REG - Coca-Cola EP PLC - Q3 Trading Update & Interim Dividend Declaration
05/11/2024 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241105:nRSE8987Ka&default-theme=true
RNS Number : 8987K Coca-Cola Europacific Partners plc 05 November 2024
5 November 2024
COCA-COLA EUROPACIFIC PARTNERS
Trading Update for the Third Quarter ended 27 September 2024 & Interim
Dividend Declaration
Solid third quarter; reaffirming full-year profit & cash guidance
Change vs 2023
Volume Revenue per UC( 1 , 2 , 3 ) Comparable Volume( 1 ) Revenue per UC( 1 , 2 , 3 ) FXN( 1 , 3 ) revenue
(UC)( 2 )
Revenue Revenue
Q3 2024 Europe €4,040m 695m €5.79 (1.4)% 3.2% 1.8% 2.1%
APS €1,318m 313m €4.26 122.0% (29.3)% 56.5% 54.9%
CCEP €5,358m 1,008m €5.32 19.1% (6.4)% 11.5% 11.5%
YTD 2024 Europe €11,319m 1,965m €5.74 (2.3)% 4.3% 1.9% 2.3%
APS €3,867m 899m €4.41 93.3% (24.6)% 45.6% 42.0%
CCEP €15,186m 2,864m €5.32 15.6% (4.4)% 10.5% 10.2%
Change vs 2023
Adjusted comparable revenue per UC( 4 )
Adjusted comparable volume
Adjusted comparable revenue per UC( 4 )
Adjusted comparable FXN
Adjusted comparable revenue( 4 )
Adjusted comparable revenue( 4 )
(UC)( 4 )
Adjusted revenue( 4 )
comparable
volume( 4 )
Q3 2024 Europe €4,040m 695m €5.79 (1.4)% 3.2% 1.8% 2.1%
APS €1,318m 313m €4.26 3.3% 1.2% 4.3% 3.2%
CCEP €5,358m 1,008m €5.32 0.0% 2.4% 2.4% 2.4%
YTD 2024 Europe €11,319m 1,965m €5.74 (2.3)% 4.3% 1.9% 2.3%
APS €4,135m 1,000m €4.24 6.2% 0.3% 6.4% 3.8%
CCEP €15,454m 2,965m €5.23 0.4% 2.7% 3.1% 2.7%
Damian Gammell, Chief Executive Officer, said:
"2024 continues to be a solid year for CCEP. We've grown volume and revenue
year on year and share ahead of the market. Our geographic diversification
means we are more robust with APS, led by the Philippines, offsetting softer
volumes in Europe.
"In the third quarter, we delivered top line growth despite mixed summer
weather and softer consumer demand in away-from-home in Europe. Fantastic
activation, including the UEFA Euros and the Olympics, supported solid
underlying volume growth. Our focus on revenue growth management, headline
price and promotion strategy across our broad pack offering drove solid gains
in revenue per unit case. Actively managing pricing and promotions also
ensures we are relevant to all consumers, while driving profitable revenue
growth. Alongside the ongoing delivery of productivity gains, this is
supporting strong free cash flow.
"This all reflects our great brands, great execution and great people and
strong relationships with our brand partners and customers. Given our
year-to-date performance and strong plans in place for the balance of year, we
are pleased to be
reaffirming our full-year profit and cash guidance alongside declaring a
full-year dividend up around 7% on last year.
"We are well placed for 2025 and beyond. We continue to invest for the
long-term and are confident that we have the right strategy, done sustainably,
to deliver on our mid-term growth objectives. Combined with today's dividend
declaration, this demonstrates the strength of our business and our ability to
grow shareholder returns."
Note: All footnotes included after the 'About CCEP' section
Q3 & YTD HIGHLIGHTS( 1 )
Revenue
Q3 Reported +11.5%; Adjusted Comparable( 4 ) +2.4%( 3 )
• Delivered more revenue growth across our key markets YTD for our
retail customers than any of our FMCG peers( 5 )
• YTD NARTD value share gains( 5 ) across measured channels both
in-store (+40bps), online (+20bps) & in the away-from-home channel (AFH)
(+10bps)
• YTD transactions ahead of volume growth in Europe & APS
• Q3 adjusted comparable volume 0.0%( 4 , 6 ) (underlying* up ~1%)
◦ By geography:
▪ Europe -1.4%( 6 ) (underlying* volumes broadly flat) reflecting
solid in-market execution offset by strategic de-listing of Capri Sun, mixed
summer weather & softer demand in the AFH channel
▪ APS +3.3%( 6 ) reflecting:
• Australia/Pacific (AP): continued solid momentum
• Southeast Asia (SEA): continued solid demand in the Philippines
despite cycling strong comparables (Q3'23 >20%)
◦ By channel: AFH +0.0%( 6 ), Home -0.1%( 6 )
▪ Europe: AFH -2.2% impacted by mixed summer weather &
softer demand, Home -0.8% (underlying* volumes +0.6%)
▪ APS: AFH +3.1%, Home +3.3% both channels in line with overall
volume growth
• Q3 adjusted comparable revenue per unit case +2.5%( 2 , 3 , 4 )
reflecting positive headline pricing, promotional optimisation &
favourable brand mix, partly offset by geographic mix
• Europe: +3.2% reflecting headline price increases across all
markets & favourable brand mix
• APS: +1.2% reflecting headline price increases & promotional
optimisation, offset by geographic mix driven by strong growth in the
Philippines (which is at a lower revenue per unit case)
* Underlying excludes strategic de-listings
Dividend
• Second half interim dividend per share of €1.23 (to be paid in
December 2024)
• Resulting in full-year dividend per share of €1.97, +7.1% vs
2023, maintaining annualised total dividend payout ratio of approximately
50%( 7 )
Other
• CCEP recently confirmed notification of transfer of UK listing
category from the Equity Shares (Transition) category to the Equity Shares
(Commercial Companies) category of the Official List: expected to be effective
15 Nov 2024.
◦ See release for more detail : Coca-Cola Europacific Partners -
Coca-Cola EP PLC - Intention to Transfer to
ESCC Category (cocacolaep.com)
◦ FTSE Russell also issued an Informative Notice on 18 October
2024
SUSTAINABILITY HIGHLIGHTS
• Will achieve target to use 100% renewable electricity in Australia
by Jan 2025 (one year earlier than planned)
• CCEP Ventures invested in Pipeline Organics to support the
delivery of renewable electricity by leveraging wastewater at our sites
FY24 GUIDANCE( 1 , 4 )
The outlook for FY24 reflects our current assessment of market conditions.
Unless stated otherwise, guidance is on an adjusted comparable &
FX-neutral basis. Guidance is therefore provided on the basis that the
acquisition of CCBPI occurred on 1 Jan 2023. FX is expected to be immaterial
for the full-year.
Revenue: comparable growth of ~3.5% (previously ~4%)
• More balanced between volumes & price/mix than FY23
• Two extra selling days in Q4
Cost of sales per UC: comparable growth of ~2.5% (previously ~3%)
• Expect broadly flat commodity inflation
• FY24 hedge coverage at >95% (previously ~90%)
• Tax increase driven by Netherlands
• Concentrate directly linked to revenue per UC through incidence
pricing
Operating profit: comparable growth of ~7%
Finance costs: weighted average cost of net debt of ~2%
Comparable effective tax rate: ~25%
Free cash flow: at least €1.7bn
Capital expenditure: ~5% of revenue excluding leases
Dividend payout ratio: ~50%( 7 ) based on comparable EPS
Note: unless otherwise stated, guidance remains unchanged since the half year
Third-Quarter & Year-To-Date Revenue Performance by Geography( 1 )
All values are unaudited and all references to volumes are on a comparable
basis for Europe and Australia / Pacific, and on an adjusted comparable basis
for SEA.
All changes are versus prior year equivalent period unless stated otherwise.
Q3 YTD
€ million % change Fx-neutral € million % change Fx-neutral
% change % change
FBN( 8 ) 1,298 1.9% 2.0% 3,873 1.7% 1.8%
Germany 824 3.0% 3.0% 2,364 4.7% 4.7%
Great Britain 867 1.6% 0.0% 2,461 1.6% (0.6)%
Iberia( 9 ) 1,051 2.1% 2.1% 2,621 2.0% 2.0%
Total Europe 4,040 2.1% 1.8% 11,319 2.3% 1.9%
Australia / Pacific( 11 ) 806 5.4% 5.0% 2,418 1.9% 3.9%
Southeast Asia( 4 , 12 ) 512 0.0% 3.3% 1,717 6.5% 10.0%
Total APS( 4 ) 1,318 3.2% 4.3% 4,135 3.8% 6.4%
Total CCEP 5,358 2.4% 2.4% 15,454 2.7% 3.1%
FBN
• Q3 moderate volume decline in France, Benelux & Nordics driven by mixed
summer weather & the strategic de-listing of Capri Sun (underlying*
volumes broadly flat).
• The Netherlands continued to be impacted by the consumption tax increase.
• Energy & Fuze Tea volumes outperformed. Double-digit volume growth for
Sprite & Powerade, supported by great Olympics activation in France.
• Q3 revenue/UC( 10 ) growth driven by headline price increases across the
markets.
Germany
• Q3 moderate volume decline reflecting mixed summer weather, softer AFH demand
& lower promotional intensity.
• High single-digit volume growth for Coca-Cola Zero Sugar & Powerade.
• Q3 revenue/UC( 10 ) growth driven by headline price increase implemented
during Q3 & positive pack & brand mix.
Great Britain
• Q3 volume slightly down (underlying* +1.3%) reflecting mixed summer weather,
softer AFH demand & the de-listing of Capri Sun.
• Double-digit volume growth for Coca-Cola Zero Sugar, Dr Pepper & Powerade
in Q3. Monster continued to outperform with high single-digit volume growth.
• Q3 revenue/UC( 10 ) growth driven by headline price increase during Q3 &
positive brand mix e.g. Monster & de-listing of Capri Sun.
Iberia
• Slight Q3 volume growth driven by solid in-market execution & great
activation.
• Solid volume growth in Coca-Cola Zero Sugar. High single-digit growth in
Sprite & Aquarius. Tea continued to outperform.
• Q3 revenue/UC( 10 ) growth driven by headline price increase.
Australia / Pacific
• Q3 slight volume growth reflects solid momentum, supported by great in-market
activation.
• Home channel volume grew slightly ahead of the AFH channel.
• Coca-Cola Zero Sugar, Fanta, Sprite & Monster performed well in Q3 across
all markets supported by great activation, execution, & innovation,
including the launch of Coca-Cola Oreo & Monster Energy Ultra Violet.
• Revenue/UC( 10 ) solid growth driven by headline price increases &
promotional optimisation.
* Underlying excludes strategic de-listings
Southeast Asia
• Solid Q3 volume growth driven by the Philippines reflecting strong underlying
market demand, robust share gains & great execution whilst cycling strong
comparables (Q3'23 >20%).
• This was partially offset by a weaker volume performance in Indonesia impacted
by the geopolitical situation in the Middle East. Continued encouraging
sparkling & transaction growth in unaffected areas.
• Home channel grew volume marginally ahead of the AFH channel driven by the
Philippines.
• Q3 Coke TM in high single-digit growth, driven by Coca-Cola Original Taste
& supported by encouraging performance of Coca-Cola Zero Sugar in
Indonesia.
• Revenue/UC( 10 ) driven by headline price increases & promotional
optimisation offset by adverse geographic mix.
Third-Quarter & Year-To-Date Volume Performance by Category( 1 , 4 , 6 )
All values are unaudited & all references to volumes are on an adjusted
comparable basis. All changes are versus prior year equivalent period unless
stated otherwise.
Q3 YTD
% of Total % Change % of Total % Change
Coca-Cola® 58.7% 0.4% 58.9% 1.3%
Flavours & Mixers 21.6% 0.0% 22.0% 0.0%
Water, Sports, RTD Tea & Coffee( 13 ) 12.7% 3.1% 12.0% 1.6%
Other inc. Energy 7.0 % (8.6)% 7.1% (7.7)%
Total 100.0% 0.0% 100.0 % 0.4%
Coca-Cola®
• Q3 Coca-Cola Original Taste -1.1% reflecting mixed summer weather in Europe,
partially offset by continued strong demand in the Philippines.
• Q3 Coca-Cola Zero Sugar +5.5% with continued strong growth in both Europe
& APS driven by solid execution & innovation e.g. Coca-Cola® OREO™
Zero Sugar.
• Value share gains of Coca-Cola Original Taste +70bps( 5 ), led by the
Philippines.
Flavours & Mixers
• Sprite Q3 +1.8% & volume share gains of +130bps( 5 ) driven by solid
consumer demand & great execution across all key markets.
• Q3 Fanta growth supported by flavour extensions and great activation e.g.
Fanta Zero Afterlife.
• Royal Bliss continued to perform well with high single-digit growth in Q3 led
by the Netherlands.
Water, Sports, RTD Tea & Coffee( 13 )
• Q3 Water growth driven by the Philippines, partially offset by mixed summer
weather in Europe.
• Q3 Sports +7.0% with growth in Powerade driven by continued consumer trends in
this category, great activation & innovation (e.g. Powerade Mango).
• RTD( 13 ) Tea / Coffee in Europe +3.7% driven by Fuze Tea.
Other inc. Energy
Q3: -8.6% (+3.9% exc. Juices)
YTD: -7.7% (+4.3% exc. Juices)
• Strong Q3 growth in Energy +4.5% driven by Monster despite strong comparables
(Q3'23 +12.0%( 14 )), continuing to gain distribution & share through
innovation e.g. Bad Apple & Peachy Keen.
• Juices decline resulting from the strategic de-listing of Capri Sun in Europe.
• Alcohol volume down around 5% reflecting excise increases in Australia partly
offset by solid growth in Europe (incl. encouraging start for Absolut &
Sprite).
Conference Call
• 5 November 2024 at 12:00 GMT, 13:00 CET & 7:00 a.m. EST;
accessible via www.cocacolaep.com
• Replay & transcript will be available at
www.cocacolaep.com as soon as possible
Dividend
• The CCEP Board of Directors declared a second half interim
dividend of €1.23 per share
• The interim dividend is payable 3 December 2024 to those
shareholders of record on 15 November 2024
• CCEP will pay the interim dividend in euros to holders of
shares on Euronext Amsterdam, the Spanish Stock Exchanges & London Stock
Exchange. Other publicly held shares will be converted into an equivalent US
dollar amount using
exchange rates issued by WM/Reuters taken at 16:00 GMT on 5
November 2024. This translated amount will be posted
on our website here:
https://ir.cocacolaep.com/shareholder-information-and-tools/dividends
(https://ir.cocacolaep.com/shareholder-information-and-tools/dividends)
Financial Calendar
• Q4 & FY 2024 Results: 14 February 2025
• Financial calendar available here:
https://ir.cocacolaep.com/financial-calendar/
Contacts
Investor Relations
Sarah Willett Charles Richardson Matt Sharff Raj Sidhu
sarah.willett@ccep.com charles.richardson@ccep.com msharff@ccep.com raj.sidhu@ccep.com
Media Relations
ccep@portland-communications.com
About CCEP
Coca-Cola Europacific Partners is one of the world's leading consumer goods
companies. We make, move and sell some of the world's most loved brands -
serving nearly 600 million consumers and helping over 4 million customers
across 31 countries grow.
We combine the strength and scale of a large, multi-national business with an
expert, local knowledge of the customers we serve and communities we support.
The Company is currently listed on Euronext Amsterdam, NASDAQ (and a
constituent of the Nasdaq 100), London Stock Exchange and on the Spanish Stock
Exchanges, trading under the symbol CCEP.
For more information about CCEP, please visit www.cocacolaep.com & follow
CCEP on LinkedIn @ Coca-Cola Europacific Partners | LinkedIn
___________________
1. Refer to 'Note Regarding the Presentation of Adjusted financial information
and Alternative Performance Measures' for further details & to
'Supplementary Financial Information' for a reconciliation of reported to
adjusted comparable results; Change percentages against prior year equivalent
period unless stated otherwise
2. A unit case equals approximately 5.678 litres or 24 8-ounce servings
3. Comparable & FX-neutral
4. Non-IFRS adjusted comparable financial information as if the acquisition of
Coca-Cola Beverages Philippines, Inc (CCBPI) occurred at the beginning of the
period presented for illustrative purposes only. It does not intend to
represent the results had the acquisition occurred at the dates indicated, or
project the results for any future dates or periods. Acquisition completed on
23 February 2024. Prepared on a basis consistent with CCEP accounting policies
and includes provisional transaction accounting adjustments for the period 1
January to 23 February. Refer to 'Note Regarding the Presentation of Adjusted
financial information and Alternative Performance Measures' for further
details.
5. External data sources: Haystack P9 YTD, Nielsen & IRI Period P9 YTD
6. No selling day shift in Q3; CCEP adjusted comparable volume +0.0% in Q3
7. Dividends subject to Board approval
8. Includes France, Monaco, Belgium, Luxembourg, the Netherlands, Norway, Sweden
& Iceland
9. Includes Spain, Portugal & Andorra
10. Revenue per unit case
11. Includes Australia, New Zealand, the Pacific Islands & Papua New Guinea
12. Includes Philippines & Indonesia
13. RTD refers to ready to drink
14. Excludes Philippines
Forward-Looking Statements
This document contains statements, estimates or projections that constitute
"forward-looking statements" concerning the financial condition, performance,
results, guidance and outlook, dividends, consequences of mergers,
acquisitions, joint ventures, and divestitures, including the joint venture
with Aboitiz Equity Ventures Inc. (AEV) and acquisition of Coca-Cola Beverages
Philippines, Inc. (CCBPI), strategy and objectives of Coca-Cola Europacific
Partners plc and its subsidiaries (together CCEP or the Group). Generally, the
words "ambition", "target", "aim", "believe", "expect", "intend", "estimate",
"anticipate", "project", "plan", "seek", "may", "could", "would", "should",
"might", "will", "forecast", "outlook", "guidance", "possible", "potential",
"predict", "objective" and similar expressions identify forward-looking
statements, which generally are not historical in nature.
Forward-looking statements are subject to certain risks that could cause
actual results to differ materially from CCEP's historical experience and
present expectations or projections. As a result, undue reliance should not be
placed on forward-looking statements, which speak only as of the date on which
they are made. These risks include but are not limited to:
1. those set forth in the "Risk Factors" section of CCEP's 2023 Annual Report
on Form 20-F filed with the SEC on 15 March 2024 and as updated and
supplemented with the additional information set forth in the "Principal Risks
and Risk Factors" section of the H1 2024 Half-year Report filed with the SEC
on 7 August 2024.
2. risks and uncertainties relating to the global supply chain, distribution
and sales, including impact from war in Ukraine and increasing geopolitical
tensions and conflicts including in the Middle East and Asia Pacific region,
such as the risk that the business will not be able to guarantee sufficient
supply of raw materials, supplies, finished goods, natural gas and oil and
increased state-sponsored cyber risks;
3. risks and uncertainties relating to the global economy and/or a potential
recession in one or more countries, including risks from elevated inflation,
price increases, price elasticity, disposable income of consumers and
employees, pressure on and from suppliers, increased fraud, and the perception
or manifestation of a global economic downturn;
4. risks and uncertainties relating to potential water use reductions due to
regulations by national and regional authorities leading to a potential
temporary decrease in production volume; and
5. risks and uncertainties relating to the integration and operation of the
joint venture with AEV and acquisition of CCBPI, including the risk that our
integration of CCBPI's business and operations may not be successful or may be
more difficult, time consuming or costly than expected.
Due to these risks, CCEP's actual future financial condition, results of
operations, and business activities, including its results, dividend payments,
capital and leverage ratios, growth, including growth in revenue, cost of
sales per unit case and operating profit, free cash flow, market share, tax
rate, efficiency savings, achievement of sustainability goals, including net
zero emissions and recycling initiatives, capital expenditures, our agreements
relating to and results of the joint venture with AEV and acquisition of
CCBPI, and ability to remain in compliance with existing and future regulatory
compliance, may differ materially from the plans, goals, expectations and
guidance set out in forward-looking statements. These risks may also adversely
affect CCEP's share price. Additional risks that may impact CCEP's future
financial condition and performance are identified in filings with the SEC
which are available on the SEC's website at www.sec.gov. CCEP does not
undertake any obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events, or
otherwise, except as required under applicable rules, laws and regulations.
Any or all of the forward-looking statements contained in this filing and in
any other of CCEP's public statements may prove to be incorrect.
Note Regarding the Presentation of Adjusted financial information and
Alternative Performance Measures
Adjusted financial information
Non-IFRS adjusted financial information for selected metrics has been provided
in order to illustrate the effects of the acquisition of CCBPI on the results
of operations of CCEP and to allow for greater comparability of the results of
the combined group between periods. The adjusted financial information has
been prepared for illustrative purposes only, and because of its nature
addresses a hypothetical situation. It does not intend to represent the
results had the acquisition occurred at the dates indicated, or project the
results for any future dates or periods. It is based on information and
assumptions that CCEP believe are reasonable, including assumptions as at 1
January of the period presented relating to provisional transaction accounting
adjustments. No cost savings or synergies were contemplated in these
provisional adjustments.
The non-IFRS adjusted financial information has not been prepared in
accordance with the requirements of Regulation S-X Article 11 of the US
Securities Act of 1933 or any generally accepted accounting standards, may not
necessarily be comparable to similarly titled measures employed by other
companies and should be considered supplemental to, and not a substitute for,
financial information prepared in accordance with generally accepted
accounting standards.
The acquisition completed on 23 February 2024 and the non-IFRS adjusted
financial information provided reflects the inclusion of CCBPI as if the
acquisition had occurred at the beginning of the period presented. It has been
prepared on a basis consistent with CCEP IFRS accounting policies and includes
provisional transaction accounting adjustments for the periods presented.
Alternative Performance Measures
We use certain alternative performance measures (non-IFRS performance
measures) to make financial, operating and planning decisions and to evaluate
and report performance. We believe these measures provide useful information
to investors and as such, where clearly identified, we have included certain
alternative performance measures in this document to allow investors to better
analyse our business performance and allow for greater comparability. To do
so, we have excluded items affecting the comparability of period-over-period
financial performance as described below. The alternative performance measures
included herein should be read in conjunction with and do not replace the
directly reconcilable IFRS measures.
For purposes of this document, the following terms are defined:
''As reported'' are results extracted from our unaudited consolidated
financial statements.
"Adjusted" includes the results of CCEP as if the CCBPI acquisition had
occurred at the beginning of the period presented, including provisional
acquisition accounting adjustments, accounting policy reclassifications and
the impact of debt financing costs in connection with the acquisition.
"Comparable'' is defined as results excluding items impacting comparability,
which include restructuring charges, net impact related to European flooding,
accelerated amortisation charges, expenses related to legal provisions,
inventory fair value step up related to acquisition accounting, impairment
charges, acquisition and integration related costs, income arising from the
ownership of certain mineral rights in Australia and gain on sale of
sub-strata and associated mineral rights in Australia. Comparable volume is
also adjusted for selling days.
''Adjusted comparable" is defined as adjusted results excluding items
impacting comparability, as described above.
''Fx-neutral'' or "FXN" is defined as period results excluding the impact of
foreign exchange rate changes. Foreign exchange impact is calculated by
recasting current year results at prior year exchange rates.
''Capex'' or "Capital expenditures'' is defined as purchases of property,
plant and equipment and capitalised software, plus payments of principal on
lease obligations, less proceeds from disposals of property, plant and
equipment. Capex is used as a measure to ensure that cash spending on capital
investment is in line with the Group's overall strategy for the use of cash.
''Comparable free cash flow'' is defined as net cash flows from operating
activities less capital expenditures (as defined above) and net interest
payments, adjusted for items that are not reasonably likely to recur within
two years, nor have occurred within the prior two years. Comparable free cash
flow is used as a measure of the Group's cash generation from operating
activities, taking into account investments in property, plant and equipment,
non-discretionary lease and net interest payments while excluding the effects
of items that are unusual in nature to allow for better period over period
comparability. Comparable free cash flow reflects an additional way of viewing
our liquidity, which we believe is useful to our investors, and is not
intended to represent residual cash flow available for discretionary
expenditures.
''Dividend payout ratio'' is defined as dividends as a proportion of
comparable profit after tax.
Additionally, within this document, we provide certain forward-looking
non-IFRS financial information, which management uses for planning and
measuring performance. We are not able to reconcile forward-looking non-IFRS
measures to reported measures without unreasonable efforts because it is not
possible to predict with a reasonable degree of certainty the actual impact or
exact timing of items that may impact comparability throughout year.
Supplemental Financial Information - Revenue - Reported to Adjusted Comparable
Revenue
Adjusted Revenue CCEP Third-Quarter Ended Nine Months Ended
In millions of €, except per case data which is calculated prior to
rounding. FX impact calculated by recasting current year results at prior year
rates.
27 Sept 2024 29 Sept 2023 % Change 27 Sept 2024 29 Sept 2023 % Change
As reported and comparable 5,358 4,807 11.5% 15,186 13,784 10.2%
Add: Adjusted revenue impact ( 1 ) - 434 n/a 268 1,271 n/a
Adjust: Total items impacting - (8) n/a - (9) n/a
comparability
Adjusted comparable 5,358 5,233 2.4% 15,454 15,046 2.7%
Adjust: Impact of fx changes 1 n/a n/a 57 n/a n/a
Adjusted Comparable and fx-neutral 5,359 5,233 2.4% 15,511 15,046 3.1%
Adjusted Revenue per unit case 5.32 5.19 2.4% 5.23 5.09 2.7%
Adjusted Revenue APS
As reported and comparable 1,318 851 54.9% 3,867 2,723 42.0%
Add: Adjusted revenue impact ( 1 ) - 434 n/a 268 1,271 n/a
Adjust: Total items impacting - (8) n/a - (9) n/a
comparability( 2 )
Adjusted comparable 1,318 1,277 3.2% 4,135 3,985 3.8%
Adjust: Impact of fx changes 14 n/a n/a 105 n/a n/a
Adjusted Comparable and fx-neutral 1,332 1,277 4.3% 4,240 3,985 6.4%
Adjusted Revenue per unit case 4.26 4.21 1.2% 4.24 4.23 0.3%
( 1 ) The adjusted revenue impact reflects the inclusion of Philippines
revenue as if the acquisition had occurred at the beginning of the period
presented and prepared on a basis consistent with CCEP accounting policies.
( 2 ) Amounts represent one-time items identified by CCBPI which are not
expected to recur, and mainly include the impact from the reversal of certain
provisions.
( )
Volume
Adjusted Comparable Volume - Selling Day Shift CCEP Third-Quarter Ended Nine Months Ended
In millions of unit cases, prior period volume recast using current year
selling days.
27 Sept 2024 29 Sept 2023 % Change 27 Sept 2024 29 Sept 2023 % Change
Volume 1,008 846 19.1% 2,864 2,477 15.6%
Impact of selling day shift n/a n/a n/a n/a n/a n/a
Comparable volume - Selling Day Shift adjusted 1,008 846 19.1% 2,864 2,477 15.6%
Add: Adjusted volume impact( 1 ) - 162 n/a 101 477 n/a
Adjusted comparable volume( 2 ) 1,008 1,008 0.0% 2,965 2,954 0.4%
Adjusted Comparable Volume - Selling Day Shift APS
Volume 313 141 122.0% 899 465 93.3%
Impact of selling day shift n/a n/a n/a n/a n/a n/a
Comparable volume - Selling Day Shift adjusted 313 141 122.0% 899 465 93.3%
Add: Adjusted volume impact( 1 ) - 162 n/a 101 477 n/a
Adjusted comparable volume 313 303 3.3% 1,000 942 6.2%
( 1 ) The adjusted volume impact reflects the inclusion of Philippines volume
as if the acquisition had occurred at the beginning of the period presented.
No selling day shift in Q1, Q2 & Q3 2024.
( 2 ) Excluding strategic de-listings, underlying comparable volume for total
CCEP was +0.8% for Q3 and +1.2% for the nine months ended 27 September 2024.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END TSTFFFSLLALSIISRecent news on Coca-Cola Europacific Partners
See all newsREG - Coca-Cola EP PLC - Transactions in Own Shares and Programme Update
AnnouncementREG - Coca-Cola EP PLC - Total Voting Rights
AnnouncementREG - Coca-Cola EP PLC - Transaction in Own Shares
AnnouncementREG - Coca-Cola EP PLC - Transactions in Own Shares
AnnouncementREG - Coca-Cola EP PLC - Transactions in Own Shares
Announcement