REG - Coca-Cola EP PLC - Results for the six months ended 28 June 2024
07/08/2024 07:00
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RNS Number : 4413Z Coca-Cola Europacific Partners plc 07 August 2024
COCA-COLA EUROPACIFIC PARTNERS
Results for the six months ended 28 June 2024
Solid first half, reaffirming FY24 guidance
H1 2024 Total CCEP Key Financial Metrics( 1 ) As Reported Comparable ( 1 ) Change vs H1 2023 Adjusted Comparable( 4 ) Change vs H1 2023
As Reported Comparable Comparable FXN( 1 ) Adjusted Comparable( 4 ) Adjusted Comparable FXN( 4 )
( )(1)( )
Volume (M UC)( 2 ) 1,856 1,856 13.8 % 13.8 % 1,957 0.6%
Revenue per UC( 2 ) (€) 5.32 (3.3) % 5.19 2.9%
Revenue (€M) 9,828 9,828 9.5% 9.5% 10.0 % 10,096 2.9% 3.5%
Operating profit (€M) 1,142 1,296 (2.4) % 11.2 % 11.6 % 1,306 8.7% 9.0%
Diluted EPS (€) 1.73 1.97 (6.9) % 6.7% 7.0%
Comparable free cash flow (€M) 539
Interim dividend per share (€) 0.74
DAMIAN GAMMELL, CHIEF EXECUTIVE OFFICER, SAID:
"We are really pleased to have delivered a solid first half performance
reflecting great brands and great execution. I would like to thank our great
people, alongside our customers and brand partners. We delivered solid top and
bottom-line growth, and impressive free cash flow. The great performance of
APS, led by the Philippines, offset softer volumes in Europe driven by adverse
weather. This demonstrates how our geographic diversification makes us a
stronger and more robust business. We continue to grow share ahead of the
market and to create value for our customers. Our focus on revenue growth
management, headline price and promotion strategy across a broad pack offering
also drove solid gains in revenue per unit case.
"Looking ahead, we are well placed operating in categories that remain
resilient. We continue to invest for growth and have strong commercial plans
in place for the rest of this year and beyond to engage customers and
consumers. We remain focused on driving profitable revenue growth, actively
managing our pricing and promotional spend to remain affordable and relevant
to our consumers, alongside our focus on productivity and free cash flow. In
that context, we reaffirm our full year guidance for 2024.
"We are confident that we have the right strategy, done sustainably, to
deliver on our mid-term growth objectives. Combined with our first half
interim dividend, this demonstrates the strength of our business, and our
ability to deliver continued shareholder value."
___________________________
Note: All footnotes included alongside the 'About CCEP' section
H1 Financial Summary
H1 2024 Metric( 1 ) As Reported Comparable( 1 ) Change vs H1 2023 Adjusted Comparable( 4 ) Change vs H1 2023
As Reported Comparable Comparable FXN( 1 ) Adjusted Comparable( 4 ) Adjusted Comparable FXN( 4 )
( 1 )
Total CCEP
Volume (M UC)( 2 ) 1,856 1,856 13.8 % 13.8 % 1,957 0.6%
Revenue (€M) 9,828 9,828 9.5% 9.5% 10.0 % 10,096 2.9% 3.5%
Cost of sales (€M) 6,332 6,320 11.0 % 10.9 % 11.4 % 6,534 2.5% 3.1%
Operating profit (€M) 1,142 1,296 (2.4) % 11.2 % 11.6 % 1,306 8.7% 9.0%
Profit after taxes (€M) 811 924 (5.0) % 9.1% 9.4%
Diluted EPS (€) 1.73 1.97 (6.9) % 6.7% 7.0%
Revenue per UC( 2 ) (€) 5.32 (3.3) % 5.19 2.9%
Cost of sales per UC( 2 ) (€) 3.42 (2.1) % 3.36 2.5%
Comparable free cash flow (€M) 539
Interim dividend per share(*) (€) 0.74
Europe
Volume (M UC)( 2 ) 1,270 1,270 (2.8) % (2.8) % 1,270 (2.8) %
Revenue (€M) 7,279 7,279 2.4% 2.4% 2.0% 7,279 2.4% 2.0%
Operating profit (€M) 882 979 (0.6) % 6.0% 5.2% 979 6.0% 5.2%
Revenue per UC( 2 ) (€) 5.71 4.9% 5.71 4.9%
APS (Australia, Pacific & Southeast Asia)
Volume (M UC)( 2 ) 586 586 80.9% 80.9% 687 7.5%
Revenue (€M) 2,549 2,549 36.2% 36.2% 40.6 % 2,817 4.0% 7.4%
Operating profit (€M) 260 317 (8.1) % 31.5% 36.1% 327 17.6% 21.6%
Revenue per UC( 2 ) (€) 4.49 (22.3) % 4.24 0.0%
*First half interim dividend per share of €0.74 (declared at Q1 & paid
in May), calculated as 40% of the FY23 dividend
H1 & Q2 Revenue Highlights( 1 , 4 )
H1 Revenue: Reported +9.5%; Adjusted Comparable +3.5%( 3 , 4 )
• Continue to create value for our customers
• NARTD YTD value share gains( 5 ) across measured channels both
in-store (+30bps) & online (+10bps)
• Adjusted comparable volume +0.6%( 4 , 6 )
By geography:
◦ Europe -2.8% reflecting great in-market execution offset by
adverse weather, strategic de-listings & cycling solid comparables (H1'23
comparable volume +2.5%)
◦ APS +7.5% reflecting strong in-market execution:
▪ Australia/Pacific (AP): continued solid underlying momentum
(excl. strategic bulk water de-listings in Q2 last year)
▪ Southeast Asia (SEA): double-digit growth driven by solid
demand in the Philippines
By channel: Away from Home (AFH) +1.9%, Home -0.6%
◦ Europe: AFH -4.4% cycling strong comparables (H1'23 comparable
volume +4.0%), Home -1.9%
◦ APS: AFH +8.9%, Home +5.2%
▪ Transactions in line with volumes in Europe & ahead in APS
▪ Adjusted comparable revenue per unit case +2.9%( 2 , 3 , 4 )
reflecting positive headline pricing, promotional optimisation & brand
mix, partly offset by geographic mix
◦ Europe: +4.9% reflecting H1'24 headline price increases &
H2'23 headline pricing in GB & Germany
◦ APS: 0.0% reflecting headline price increases &
promotional optimisation in Australia, offset by geographic mix driven by
strong growth in the Philippines (being at a lower revenue per unit case)
Q2 Revenue: Reported +11.2%; Adjusted Comparable +1.8%( 3 , 4 )
• Adjusted comparable volume -0.7%( 4 , 6 )
By geography:
◦ Europe -4.0% reflecting solid in-market execution offset by
adverse weather & strategic de-listings
◦ APS +6.9% reflecting strong in-market execution:
▪ AP: continued solid underlying momentum
▪ SEA: double-digit growth driven by solid
demand in the Philippines
By channel: AFH +1.2%, Home -2.3%
◦ Europe: AFH -4.2%, Home -3.8%
◦ APS: AFH +7.7%, Home +5.7%
▪ Adjusted comparable revenue per unit case +2.5%( 2 , 3 , 4 )
reflecting positive headline pricing, promotional optimisation & brand
mix, partly offset by geographic mix
◦ Europe: +4.4% reflecting H1'24 headline price increases
& H2'23 headline pricing in GB & Germany
◦ APS: -0.4% reflecting headline price increases &
promotional optimisation, offset by geographic mix driven by strong growth in
the Philippines
H1 Operating Profit & Other Highlights & FY24 Guidance( 1 )
H1 Operating profit: Reported -2.4%; Adjusted Comparable +9.0%( 3 , 4 )
• Adjusted comparable cost of sales per unit case
+2.5%( 2 , 3 , 4 ) reflecting increased revenue per unit case driving higher
concentrate costs, inflation in manufacturing & tax increase driven by
Netherlands, partially offset by the mix effect from the strong growth in the
Philippines
• Adjusted comparable operating profit of €1,306m,
+9.0%( 3 , 4 ) reflecting top-line growth, our efficiency programmes &
continuous efforts on discretionary spend optimisation. Reported operating
profit of €1,142m, -2.4% reflecting higher business transformation costs in
H1'24
• Comparable diluted EPS of €1.97, +7.0%( 3 ) (reported
€1.73, -6.9%)
Other
• Comparable free cash flow: generated solid comparable free
cash flow of €539m reflecting solid performance (net cash flows from
operating activities of €1,122m), supporting our return to our target
leverage range of Net debt: Comparable EBITDA of 2.5x-3x by the end of FY24
(3.0x at the end of 2023)
• Sustainability highlights:
◦ Invested in Airhive energy-efficient direct air capture
technology
◦ Investing €40m in a new production line for refillable
glass bottles in Germany
Reaffirming FY24 guidance( 1 , 4 )
The outlook for FY24 reflects our current assessment of market conditions.
Unless stated otherwise, guidance is on an adjusted comparable( 4 ) &
FX-neutral basis. Guidance is therefore provided on the basis that the
acquisition of CCBPI occurred on 1 Jan 2023.
• Revenue: comparable growth of ~4%*
◦ More balanced between volumes & price/mix than FY23
◦ Two extra selling days in Q4
▪ Cost of sales per UC: comparable growth of ~3% (previously
3-4%)
◦ Expect broadly flat commodity inflation (previously low single-digit
growth)
◦ FY24 hedge coverage at ~90% (previously 85%)
◦ Taxes 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%
▪ Comparable free cash flow: ~€1.7bn*
▪ Capital expenditure: ~5% of revenue excluding leases
▪ Dividend payout ratio: ~50%( 7 ) based on comparable EPS
*in line with our mid-term strategic objectives
SECOND QUARTER & FIRST HALF 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, total APS and total CCEP. All changes are versus prior year
equivalent period unless stated otherwise.
Second Quarter First Half
Fx-Neutral Fx-Neutral
€ million % change % change € million % change % change
FBN( 8 ) 1,383 (0.8) % (0.8) % 2,575 1.5% 1.7%
Germany 834 4.4% 4.4% 1,540 5.6% 5.6%
Great Britain 870 (1.2) % (3.1) % 1,594 1.5% (0.9) %
Iberia( 9 ) 902 1.8% 1.8% 1,570 1.9% 1.9%
Total Europe 3,989 0.7% 0.3% 7,279 2.4% 2.0%
Australia / Pacific( 11 ) 758 2.4% 3.5% 1,612 0.2% 3.4%
Southeast Asia( 4 , 12 ) 616 6.8% 10.1 % 1,205 9.5% 13.2 %
Total APS( 4 ) 1,374 4.3% 6.4% 2,817 4.0% 7.4%
Total CCEP( 4 ) 5,363 1.6% 1.8% 10,096 2.9% 3.5%
FBN( 8 )
▪ H1 moderate volume decline in France, Benelux & Nordics driven
by adverse weather & the strategic de-listing of Capri Sun.
▪ The Netherlands was also impacted by the consumption tax increase.
▪ Sprite, Energy & Powerade outperformed in Q2 & H1.
Double-digit H1 volume growth for Fuze Tea in France despite strong
comparables.
▪ H1 revenue/UC( 10 ) growth driven by headline price increases across
the markets (& earlier in France compared to last year).
Germany
• H1 volume broadly flat despite adverse weather & strong
comparables in the AFH channel.
• Coca-Cola Zero Sugar & Monster continued to outperform.
Double-digit volume growth for Powerade in H1.
• H1 revenue/UC( 10 ) growth driven by headline price increase
implemented in Q3 last year.
• Positive pack & brand mix also contributed to the growth e.g.
Monster & Powerade.
Great Britain
• H1 moderate volume decline reflects some softness in the AFH
channel, adverse weather & the de-listing of Capri Sun.
• Strong volume growth for both Coca-Cola Zero Sugar & Powerade in
H1. Monster continued to outperform with high single-digit growth in H1.
• H1 revenue/UC( 10 ) growth driven by headline price increase
implemented at the end of the second quarter last year.
• Positive mix also contributed to the growth e.g. Monster &
de-listing of Capri Sun.
Iberia( 9 )
• Slight volume decline driven by adverse weather conditions offset by
solid in market execution.
• Sprite, Aquarius, Powerade, Royal Bliss & Tea volumes
outperformed in H1.
• H1 revenue/UC( 10 ) growth driven by headline price increase.
• Positive brand mix also contributed to the growth e.g. Monster &
Powerade.
Australia / Pacific( 11 )
• H1 slight volume decline reflects strategic bulk water de-listings
in Australia which started in Q2 2023. Excluding de-listings, volume would
have been broadly flat in H1 supported by great activation.
• Home channel volume performed slightly ahead of the AFH channel.
• Coca-Cola Zero Sugar, Fanta & Monster performed well in H1
across all markets supported by great execution & innovation, including
the launch of Monster Energy Zero Sugar & Fanta Pineapple Zero Sugar in
Australia.
• H1 Revenue/UC( 10 ) solid growth driven by headline price increases
& promotional optimisation.
Southeast Asia( 12 )
• Solid H1 volume driven by double-digit growth in the Philippines,
reflecting strong underlying market demand, solid share gains & great
execution whilst cycling soft comparables last year.
• This was partially offset by a weaker volume performance in
Indonesia impacted by the geopolitical situation in the Middle East.
Encouraging sparkling & transaction growth in unaffected areas.
• AFH channel volume grew ahead of the Home channel driven by the
Philippines in H1.
• H1 Coke TM in double-digit growth, driven by Coca-Cola Classic &
supported by encouraging performance of Coca-Cola Zero Sugar in Indonesia
following its recent launch. Sprite continues to perform well.
• H1 Revenue/UC( 10 ) growth driven by headline price increases &
promotional optimisation.
SECOND QUARTER & FIRST HALF VOLUME PERFORMANCE BY CATEGORY( 1 , 4 , 6 )
All values are unaudited and all references to volumes are on an adjusted
comparable basis. All changes are versus prior year equivalent period unless
stated otherwise.
Second Quarter First Half
% of Total % Change % of Total % Change
Coca-Cola® 59.5 % 1.1% 59.0 % 1.7%
Flavours & Mixers 21.5 % (2.8) % 22.1 % -%
Water, Sports, RTD Tea & Coffee( 13 ) 12.0 % 0.6% 11.7 % 0.8%
Other inc. Energy 7.0% (9.8) % 7.2% (7.3) %
Total 100.0% (0.7) % 100.0% 0.6%
Coca-Cola®
Q2: +1.1%; H1: +1.7%
• H1 Coca-Cola Classic +3.0% driven by continued strong demand in the
Philippines, partially offset by adverse weather in Europe.
• Q2 Coca-Cola Zero Sugar +2.8% with growth in both Europe & APS
driven by solid execution & innovation.
• Value share gains of Coca-Cola Original Taste +80bps( 5 ), led by
the Philippines.
Flavours & Mixers
Q2: -2.8%; H1: Flat
• Sprite H1: +5.9% driven by solid consumer demand & great
execution across all key markets.
• Fanta H1 slight decline driven by adverse weather & solid
comparables (H1 23: +2.0%( 14 )) in Europe albeit supported by flavour
extensions e.g. Fanta Exotic.
• Royal Bliss continues to perform well with double-digit growth in H1
supported by the launch in Portugal.
Water, Sports, RTD Tea & Coffee( 13 )
Q2: +0.6%; H1: +0.8%
• H1 water slight decline driven by strategic water de-listings within
Europe & Australia.
• H1 Sports +4.8% despite strong comparables (H1'23 +10.5%( 14 )) with
growth in Powerade driven by continued consumer trends in this category, great
activation & innovation (e.g. launch of Powerade Mango).
• RTD Tea & Coffee +1.6% driven by Fuze Tea in Europe.
Other inc. Energy
Q2: -9.8% (+5.1% exc. Juices)
H1: -7.3% (+4.6% exc. Juices)
• Strong growth in Energy +7.5% in both Q2 & H1 led by Monster
despite strong comparables (H1'23 +15.0%( 14 )), continuing to gain
distribution (inc. recent category launch in the Philippines) & share
through innovation e.g. Monster Green Zero, Bad Apple & Peachy Keen.
• Juices decline resulting from the strategic de-listing of Capri Sun
in Europe.
• Encouraging early start for Absolut & Sprite following launch in
Europe.
Conference Call
• 7 August 2024 at 12:00 BST, 13:00 CEST & 7:00 a.m. EDT;
accessible via www.cocacolaep.com
• Replay & transcript will be available at
www.cocacolaep.com as soon as possible
Financial Calendar
• Third quarter 2024 trading update: 5 November 2024
• Financial calendar available here:
https://ir.cocacolaep.com/financial-calendar/
Contacts
Investor Relations
Sarah Willett
Awais Khan
Raj Sidhu
sarah.willett@ccep.com
awais.khan@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
comparable and 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 IFRS
accounting policies and includes provisional acquisition 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: Nielsen & IRI Period 6 YTD
6. No selling day shift in H1; CCEP adjusted comparable volume +0.6%
in H1
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 this document;
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 condensed consolidated interim
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.
''Comparable EBITDA'' is calculated as Earnings Before Interest, Tax,
Depreciation and Amortisation (EBITDA), after adding back items impacting the
comparability of period over period financial performance. Comparable EBITDA
does not reflect cash expenditures, or future requirements for capital
expenditures or contractual commitments. Further, comparable EBITDA does not
reflect changes in, or cash requirements for, working capital needs, and
although depreciation and amortisation are non-cash charges, the assets being
depreciated and amortised are likely to be replaced in the future and
comparable EBITDA does not reflect cash requirements for such replacements.
''Net Debt'' is defined as borrowings adjusted for the fair value of hedging
instruments and other financial assets/liabilities related to borrowings, net
of cash and cash equivalents and short-term investments. We believe that
reporting net debt is useful as it reflects a metric used by the Group to
assess cash management and leverage. In addition, the ratio of net debt to
comparable EBITDA is used by investors, analysts and credit rating agencies to
analyse our operating performance in the context of targeted financial
leverage.
''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.
Supplementary Financial Information - Items impacting comparability - Reported
to Comparable
The following provides a summary reconciliation of the items
impacting comparability for the six months ended 28 June 2024 and 30 June
2023:
First Six Months 2024
In millions of € except share data which is calculated prior to rounding Operating profit Profit after taxes Diluted earnings per share (€)
As Reported 1,142 811 1.73
Items impacting comparability
Restructuring charges( 1 ) 95 70 0.16
Acquisition and integration related costs( 2 ) 11 9 0.02
European flooding( 3 ) 1 1 -
Inventory step-up( 4 ) 5 3 -
Impairment( 5 ) 12 8 0.02
Litigation( 6 ) 2 2 -
Accelerated amortisation( 7 ) 28 20 0.04
Comparable 1,296 924 1.97
First Six Months 2023
As Reported 1,170 854 1.86
Items impacting comparability
Restructuring charges( 1 ) 51 42 0.09
Coal royalties( 8 ) (18) (12) (0.03)
European flooding( 3 ) (3) (2) -
Sale of sub-strata and associated mineral rights( 9 ) (35) (35) (0.07)
Comparable 1,165 847 1.85
__________________________
( 1 ) Amounts represent restructuring charges related to business
transformation activities.
( 2 ) Amounts represent cost associated with the acquisition and integration
of CCBPI.
( 3 ) Amounts represent the incremental expense incurred offset by the
insurance recoveries collected as a result of the July 2021 flooding events,
which impacted the operations of our production facilities in Chaudfontaine
and Bad Neuenahr.
( 4 ) Amounts represent the non-recurring impact of provisional fair value
step-up of CCBPI inventories.
( 5 ) Amounts represent the impairment in relation to the Feral brand. The
Group is in a process of selling the brand, which has been classified as an
asset held for sale in the Group's condensed consolidated interim statement of
financial position as of 28 June 2024.
( 6 ) Amounts relate to the increase in a provision established in
connection with an ongoing labour law matter in Germany.
( 7 ) Amounts represent accelerated amortisation charges associated with the
discontinuation of the relationship between CCEP and Beam Suntory upon
expiration of the current contractual agreements.
( 8 ) Amounts represent royalty income arising from the ownership of certain
mineral rights in Australia. The royalty income was recognised as "Other
income" in our condensed consolidated interim income statement as of the six
months ended 30 June 2023.
( 9 ) Amounts represent the considerations received relating to the sale of
the sub-strata and associated mineral rights in Australia. The transaction
completed in April 2023 and the proceeds were recognised as "Other income" in
our condensed consolidated interim income statement as of the six months ended
30 June 2023.
( )
Supplementary Financial Information - Items impacting comparability - Reported
to Adjusted Comparable
The following provides a summary reconciliation for CCEP's reported results
and adjusted comparable financial information for the six months ended 28 June
2024 and 30 June 2023:
First Six Months 2024 (unaudited)
In € millions except per share data which is calculated prior to rounding Reported Items impacting comparability( 1 ) Comparable Adjusted comparable( 2 ) Transaction accounting adjustments( 3 ) Adjusted comparable combined
CCEP CCEP CCBPI CCEP CCEP
Revenue 9,828 - 9,828 268 - 10,096
Cost of sales 6,332 (12) 6,320 214 - 6,534
Operating profit 1,142 154 1,296 10 - 1,306
Total finance costs, net 87 - 87 3 - 90
Profit after taxes 811 113 924 5 - 929
Attributable to:
Shareholders 797 110 907 3 - 910
Non-controlling interest 14 3 17 2 - 19
Diluted earnings per share (€) 1.73 1.97 1.98
Diluted weighted average shares outstanding 460
First Six Months 2023 (unaudited) Reported Items impacting comparability( 1 ) Comparable Adjusted comparable( 2 ) Transaction accounting adjustments( 3 ) Adjusted comparable combined
CCEP CCEP CCBPI CCEP CCEP
Revenue 8,977 - 8,977 836 - 9,813
Cost of sales 5,707 (6) 5,701 673 - 6,374
Operating profit 1,170 (5) 1,165 37 - 1,202
Total finance costs, net 63 - 63 13 14 90
Profit after taxes 854 (7) 847 18 (11) 854
Attributable to:
Shareholders 854 (7) 847 11 (11) 847
Non-controlling interest - - - 7 - 7
Diluted earnings per share (€) 1.86 1.85 1.85
Diluted weighted average shares outstanding 459
__________________________
( 1 ) Amounts represent items affecting the comparability of CCEP's
year-over-year financial performance.
( 2 ) Amounts represent unaudited results of CCBPI as if the acquisition had
occurred on 1 January, including provisional acquisition accounting
adjustments, CCEP IFRS accounting policy reclassifications and the impact of
debt financing costs in connection with the acquisition, excluding items
impacting comparability.
( 3 ) Amounts represent provisional transaction accounting adjustments for the
6 months ending 30 June 2023 as if the acquisition had occurred on 1 January
2023 comprising finance costs from CCEP acquisition financing. Tax rate used
is 22%, in line with the Group's effective tax rate for the 6 months ended 30
June 2023. For 2024, these finance costs are included within CCEP reported
results. Separate financing adjustment is included within CCBPI Adjusted
comparable.
The table below illustrates the impact of adjustments made to CCBPI in order
to present them on a basis consistent with CCEP's accounting policies and
including provisional acquisition accounting adjustments.
First Six Months 2023 (unaudited)
In € millions Historical CCBPI( 1 ) Reclassifications( 2 ) Historical adjusted CCBPI Transaction accounting adjustments( 3 ) Items impacting comparability( 4 ) Adjusted comparable
Revenue 837 - 837 - (1) 836
Cost of sales 672 (5) 667 12 (6) 673
Operating profit 42 - 42 (20) 15 37
Total finance costs, net - (2) (2) 14 1 13
Profit after taxes 30 2 32 (25) 11 18
( 1 ) Historical unaudited CCBPI results for the period 1 January 2023 to 30
June 2023.
( 2 ) Accounting policy and classification adjustments made to CCBPI in order
to present on a basis consistent with CCEP IFRS accounting.
( 3 ) Amounts represent provisional transaction accounting adjustments for the
6 months ending 30 June 2023 as if the acquisition had occurred on 1 January
2023, and mainly include incremental depreciation and amortisation impact
relating to provisional fair values for intangibles and property plant and
equipment, inventory step up costs, an increase in total finance costs as a
result of local financing in the Philippines related to the acquisition and
the inclusion of acquisition and integration related costs.
( 4 ) Amounts represent one-time items identified by CCBPI which are not
expected to recur, and mainly include inventory step up costs, acquisition and
integration related costs and the impact from the reversal of certain
provisions.
( )
The following provides a summary reconciliation of CCEP's reported and
adjusted comparable financial information for the full year ended 31 December
2023, assuming the acquisition occurred on 1 January 2023. Following the
announcement of the acquisition on 23 February 2024, the adjusted financial
information has been updated to reflect changes in the provisional acquisition
accounting adjustments.
( )
Full Year 2023 (unaudited)
In € millions except per share data which is calculated prior to rounding Reported Items impacting comparability( 1 ) Comparable Adjusted comparable( 2 ) Transaction accounting adjustments( 3 ) Adjusted comparable combined
CCEP CCEP CCBPI CCEP CCEP
Revenue 18,302 - 18,302 1,744 - 20,046
Cost of sales 11,582 (6) 11,576 1,382 - 12,958
Operating profit 2,339 34 2,373 100 - 2,473
Total finance costs, net 120 - 120 28 26 174
Profit after taxes 1,669 32 1,701 51 (19) 1,733
Attributable to:
Shareholders 1,669 32 1,701 31 (19) 1,713
Non-controlling interest - - - 20 - 20
Diluted earnings per share (€) 3.63 3.71 3.73
Diluted weighted average shares outstanding 459
( 1 ) Amounts represent items affecting the comparability of CCEP's
year-over-year financial performance.
( 2 ) Amounts represent unaudited results of CCBPI as if the acquisition had
occurred on 1 January, including provisional acquisition accounting
adjustments, CCEP IFRS accounting policy reclassifications and the impact of
debt financing costs in connection with the acquisition, excluding items
impacting comparability.
( 3 ) Amounts represent provisional transaction accounting adjustments for
the 12 months ending 31 December 2023 as if the acquisition had occurred on 1
January 2023 comprising finance costs from CCEP acquisition financing. Tax
rate used is 24%, in line with the Group's effective tax rate for the year
ended 31 December 2023. Separate financing adjustment is included within CCBPI
Adjusted comparable.
( )
Supplemental Financial Information - Operating Profit - Reported to Comparable
Revenue
Revenue CCEP Second Quarter Ended Six 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.
28 June 2024 30 June 2023 % Change 28 June 2024 30 June 2023 % Change
As reported 5,363 4,823 11.2 % 9,828 8,977 9.5%
Adjust: Impact of fx changes 11 n/a n/a 48 n/a n/a
Fx-neutral 5,374 4,823 11.4 % 9,876 8,977 10.0 %
Revenue per unit case 5.23 5.59 (6.4) % 5.32 5.51 (3.3) %
Revenue Europe
As reported 3,989 3,960 0.7% 7,279 7,105 2.4%
Adjust: Impact of fx changes (16) n/a n/a (35) n/a n/a
Fx-neutral 3,973 3,960 0.3% 7,244 7,105 2.0%
Revenue per unit case 5.78 5.53 4.4% 5.71 5.44 4.9%
Revenue APS
As reported 1,374 863 59.2% 2,549 1,872 36.2%
Adjust: Impact of fx changes 27 n/a n/a 83 n/a n/a
Fx-neutral 1,401 863 62.3% 2,632 1,872 40.6%
Revenue per unit case 4.13 5.89 (29.9) % 4.49 5.78 (22.3) %
Revenue by Geography Six Months Ended 28 June 2024
In millions of €
As reported Reported Fx-Neutral
% change % change
Great Britain 1,594 1.5% (0.9) %
Germany 1,540 5.6% 5.6%
Iberia( 1 ) 1,570 1.9% 1.9%
France( 2 ) 1,219 1.6% 1.6%
Belgium/Luxembourg 526 (2.8) % (2.8) %
Netherlands 380 7.0% 7.0%
Norway 204 5.7% 6.7%
Sweden 207 -% 0.5%
Iceland 39 (2.5) % (2.5) %
Total Europe 7,279 2.4% 2.0%
Australia 1,169 0.6% 3.5%
New Zealand and Pacific Islands 326 (1.2) % 1.2%
Indonesia and Papua New Guinea 352 (7.4) % (1.8) %
Philippines 702 n/a n/a
Total APS 2,549 36.2 % 40.6 %
Total CCEP 9,828 9.5% 10.0 %
____________________
( 1 ) Iberia refers to Spain, Portugal & Andorra.
( 2 ) France refers to continental France & Monaco.
Volume
Comparable Volume - Selling Day Shift CCEP Second Quarter Ended Six Months Ended
In millions of unit cases, prior period volume recast using current year
selling days
28 June 2024 30 June 2023 % Change 28 June 2024 30 June 2023 % Change
Volume 1,027 863 19.0 % 1,856 1,631 13.8 %
Impact of selling day shift n/a n/a n/a n/a n/a n/a
Comparable volume - Selling Day Shift adjusted 1,027 863 19.0 % 1,856 1,631 13.8 %
Comparable Volume - Selling Day Shift Europe
Volume 688 717 (4.0) % 1,270 1,307 (2.8) %
Impact of selling day shift n/a n/a n/a n/a n/a n/a
Comparable volume - Selling Day Shift adjusted 688 717 (4.0) % 1,270 1,307 (2.8) %
Comparable Volume - Selling Day Shift APS
Volume 339 146 132.2% 586 324 80.9 %
Impact of selling day shift n/a n/a n/a n/a n/a n/a
Comparable volume - Selling Day Shift adjusted 339 146 132.2% 586 324 80.9 %
Cost of Sales
Cost of Sales Six 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.
28 June 2024 30 June 2023 % change
As reported 6,332 5,707 11.0 %
Adjust: Total items impacting comparability (12) (6) n/a
Adjust: Restructuring charges( 1 ) (5) (9)
Adjust: Litigation( 2 ) (1) -
Adjust: European flooding( 3 ) (1) 3
Adjust: Inventory step-up( 4 ) (5) -
Comparable 6,320 5,701 10.9 %
Adjust: Impact of FX changes 30 n/a n/a
Comparable and Fx-neutral 6,350 5,701 11.4 %
Cost of sales per unit case 3.42 3.50 (2.1) %
__________________________
( 1 ) Amounts represent restructuring charges related to business
transformation activities.
( 2 ) Amounts relate to the increase in a provision established in connection
with an ongoing labour law matter in Germany.
( 3 ) Amounts represent the incremental expense incurred offset by the
insurance recoveries collected as a result of the July 2021 flooding events,
which impacted the operations of our production facilities in Chaudfontaine
and Bad Neuenahr.
( 4 ) Amounts represent the non-recurring impact of provisional fair value
step-up of CCBPI inventories.
( )
For the six months ending 28 June 2024, reported cost of sales were €6,332
million, up 11.0% versus 2023. Comparable cost of sales for the same period
were €6,320 million, up 10.9% versus 2023. Cost of sales per unit case
decreased by 2.1% on a comparable and fx-neutral basis, reflecting the impact
of the newly acquired CCBPI operations, partly offset by increased revenue per
unit case driving higher concentrate costs, inflation in manufacturing and tax
increase driven by the Netherlands.
Operating expenses
Operating Expenses Six Months Ended
In millions of €. FX impact calculated by recasting current year results at
prior year rates.
28 June 2024 30 June 2023 % Change
As reported 2,354 2,153 9.3%
Adjust: Total items impacting comparability (142) (42) n/a
Adjust: Restructuring charges( 1 ) (90) (42)
Adjust: Acquisition and Integration related costs( 2 ) (11) -
Adjust: Impairment( 3 ) (12) -
Adjust: Litigation( 4 ) (1) -
Adjust: Accelerated amortisation( 5 ) (28) -
Comparable 2,212 2,111 4.8%
Adjust: Impact of FX changes 14 n/a n/a
Comparable and Fx-neutral 2,226 2,111 5.4%
__________________________
( 1 ) Amounts represent restructuring charges related to business
transformation activities.
( 2 ) Amounts represent cost associated with the acquisition and integration
of CCBPI.
( 3 ) Amounts represent the impairment in relation to the Feral brand. The
Group is in a process of selling the brand, which has been classified as an
asset held for sale in the Group's condensed consolidated interim statement of
financial position as of 28 June 2024.
( 4 ) Amounts relate to the increase in a provision established in connection
with an ongoing labour law matter in Germany.
( 5 ) Amounts represent accelerated amortisation charges associated with the
discontinuation of the relationship between CCEP and Beam Suntory upon
expiration of the current contractual agreements.
For the six months ending 28 June 2024, reported operating expenses were
€2,354 million, up 9.3% versus 2023.
Comparable operating expenses were €2,212 million for the same period, up
4.8% versus 2023, reflecting the impact of the newly acquired CCBPI
operations, inflation and higher volumes, partially offset by the benefit of
ongoing efficiency programmes and our continuous efforts on discretionary
spend optimisation.
In November 2022, the Group announced a new efficiency programme to be
delivered by the end of 2028. This programme focusses on further supply chain
efficiencies, leveraging global procurement and a more integrated shared
service centre model, all enabled by next generation technology including
digital tools and data and analytics. During the first half of 2024, as part
of this efficiency programme, the Group announced restructuring proposals
resulting in €90 million of operating expenses primarily related to expected
severance payments. This compares to €42 million of restructuring charges
within operating expenses incurred in the six month period ending 30 June
2023, related to various productivity initiatives.
Acquisition and integration related costs of €11 million were recognised
within reported operating expenses for the six months ending 28 June 2024
associated with the acquisition of CCBPI, primarily brokerage and advisory
fees.
Operating profit
Operating Profit CCEP Six Months Ended
In millions of €. FX impact calculated by recasting current year results at
prior year rates.
28 June 2024 30 June 2023 % Change
As reported 1,142 1,170 (2.4) %
Adjust: Total items impacting comparability 154 (5) n/a
Comparable 1,296 1,165 11.2 %
Adjust: Impact of fx changes 4 n/a n/a
Comparable & Fx-neutral 1,300 1,165 11.6 %
Operating Profit Europe
As reported 882 887 (0.6) %
Adjust: Total items impacting comparability 97 37 n/a
Comparable 979 924 6.0%
Adjust: Impact of fx changes (7) n/a n/a
Comparable & Fx-neutral 972 924 5.2%
Operating Profit APS
As reported 260 283 (8.1) %
Adjust: Total items impacting comparability 57 (42) n/a
Comparable 317 241 31.5 %
Adjust: Impact of fx changes 11 n/a n/a
Comparable & Fx-neutral 328 241 36.1 %
Supplemental Financial Information - Operating Profit - Reported to Adjusted
Comparable
Revenue
Adjusted Revenue CCEP Second Quarter Ended Six 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.
28 June 2024 30 June 2023 % Change 28 June 2024 30 June 2023 % Change
As reported 5,363 4,823 11.2 % 9,828 8,977 9.5%
Add: Adjusted revenue impact( 1 ) - 455 n/a 268 837 n/a
Adjust: Total items impacting comparability - (1) n/a - (1) n/a
Adjusted Comparable 5,363 5,277 1.6% 10,096 9,813 2.9%
Adjust: Impact of fx changes 11 n/a n/a 56 n/a n/a
Adjusted Comparable and Fx-neutral 5,374 5,277 1.8% 10,152 9,813 3.5%
Adjusted Revenue per unit case 5.23 5.11 2.5% 5.19 5.04 2.9%
Adjusted Revenue APS
As reported 1,374 863 59.2 % 2,549 1,872 36.2 %
Add: Adjusted revenue impact( 1 ) - 455 n/a 268 837 n/a
Adjust: Total items impacting comparability - (1) n/a - (1) n/a
Adjusted Comparable 1,374 1,317 4.3% 2,817 2,708 4.0%
Adjust: Impact of fx changes 27 n/a n/a 91 n/a n/a
Adjusted Comparable and Fx-neutral 1,401 1,317 6.4% 2,908 2,708 7.4%
Adjusted Revenue per unit case 4.13 4.15 (0.4) % 4.24 4.24 -%
( 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.
Volume
Adjusted Comparable Volume - Selling Day Shift CCEP Second Quarter Ended Six Months Ended
In millions of unit cases, prior period volume recast using current year
selling days
28 June 2024 30 June 2023 % Change 28 June 2024 30 June 2023 % Change
Volume 1,027 863 19.0 % 1,856 1,631 13.8 %
Impact of selling day shift n/a n/a n/a n/a n/a n/a
Comparable volume - Selling Day Shift adjusted 1,027 863 19.0 % 1,856 1,631 13.8 %
Add: Adjusted volume impact( 1 ) - 171 n/a 101 315 n/a
Adjusted comparable volume 1,027 1,034 (0.7) % 1,957 1,946 0.6%
Adjusted Comparable Volume - Selling Day Shift APS
Volume 339 146 132.2% 586 324 80.9 %
Impact of selling day shift n/a n/a n/a n/a n/a n/a
Comparable volume - Selling Day Shift adjusted 339 146 132.2% 586 324 80.9 %
Add: Adjusted volume impact( 1 ) - 171 n/a 101 315 n/a
Adjusted comparable volume 339 317 6.9% 687 639 7.5%
( 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 2024.
( )
Cost of Sales
( )
Adjusted Cost of Sales Six 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.
28 June 2024 30 June 2023 % Change
As reported 6,332 5,707 11.0%
Add: Adjusted cost of sales impact( 1 ) 213 667 n/a
Adjust: Acquisition accounting( 2 ) 1 12
Adjust: Total items impacting comparability (12) (12)
Adjust: Restructuring charges( 3 ) (5) (9)
Adjust: European flooding( 4 ) (1) 3
Adjust: Inventory step-up( 5 ) (5) (5)
Adjust: Litigation( 6 ) (1) -
Adjust: Other( 7 ) - (1)
Adjusted Comparable 6,534 6,374 2.5%
Adjust: Impact of fx changes 36 n/a n/a
Adjusted Comparable & Fx-neutral 6,570 6,374 3.1%
Adjusted cost of sales per unit case 3.36 3.28 2.5%
__________________________
( 1 ) Amounts represent unaudited cost of sales of CCBPI as if the acquisition
had occurred on 1 January, including provisional acquisition accounting
adjustments and CCEP IFRS accounting policy reclassifications.
( 2 ) Amounts represent transaction accounting adjustments as if the
acquisition had occurred on 1 January. These include the depreciation impact
relating to provisional fair values for property plant and equipment and the
non-recurring impact of the provisional fair value step-up of CCBPI finished
goods.
( 3 ) Amounts represent restructuring charges related to business
transformation activities.
( 4 ) Amounts represent the incremental expense incurred offset by the
insurance recoveries collected as a result of the July 2021 flooding events,
which impacted the operations of our production facilities in Chaudfontaine
and Bad Neuenahr.
( 5 ) Amounts represent the non-recurring impact of provisional fair value
step-up of CCBPI inventories.
( 6 ) Amounts relate to the increase in a provision established in connection
with an ongoing labour law matter in Germany.
( 7 ) 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 partially offset by charges related to business transformation
activities.
Adjusted comparable cost of sales for the six months ending 28 June 2024 were
€6,534 million, up 2.5% versus 2023. Cost of sales per unit case increased
by 2.5% on an adjusted comparable and fx-neutral basis, driven by an increase
in concentrate in line with our incidence model reflecting the improvement in
revenue per unit case. There was also upward pressure on manufacturing costs
and increased tax driven by the Netherlands, partially offset by the mix
effect from the strong growth in the Philippines.
Operating Expenses
Adjusted Operating Expenses Six Months Ended
In millions of €. FX impact calculated by recasting current year results at
prior year rates.
28 June 2024 30 June 2023 % Change
As reported 2,354 2,153 9.3%
Add: Adjusted operating expenses impact( 1 ) 43 128 n/a
Adjust: Acquisition accounting( 2 ) 1 8
Adjust: Total items impacting comparability (142) (52)
Adjust: Restructuring charges( 3 ) (90) (42)
Adjust: Acquisition and Integration related costs( 4 ) (11) (11)
Adjust: Litigation( 5 ) (1) -
Adjust: Impairment( 6 ) (12) -
Adjust: Accelerated amortisation( 7 ) (28) -
Adjust: Other( 8 ) - 1
Adjusted Comparable 2,256 2,237 0.8%
Adjust: Impact of fx changes 16 n/a n/a
Adjusted Comparable & Fx-neutral 2,272 2,237 1.6%
__________________________
( 1 ) Amounts represent unaudited operating expenses of CCBPI as if the
acquisition had occurred on 1 January, including provisional acquisition
accounting adjustments and CCEP IFRS accounting policy reclassifications.
( 2 ) Amounts represent transaction accounting adjustments as if the
acquisition had occurred on 1 January. These include the depreciation and
amortisation impact relating to provisional fair values for intangibles and
property plant and equipment and acquisition and integration related costs.
( 3 ) Amounts represent restructuring charges related to business
transformation activities.
( 4 ) Amounts represent cost associated with the acquisition and integration
of CCBPI.
( 5 ) Amounts relate to the increase in a provision established in connection
with an ongoing labour law matter in Germany.
( 6 ) Amounts represent the impairment in relation to the Feral brand. The
Group is in a process of selling the brand, which has been classified as an
asset held for sale in the Group's condensed consolidated interim statement of
financial position as of 28 June 2024.
( 7 ) Amounts represent accelerated amortisation charges associated with the
discontinuation of the relationship between CCEP and Beam Suntory upon
expiration of the current contractual agreements.
( 8 ) 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 partially offset by charges related to business transformation
activities.
Adjusted comparable operating expenses for the six months ending 28 June 2024
were €2,256 million, up 0.8% versus 2023, reflecting inflation and higher
volumes, partially offset by the benefit of on-going efficiency programmes and
our continuous efforts on discretionary spend optimisation in areas such as
trade marketing, travel and meetings.
Operating Profit
Adjusted Operating Profit CCEP Six Months Ended
In millions of €. FX impact calculated by recasting current year results at
prior year rates.
28 June 2024 30 June 2023 % Change
As reported 1,142 1,170 (2.4) %
Add: Adjusted operating profit impact 12 42 n/a
Adjust: Acquisition accounting (2) (20)
Adjust: Total items impacting comparability 154 10
Adjusted Comparable 1,306 1,202 8.7%
Adjust: Impact of fx changes 4 n/a n/a
Adjusted Comparable & Fx-neutral 1,310 1,202 9.0%
Adjusted Operating Profit APS
As reported 260 283 (8.1) %
Add: Adjusted operating profit impact 12 42 n/a
Adjust: Acquisition accounting (2) (20)
Adjust: Total items impacting comparability 57 (27)
Adjusted Comparable 327 278 17.6 %
Adjust: Impact of fx changes 11 n/a n/a
Adjusted Comparable & Fx-neutral 338 278 21.6 %
Supplemental Financial Information - Effective Tax Rate
The effective tax rate was 22% for the six months ended 28 June 2024 and 30
June 2023, respectively, and 24% for the year ended 31 December 2023.
For the six months ending 28 June 2024, the effective tax rate reflects the
impact of having operations outside the UK which are taxed at rates other than
the statutory UK rate of 25%, and adjustments made in respect of prior
periods.
We expect our full year 2024 comparable effective tax rate to be approximately
25%.
Income tax Six Months Ended
In millions of €
28 June 2024 30 June 2023
As reported 234 247
Adjust: Total items impacting comparability 41 2
Adjust: Restructuring charges( 1 ) 25 9
Adjust: Acquisition and Integration related costs( 2 ) 2 -
Adjust: Inventory step-up( 3 ) 2 -
Adjust: Impairment( 4 ) 4 -
Adjust: Accelerated amortisation( 5 ) 8 -
Adjust: European flooding( 6 ) - (1)
Adjust: Coal royalties( 7 ) - (6)
Comparable 275 249
__________________________
( 1 ) Amounts represent the tax impact of restructuring charges related to
business transformation activities.
( 2 ) Amounts represent the tax impact of costs associated with the
acquisition and integration of CCBPI.
( 3 ) Amounts represent the tax impact of the non-recurring impact of
provisional fair value step-up of CCBPI inventories.
( 4 ) Amounts represent the tax impact of the impairment in relation to the
Feral brand. The Group is in a process of selling the brand, which has been
classified as an asset held for sale in the Group's condensed consolidated
interim statement of financial position as of 28 June 2024.
( 5 ) Amounts represent the tax impact of accelerated amortisation charges
associated with the discontinuation of the relationship between CCEP and Beam
Suntory upon expiration of the current contractual agreements.
( 6 ) Amounts represent the tax impact of the incremental expense incurred
offset by the insurance recoveries collected as a result of the July 2021
flooding events, which impacted the operations of our production facilities in
Chaudfontaine and Bad Neuenahr.
( 7 ) Amounts represent the tax impact of royalty income arising from the
ownership of certain mineral rights in Australia. The royalty income was
recognised as "Other income" in our condensed consolidated interim income
statement as of the six months ended 30 June 2023.
Supplemental Financial Information - Comparable Free Cash Flow
Comparable Free Cash Flow Six Months Ended
In millions of €
28 June 2024 30 June 2023
Net cash flows from operating activities 1,122 1,307
Less: Purchases of property, plant and equipment (390) (264)
Less: Purchases of capitalised software (42) (40)
Add: Proceeds from sales of property, plant and equipment 2 9
Less: Payments of principal on lease obligations (77) (74)
Less: Net interest payments (88) (88)
Adjust: Items impacting comparability( 1 ) 12 (89)
Comparable Free Cash Flow 539 761
( 1 ) During the six months ended 30 June 2023, the Group received net of tax
cash proceeds of €89 million in connection with the royalty income arising
from the ownership of certain mineral rights in Australia. During the six
months ended 28 June 2024, the Group paid a further €12 million of cash
taxes in connection with those proceeds. The cash impacts associated with
those specific events have been included within the Group's net cash flows
from operating activities for the six months ended 28 June 2024 and 30 June
2023, respectively. Given the unusual nature and to allow for better period to
period comparability, our comparable free cash flow measure excludes the cash
impact related to those items.
If the Acquisition had occurred on 1 January 2024, adjusted comparable free
cash flow for the six months ended 28 June 2024 is estimated to approximate
the comparable free cash flow in the table above.
( )
Supplemental Financial Information - Borrowings
Net Debt As at Credit Ratings
In millions of € As of 6 August 2024
28 June 2024 31 December 2023 Moody's Fitch Ratings
Total borrowings( 4 ) 12,152 11,396 Long-term rating Baa1 BBB+
Fair value of hedges related to borrowings( 1 ) 91 28 Outlook Stable Stable
Other financial assets/liabilities( 1 ) 18 20 Note: Our credit ratings can be materially influenced by a number of factors
including, but not limited to, acquisitions, investment decisions and working
capital management activities of TCCC and/or changes in the credit rating of
TCCC. A credit rating is not a recommendation to buy, sell or hold securities
and may be subject to revision or withdrawal at any time.
Adjusted total borrowings 12,261 11,444
Less: cash and cash equivalents( 2 , 4 ) (1,610) (1,419)
Less: short term (272) (568)
investments( 3 )
Net debt 10,379 9,457
______________________
( 1 ) Net debt includes adjustments for the fair value of derivative
instruments used to hedge both currency and interest rate risk on the Group's
borrowings. In addition, net debt also includes other financial
assets/liabilities relating to cash collateral pledged by/to external parties
on hedging instruments related to borrowings.
( 2 ) Cash and cash equivalents as at 28 June 2024 and 31 December 2023
include €78 million and €42 million of cash in Papua New Guinea Kina
respectively. Presently, there are government-imposed currency controls which
impact the extent to which the cash held in Papua New Guinea can be converted
into foreign currency and remitted for use elsewhere in the Group.
( 3 ) Short term investments are term cash deposits held in API and Europe
with maturity dates when acquired of greater than three months and less than
one year. These short term investments are held with counterparties that are
continually assessed with a focus on preservation of capital and liquidity.
Short term investments as at 28 June 2024 and 31 December 2023 include €16
million and €33 million of assets in Papua New Guinea Kina respectively,
subject to the same currency controls outlined above.
( 4 ) Both borrowings and cash and cash equivalents as at 28 June 2024 and
31 December 2023 include €334 million and €0 million respectively in
relation to a notional pooling agreement for which an offsetting agreement is
in place which does not meet the criteria for net presentation on the
statement of financial position.
Supplemental Financial Information - Comparable EBITDA
Comparable EBITDA Six Months Ended
In millions of €
28 June 2024 30 June 2023
Reported profit after tax 811 854
Taxes 234 247
Finance costs, net 87 63
Non-operating items 10 6
Reported operating profit 1,142 1,170
Depreciation and amortisation 448 377
Reported EBITDA 1,590 1,547
Items impacting comparability
Restructuring charges( 1 ) 87 47
Acquisition and Integration related costs( 2 ) 11 -
Inventory step-up( 3 ) 5 -
European flooding( 4 ) 1 (3)
Coal royalties( 5 ) - (18)
Sale of sub-strata and associated mineral rights( 6 ) - (35)
Impairment( 7 ) 12 -
Litigation( 8 ) 2 -
Comparable EBITDA 1,708 1,538
______________________
( 1 ) Amounts represent restructuring charges related to business
transformation activities, excluding accelerated depreciation included in the
depreciation and amortisation line.
( 2 ) Amounts represent cost associated with the acquisition and integration
of CCBPI.
( 3 ) Amounts represent the non-recurring impact of provisional fair value
step-up of CCBPI inventories.
( 4 ) Amounts represent the incremental expense incurred offset by the
insurance recoveries collected as a result of the July 2021 flooding events,
which impacted the operations of our manufacturing facilities in
Chaudfontaine and Bad Neuenahr.
( 5 ) Amounts represent royalty income arising from the ownership of certain
mineral rights in Australia. The royalty income was recognised as "Other
income" in our condensed consolidated interim income statement as of the six
months ended 30 June 2023.
( 6 ) Amounts represent the considerations received relating to the sale of
the sub-strata and associated mineral rights in Australia. The transaction
completed in April 2023 and the proceeds were recognised as "Other income" in
our condensed consolidated interim income statement as of the six months ended
30 June 2023.
( 7 ) Amounts represent the impairment in relation to the Feral brand. The
Group is in a process of selling the brand, which has been classified as an
asset held for sale in the Group's condensed consolidated interim statement of
financial position as of 28 June 2024.
( 8 ) Amounts relate to the increase in a provision established in connection
with an ongoing labour law matter in Germany.
Principal Risks and Risk Factors
The Group faces a number of risks and uncertainties that may have an adverse
effect on its operations, performance and future prospects and has a robust
risk management programme to assess these and evaluate strategies to manage
them. The principal risks and risk factors in our 2023 Integrated Report on
Form 20-F for the year ended 31 December 2023 ('2023 Integrated Report' pages
68 to 78 and 243 to 251 respectively) continue to represent our risks.
As part of our risk management governance and routines we continuously monitor
the risk landscape and discuss with business leaders risk trends every
quarter, velocity and actions to be taken, as well as scanning for future
risks. Based on that exercise we do not intend to change the principal risk
trends included in our 2023 Integrated Report, but we have identified some
developments this first half of 2024.
Since the publication of the Integrated Report in March, the macro risk
environment remains similar and we believe that the reported key control
mitigations continue to be appropriate and effective. If current geopolitical
tensions escalate, we foresee that freight disruptions, shortages and
sanctions could be the consequences and have a significant impact on global
trade.
We continue to monitor the developments of the war in Ukraine, which has
impacted the supply of raw materials, supplies, finished goods, gas/oil/energy
and increased cyber risks. CCEP has been working to de-risk its supply chain
and put in place plans to secure commodities in particular with our Asian
Pacific suppliers due to geopolitical tensions in the region. We have noticed
a weaker volume performance in Indonesia impacted by the geopolitical
situation in the Middle East. We continue to monitor the developments of the
situation and any other potential impacts. We monitor and assess potential
shifts and changes in regulations and policies as a consequence of the
elections in the EU, GB, US and other geographies relevant for CCEP.
The macroeconomic outlook is still very uncertain and volatile although we
started seeing inflation easing down in major economies like US, UK, Eurozone,
Australia. Central Banks started or are about to start cutting interest rates,
but the timing and the pace of it is very data dependent, which is creating
volatility. Geopolitical problems and elections in major economies also create
uncertainty and keep the volatility high. However, stock markets and financing
environment have been very resilient so far which is an indication of a soft
rather than a hard landing, and we are cautiously optimistic about the second
half of the year since inflation seems to be controlled and growth is still
positive.
Water scarcity has been an issue in this first half of the year, in particular
in France and Spain, where authorities have issued contingency plans. In
addition to strong water management routines, a cross functional team has been
using scenario planning to assess the potential impact. We maintain good
relations with the local authorities based on the credibility of our water
management strategy and the strict discipline our demand planning teams apply
for SKU prioritisation and rationalisation.
At CCEP we are embracing the technological advancements made in recent years
and are increasing our technical footprint through transformation projects and
acquisitions. We have noticed an increase in identity-based attacks through
Social Engineering, Phishing or even AI-driven scams. CCEP has responded with
increased focus on improving our global Training & Awareness program,
increased focus on process- and control harmonisation and continued focus on
technological advancements that might impact CCEP.
We continue to be under pressure from customers and authorities to keep prices
low despite the increase in costs. Our commercial teams continue to work
positively with customers to mitigate this risk.
When it comes to our products, discussions on potential taxes to soft drinks
and plastic continue in different countries across our territories including
Spain, France, and Indonesia. Based on our experience we engage in open and
collaborative discussions with authorities and other stakeholders. We are also
evaluating and responding appropriately to recent reports in relation to
sweeteners, considering the risk of regulation, litigation and reputational
damage, as well as the developments in regard to the implementation of Deposit
Return Systems and waste collection solutions.
Accordingly, the information provided about our principal risks and risk
factors in the table below and in the Principal Risks and Risk Factors in our
2023 Integrated Report, and any or all of the Principal Risks and Risk Factors
contained therein may be exacerbated by developments in the factors identified
above and in our Forward-Looking Statements set out on page 8 of this interim
management report.
The risks described in this report and in our 2023 Integrated Report are not
the only risks facing the Group. Additional risks and uncertainties not
currently known to us or that we currently deem to be immaterial may also
adversely affect our business, financial condition or future results.
SUMMARY OF OUR PRINCIPAL RISKS
The table below shows our Principal Risks:
Risk change legend: ↑ Increased ↓ Decreased → Stayed the same
Principal Risk Description Causal factors themes (What gives rise to the risk?) Consequence themes (Potential impact of the risk) Key control mitigations Change vs. 2023 Integrated Report
(What is the risk?) (How we manage it)
Business Disruption The risk of prolonged, large scale natural and/or man made disruptive events. • Cyber attack or IT/operational technology system failure • Disruption to supply chains/operations • TCCC Business Resilience Framework →
• Pandemics • Safety and wellbeing of our people • CCEP BCR Governance Framework
• Extreme weather events (floods, fires) • Brand and reputation damage • CCEP Incident Management and Crisis Response (IMCR) process
• Natural disasters • Financial impact
• Civil unrest, war and terrorism
Packaging The risks relating to packaging waste and plastic pollution, and • Stakeholder concern about the environmental impacts of single use plastic • Brand and reputation damage from not keeping up with community/customer • rPET roadmap →
packaging, litter and packaging waste expectations
single use plastic.
• Advocacy to support container deposit and return schemes
• Financial impact from increased taxes and on the costs of doing business
• Test, trial and learn approach to refillable packaging in multiple markets
• Regulatory and compliance impacts
• Innovation on dispensed delivery solutions
• Increased potential for activism and litigation
• Packaging design and innovation
• CCEP Ventures investment in new recycling technologies
• Industry collaboration
Legal, Regulatory and Tax The risks associated with new or changing legal, regulatory or tax, • Increased regulation on business activities • Financial impact from new or higher taxes • Continuous monitoring, assessment and appropriate implementation of new or →
legislative environment and subsequent obligations and compliance
changing laws and regulations
requirements. • Use of regulated ingredients • Stricter sales and marketing controls impacting margins and market share
• Dialogue with government representatives and input to public consultations
• Increased packaging regulation • Punitive action from regulators or other legislative bodies on new or changing regulations and in anticipation of potential regulatory
pressures on drinks, carbon and packaging
• Commercial and marketing restrictions on sugar, sweeteners and energy • Increase to the cost of compliance to meet stricter or new regulatory
ingredients requirements • Development of compliance processes and training programmes for employees
• Labelling requirements • Brand and reputation damage
• Distribution and sale regulations
• Employment regulation
• Sugar & low and no calorie sweetener, energy drinks ingredients,
packaging and carbon taxes
• Regulation of new technology including AI
Cyber and IT Resilience The risks related to the protection of information systems and data from • External attackers seeking to ransom or disrupt systems and data • Financial impact from disruption to operations or fines • Cyber strategy →
unauthorised access, misuse, disruption, modification, or destruction.
• Dependency on third parties • Safety and wellbeing of employees, customers or business partners who may • Information Security Policy
have their personal information stolen
• Internal misuse (malicious or accidental)
• Information security and data privacy training and awareness
• Brand and reputation damage
• Security and maintenance of IT infrastructure and applications • BCP and disaster recovery programmes
• Change programmes • Threat vulnerability management and threat intelligence
• Hardware lifecycle programme
• Global Security Operations Centre
• Third party risk assessments
• Data Privacy Programme
• IT change management process
Economic and political conditions The risks associated with operating in volatile and challenging macroeconomic • Low economic growth or recession • Financial impact from reduced demand from consumers and an increasing cost • Hedging Policy →
and geopolitical conditions.
base
• High currency and commodity price volatility
• Keeping a strong level of liquidity and backup credit lines at all times
• Disruption to supply chains from sanctions or impact on shipping/trade for working capital purposes as well as unexpected changes in cash flow
• High inflation routes
• Supply risk and contingency process
• Political instability/conflict
• Risk sensing technology
• Civil unrest
• Cross Enterprise Procurement Group (CEPG) to leverage global collaboration
Market The risks to maintaining the relationships with our customers and consumers to • New distribution channels and platforms • Financial impact from reduced demand from consumers • Shopper insights →
meet their changing demands, needs and expectations.
• Changing customer and consumer habits • Decreasing margins and market share • Pack and product innovation
• Changes in the competitive landscape • Inability to meet strategic objectives • International marketing service agreement guidelines
• Legislative and regulatory changes • Brand and reputation damage • Affordability plan
• Business development plans aligned with our customers
• Key account development and category planning
• New route to market opportunities, for example eB2B and platforms/direct
to consumer
Climate change and water The risks and opportunities associated with managing the impacts of climate • GHG emissions across our value chain, including emissions from our • Brand and reputation damage from not meeting sustainability targets • Target and roadmap to reduce GHG emissions by 30% versus 2019 and reach →
change and water scarcity across our value chain. production facilities, CDE, the transportation of our products, packaging and
Net Zero emissions by 2040
the ingredients that we use, and storage of our products • Financial impacts from future carbon taxes and the transition costs to low
GHG emissions • Climate transition plan
• Scarcity of water and water quality issues related to water sources we and
our suppliers rely upon • Regulatory and compliance impacts related to TCFD disclosures • CCEP ventures - investment platform for sustainability initiatives
• Regulatory and legislative initiatives aimed at reducing GHG emissions • The disruption of water supply to our production sites and key suppliers • Supplier GHG emissions reduction targets and engagement programme
• Water usage restrictions that may be mandatory at a local level during • Investment in renewable and low-carbon energy projects
scarcity peaks
• Packaging GHG emission reduction initiatives
• Changing consumer and investor preferences
• Responsible Sourcing Policy
• Transport GHG emission reduction initiatives
• CDE emission reduction initiatives
• Customer and stakeholder engagement
• Enterprise water risk assessment
• The Coca-Cola Company's Facility Risk Assessment and - Source
Vulnerability Assessments
• Water efficiency and replenishment initiatives
• Investment in wastewater treatment technology
• ISO14001 certification
Changes in customer and consumer buying trends The risks relating to our ability to effectively adapt and respond to changes • Legislative changes driven by government or lobby groups • Financial impacts from decline in sales volumes and market share • Support TCCC, EU or national associations on strong advocacy regarding low →
in consumer preferences and behaviour towards our products.
(delisting, demand decrease) and no calorie sweeteners and processed food as well as in innovation efforts
and category • External marketing campaigns towards alternative ingredients/products
• Increased regulatory scrutiny
perception • Publication of guidelines or recommendations related to sugar consumption,
energy drinks or additives by WHO or other health authorities • Commercial, marketing and labelling restrictions
• Increased media scrutiny and social media coverage impacting consumer • Increased taxes on our products
perception on ingredients and packaging
• Damage to brand and reputation
• Viability of alternatives to sugar, sweeteners and other ingredients
within our product portfolio
• Consumer lifestyle
Business transformation, integration and digital capability The risks relating to the execution of our strategic and continuous • Digital transformation • Damage to brand and reputation • Competitiveness Steering Committee and governance model for enterprise →
improvement initiatives.
wide transformation
• Identification and execution of supply chain improvements • Financial impacts from a decline in our share price arising from not
realising the value creation from these initiatives • CCEP project management methodology and dedicated programme management
• Relationships with our partners and franchisors
office
• Industrial action and disruption to our operations
• Ineffective coordination between BUs and central functions • Analysis and review of acquisition-related activities including enterprise
valuation and capital allocation, acquisition due diligence, business
• Change management failure performance risk indicators and integration planning
• Diversion of management's focus away from our core business
People and wellbeing The risks relating to the identification, attraction, development, and • Job design and working conditions • Damage to brand and reputation • Community investment programmes →
retention of talent. Also risks relating to the wellbeing of our people
(including human rights and modern slavery). • Reward and recognition • Financial impacts from a decline in employee engagement and productivity • Employee volunteering policy
• Misconduct by third parties relating to human rights • Industrial action and disruption to our operations • Business for societal impact framework
• Punitive action from regulators or other legislative bodies and potential • Anti-harassment and ID&E Policy
for litigation
• Recruitment: Candidate Charter
• Employee development
• Wellbeing strategy
• Safety strategy
• Annual Modern Slavery Statement and country specific human rights risk
assessments in Germany and Norway
• CoC
• ESPP
Relationships with TCCC and other franchisors The risk of misaligned incentives or strategy with TCCC and/or other • Lack of effective engagement, communication and/or discussion with • Damage to brand and reputation • Clear agreements govern the relationships →
franchisors. franchisors
• Financial impacts, including as a result of TCCC or other franchisors • Long range planning and annual business planning processes
acting adversely to our interests with respect to our business relationship
• Routine meetings between CCEP and franchisors
Product quality The risks relating to ensuring the wide range of products we produce are safe • A failure in food safety, food quality, food defence or food fraud • Consumer health and safety concerns • Franchisor standards and governance →
for consumption and adhere to strict food safety and quality requirements. processes
• Reputation damage and loss of consumer trust • ISO 9001 and FSSC 22000 Certification
• Regulatory and legal consequences • Customer and consumer complaint management
• Financial losses • Incident management and crisis resolution
*Change vs 2023 Integrated Report may be as a result of a change in likelihood
or impact.
Related Parties
Related party disclosures are presented in Note 12 of the Notes to the
condensed consolidated interim financial statements contained in this interim
management report.
Going Concern
As part of the Directors' consideration of the appropriateness of adopting the
going concern basis in preparing the condensed consolidated interim financial
statements, the Directors have considered the Group's financial performance in
the period and have taken into account its current cash position and its
access to a €1.8 billion undrawn committed credit facility. Further, the
Directors have considered the current cash flow forecast, including a downside
stress test, which supports the Group's ability to continue to generate cash
flows during the next 12 months.
On this basis, the Directors have a reasonable expectation that the Group has
adequate resources to continue in operational existence for a period of 12
months from the date of signing these financial statements. Accordingly, the
condensed consolidated interim financial statements have been prepared on a
going concern basis and the Directors do not believe there are any material
uncertainties to disclose in relation to the Group's ability to continue as a
going concern.
Responsibility Statement
The Directors of the Company confirm that to the best of their knowledge:
• The condensed consolidated interim financial statements for
the six months ended 28 June 2024 have been prepared in accordance with
International Accounting Standard 34, "Interim Financial Reporting" as adopted
by the European Union, International Accounting Standard 34, "Interim
Financial Reporting", as issued by the International Accounting Standards
Board, UK adopted International Accounting Standard 34 "Interim Financial
Reporting" and the Disclosure Guidance and Transparency Rules of the United
Kingdom's Financial Conduct Authority (DTR).
• The interim management report includes a fair review of the
information required by the DTR 4.2.7 R and DTR 4.2.8 R as follows:
• DTR 4.2.7 R: (1) an indication of important events that have
occurred during the first six months of the financial year, and their impact
on the condensed set of financial statements, and (2) a description of the
principal risks and uncertainties for the remaining six months of the
financial year; and
• DTR 4.2.8 R: (1) related parties transactions that have taken
place in the first six months of the current financial year and that have
materially affected the financial position or the performance of the Group
during that period, and (2) any changes in the related parties transactions
described in the last annual report that could have a material effect on the
financial position or performance of the Group in the first six months of the
current financial year.
A list of current directors is maintained on CCEP's website:
www.cocacolaep.com/about-us/governance/board-of-directors/.
On behalf of the Board
Damian Gammell Ed Walker
Chief Executive Officer Chief Financial Officer
7 August 2024
INDEPENDENT REVIEW REPORT TO COCA-COLA EUROPACIFIC PARTNERS PLC
Conclusion
We have been engaged by the Company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 28
June 2024 which comprises the Condensed Consolidated Interim Income Statement,
Condensed Consolidated Interim Statement of Comprehensive Income, Condensed
Consolidated Interim Statement of Financial Position, Condensed Consolidated
Interim Statement of Cash Flows, Condensed Consolidated Interim Statement of
Changes in Equity and the related explanatory notes 1 - 15. We have read the
other information contained in the half yearly financial report and considered
whether it contains any apparent misstatements or material inconsistencies
with the information in the condensed set of financial statements.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the six months ended 28 June 2024 is not prepared, in all
material respects, in accordance with International Accounting Standard 34,
"Interim Financial Reporting", as issued by the International Accounting
Standards Board, International Accounting Standard 34, "Interim Financial
Reporting" as issued by the European Union, U.K. adopted International
Accounting Standard 34, "Interim Financial Reporting" and the Disclosure
Guidance and Transparency Rules of the United Kingdom's Financial Conduct
Authority.
Basis for Conclusion
We conducted our review in accordance with International Standard on Review
Engagements 2410 (UK) "Review of Interim Financial Information Performed by
the Independent Auditor of the Entity" (ISRE) issued by the Financial
Reporting Council. A review of interim financial information consists of
making enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and consequently does not enable
us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not express an audit
opinion.
As disclosed in note 1, the annual financial statements of the Group are
prepared in accordance with U.K. adopted International Accounting Standards,
International Financial Reporting Standards ("IFRS") as adopted by the
European Union and International Financial Reporting Standards as issued by
the International Accounting Standards Board ("IASB"). The condensed set of
financial statements included in this half-yearly financial report has been
prepared in accordance with International Accounting Standard 34, "Interim
Financial Reporting", as issued by the International Accounting Standards
Board, International Accounting Standard 34, Interim Financial Reporting" as
issued by the European Union, and U.K. adopted International Accounting
Standard 34, "Interim Financial Reporting".
Conclusions Relating to Going Concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for Conclusion section of this report,
nothing has come to our attention to suggest that management have
inappropriately adopted the going concern basis of accounting or that
management have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
this ISRE, however future events or conditions may cause the entity to cease
to continue as a going concern.
Responsibilities of the directors
The directors are responsible for preparing the half-yearly financial report
in accordance with the Disclosure Guidance and Transparency Rules of the
United Kingdom's Financial Conduct Authority.
In preparing the half-yearly financial report, the directors are responsible
for assessing the company's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to
liquidate the company or to cease operations, or have no realistic alternative
but to do so.
Auditor's Responsibilities for the review of the financial information
In reviewing the half-yearly report, we are responsible for expressing to the
Company a conclusion on the condensed set of financial statements in the
half-yearly financial report. Our conclusion, including our Conclusions
Relating to Going Concern, are based on procedures that are less extensive
than audit procedures, as described in the Basis for Conclusion paragraph of
this report.
Use of our report
This report is made solely to the company in accordance with guidance
contained in International Standard on Review Engagements 2410 (UK) "Review of
Interim Financial Information Performed by the Independent Auditor of the
Entity" issued by the Financial Reporting Council. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other
than the company, for our work, for this report, or for the conclusions we
have formed.
Ernst & Young LLP
London
7 August 2024
Coca-Cola Europacific Partners plc
Condensed Consolidated Interim Income Statement (Unaudited)
Six Months Ended
28 June 2024 30 June 2023
Note € million € million
Revenue 3 9,828 8,977
Cost of sales (6,332) (5,707)
Gross profit 3,496 3,270
Selling and distribution expenses (1,610) (1,522)
Administrative expenses (744) (631)
Other income 15 - 53
Operating profit 1,142 1,170
Finance income 42 31
Finance costs (129) (94)
Total finance costs, net (87) (63)
Non-operating items (10) (6)
Profit before taxes 1,045 1,101
Taxes 13 (234) (247)
Profit after taxes 811 854
Profit attributable to shareholders 797 854
Profit attributable to non-controlling interests 14 -
Profit after taxes 811 854
Basic earnings per share (€) 4 1.73 1.86
Diluted earnings per share (€) 4 1.73 1.86
The accompanying notes are an integral part of these condensed consolidated
interim financial statements.
Coca-Cola Europacific Partners plc
Condensed Consolidated Interim Statement of Comprehensive Income (Unaudited)
Six Months Ended
28 June 2024 30 June 2023
€ million € million
Profit after taxes 811 854
Components of other comprehensive income/(loss):
Items that may be subsequently reclassified to the income statement:
Foreign currency translations:
Pretax activity, net 44 (280)
Tax effect - -
Foreign currency translation, net of tax 44 (280)
Cash flow hedges:
Pretax activity, net 35 (38)
Tax effect (8) 7
Cash flow hedges, net of tax 27 (31)
Other reserves:
Pretax activity, net (6) 13
Tax effect 2 (3)
Other reserves, net of tax (4) 10
Items that may be subsequently reclassified to the income statement 67 (301)
Items that will not be subsequently reclassified to the income statement:
Pension plan remeasurements:
Pretax activity, net 23 13
Tax effect (6) (4)
Pension plan adjustments, net of tax 17 9
Items that will not be subsequently reclassified to the income statement: 17 9
Other comprehensive income/(loss) for the period, net of tax 84 (292)
Comprehensive income for the period 895 562
Comprehensive income attributable to shareholders 882 562
Comprehensive income attributable to non-controlling interests 13 -
Comprehensive income for the period 895 562
The accompanying notes are an integral part of these condensed consolidated
interim financial statements.
Coca-Cola Europacific Partners plc
Condensed Consolidated Interim Statement of Financial Position (Unaudited)
28 June 2024 31 December 2023
Note € million € million
ASSETS
Non-current:
Intangible assets 5 12,889 12,395
Goodwill 5 4,791 4,514
Property, plant and equipment 6 6,382 5,344
Investment property 7 76 -
Non-current derivative assets 9 91 100
Deferred tax assets 1 1
Other non-current assets 353 295
Total non-current assets 24,583 22,649
Current:
Current derivative assets 9 87 161
Current tax assets 54 58
Inventories 1,914 1,356
Amounts receivable from related parties 12 129 123
Trade accounts receivable 2,954 2,547
Other current assets 455 351
Assets held for sale 8 43 22
Short term investments 272 568
Cash and cash equivalents 1,610 1,419
Total current assets 7,518 6,605
Total assets 32,101 29,254
LIABILITIES
Non-current:
Borrowings, less current portion 10 10,131 10,096
Employee benefit liabilities 188 191
Non-current provisions 14 69 45
Non-current derivative liabilities 9 194 169
Deferred tax liabilities 3,565 3,378
Non-current tax liabilities 19 75
Other non-current liabilities 48 46
Total non-current liabilities 14,214 14,000
Current:
Current portion of borrowings 10 2,021 1,300
Current portion of employee benefit liabilities 7 8
Current provisions 14 174 114
Current derivative liabilities 9 60 99
Current tax liabilities 310 253
Amounts payable to related parties 12 450 270
Trade and other payables 5,856 5,234
Total current liabilities 8,878 7,278
Total liabilities 23,092 21,278
EQUITY
Share capital 5 5
Share premium 287 276
Merger reserves 287 287
Other reserves (770) (823)
Retained earnings 8,717 8,231
Equity attributable to shareholders 8,526 7,976
Non-controlling interest 11 483 -
Total equity 9,009 7,976
Total equity and liabilities 32,101 29,254
The accompanying notes are an integral part of these condensed consolidated
interim financial statements.
Coca-Cola Europacific Partners plc
Condensed Consolidated Interim Statement of Cash Flows (Unaudited)
Six Months Ended
28 June 2024 30 June 2023
Note € million € million
Cash flows from operating activities:
Profit before taxes 1,045 1,101
Adjustments to reconcile profit before tax to net cash flows from operating
activities:
Depreciation 6 360 324
Amortisation of intangible assets 5 88 53
Impairment 12 -
Share-based payment expense 20 29
Gain on sale of sub-strata and associated mineral rights 15 - (35)
Finance costs, net 87 63
Income taxes paid (243) (212)
Changes in assets and liabilities:
Increase in trade and other receivables (347) (385)
Increase in inventories (338) (353)
Increase in trade and other payables 308 564
Increase in net payable receivable from related parties 113 223
Increase/(decrease) in provisions 42 (18)
Change in other operating assets and liabilities (25) (47)
Net cash flows from operating activities 1,122 1,307
Cash flows from investing activities:
Acquisition of bottling operations, net of cash acquired 2 (1,528) -
Purchases of property, plant and equipment (390) (264)
Purchases of capitalised software (42) (40)
Proceeds from sales of property, plant and equipment 2 9
Proceeds from sales of intangible assets - 37
Proceeds from the sale of sub-strata and associated mineral rights 15 - 35
Investments in equity instruments (3) (1)
Net proceeds/(payments) of short term investments 296 (638)
Interest received 37 -
Other investing activity, net 6 1
Net cash flows used in investing activities (1,622) (861)
Cash flows from financing activities:
Proceeds from borrowings, net 10 382 -
Proceeds received from a non-controlling shareholder relating to the 2 468 -
acquisition of bottling operations
Changes in short-term borrowings 10 1,133 543
Settlement of debt-related cross currency swaps 66 -
Repayments on third party borrowings 10 (1,167) (706)
Payments of principal on lease obligations (77) (74)
Interest paid (125) (88)
Dividends paid 11 (343) (308)
Exercise of employee share options 11 31
Acquisition of non-controlling interest - (282)
Other financing activities, net (16) (9)
Net cash flows used in financing activities 332 (893)
Net change in net cash and cash equivalents (168) (447)
Net effect of currency exchange rate changes on cash and cash equivalents 25 (16)
Net cash and cash equivalents at beginning of period 1,419 1,387
Net cash and cash equivalents at end of period 1,276 924
Net cash and cash equivalents consist of:
Cash and cash equivalents 1,610 1,112
Bank overdrafts 10 (334) (188)
Net cash and cash equivalents at end of period 1,276 924
The accompanying notes are an integral part of these condensed consolidated
interim financial statements.
Coca-Cola Europacific Partners plc
Condensed Consolidated Interim Statement of Changes in Equity (Unaudited)
Share capital Share premium Merger reserves Other reserves Retained earnings Total Non-controlling interest Total equity
Note € million € million € million € million € million € million € million € million
Balance as at 31 December 2022 5 234 287 (507) 7,428 7,447 - 7,447
Profit after taxes - - - - 854 854 - 854
Other comprehensive income - - - (301) 9 (292) - (292)
Total comprehensive income - - - (301) 863 562 - 562
Issue of shares during the period - 31 - - - 31 - 31
Equity-settled share-based payment expense - - - - 29 29 - 29
Dividends 11 - - - - (309) (309) - (309)
Balance as at 30 June 2023 5 265 287 (808) 8,011 7,760 - 7,760
Balance as at 31 December 2023 5 276 287 (823) 8,231 7,976 - 7,976
Profit after taxes - - - - 797 797 14 811
Other comprehensive income - - - 68 17 85 (1) 84
Total comprehensive income - - - 68 814 882 13 895
Non-controlling interest established in connection with the Acquisition 11 - - - - - - 468 468
Non-controlling interest as part of Acquisition 2 - - - - - - 2 2
Cash flow hedge (gains)/losses transferred to goodwill relating to business - - - 2 - 2 - 2
combination
Cash flow hedge (gains)/losses transferred to cost of inventories - - - (24) - (24) - (24)
Tax effect on cash flow hedge (gains)/losses transferred to cost of - - - 7 - 7 - 7
inventories
Issue of shares during the period - 11 - - - 11 - 11
Purchase of own shares during the period - - - - (8) (8) - (8)
Equity-settled share-based payment expense - - - - 20 20 - 20
Share-based payments tax effects - - - - 1 1 - 1
Dividends 11 - - - - (341) (341) - (341)
Balance as at 28 June 2024 5 287 287 (770) 8,717 8,526 483 9,009
The accompanying notes are an integral part of these condensed consolidated
interim financial statements.
Notes to the Condensed Consolidated Interim Financial Statements
Note 1
GENERAL INFORMATION AND BASIS OF PREPARATION
Coca-Cola Europacific Partners plc (the Company) and its subsidiaries
(together CCEP, or the Group) are a leading consumer goods group in Western
Europe and the Asia Pacific region, making, selling and distributing an
extensive range of primarily non-alcoholic ready to drink beverages.
On 23 February 2024, the Group together with Aboitiz Equity Ventures Inc.
(AEV) jointly acquired 100% of Coca-Cola Beverages Philippines, Inc. (CCBPI)
(the Acquisition), a wholly owned subsidiary of The Coca-Cola Company (TCCC).
Refer to Note 2 for further details about the acquisition of CCBPI.
The Company has ordinary shares with a nominal value of €0.01 per share
(Shares). CCEP is a public company limited by shares, incorporated under the
laws of England and Wales with the registered number in England of 9717350.
The Group's Shares are listed and traded on Euronext Amsterdam, the NASDAQ
Global Select Market, London Stock Exchange and on the Spanish Stock
Exchanges. The address of the Company's registered office is Pemberton House,
Bakers Road, Uxbridge, UB8 1EZ, United Kingdom.
These condensed consolidated interim financial statements do not constitute
statutory accounts as defined by Section 434 of the Companies Act 2006 (the
Act). They have been reviewed but not audited by the Group's auditor. The
statutory accounts for the Company for the year ended 31 December 2023, which
were prepared in accordance with U.K. adopted International Accounting
Standards, International Financial Reporting Standards (IFRS) as adopted by
the European Union and International Financial Reporting Standards as issued
by the International Accounting Standards Board (IASB), have been delivered to
the Registrar of Companies for England and Wales. The auditor's opinion on
those accounts was unqualified and did not contain a statement made under
section 498 (2) or 498 (3) of the Companies Act 2006.
Basis of Preparation and Accounting Policies
The condensed consolidated interim financial statements of the Group have been
prepared in accordance with the U.K. adopted International Accounting Standard
34, "Interim Financial Reporting" and the Disclosure Guidance and Transparency
Rules of the United Kingdom's Financial Conduct Authority, the International
Accounting Standard 34, "Interim Financial Reporting" as adopted by the
European Union, the International Accounting Standard 34, "Interim Financial
Reporting" as issued by the International Accounting Standards Board and
should be read in conjunction with our 2023 consolidated financial statements.
The annual financial statements of the Group for the year ended 31 December
2024 will be prepared in accordance with U.K. adopted International Accounting
Standards, International Financial Reporting Standards (IFRS) as adopted by
the European Union and International Financial Reporting Standards as issued
by the International Accounting Standards Board (IASB).
The accounting policies applied in these interim condensed consolidated
financial statements are consistent with those followed in the preparation of
the Group's consolidated financial statements as at and for the year ended 31
December 2023. The Group has not early adopted any amendments to accounting
standards that have been issued but are not yet effective. The policy for
recognising income taxes in the interim period is consistent with that applied
in previous interim periods and is described in Note 13.
Several amendments apply for the first time in 2024, but do not have a
material impact on the condensed consolidated interim financial statements of
the Group.
The condensed consolidated interim financial statements have been prepared on
a going concern basis (refer to the "Going Concern" paragraph on page 29).
Reporting periods
Results are presented for the interim period from 1 January 2024 to 28 June
2024.
The Group's financial year ends on 31 December. For half-yearly reporting
convenience, the first six month period closes on the Friday closest to the
end of the interim calendar period. There is no change in selling days between
the six months ended 28 June 2024 versus the six months ended 30 June 2023,
and there will be two more selling days in the second six months of 2024
versus the second six months of 2023 (based upon a standard five-day selling
week).
The following table summarises the number of selling days, for the half/full
years ended 31 December 2024 and 31 December 2023 (based on a standard
five-day selling week):
Half year Full year
2024 130 262
2023 130 260
Change - 2
Comparability
Operating results for the first half of 2024 may not be indicative of the
results expected for the year ended 31 December 2024 as sales of the Group's
products are seasonal. In Europe, the second and third quarters typically
account for higher unit sales of the Group's products than the first and
fourth quarters. In the Group's Asia Pacific territories, the fourth quarter
would typically reflect higher sales volumes in the year. The seasonality of
the Group's sales volume, combined with the accounting for fixed costs such as
depreciation, amortisation, rent and interest expense, impacts the Group's
results for the first half of the year. Additionally, year over year shifts in
holidays, selling days and weather patterns can impact the Group's results on
an annual or half yearly basis.
Exchange rates
The Group's reporting currency is the Euro. CCEP translates the income
statements of non-Euro functional currency subsidiary operations to the Euro
at average exchange rates and the balance sheets at the closing exchange rate
as at the end of the period.
The principal exchange rates used for translation purposes in respect of one
Euro were:
Average for the six month period ended Closing as at
28 June 2024 30 June 2023 28 June 2024 31 December 2023
British pound 1.169 1.140 1.182 1.151
US dollar 0.925 0.925 0.935 0.905
Norwegian krone 0.087 0.089 0.088 0.089
Swedish krona 0.088 0.088 0.088 0.090
Icelandic krona 0.007 0.007 0.007 0.007
Australian dollar 0.609 0.626 0.622 0.615
Indonesian rupiah( 1 ) 0.058 0.061 0.057 0.059
New Zealand dollar 0.563 0.578 0.570 0.571
Papua New Guinean kina 0.245 0.262 0.243 0.243
Philippine peso( 2 ) 0.016 n/a 0.016 n/a
( 1 ) Indonesian Rupiah is shown as 1000 IDR versus 1 EUR.
( 2 ) For the six month period ended 28 June 2024, the Philippine peso average
rate is calculated as average from 23 February 2024 to 28 June 2024.
Note 2
BUSINESS COMBINATIONS
In November 2023, the Group together with Aboitiz Equity Ventures Inc. (AEV)
entered into a definitive agreement with The Coca-Cola Company (TCCC) to
jointly acquire 100% of CCBPI, a wholly owned subsidiary of TCCC.
The Acquisition was effected through the establishment of a special purpose
vehicle, CCEP Aboitiz Beverages Philippines, Inc. (CABPI), which is owned and
funded 60% by CCEP and 40% by AEV, commensurate with the effective 60:40
ownership structure of CCBPI.
On 23 February 2024, CABPI acquired 100% of the beneficial ownership of
Coca-Cola Beverages Philippines, Inc. (CCBPI) for a total consideration of
US$1.68 billion (€1.55 billion), all of which was settled in cash upon
completion. CABPI is determined to have economic substance and is identified
as the accounting acquirer of CCBPI.
CCBPI is the authorised bottler and distributor of The Coca-Cola Company's
(TCCC) beverage brands in the Philippines. The Acquisition is a further step
for the Group to create a more diverse footprint within its existing
Australia, Pacific and Indonesia business segment. The transaction is aligned
with the Group's aim of driving sustainable growth through diversification and
building scale.
The transaction is being accounted for under IFRS 3, "Business Combinations",
using the acquisition method. The initial accounting for the Acquisition is
provisional at the end of the current reporting period. The Group is in a
process of finalising the fair values for certain acquired assets, and is
still gathering information about certain assumed liabilities based on facts
that existed as at the date of acquisition. Accordingly, the Group has
recognised provisional amounts for these items. During the measurement period,
which will not extend beyond 22 February 2025, the Group will adjust the
provisional amounts recognised at the acquisition date to reflect new
information obtained about facts and circumstances that existed as at the
acquisition date that, if known, would have affected the measurement of the
amounts recognised as at that date.
The following table details the Euro equivalent consideration and provisional
fair values of assets acquired and liabilities assumed:
Total
€ million
Intangible assets 478
Property, plant and equipment 1,089
Investment property 46
Other non-current assets 47
Inventories 228
Amounts receivable from related parties 22
Trade accounts receivable 75
Other current assets 58
Cash and cash equivalents 19
Borrowings, less current portion (7)
Employee benefit liabilities (15)
Non-current provisions (16)
Deferred tax liabilities (173)
Other non-current liabilities (17)
Current portion of borrowings (61)
Current provisions (29)
Current tax liabilities (27)
Amounts payable to related parties (55)
Trade and other payables (383)
Net identifiable assets acquired 1,279
Non-controlling interest (2)
Goodwill 270
Fair value of consideration 1,547
Intangible assets include both indefinite life and finite life intangible
assets. Indefinite life intangible assets consist of the bottling agreement
with TCCC (€440 million), which provide the Company with the exclusive
rights to prepare, package, distribute and sell TCCC branded products in the
territories in which it operates. Finite life intangible assets are comprised
primarily of customer relationships.
The bottling agreement with TCCC and customer relationships have been
provisionally valued using a multi-period excess earnings model, whereby the
value of a specific intangible asset is estimated from the excess earnings
after fair returns on all other assets employed have been deducted from the
business's after-tax operating earnings.
Goodwill of €270 million has been recognised in connection with the
Acquisition, representing the excess of consideration transferred over the
provisional fair values of the net identifiable assets acquired.
The goodwill is attributable to new growth opportunities, workforce and
synergies of the combined business operations, and it is not expected to be
deductible for tax purposes.
Property, plant and equipment has been provisionally valued using a variety of
valuation techniques depending on the local market and considering the highest
and best use of each asset. These techniques include capitalisation of
comparable net market income, depreciated replacement cost and sales
comparison approach. Included within Property, plant and equipment are right
of use assets which have been provisionally valued at €9 million. A
corresponding lease liability of €10 million is included within Borrowings.
The fair value of acquired trade accounts receivable, net is €75 million.
The gross contractual amount related to these receivables is €77 million,
of which €2 million is expected to be uncollectible.
From acquisition, CCBPI contributed revenue of €702 million and profit
before tax of €41 million to the Group for the period to 28 June 2024. If
the Acquisition had taken place at the beginning of the year, adjusted
comparable revenue and profit before tax for CCEP for the six months ended 28
June 2024 would have been €970 million and €48 million, respectively.
Deal and integration costs of €11 million are included in administrative
expenses in the Condensed Consolidated Interim Income Statement for the six
months ended 28 June 2024. Cash payments for deal and integration costs are
included in operating cash flows in the Condensed Consolidated Interim
Statement of Cash Flows.
Note 3
OPERATING SEGMENTS
Description of segments and principal activities
Following the acquisition of CCBPI, the Group reevaluated its segment
reporting under IFRS 8, "Operating Segments". The Group continues to derive
its revenues through a single business activity, which is making, selling and
distributing an extensive range of primarily non-alcoholic ready to drink
beverages. The acquisition of CCBPI has broadened the Group's geographic
footprint which now includes the Philippines, within its existing API business
segment, from now on renamed APS (Australia, Pacific & South East Asia).
The Group's Board continues to be its Chief Operating Decision Maker (CODM),
which allocates resources and evaluates performance of its operating segments
based on volume, revenue and comparable operating profit. Comparable operating
profit excludes items impacting the comparability of period over period
financial performance.
The following table provides a reconciliation between reportable segment
operating profit and consolidated profit before tax:
Six Months Ended 28 June 2024 Six Months Ended 30 June 2023
Europe APS Total Europe APS Total
€ million € million € million € million € million € million
Revenue 7,279 2,549 9,828 7,105 1,872 8,977
Comparable operating profit( 1 ) 979 317 1,296 924 241 1,165
Items impacting comparability( 2 ) (154) 5
Reported operating profit 1,142 1,170
Total finance costs, net (87) (63)
Non-operating items (10) (6)
Reported profit before tax 1,045 1,101
( 1 ) Comparable operating profit includes comparable depreciation and
amortisation of €290 million and €123 million for Europe and APS
respectively, for the six months ended 28 June 2024. Comparable depreciation
and amortisation charges for the six months ended 30 June 2023 totalled
€272 million and €101 million, for Europe and APS respectively.
( 2 ) Items impacting the comparability of period-over-period financial
performance for 2024 primarily include restructuring charges of
€95 million, €11 million of deal and integration costs related to the
Acquisition, impairment charges of €12 million, and accelerated
amortisation charges of €28 million. Items impacting the comparability for
2023 primarily include €53 million of other income related to the royalties
arising from the ownership of certain mineral rights in Australia
(€18 million) and the proceeds from the sale of sub-strata and associated
mineral rights (€35 million), partially offset by restructuring charges of
€51 million.
( )
No single customer accounted for more than 10% of the Group's revenue during
the six months ended 28 June 2024 and 30 June 2023.
Revenue by geography
The following table summarises revenue from external customers by geography,
which is based on the origin of the sale:
Six Months Ended
28 June 2024 30 June 2023
Revenue € million € million
Great Britain 1,594 1,570
Germany 1,540 1,458
Iberia( 1 ) 1,570 1,541
France( 2 ) 1,219 1,200
Belgium/Luxembourg 526 541
Netherlands 380 355
Norway 204 193
Sweden 207 207
Iceland 39 40
Total Europe 7,279 7,105
Australia 1,169 1,162
New Zealand and Pacific Islands 326 330
Indonesia and Papua New Guinea 352 380
Philippines 702 -
Total APS 2,549 1,872
Total CCEP 9,828 8,977
( 1 ) Iberia refers to Spain, Portugal & Andorra.
( 2 ) France refers to continental France & Monaco.
(
)
Note 4
EARNINGS PER SHARE
Basic earnings per share is calculated by dividing profit after taxes by the
weighted average number of Shares in issue and outstanding during the period.
Diluted earnings per share is calculated in a similar manner, but includes the
effect of dilutive securities, principally share options, restricted stock
units and performance share units. Share-based payment awards that are
contingently issuable upon the achievement of specified market and/or
performance conditions are included in the diluted earnings per share
calculation based on the number of Shares that would be issuable if the end of
the period was the end of the contingency period.
The following table summarises basic and diluted earnings per share
calculations for the periods presented:
Six Months Ended
28 June 2024 30 June 2023
Profit after taxes attributable to equity shareholders (€ million) 797 854
Basic weighted average number of Shares in issue( 1 ) (million) 460 458
Effect of dilutive potential Shares( 2 ) (million) - 1
Diluted weighted average number of Shares in issue( 1 ) (million) 460 459
Basic earnings per share (€) 1.73 1.86
Diluted earnings per share (€) 1.73 1.86
( 1 ) As at 28 June 2024 and 30 June 2023, the Group had 460,371,583 and
458,846,191 Shares, respectively, in issue and outstanding.
( 2 ) For the six months ended 28 June 2024 and 30 June 2023, there were no
outstanding options to purchase Shares excluded from the diluted earnings per
share calculation. The dilutive impact of the remaining options outstanding,
unvested restricted stock units and unvested performance share units was
included in the effect of dilutive securities.
(
)
Note 5
INTANGIBLE ASSETS AND GOODWILL
The following table summarises the movement in net book value for intangible
assets and goodwill during the six months ended 28 June 2024:
Intangible assets Goodwill
€ million € million
Net book value as at 31 December 2023 12,395 4,514
Acquisition of CCBPI 478 270
Additions 68 -
Amortisation expense (88) -
Impairment (10) -
Transfers and reclassifications (5) -
Currency translation adjustments 51 7
Net book value as at 28 June 2024 12,889 4,791
During the first half of 2024, the Group recognized €10 million of
impairment in relation to the Feral brand. The Group is in the process of
selling the brand, which has been classified as an asset held for sale in the
Group's condensed consolidated interim statement of financial position as of
28 June 2024. The sale is expected to be consummated before the end of the
year.
As part of its half year impairment indicators review, the Group reassessed
the value in use assumptions for the Indonesia CGU. The Group estimates that a
1.1% reduction in the terminal growth rate or a 0.8% increase in the discount
rate in this CGU, each in isolation, would eliminate existing headroom.
Note 6
PROPERTY, PLANT AND EQUIPMENT
The following table summarises the movement in net book value for property,
plant and equipment during the six months ended 28 June 2024:
Total
€ million
Net book value as at 31 December 2023 5,344
Acquisition of CCBPI 1,089
Additions 388
Disposals (7)
Impairment (2)
Transfers to assets held for sale (19)
Transfers to investment property (33)
Depreciation expense (360)
Other transfers and reclassifications 5
Currency translation adjustments (23)
Net book value as at 28 June 2024( 1 ) 6,382
( 1 ) The net book value of property, plant and equipment includes right of
use assets of €680 million of which €9 million was acquired as
part of the Acquisition.
(
)
Note 7
INVESTMENT PROPERTY
Investment property consists of land and buildings held primarily for earning
rental income, capital appreciation, or both. These properties are not used by
the Group in the ordinary course of business. The Group applies the cost model
for measuring investment property. Under the cost model, investment properties
are initially recognized at cost. Subsequently, they are depreciated on a
straight-line basis over their useful life (consistent with owner-occupied
property).
The following table summarises the movement in net book value for investment
property during the six months ended 28 June 2024:
Total
€ million
Net book value as at 31 December 2023 -
Acquisition of CCBPI 46
Transfers from property, plant and equipment 33
Currency translation adjustments (3)
Net book value as at 28 June 2024 76
As of 28 June 2024, and 31 December 2023, investment property values were
€76 million and nil, respectively. The increase is primarily due to the
properties acquired as part of the CCBPI business combination transaction
(€46 million) and the transfer of some properties in APS and Great Britain
from Property, plant & equipment to Investment property (€33 million).
No impairments were recognized during the first half of 2024.
Note 8
ASSETS HELD FOR SALE
Assets classified as held for sale as at 28 June 2024 and 31 December 2023
were €43 million and €22 million, respectively. These assets primarily
consist of properties expected to be sold in the near future.
Note 9
FAIR VALUES AND FINANCIAL RISK MANAGEMENT
Fair Value Measurements
All assets and liabilities for which fair value is measured or disclosed in
the condensed consolidated interim financial statements are categorised in the
fair value hierarchy as described in our 2023 consolidated financial
statements.
The fair values of the Group's cash and cash equivalents, short term
investments, trade accounts receivable, amounts receivable from related
parties, trade and other payables, and amounts payable to related parties
approximate their carrying amounts due to their short-term nature.
The fair values of the Group's borrowings are estimated based on borrowings
with similar maturities and credit quality and current market interest rates.
These are categorised in Level 2 of the fair value hierarchy as the Group uses
certain pricing models and quoted prices for similar liabilities in active
markets in assessing their fair values. The total fair value of borrowings as
at 28 June 2024 and 31 December 2023, was €11.2 billion and €10.6 billion,
respectively. This compared to the carrying value of total borrowings as at 28
June 2024 and 31 December 2023 of €12.2 billion and €11.4 billion,
respectively. Refer to Note 10 for further details regarding the Group's
borrowings.
The Group's derivative assets and liabilities are carried at fair value, which
is determined using a variety of valuation techniques, depending on the
specific characteristics of the hedging instrument taking into account credit
risk. The fair value of our derivative contracts (including forwards, options,
cross-currency swaps and interest rate swaps) is determined using standard
valuation models. The significant inputs used in these models are readily
available in public markets or can be derived from observable market
transactions and, therefore, the derivative contracts have been classified as
Level 2. Inputs used in these standard valuation models include the applicable
spot, forward, and discount rates. The standard valuation model for the option
contracts also includes implied volatility, which is specific to individual
options and is based on rates quoted from a widely used third-party resource.
As at 28 June 2024 and 31 December 2023, the total value of derivative assets
was €178 million and €261 million, respectively. As at 28 June 2024 and 31
December 2023, the total value of derivative liabilities was €254 million
and €268 million, respectively. During the period, €35 million of gains
have been recorded within Other Comprehensive Income, primarily related to
changes in fair value of commodity hedging instruments.
For assets and liabilities that are recognised in the condensed consolidated
interim financial statements on a recurring basis, the Group determines
whether transfers have occurred between levels in the hierarchy by
re-assessing categorisation at the end of each reporting period. There have
been no transfers between levels during the periods presented.
Financial Instruments Risk Management Objectives and Policies
The Group's activities expose it to several financial risks including market
risk, credit risk, and liquidity risk. Financial risk activities are governed
by appropriate policies and procedures to minimise the uncertainties these
risks create over the Group's future cash flows. Such policies are developed
and approved by the Group's Treasury and Commodities Risk Committee through
the authority provided to it by the Group's Board of Directors. There have
been no changes in the risk management policies since the year end.
Note 10
BORROWINGS AND LEASES
Borrowings Outstanding
The following table summarises the carrying value of the Group's borrowings as
at the dates presented:
28 June 2024 31 December 2023
€ million € million
Non-current:
Euro denominated bonds( 4 ) 8,076 8,428
Foreign currency bonds (swapped into Euro)( 1 ) 466 451
Australian dollar denominated bonds 340 338
Foreign currency bonds (swapped into Australian dollar or New Zealand 328 337
dollar)( 1 , 4 )
PHP Term loan due 2034( 5 ) 373 -
Lease obligations 548 542
Total non-current borrowings 10,131 10,096
Current:
Euro denominated bonds( 2 ) 350 500
Foreign currency bonds (swapped into Euro)( 1 , 3 ) - 588
Australian dollar denominated bonds - 62
PHP 3.5 billion 6% Loan 2025( 6 ) 56 -
Euro commercial paper( 7 ) 1,133 -
Bank overdrafts( 8 ) 334 -
Lease obligations 148 150
Total current borrowings 2,021 1,300
( 1 ) Cross currency swaps are used by the Group to swap foreign currency
bonds into the required local currency.
( 2 ) In May 2024, the Group repaid on maturity the outstanding amount related
to the €500 million 1.125% Notes 2024.
( 3 ) In May 2024, the Group repaid on maturity the outstanding amount
related to the $650 million 0.8% Notes due 2024.
( 4 ) Some bonds are designated in full or partially in a fair value hedge
relationship.
( 5 ) In February 2024, in connection with the Acquisition, the Group entered
into a term loan facility agreement with the Bank of Philippine Islands. A
term loan facility in an aggregate amount of US$500 million was made
available under the agreement to be utilised in PHP. On 20 February 2024, the
Group drew down a PHP 23.5 billion (US$420 million) loan under the facility
with a maturity date of 20 February 2034. The vast majority of the balance
(90% of the total principal amount) is repayable in full upon maturity. In
April 2024, the remaining undrawn portion of this facility was subsequently
cancelled.
( 6 ) Included within the Group's borrowings as at 28 June 2024 is a short
term loan denominated in PHP assumed as part of the Acquisition.
( 7 ) During the 6 month period ending 28 June 2024, the Group issued €4,778
million and repaid €3,645 million Euro commercial paper. During the 6 month
period ending 30 June 2023, the Group issued €3,914 million and repaid
€3,371 million Euro commercial paper. The issuance net of repayments of Euro
commercial paper is presented as changes in short-term borrowings in our
condensed consolidated interim statement of cash flows.
( 8 ) Included within bank overdrafts is €334 million in relation to a
notional pooling arrangement for which an offsetting agreement is in place but
does not meet the criteria for net presentation on the condensed consolidated
interim statement of financial position. A corresponding amount is also shown
in cash and cash equivalents.
Note 11
EQUITY
Share Capital
As at 28 June 2024, the Company had issued and fully paid 460,371,583 Shares.
Shares in issue have one voting right each and no restrictions related to
dividends or return of capital. The share capital increased during the six
months ended 28 June 2024 from the issue of 1,170,765 Shares, following the
exercise of share-based payment awards.
Dividends
During the first six months of 2024, the Board declared a first half dividend
of €0.74 per share, which was paid on 23 May 2024. During the first six
months of 2023, the Board declared a first half dividend of €0.67 per share,
which was paid on 25 May 2023.
Non-controlling interests
Non-controlling interests are primarily comprised of the following event:
A non-controlling interest (NCI) of €468 million has been recognized in
connection with Aboitiz Equity Ventures Inc. (AEV) 40% ownership of CCEP
Aboitiz Beverages Philippines, Inc. (CABPI), the accounting acquirer of CCBPI
(refer to Note 2 for further details). The Group measured the non-controlling
interest in CABPI based on their proportionate share of net assets. The Group
recognises changes in NCI based upon post-Acquisition results of the year and
movements in reserves.
Note 12
RELATED PARTY TRANSACTIONS
For the purpose of these condensed consolidated interim financial statements,
transactions with related parties mainly comprise transactions between
subsidiaries of the Group and the related parties of the Group.
Transactions with The Coca-Cola Company (TCCC)
The principal transactions with TCCC are for the purchase of concentrate,
syrup and finished goods. The following table summarises the transactions with
TCCC that directly impacted the condensed consolidated interim income
statement for the periods presented:
Six Months Ended
28 June 2024 30 June 2023
€ million € million
Amounts affecting revenue( 1 ) 68 68
Amounts affecting cost of sales( 2 ) (2,332) (2,099)
Amounts affecting operating expenses( 3 ) (1) 5
Total net amount affecting the consolidated income statement (2,265) (2,026)
( 1 ) Amounts principally relate to fountain syrup and packaged product sales.
( 2 ) Amounts principally relate to the purchase of concentrate, syrup,
mineral water and juice as well as funding for marketing programmes.
( 3 ) Amounts principally relate to certain costs associated with new product
development initiatives and reimbursement of certain marketing expenses.
The following table summarises the transactions with TCCC that impacted the
consolidated statement of financial position as at the dates presented:
28 June 2024 31 December 2023
€ million € million
Amount due from TCCC 116 101
Amount payable to TCCC 415 229
Acquisition of Coca-Cola Beverages Philippines, Inc. (CCBPI)
On 23 February 2024, the joint acquisition of CCBPI was successfully
consummated for a total consideration of US$1.68 billion (€1.55 billion),
all of which was settled in cash upon completion. The Group's share of the
total consideration was US$1.0 billion (€930 million), commensurate with
the effective 60:40 ownership structure of CCBPI. The transaction has been
accounted for under IFRS 3 "Business Combinations", using the acquisition
method of accounting. Refer to Note 2 for further detail on the acquisition of
CCBPI.
Refer to Note 14 for details regarding commitments made to TCCC.
Transactions with Cobega companies
The principal transactions with Cobega are for the purchase of juice
concentrate and packaging materials. The following table summarises the
transactions with Cobega that directly impacted the condensed consolidated
interim income statement for the periods presented:
Six Months Ended
28 June 2024 30 June 2023
€ million € million
Amounts affecting revenues( 1 ) 1 1
Amounts affecting cost of sales( 2 ) (35) (40)
Amounts affecting operating expenses( 3 ) (6) (9)
Total net amount affecting the consolidated income statement (40) (48)
( 1 ) Amounts principally relate to packaged product sales.
( 2 ) Amounts principally relate to the purchase of packaging materials.
( 3 ) Amounts principally relate to maintenance and repair services and
transportation.
The following table summarises the transactions with Cobega that impacted the
consolidated statement of financial position as at the dates presented:
28 June 2024 31 December 2023
€ million € million
Amount due from Cobega 8 16
Amount payable to Cobega 25 22
Transactions with Other Related Parties
For the six months ended 28 June 2024 and 30 June 2023 the Group recognised
charges in cost of sales of €104 million and €88 million, respectively, in
connection with transactions that have been entered into with joint ventures,
associates and other related parties predominantly for the purchase of resin
as well as container deposit scheme charges in Australia.
Transactions with joint ventures, associates and other related parties that
impacted the condensed consolidated interim statement of financial position as
at 28 June 2024 include €5 million in amounts receivable from related
parties and €10 million in amounts payable to related parties, respectively.
As at 31 December 2023 amounts receivable from related parties and amounts
payable to related parties included €6 million and €19 million
respectively related to transactions with joint ventures, associates and other
related parties.
Following CCBPI acquisition, there are two post-employment defined benefit
plan entities (Coca-Cola Bottlers Philippines, Inc. Retirement plan and
Philippine Beverage Partners, Inc. Retirement Plan) that are considered
related parties to the Group. There are no material transactions for the six
months ended 28 June 2024 and no material balances as at as at 28 June 2024.
Note 13
TAXES
Income Tax expense
Taxes on income in interim periods are accrued using the tax rate that would
be applicable to the expected total annual profit or loss.
The effective tax rate (ETR) was 22% for the six months ended 28 June 2024 and
30 June 2023, respectively, and 24% for the year ended 31 December 2023. The
ETR has been calculated by applying the weighted average annual ETR, excluding
discrete items, of 27% and 25% to the profit before tax for the six months
ended 28 June 2024 and 30 June 2023, respectively.
The ETR of 22% which is lower than statutory UK rate of 25% reflects the
impact of having operations outside the UK which are taxed at rates other than
the statutory UK rate and adjustments made in respect of prior periods.
The following table summarises the major components of income tax expense for
the periods presented:
28 June 2024 30 June 2023
€ million € million
Current income tax:
Current income tax charge 289 278
Adjustment in respect of current income tax from prior periods (47) (9)
Total current tax 242 269
Deferred tax:
Relating to the origination and reversal of temporary differences (12) (2)
Adjustment in respect of deferred income tax from prior periods - (20)
Relating to changes in tax rates or the imposition of new taxes 4 -
Total deferred tax (8) (22)
Income tax charge per the consolidated income statement 234 247
Tax Provisions
The Group is routinely under audit by tax authorities in the ordinary course
of business. Due to their nature, such proceedings and tax matters involve
inherent uncertainties including, but not limited to, court rulings,
settlements between affected parties and/or governmental actions. The
probability of outcome is assessed and accrued as a liability and/or
disclosed, as appropriate. The Group maintains provisions for uncertainty
related to these tax matters that it believes appropriately reflect its risk.
As at 28 June 2024, €240 million (31 December 2023: €175 million) of
these provisions is included in current tax liabilities and the remainder is
included in non-current tax liabilities.
The Group reviews the adequacy of these provisions at the end of each
reporting period and adjusts them based on changing facts and circumstances.
Due to the uncertainty associated with tax matters, it is possible that at
some future date, liabilities resulting from audits or litigation could vary
significantly from the Group's provisions. When an uncertain tax liability is
regarded as probable, it is measured on the basis of the Group's best
estimate.
The Group has received tax assessments in certain jurisdictions for potential
tax related to the Group's purchases of concentrate. The value of the Group's
concentrate purchases is significant, and therefore, the tax assessments are
substantial. The Group strongly believes the application of tax has no
technical merit based on applicable tax law, and its tax position would be
sustained. Accordingly, the Group has not recorded a tax liability for these
assessments and is vigorously defending its position against these
assessments.
Global Minimum Top-Up Tax
On 12 May 2023, the International Accounting Standards Board ("the IASB")
issued International Tax Reform - Pillar Two Model Rules - Amendments to IAS
12 ("the Amendments"). The Amendments introduce a mandatory temporary
exception from the recognition and disclosure of deferred taxes arising from
the implementation of the OECD's Pillar Two Model Rules.
Pillar Two legislation was enacted in the UK on 11 July 2023, under Finance
(No 2) Act 2023, and was effective from 1 January 2024.
The Group has applied the exception under the IAS 12 amendment to recognising
and disclosing information about deferred tax assets and liabilities related
to top-up tax in preparing its condensed consolidated interim financial
statements as of the six-month period ended 28 June 2024.
The Group is in scope of the Pillar Two tax legislation and expects to be
subject to top-up tax in relation to its operations in a few countries. Based
on a preliminary assessment, no material liability has been recognised in
these financial statements.
Note 14
PROVISIONS, COMMITMENTS AND CONTINGENCIES
The following table summarises the movement of provisions for the periods
presented:
Restructuring Provision Other Provisions( 1 ) Total
€ million € million € million
Balance as at 31 December 2023 116 43 159
Acquisition of CCBPI 3 42 45
Charged/(credited) to profit or loss:
Additional provisions recognised 80 5 85
Unused amounts reversed (3) (4) (7)
Utilised during the period (36) (3) (39)
Balance as at 28 June 2024 160 83 243
( 1 ) Other provisions primarily relate to decommissioning provisions,
property tax assessment provisions and legal reserves.
Restructuring programmes
In November 2022, the Group announced a new efficiency programme to be
delivered by the end of 2028. This programme focusses on further supply chain
efficiencies, leveraging global procurement and a more integrated shared
service centre model, all enabled by next generation technology including
digital tools and data and analytics.
During the first half of 2024, as part of this efficiency programme, the Group
announced restructuring proposals resulting in €95 million of recognised
costs primarily related to expected severance payments.
Guarantees
As of 28 June 2024, the Group has issued guarantees to third parties of €875
million (31 December 2023: €1,164 million), primarily relating to ongoing
litigations and tax matters in certain territories. No significant additional
liabilities in the accompanying condensed consolidated interim financial
statements are expected to arise from the guarantees issued.
Commitments
As a result of the Acquisition, the Group assumed €27 million related to
non-cancellable purchase agreements with various suppliers that are
enforceable and legally binding, and that specify a fixed or minimum quantity
that we must purchase. In addition, the Group also assumed outstanding capital
expenditure purchase orders of approximately €29 million related to the
Acquisition.
( )
During the first half of 2024, the Group made a commitment to TCCC to invest
€167 million with Microsoft for Azure cloud migration services over a 6
years term. A further €25 million has been committed to Infosys, who will
act as a supporting partner. In addition, the Group committed to €141
million of third party warehouse logistics investment in GB.
There have been no other significant changes in commitments since 31 December
2023.
Contingencies
As a result of the Acquisition, the Group recognised a provision of €42
million related to various legal proceedings, measured on a provisional basis.
There have been no other significant changes in contingencies since 31
December 2023.
Refer to Note 22 of the 2023 consolidated financial statements for further
details about the Group's guarantees, commitments and contingencies.
Note 15
OTHER INCOME
For the six months ended 28 June 2024 and 30 June 2023, other income totalled
nil and €53 million, respectively.
During the first half of 2023, the Group recognised €18 million of royalty
income arising from the ownership of mineral rights in Queensland, Australia.
On 7 March 2023, the Group entered into an agreement to sell the sub-strata
and associated mineral rights. Upon regulatory approval, the transaction was
consummated in April 2023. The total consideration approximated
€35 million.
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