Coca-Cola HBC is “evaluating all options” in Russia after the soft-drinks giant suspended operations there, saying it is likely to have a “much smaller presence” focusing on local brands.
The London-listed company which bottles the soft drink in the country had almost 26 per cent revenue growth until April – excluding Russia – as it released results for the first three months of 2020.
In a statement, the firm said the US-based “Coca-Cola Company suspended its business in Russia and stopped taking orders for concentrate with immediate effect on 8 March 2022.
“We are in the process of implementing this decision in close alignment with The Coca-Cola Company.”
In wake of the move, the firm “will have a much smaller presence in the market focused on local brands. We are evaluating all options here and will share more in due course, alongside the financial implications of any decision made for both 2022 performance and the level of non-cash charges.”
Chief Executive Officer of Coca-Cola HBC AG, Zoran Bogdanovic, said the firm is “deeply distressed by the unspeakable tragedy and ongoing human suffering in Ukraine.”
We continue to prioritise the safety of our people and their families and are providing practical and financial support, as well as donations for humanitarian relief in the impacted region.”
The company also announced £15m was being given together with The Coca-Cola Company, The Coca-Cola Foundation and other bottling firms, to humanitarian assistance.