TIDMCCEP
RNS Number : 7208R
Coca-Cola Europacific Partners plc
09 November 2021
9 November 2021
COCA-COLA EUROPACIFIC PARTNERS
Trading Update for the Third-Quarter ended 1 October 2021 &
FY21 Dividend Declaration
Raising FY21 guidance reflecting solid Q3 performance
Change vs 2020
====================================================
Revenue Volume Revenue Comparable([2]) Revenue FXN([2]) Revenue
(UC)([1]) per UC([1]) Volume per UC([1],[6]) revenue
========= ======= ========= ========== ============ =============== ================ ======== =======
Q3 2021 Europe EUR3,249m 657m EUR4.88 (1.0)% 2.0% 1.0% 2.0%
--------- ------- ========= ========== ============ =============== ================ ======== =======
API EUR700m 139m EUR4.91
================= ========= ========== ============ =============== ================ ======== =======
CCEP EUR3,949m 796m EUR4.88 19.5% 2.0% 22.0% 24.0%
----------------- ========= ========== ============ =============== ================ ======== =======
YTD 2021 Europe EUR8,634m 1,778m EUR4.81 3.0% 2.5% 6.5% 7.5%
========= ------- ========= ========== ============ =============== ================ ======== =======
API EUR1,233m 245m EUR4.90
================= ========= ========== ============ =============== ================ ======== =======
CCEP EUR9,867m 2,023m EUR4.82 17.0% 2.5% 21.5% 23.0%
================= ========= ========== ============ =============== ================ ======== =======
Change vs 2020
========================================================
Pro forma Pro forma Pro forma Pro forma Pro forma Pro forma Pro forma
revenue comparable revenue comparable revenue FXN revenue([3])
([3]) volume per UC([3]) volume([3]) per UC([3]) revenue([3])
(UC)([3])
========= ======= ========== =========== ============ ============ ============ ============= =============
Q3 2021 Europe EUR3,249m 657m EUR4.88 (1.0)% 2.0% 1.0% 2.0%
--------- ------- ========== =========== ============ ============ ============ ============= =============
API EUR700m 139m EUR4.91 (2.0)% 1.5% -% 2.5%
================= ========== =========== ============ ============ ============ ============= =============
CCEP EUR3,949m 796m EUR4.88 (1.5)% 2.0% 0.5% 2.5%
----------------- ========== =========== ============ ============ ============ ============= =============
YTD 2021 Europe EUR8,634m 1,778m EUR4.81 3.0% 2.5% 6.5% 7.5%
========= ------- ========== =========== ============ ============ ============ ============= =============
API EUR2,289m 460m EUR4.83 5.0% 3.0% 10.0% 13.5%
================= ========== =========== ============ ============ ============ ============= =============
CCEP EUR10,923m 2,238m EUR4.82 3.5% 2.5% 7.5% 9.0%
----------------- ========== =========== ============ ============ ============ ============= =============
Damian Gammell, Chief Executive Offiicer, said:
"Solid top-line growth and value share gains([4]) in the third
quarter demonstrate the strength of our business and the ongoing
successful integration of Coca-Cola Amatil, which also delivered a
resilient performance despite renewed restrictions. Together with
The Coca-Cola Company and our other brand partners, our focus on
core brands, in-market execution and revenue growth management
initiatives solidified our position as the largest FMCG value
creator([5]) . We are also pleased to be making progress towards
our ambition to reach net zero by 2040, including on our packaging
commitments.
"We continue to protect our business for the short-term and are
confident in our ability to mitigate near-term inflationary
pressures and navigate global supply chain challenges as we head
into next year. Key levers are pricing, mix, procurement
initiatives and our transformational efficiency programmes. We're
combining these levers with disciplined investments for long-term
future growth, particularly in our portfolio, our people, digital
and sustainability.
"Given our solid performance so far this year, and the lifting
now of restrictions in API, we're confident in delivering a strong
end to the year and are raising our full-year guidance. This,
combined with today's dividend declaration, which is greater than
2019 and 2020, demonstrates our confidence in the future and our
ability to deliver increased shareholder value.
"Above all, our focus remains on the safety and wellbeing of our
colleagues and supporting our customers and communities. We will go
further together, sustainably, for a better, shared future."
Note: All footnotes included after the 'About CCEP' section
Q3 HIGHLIGHTS([2],[3])
Q3 Pro forma revenue (+0.5%)([6])
(Reported revenue +24.0%)
-- NARTD YTD value share gains([4]) across measured channels
both in store (+50bps) & online (+130bps)
-- Delivered more revenue growth for our retail customers than
any of our FMCG peers (including YTD)([5])
-- Pro forma comparable volume slightly down (-1.5%([7]) ; Q3
2021 -5.5% vs 2019) reflecting adverse weather in Europe &
renewed restrictions across API
volumes by channel: Away from Home (AFH) +4.0% reflecting
continued recovery of HoReCa([8]) across Europe (-12.0% vs 2019)
& immediate consumption (IC) packs offset by Home -5.0% (flat
vs 2019)
-- Improving recent trading reflecting lifting of restrictions
in API ahead of the summer trading period & continued recovery
in Europe
-- Pro forma revenue per unit case +2.0%([1],[6]) (+2.5%([9]) vs
2019) reflecting positive pack & channel mix in Europe driven
by the improvement in AFH volumes & growth in IC packs
alongside favourable price across CCEP
Dividend
-- Declaring FY21 dividend per share of EUR1.40, +64.5% vs last
year & +13.0% vs 2019, maintaining annualised dividend payout
ratio of approximately 50%
Other
-- Raising FY21 guidance reflecting the solid performance in Q3
& the improving outlook for rest of the year: see detailed
guidance below
-- API integration remains on track & progressing well;
recently announced plans in Australia to enable greater focus on
NARTD, RTD alcohol & Spirits:
exit production, sale & distribution of Beer & Apple
Cider products
proposed sale of Feral craft beer
-- Sustainability:
Germany on-the-go (OTG) packs now 100% recycled PET (rPET)
France moving all Coca-Cola portfolio OTG packs to 100% rPET
from April 2022 & introducing tethered caps from the end of
2022
GUIDANCE
The outlook for FY21 & FY22 reflects our current assessment
of the scale and magnitude of the COVID-19 pandemic, which is
subject to change as we continue to monitor ongoing
developments.
FY21 (updated from H1 21)
FY21 guidance is on a comparable basis, reflecting the timing
impact of the acquisition of API which completed on 10 May 2021,
and based on actual Fx rates.
-- Revenue: comparable growth of 29-30%([10]) (previously 26-28%)
-- Operating profit: comparable growth of 46-49%([10]) (previously 40-44%)
-- Comparable effective tax rate: 20%([10]) (unchanged)
-- EPS: comparable growth of 54-57%([10]) (new)
FY22
FY22 guidance is on a pro forma comparable & Fx-neutral
basis.
-- Cost of sales per unit case: comparable growth of 4-5% (new)
Third-quarter & Year-To-Date Revenue Performance by Geography([2])
All values are unaudited and all references to volumes are on a
comparable basis
Q3 YTD (Pro forma)([3])
------------------------------------- -------------------------------------
Fx-neutral Fx-neutral
EUR million % change % change EUR million % change % change
============================ =========== ========== ============ =========== ========== ============
Great Britain 719 17.5% 11.0% 1,911 16.5% 13.5%
---------------------------- ----------- ------ -------- ----------- ------ -------
France([12]) 463 (7.5)% (7.5)% 1,359 4.0% 4.0%
---------------------------- ----------- ------ -------- ----------- ------ -------
Germany 636 (5.0)% (5.0)% 1,727 2.5% 2.5%
============================ =========== ====== ======== =========== ====== =======
Iberia([13]) 795 7.5% 7.5% 1,864 12.5% 12.5%
============================ =========== ====== ======== =========== ====== =======
Northern Europe([14]) 636 (3.5)% (4.5)% 1,773 2.5% 1.0%
============================ =========== ====== ======== =========== ====== =======
Total Europe 3,249 2.0% 1.0% 8,634 7.5% 6.5%
API([11]) (Pro forma)([3]) 700 2.5% -% 2,289 13.5% 10.0%
============================ =========== ====== ======== =========== ====== =======
Total CCEP (Pro forma)([3]) 3,949 2.5% 0.5% 10,923 9.0% 7.5%
============================ =========== ====== ======== =========== ====== =======
API
(--) YTD volume growth adversely impacted by renewed
restrictions in Q3. Adverse AFH volumes partially offset by growth
in the Home channel in Australia & New Zealand.
(--) In Q3, Coca-Cola No Sugar continued to outperform in
Australia, with the new formulation & look launched late
September. Monster continued to grow in all markets
(--) Q3 revenue/UC([15]) growth driven by underlying price &
the impact of Container Deposit Scheme changes in Australia,
partially offset by unfavourable channel & pack mix as a result
of the restrictions.
France
(--) Q3 volume decline driven by adverse weather and cycling a
strong recovery after the first COVID-19 wave (FY20 Q3 revenue
+6.0%). Soft volumes in both the Home & AFH channels
(--) Monster & Capri-Sun continued to outperform with both
Q3 & YTD volumes above 2019 levels.
(--) Q3 revenue/UC([15]) growth driven by positive pack mix from
OTG PET & positive underlying price.
Germany
(--) Volume decline in Q3 in both channels driven by adverse
weather. Some restrictions within HoReCa([8]) & Leisure
sub-channels impacted overall AFH performance.
(--) Monster & Fuze Tea continued to outperform during both
Q3 & YTD.
(--) Q3 revenue/UC([15]) growth driven by positive brand mix, in
particular the continued growth in Energy & the reorienting of
our Hydration portfolio at the start of the year. This was
partially offset by adverse pack mix as adverse weather limited OTG
PET demand.
Great Britain
(--) Q3 volume growth driven by continued strong recovery of
AFH, increased domestic tourism & solid execution to navigate
through industry wide supply constraints. Continued solid
performance in the Home channel.
(--) Coca-Cola Zero Sugar & Monster continued to outperform,
with Q3 volumes up more than 30% vs 2019.
(--) Q3 revenue/UC([15]) growth supported by promotional
activity changes & positive pack mix from continued IC recovery
e.g. small PET +29.5%; small glass +24.5%.
Iberia
(--) Modest volume growth in Q3 reflected the easing of
restrictions, however suppressed international tourism limited the
overall recovery in AFH vs 2019. In the Home channel, the decline
in volume was driven by the increased Spanish VAT rate.
(--) IC packs, Nestea & Monster outperformed during both Q3
& YTD.
(--) Q3 revenue/UC([15]) growth supported by improving pack
& channel mix driven by the recovery of HoReCa([8]) volumes
& positive underlying price.
Northern Europe
(--) Q3 volume decline reflects adverse weather, including the
impact of the flooding in Belgium in July, partially offset by the
continued recovery of AFH.
(--) Coca-Cola Zero Sugar continued to outperform, with volumes
up 28.0% in Q3 vs 2019.
(--) Q3 revenue/UC([15]) (excluding soft drinks taxes([16]) )
growth in Q3 driven by positive brand & pack mix as demand for
IC packs continued to recover.
Third-Quarter & Year-To-Date Pro forma Volume Performance by Category([2],[3])
All values are unaudited and all references to volumes are on a
comparable basis
Q3 YTD
% of Total % Change % of Total % Change([7])
============================================ ============ ========== ============ ===============
Sparkling 84.0% (1.5)% 84.5% 3.5%
Coca-Cola(R) 59.0% (1.5)% 59.0% 2.5%
============================================ ======== ====== ======== ==========
Flavours, Mixers & Energy 25.0% (1.0)% 25.5% 6.0%
============================================ ======== ====== ======== ==========
Stills 16.0% (1.0)% 15.5% 3.0%
Hydration 8.0% (6.5)% 7.5% (3.0)%
============================================ ======== ====== ======== ==========
RTD Tea, RTD Coffee, Juices & Other([17]) 8.0% 5.0% 8.0% 9.5%
============================================ ======== ====== ======== ==========
Total 100.0% (1.5)% 100.0% 3.5%
============================================ ======== ====== ======== ==========
Coca-Cola(R)
(--) Q3 Classic -3.5%; Lights +1.5% reflecting the continued
solid performance of the reformulated & rebranded Coca-Cola
Zero Sugar (+4.0%)
(--) Q3 & YTD Coca-Cola Zero Sugar in growth vs 2019
(Q3:+13.0%; YTD:+12.0%)
(--) GB outperformed with growth in Classic, Diet & Zero
Sugar in Q3 vs 2019
Flavours, Mixers & Energy
(--) Q3 Fanta -4.0%; YTD +3.5% driven by the cycling of tougher
comparables & restrictions in API during Q3
(--) Continued strong growth in Energy across all markets
(Q3:+8.5%; YTD:+25.5%) led by Monster supported by solid
execution
Hydration
(--) Q3 Water -9.5% (-36.0% vs 2019); YTD -6.5% (-35.5% vs 2019)
reflecting the impact of the pandemic & its exposure to IC
across both channels, partially offset by Sports
(--) Sparkling Water continued to deliver solid growth in
Australia (Q3:+41.5% vs 2019) driven by multi-pack can formats in
the Home channel
RTD Tea, RTD Coffee, Juices & Other([17])
(--) Q3 Juice drinks +5.5%; YTD +11.5% driven by increased
mobility in Europe & solid growth in Capri-Sun (YTD: +15.5% vs
2019)
(--) Fuze Tea in growth vs 2019 (Q3: +9.5%; YTD: +9.0%([18]) )
& continuing to grow value share in Europe([4], [18])
(--) Alcohol delivered strong growth in Australia (YTD: +3.0% vs
2019) driven by RTD Spirits, including the successful roll out of
-196 Double Lemon
Conference Call
(--) 9 November 2021 at 12:30 GMT, 13:30 CET & 7:30 a.m.
EST; accessible via www.cocacolaep.com
(--) Replay & transcript will be available at
www.cocacolaep.com as soon as possible
Dividend
(--) The CCEP Board of Directors declared a full-year interim
dividend of EUR1.40 per share
(--) The full-year interim dividend is payable 6 December 2021
to those shareholders of record on 19 November 2021
(--) CCEP will pay the full-year interim dividend in euros to
holders of shares on Euronext Amsterdam, the Spanish Stock
Exchanges & London Stock Exchange
(--) Other publicly held shares will be converted into an
equivalent US dollar amount using exchange rates issued by
WM/Reuters taken at 16:00 GMT on 9 November 2021. This translated
amount will be posted on our website here:
http://ir.ccep.com/shareholder-information/dividends-and-splits
Financial Calendar
(--) Preliminary unaudited full-year 2021 results: 16 February
2022
(--) Financial calendar available here:
https://ir.cocacolaep.com/financial-calendar/
Contacts
Investor Relations
Sarah Willett Joe Collins Claire Copps
+44 7970 145 218 +44 7583 903 560 +44 7980 775 889
Media Relations
Shanna Wendt Nick Carter
+44 7976 595 168 +44 7979 595 275
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 600 million consumers and
helping 1.75 million customers across 29 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, the
NASDAQ Global Select Market, 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 Twitter at @CocaColaEP.
___________________
(1.) A unit case equals approximately 5.678 litres or 24 8-ounce
servings
(2.) Refer to 'Note Regarding the Presentation of Pro forma
financial information and Alternative Performance Measures' for
further details and to 'Supplementary Financial Information' for a
reconciliation of reported to pro forma comparable results; Change
percentages against prior year equivalent period unless stated
otherwise
(3.) Pro forma figures as if the acquisition of Coca-Cola Amatil
Limited occurred at the beginning of the period presented for
illustrative purposes only, it is not intended to estimate or
predict future financial performance or what actual results would
have been. Acquisition completed on 10 May 2021. Prepared on a
basis consistent with CCEP accounting policies for the period 1
January to 10 May. Refer to 'Note Regarding the Presentation of Pro
forma financial information and Alternative Performance Measures'
for further details
(4.) Combined NARTD (non-alcoholic ready to drink) NielsenIQ
Global Track YTD data for ES, PT, DE, GB, FR, BE, NL, NZ, NO &
SE to 03.Oct.21; NZ & IND to 12.Sept.21; NARTD IRI data for AUS
to 03.Oct.21. Online Data is for available markets YTD GB to
03.Oct.21 (Retailer data+NielsenIQ), ES, FR, NL & SE to
03.Oct.21 (NielsenIQ), AUS to 03.Oct.21 (Retailer Data)
(5.) NielsenIQ Strategic Planner YTD Data to WE 12.09.2021
Countries included are ES, DE, GB, FR, BE, NL, SE, PT & NO
(6.) Comparable & Fx-neutral
(7.) Adjusted for 3 extra selling days in Q1; no selling day
shift in Q3; CCEP Q3 YTD pro forma volume +5.0%
(8.) HoReCa = Hotels, Restaurants & Cafes
(9.) Management's best estimate
(10.) Reflects the timing impact of the acquisition of API which
completed on 10 May 2021; based on actual Fx rates
(11.) Includes Australia, New Zealand & the Pacific Islands,
Indonesia & Papua New Guinea
(12.) Includes France & Monaco
(13.) Includes Spain, Portugal & Andorra
(14.) Includes Belgium, Luxembourg, the Netherlands, Norway,
Sweden & Iceland
(15.) Revenue per unit case
(16.) Northern Europe revenue per unit case declined in Q3 as a
result of changes to Norwegian Soft Drink Taxes
(17.) RTD refers to ready to drink; Other includes Alcohol &
Coffee
(18.) Europe only; YTD
Forward-Looking Statements
This document contains statements, estimates or projections that
constitute "forward-looking statements" concerning the financial
condition, performance, results, strategy and objectives of
Coca-Cola Europacific Partners plc and its subsidiaries (together
"CCEP" or the "Group"). Generally, the words "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,
including with respect to the acquisition of Coca-Cola Amatil
Limited and its subsidiaries (together "CCL" or "API") completed on
10 May 2021 (the "Acquisition"). 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 2020
Annual Report on Form 20-F filed with the SEC on 12 March 2021, as
updated and supplemented with the additional information set forth
in the "Principal Risks and Risk Factors" section of the H1 2021
Half-year Report Filed with the SEC on 2 September 2021;
2. those set forth in the "Business and Sustainability Risks"
section of CCL's 2020 Financial and Statutory Reports; and
3. risks and uncertainties relating to the Acquisition,
including the risk that the businesses will not be integrated
successfully or such integration may be more difficult, time
consuming or costly than expected, which could result in additional
demands on CCEP's resources, systems, procedures and controls,
disruption of its ongoing business and diversion of management's
attention from other business concerns; the possibility that
certain assumptions with respect to API or the Acquisition could
prove to be inaccurate; burdensome conditions imposed in connection
with any regulatory approvals; ability to raise financing; the
potential that the Acquisition may involve unexpected liabilities
for which there is no indemnity; the potential failure to retain
key employees as a result of the Acquisition or during integration
of the businesses and disruptions resulting from the Acquisition,
making it more difficult to maintain business relationships; the
potential for (i) negative reaction from financial markets,
customers, regulators, employees and other stakeholders, (ii)
litigation related to the Acquisition.
The full extent to which the COVID-19 pandemic will negatively
affect CCEP and the results of its operations, financial condition
and cash flows will depend on future developments that are highly
uncertain and cannot be predicted, including the scope and duration
of the pandemic and actions taken by governmental authorities and
other third parties in response to the pandemic.
Due to these risks, CCEP's actual future results, dividend
payments, capital and leverage ratios, growth, market share, tax
rate, efficiency savings, and the results of the integration of the
businesses following the Acquisition, including expected efficiency
and combination savings, may differ materially from the plans,
goals, expectations and guidance set out in forward-looking
statements (including those issued by CCL prior to the
Acquisition). 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. Furthermore, CCEP assumes no
responsibility for the accuracy and completeness of any
forward-looking statements. Any or all of the forward-looking
statements contained in this filing and in any other of CCEP's or
CCL's public statements (whether prior or subsequent to the
Acquisition) may prove to be incorrect.
Note Regarding the Presentation of Pro forma financial information
and Alternative Performance Measures
Pro forma financial information
Pro forma financial information has been provided in order to
illustrate the effects of the acquisition of Coca-Cola Amatil
Limited (CCL or API) on the results of operations of CCEP and allow
for greater comparability of the results of the combined group
between periods. The Pro forma financial information has been
prepared for illustrative purposes only and because of its nature,
addresses a hypothetical situation. It is based on information and
assumptions that CCEP believes are reasonable. For further
information, refer to our Half Year Report published on 2 September
2021, which provides further details on our non-GAAP performance
measures and reconciles, where applicable, our results as reported
under IFRS to Pro forma financial information and non-GAAP
performance measures.
The Pro forma financial information presented in this document
reflects the inclusion of API revenue as if the acquisition had
occurred at the beginning of the period presented and prepared on a
basis consistent with CCEP accounting policies.
The Pro forma financial information does not intend to represent
what CCEP's results of operations actually would have been if the
acquisition had been completed on the dates indicated, nor does it
intend to represent, predict or estimate the results of operations
for any future period or financial position at any future date. In
addition, it does not reflect ongoing cost savings that CCEP
expects to achieve as a result of the acquisition or the costs
necessary to achieve these cost savings or synergies. As pro forma
information is prepared to illustrate retrospectively the effects
of future transactions, there are limitations that are inherent to
the nature of pro forma information. As such, had the acquisition
taken place on the dates assumed, the actual effects would not
necessarily have been the same as those presented in the Pro forma
financial information contained herein.
Alternative Performance Measures
We use certain alternative performance measures (non-GAAP
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 GAAP measures.
For purposes of this document, the following terms are
defined:
"As reported" are results extracted from our condensed
consolidated interim financial statements.
"Pro forma" includes the results of CCEP and API as if the
Acquisition had occurred at the beginning of the period presented.
In this document, the Pro forma financial information adjustments
reflect the inclusion of API revenue as if the acquisition had
occurred at the beginning of the period presented and prepared on a
basis consistent with CCEP accounting policies.
"Comparable" is defined as results excluding items impacting
comparability, which include restructuring charges, acquisition and
integration related costs, inventory fair value step up related to
acquisition accounting, the impact of the closure of the GB defined
benefit benefit pension scheme and net tax items relating to rate
and law changes. Comparable volume is also adjusted for selling
days.
"Pro forma Comparable" is defined as the pro forma 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.
"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-GAAP financial information, which management
uses for planning and measuring performance. We are not able to
reconcile forward-looking non-GAAP 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 the
year.
Unless otherwise stated, percent amounts are rounded to the
nearest 0.5%.
Supplemental Financial Information - Revenue - Reported to Pro forma
Comparable
Revenue
Third-Quarter Ended Nine Months Ended
======================
Pro forma Revenue 1 Oct 2021 27 Sept % Change 1 Oct 2021 27 Sept % Change
CCEP 2020 2020
In millions of
EUR, except per
case data which
is calculated
prior to rounding.
FX impact calculated
by recasting current
year results at
prior year rates.
====================== ========== ======= ========== ========== ======= ==========
As reported and
comparable 3,949 3,179 24.0% 9,867 8,016 23.0%
Add: Pro forma
adjustments([1]) - 683 n/a 1,056 2,018 n/a
Pro forma Comparable 3,949 3,862 2.5% 10,923 10,034 9.0%
Adjust: Impact
of fx changes (63) n/a n/a (144) n/a n/a
Pro forma Comparable
and fx-neutral 3,886 3,862 0.5% 10,779 10,034 7.5%
Pro forma Revenue
per unit case 4.88 4.79 2.0% 4.82 4.70 2.5%
Third-Quarter Ended Nine Months Ended
====================== -------------------------------
Pro forma Revenue 1 Oct 2021 27 Sept % Change 1 Oct 2021 27 Sept % Change
API 2020 2020
In millions of
EUR, except per
case data which
is calculated
prior to rounding.
FX impact calculated
by recasting current
year results at
prior year rates.
====================== ========== ======= ========== ========== ======= ==========
As reported and
comparable 700 - n/a 1,233 - n/a
Add: Pro forma
adjustments([1]) - 683 n/a 1,056 2,018 n/a
Pro forma Comparable 700 683 2.5% 2,289 2,018 13.5%
Adjust: Impact
of fx changes (17) n/a n/a (65) n/a n/a
Pro forma Comparable
and fx-neutral 683 683 -% 2,224 2,018 10.0%
Pro forma Revenue
per unit case 4.91 4.83 1.5% 4.83 4.68 3.0%
([1]) The Pro forma financial information reflects the inclusion
of API 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
Third-Quarter Ended Nine Months Ended
====================== -------------------------------
Comparable Volume 1 Oct 2021 27 Sept % Change 1 Oct 2021 27 Sept % Change
- Selling Day 2020 2020
Shift CCEP
In millions of
unit cases, prior
period volume
recast using current
year selling days
====================== ========== ======= ========== ========== ======= ==========
Volume 796 665 19.5% 2,023 1,705 18.5%
Impact of selling
day shift n/a - n/a n/a 23 n/a
Comparable volume
- Selling Day
Shift adjusted 796 665 19.5% 2,023 1,728 17.0%
Pro forma impact([1]) - 142 n/a 215 439 n/a
Pro forma comparable
volume 796 807 (1.5)% 2,238 2,167 3.5%
Third-Quarter Ended Nine Months Ended
====================== -------------------------------
Comparable Volume 1 Oct 2021 27 Sept % Change 1 Oct 2021 27 Sept % Change
- Selling Day 2020 2020
Shift API
In millions of
unit cases, prior
period volume
recast using current
year selling days
====================== ========== ======= ========== ========== ======= ==========
Volume 139 - n/a 245 - n/a
Impact of selling
day shift n/a - n/a n/a - n/a
Comparable volume
- Selling Day
Shift adjusted 139 - n/a 245 - n/a
Pro forma impact([1]) - 142 n/a 215 439 n/a
Pro forma comparable
volume 139 142 (2.0)% 460 439 5.0%
([1]) Pro forma API volume for the nine months ended 27 Sept
2020 is 431 million unit cases. Including the impact of the Q1
selling day shift (8 million unit cases), pro forma comparable API
volume is 439 million unit cases.
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END
DIVUWVWRAUUARAA
(END) Dow Jones Newswires
November 09, 2021 02:00 ET (07:00 GMT)
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