Page 1

Coca - Cola Hellenic Bottling Company Results for the year ended 31 December 2020 11 February 2021 Page 1 of 48 Operational agility delivers resilient performance 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 full year ended 31 December 2020 . Full - year highlights . Our business adapted quickly to changing consumer behaviour as a result of COVID - 19 restrictions , delivering resilient financial performance reflecting strength of brand portfolio , operational agility and strong execution Improving volume trends in second half , with Q4 like - for - like¹ volume down 0.7 % and full - year like - for - like¹ volume decline contained at 4.6 % YoY • • • • • • - Four of our largest markets grew volumes , on a like - for - like¹ basis : Nigeria , Russia , Poland and Ukraine At - home channel volumes up mid - single digit in second half FX - neutral revenue per case stabilised in the second half , improving to a 4.1 % decline YoY ( H1 2020-6.1 % YoY ) Driven by negative package mix from lower single- e - serve volumes Strong positive category mix , Sparkling + 0.2 % , Adult Sparkling + 3.2 % and Energy up 17.9 % Full - year like - for - like¹ FX - neutral revenue declined by 8.5 % , while reported revenue declined by 12.7 % Strong market share gains in 2020 : +40 bps of value share in NARTD and +30 bps in Sparkling Performance by segment mainly driven by each region's relative exposure to the out - of - home channel as well as timing and severity of lockdowns through the year We have created a more agile business ; comparable EBIT margin at 11.0 % , up 20bps YoY , or 10.6 % like - for - like¹ , down 20bps YoY . Reported EBIT declined by 7.6 % to € 660.7 million - - Structural improvement to cost base over several years , shifting fixed costs to variable , enabling efficiency gains Gross profit margin up 20bps through good management of input & supply chain costs and FX hedging Decisive action on discretionary costs early in the pandemic delivered € 120m of cost savings Comparable EPS of € 1.19 , down 17.5 % , impacted by a higher effective tax rate and a small increase in financing costs ; basic EPS declined by 14.9 % Board of Directors to propose an ordinary dividend of € 0.64 per share , a + 3.2 % increase year - on - year - - Free cash flow of € 497 million , up € 54.4 million YoY Financial discipline and strong balance sheet continue to support investment in the business • Ongoing investment in sustainable solutions for packaging including rPET in - house production and deposit return scheme ( DRS ) studies Zoran Bogdanovic , Chief Executive Officer of Coca - Cola HBC AG , commented : " The numbers we released today demonstrate how far our business has come in building both operational agility and lasting margin resilience . I am proud of the speed , flexibility and care with which our people responded to the pandemic and the results we have achieved . I am also thankful to our customers and suppliers for their valuable partnerships which are even more critical in these challenging times . The improved second - half trading was driven by a return to growth in the at - home and greater resilience in the out - of - home , despite a resurgence of infections in many of our markets towards the end of the year . Partnering closely with The Coca - Cola Company team on rigorous prioritisation of our joint market investments , coupled with our rapid adaptation of the route - to - market and excellent execution , resulted in strong value share gains in both Non - alcoholic ready - to - drink and Sparkling across the majority of our markets . While the economic outlook remains uncertain , we are clear on the opportunity and direction for our business and are investing to strengthen our capabilities which will drive our long - term performance , underpinned by further advances on sustainability . Looking to 2021 , we will continue adapting fast in a dynamic market and partnering with our customers to drive a strong recovery in FX - neutral revenues , along with a small increase in EBIT margin . In recognition of our business ' strength and future opportunities , the Board has proposed a dividend of € 0.64 , a 3.2 % increase compared to last year . We move forward with confidence and resolve to continue adapting to win . " 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 , and positively impacted by the inclusion of H1 2020 performance of Bambi , the acquisition of which was cycled in H2 2020. In addition , profitability is positively impacted by the Group's election to classify share of results of integral equity method investments within operating profit . Like - for - like performance adjusts for all three impacts . For a table of performance measures excluding these impacts , please refer to the ' Supplementary information ' section . ²For details on APMs refer to ' Alternative Performance Measures ' and ' Definitions and reconciliations of APMs ' sections . 3 Refer to the condensed consolidated income statement . 4Net Profit and comparable net profit refer to net profit and comparable net profit respectively after tax attributable to owners of the parent . Armenia Austria Belarus Bosnia & Herzegovina Bulgaria Croatia Cyprus Czech Republic Estonia Greece Hungary Ireland Italy Latvia Lithuania Moldova . Montenegro- Nigeria North Macedonia Northern Ireland Poland Romania Russia Serbia Slovakia Slovenia Switzerland Ukraine