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Coca-Cola Lost $195Mln After Halting Russia Business

© Regis DuvignauBottles of Coca-Cola are seen at a Carrefour Hypermarket store in Montreuil, near Paris, France, February 5, 2018
Bottles of Coca-Cola are seen at a Carrefour Hypermarket store in Montreuil, near Paris, France, February 5, 2018 - Sputnik International, 1920, 11.08.2022
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MOSCOW (Sputnik) - The Coca-Cola Hellenic Bottling Company (Coca-Cola HBC) lost about 190 million euros ($195 million) in the first half of the year, mainly after suspending its operations in Russia, with further losses expected until the end of the year, the company said in a mid-year report.
"In H1 we incurred non-cash charges of €188 million and cash charges of €2 million, predominantly related to our business in Russia. As a result of post balance sheet events, we expect to incur further charges in H2, currently estimated at €82 million," the company said.
Coca-Cola HBC also reported a 29% increase in net revenue for the first half of the year, equal to 4.2 billion euros ($4.3 billion).
Coca-Cola HBC is the world's largest producer of soft drinks, with more than 500 brands, including such popular brands as Coca-Cola, Fanta and Sprite. On March 8, the company suspended its activities in Russia and in mid-June it announced suspending production and sales of beverages under Coca-Cola Company brands in Russia.
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