Faster, stronger, better. Annual report 2019 creating more smiles with every sip

Our business, financial condition or results of operations can be adversely affected as a result of political 
conditions in the markets in which our products are made, manufactured, distributed or sold. 
Political conditions in the markets in which our products are made, manufactured, distributed or sold have 
been and could continue to be difficult to predict, resulting in adverse effects on our business, financial 
condition and results of operations. The results of elections, referendums or other political conditions 
(including government shutdowns) in these markets have in the past and could continue to impact how existing 
laws, regulations and government programs or policies are implemented or create uncertainty as to how such 
laws, regulations and government programs or policies may change, including with respect to tariffs, 
sanctions, climate change regulation, taxes, benefit programs, the movement of goods, services and people 
between countries, relationships between countries, customer or consumer perception of a particular country 
or its government and other matters, and has resulted in and could continue to result in exchange rate 
fluctuation, volatility in global stock markets and global economic uncertainty or adversely affect demand 
for our products. For example, the United Kingdom’s withdrawal from the European Union (commonly 
referred to as Brexit) is likely to lead to differing laws and regulations in the United Kingdom and European 
Union and further global economic, trade and regulatory uncertainty. Any changes in, or the imposition of, 

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new laws, regulations or governmental policy and their related interpretations due to elections, referendums 
or other political conditions can have an adverse impact on our business, financial condition or results of 
operations.