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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Coca-Cola Amatil Limited    CCL   AU000000CCL2

COCA-COLA AMATIL LIMITED

(CCL)
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Coca-Cola Amatil Withdraws Dividend Guidance, Volume Fell Ahead of Easter

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04/16/2020 | 08:30pm EDT

By Mike Cherney

SYDNEY--Australian bottler Coca-Cola Amatil Ltd. said Friday that it is withdrawing dividend guidance and that volumes fell in the first two weeks of April due to coronavirus lockdowns.

Amatil is temporarily withdrawing its dividend payout ratio guidance to give it more flexibility to address future economic challenges arising from the lockdowns. Amatil will decide on its 2020 dividend at its first-half result later in the year, it said.

The withdrawal comes as overall volumes fell 30% in the first two weeks of April, the start of the company's second quarter and typically a key trading period in the lead up to Easter and Ramadan. Indonesia volumes fell 50% and Australia volumes fell 15%, as consumers stayed home due to lockdowns.

In the first quarter, volume grew by a low single-digit percentage, Amatil said. But earnings before interest and tax fell by the mid teens. In March, the start of the coronavirus impact, Amatil said volume was up in the mid single digits as consumers stockpiled supplies, but earnings fell by the low single digits.

Earlier this month, Amatil completed a bond offering for 200.0 million Australian dollars (US$126.5 million) to help it navigate the uncertain economic outlook. It is also targeting A$140 million in cost savings and a A$100 million reduction in capital expenditures.

"The Covid-19 impacts are continuing to evolve with the situation fluid across all of our markets," Managing Director Alison Watkins said. "We are experiencing large volatility in volumes across markets and channels making it premature to draw any conclusions about the trading impact of the pandemic at this stage. We will have a clearer view at our annual general meeting in May."

 

Write to Mike Cherney at mike.cherney@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
COCA-COLA AMATIL LIMITED -2.97% 8.18 End-of-day quote.-26.04%
THE COCA-COLA COMPANY -0.94% 47.24 Delayed Quote.-14.65%
THE LEAD CO., INC. 0.00% 337 End-of-day quote.-13.59%
THE NEW HOME COMPANY INC. -13.50% 3.46 Delayed Quote.-25.75%
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Financials
Sales 2020 4 542 M 3 245 M 3 245 M
Net income 2020 219 M 157 M 157 M
Net Debt 2020 1 374 M 981 M 981 M
P/E ratio 2020 26,7x
Yield 2020 3,10%
Capitalization 5 922 M 4 244 M 4 231 M
EV / Sales 2020 1,61x
EV / Sales 2021 1,45x
Nbr of Employees 12 000
Free-Float 68,6%
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Technical analysis trends COCA-COLA AMATIL LIMITED
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TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 13
Average target price 9,10 AUD
Last Close Price 8,18 AUD
Spread / Highest target 20,4%
Spread / Average Target 11,2%
Spread / Lowest Target -7,09%
EPS Revisions
Managers
NameTitle
Alison Mary Watkins Group Managing Director & Executive Director
Ilana Rachel Atlas Chairman
Greg Barnes Chief Financial Officer
Debbie Nova Chief Information Officer
Krishnakumar Thirumalai Non-Executive Director
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