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Share Name | Share Symbol | Market | Type |
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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 | |
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0.00 | 0.00% | 58.31 | 0 | 01:00:00 |
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REGISTRATION STATEMENT ON FORM F-3 OF COCA-COLA EUROPEAN PARTNERS PLC (REGISTRATION NO. 333-219945);
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POST-EFFECTIVE AMENDMENT NO.1 ON FORM S-8 TO THE FORM F-4 REGISTRATION STATEMENT OF COCA-COLA EUROPEAN PARTNERS PLC (REGISTRATION NO. 333-208556);
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REGISTRATION STATEMENT ON FORM S-8 OF COCA-COLA EUROPEAN PARTNERS PLC (REGISTRATION NO. 333-211764);
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REGISTRATION STATEMENT ON FORM S-8 OF COCA-COLA EUROPEAN PARTNERS PLC (REGISTRATION NO. 333-233695); AND
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REGISTRATION STATEMENT ON FORM S-8 OF COCA-COLA EUROPEAN PARTNERS PLC (REGISTRATION NO. 333-233697).
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P a g e | 1
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P a g e | 2
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CHANGE VS Q1 2019
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REVENUE
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VOLUME
(UNIT CASES1) |
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REVENUE PER UNIT CASE2
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COMPARABLE VOLUME3,4
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REVENUE PER UNIT CASE2
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FX-NEUTRAL REVENUE3
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REVENUE
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€2,478m
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521m
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€4.77
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(4.0)%
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1.5%
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(4.0)%
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(4.0)%
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1.
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A unit case equals approximately 5.678 litres or 24 8-ounce servings
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2.
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Fx-neutral
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3.
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Refer to “Note Regarding the Presentation of Alternative Performance Measures” for further details
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4.
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Adjusted for selling day shift. Reported volume (5.0)%
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P a g e | 3
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Comparable volume2 -4.0% (versus Q1 2019) reflecting challenging comparables, some customer disruption as a result of our planned pricing strategy & the initial impact of the COVID-19 pandemic across our markets, partially offset by innovation; Transactions3 outpaced volume
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Revenue per unit case4 +1.5% (versus Q1 2019) benefiting from favourable price & promotions offset by negative channel & pack mix, particularly in March, given emerging AFH5 closures
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Value share gains across measured channels6 driven by our Stills portfolio
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Total volume declines for the COVID-19 impacted weeks to date (5 weeks ending 17 April 2020) in a range of c.-20% to -40% (AFH: range of -45% to -85%; Home: range of +5% to -10%) across our markets
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Dividend:
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FY19 dividend of €1.24 per share fully paid during 2019
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The Board continues to recognise the importance of cash returns to shareholders. However, given the significant uncertainty of the effect of the ongoing pandemic, the Board has determined to defer consideration of its 2020 H1 dividend until visibility has improved, thus preserving flexibility until a better, informed decision as to appropriate quantum can be made
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Share buyback: repurchased c.€130m (3m shares) of the €1bn programme announced Feb 2020 (suspended until further notice as previously announced)
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Successfully issued €600m senior unsecured note due 2026
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Sweden became first 100% recycled PET market, eliminating the use of 3,500 tons of virgin plastic per year. Launched 2020 long-term incentive plan incorporating inaugural GHG7 reduction target
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1.
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Refer to “Note Regarding the Presentation of Alternative Performance Measures” for further details
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2.
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Adjusted for selling day shift; Reported volume (5.0)%
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3.
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Adjusted for selling day shift; Defined as the serving container that is ultimately used directly by the consumer. It can be a standalone container or one part of a multipack
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4.
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Fx-neutral
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5.
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Away from home
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6.
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Source: Nielsen YTD to w/e GB 28.03.20; DE Monthly SSD 29.03.20 & NCB 23.02.20; ES PT FR BE NL SE NO 29.03.20
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7.
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GHG = greenhouse gas;15% of the 2020 long-term incentive award will be based on the extent to which CCEP reduces its greenhouse gas emissions over the next three years
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P a g e | 4
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Ongoing volatility in both channels (AFH & Home) given uncertainty
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Sharp declines in AFH volumes with c.75% of the channel impacted by lockdown measures (which vary by market)
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Some initial stockpiling in Home has since subsided
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Immediate consumption & small priority packs significantly impacted (affects both AFH & Home channels); Future consumption packs performing better, though varies by market
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Total volume decline for the COVID-19 impacted weeks to date (5 weeks ending 17 April 2020) in a range of c.-20% to -40% (AFH: range of -45% to -85%; Home: range of +5% to -10%) across our markets
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Implemented comprehensive measures in line with official guidance from governments & health authorities to keep our people safe including:
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Emotional & mental well-being support of our people through this stressful & uncertain time
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Motivating & providing workplace security for our people
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Regular internal communications across the business
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Working closely with our suppliers, partners & KO1 to ensure we do everything we can to best serve our customers including:
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Shifting production resource to higher demand channels by prioritising core SKUs2, reflecting the shift in brand & pack mix (e.g. more multipack cans & large PET)
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Developing comprehensive contingency plans to ensure our products continue to be available despite any logistical challenges
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Working closely with KO1 to provide substantial financial aid through the Red Cross & other local NGOs
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Donated over 400k unit cases of product so far to foodbanks, medical & key workers & giving access to our logistics resources for relief work
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Volunteering policy to encourage in-community support where it is safe to do so
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1.
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Stock market ticker for The Coca-Cola Company
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2.
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Stock keeping unit
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P a g e | 5
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Increased cadence of reviews with country leadership teams teams, Board of Directors & KO1
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Incorporating learnings from across the Coca-Cola system
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Modelling multiple scenarios & risk analyses to regularly stress test our financials
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Reducing discretionary spend in areas such as trade marketing, promotions, merchandising, incentives, seasonal labour, travel & meetings - amounting to a potential FY20 reduction of c.€200-250m
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Delaying c.€200m of discretionary capital expenditure, resulting in FY20 total capex of c.€350m2
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Withdrawal of FY20 guidance given significant uncertainty as previously announced
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Suspension of share buyback programme until further notice as previously announced (to date repurchased
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c.€130m of €1bn programme announced Feb 2020)
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FY19 dividend fully paid in 2019; Deferral of 2020 HY1 dividend until visibility has improved
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Issued 6 year €600m bond at 1.75% coupon to add to an already balanced mix of long-term maturities (with no covenants on debt or facilities)
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Received confirmation of eligibility to access UK Government COVID Corporate Financing Facility (CCFF)
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€0.9bn cash & cash equivalents3; €1.5bn sustainability linked committed undrawn RCF4; €1.5bn multi-currency commercial paper programme (€0.6bn issued5); unutilised CCFF6
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Stock market ticker for The Coca-Cola Company
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2.
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Excluding payments of principal on lease obligations
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3.
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As at 27 March 2020
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4.
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RCF = Revolving Credit Facility; Undrawn as at 24 April 2020; €0.2bn drawn as at 27 March 2020
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5.
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As at 24 April 2020; €0.5bn issued as at 27 March 2020
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6.
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As at 24 April 2020
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P a g e | 6
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REVENUE
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REVENUE % CHANGE
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FX-NEUTRAL REVENUE % CHANGE
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Great Britain
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€495m
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(6.5)%
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(7.5)%
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France (France & Monaco)
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€413m
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(6.5)%
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(6.5)%
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Germany
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€517m
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(2.0)%
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(2.0)%
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Iberia (Spain, Portugal & Andorra)
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€529m
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(1.5)%
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(1.5)%
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Northern Europe1
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€524m
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(4.0)%
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(2.5)%
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Total
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€2,478m
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(4.0)%
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(4.0)%
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Volumes impacted by strong comparables (pre-Brexit build in Q1 2019); the proactive delisting
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Revenue/UC1 supported by category mix (primarily the growth in Monster & the delisting of Kia Ora) but negatively impacted by the outperformance of the Home channel, particularly in March (e.g. cans +9.5% in March)
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Volumes impacted by some initial customer disruption in the Home channel & the impact of COVID-19 on the AFH channel in March. Coca-Cola Zero Sugar, Fuze Tea, Monster & Tropico all outperformed
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Revenue/UC1 negatively impacted by channel mix in March, partially offset by the outperformance of priority small packs2 (e.g. small cans +17.0% YTD driven by Coca-Cola light taste 250ml)
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Volumes impacted by some initial customer disruption in the Home channel & the impact of COVID-19 on the AFH channel in March, partially offset by the additional border trade business. Strong growth in Fuze Tea helped by the launch of a 1.25L discounter pack. Coca-Cola Zero Sugar, Coca-Cola Energy & Powerade also outperformed
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Revenue/UC1 growth supported by positive price, pack & channel mix (e.g. outperformance of AFH, launch of 1L glass bottle & additional border trade)
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Solid volume growth in January & February more than offset by a decline in March given the impact of COVID-19 on the AFH channel. Coca-ColaTM, Monster, Aquarius & Appletiser outperformed
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Revenue/UC1 negatively impacted by channel mix (e.g. the COVID-19 closure of HoReCa3 outlets) & pack mix (e.g. the outperformance of large PET)
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Outperformance of Belux (-1.0%) & Sweden4 (-1.5%)
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Volumes supported by growth in the Home channel but more than offset by a decline in March given the impact of COVID-19 on the AFH channel. Coca-Cola Zero Sugar, Monster, Fuze Tea & Tropico outperformed
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Revenue/UC1 growth negatively impacted by channel & pack mix (e.g. large PET +1.0%)
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1.
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Revenue per unit case
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2.
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PET & Glass < 1litre; Cans <33cl
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3.
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HoReCa = Hotels, Restaurants & Cafes
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4.
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Fx-neutral revenue change vs PY
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P a g e | 7
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VOLUME % CHANGE
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Sparkling
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(3.0)%
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Coca-ColaTM
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(2.5)%
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Flavours, Mixers & Energy
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(4.0)%
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Stills
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(9.0)%
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Hydration
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(12.0)%
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RTD Tea, RTD Coffee, Juices & Other1
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(4.5)%
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Total
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(4.0)%
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Transactions2 -2.0%, ahead of volume
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Classic -3.5%; Lights -1.0% with solid growth in Zero Sugar +5.5% offset by a decline in Diet Coke/Coca-Cola light taste
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Launched new lights flavours e.g. Diet Coke Sublime Lime & Coca-Cola light taste Goji Berry
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Fanta -6.0% driven by softness in France & Germany in particular
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Energy +12.0% with strong performance of Monster Mango Loco & Pacific Punch ranges. New Coca-Cola Energy variants now available in all markets
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Appletiser +2.0% driven by recent launch in Iberia
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Schweppes +0.5% in GB & Royal Bliss +9.0% driven by distribution gains in Spain pre COVID-19. Coca-Cola Signature Mixers also performed well
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Reflecting fewer low value promotions & the impact of COVID-19 on the AFH channel significantly impacting water sales
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Encouraging initial customer reaction to Aquarius Enhanced Water
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Isotonic drinks +1.0% led by growth of Aquarius in Iberia & Powerade in Germany
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Solid share gains in the RTD tea category driven by Fuze Tea +12.0%, including launch of 1.25L discounter pack in Germany
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Decline in juices due to the proactive delisting of our squash brand, Kia Ora in GB
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Tropico continued to grow strongly in France & Belux
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Costa Coffee RTD growing distribution in GB. Monster Espresso also performed well
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1.
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RTD refers to Ready To Drink
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2.
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Adjusted for selling day shift; Defined as the serving container that is ultimately used directly by the consumer. It can be a standalone container or one part of a multipack
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P a g e | 8
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P a g e | 9
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COCA-COLA EUROPEAN PARTNERS PLC
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(Registrant)
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Date: April 28, 2020
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By:
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/s/ Manik Jhangiani
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Name:
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Manik Jhangiani
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Title:
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Chief Financial Officer
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1 Year Coca Cola Europacific Pa... Chart |
1 Month Coca Cola Europacific Pa... Chart |
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