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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
|
|
|
Note Regarding Preliminary Unaudited Results
|
Note Regarding the Presentation of Alternative Performance Measures
|
|
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
|
|
P a g e |
4
|
|
|
Dividends
|
Share Buyback
|
Intention to Seek Admission to Trading on London Stock Exchange and to Delist from Euronext London
|
|
P a g e |
5
|
|
|
Forward-Looking Statements
|
|
P a g e |
6
|
|
|
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 |
7
|
|
|
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 |
8
|
|
|
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 |
9
|
|
|
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 - Borrowings
|
Net Debt
In millions of €
|
As at
|
||||
31 December 2018
|
|
31 December 2017
|
|||
Total borrowings
|
5,618
|
|
|
5,748
|
|
Add: fx impact of non-EUR borrowings
|
24
|
|
|
66
|
|
Adjusted total borrowings
|
5,642
|
|
|
5,814
|
|
Less: cash and cash equivalents
|
(309
|
)
|
|
(360
|
)
|
Net debt
|
5,333
|
|
|
5,454
|
|
|
P a g e |
10
|
|
|
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 |
11
|
|
|
|
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 |
12
|
|
|
|
|
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 |
13
|
|
|
|
|
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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