Coca-Cola HBC said today it incurred a one-time hit of €190m in the first-half of 20222 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 once counted Russia as one of its biggest markets.
It said it also expects to sustain financial charges of about €82m 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.
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 €153m for the six months ending July 1, hit by the charges.
It also reinstated its forecast, expecting comparable operating profit for 2022 to be between €740m and €820m.
