Coca-Cola HBC lost 190 million euros due to the restriction of activities in Russia

MOSCOW, 11 Aug – The Coca-Cola Hellenic Bottling Company (Coca-Cola HBC) estimated the cost of restricting its work in Russia in the first half of the year at 190 million euros, further costs are expected in the second half of the year, according to reporting companies.

Coca-Cola HBC bottles and markets beverages under the Coca-Cola Company brands, most notably Coca-Cola, Fanta and Sprite. The suspension of activities in Russia was announced on March 8, and in mid-June – the suspension of production and sales of drinks under the Coca-Cola Company brands in Russia.

“In the first half of the year, we incurred non-cash costs of 188 million euros and cash costs of 2 million euros, mainly in connection with our activities in Russia,” Coca-Cola HBC said in its financial statements.

The release notes that the company expects additional damage in the second half of the year, which is currently estimated at 82 million euros.

Coca-Cola HBC also reported a 17-19% decline in sales in Russia due to stock depletion.

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