Coca Cola HBC AG will release 3Q13 results on 07-November-2013, before market open.

Manos Chatzidakis	3:04 μ.μ. (Πριν από 11 λεπτά)

BETA Securities

 Member of the Athens Stock Exchange

Event & View

Coca Cola HBC AG will release 3Q13 results on 07-November-2013, before market open. We point out the following:

·         Based on consensus estimates the Company should post decreased volumes (-2.4%) mainly due to reduced demand in austerity hit countries such as Greece, Italy, Hungary and Romania and lower growth in Russia that was negatively affected by cold weather conditions and tough comps .
·         Net sales projected to decrease by -2.9% y-o-y (vs. +5.5% in 3Q12).
·         Comparable EBIT is seen at EUR 205.9mn down by -6.7% due to decreased operating leverage and FX losses that will be partly offset by cost savings taken earlier this year.
·         Comparable Net Profit should come in at EUR 142.4mn down by -8.5% with Net Profit margin down by -40bps.
·         We expect the Company to maintain its 2013-15e FCF guidance for EUR 1.3-1.5bn while Capex for the same period should stand in the range of 5.5-6.5% of sales.
·         With shares changing hands at 23.1x our FY2013 EPS estimates and 19.9x our FY2014 EPS estimates (vs. the stock’s 10 year historical average of 16.5x) we maintain our conservative stance on the stock.

The following table summarizes consensus estimates vs. 3Q’12 results.

Coca-Cola HBC AG	Q3'12	Q3'13 Cons. Median
Volume	594.0	580.0
% chng	2.1%	-2.4%
Turnover	2,036.3	1,978.0
% chng	5.5%	-2.9%
per case	3.43	3.41
% chng	3.3%	-0.5%
Comparable EBIT	220.6	205.9
% chng	0.5%	-6.7%
% of turnover	10.8%	10.4%
Comparable Net Profit	155.6	142.4
% chng	0.0%	-8.5%
% of turnover	7.6%	7.2%

Source: Company Reports, Beta Securities, Reuters

Next key events
Coca Cola HBC AG to announce 1Q13 results on 07-Nov-2013 at 7:00am UK time and 9:00am Athens time. A conference call will take place later that day at 9:00am UK time and 11:00am Athens time.

Conference call details: Greek participants 00800 4413 1378, US participants 001866 819 7111, UK participants 0800 953 0329, Other Intl’ participants 0044 1452 542 301