第99.1展示文本
Vita Coco公司報告2024年第三季度財務業績
淨銷售額下降4%，至1.33億美元，而維他椰子水增長8%
淨利潤增加了400萬美元，達到1900萬美元，並且非GAAP調整後的EBITDA1 淨利潤減少400萬美元，降至2300萬美元
公司提高全年淨銷售額和調整後的EBITDA指導2
紐約，紐約 – 2024年10月30日 – 椰青公司（納斯達克股票代碼：COCO）（「椰青」或「本公司」），領先的健康飲料品牌高增長平台，今日宣佈截至2024年9月30日第三季度的財務業績。
2024年第三季度及年初至今要點與去年同期相比
•第三季度淨銷售額下降4%，爲1.33億美元，導致截至目前爲止的全年銷售額爲3.89億美元。
•Vita Coco 椰子水淨銷售額第三季度增長8％，年初至今增長5％。
•第三季度的毛利潤爲5200萬美元，下降了500萬美元，累計年初至今爲1.57億美元，增加了1700萬美元。
•毛利率在第三季度爲淨銷售額的39%，相比淨銷售額的41%，截至目前爲止的淨銷售額的41%，相比淨銷售額的36%。
•淨利潤在第三季度爲1900萬美元，相比1500萬美元的淨利潤，截至目前爲止爲5300萬美元，相比4000萬美元。
•每股攤薄淨利潤在第三季度爲0.32美元，相比於0.26美元，在截至目前年度爲每股攤薄淨利潤爲0.89美元，相比於0.68美元。
•非通用會計原則調整後的稅息折舊及攤銷前利潤1 第三季度爲2300萬美元，較2700萬美元低，截至目前年底爲7600萬美元，較6000萬美元多。
Michael Kirban，該公司的聯合創始人兼執行主席表示：「我爲我們的團隊和第三季度的表現感到非常自豪。椰水品類仍然是飲料走廊中增長最快的品類之一，我們相信這種增長得益於我們作爲該品類領導者的專注，以推動家庭採納率的增加和新的消費場合。在第三季度的大部分時間內，我們減少的庫存可用性限制了我們滿足消費者需求的能力。隨着庫存狀況的改善，我預計今年餘下時間將會有加速增長。根據我們對 2025 年持續強勁品類增長的預期，我對即將到來的一切感到更加興奮。」
馬丁·羅珀，公司首席執行官表示：「本季度的銷售業績受我們的庫存流程影響，由於在第二季度開始出現的獲取海上貨櫃的困難，與我們原計劃的情況相比，我們的庫存流程較低。我們很高興我們度過了這些短缺期，到了九月下旬，我們看到產品流通和市場可獲得性得到改善。基於持續增長的強勁類別和改善的庫存水平，我們提高了對淨銷售額和調整後的EBITDA的全年指導。」
2024年第三季度綜合業績
淨銷售額下降了5百萬美元，或4%，至2024年9月30日結束的第三季度的1.33億美元，相比之下，去年同期爲1.38億美元。淨銷售額下降是由私人品牌案裝等價（"CE"）成交量下降引起的，這比完全抵消了 Vita Coco 椰子水成交量增長。私人品牌下降是由於私人品牌油銷量減少，再加上主要由於供應限制導致私人品牌水銷量降低。
2024年第三季度的毛利潤爲5200萬美元，較上一年同期的5600萬美元下降。2024年第三季度的毛利率爲39%，較上一年同期的41%下降。毛利潤下降是由整體銷量減少和運輸成本增加驅動的，部分抵消的是價格/混合效應提高了 Vita Coco 椰子水淨定價和私人品牌價格/混合效應的影響。
2024年第三季度，銷售、一般和管理費用爲3100萬美元，而去年同期爲3300萬美元。這主要是由於營銷投資時間的安排不同，部分抵消了年度人員費用的增加。
2024年第三季度，淨利潤爲1900萬美元，每股稀釋收益爲0.32美元，相比之前的年度淨利潤1500萬美元，每股稀釋收益爲0.26美元。淨利潤受益於衍生工具市場調整獲利、較之前年度現金投資增加導致較高利息收入以及銷售和管理費用降低等，部分抵消了較低的年度毛利潤。
非通用會計原則調整後的稅息折舊及攤銷前利潤1 2024年第三季度爲2300萬美元，與上一年同期的2700萬美元相比。調整後的EBITDA下降主要是由於較低的毛利潤，主要是由成交量減少和運輸成本上升造成的，部分抵消了更高的1 椰子水淨定價，私人標籤中的價格/混合效應，以及較低的銷售及管理費用。毛利潤減少主要是由於成交量減少和更高的運輸成本造成的，部分抵消了更高的 Vita Coco 椰子水淨定價，私人標籤中的價格/混合效應，以及較低的銷售及管理費用。
資產負債表：
截至2024年9月30日，公司的現金及現金等價物爲1.57億美元，相比於2023年12月31日的1.33億美元。2024年9月30日和2023年12月31日均無債務。截至2024年9月30日，存貨總額爲0.65億美元。截至2024年9月30日，普通股總數爲56,731,839股。
2023年10月30日，公司董事會批准了一項股票回購計劃，授權公司回購公司普通股最高4,000萬美元。截至2024年9月30日，截至目前，公司已回購了總計534,246股，合計價值1,280萬美元，平均股價爲23.97美元，在最近一個季度回購了112,702股。
2024財年全年展望
公司正在提高其全年淨銷售和調整後的EBITDA指導。
•預計2024年淨銷售額將在50500萬美元和51500萬美元之間，預計 Vita Coco 椰子水和私人品牌椰子水成交量增長，將被預期的私人品牌椰子油業務和價格/產品組合影響所抵消。
•預計全年毛利率將在37%至39%之間，最近某些海運航線的運價上漲預計將對第四季度的毛利率產生不利影響。
•預計銷售及一般行政開支與2023年持平或略有下降。
•預計調整後的EBITDA在8000萬至8400萬美元的區間內。2
當前運營環境、全球經濟和地緣政治形勢的不確定性和不穩定性可能會影響這一展望和我們未來的業績。
腳註：
(1)調整後的EBITDA代表利息、稅項、折舊和攤銷前的收益，經過調整以符合美國GAAP到非GAAP信息的對照表中規定的某些項目，並且是根據與GAAP不符的方法計算和呈現的一種措施。請參閱此處的非GAAP財務指標，以獲取有關此措施與GAAP措施的進一步討論和對照。
(2)由於評估會計原則下的凈利潤的困難，在諸多因素包括外幣匯率變動的不確定性，以及未來業務正常運作以外的費用或逆轉，2024年的凈利潤展望並未提供。
會議看漲和網路轉播詳情
Vita Coco公司將於今天上午8:30舉行業績會和網路轉播，討論這些成果。要參與現場業績會和問答環節，請在以下網址註冊： https://register.vevent.com/register/BI8d315f452cbc496f9c6ab056102b481f 具體的撥打信息將直接提供給您。支援網路轉播的投影片演示，以及現場音頻網路轉播將於公司投資者關係網站的“活動”部分提供： https://investors.thevitacococompany.com在現場活動結束後不久，您將能夠查看網路轉播的存檔重播。
About The Vita Coco Company
The Vita Coco Company is a family of brands on a mission to reimagine what’s possible when brands deliver healthy, nutritious, and great tasting products that are better for consumers and better for the world. This includes its flagship coconut water brand Vita Coco, sustainably packaged water Ever & Ever, and protein-infused water PWR LIFT. The Company was co-founded in 2004 by Michael Kirban and Ira Liran and is a public benefit corporation and Certified B Corporation. Vita Coco, the principal brand within the Company’s portfolio, is the leading coconut water brand in the U.S. With electrolytes, nutrients, and vitamins, coconut water has become a top beverage choice among consumers after a workout, in smoothies, as a cocktail mixer, after a night out, and more.
Contacts
Investor Relations:
ICR, Inc.
investors@thevitacococompany.com
Non-GAAP Financial Measures
In addition to disclosing results determined in accordance with U.S. GAAP, the Company also discloses certain non-GAAP results of operations, including, but not limited to, Adjusted EBITDA, that include certain adjustments or exclude certain charges and gains that are described in the reconciliation table of U.S. GAAP to non-GAAP information provided at the end of this release. These non-GAAP measures are a key metric used by management and our board of directors to assess our financial performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance and because we believe it is useful for investors to see the measures that management uses to evaluate the Company. In addition, we believe the presentation of these measures is useful to investors for period-to-period comparisons of results as the items described below in the reconciliation tables do not reflect ongoing operating performance.
These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different from non-GAAP measures used by other companies. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a comparative measure. Investors should not rely on any single financial measure when evaluating our business. This information should be considered as supplemental in nature and is not meant as a substitute for our operating results in accordance with U.S. GAAP. We recommend investors review the U.S. GAAP financial measures included in this earnings release. When viewed in conjunction with our U.S. GAAP results and the accompanying reconciliations, we believe these non-GAAP measures provide greater transparency and a more complete understanding of factors affecting our business than U.S. GAAP measures alone.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including but not limited to, statements regarding our future financial and operating performance, including our GAAP and non-GAAP guidance, our strategy, projected costs, prospects, expectations, plans, objectives of management, supply chain predictions, customer and supplier relationships, and expected net sales and category share growth.
The forward-looking statements in this release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the Company’s control. These factors include, but are not limited to, those discussed under the caption “Risk Factors” in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and our other filings with the U.S. Securities and Exchange Commission ("SEC") as such factors may be updated from time to time and which are accessible on the SEC’s website at www.sec.gov and the Investor Relations page of our website at https://investors.thevitacococompany.com. Any forward-looking statements contained in this press release speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. We disclaim any obligation or undertaking to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.
Website Disclosure
We intend to use our websites, vitacoco.com and investors.thevitacococompany.com, as a means for disclosing material non-public information and for complying with the SEC's Regulation FD and other disclosure obligations.
THE VITA COCO COMPANY, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share data)
| September 30, 2024 | December 31, 2023 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
| Cash and cash equivalents | $ | 156,706 | $ | 132,537 | |||||||
| Accounts receivable, net of allowance of $2,257 at September 30, 2024, and $2,486 at December 31, 2023 | 78,600 | 50,086 | |||||||||
| Inventory | 64,905 | 50,757 | |||||||||
| Supplier advances, current | 1,265 | 1,521 | |||||||||
| Derivative assets | 1,299 | 3,876 | |||||||||
| Prepaid expenses and other current assets | 27,986 | 24,160 | |||||||||
| Total current assets | 330,761 | 262,937 | |||||||||
| Property and equipment, net | 2,440 | 2,136 | |||||||||
| Goodwill | 7,791 | 7,791 | |||||||||
| Supplier advances, long-term | 2,732 | 2,820 | |||||||||
| Deferred tax assets, net | 6,756 | 6,749 | |||||||||
| Right-of-use assets, net | 648 | 1,406 | |||||||||
| Other assets | 2,019 | 1,843 | |||||||||
| Total assets | $ | 353,147 | $ | 285,682 | |||||||
| Liabilities and Stockholders’ Equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 31,253 | $ | 21,826 | |||||||
| Accrued expenses and other current liabilities | 64,908 | 59,533 | |||||||||
| Notes payable, current | 10 | 13 | |||||||||
| Derivative liabilities | 4,533 | 1,213 | |||||||||
| Total current liabilities | 100,704 | 82,585 | |||||||||
| Notes payable, long-term | 5 | 13 | |||||||||
| Other long-term liabilities | 318 | 647 | |||||||||
| Total liabilities | $ | 101,027 | $ | 83,245 | |||||||
Stockholders’ equity: | |||||||||||
| Common stock, $0.01 par value; 500,000,000 shares authorized; 63,472,285 and 63,135,453 shares issued at September 30, 2024 and December 31, 2023, respectively 56,731,839 and 56,899,253 shares outstanding at September 30, 2024 and December 31, 2023, respectively | 635 | 631 | |||||||||
| Additional paid-in capital | 169,736 | 161,414 | |||||||||
| Retained earnings | 153,324 | 100,742 | |||||||||
| Accumulated other comprehensive loss | 156 | (649) | |||||||||
Treasury stock, 6,740,446 shares at cost as of September 30, 2024, and 6,236,200 shares at cost as of December 31, 2023. | (71,731) | (59,701) | |||||||||
| Total stockholders’ equity | 252,120 | 202,437 | |||||||||
| Total liabilities and stockholders’ equity | $ | 353,147 | $ | 285,682 | |||||||
THE VITA COCO COMPANY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except for share and per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Net sales | $ | 132,906 | $ | 138,064 | $ | 388,720 | $ | 387,468 | |||||||||||||||
| Cost of goods sold | 81,344 | 81,893 | 231,244 | 246,542 | |||||||||||||||||||
| Gross profit | 51,562 | 56,171 | 157,476 | 140,926 | |||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||
| Selling, general and administrative | 30,967 | 32,649 | 87,941 | 89,855 | |||||||||||||||||||
| Income (Loss) from operations | 20,595 | 23,522 | 69,535 | 51,071 | |||||||||||||||||||
| Other income (expense) | |||||||||||||||||||||||
| Unrealized gain/(loss) on derivative instruments | 2,592 | (3,959) | (5,896) | (1,758) | |||||||||||||||||||
| Foreign currency gain/(loss) | 550 | (1,211) | 472 | (430) | |||||||||||||||||||
| Interest income | 1,876 | 824 | 5,026 | 1,105 | |||||||||||||||||||
| Interest expense | — | (1) | — | (31) | |||||||||||||||||||
| Total other income (expense) | 5,018 | (4,347) | (398) | (1,114) | |||||||||||||||||||
| Income before income taxes | 25,613 | 19,175 | 69,137 | 49,957 | |||||||||||||||||||
| Income tax expense | (6,362) | (4,011) | (16,555) | (10,101) | |||||||||||||||||||
| Net income | $ | 19,251 | $ | 15,164 | $ | 52,582 | $ | 39,856 | |||||||||||||||
| Net income per common share | |||||||||||||||||||||||
| Basic | $ | 0.34 | $ | 0.27 | $ | 0.93 | $ | 0.71 | |||||||||||||||
| Diluted | $ | 0.32 | $ | 0.26 | $ | 0.89 | $ | 0.68 | |||||||||||||||
| Weighted-average number of common shares outstanding | |||||||||||||||||||||||
| Basic | 56,769,410 | 56,493,757 | 56,688,362 | 56,290,195 | |||||||||||||||||||
| Diluted | 59,314,805 | 59,271,757 | 59,099,179 | 58,494,045 | |||||||||||||||||||
THE VITA COCO COMPANY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
| Nine Months Ended September 30, | |||||||||||
| 2024 | 2023 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income | $ | 52,582 | $ | 39,856 | |||||||
| Adjustments required to reconcile net income to cash flows from operating activities: | |||||||||||
| Depreciation and amortization | 540 | 503 | |||||||||
| (Gain)/loss on disposal of equipment | 13 | 19 | |||||||||
| Bad debt expense | (665) | 255 | |||||||||
| Unrealized (gain)/loss on derivative instruments | 5,896 | 1,758 | |||||||||
| Stock-based compensation | 6,649 | 7,126 | |||||||||
| Impairment loss on assets held for sale | — | 363 | |||||||||
| Noncash lease expense | 764 | 966 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | (26,910) | (37,234) | |||||||||
| Inventory | (13,974) | 33,815 | |||||||||
| Prepaid expenses, net supplier advances, and other assets | (2,585) | 5,215 | |||||||||
| Accounts payable, accrued expenses, and other liabilities | 13,667 | 17,361 | |||||||||
| Net cash provided by (used in) operating activities | 35,977 | 70,003 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Cash paid for property and equipment | (849) | (533) | |||||||||
| Proceeds from sale of property and equipment | — | 5 | |||||||||
| Net cash used in investing activities | (849) | (528) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Proceeds from exercise of stock awards | 1,676 | 5,915 | |||||||||
| Cash paid on notes payable | (10) | (18) | |||||||||
| Cash paid to acquire treasury stock | (12,030) | — | |||||||||
| Net cash provided by (used in) financing activities | (10,364) | 5,897 | |||||||||
| Effects of exchange rate changes on cash and cash equivalents | 333 | 212 | |||||||||
| Net increase/(decrease) in cash and cash equivalents | 25,097 | 75,584 | |||||||||
| Cash, cash equivalents and restricted cash at beginning of the period (1) | 132,867 | 19,629 | |||||||||
| Cash, cash equivalents and restricted cash at end of the period (1) | 157,964 | 95,213 | |||||||||
1 Includes $1,258 and $328 of restricted cash as of September 30, 2024 and 2023, respectively, that were included in other current assets.
RECONCILIATION FROM GAAP NET INCOME TO NON-GAAP ADJUSTED EBITDA
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||
| Net income | 19,251 | 15,164 | $ | 52,582 | $ | 39,856 | |||||||||||||||||
| Depreciation and amortization | 196 | 163 | 540 | 503 | |||||||||||||||||||
| Interest income | (1,876) | (824) | (5,026) | (1,105) | |||||||||||||||||||
| Interest expense | — | 1 | — | 31 | |||||||||||||||||||
| Income tax expense | 6,362 | 4,011 | 16,555 | 10,101 | |||||||||||||||||||
| EBITDA | 23,933 | 18,515 | 64,651 | 49,386 | |||||||||||||||||||
| Stock-based compensation (a) | 2,141 | 2,862 | 6,649 | 7,126 | |||||||||||||||||||
| Unrealized (gain)/loss on derivative instruments (b) | (2,592) | 3,959 | 5,896 | 1,758 | |||||||||||||||||||
| Foreign currency (gain)/loss (b) | (550) | 1,211 | (472) | 430 | |||||||||||||||||||
| Secondary Offering Costs (c) | — | — | (324) | 856 | |||||||||||||||||||
Other adjustments (d) | — | 329 | — | 329 | |||||||||||||||||||
| Adjusted EBITDA | $ | 22,932 | $ | 26,876 | $ | 76,400 | $ | 59,885 | |||||||||||||||
(a)Non-cash charges related to stock-based compensation, which vary from period to period depending on volume and vesting timing of awards and forfeitures. We adjusted for these charges to facilitate comparison from period to period.
(b)Unrealized gains or losses on derivative instruments and foreign currency gains or losses are not considered in our evaluation of our ongoing performance.
(c)Reflects other non-recurring expense/(income) related to costs associated with two secondary offerings in which Verlinvest Beverages SA sold shares of the Company in an underwritten public offering that closed on May 26, 2023 and a block trade that was executed on November 9, 2023. The amounts for the three and nine months ended September 30, 2023 relate to costs for the May 26, 2023 offering. The amounts for the three and nine months ended September 30, 2024 relate to an expense waiver of certain costs incurred during the November 9, 2023 block trade. The Company did not receive any proceeds from the sale of the shares.
(d)Reflects other charges primarily related to the impairment loss related to assets held for sale in 2023 and other non-recurring expenses.
SUPPLEMENTAL INFORMATION
NET SALES | |||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
Americas segment | |||||||||||||||||||||||
Vita Coco Coconut Water | $ | 94,013 | $ | 89,683 | $ | 262,029 | $ | 253,825 | |||||||||||||||
Private Label | 16,489 | 28,257 | 63,897 | 77,366 | |||||||||||||||||||
Other | 1,744 | 2,706 | 6,913 | 7,490 | |||||||||||||||||||
Subtotal | $112,246 | $120,646 | $332,839 | $338,681 | |||||||||||||||||||
International segment | |||||||||||||||||||||||
Vita Coco Coconut Water | $ | 14,883 | $ | 11,350 | $ | 38,500 | $ | 33,628 | |||||||||||||||
Private Label | 4,800 | 5,421 | 14,768 | 13,140 | |||||||||||||||||||
Other | 977 | 647 | 2,613 | 2,019 | |||||||||||||||||||
Subtotal | $ | 20,660 | $ | 17,418 | $ | 55,881 | $ | 48,787 | |||||||||||||||
Total net sales | $ | 132,906 | $ | 138,064 | $ | 388,720 | $ | 387,468 | |||||||||||||||
COST OF GOODS SOLD & GROSS PROFIT | |||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
Cost of goods sold | |||||||||||||||||||||||
Americas segment | $ | 68,681 | $ | 70,437 | $ | 196,195 | $ | 214,214 | |||||||||||||||
International segment | 12,663 | 11,456 | 35,049 | 32,328 | |||||||||||||||||||
Total cost of goods sold | $ | 81,344 | $ | 81,893 | $ | 231,244 | $ | 246,542 | |||||||||||||||
Gross profit | |||||||||||||||||||||||
Americas segment | $ | 43,563 | $ | 50,208 | $ | 136,643 | $ | 124,466 | |||||||||||||||
International segment | 7,999 | 5,963 | 20,833 | 16,460 | |||||||||||||||||||
Total gross profit | $ | 51,562 | $ | 56,171 | $ | 157,476 | $ | 140,926 | |||||||||||||||
Gross margin | |||||||||||||||||||||||
Americas segment | 38.8 | % | 41.6 | % | 41.1 | % | 36.8 | % | |||||||||||||||
International segment | 38.7 | % | 34.2 | % | 37.3 | % | 33.7 | % | |||||||||||||||
Consolidated | 38.8 | % | 40.7 | % | 40.5 | % | 36.4 | % | |||||||||||||||
| VOLUME (CE) | |||||||||||||||||
| Percentage Change - Three Months Ended September 30, 2024 vs. 2023 | |||||||||||||||||
Americas | International | Total | |||||||||||||||
| Vita Coco Coconut Water | 2.9 | % | 27.2 | % | 6.3 | % | |||||||||||
| Private Label | (32.1) | % | (4.7) | % | (27.0) | % | |||||||||||
| Other | (38.9) | % | 134.7 | % | (32.3) | % | |||||||||||
| Total volume (CE) | (6.8) | % | 17.4 | % | (3.1) | % | |||||||||||
| Percentage Change - Nine Months Ended September 30, 2024 vs. 2023 | |||||||||||||||||
Americas | International | Total | |||||||||||||||
| Vita Coco Coconut Water | 0.6 | % | 8.0 | % | 1.7 | % | |||||||||||
| Private Label | (7.6) | % | 18.5 | % | (3.1) | % | |||||||||||
| Other | (18.8) | % | 23.6 | % | (16.2) | % | |||||||||||
| Total volume (CE) | (1.7) | % | 10.9 | % | 0.2 | % | |||||||||||
Note: A CE is a standard volume measure used by management which is defined as a case of 12 bottles of 330ml liquid beverages or the same liter volume of oil.
*International Other excludes minor volume that is treated as zero CE