Coca-Cola HBC Scraps 2022 Guidance Due to Ukraine War
March 03 2022 - 2:53AM
Dow Jones News
By Jaime Llinares Taboada
Coca-Cola HBC AG on Thursday removed financial guidance for 2022
due to the war between Russia and Ukraine.
The Switzerland-based bottler for Coca-Cola Co. said both
regions generated around 20% of its volumes and earnings before
interest and tax last year, and therefore the company no longer
believes it is prudent to provide guidance for the period.
The group stopped production at its plant in Kyiv on Feb.
24.
"It is still too early to quantify the impact that the evolving
geopolitical crisis and many governments' developing reactions to
it will have on our business or on our full year 2022 results,"
Coca-Cola HBC said.
The company also said it is prepared to utilize revenue growth
actions, including pricing, to offset currency depreciation and
higher costs. It added that it is ready to redeploy marketing and
capital expenditure investments to other markets.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
March 03, 2022 02:38 ET (07:38 GMT)
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