Ad:Business Contacts
Ads:Current issue FRUIT PROCESSINGWorld Of Fruits 2023Our technical book Apple Juice TechnologyFRUIT PROCESSING Online Special: Instability of fruit-based beveragesFRUIT PROCESSING Online Special: Don’t give clogs a chanceOrange Juice ChainOur German magazine FLÜSSIGES OBST

Elopak reported strong financial performance for the second quarter of 2023


  • Revenues increased by 8 %, to EUR 278.0 million, driven by growth in EMEA and Americas
  • Organic growth was 6 %, or EUR 14.6 million, adjusted for currency translation effects and revenue from acquired businesses
  • Adjusted EBITDA was EUR 41.6 million, an improvement of EUR 15.1 million
  • Strong cash flow generation, leverage ratio reduced to 2.6x
  • Elopak will build a new plant in the USA to further leverage the high customer demand in the region

Commenting on Elopak’s performance, CEO Thomas Körmendi said:

“Building on our solid performance in past consecutive quarters, Q2 saw Elopak delivering strong profitable growth. Despite inflationary pressures, we remain on-track to achieving our strategic objectives. Our strong performance is allowing us to explore new market opportunities, including building a new state-of-the art factory in the US, and expanding our India operations.“

“Looking forward, we expect to deliver full year revenue growth well above our mid-term target. While we see softening of some raw material prices, the liquid paper market remains tight and higher board prices will have full effect in the second half of 2023. Additionally, the significant inflationary pressures on the broader cost base will impact our full year EBITDA margin. However, based on expected revenue growth, our second half EBITDA will be higher than last year. I am pleased to report this strong performance and remain eager and optimistic for continued sustainable packaging demand.”

For the full report and quarterly presentation, please visit

In the first quarter of the 2023/24 financial year (the three months ended 31 May 2023), AGRANA, the fruit, starch and sugar company, achieved very significant growth of 23.1 % in operating profit (EBIT) to EUR 63.5 million. Revenue increased by 9.0 % to EUR 966.1 million. “We have made a successful start to the 2023/24 financial year and are especially pleased with the continuing healthy profit trend in the Sugar segment and the good performance in the Fruit segment, where structural measures to boost profitability of the fruit preparations business are already producing results. In the Starch segment, the expectation of a challenging financial year was proved correct in the first three months. EBIT declined significantly in this business segment, due especially to a lower ethanol performance driven by sales prices,” explains AGRANA CEO Markus Mühleisen.

Results in each business segment for the first quarter of 2023/24

Fruit segment

The Fruit segment’s revenue in the first quarter was EUR 401.1 million, up 11.2 % from one year earlier. The revenue expansion both in the fruit preparations and fruit juice concentrate businesses was the result of price changes. EBIT of the segment as a whole increased to EUR 24.4 million in the first three months of the financial year (Q1 prior year: EUR 19.9 million). The earnings result in fruit preparations was significantly above the year-ago level. The improvement was attributable mainly to a positive business performance in the Europe region. The fruit juice concentrate business as well further grew its earnings compared to the already very good year-earlier quarter. This was driven by improved contribution margins of apple juice concentrate made from the 2022 crop.

Starch segment

The Starch segment’s revenue of EUR 317.1 million in the first quarter was steady year-on-year (Q1 prior year: EUR 319.1 million), as lower sales volumes coincided with higher selling prices. Across most product categories, customers now are not fully utilising sales contracts that were concluded in fall and winter 2022 against the backdrop of the then-prevailing tight availability and resulting high market prices. Demand for native and modified food starches as well as saccharification products is more restrained, even in the normally stable food market. Many customers are facing weaker consumption and are increasingly running down their inventories. At EUR 22.1 million, EBIT in the Starch segment was down significantly from one year earlier (Q1 prior year: EUR 29.3 million). A key reason lay in the low-margin ethanol business, as a result of a considerable decline in Platts quotations.

Sugar segment

Revenue in the Sugar segment was EUR 247.9 million, up 20.0 % from the first quarter of the previous year. This growth was driven by a substantial increase in sugar selling prices. EBIT, at EUR 17.0 million, represented a marked improvement from the year-earlier period. The Sugar segment’s very good EBIT in the first quarter of 2023|24 reflected the significantly increased sugar sales prices in particular, as well as many reorganisation measures taken previously.

Provisional, unaudited operating profit of EUR 158 million

The preparation of the consolidated financial statements of the AGRANA Group for the period to 28 February 2023 reveals a provisional, unaudited operating profit of EUR 158 million, which is therefore significantly higher than the Company’s own guidance (“up to + 50 % compared to prior year”).

The provisional consolidated earnings before interest and tax (EBIT)* for the 2022/23 financial year (1 March 2022 to 28 February 2023) amount to EUR 88 million (2021/22: € 24.7 million). EBIT takes into account impairment charges taken against assets and goodwill in the amount of EUR 91 million which were recognised in the half-year financial statements (prior year: net exceptional items expense of EUR 70 million). Group revenue will amount to EUR 3.6 billion (2021/22: EUR 2.9 billion).

AGRANA’s Management Board currently forecasts a very significant improvement in EBIT during the ongoing 2023/24 financial year (more than + 50 %). The assumption is that consolidated revenue will increase significantly (by more than + 10 % and up to + 50 %). Key uncertainties however remain the war in Ukraine and its consequences.

The 2022|23 annual results and the 2022/23 annual report will be published as scheduled on 17 May 2023.

*After exceptional items and share of results of equity-accounted joint ventures

A year of transformation: Eckes-Granini looks back on a solid financial year 2021 and continues to drive growth ambitions forward
Tim Berger (Photo: Eckes-Granini Group)

The past business year was a year of contrasts for the Eckes-Granini Group GmbH a year full of contrasts. The second pandemic year pandemic year and customer conflicts in the food retail sector once again presented the company with challenges, while 2021 also marked the start of the largest transformation in the company’s history. Sales revenue decreased moderately from 873 million euros in fiscal 2020 to 856 million euros (- 1.9 %), while sales volumes also declined, falling by 38 million litres to 805 million litres (- 4.5 %). Germany and France were particularly affected by the decline in sales volumes. Here, differing views on price adjustments led in part to the discontinuation of supply relationships with partners in the food retail sector. As a result, Eckes-Granini posted EBIT of 57.2 million euros (previous year: 71.0 million euros). The decline of 13.8 million euros is attributable to the effects of the pandemic, customer conflicts in the food retail sector and significantly higher costs for raw and packaging materials compared to the previous year. Tim Berger, CEO of Eckes-Granini Group GmbH, looks back on the business year as follows: “Despite considerable challenges posed by Corona, lower sales volumes and massive cost inflation, we succeeded in gaining market share – especially in the Nordic and Baltic countries – and strengthening our position during the past business year. Overall, our sales grew in nine out of ten countries. We also performed well in our international business in European countries and outside Europe.”

Eckes-Granini remains market leader

While the market for fruit juices, nectars and fruit beverages (FJND) was still able to benefit from food stockpiling in 2020, it declined in both value (- 2.1 %) and volume (- 4.4 %) in the second pandemic year. In particular, there was less demand for ambient, non-refrigerated fruit drinks sold via retailers. Accordingly, the 2021 segment recorded a decline of 3.7 % in sales and 5.2 % in volume sales, thus performing somewhat weaker than the market as a whole. In this generally weaker market environment, Eckes-Granini recorded a 0.7 % decline in market share in terms of value (market share 12.2 %) and a 0.8 % decline in volume (market share 11.3 %). The good news is that brands continue to gain market share. The e-commerce segment also continues to grow strongly but is not included in these figures. Eckes-Granini was able to make significant gains here, growing by + 35 %.

Full focus on innovation, digitization, and sustainability

In the area of product innovations, the company got off to a flying start with the market launch of hohes C Super Shots in Germany and Joker Shots in France. The popular hohes C Super Shots are currently leading the two-digit growth of the shot category in Germany (+ 31.1 %). Since the past business year, the Eckes- Granini Group has also been investing heavily in new distribution channels and cooperative ventures, and growth and the acquisition of new customers in e-commerce are developing particularly promisingly.

The Eckes-Granini Group also scored points in sustainability in 2021. With the publication of the first Group-wide sustainability report and the implementation of numerous measures, Eckes-Granini took important steps toward a more sustainable orientation of its business activities last year. To reduce emissions in line with the latest climate science criteria and achieve its ambitious targets, Eckes-Granini has been working with the independent Science Based Targets initiative (SBTi) since 2021.

Successfully heading for the future with a strong growth strategy

2021 marked the launch of the Eckes-Granini Group’s Strategy 2025 and thus the largest transformation in the company’s history. “The transformation in the FJND market will continue and requires new ways of thinking and working – also from us as ‘category thought leaders’,” says Tim Berger. “At the same time, our goals are clearly defined: In 2025, we want to generate one billion euros in net sales and achieve a market share of 15 % in Europe. We successfully laid the foundation for these ambitious goals in 2021 and are now building on them. In the past fiscal year, we succeeded in maintaining our market leadership position despite numer ous challenges and a difficult market environment, growing locally and driving for- ward key innovations. We have thus made a solid and motivated start to 2022.”

You can find further information and download the business report at:

About the Eckes-Granini Group
Eckes-Granini is the leading supplier of fruit juices and fruit beverages in Euro-pa. For the inde- pendent family-owned company headquartered in Nieder-Olm, Germany (Rhineland-Palatinate), the focus is on committed and competent employees, strong brands in the areas of juices, fruit beverages and smoothies, and a long-term strategic orientation with sustainable value creation. Today, Eckes-Granini operates mainly in Europe with its own national companies and strategic partners and generates annual sales of 856 million euros with a total of 1697 employees. The com- pany’s foundation is formed by the internationally renowned premium brands granini and Pago to- gether with strong national and regional brands for juices such as hohes C, Joker and God Morgon. Consumers in 80 countries worldwide and especially in Europe know and appreciate our fruit juices and the variety of fruit drinks.

Louis Dreyfus Company B.V. (LDC) reported strong consolidated financial results for the year ended December 31, 2021, successfully fulfilling its key role to keep essential agricultural supply chains moving safely, reliably and responsibly in a context of continued global challenges.

Net sales amounted to USD 49.6 billion, up 47.7 % compared to 2020, while Segment Operating Results rose 17.6 % year-on-year to USD 1,834 million, as the company once again leveraged its global footprint and market intelligence to mitigate risk, deliver for customers and capture profitable origination and sales opportunities. This performance drove EBITDA to USD 1,623 million, up 22.6 % compared to the same period in 2020.

“2021 was a very special year for LDC, in which we celebrated 170 years of history and opened a new chapter for the company, welcoming ADQ into our shareholder group as a strategic partner in the pursuit of our long-term plans and strategy,” said Margarita Louis-Dreyfus, Chairperson of the Supervisory Board. “It was also another challenging year for our teams and partners around the world, to whom I am deeply grateful for their exceptional commitment, which made business continuity and success possible even in a complex and rapidly changing context.”

With overall resilient demand for the main products commercialized by the Group in 2021, both its business segments contributed to LDC’s strong operating results, which reached USD 1,191 million for the Value Chain Segment (compared to USD 1,003 million in 2020) and USD 643 million for the Merchandizing Segment (up from USD 556 million in the previous year). All business platforms successfully navigated uncertain market conditions, securing profitable flows to meet demand, implementing successful hedging strategies and capitalizing on recovery from Covid-19 impacts in certain sectors, owing to easing sanitary measures.

“In another year marked by the ongoing pandemic, freight shortages and port congestions, as well as climate challenges, LDC once again navigated a complex environment to deliver for customers, while making important strides in our strategic and sustainability roadmaps,” said Michael Gelchie, LDC’s Chief Executive Officer. “Our clear vision and agile mindset have underpinned our success over 170 years, and continue to do so today as we pursue our growth ambitions, always with the safety and wellbeing of all those who work for and with us as a top priority.”

As part of its commitment to helping address increasingly urgent climate and other global sustainability challenges, LDC set up a dedicated Carbon Solutions Platform in 2021 to accelerate the Group’s decarbonization journey. This reflects the sectoral commitment, signed at the COP26 United Nations Climate Change Conference, for accelerated action on deforestation and emissions, supporting the global drive toward a net zero economy.

“Our progress in 2021 further reinforced LDC’s leading position as a key industry participant for the future, while ensuring the future we shape is fair and sustainable, in line with our company purpose,” said Michael Gelchie. “Looking ahead, in light of new geopolitical tensions and macroeconomic shifts emerging in 2022, our role to provide essential products to the world’s population is more important than ever. It remains our priority to fulfill this role safely, reliably and responsibly, working hand in hand with our teams and business partners across the globe, to whom we are extremely grateful for their collaboration and steadfast support.”

Please download the full LDC’s digital 2021 annual report as pdf-file under:

In the first quarter of the 2020/21 financial year (ended 31 May 2020), AGRANA, the fruit, starch and sugar company, achieved a slight increase in both revenue and operating profit (EBIT) despite the COVID-19 crisis. AGRANA Chief Executive Officer Johann Marihart comments: “The key factor in the solid Group EBIT was a very significant profitability improvement in the Sugar segment compared to the same quarter last year. EBIT in the Starch segment was moderately below the year-earlier level, with the decline due mainly to a short-term slump in bioethanol prices at the beginning of the COVID-19 pandemic, which have since recovered again. Ethanol sales remained stable in volume terms despite the lockdown, thanks to the firm export market for bioethanol with high CO2 reductions and to the sale of 10 million litres into the disinfectant sector. In the Fruit segment, earnings were significantly below those of one year ago. Thus, the performance of the fruit juice concentrate activities was down as a result of the prior-year harvest and there were COVID-19-related decreases in the fruit preparations business.”

Results in each business segment in Q1 2020|21

FRUIT segment

Revenue in the Fruit segment, at € 303.7 million, was off slightly from one year earlier. Revenue from fruit preparations fell somewhat, as a result of lower sales volumes. In the fruit juice concentrate business as well, volumes were the reason for a moderate revenue decline relative to a year ago. EBIT in the Fruit segment was € 16.0 million in the first three months, a reduction of 26.6 % year-on-year. The causes of the deterioration lay primarily in the fruit juice concentrate business, which notably saw reduced delivery volumes in combination with lower contribution margins of apple juice concentrates produced from the 2019 crop.

STARCH segment

The Starch segment’s revenue of CHF 204.4 million was slightly below the year-earlier level. The COVID-19 crisis had a negative impact on sales volumes of saccharification products, and initially also led to a drastic fall in bioethanol prices amid the lockdown and the sharp drop in demand for petrol. However, over the rest of the financial first quarter, bioethanol quotations rebounded again due to the resurgence in private transport. At € 17.0 million, EBIT of the Starch segment was moderately below the year-earlier amount. In the period under review, weaker market demand dampened prices and put pressure on margins.

SUGAR segment

The Sugar segment’s revenue of € 144.5 million in the first quarter was up significantly from one year before. Both higher sugar selling prices and increased sugar sales volumes led to this growth. Although EBIT was still negative at a deficit of € 1.0 million, it marked a substantial improvement compared to the same quarter of the previous year due to a more benign sales price environment.

The detailed financial results are provided in the interim statement for the first quarter of 2020|21 at

Despite providing an uninterrupted supply of fresh fruit and vegetables so far to European citizens confined at home, the COVID-19 pandemic has continued to destabilize the European fresh fruit and vegetable sector, threatening long-term food supply. In a letter sent to European Commissioner for Agriculture Janusz Wojciechowski Freshfel Europe has requested urgent financial assistance and flexibility in CAP tools to provide much needed stability to the fresh fruit and vegetable sector. Currently, growers are grappling with significant cost increases estimated to be at least €500 million per month. The sector has also lost access to the food service sector representing 25 – 30 % of the market supply and EU fresh fruit and vegetables exports to third countries worth € 5 billion per year are also confronted with significant difficulties. As the pandemic evolves, it will continue to bring with it further economic stress for the sector and threaten the financial sustainability of fresh fruit and vegetable supply.

Freshfel Europe’s letter to European Commissioner Wojciechowski warns that the European fresh fruit and vegetable sector cannot sustain the increased level of production and logistic costs resulting from the COVID-19 crisis without endangering fresh fruit and vegetable supply in the long term. Financial support is essential in conjunction with other measures, such as flexibility in management of CAP tools, to allow the sector to continue balancing additional costs related to COVID-19 with economic sustainability. Remarking on the huge financial burden being carried by the sector, Freshfel Europe General Delegate affirmed that, “Added costs in orchards and packing houses are estimated at least € 0,05 cts/kg and a similar amount of € 0,05 cts/kg is also to be considered to be added as extra charge in intra EU transport”. Collectively this represents about € 500 million given the volume produced and shipped monthly. Mr. Binard also highlighted that the sector should be considered an essential sector to secure access to protective tools and measures that would enable the return to normal operating conditions as early as possible. This would include access to hydrogel, masks and testing and allow the sector to be in a position to remove social distancing measures. With the availability of all seasonal workers this would these changes would facilitate orchard activities and logistics operations to run at normal high efficiency rates to ensure supply.

As the COVID-19 pandemic continues to unfold Freshfel Europe maintains that further necessary measures under the CAP must be taken at European level to avoid a food supply crisis later in the year and secure that the sector can continue to provide Europe’s supply of fresh fruit and vegetables at affordable prices to consumers in the coming months. Freshfel Europe has also recommended to Commissioner Wojciechowski that in light of the far reaching implications of the COVID-19 crisis to also review different policies connected to agriculture and fruit and vegetables specifically, such as research and innovation, organic reform, promotion policy, international trade policy and the forthcoming Farm to Fork Strategy. Evolving conditions in regard to insurance and credit insurance and equal access to liquidity should also be analyzed.

Freshfel Europe is concerned over the increasing financial burden being carried by the European fresh fruit and vegetable sector as a result of the coronavirus crisis. Increasing costs associated with the implementation of necessary measures across the supply chain to cope with the COVID-19 pandemic as well as current and future non-harvesting of products if seasonal workers are not available are set to have considerable ramifications for the long-term stability of the sector. Freshfel Europe calls for new support measures to secure the supply of fresh produce to consumers over the coming summer months and into the latter half of 2020 and beyond.

Despite providing an uninterrupted supply of fresh, safe and high quality fresh produce to consumers throughout the COVID-19 pandemic so far, the European fresh fruit and vegetable sector is facing significant challenges. Although the sector is well organized and committed to its responsibility to provide fresh produce to consumers confined at home the effects of the pandemic are being felt by all actors in the supply chain. The availability of seasonal workers is still insufficient in many places. This workforce is key for planting, preparing orchards, preventing non-harvesting and picking quality products now and later in the year. Efficiency in orchards and pack houses has decreased due to social distancing rules and with the provision of safety equipment and new packing requirements other challenges are being encountered. Growers in particular are being confronted with a significant increase of new necessary costs, often by more than 10 %, which are not being entirely returned or compensated. Logistics costs in the chain have also increased by 20 – 30 % due to empty returns of trucks and longer journey times. Besides this, significant market loss is being experienced with the closure of the European food service industry and street markets, with wholesalers consequently also losing a significant amount of business. In total this market segment covers 25 % of fresh produce consumption and retail chains are not absorbing all of this volume. Retailers have also had to adapt stores with personal safety measures such as flexi-glass at cashiers and limiting shopper numbers in store. In addition, risks for products to be successfully exported globally are increasing and importers are experiencing high uncertainty in terms of delivery and time required for documentation checks. This increasing burden on the supply chain is set to have considerable ramifications for the long-term stability of the sector.

In light of mounting uncertainty about the future of the sector, Freshfel Europe calls for continued and new support measures to secure the supply of fresh fruit and vegetables to consumers over the coming summer months and into the latter half of 2020. At the start of April the European Commission secured an operation framework for intra-EU trade and measures for seasonal workers, however no further support has been granted under the Common Agricultural Policy (CAP) to producers and producer groups to reflect current increasing costs to guarantee the continued supply of fresh, safe and high quality products to consumers. More incentives through CAP instruments on top of those released by the European Commission on 6 April 2020 are needed for the sector, especially for growers, to cope with the current financial pressure. As an essential good, maintaining the long-term supply of healthy fresh fruit and vegetables to the European market is essential.

Krones, the world’s leading manufacturer of filling and packaging technology, continued to grow in 2018 despite difficult conditions. The company benefited as a full-service provider from its extensive product and service range and broad international footprint.

Krones achieves growth target for 2018 financial year

Revenue increased by 4.4 % year-on-year, from €3,691.4 million to €3,854.0 million. The company thus achieved the revised target of 4 % revenue growth announced in autumn 2018. Revenue grew operationally (i.e., adjusted for currency and acquisition effects) was around 5 %. Krones increased revenue, in some cases significantly, in Europe, China and South America/Mexico. Revenue was down in the Asia/Pacific region, the Middle East/Africa and in North and Central America.

Despite the high prior-year figure, order intake increased by 4.5 % in 2018, from €3,786.8 million to €3,957.3 million. Growth in order intake was above average in Western and Eastern Europe and in China. Krones had orders on hand totalling €1,261.1 million at the end of 2018. This once again exceeded the very high prior-year figure by 1.7 %.

Krones continued to invest in the growth of its workforce in 2018, primarily for the expansion of its global footprint. The company employed 16,545 people worldwide at the end of 2018. This represents an increase of 1,246 employees on the previous year, about 400 of which related to acquisitions.

Profitability affected by one-off expenses, mainly for reorganisation

Krones’ earnings were significantly impacted by higher material and labour costs in 2018. The 5.3 % EBT margin includes approximately €42 million in one-off expenses, mainly for reorganisation.

Had these expenses not been incurred in 2018, the EBT margin would have been 6.4 %. The costs related to establishing the production site in Hungary account for the largest share of this amount. In total, earnings before taxes (EBT) in 2018 were down by 21.1 % or €54.5 million year-on-year to €204.3 million (EBT margin: 5.3 %).

Earnings decreased in both segments. In the core segment, Machines and Lines for Product Filling and Decoration, EBT went down by 15.2 % year-on-year, from €263.3 million to €223.3 million. Expenses for reorganisation reduced segment earnings here by around €25 million. In the Machines and Lines for Beverage Production/Process Technology segment, EBT deteriorated from –€4.5 million in the previous year to –€19.0 million. This mainly related to a total of around €17 million in one-off expenses.

Krones improves free cash flow by €271.4 million

Krones was able to significantly reduce working capital between October and December 2018. This had a positive impact on free cash flow, which improved in 2018 by a substantial €271.4 million compared with the prior year, to €120.7 million (previous year: –€150.7 million). The ratio of average working capital over the past four quarters to revenue developed slightly better than expected, holding stable at 27.3 % in 2018. Net cash went up to €215.1 million at the 2018 reporting date (previous year: €157.4 million). Due to the increase in total assets, the company’s equity ratio decreased slightly to 43.2 % (previous year: 43.8 %). Overall, Krones continues to possess a very robust financial and capital structure.

With the above figures, Krones has confirmed the preliminary figures published on 21 February 2019. No significant changes arose in the course of the auditing process.

Shareholders to receive stable dividend of €1.70 per share

At the Annual General Meeting on 5 June 2019, the Executive Board and Supervisory Board of Krones will be proposing a dividend of €1.70 per share for the 2018 financial year. The proposed dividend is stable relative to the previous year. The planned payout is 35.7 % of consolidated net income.


Based on the prevailing macroeconomic outlook and the current expected development of the markets relevant to Krones, the company expects consolidated revenue growth of 3 % in 2019.

In order to achieve its medium-term corporate targets, Krones will continue in 2019 to work towards a global structure fit for the future challenges. The company does not expect any noticeable fall in material procurement prices in 2019; the same applies to labour costs. Krones’ sales price increases on all bottling and packaging equipment and for process technology with effect from 1 May 2018 are likely to have a slight positive effect on earnings in the 2019 financial year. Overall, Krones expects an EBT margin of around 6 % for 2019.

Above all due to the focus on increases in the sales price level, in the current economic and geopolitical climate, Krones sees the achievement of its targets for 2019 subject to greater uncertainties than in the past. For its third performance target, working capital to revenue, Krones expects a figure of 26 %.

Krones has published the Annual Report 2018 online at

Rolf Stangl, CEO of SIG, said: “In 2018 we successfully continued our growth strategy and achieved core revenue growth of 6.4 % at constant currencies, slightly exceeding our target range of 4 – 6 %. We saw growth across our global footprint and are reaping the rewards of our steady expansion into markets outside Europe, where growth in aseptic carton packaging is being driven by mega-trends including demographics, rising disposable income and urbanisation. The Asia Pacific region in particular delivered a strong performance during the year, with robust growth in the liquid dairy segment and growing demand for premium products.

“Our broad international presence continues to provide us with promising growth opportunities. These opportunities come with exposure to currency fluctuations, which in 2018 dampened growth in adjusted EBITDA. At constant currencies, adjusted EBITDA increased by 8 %. The adjusted EBITDA margin increased to 27.5 %, reflecting a positive business mix and ongoing cost efficiency measures. We achieved a significant increase in adjusted free cash flow, while continuing to expand our filler base in growth markets. The cash generative nature of our business underpins our intended mid-term dividend payout ratio of 50 – 60 % of adjusted net income. For 2018, we are proposing a Swiss franc dividend payout in 2019 equivalent to around €100m.”

2018 Annual Report

SIG has published its 2018 Annual Report, which includes the Group’s operating and financial results accompanied by SIG’s audited consolidated and statutory annual financial statements, the Compensation Report outlining the compensation policies of the Group and the Corporate Governance Report. All publications are available for download at

The Coca-Cola Company reported another quarter of solid operating performance, capping off strong financial results for the year. While reported net revenues declined due to refranchising and currency headwinds, the company delivered organic revenue (non-GAAP) growth within its long-term target for the sixth consecutive quarter, while also gaining value share globally.

“I am pleased with our strong organic revenue and earnings growth in 2018. Our results demonstrate progress in our transformation as a consumer-centric, total beverage company and the power of a more strategically aligned system,” said James Quincey, CEO of The Coca-Cola Company. “Coca-Cola has established a strong foundation to capitalize on long-term growth opportunities and drive sustained shareowner value.”

Download the full earnings release (PDF)

The Coca-Cola Company reported continued momentum in its business for 2018, with strong financial results for the third quarter. While reported net revenues for the quarter declined due to refranchising, the company delivered broad-based organic revenue (non-GAAP) and volume growth across all operating groups, while gaining value share globally.

Strong organic revenue (non-GAAP) growth in the quarter was driven by continued innovation and revenue growth management initiatives within sparkling soft drinks, as evidenced by double-digit volume growth of Coca-Cola Zero Sugar across all groups. In addition to sparkling soft drinks, the company saw strong performance for brands like Fuze Tea and smartwater. Coca-Cola also announced several strategic actions, including a number of acquisitions and investments, and continued to lift, shift and scale brands around the world. The company’s disciplined growth strategies and an ongoing focus on productivity led to double-digit profit growth for the quarter.

“We continue to be encouraged by our performance year-to-date as we accelerate our evolution as an even more consumer-centric, total beverage company,” said James Quincey, President and CEO of The Coca-Cola Company. “The recent leadership appointments are intended to help accelerate the transformation of our company.”


Quarterly Performance

  • Revenues: Net revenues declined 9 % to $8.2 billion, impacted by a 13-point headwind from the refranchising of company-owned bottling operations. Organic revenues (non-GAAP) grew 6 %, driven by concentrate sales growth of 4 %, which benefited from the timing of shipments, and price/mix growth of 2 %.
  • Volume: Unit case volume grew 2 %, led by Trademark Coca-Cola.
  • Margin: Operating margin, which included items impacting comparability, expanded approximately 600 basis points. Comparable operating margin (non-GAAP) improved 575 basis points, driven by divestitures of lower-margin bottling operations and the company’s ongoing productivity efforts. These drivers were partially offset by an approximate 130 basis point headwind from the adoption of the new revenue recognition accounting standard and the impact of currency.
  • Market share: The company continued to gain value share in total nonalcoholic ready-to-drink (NARTD) beverages.
  • Cash flow: Year-to-date cash from operations was $5.5 billion, down 7 %. The decline was largely due to the impact of refranchising North American bottling territories and increased tax payments, partially offset by solid cash generation in the underlying business. Year-to-date free cash flow (non-GAAP) was $4.6 billion, down 2 %.
  • Share repurchases: Year-to-date purchases of stock for treasury were $1.6 billion. Year-to-date net share repurchases (non-GAAP) totaled $707 million.

Download the full earnings release (PDF)