Coca-Cola Hbc: volumes in Italy down by 14% in 2020
The global bottling group had revenues of 6.13 billion (-12.7%)
Coca Cola Hbc, one of the largest bottling companies in Europe, based in Switzerland, and leading manufacturer and distributor of The Coca-Cola Company branded products in Italy, has released its financial results for 2020. The group's net revenues stood to 6.13 billion euros, down 12.7% compared to 2019, and a net profit of 414.9 million euros, compared to the 487.5 million euros reported in 2019.
Looking ahead, Coca Cola Hbc reported that despite the economic outlook for 2021 remains uncertain, the company will invest to strengthen its capabilities and consolidate its long-term performance. "Looking forward to 2021, we will continue to adapt rapidly in a dynamic market and work with our clients to initiate a strong recovery in foreign currency revenues, along with a small increase in EBIT margin", said CEO Zoran Bogdanovic.
As for Italy, the company specified that volumes decreased by 13.9%. "Italy was the first of our markets to lockdown at the beginning of the year - explains a Coca-Cola Hbc statement - and has a high exposure in the out-of-home channel. However, the return to growth of the home channel, accompanying consumer trends, helped to limit losses. Carbonated drinks and Energy drinks were the most resilient categories".
EFA News - European Food Agency