REG - Coca-Cola EP PLC - Q1 Trading Update & Interim Dividend Declaration
25/04/2024 07:00
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RNS Number : 9334L Coca-Cola Europacific Partners plc 25 April 2024
25 April 2024
COCA-COLA EUROPACIFIC PARTNERS
Trading Update for the First Quarter ended 29 March 2024 & Interim
Dividend Declaration
Good start to the year, confidently reaffirming FY24 guidance
Q1 2024 Change vs 2023
Revenue Volume Revenue per UC( 1 , 2 , 3 ) Comparable Volume( 1 ) Revenue per UC( 1 , 2 , 3 ) FXN( 1 , 3 ) Revenue Revenue
(UC)( 2 )
Europe €3,290m 582m €5.62 (1.4)% 5.6% 4.0% 4.6%
APS €1,175m 247m €4.98 38.8% (12.3)% 22.0% 16.5%
CCEP €4,465m 829m €5.43 7.9% 0.5% 8.4% 7.5%
Q1 2024 (Adjusted comparable)( 4 ) Change vs 2023 (Adjusted comparable)( 4 )
Revenue Volume Revenue per UC Comparable volume Revenue per UC FXN revenue Revenue
(UC)
Europe €3,290m 582m €5.62 (1.4)% 5.6% 4.0% 4.6%
APS €1,443m 348m €4.34 8.1% 0.2% 8.3% 3.7%
CCEP €4,733m 930m €5.14 2.0% 3.4% 5.3% 4.3%
Damian Gammell, Chief Executive Officer, said:
"We have had an encouraging start to the year reflecting great brands and
great execution. All delivered by great people, to whom we extend our sincere
thanks, alongside our customers and brand partners.
"Our first quarter delivered good volume and revenue growth despite cycling
strong growth in Europe albeit more than offset by a great start to the year
in APS, especially in the Philippines. This demonstrates how our diversity
makes us a stronger and more robust business, operating in categories that
remain resilient despite ongoing macroeconomic and geopolitical volatility. We
grew both share and household penetration ahead of the market. And our focus
on revenue growth management and our headline price and promotion strategy
across a broad pack offering also drove solid gains in revenue per unit case.
"Although our first quarter has set us up well for the rest of the year, it is
typically our smallest. We are building on this momentum supported by
fantastic activation plans, including the Paris Olympics and the UEFA Euros,
to engage customers and consumers. We remain focused on driving profitable
revenue growth, to actively manage 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 confidently reaffirm our full-year
guidance for 2024, despite a dynamic outlook.
"We are well placed for FY24 and beyond, continuing to invest for the
long-term. We are confident that we have the right strategy, done sustainably,
to deliver on our mid-term growth objectives which combined with today's
interim dividend declaration, demonstrate the strength of our business, and
our ability to deliver continued shareholder value."
Note: All footnotes included after the 'About CCEP' section
Q1 HIGHLIGHTS( 1 )
Revenue
Q1 Reported +7.5%; Q1 Adjusted Comparable( 4 ) +5.3%( 3 )
• Continue to create value for our customers
• NARTD YTD value share gains( 5 ) across measured channels both
in-store (+40bps) & online (+30bps)
• Adjusted comparable volume +2.0%( 4 , 6 )
• By geography:
- Europe -1.4%( 6 ) reflecting solid in-market execution offset by
strategic de-listings of water & Capri Sun, & cycling strong
comparables (Q1'23 comparable volume +5.0%)
- APS +8.1%( 6 ) reflecting:
▪ Australia/Pacific (AP): continued solid underlying momentum in
Australia & NZ despite cycling strong comparables & strategic bulk
water de-listings in Q2 last year
▪ Southeast Asia (SEA): strong demand in the Philippines &
an encouraging start to the year in Indonesia supported by an earlier Ramadan
• By channel:
Away from Home (AFH) +2.8%( 6 ), Home +1.3%( 6 )
• Europe: AFH -4.6% cycling strong comparables (Q1'23 comparable
volume +8.5%), Home +0.3%
• APS: AFH +10.3%, Home +4.8%
• Adjusted comparable revenue per unit case +3.4%( 2 , 3 , 4 )
reflecting positive headline pricing & promotional optimisation, partly
offset by geographic mix
• Europe: +5.6% reflecting Q1'24 headline price increases in
France & Iberia, & annualisation of H2'23 headline pricing in GB &
Germany
• APS: +0.2% reflecting headline price increases &
promotional optimisation in Australia, offset by geographic mix driven by
strong growth in the Philippines (which is at a lower revenue per unit case)
Dividend
• First half interim dividend per share of €0.74 (declared at
Q1 & paid in May), calculated as 40% of the FY23 dividend. Reaffirming
FY24 guidance for an annualised total dividend payout ratio of approximately
50%( 7 )
Other
Sustainability highlights
• Retained inclusion on Carbon Disclosure Project's A List for
Climate for 8th consecutive year
• Introduced autonomous electric trucks in Germany to reduce
carbon emissions from our logistics, now operating in 4 markets
• Second industry partnership PET recycling facility opened in
Australia
REAFFIRMING FY24 GUIDANCE( 1 )
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% in line with our mid-term strategic
objectives
• More balanced between volumes & price/mix than FY23
• Two extra selling days in Q4
Cost of sales per unit case: comparable growth of 3-4%
• Expect commodity inflation to grow low single-digit
• FY24 hedge coverage at ~85% (previously 80%)
• Taxes increase driven by Netherlands
• Concentrate directly linked to revenue per unit case through
the incidence pricing model
Operating profit: comparable growth of ~7% in line with our mid-term strategic
objectives
• Continued focus on optimising discretionary spend &
delivering efficiency programmes
Other:
Finance costs: weighted average cost of net debt of ~2%
Comparable effective tax rate: ~25%
Comparable free cash flow: ~€1.7bn in line with our mid-term strategic
objectives
Capital expenditure: ~5% of revenue excluding leases
Dividend payout ratio: ~50%( 7 ) based on comparable EPS
First Quarter Revenue Performance by Geography( 1 )
All values are unaudited and all references to volumes are on
a comparable basis for Europe and Australia / Pacific, and on an adjusted
comparable basis for SEA. All changes are versus prior year equivalent period
unless stated otherwise.
Q1
Fx-neutral
€ million % change % change
FBN( 8 ) 1,192 4.4% 4.7%
Germany 706 7.1% 7.1%
Great Britain 724 5.1% 1.7%
Iberia( 9 ) 668 2.0% 2.0%
Total Europe 3,290 4.6% 4.0%
Australia / Pacific( 11 ) 854 (1.6) % 3.5%
Southeast Asia( 4 , 12 ) 589 12.6 % 16.4 %
Total APS( 4 ) 1,443 3.7% 8.3%
Total CCEP( 4 ) 4,733 4.3% 5.3%
FBN
• France volume broadly flat, with solid consumer demand offset
by tough comparables & the strategic de-listing of Capri Sun.
• Moderate volume decline in Benelux & Nordics reflecting
strong comparables in the AFH channel, the strategic de-listing of Capri Sun
& the Netherlands consumption tax increase.
• Sprite, Fuze Tea & Powerade outperformed with double-digit
volume growth.
• Revenue/UC( 10 ) growth driven by headline price increases
across the markets (& earlier in France compared to last year).
Germany
• Modest volume growth reflects solid trading in the Home
channel supported by great execution partly offset by strong comparables in
the AFH channel.
• High single-digit growth in Coca-Cola Zero Sugar. Monster,
Fuze Tea & Powerade outperformed with double-digit volume growth.
• Revenue/UC( 10 ) growth driven by annualisation of the
headline price increase implemented in Q3 last year.
• Positive brand mix also contributed to the growth e.g. Monster
& Powerade.
Great Britain
• Moderate volume decline reflects some softness in the AFH
channel, adverse weather & the de-listing of Capri Sun.
• Coca-Cola Zero Sugar continued to outperform. High
single-digit volume growth for both Monster & Powerade.
• Revenue/UC( 10 ) growth driven by annualisation of the
headline price increase implemented at the end of the second quarter last
year.
• Positive mix also contributed to the growth e.g. Monster &
late Q1 launch of Jack Daniel's & Coca-Cola last year.
Iberia
• Slight volume decline driven by cycling strong comparables.
• Sprite, Monster, Royal Bliss & Fuze Tea volumes
outperformed with double-digit volume growth.
• Revenue/UC( 10 ) growth driven by headline price increase.
• Positive brand mix also contributed to the growth e.g. Monster
& Powerade.
Australia / Pacific
• Slight volume decline reflects tough comparables across
Australia & NZ, reflecting industry-wide supply constraints last year
alongside strategic bulk water de-listings in Australia which started in Q2
2023. Excluding de-listings, volume would have been broadly flat in Q1. Solid
underlying demand supported by great activation.
• Home channel volume performed slightly ahead of the AFH
channel.
• Coca-Cola Classic, Coca-Cola Zero Sugar, Fanta & Monster
performed well in all markets supported by innovation, including the launch of
Monster Energy Zero Sugar & Fanta Pineapple Zero Sugar in Australia.
• Revenue/UC( 10 ) growth driven by headline price increases
& promotional optimisation.
Southeast Asia
• Solid volume driven by double-digit growth in the Philippines,
reflecting strong underlying market demand & solid share gains, &
cycling the softest quarter of last year.
• Good start to the year in Indonesia delivering encouraging
sparkling volume & transaction growth, supported by an earlier Ramadan
festive period.
• AFH channel volume grew ahead of the Home channel driven by
the Philippines.
• Coke TM in double-digit growth in Philippines & Indonesia,
driven by Coca-Cola Classic & supported by encouraging performance of
Coca-Cola Zero Sugar in Indonesia following its recent launch. Sprite &
Fanta also performing well.
• Revenue/UC( 10 ) growth driven by annualisation of the
headline price increase implemented last year & favourable pack mix.
First Quarter Volume Performance by Category( 1 , 4 , 6 )
All values are unaudited & all references to volumes are on an adjusted
comparable basis. All changes are versus prior year equivalent period unless
stated otherwise.
Q1
% of Total % Change
Coca-Cola® 58.6% 2.4%
Flavours & Mixers 22.7% 3.2%
Water, Sports, RTD Tea & Coffee( 13 ) 11.4% 0.9%
Other inc. Energy([A}) 7.3% (4.5) %
Total 100.0% 2.0%
( A ) % change: +4.2% exc. Juices
Coca-Cola®
• Coca-Cola Classic +4.4% driven by growth across all APS
markets, especially the Philippines, partially offset by strong comparables in
Europe.
• Coca-Cola Zero Sugar +1.3% driven by solid execution &
innovation despite cycling strong comparables (Q1'23: +8.0%( 14 )).
• Value share gains of Total Cola +20bps( 5 ), led by the
Philippines.
Flavours & Mixers
• Sprite +8.7% driven by solid consumer demand & great
execution across all key markets.
• Fanta +2.6% despite strong comparables (Q1'23 +6.5%( 14 ))
supported by flavour extensions e.g. Fanta Exotic.
• Royal Bliss continues to perform well supported by the launch
in Portugal.
Water, Sports, RTD Tea & Coffee
• Water -1.5% driven by strategic water de-listings within
Europe & Australia.
• Sports +4.3% despite strong comparables (Q1'23 +14.5%( 14 ))
with growth in Powerade driven by continued consumer trends in this
category.
• RTD Tea & Coffee +4.7% driven by Fuze Tea in Europe.
Other inc. Energy
• Strong growth in Energy +7.5% led by Monster despite strong
comparables (Q1'23 +15.0%( 14 )), continuing to gain distribution (inc. recent
category launch in the Philippines) & share through innovation e.g.
Monster Green Zero & Bad Apple.
• Juices decline resulting from the strategic de-listing of
Capri Sun in Europe.
• Encouraging early start for Absolute & Sprite following
the launch in Europe.
Conference Call
• 25 April 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
Dividend
• The CCEP Board of Directors declared a first-half interim dividend of
€0.74 per share
• The interim dividend is payable 23 May 2024 to those shareholders of
record on 10 May 2024
• CCEP will pay the interim dividend in euros to holders of shares on
Euronext Amsterdam, the Spanish Stock Exchanges & London Stock Exchange
• Other publicly held shares will be converted into an equivalent US
dollar amount using exchange rates issued by WM/Reuters taken at 16:00 BST on
25 April 2024. This translated amount will be posted on our website here:
https://ir.cocacolaep.com/shareholder-information-and-tools/dividends
Financial Calendar
• H1 2024 Results: 7 August 2024
• AGM: 22 May 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 2 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
(https://www.linkedin.com/company/coca-cola-europacific-partners/mycompany/verification/)
___________________
1. Refer to 'Note Regarding the Presentation of Adjusted financial
information and Alternative Performance Measures' for further details & to
'Supplementary Financial Information' for a reconciliation of reported to
adjusted comparable results; Change percentages against prior year equivalent
period unless stated otherwise
2. A unit case equals approximately 5.678 litres or 24 8-ounce
servings
3. Comparable & FX-neutral
4. Non-IFRS adjusted comparable financial information as if the
acquisition of Coca-Cola Beverages Philippines, Inc (CCBPI) occurred at the
beginning of the period presented for illustrative purposes only. It does not
intend to represent the results had the acquisition occurred at the dates
indicated, or project the results for any future dates or periods. Acquisition
completed on 23 February 2024. Prepared on a basis consistent with CCEP
accounting policies and includes provisional transaction accounting
adjustments for the period 1 January to 23 February. Refer to 'Note Regarding
the Presentation of Adjusted financial information and Alternative Performance
Measures' for further details.
5. External data sources: Nielsen & IRI Period 2 YTD
6. No selling day shift in Q1; CCEP adjusted comparable volume +2.0%
in Q1
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;
2. risks and uncertainties relating to the global supply chain and
distribution, 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 accounting policies and includes
provisional transaction accounting adjustments for the period 1 January to 23
February.
Alternative Performance Measures
We use certain alternative performance measures (non-IFRS performance
measures) to make financial, operating and planning decisions and to evaluate
and report performance. We believe these measures provide useful information
to investors and as such, where clearly identified, we have included certain
alternative performance measures in this document to allow investors to better
analyse our business performance and allow for greater comparability. To do
so, we have excluded items affecting the comparability of period-over-period
financial performance as described below. The alternative performance measures
included herein should be read in conjunction with and do not replace the
directly reconcilable IFRS measures.
For purposes of this document, the following terms are defined:
''As reported'' are results extracted from our unaudited consolidated
financial statements.
"Adjusted" includes the results of CCEP as if the CCBPI acquisition had
occurred at the beginning of the period presented, including provisional
acquisition accounting adjustments, accounting policy reclassifications and
the impact of debt financing costs in connection with the acquisition.
"Comparable'' is defined as results excluding items impacting comparability,
which include restructuring charges, accelerated amortisation charges,
expenses related to legal provisions and integration related costs. Comparable
volume is also adjusted for selling days.
''Adjusted comparable" is defined as adjusted results excluding items
impacting comparability, as described above.
''Fx-neutral'' or "FXN" is defined as period results excluding the impact of
foreign exchange rate changes. Foreign exchange impact is calculated by
recasting current year results at prior year exchange rates.
''Capex'' or "Capital expenditures'' is defined as purchases of property,
plant and equipment and capitalised software, plus payments of principal on
lease obligations, less proceeds from disposals of property, plant and
equipment. Capex is used as a measure to ensure that cash spending on capital
investment is in line with the Group's overall strategy for the use of cash.
''Comparable free cash flow'' is defined as net cash flows from operating
activities less capital expenditures (as defined above) and net interest
payments, adjusted for items that are not reasonably likely to recur within
two years, nor have occurred within the prior two years. Comparable free cash
flow is used as a measure of the Group's cash generation from operating
activities, taking into account investments in property, plant and equipment,
non-discretionary lease and net interest payments while excluding the effects
of items that are unusual in nature to allow for better period over period
comparability. Comparable free cash flow reflects an additional way of viewing
our liquidity, which we believe is useful to our investors, and is not
intended to represent residual cash flow available for discretionary
expenditures.
''Dividend payout ratio'' is defined as dividends as a proportion of
comparable profit after tax.
Additionally, within this document, we provide certain forward-looking
non-IFRS financial information, which management uses for planning and
measuring performance. We are not able to reconcile forward-looking non-IFRS
measures to reported measures without unreasonable efforts because it is not
possible to predict with a reasonable degree of certainty the actual impact or
exact timing of items that may impact comparability throughout year.
Supplemental Financial Information - Revenue - Reported to Adjusted Comparable
Revenue
Adjusted Revenue CCEP First-Quarter 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.
29 March 2024 31 March 2023 % Change
As reported and comparable 4,465 4,154 7.5%
Add: Adjusted revenue impact( 1 ) 268 382 n/a
Adjusted Comparable 4,733 4,536 4.3%
Adjust: Impact of fx changes 45 n/a n/a
Adjusted Comparable and fx-neutral 4,778 4,536 5.3%
Adjusted Revenue per unit case 5.14 4.97 3.4%
Adjusted Revenue APS
As reported and comparable 1,175 1,009 16.5 %
Add: Adjusted revenue impact( 1 ) 268 382 n/a
Adjusted Comparable 1,443 1,391 3.7%
Adjust: Impact of fx changes 64 n/a n/a
Adjusted Comparable and fx-neutral 1,507 1,391 8.3%
Adjusted Revenue per unit case 4.34 4.33 0.2%
( 1 ) The adjusted financial information for 2024 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 First-Quarter Ended
In millions of unit cases, prior period volume recast using current year
selling days
29 March 2024 31 March 2023 % Change
Volume 829 768 7.9%
Impact of selling day shift n/a - n/a
Comparable volume - Selling Day Shift adjusted 829 768 7.9%
Add: Adjusted volume impact( 1 ) 101 144 n/a
Adjusted comparable volume 930 912 2.0%
Adjusted comparable Volume - Selling Day Shift APS
Volume 247 178 38.8%
Impact of selling day shift n/a - n/a
Comparable volume - Selling Day Shift adjusted 247 178 38.8%
Add: Adjusted volume impact( 1 ) 101 144 n/a
Adjusted comparable volume 348 322 8.1%
( 1 ) The adjusted financial information for 2024 reflects the inclusion of
Philippines volume as if the acquisition had occurred at the beginning of the
period presented and prepared on a basis consistent with CCEP accounting
policies. No selling day shift in Q1 2024.
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