Coca-Cola HBC weighing all options on Russia business
By Frank Prenesti
Date: Thursday 12 May 2022
(Sharecast News) - Bottling firm Coca-Cola HBC said it was evaluating all options for its Russian operations and would have a smaller presence in the country after the US drinks company Coca-Cola suspended operations in response to the invasion of Ukraine.
The bottler added it was still in the process of implementing the decision taken in March by Coca-Cola.
Coca-Cola HBC runs local franchises to bottle and sell drinks produced by the beverage giant, which holds around 21% of Coca-Cola HBC.
The company, whose annual outlook remains withdrawn, said it has stopped placing orders for concentrate in Russia and ceased investments in the market.
Coca Cola HBC said organic revenue in the first quarter rose 25.9%, excluding Russia and Ukraine. Prices had been lifted to deal with rising input cost inflation, while volume growth was unaffected, up 11.3%.
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