Subscribe Login
A-Brands

Coca-Cola HBC Flags One-Time $195m Hit From Russian Operations

Coca-Cola HBC said on Thursday that it incurred a one-time hit of €190 million ($195.36 million) in the first-half due to costs related to its business in Russia after it stopped sale of Coca-Cola drinks in the country following the Ukraine war.

The soft drinks bottler, which once counted Russia as one of its biggest markets, also expects to sustain financial charges of about €82 million in the second-half as it depleted all its stocks and would no longer produce or sell Coca-Cola or other brands of the Coca-Cola Company in Russia.

Coca-Cola Franchises

HBC is one of Coca-Cola's many bottlers worldwide and holds local Coca-Cola franchises to bottle and sell drinks produced by the US beverage giant.

Coca-Cola holds more than 20% stake in HBC.

The London-listed firm also reported a 34% fall in net profit at about €153 million for the six months ending 1 July, hit by the charges.

It also reinstated its forecast, expecting comparable operating profit for 2022 to be between €740 million and €820 million.

Read More: Coca-Cola HBC Mulls Other Options For Russian Business

News by Reuters, edited by Donna Ahern, Checkout. For more A-brands stories, click here. Click subscribe to sign up for the Checkout print edition.

Stay Connected With Our Weekly Newsletter

Processing your request...

Thanks! please check your email to confirm your subscription.

LIMITED TIME OFFER: 20% Off Our Premium Subscription
Enjoy full access to all website and app content, our weekly email news digest, and to Checkout Magazine 12 times a year (including our Top 100 Brands 2022 edition).
LIMITED TIME OFFER: 20% Off Our Premium Subscription
LIMITED TIME OFFER: 20% Off Our Premium Subscription
Enjoy full access to all website and app content, our weekly email news digest, and to Checkout Magazine 12 times a year (including our Top 100 Brands 2022 edition).
LIMITED TIME OFFER: 20% Off Our Premium Subscription