coca-cola hbc ag · coca-cola hbc ag key facts and statistics – fye dec 2016 company overview...

CORPORATES

ISSUER PROFILE13 July 2017

TABLE OF CONTENTSCompany overview 1Business description 2Management strategy 4Financial highlights 5Capital structure and debt maturity 7Company management 8Ownership structure 10Subsidiaries 10Subsidiaries rated by Moody’s 11Peer Group 11Related websites and informationsources 11Moody’s related research 11

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Coca-Cola HBC AGKey facts and statistics – FYE Dec 2016

Company overviewCoca-Cola HBC AG (CCHBC AG), headquartered in Switzerland, produces and distributesa wide range of non-alcoholic and ready-to-drink beverages under the The Coca-ColaCompany (TCCC, Aa3 stable) brand. Its product portfolio includes leading TCCC brands suchas Coca-Cola, Coca-Cola Light, Coca-Cola Zero, Sprite and Fanta, as well as juices, water,energy drinks, iced teas and other ready-to-drink beverages.

CCHBC AG operates in 28 countries. As of 31 December 2016, the company servedapproximately 595 million customers, and operated 56 plants and 264 warehouses anddistribution centres. It also maintained 271 filling lines. In the financial year ended 31December 2016, it reported revenue of €6.2 billion.

Incorporated in 1969 as Hellenic Bottling Company SA, the company in 2000 acquired Coca-Cola Beverages Ltd. and formed Coca-Cola Hellenic Bottling Company SA (CCHBC SA). InApril 2013, CCHBC AG became the new parent company of the group (the company and itsdirect and indirect subsidiaries) through a voluntary share exchange acquisition of all CCHBCSA outstanding ordinary registered shares.

Its shares are listed on the Athens stock Exchange (Ticker: EEE) and also on the London StockExchange (Ticker: CCH). As of 31 December 2016, Kar-Tess Holding, a Luxembourg company,held 23.3% of the company’s ordinary shares. TCCC indirectly held 23.2%.

Source: Company reports (integrated annual report Dec 2016, form 20-F Dec 2012); company data; Moody’s research; Moody’sFinancial Metrics

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Business descriptionCCHBC AG is a Switzerland-based holding bottling company engaged in the production, sale and distribution of non-alcoholicbeverages under the TCCC brand, and is one of the largest bottlers of non-alcoholic beverages in Europe. The company operates in 28countries with a population of approximately 595 million people, and has a diverse portfolio of 136 brands.

CCHBC AG's products include sparkling, still and water beverages. Its product portfolio includes leading brands of TCCC such as Coca-Cola, Coca-Cola Light, Coca-Cola Zero, Sprite and Fanta, as well as juices, water, energy drinks, iced teas and other ready-to-drinkbeverages.

In 2016, CCHBC AG Group produced 2.1 billion unit cases1. In 2016, sparkling beverages accounted for 70% of its production volumeand combined still beverages and water 30%. As of 31 December 2016, it maintained 56 plants, 264 warehouses and distributioncentres, and 271 filling lines.

CCHBC Group was incorporated in 1969 as Hellenic Bottling Company SA in Athens, Greece. The same year, TCCC granted it itsbottling rights in Greece. In 1981, Kar-Tess Holding S.A., a private company, acquired a 99.9% stake in Hellenic Bottling Company SA.In 1991, its shares were listed on the Athens Stock Exchange.

The group over the years has expanded its geographic and product portfolio through acquisitions. In 2000, Hellenic Bottling CompanySA acquired Coca-Cola Beverages Ltd. and formed CCHBC SA. In 2001, CCHBC SA bought TCCC’s bottling operations in the RussianFederation and subsequently held the Coca-Cola franchise for the whole of the Russian Federation.

In 2002, CCHBC SA listed on the New York Stock Exchange through a sponsored ADR programme and acquired all TCCC-ownedbottling operations in the Baltic states (Estonia, Latvia and Lithuania). The same year, in partnership with TCCC, it acquired mineralwater companies ValserMineralquellen AG in Switzerland and Dorna Apemin SA in Romania, diversifying its operations as a non-alcoholic beverage company.

CCHBC Group subsequently expanded its presence in the water and beverages category, acquiring Multivita sp. z.o.o in Poland (inOctober 2003) and Römerquelle GmbH, an Austrian mineral water company (in December 2003); Gotalka d.o.o., a Croatian mineralwater company (January 2004); Bankya Mineral Waters Bottling Company EOOD, a Bulgarian mineral water company (June 2005);Multon Z.A.O. Group, a Russian fruit juice company (2005); Fresh & Co d.o.o. Group, a Serbian fruit juice company (March 2006); andFonti del Vulture S.r.l., an Italian mineral water company (July 2006). CCHBC SA has also developed the NaturAqua mineral waterbrand in Hungary and the Olimpja water brand in Bosnia.

During 2006, CCHBC SA acquired Lanitis Bros Public Limited (renamed Lanitis Bros Limited), a beverage company in Cyprus with astrong portfolio of juice and dairy products.

In December 2008, CCHBC SA acquired 100% of Socib SpA, the second largest Coca-Cola franchise bottler in Italy. The territorycovered through this acquisition includes the southern Italian mainland and Sardinia. The total consideration for the transaction was€209.3 million.

In 2012, CCHBC re-domiciled its operations to Switzerland with the intention of switching its main market listing to the London StockExchange, and formed a new holding company, Coca-Cola HBC AG (CCHBC AG).

In October 2012, CCHBC AG made a voluntary share exchange offer to acquire all CCHBC SA's outstanding ordinary registered sharesand American depository shares. On completion of the offer, on 25 April 2013, the company acquired 96.85% of issued CCHBC SAshares, including shares represented by American depository shares, and became the group's new parent company (the company andits direct and indirect subsidiaries).

On 17 June 2013, CCHBC AG completed its statutory buyout of CCHBC SA's remaining shares that it did not already own. CCHBC SAwas delisted from the Athens Stock Exchange; from the London Stock Exchange, where it had secondary listing; and from the New

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page onwww.moodys.com for the most updated credit rating action information and rating history.

2 13 July 2017 Coca-Cola HBC AG: Key facts and statistics – FYE Dec 2016


York Stock Exchange, where its American depository shares were listed. CCHBC AG shares began trading under the ticker CCH in thepremium segment of the London Stock Exchange, and on the Athens Stock Exchange under the ticker symbol EEE.

The company operates through the following three reportable segments: Emerging Markets, Developing Markets and EstablishedMarkets.

» Emerging Markets: This segment includes operations in Armenia, Belarus, Bosnia and Herzegovina, Bulgaria, the Former YugoslavRepublic of Macedonia, Moldova, Montenegro, Nigeria, Romania, the Russian Federation, Serbia (including the Republic of Kosovo)and Ukraine. In 2016, it sold 1.1 billion unit cases of beverages. As of 31 December 2016, it maintained 35 bottling facilities. In 2016,this segment accounted for 43.7% of the company’s revenue.

» Developing Markets: This segment includes operations in Croatia, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland,Slovakia and Slovenia. In 2016, it sold 383.5 million unit cases of beverages. As of 31 December 2016, it maintained eight bottlingplants. In 2016, this segment accounted for 17.6% of the company’s revenue.

» Established Markets: This segment comprises operations in Austria, Cyprus, Greece, Italy, Northern Ireland, the Republic ofIreland and Switzerland. In 2016, it sold 606.6 million unit cases of beverages. In 2016, this segment accounted for 38.7% of thecompany’s revenue. As of 31 December 2016, it maintained 13 bottling plants.

Source: Company reports (integrated annual report Dec 2016, form 20-F Dec 2012, Dec 2011, Dec 2008 and Dec 2006); company data; Moody’s research; Moody’s Financial Metrics

Exhibit 1

Revenue by segment(€ million)

Exhibit 2

Volume breakdown by segment(unit cases, million)

-

500

1,000

1,500

2,000

2,500

3,000

3,500

Emerging markets Developing markets Established markets

2014 2015 2016

Source: Company reports (integrated annual report Dec 2016 and Dec 2015) -

200

400

600

800

1,000

1,200


2014 2015 2016

Source: Company reports (integrated annual report Dec 2016 and Dec 2015)



Exhibit 3

EBIT by segment(€ million)

-

50

100

150

200

250


2014 2015 2016

Source: Company reports (integrated annual report Dec 2016 and Dec 2015)

Management strategyCCHBC AG aims to be a leading beverage company in every country in which it operates. To achieve this, the company focuses on thefollowing strategic objectives:

Driving volume growth by:

» Expanding and deepening the route to market, which will improve market coverage across retailers

» Understanding and prioritising various occasions of consumption to create joint value with customers

» Implementing in-store with excellence with the intention of fully capitalising on each customer’s potential

» Focusing on creating value within the water category

Focusing on value growth by:

» Capitalising on meals and socialising occasions with Meals and Coke. Value is driven by creating associations with food andactivating single-serve packs

» Enhancing its package mix by increasing the contribution of single-serve packages to total volume through numerous initiatives,including investments in coolers

» Seizing growth opportunities in hotels, restaurants and cafés, where the company can achieve higher revenue per case

» Driving growth in the energy category

» Improving pricing strategies

Improving efficiency by:

» Continuous production and logistics optimisation

» Capitalising on contiguous territory and Emerging Markets opportunities

» Use shared services to gain process efficiency

» Drive packaging harmonisation and innovation



Investing in the business:

» Acquire water and juice brands in existing territory

» Maintain negative working capital balance sheet position

» Invest in revenue-generating assets and innovative technology

Source: Company reports (integrated annual report Dec 2016), Company data

Financial highlightsOverviewCompany Type: PublicExchange Listing: London Stock Exchange (CCH) and

Athens Stock Exchange (EEE)Fiscal Year End: DecemberAuditor: PricewaterhouseCoopers S.A.

Note: The financials presented below have been adjusted for Moody’s analytic purposes. To see how adjustments have been made, please see Moody’s Financial Metrics , a fundamental financialdata and analytics platform that offers insight into the drivers of Moody’s Corporate ratings.

Exhibit 4

Selected adjusted financial dataCoca-Cola HBC AG

(in Φ Million) 31-Dec-16 31-Dec-15 31-Dec-14

INCOME STATEMENT

Revenue/Sales 6,219 6,346 6,510

Gross Profit 2,552 2,602 2,604

EBITDA 925 863 835

EBIT 542 467 407

Interest Expense 83 85 84

Net Income 356 306 323

BALANCE SHEET

Cash & Cash Equivalents 573 487 636

Current Assets 2,050 1,863 2,061

Net Property, Plant & Equipment (PP&E) 2,665 2,840 2,929

Total Assets 6,823 6,827 7,184

Current Liabilities 2,001 2,535 2,244

Total Debt 2,007 2,116 2,587

Total Liabilities 3,957 4,007 4,397

Shareholders' Equity 2,866 2,820 2,787

CASH FLOW

Funds from Operations (FFO) 747 706 696

Cash Flow from Operations (CFO) 780 771 700

Capital Expenditures (CAPEX) (425) (419) (468)

Cash from Investing Activities (388) (283) (438)

Dividends (145) (131) (129)

Retained Cash Flow (RCF) 602 574 566

Share Repurchases - (59) -

Cash from Financing Activities (261) (624) (353)

Source: Moody’s Financial Metrics


http://moodysfm.moodys.com/cfg/client/home.aspx?sector=&repeat=y


Exhibit 5

EBITA margin and EBIT/Interest expense (adjusted)

4.4x

4.8x

5.2x

5.6x

6.0x

6.4x

6.8x

6%

8%

10%

2014 2015 2016

EBITA Margin % EBIT / Interest Expense

As of 31 Dec 2016Source: Moody’s Financial Metrics

Exhibit 6

Debt/EBITDA and RCF/ Net debt (adjusted)

28%

32%

36%

40%

44%

1.8x

2.2x

2.6x

3.0x

3.4x

2014 2015 2016

Debt / EBITDA RCF / Net Debt %




Capital structure and debt maturityNote: The financials presented below have been adjusted for Moody’s analytic purposes. To see how adjustments have been made, please see Moody’s Financial Metrics , a fundamental financialdata and analytics platform that offers insight into the drivers of Moody’s Corporate ratings.

Exhibit 7

Capital structureCoca-Cola HBC AG

(in € Million) 31-Dec-16 31-Dec-15 31-Dec-14

SHORT- TERM DEBT

Short-Term Debt 149 174 206

Current Portion of Long-Term Debt 8 608 343

Total Short-Term Debt 157 782 549

LONG-TERM DEBT

Secured Debt - - -

Senior Debt 1,392 1,425 1,792

Subordinated Debt - - -

Mandatorily Redeemable Pref. Secur. - - -

Capitalized Leases 84 105 107

Gross Long-Term Debt 1,476 1,531 1,899

Less Current Maturities (8) (608) (343)

Net Long-Term Debt 1,468 923 1,556

Total Debt 1,625 1,705 2,105

Total Adjusted Debt 2,007 2,116 2,587

SHAREHOLDERS' EQUITY

Preferred Stock - - -

Common Stock & Paid-In Capital (254) 3 257

Retained Earnings 3,120 2,817 2,530

Accumulated Other Comprehensive Income - - -

Total Equity 2,866 2,820 2,787

Total Adjusted Equity 2,866 2,820 2,787

Adjusted Book Capitalization 5,001 5,073 5,515

Adjusted Market Capitalization 9,741 9,495 8,544

Adjusted Debt/Adjusted Book Capital (%) 40.13 41.72 46.90

Source: Moody’s Financial Metrics


http://moodysfm.moodys.com/cfg/client/home.aspx?sector=c&repeat=y


Of CCHBC AG's total adjusted debt in 2016, the largest components relate to lease and pension adjustments.

Exhibit 8

Components of debt

1,625

124

258 0 0 0

2,007

0

500

1,000

1,500

2,000

2,500

Unadj. Debt Pensions Lease Adj. Hybrid Securitisation Analyst Adj. Debt

€M

illio

n


Exhibit 9

Upcoming long-term debt maturities

8 8 7

803

8

0

100

200

300

400

500

600

700

800

900

2017 2018 2019 2020 2021

€M

illio

n


Company management

Exhibit 10Coca-Cola HBC AGCompany Management Current Title Previous RolesDimitris Lois Chief Executive Officer and Director CCHB AG: Chief Operating Officer;

CCHB AG: Region Director;Frigoglass S.A.I.C.: Managing Director

As of 27 June 2016



Exhibit 11Coca-Cola HBC AGBoard of Directors AffiliationAnastassis G. David CCHB AG: Non-Executive Chairman;

Tufts University: Member of the International Advisory Board;Fletcher School, Fares Center: Member of the Advisory Board;Aegean Airlines SA and AXA Insurance SA: Member of Board of Directors;College Year, Athens: Member of Board of Trustees;Cyprus Union of Shipowners: Member of the Executive Committee

Dimitris Lois CCHB AG: Chief Executive Officer and Director;Swiss-American Chamber of Commerce and UNESDA: Member of the Board

Ahmet C. Bozer CCHB AG: Non-Executive Director;The Coca-Cola Foundation and The Coca-Cola Turkey Life Plus Foundation: Board Member;Robinson College of Business, Georgia State University: Member of Board of Advisors

Alexandra Papalexopoulou CCHB AG: Independent Non-Executive Director;Titan Cement Company SA: Executive Director, Strategic Planning;Paul and Alexandra Canellopoulos Foundation: Treasurer and Member of the Board of Directors;ALBA College of Business Administration Association: Member of the Board of Directors;American College of Greece: Member of the Board of Trustees

Anastasios I. Leventis CCHB AG: Non-Executive Director;A.G. Leventis (Nigeria) Plc: Board Member;Alpheus Group Limited: Director;A.G. Leventis Foundation: Trustee;Gennadius Library, Athens: Member of the Board of Overseers;University of Exeter: Member of the Campaign Board

Charlotte J. Boyle CCHB AG: Independent Non-Executive Director;The Zygos Partnership: Partner;Alfanar: Member of the Board and Chair of the Finance Committee

Christo Leventis CCHB AG: Non-Executive DirectorJohn P. Sechi CCHB AG: Independent Non-Executive Director;

Sechi & Sechi Properties Limited: Executive Chairman José Octavio Reyes CCHB AG: Non-Executive Director;

MasterCard WorldWide, Papalote Children’s Museum, Mexico City and Fundación UNAM: Member of theBoard of Directors

Olusola (Sola) David-Borha CCHB AG: Independent Non-Executive Director;Standard Bank’s African business excluding South Africa:Chief Executive;Chartered Institute of Bankers of Nigeria: Honorary Fellow;CR Services Credit Bureau Plc and University of Ibadan Business School: Non-Executive Director;Nigerian Economic Summit Group: Vice Chairman of the Board

Reto Francioni CCHB AG: Senior Independent Non-Executive Director;University of Basel: Professor, Applied Capital Markets Theory;UBS Group: Member of the Board of Directors;Swiss International Airlines: Chairman of the Supervisory Board

Robert Ryan Rudolph CCHB AG: Non-Executive Director;Oesch & Rudolph: Attorney and Partner;A.G. Leventis Foundation: Member of the Foundation Board

William W. (Bill) Douglas III CCHB AG: Independent non-Executive Director;SiteOne Landscape Supply, Inc.: Member of the Board of Directors and Chairman of the Audit Committee;University of Georgia Foundation: Vice Chairman

As of 27 June 2016Source: Company data



Ownership structureAs of 31 December 2016, CCHBC AG's principal shareholders were Kar-Tess Holding, a Luxembourg company, which held 23.3% of itsoutstanding ordinary shares, and TCCC, which indirectly owns 23.2% of its share capital. The remaining 53.5% of shares were tradedpublicly.

Source: Company report (integrated annual report Dec 2016), Company data

SubsidiariesAs of 31 December 2016, the company’s principal subsidiaries were as follows:

Exhibit 12Coca-Cola HBC AGSubsidiary Country of incorporation % OwnershipAS Coca-Cola HBC Eesti Estonia 100.0CCB Management Services GmbH Austria 100.0CCHBC Armenia CJSC Armenia 90.0CCHBC Bulgaria AD Bulgaria 99.4CCHBC Insurance (Guernsey) Limited Guernsey 100.0CCHBC IT Services Limited Bulgaria 100.0Coca-Cola HBC Austria GmbH Austria 100.0Coca-Cola Beverages Belorussiya Belarus 100.0Coca-Cola HBC Ceska republika, s.r.o. Czech Republic 100.0Coca-Cola Beverages Ukraine Ltd Ukraine 100.0Coca-Cola Bottlers Chisinau S.R.L. Moldova 100.0Coca-Cola HBC-Srbija d.o.o. Serbia 100.0Coca-Cola HBC B-H d.o.o. Bosnia and Herzegovina 100.0Coca-Cola HBC Finance B.V. The Netherlands 100.0Coca-Cola HBC Greece S.A.I.C. Greece 100.0Coca-Cola HBC Hrvatska d.o.o. Croatia 100.0Coca-Cola HBC Hungary Ltd Hungary 100.0Coca-Cola HBC Ireland Limited Republic of Ireland 100.0Coca-Cola HBC Italia S.r.l. Italy 100.0Coca-Cola HBC Kosovo L.L.C. Kosovo 100.0Coca-Cola HBC Northern Ireland Limited Northern Ireland 100.0Coca-Cola HBC Polska sp. z o.o. Poland 100.0Coca-Cola HBC Romania Ltd. Romania 100.0Coca-Cola HBC Slovenija d.o.o. Slovenia 100.0Coca-Cola HBC Slovenska republika, s.r.o. Slovakia 100.0Coca-Cola HBC Switzerland Ltd. Switzerland 99.9Coca-Cola Hellenic Bottling Company-Crna Gora d.o.o., Podgorica Montenegro 100.0Coca-Cola Hellenic Business Service Organisation Bulgaria 100.0Coca-Cola Hellenic Procurement GmbH Austria 100.0Lanitis Bros Ltd Cyprus 100.0LLC Coca-Cola HBC Eurasia Russia 100.0Nigerian Bottling Company Ltd Nigeria 100.0SIA Coca-Cola HBC Latvia Latvia 100.0UAB Coca-Cola HBC Lietuva Lithuania 100.0CC Beverages Holdings II B.V The Netherlands 100.0Coca-Cola HBC Holdings B.V The Netherlands 100.0Star Bottling Limited Cyprus 100.0

Source: Company report (integrated annual report Dec 2016)



Subsidiaries rated by Moody’s

» Coca-Cola HBC Finance B.V.

Peer Group

» Coca-Cola European Partners plc

» Coca-Cola Icecek A.S.

» Coca-Cola Amatil Limited

» Coca-Cola Bottling Co. Consolidated

» Coca-Cola FEMSA, S.A.B. de C.V.

Related websites and information sourcesFor additional information, please see:

The company’s website

» www.coca-colahellenic.com

MOODY’S has provided links or references to third party World Wide Websites or URLs (“Links or References”) solely for your convenience in locating related information and services. Thewebsites reached through these Links or References have not necessarily been reviewed by MOODY’S, and are maintained by a third party over which MOODY’S exercises no control. Accordingly,MOODY’S expressly disclaims any responsibility or liability for the content, the accuracy of the information, and/or quality of products or services provided by or advertised on any third party website accessed via a Link or Reference. Moreover, a Link or Reference does not imply an endorsement of any third party, any website, or the products or services provided by any third party.

Moody’s related researchIssuer Page on Moodys.com

» Coca-Cola HBC AG

Credit Opinion

» Coca-Cola HBC AG

Industry Outlook

» Beverages - Global Cost Savings and Premium Brands Offset Volume Challenges to Drive Profit Growth, May 2017

Rating Methodology

» Global Soft Beverage Industry, January 2017

Sector In-Depth

» Soft Beverages - US As Sodas Lose their Fizz, Alternative Beverages Quench Thirst for Growth, May 2017

» Soft Beverages - Europe - Bottled Water Growth To Offset Slowdown In Other Segments, But Impact on Credit Quality Limited ForNow, September 2016

Sector Comment

» Beverages - Europe - Results Support Ratings and Give Credit Quality Boost To Weaker Positioned Companies, February 2017

To access any of these reports, click on the entry above. Note that these references are current as of the date of publication of this report and that more recent reports may be available on theissuer’s page . All research may not be available to all clients.


https://www.moodys.com/credit-ratings/Coca-Cola-HBC-Finance-BV-credit-rating-600059601

http://coca-colahellenic.com/en/

https://www.moodys.com/credit-ratings/Coca-Cola-HBC-AG-credit-rating-823433151

https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1047026








Endnotes1 Approximately 5.678 litres or 24 servings



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Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’sOverseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a NationallyRecognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by anentity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registeredwith the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferredstock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for appraisal and rating services rendered by it feesranging from JPY200,000 to approximately JPY350,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

REPORT NUMBER 1080481


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