sales revenue per case increased by 1.5% in the
quarter benefiting from favorable category mix as well as price
increases in several markets. Package and channel mix was negative,
although with an improved trend compared to 2020. FX-neutral
revenues declined by 3.2% in the quarter, while reported revenue
declined by 3.7%, with the difference being due to the weakening of
the Swiss Franc.
Developing markets segment - pricing taken to offset sugar tax
in Poland
Volume in the Developing markets declined by 11.4%, led by
Poland where pricing taken to pass on the new sugar tax resulted in
an anticipated volume decline. Excluding Poland, the segment's
volume decline was 3.2%. We saw COVID-19 related restrictions
continue through the quarter. Energy and Sparkling continue to be
the best performing categories, while Stills volume declined double
digits.
In Poland, volumes were impacted by the new sugar tax which
started on 1 January 2021. In line with our plans, we have passed
this tax on in full, necessitating price increases and resulting in
an anticipated volume decline in the low twenties. Early signs from
the tax are in line with our expectations and we are encouraged by
the resilience of the sparkling category, very good volume growth
of Coke Zero, as well as continued strong growth in Energy. Outside
of the tax, the out-of-home channel remained closed for the whole
quarter, but a relisting at a major retailer saw volumes improve in
the last month of the quarter.
In Hungary, volume contracted by mid-single digits led by
declines in Stills, while Sparkling volumes grew mid--single
digits. The out-of-home channel was closed throughout Q1, which led
to volume declines, while the at--home channel continued to
grow.
Volume in the Czech Republic declined by mid-single digits led
by Stills, particularly Water. The out-of-home channel was closed
throughout the quarter. Despite that, Sparkling volumes were
stable, and Energy saw strong performance.
FX-neutral net sales revenue per case increased by 8.9% buoyed
by the pricing taken to offset the Polish sugar tax, without it,
FX-neutral revenue per case would have been -1.4%. The segment
benefited from strong category mix while package and channel mix
declined. FX-neutral net sales revenue in the Developing markets
was down 3.5% in the quarter. Reported revenue declined by 7.3%,
negatively impacted by adverse currency movements in the Polish
Zloty and Hungarian Forint.
Emerging markets segment - continued momentum in Nigeria and
accelerated performance in Russia
Emerging markets volumes increased by 8.7% or 14.5% on a
like-for-like basis. This like-for-like adjustment includes the
volumes from our Russian Juice business, Multon, which as of May
2020 is classified as a joint venture, following its
re--organisation, thus resulting in the relevant volumes not being
recognised as part of our reported revenues.
In Q1, the Emerging segment saw an acceleration in volume
growth, despite a high comparative, due to faster growth in Russia
and continued strong results in Nigeria. The capabilities developed
over many years in revenue growth management and route to market
are allowing us to take advantage of strong category growth and
continue to focus on value share expansion.
In Russia, volumes declined by low-single digits, or grew by
high teens like-for-like. This acceleration in performance was led
by Sparkling, up mid-twenties with double-digit growth across
Trademark Coke, Fanta and Sprite, while Schweppes volumes doubled.
Energy saw a strong acceleration. Juice volumes grew by double
digits like-for-like, while overall Stills performance grew
mid-single digits on a like-for-like basis.
Nigeria has maintained strong momentum, with Q1 marking the
second quarter in a row where the market has achieved double digit
volume growth despite cycling high comparatives in the prior
period. Volume strength was led by Sparkling, which grew by
high-twenties and exceptional growth in Energy. Stills volumes
declined by mid-single digits with double digit growth in Juices
offset by volumes declines in Water.
In Romania, volumes grew by low-single digits. The country has
operated with relatively few COVID-19 related restrictions in the
quarter, achieving growth in both at-home and out-of-home channels.
Sparkling volumes grew high-single digit while Stills declined
mid-teens.
FX neutral net sales revenue per case was up 1.6%, or 3.2%
like-for-like. Positive category mix, as well as pricing, more than
offset negative channel and package mix. FX-neutral revenues
increased by 10.4% or by 18.3% on a like-for-like basis. Reported
revenues declined by 3.0%, or increased by 3.9% like-for-like, with
the difference mainly due to the weakened Russian Rouble and
Nigerian Naira.
Category highlights
Sparkling volumes were up 9.6% in the quarter. We saw
particularly strong performance from low and no--sugar variants,
which grew volumes by double digits in all three segments. Growth
was broad-based across brands and led by Trademark Coke at 9.1%.
Adult Sparkling is a key area of focus for the Group since it
offers premiumisation and revenue generation opportunities across
our markets and is well placed for the growing trend for consumers
to replicate out-of-home experiences at home. We are pleased to see
the sub--category continuing to expand faster than the core
portfolio, up 28.5% in the first quarter with volume growth across
all three segments. The energy category saw an acceleration in
performance, with volumes up by 55.8% and double-digit growth in
all segments.
Still drinks declined by 22.1%, or by 10.5% on a like-for-like
basis. The category was weighed down by Water which over--indexes
to the out--of--home channel and declined by 16.9% with declines
across all three segments. Juice volume was up 1.3% on a
like--for--like basis, or down 52.7% on a reported basis which
includes the change in accounting treatment of our Russian Juice
business. In RTD tea, volume declined by 10.5%.
Package mix is recovering, finishing with a marginal decline of
0.2pp in Q1, a notable improvement compared to the 3.0pp decline in
2020 with single-serve packs growing volumes by 4.1%
like-for-like.
Emission reduction targets
Coca-Cola HBC was one of the first companies to set, and
deliver, science-based CO2 emissions targets. We are proud of our
track record, having cut direct and purchased carbon emissions by
50% in the last decade. We have now committed that, by 2030, we
will reduce emissions by a further 55% compared to a 2017 baseline.
These targets are approved by the Science Based Target initiative
and in line with the 1.5-degree pathway.
Supplementary information
First quarter First quarter
Group 2021 2020 % Change
Volume (m in unit cases) 490.8 483.7 1.5%
Net sales revenue (EUR m) 1,352.1 1,408.8 -4.0%
Net sales revenue per unit case (EUR) 2.75 2.91 -5.4%
FX-neutral net sales revenue (EUR m) 1,352.1 1,317.0 2.7%
FX-neutral net sales revenue per unit case(1)
(EUR) 2.75 2.72 1.2%
Established markets
Volume (m in unit cases) 117.8 123.6 -4.7%
Net sales revenue (EUR m) 481.1 499.5 -3.7%
Net sales revenue per unit case (EUR) 4.08 4.04 1.1%
FX-neutral net sales revenue(1) (EUR m) 481.1 497.1 -3.2%
FX-neutral net sales revenue per unit case(1)
(EUR) 4.08 4.02 1.5%
Developing markets
Volume (m in unit cases) 80.9 91.3 -11.4%
Net sales revenue (EUR m) 236.7 255.4 -7.3%
Net sales revenue per unit case (EUR) 2.93 2.80 4.6%
FX-neutral net sales revenue(1) (EUR m) 236.7 245.3 -3.5%
FX-neutral net sales revenue per unit case(1)
(EUR) 2.93 2.69 8.9%
Emerging markets
Volume (m in unit cases) 292.1 268.8 8.7%
Net sales revenue (EUR m) 634.3 653.9 -3.0%
Net sales revenue per unit case (EUR) 2.17 2.43 -10.7%
FX-neutral net sales revenue(1) (EUR m) 634.3 574.6 10.4%
FX-neutral net sales revenue per unit case(1)
(EUR) 2.17 2.14 1.6%
(1) For details on APMs refer to 'Alternative Performance
Measures' and 'Definitions and reconciliations of APMs'
sections.
The volume, net sales revenue and net sales revenue per unit
case on reported and FX-neutral basis, are provided for NARTD and
premium spirits, as set out below:
First quarter First quarter
NARTD 2021 2020 % Change
Volume (m unit cases)(1) 490.3 483.3 1.4%
Net sales revenue (EUR m) 1,321.5 1,381.6 -4.4%
Net sales revenue per unit case (EUR) 2.70 2.86 -5.7%
FX-neutral net sales revenue (EUR m) 1,321.5 1,291.3 2.3%
FX-neutral net sales revenue per unit case
(EUR) 2.70 2.67 0.9%
Premium Spirits
Volume (m unit cases)(1) 0.481 0.415 15.9%
Net sales revenue (EUR m) 30.6 27.2 12.5%
Net sales revenue per unit case (EUR) 63.62 65.54 -2.9%
FX-neutral net sales revenue (EUR m) 30.6 25.7 19.1%
FX-neutral net sales revenue per unit case
(EUR) 63.62 61.93 2.7%
Total
Volume (m unit cases)(1) 490.8 483.7 1.5%
Net sales revenue (EUR m) 1,352.1 1,408.8 -4.0%
Net sales revenue per unit case (EUR) 2.75 2.91 -5.4%
FX-neutral net sales revenue (EUR m) 1,352.1 1,317.0 2.7%
FX-neutral net sales revenue per unit case
(EUR) 2.75 2.72 1.2%
(1) For NARTD volume, one unit case corresponds to approximately
5.678 litres or 24 servings, being a typically used measure of
volume. For premium spirits volume, one unit case also corresponds
to 5.678 litres. For biscuits volume, one unit case corresponds to
1 kilogram.
Effective May 2020, following a re-organisation of Multon's
structure, the joint arrangement was reclassified from a joint
operation to a joint venture. The table below depicts the Group's
growth compared to the prior--year period including the performance
of Multon as a joint operation in the current period:
Net sales revenue per
Q1 2021 vs Q1 2020 Net sales revenue Volume unit case
growth (%) (incl. FX - neutral(1) Reported FX - neutral(1) Reported
Multon)
--------------------- ---------------- --------- ------- ---------------- ---------
Total Group 6.1 -0.8 4.7 1.3 -5.3
Established markets -3.2 -3.7 -4.7 1.5 1.1
Developing markets -3.5 -7.3 -11.4 8.9 4.6
Emerging markets 18.3 3.9 14.5 3.2 -9.3
--------------------- ---------------- --------- ------- ---------------- ---------
(1) For details on Alternative Performance Measures ('APMs')
refer to 'Alternative Performance Measures' and 'Definitions and
reconciliations of APMs' sections.
Coca-Cola HBC Group
Coca-Cola HBC is a growth-focused Consumer Packaged Goods
business and strategic bottling partner of The Coca--Cola Company.
We create value for all our stakeholders by supporting the
socio-economic development of the communities in which we operate
and we believe building a more positive environmental impact is
integral to our future growth. Together, we and our customers serve
more than 600 million consumers across a broad geographic footprint
of 28 countries on 3 continents. Our 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, Romerquelle, Fanta, Sprite, Powerade, FuzeTea, Dobry,
Cappy, Monster and Adez. We foster an open and inclusive work
environment amongst our more than 27,000 employees and we are
ranked among the top sustainability performers in ESG benchmarks
such as the Dow Jones Sustainability Indices, CDP, 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 http://www.coca-colahellenic.com
.
Conference call
Coca-Cola HBC will host a conference call for financial analysts
and investors to discuss the 2021 first quarter trading update on
Wednesday, 12 May 2021 at 9:00 am BST. Interested parties can
access the live, audio webcast of the call through Coca-Cola HBC's
website
https://www.coca-colahellenic.com/en/investor-relations/results-reports-presentations
Next event
12 August 2021 2021 Half-year financial report and
results announcement
Enquiries
Investors and analysts:
Joanna Kennedy Tel: +44 7802 427505
Investor Relations Director joanna.kennedy@cchellenic.com
Carla Fabiano Tel: +44 7808 215245
Investor Relations Manager carla.fabiano@cchellenic.com
Vasso Aliferi Tel: +41 79 610 7881
Investor Relations Manager vasso.aliferi@cchellenic.com
Media:
David Hart Tel: + 41 41 726 0143
Group Communication Director david.hart@cchellenic.com
Greek media contact:
V+O Communications Tel: +30 211 7501219
Chara Yioti cy@vando.gr
Special Note Regarding the Information set out herein
Unless otherwise indicated, this trading update and the
financial and operating data or other information included herein
relate to Coca-Cola HBC AG and its subsidiaries ("Coca-Cola HBC" or
the "Company" or "we" or the "Group").
Forward-Looking Statements
This document contains forward-looking statements that involve
risks and uncertainties. These statements may generally, but not
always, be identified by the use of words such as "believe",
"outlook", "guidance", "intend", "expect", "anticipate", "plan",
"target" and similar expressions to identify forward-looking
statements. All statements other than statements of historical
facts, including, among others, statements regarding our future
financial position and results, our outlook for 2021 and future
years, business strategy and the effects of the global economic
slowdown, the impact of the sovereign debt crisis, currency
volatility, our recent acquisitions, and restructuring initiatives
on our business and financial condition, our future dealings with
The Coca-Cola Company, budgets, projected levels of consumption and
production, projected raw material and other costs, estimates of
capital expenditure, free cash flow, effective tax rates and plans
and objectives of management for future operations, are
forward-looking statements. By their nature, forward-looking
statements involve risk and uncertainty because they reflect our
current expectations and assumptions as to future events and
circumstances that may not prove accurate. Our actual results and
events could differ materially from those anticipated in the
forward--looking statements for many reasons, including the risks
described in the 2020 Integrated Annual Report for Coca-Cola HBC AG
and its subsidiaries. Although we believe that, as of the date of
this document, the expectations reflected in the forward-looking
statements are reasonable, we cannot assure you that our future
results, level of activity, performance or achievements will meet
these expectations. Moreover, neither we, nor our directors,
employees, advisors nor any other person assumes responsibility for
the accuracy and completeness of the forward-looking statements.
After the date of this trading update, unless we are required by
law or the rules of the UK Financial Conduct Authority to update
these forward-looking statements, we will not necessarily update
any of these forward-looking statements to conform them either to
actual results or to changes in our expectations.
Alternative Performance Measures
The Group uses certain Alternative Performance Measures ("APMs")
in making financial, operating and planning decisions as well as in
evaluating and reporting its performance. These APMs provide
additional insights and understanding to the Group's underlying
operating and financial performance. The APMs should be read in
conjunction with and do not replace by any means the directly
reconcilable International Financial Reporting Standards ("IFRS")
line items.
Definitions and reconciliations of APMs
FX- neutral APMs
The Group also evaluates its operating and financial performance
on an FX-neutral basis (i.e. without giving effect to the impact of
variation of foreign currency exchange rates from period to
period). FX-neutral APMs are calculated by adjusting prior-period
amounts for the impact of exchange rates applicable to the current
period. FX-neutral measures enable users to focus on the
performance of the business on a basis which is not affected by
changes in foreign currency exchange rates applicable to the
Group's operating activities from period to period.
FX-neutral net sales revenue and FX-neutral net sales revenue
per unit case
FX-neutral net sales revenue and FX-neutral net sales revenue
per unit case are calculated by adjusting prior--period net sales
revenue for the impact of changes in exchange rates applicable in
the current period.
The calculations of the FX-neutral net sales revenue and
FX-neutral net sales revenue per unit case and the reconciliation
to the most directly related measures calculated in accordance with
IFRS is as follows:
Reconciliation of FX-neutral net sales revenue per unit case
(numbers in EUR million unless otherwise stated)
First quarter 2021
---------------------------------------------------
Established Developing Emerging Consolidated
Net sales revenue 481.1 236.7 634.3 1,352.1
Currency impact - - - -
------------ ----------- --------- -------------
FX-neutral net sales revenue 481.1 236.7 634.3 1,352.1
Volume (m unit cases) 117.8 80.9 292.1 490.8
------------ ----------- --------- -------------
FX-neutral net sales revenue per
unit case (EUR) 4.08 2.93 2.17 2.75
------------ ----------- --------- -------------
First quarter 2020
---------------------------------------------------
Established Developing Emerging Consolidated
Net sales revenue 499.5 255.4 653.9 1,408.8
Currency impact (2.4) (10.1) (79.3) (91.8)
------------ ----------- --------- -------------
FX-neutral net sales revenue 497.1 245.3 574.6 1,317.0
Volume (m unit cases) 123.6 91.3 268.8 483.7
------------ ----------- --------- -------------
FX-neutral net sales revenue per
unit case (EUR) 4.02 2.69 2.14 2.72
------------ ----------- --------- -------------
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