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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Coca Cola Europacific Partners plc | NYSE:CCEP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 58.31 | 0 | 01:00:00 |
|
P a g e |
1
|
|
|
LONDON, 14th February 2019 - Coca-Cola European Partners plc (CCEP) (ticker symbol: CCEP) today announces preliminary results for the fourth-quarter and full-year ended 31 December 2018 and provides full-year 2019 guidance.
|
•
|
Revenue totalled
€11.5 billion
, up
4.0
%, or up
4.5
% on an fx-neutral basis. Comparable volume decreased
1.0
% while revenue per unit case increased
5.5
%, reflecting a continued focus on driving sustainable and profitable revenue growth.
|
•
|
Reported operating profit was
€1.3 billion
, up
3.0
%. Comparable operating profit was
€1.6 billion
, up
7.0
%, or up
7.5
% on a comparable and fx-neutral basis reflecting a run rate of 100% on merger synergy commitments.
|
•
|
Reported diluted earnings per share were
€1.86
, or
€2.30
on a comparable and fx-neutral basis, up
8.5
%.
|
•
|
Free cash flow was €
1.1 billion
. ROIC improved by 90 basis points to
9.9%
.
*
|
•
|
Executed €500 million share buyback. Annual dividend of €1.06 per share, an increase of 26.0%, exiting the year with an annualised dividend payout ratio of approximately 50%.
|
•
|
Revenue totalled
€2.8 billion
, up
5.0
% on a reported and fx-neutral basis. Comparable volume decreased
2.5
% while revenue per unit case increased
6.0
%.
|
•
|
Reported operating profit was €
194 million
, down
2.0%
. Comparable operating profit was €
362 million
, up
6.0%
, or up
6.5%
on a comparable and fx-neutral basis.
|
•
|
Diluted earnings per share were
€0.28
on a reported basis or
€0.54
on a comparable basis.
|
•
|
Provides full-year guidance for 2019 including fx-neutral revenue growth in the low single-digit range (excluding the impact of incremental soft drinks taxes); comparable and fx-neutral operating profit growth of between 6-7%, and comparable and fx-neutral diluted earnings per share growth of between 10-11%.
|
•
|
Share buyback of up to €1 billion in 2019.
|
•
|
Announces move to Q1 and Q3 trading updates alongside the continuation of annual and semi-annual reporting.
|
•
|
Announces intention to seek admission to trading on the Main Market of the London Stock Exchange as a standard listing, and to delist from Euronext London effective 28 March 2019 (retaining all other listings).
|
|
P a g e |
2
|
|
|
Key Financial Measures
Unaudited, fx impact calculated by recasting current year results at prior year rates
|
Fourth-Quarter ended 31 December 2018
|
|||||||||||||||||||
€ million
|
|
% change
|
||||||||||||||||||
As Reported
|
|
Comparable
|
|
Fx-Impact
|
|
As Reported
|
|
Comparable
|
|
Fx-Impact
|
|
Comparable Fx-Neutral
|
||||||||
Revenue
|
2,794
|
|
|
2,794
|
|
|
(7
|
)
|
|
5.0
|
%
|
|
5.0
|
%
|
|
—
|
%
|
|
5.0
|
%
|
Cost of sales
|
1,734
|
|
|
1,727
|
|
|
(4
|
)
|
|
3.5
|
%
|
|
6.5
|
%
|
|
(0.5
|
)%
|
|
7.0
|
%
|
Operating expenses
|
866
|
|
|
705
|
|
|
(2
|
)
|
|
10.0
|
%
|
|
0.5
|
%
|
|
—
|
%
|
|
0.5
|
%
|
Operating profit
|
194
|
|
|
362
|
|
|
(1
|
)
|
|
(2.0
|
)%
|
|
6.0
|
%
|
|
(0.5
|
)%
|
|
6.5
|
%
|
Profit after taxes
|
134
|
|
|
260
|
|
|
—
|
|
|
(319.5
|
)%
|
|
8.0
|
%
|
|
(0.5
|
)%
|
|
8.5
|
%
|
Diluted earnings per share (€)
|
0.28
|
|
|
0.54
|
|
|
—
|
|
|
(313.5
|
)%
|
|
9.5
|
%
|
|
—
|
%
|
|
9.5
|
%
|
Key Financial Measures
Unaudited, fx impact calculated by recasting current year results at prior year rates
|
Year-Ended 31 December 2018
|
|||||||||||||||||||
€ million
|
|
% change
|
||||||||||||||||||
As Reported
|
|
Comparable
|
|
Fx-Impact
|
|
As Reported
|
|
Comparable
|
|
Fx-Impact
|
|
Comparable Fx-Neutral
|
||||||||
Revenue
|
11,518
|
|
|
11,518
|
|
|
(60
|
)
|
|
4.0
|
%
|
|
4.0
|
%
|
|
(0.5
|
)%
|
|
4.5
|
%
|
Cost of sales
|
7,060
|
|
|
7,029
|
|
|
(37
|
)
|
|
4.5
|
%
|
|
4.5
|
%
|
|
(0.5
|
)%
|
|
5.0
|
%
|
Operating expenses
|
3,158
|
|
|
2,907
|
|
|
(16
|
)
|
|
4.0
|
%
|
|
2.5
|
%
|
|
(0.5
|
)%
|
|
3.0
|
%
|
Operating profit
|
1,300
|
|
|
1,582
|
|
|
(7
|
)
|
|
3.0
|
%
|
|
7.0
|
%
|
|
(0.5
|
)%
|
|
7.5
|
%
|
Profit after taxes
|
909
|
|
|
1,120
|
|
|
(4
|
)
|
|
32.0
|
%
|
|
8.0
|
%
|
|
(0.5
|
)%
|
|
8.5
|
%
|
Diluted earnings per share (€)
|
1.86
|
|
|
2.30
|
|
|
—
|
|
|
32.0
|
%
|
|
8.5
|
%
|
|
—
|
%
|
|
8.5
|
%
|
Operational Review
|
|
P a g e |
3
|
|
|
2019 Outlook
*
|
•
|
Revenue growth in the low single-digit range excluding the impact of incremental soft drinks taxes of approximately 1.0%
[1]
|
•
|
Cost of sales per unit case growth of approximately 2.5% excluding the impact of incremental soft drinks taxes of approximately 1.5%
[1]
|
•
|
Operating profit growth between 6-7%
[1]
|
•
|
Comparable tax rate of approximately 25%
|
•
|
Diluted earnings per share growth of between 10-11%
[1], [2]
|
•
|
Share buyback of up to €1 billion
|
•
|
Free cash flow in the range of €1 billion to €1.1 billion
|
•
|
Capital expenditures of approximately €525 million to €575 million
|
•
|
Return on invested capital (ROIC) to improve by approximately 40 basis points
|
|
P a g e |
4
|
|
|
Dividends
|
Share Buyback
|
Conference Call
|
Intention to Seek Admission to Trading on London Stock Exchange and to Delist from Euronext London
|
|
P a g e |
5
|
|
|
Financial Details and Reporting Changes
|
Contacts
|
About CCEP
|
|
P a g e |
6
|
|
|
Forward-Looking Statements
|
|
P a g e |
7
|
|
|
Note Regarding the Presentation of Alternative Performance Measures
|
|
P a g e |
8
|
|
|
Supplementary Financial Information - Income Statement
|
Fourth-quarter 2018
Unaudited, in millions of € except per share data which is calculated prior to rounding
|
As Reported
|
|
Items Impacting Comparability
|
|
Comparable
|
|||||||
CCEP
|
|
Mark-to-market effects
[1]
|
Restructuring charges
[2]
|
Net tax items
[3]
|
|
CCEP
|
||||||
Revenue
|
2,794
|
|
|
—
|
|
—
|
|
—
|
|
|
2,794
|
|
Cost of sales
|
1,734
|
|
|
(4
|
)
|
(3
|
)
|
—
|
|
|
1,727
|
|
Gross profit
|
1,060
|
|
|
4
|
|
3
|
|
—
|
|
|
1,067
|
|
Operating expenses
|
866
|
|
|
(8
|
)
|
(153
|
)
|
—
|
|
|
705
|
|
Operating profit
|
194
|
|
|
12
|
|
156
|
|
—
|
|
|
362
|
|
Total finance costs, net
|
25
|
|
|
—
|
|
—
|
|
—
|
|
|
25
|
|
Non-operating items
|
2
|
|
|
—
|
|
—
|
|
—
|
|
|
2
|
|
Profit before taxes
|
167
|
|
|
12
|
|
156
|
|
—
|
|
|
335
|
|
Taxes
|
33
|
|
|
2
|
|
38
|
|
2
|
|
|
75
|
|
Profit after taxes
|
134
|
|
|
10
|
|
118
|
|
(2
|
)
|
|
260
|
|
|
|
|
|
|
|
|
|
|||||
Diluted earnings per share (€)
|
0.28
|
|
|
0.02
|
|
0.24
|
|
—
|
|
|
0.54
|
|
|
|
|
||||||||||
Diluted weighted average common shares outstanding
|
483
|
|
Fourth-quarter 2017
Unaudited, in millions of € except per share data which is calculated prior to rounding
|
As Reported
|
|
Items Impacting Comparability
|
|
Comparable
|
|||||||||
CCEP
|
|
Merger
effects
[4]
|
Mark-to-market effects
[1]
|
Restructuring charges
[2]
|
Net tax items
[3]
|
|
CCEP
|
|||||||
Revenue
|
2,662
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
2,662
|
|
Cost of sales
|
1,677
|
|
|
(8
|
)
|
3
|
|
(54
|
)
|
—
|
|
|
1,618
|
|
Gross profit
|
985
|
|
|
8
|
|
(3
|
)
|
54
|
|
—
|
|
|
1,044
|
|
Operating expenses
|
787
|
|
|
1
|
|
2
|
|
(87
|
)
|
—
|
|
|
703
|
|
Operating profit
|
198
|
|
|
7
|
|
(5
|
)
|
141
|
|
—
|
|
|
341
|
|
Total finance costs, net
|
21
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
21
|
|
Non-operating items
|
(1
|
)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
(1
|
)
|
Profit before taxes
|
178
|
|
|
7
|
|
(5
|
)
|
141
|
|
—
|
|
|
321
|
|
Taxes
|
239
|
|
|
2
|
|
(2
|
)
|
36
|
|
(194
|
)
|
|
81
|
|
Profit after taxes
|
(61
|
)
|
|
5
|
|
(3
|
)
|
105
|
|
194
|
|
|
240
|
|
|
|
|
|
|
|
|
|
|
||||||
Diluted earnings per share (€)
|
(0.13
|
)
|
|
0.01
|
|
(0.01
|
)
|
0.21
|
|
0.40
|
|
|
0.49
|
|
|
|
|
||||||||||||
Diluted weighted average common shares outstanding
|
|
|
489
|
|
[1]
|
Amounts represent the net out-of-period mark-to-market impact of non-designated commodity hedges.
|
[2]
|
Amounts represent restructuring charges related to business transformation activities.
|
[3]
|
Amounts include the deferred tax impact related to income tax rate and law changes. The amount in 2018 includes the net book tax impact of US tax reform and the related simplification of our debt and capital structure. The amount in 2017 principally represents the net book tax impact of US tax reform.
|
[4]
|
Adjustments to reflect final acquisition accounting related adjustments and associated impacts.
|
|
P a g e |
9
|
|
|
Full-year 2018
Unaudited, in millions of € except per share data which is calculated prior to rounding
|
As Reported
|
|
Items Impacting Comparability
|
|
Comparable
|
|||||||
CCEP
|
|
Mark-to-market effects
[1]
|
Restructuring charges
[2]
|
Net tax items
[6]
|
|
CCEP
|
||||||
Revenue
|
11,518
|
|
|
—
|
|
—
|
|
—
|
|
|
11,518
|
|
Cost of sales
|
7,060
|
|
|
(7
|
)
|
(24
|
)
|
—
|
|
|
7,029
|
|
Gross profit
|
4,458
|
|
|
7
|
|
24
|
|
—
|
|
|
4,489
|
|
Operating expenses
|
3,158
|
|
|
(1
|
)
|
(250
|
)
|
—
|
|
|
2,907
|
|
Operating profit
|
1,300
|
|
|
8
|
|
274
|
|
—
|
|
|
1,582
|
|
Total finance costs, net
|
93
|
|
|
—
|
|
—
|
|
—
|
|
|
93
|
|
Non-operating items
|
2
|
|
|
—
|
|
—
|
|
—
|
|
|
2
|
|
Profit before taxes
|
1,205
|
|
|
8
|
|
274
|
|
—
|
|
|
1,487
|
|
Taxes
|
296
|
|
|
1
|
|
68
|
|
2
|
|
|
367
|
|
Profit after taxes
|
909
|
|
|
7
|
|
206
|
|
(2
|
)
|
|
1,120
|
|
|
|
|
|
|
|
|
|
|||||
Diluted earnings per share (€)
|
1.86
|
|
|
0.02
|
|
0.42
|
|
—
|
|
|
2.30
|
|
|
|
|
||||||||||
Diluted weighted average common shares outstanding
|
|
|
488
|
|
Full-year 2017
Unaudited, in millions of € except per share data which is calculated prior to rounding
|
As Reported
|
|
Items Impacting Comparability
|
|
Comparable
|
|||||||||||||
CCEP
|
|
Merger
effects [4] |
Mark-to-market effects
[1]
|
Restructuring charges
[2]
|
Merger and integration related costs
[3]
|
Litigation provision
[5]
|
Net tax items
[6]
|
|
CCEP
|
|||||||||
Revenue
|
11,062
|
|
|
(7
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
11,055
|
|
Cost of sales
|
6,772
|
|
|
27
|
|
6
|
|
(66
|
)
|
—
|
|
—
|
|
—
|
|
|
6,739
|
|
Gross profit
|
4,290
|
|
|
(34
|
)
|
(6
|
)
|
66
|
|
—
|
|
—
|
|
—
|
|
|
4,316
|
|
Operating expenses
|
3,030
|
|
|
(14
|
)
|
—
|
|
(169
|
)
|
(4
|
)
|
(5
|
)
|
—
|
|
|
2,838
|
|
Operating profit
|
1,260
|
|
|
(20
|
)
|
(6
|
)
|
235
|
|
4
|
|
5
|
|
—
|
|
|
1,478
|
|
Total finance costs, net
|
100
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1
|
)
|
—
|
|
|
99
|
|
Non-operating items
|
1
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
1
|
|
Profit before taxes
|
1,159
|
|
|
(20
|
)
|
(6
|
)
|
235
|
|
4
|
|
6
|
|
—
|
|
|
1,378
|
|
Taxes
|
471
|
|
|
(4
|
)
|
(2
|
)
|
70
|
|
1
|
|
1
|
|
(194
|
)
|
|
343
|
|
Profit after taxes
|
688
|
|
|
(16
|
)
|
(4
|
)
|
165
|
|
3
|
|
5
|
|
194
|
|
|
1,035
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share (€)
|
1.41
|
|
|
(0.03
|
)
|
(0.01
|
)
|
0.34
|
|
0.01
|
|
0.01
|
|
0.40
|
|
|
2.12
|
|
|
|
|
|
|
||||||||||||||
Diluted weighted average common shares outstanding
|
|
|
489
|
|
|
P a g e |
10
|
|
|
Supplemental Financial Information - Revenue
|
Revenue
In millions of €, except per case data which is calculated prior to rounding
|
Fourth-quarter ended
|
|
Year ended
|
||||||||||
31 December 2018
|
31 December 2017
|
% Change
|
|
31 December 2018
|
31 December 2017
|
% Change
|
|||||||
As reported
|
2,794
|
|
2,662
|
|
5.0
|
%
|
|
11,518
|
|
11,062
|
|
4.0
|
%
|
Adjust: Total items impacting comparability
|
—
|
|
—
|
|
—
|
%
|
|
—
|
|
(7
|
)
|
—
|
%
|
Comparable
[1]
|
2,794
|
|
2,662
|
|
5.0
|
%
|
|
11,518
|
|
11,055
|
|
4.0
|
%
|
Adjust: Impact of fx changes
|
7
|
|
n/a
|
|
—
|
%
|
|
60
|
|
n/a
|
|
(0.5
|
)%
|
Comparable & fx-neutral
|
2,801
|
|
2,662
|
|
5.0
|
%
|
|
11,578
|
|
11,055
|
|
4.5
|
%
|
|
|
|
|
|
|
|
|
||||||
Revenue per unit case
[2]
|
4.65
|
|
4.38
|
|
6.0
|
%
|
|
4.64
|
|
4.41
|
|
5.5
|
%
|
[1]
|
The change in revenue includes the impact of
2018
incremental sugar and excise taxes in Belgium, France, Great Britain and Norway of
3.5%
and
2.5%
for the
fourth-quarter
and
full-year
ended
31 December 2018
, respectively.
|
[2]
|
The change in revenue per unit case includes the impact of
2018
incremental sugar and excise taxes in Belgium, France, Great Britain and Norway of
3.5%
and
2.5%
for the
fourth-quarter
and
full-year
ended
31 December 2018
, respectively.
|
Revenue by Geography
Comparable
|
Fourth-quarter ended
|
|
Year ended
|
||||||||||
31 December 2018
|
31 December 2017
|
Revenue % Change
|
|
31 December 2018
|
31 December 2017
|
Revenue % Change
|
|||||||
% of Total
|
% of Total
|
|
% of Total
|
% of Total
|
|||||||||
Spain/Portugal/Andorra
[1]
|
21.5
|
%
|
23.0
|
%
|
(1.5
|
)%
|
|
23.0
|
%
|
24.5
|
%
|
(1.0
|
)%
|
Germany
|
20.5
|
%
|
21.0
|
%
|
3.0
|
%
|
|
20.5
|
%
|
20.0
|
%
|
5.5
|
%
|
Great Britain
|
21.5
|
%
|
19.0
|
%
|
18.5
|
%
|
|
20.0
|
%
|
18.5
|
%
|
12.5
|
%
|
France/Monaco
|
15.0
|
%
|
16.0
|
%
|
(0.5
|
)%
|
|
15.5
|
%
|
16.5
|
%
|
(1.5
|
)%
|
Belgium/Luxembourg
|
8.5
|
%
|
8.5
|
%
|
5.0
|
%
|
|
8.5
|
%
|
8.0
|
%
|
7.0
|
%
|
Netherlands
|
5.0
|
%
|
4.5
|
%
|
11.5
|
%
|
|
5.0
|
%
|
5.0
|
%
|
10.5
|
%
|
Norway
|
4.0
|
%
|
4.0
|
%
|
4.0
|
%
|
|
3.5
|
%
|
3.5
|
%
|
6.0
|
%
|
Sweden
|
3.0
|
%
|
3.0
|
%
|
5.0
|
%
|
|
3.0
|
%
|
3.0
|
%
|
3.5
|
%
|
Iceland
|
1.0
|
%
|
1.0
|
%
|
(4.5
|
)%
|
|
1.0
|
%
|
1.0
|
%
|
(4.0
|
)%
|
Total
|
100.0
|
%
|
100.0
|
%
|
5.0
|
%
|
|
100.0
|
%
|
100.0
|
%
|
4.0
|
%
|
[1]
|
Spain/Portugal/Andorra is also referred to as Iberia.
|
Comparable Volume - Selling Day Shift
In millions of unit cases, prior period volume recast using current year selling days
[1]
|
Fourth-quarter ended
|
|
Year ended
|
||||||||||
31 December 2018
|
31 December 2017
|
% Change
|
|
31 December 2018
|
31 December 2017
|
% Change
|
|||||||
Volume
|
603
|
|
608
|
|
(1.0
|
)%
|
|
2,493
|
|
2,510
|
|
(0.5
|
)%
|
Impact of selling day shift
|
n/a
|
|
10
|
|
n/a
|
|
|
n/a
|
|
10
|
|
n/a
|
|
Comparable volume - Selling Day Shift adjusted
|
603
|
|
618
|
|
(2.5
|
)%
|
|
2,493
|
|
2,520
|
|
(1.0
|
)%
|
[1]
|
A unit case equals approximately 5.678 litres or 24 8-ounce servings, a typical volume measure used in our industry.
|
|
P a g e |
11
|
|
|
Comparable Volume by Brand Category
Adjusted for selling day shift
|
Fourth-quarter ended
|
|
Year ended
|
||||||||||
31 December 2018
|
31 December 2017
|
Volume % Change
|
|
31 December 2018
|
31 December 2017
|
Volume % Change
|
|||||||
% of Total
|
% of Total
|
|
% of Total
|
% of Total
|
|||||||||
Sparkling
|
87.5
|
%
|
87.0
|
%
|
(2.0
|
)%
|
|
85.5
|
%
|
85.0
|
%
|
(0.5
|
)%
|
Coca-Cola Trademark
|
65.0
|
%
|
65.5
|
%
|
(3.5
|
)%
|
|
63.0
|
%
|
63.5
|
%
|
(1.5
|
)%
|
Sparkling Flavours and Energy
|
22.5
|
%
|
21.5
|
%
|
2.5
|
%
|
|
22.5
|
%
|
21.5
|
%
|
3.5
|
%
|
Stills
|
12.5
|
%
|
13.0
|
%
|
(5.5
|
)%
|
|
14.5
|
%
|
15.0
|
%
|
(5.0
|
)%
|
Juice, Isotonics and Other
|
6.5
|
%
|
7.0
|
%
|
(6.5
|
)%
|
|
7.5
|
%
|
8.0
|
%
|
(6.5
|
)%
|
Water
|
6.0
|
%
|
6.0
|
%
|
(4.5
|
)%
|
|
7.0
|
%
|
7.0
|
%
|
(3.0
|
)%
|
Total
|
100.0
|
%
|
100.0
|
%
|
(2.5
|
)%
|
|
100.0
|
%
|
100.0
|
%
|
(1.0
|
)%
|
Supplemental Financial Information - Cost of Sales and Operating Expenses
|
Cost of Sales
In millions of €, except per case data which is calculated prior to rounding
|
Fourth-quarter ended
|
|
Year ended
|
||||||||||
31 December 2018
|
31 December 2017
|
% Change
|
|
31 December 2018
|
31 December 2017
|
% Change
|
|||||||
As reported
|
1,734
|
|
1,677
|
|
3.5
|
%
|
|
7,060
|
|
6,772
|
|
4.5
|
%
|
Adjust: Total items impacting comparability
|
(7
|
)
|
(59
|
)
|
3.0
|
%
|
|
(31
|
)
|
(33
|
)
|
—
|
%
|
Comparable
[1]
|
1,727
|
|
1,618
|
|
6.5
|
%
|
|
7,029
|
|
6,739
|
|
4.5
|
%
|
Adjust: Impact of fx changes
|
4
|
|
n/a
|
|
(0.5
|
)%
|
|
37
|
|
n/a
|
|
(0.5
|
)%
|
Comparable & fx-neutral
|
1,731
|
|
1,618
|
|
7.0
|
%
|
|
7,066
|
|
6,739
|
|
5.0
|
%
|
|
|
|
|
|
|
|
|
||||||
Cost of sales per unit case
[2]
|
2.87
|
|
2.66
|
|
8.0
|
%
|
|
2.83
|
|
2.69
|
|
5.5
|
%
|
[1]
|
The change in cost of sales includes the impact of
2018
incremental sugar and excise taxes in Belgium, France, Great Britain and Norway of
5.5%
and
4.0%
for the
fourth-quarter
and
full-year
ended
31 December 2018
, respectively.
|
[2]
|
The change in cost of sales per unit case includes the impact of
2018
incremental sugar and excise taxes in Belgium, France, Great Britain and Norway of
5.5%
and
4.0%
for the
fourth-quarter
and
full-year
ended
31 December 2018
, respectively.
|
Operating Expenses
In millions of €
|
Fourth-quarter ended
|
|
Year ended
|
||||||||||
31 December 2018
|
31 December 2017
|
% Change
|
|
31 December 2018
|
31 December 2017
|
% Change
|
|||||||
As reported
|
866
|
|
787
|
|
10.0
|
%
|
|
3,158
|
|
3,030
|
|
4.0
|
%
|
Adjust: Total items impacting comparability
|
(161
|
)
|
(84
|
)
|
(9.5
|
)%
|
|
(251
|
)
|
(192
|
)
|
(1.5
|
)%
|
Comparable
|
705
|
|
703
|
|
0.5
|
%
|
|
2,907
|
|
2,838
|
|
2.5
|
%
|
Adjust: Impact of fx changes
|
2
|
|
n/a
|
|
—
|
%
|
|
16
|
|
n/a
|
|
(0.5
|
)%
|
Comparable & fx-neutral
|
707
|
|
703
|
|
0.5
|
%
|
|
2,923
|
|
2,838
|
|
3.0
|
%
|
Supplemental Financial Information - Free Cash Flow
|
Free Cash Flow
In millions of €
|
|
Year ended
|
||||
|
31 December 2018
|
|
31 December 2017
|
|||
Net cash flows from operating activities
|
|
1,806
|
|
|
1,623
|
|
Less: Purchases of property, plant and equipment
|
|
(525
|
)
|
|
(484
|
)
|
Less: Purchases of capitalised software
|
|
(75
|
)
|
|
(36
|
)
|
Less: Interest paid, net
|
|
(81
|
)
|
|
(94
|
)
|
Add: Proceeds from sales of property, plant and equipment
|
|
4
|
|
|
32
|
|
Free Cash Flow
|
|
1,129
|
|
|
1,041
|
|
|
P a g e |
12
|
|
|
Supplemental Financial Information - Borrowings
|
Net Debt
In millions of €
|
As at
|
|
Credit Ratings
As at 13 February 2019
|
|
|
|
|
||||
31 December 2018
|
|
31 December 2017
|
|
|
Moody’s
|
|
Standard & Poor’s
|
||||
Total borrowings
|
5,618
|
|
|
5,748
|
|
|
Long-term rating
|
|
A3
|
|
BBB+
|
Add: fx impact of non-EUR borrowings
|
24
|
|
|
66
|
|
|
Outlook
|
|
Stable
|
|
Stable
|
Adjusted total borrowings
|
5,642
|
|
|
5,814
|
|
|
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.
|
||||
Less: cash and cash equivalents
|
(309
|
)
|
|
(360
|
)
|
|
|||||
Net debt
|
5,333
|
|
|
5,454
|
|
|
Supplemental Financial Information - Net debt to Adjusted EBITDA
|
Adjusted EBITDA
In millions of €
|
|
Year ended
|
||||
|
31 December 2018
|
|
31 December 2017
|
|||
Reported profit after tax
|
|
909
|
|
|
688
|
|
Taxes
|
|
296
|
|
|
471
|
|
Finance costs, net
|
|
93
|
|
|
100
|
|
Non-operating items
|
|
2
|
|
|
1
|
|
Reported operating profit
|
|
1,300
|
|
|
1,260
|
|
Depreciation and amortisation
|
|
512
|
|
|
490
|
|
Reported EBITDA
|
|
1,812
|
|
|
1,750
|
|
|
|
|
|
|
||
Items impacting comparability
|
|
|
|
|
||
Mark-to-market effects
[1]
|
|
8
|
|
|
(6
|
)
|
Restructuring charges
[2]
|
|
259
|
|
|
218
|
|
Merger effects
[3]
|
|
—
|
|
|
(20
|
)
|
Merger and Integration Related Costs
[4]
|
|
—
|
|
|
4
|
|
Litigation provision
[5]
|
|
—
|
|
|
5
|
|
Adjusted EBITDA
|
|
2,079
|
|
|
1,951
|
|
|
|
|
|
|
||
Net Debt to EBITDA
|
|
2.94
|
|
|
3.12
|
|
|
|
|
|
|
||
Net Debt to Adjusted EBITDA
|
|
2.57
|
|
|
2.80
|
|
[1]
|
Amounts represent the net out-of-period mark-to-market impact of non-designated commodity hedges.
|
[2]
|
Amounts represent restructuring charges related to business transformation activities, excluding accelerated depreciation included in the depreciation and amortisation line.
|
[3]
|
Adjustments to reflect final acquisition accounting related adjustments in connection with Merger to form CCEP.
|
[4]
|
Amounts represent costs associated with the Merger to form CCEP.
|
[5]
|
Amount represents a provision recorded for ongoing litigation.
|
|
P a g e |
13
|
|
|
Supplemental Financial Information - Return on invested capital
|
ROIC
In millions of €
|
|
Year ended
|
||||
|
31 December 2018
|
|
31 December 2017
|
|||
Comparable operating profit
[1]
|
|
1,582
|
|
|
1,478
|
|
Taxes
[2]
|
|
(391
|
)
|
|
(368
|
)
|
Comparable operating profit after tax
|
|
1,191
|
|
|
1,110
|
|
Opening borrowings less cash and cash equivalents
|
|
5,388
|
|
|
6,051
|
|
Opening equity
|
|
6,685
|
|
|
6,461
|
|
Opening Invested Capital
|
|
12,073
|
|
|
12,512
|
|
Closing borrowings less cash and cash equivalents
|
|
5,309
|
|
|
5,388
|
|
Closing equity
|
|
6,564
|
|
|
6,685
|
|
Closing Invested Capital
|
|
11,873
|
|
|
12,073
|
|
|
|
|
|
|
||
Average Invested Capital
|
|
11,973
|
|
|
12,293
|
|
|
|
|
|
|
||
ROIC
|
|
9.9
|
%
|
|
9.0
|
%
|
[1]
|
Reconciliation from reported operating profit to comparable operating profit is included in Supplementary Financial Information - Income Statement section.
|
[2]
|
Tax rate used is the comparable effective tax rate for the year (2018: 24.7%; 2017: 24.9%).
|
Supplemental Financial Information - Financial Position
|
Statement of Financial Position
In millions of €
|
|
As at
|
||||
|
31 December 2018
|
|
31 December 2017
|
|||
Non-current assets
|
|
15,225
|
|
|
14,880
|
|
Current assets
|
|
2,991
|
|
|
3,314
|
|
Total assets
|
|
18,216
|
|
|
18,194
|
|
Non-current liabilities
|
|
7,860
|
|
|
8,222
|
|
Current liabilities
|
|
3,792
|
|
|
3,287
|
|
Total liabilities
|
|
11,652
|
|
|
11,509
|
|
Total equity
|
|
6,564
|
|
|
6,685
|
|
Total equity and liabilities
|
|
18,216
|
|
|
18,194
|
|
|
P a g e |
14
|
|
|
|
Year ended
|
||||
|
31 December 2018
|
|
31 December 2017
|
||
|
€ million
|
|
€ million
|
||
Revenue
|
11,518
|
|
|
11,062
|
|
Cost of sales
|
(7,060
|
)
|
|
(6,772
|
)
|
Gross profit
|
4,458
|
|
|
4,290
|
|
Selling and distribution expenses
|
(2,178
|
)
|
|
(2,124
|
)
|
Administrative expenses
|
(980
|
)
|
|
(906
|
)
|
Operating profit
|
1,300
|
|
|
1,260
|
|
Finance income
|
47
|
|
|
48
|
|
Finance costs
|
(140
|
)
|
|
(148
|
)
|
Total finance costs, net
|
(93
|
)
|
|
(100
|
)
|
Non-operating items
|
(2
|
)
|
|
(1
|
)
|
Profit before taxes
|
1,205
|
|
|
1,159
|
|
Taxes
|
(296
|
)
|
|
(471
|
)
|
Profit after taxes
|
909
|
|
|
688
|
|
|
|
|
|
||
Basic earnings per share (€)
|
1.88
|
|
|
1.42
|
|
Diluted earnings per share (€)
|
1.86
|
|
|
1.41
|
|
|
P a g e |
15
|
|
|
|
|
31 December 2018
|
|
31 December 2017
|
||
|
|
€ million
|
|
€ million
|
||
ASSETS
|
|
|
|
|
||
Non-current:
|
|
|
|
|
||
Intangible assets
|
|
8,384
|
|
|
8,384
|
|
Goodwill
|
|
2,518
|
|
|
2,520
|
|
Property, plant and equipment
|
|
3,888
|
|
|
3,837
|
|
Non-current derivative assets
|
|
2
|
|
|
2
|
|
Deferred tax assets
|
|
37
|
|
|
56
|
|
Other non-current assets
|
|
396
|
|
|
81
|
|
Total non-current assets
|
|
15,225
|
|
|
14,880
|
|
Current:
|
|
|
|
|
||
Current derivative assets
|
|
13
|
|
|
20
|
|
Current tax assets
|
|
21
|
|
|
25
|
|
Inventories
|
|
693
|
|
|
650
|
|
Amounts receivable from related parties
|
|
107
|
|
|
75
|
|
Trade accounts receivable
|
|
1,655
|
|
|
1,732
|
|
Other current assets
|
|
193
|
|
|
452
|
|
Cash and cash equivalents
|
|
309
|
|
|
360
|
|
Total current assets
|
|
2,991
|
|
|
3,314
|
|
Total assets
|
|
18,216
|
|
|
18,194
|
|
LIABILITIES
|
|
|
|
|
||
Non-current:
|
|
|
|
|
||
Borrowings, less current portion
|
|
5,127
|
|
|
5,474
|
|
Employee benefit liabilities
|
|
142
|
|
|
162
|
|
Non-current provisions
|
|
119
|
|
|
48
|
|
Non-current derivative liabilities
|
|
51
|
|
|
93
|
|
Deferred tax liabilities
|
|
2,157
|
|
|
2,237
|
|
Other non-current liabilities
|
|
264
|
|
|
208
|
|
Total non-current liabilities
|
|
7,860
|
|
|
8,222
|
|
Current:
|
|
|
|
|
||
Current portion of borrowings
|
|
491
|
|
|
274
|
|
Current portion of employee benefit liabilities
|
|
19
|
|
|
21
|
|
Current provisions
|
|
133
|
|
|
194
|
|
Current derivative liabilities
|
|
20
|
|
|
1
|
|
Current tax liabilities
|
|
110
|
|
|
86
|
|
Amounts payable to related parties
|
|
191
|
|
|
178
|
|
Trade and other payables
|
|
2,828
|
|
|
2,533
|
|
Total current liabilities
|
|
3,792
|
|
|
3,287
|
|
Total liabilities
|
|
11,652
|
|
|
11,509
|
|
EQUITY
|
|
|
|
|
||
Share capital
|
|
5
|
|
|
5
|
|
Share premium
|
|
152
|
|
|
127
|
|
Merger reserves
|
|
287
|
|
|
287
|
|
Other reserves
|
|
(552
|
)
|
|
(503
|
)
|
Retained earnings
|
|
6,672
|
|
|
6,769
|
|
Total equity
|
|
6,564
|
|
|
6,685
|
|
Total equity and liabilities
|
|
18,216
|
|
|
18,194
|
|
|
P a g e |
16
|
|
|
|
|
Year ended
|
||||
|
|
31 December 2018
|
|
31 December 2017
|
||
|
|
€ million
|
|
€ million
|
||
Cash flows from operating activities:
|
|
|
|
|
||
Profit before taxes
|
|
1,205
|
|
|
1,159
|
|
Adjustments to reconcile profit before tax to net cash flows from operating activities:
|
|
|
|
|
||
Depreciation
|
|
461
|
|
|
443
|
|
Amortisation of intangible assets
|
|
51
|
|
|
47
|
|
Share-based payment expense
|
|
17
|
|
|
14
|
|
Finance costs, net
|
|
93
|
|
|
100
|
|
Income taxes paid
|
|
(263
|
)
|
|
(247
|
)
|
Changes in assets and liabilities:
|
|
|
|
|
||
Decrease/(increase) in trade accounts receivable
|
|
72
|
|
|
108
|
|
Decrease/(increase) in inventories
|
|
(45
|
)
|
|
16
|
|
Increase/(decrease) in trade and other payables
|
|
297
|
|
|
142
|
|
Increase/(decrease) in provisions
|
|
9
|
|
|
(67
|
)
|
Change in other operating assets and liabilities
|
|
(91
|
)
|
|
(92
|
)
|
Net cash flows from operating activities
|
|
1,806
|
|
|
1,623
|
|
Cash flows from investing activities:
|
|
|
|
|
||
Purchases of property, plant and equipment
|
|
(525
|
)
|
|
(484
|
)
|
Purchases of capitalised software
|
|
(75
|
)
|
|
(36
|
)
|
Proceeds from sales of property, plant and equipment
|
|
4
|
|
|
32
|
|
Net cash flows used in investing activities
|
|
(596
|
)
|
|
(488
|
)
|
Cash flows from financing activities:
|
|
|
|
|
||
Proceeds from borrowings, net of issuance costs
|
|
398
|
|
|
350
|
|
Changes in short-term borrowings
|
|
(131
|
)
|
|
250
|
|
Repayments on third party borrowings
|
|
(444
|
)
|
|
(1,180
|
)
|
Interest paid, net
|
|
(81
|
)
|
|
(94
|
)
|
Dividends paid
|
|
(513
|
)
|
|
(489
|
)
|
Purchase of own shares under share buyback programme
|
|
(502
|
)
|
|
—
|
|
Exercise of employee share options
|
|
25
|
|
|
13
|
|
Other financing activities, net
|
|
(11
|
)
|
|
(2
|
)
|
Net cash flows used in financing activities
|
|
(1,259
|
)
|
|
(1,152
|
)
|
Net change in cash and cash equivalents
|
|
(49
|
)
|
|
(17
|
)
|
Net effect of currency exchange rate changes on cash and cash equivalents
|
|
(2
|
)
|
|
(9
|
)
|
Cash and cash equivalents at beginning of period
|
|
360
|
|
|
386
|
|
Cash and cash equivalents at end of period
|
|
309
|
|
|
360
|
|
|
COCA-COLA EUROPEAN PARTNERS PLC
|
|
|
|
(Registrant)
|
Date: 14 February 2019
|
By:
|
/s/ Manik Jhangiani
|
|
Name:
|
Manik Jhangiani
|
|
Title:
|
Chief Financial Officer
|
1 Year Coca Cola Europacific Pa... Chart |
1 Month Coca Cola Europacific Pa... Chart |
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