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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 |
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P a g e | 1
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H1 2021 Metric[1]
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As Reported |
Comparable [1]
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Change vs H1 2020
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Pro forma Comparable [3]
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Change vs H1 2020
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As Reported |
Comparable
[1]
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Comparable Fx-Neutral [1]
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Pro forma Comparable [3]
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Pro forma Comparable Fx-Neutral[3]
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Total CCEP |
Volume (M UC)[2]
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1,227 | 1,227 | 18.0 | % | 15.5 | % | 1,442 | 6.0 | % | ||||||||||||||||||||||
Revenue (€M) | 5,918 | 5,918 | 22.5 | % | 22.5 | % | 21.5 | % | 6,974 | 13.0 | % | 11.5 | % | |||||||||||||||||||
Cost of sales (€M) | 3,840 | 3,791 | 21.0 | % | 19.5 | % | 19.0 | % | 4,409 | 11.0 | % | 10.0 | % | |||||||||||||||||||
Operating expenses (€M) | 1,558 | 1,436 | 11.0 | % | 13.0 | % | 12.5 | % | 1,763 | 3.0 | % | 2.0 | % | |||||||||||||||||||
Operating profit (€M) | 520 | 691 | 94.0 | % | 73.5 | % | 71.0 | % | 802 | 61.0 | % | 58.0 | % | |||||||||||||||||||
Profit after taxes (€M) | 246 | 500 | 95.0 | % | 93.0 | % | 90.5 | % | ||||||||||||||||||||||||
Diluted EPS (€) | 0.53 | 1.09 | 89.5 | % | 91.0 | % | 87.5 | % | ||||||||||||||||||||||||
Revenue per UC (€) | 4.78 | 3.0 | % | 4.78 | 3.0 | % | ||||||||||||||||||||||||||
Cost of sales per UC (€) | 3.07 | 0.5 | % | 3.02 | 1.5 | % | ||||||||||||||||||||||||||
Free cash flow (€M) | 648 | |||||||||||||||||||||||||||||||
Europe |
Volume (M UC)[2]
|
1,121 | 1,121 | 8.0 | % | 5.5 | % | 1,121 | 5.5 | % | ||||||||||||||||||||||
Revenue (€M) | 5,385 | 5,385 | 11.5 | % | 11.5 | % | 10.5 | % | 5,385 | 11.5 | % | 10.5 | % | |||||||||||||||||||
Operating profit (€M) | 505 | 631 | 88.5 | % | 58.5 | % | 57.0 | % | 631 | 58.5 | % | 57.0 | % | |||||||||||||||||||
Revenue per UC (€) | 4.77 | 2.5 | % | 4.77 | 2.5 | % | ||||||||||||||||||||||||||
API |
Volume (M UC)[2]
|
106 | 106 | 321 | 8.0 | % | ||||||||||||||||||||||||||
Revenue (€M) | 533 | 533 | 1,589 | 19.0 | % | 15.5 | % | |||||||||||||||||||||||||
Operating profit (€M) | 15 | 60 | 171 | 71.0 | % | 63.0 | % | |||||||||||||||||||||||||
Revenue per UC (€) | 4.89 | 4.80 | 4.0 | % |
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P a g e | 2
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Q2 & H1 HIGHLIGHTS[1],[3]
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FY21 GUIDANCE
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P a g e | 3
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Second-quarter & First-half Revenue Performance by Geography[1]
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P a g e | 4
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Second-quarter & First-half Pro forma Volume Performance by Category[1],[3]
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Second-quarter | First-half | ||||||||||||||||||||||
% of Total | % Change | % of Total |
% Change[5]
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Sparkling | 84.5 | % | 18.5 | % | 84.5 | % | 6.0 | % | |||||||||||||||
Coca-ColaTM
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58.5 | % | 16.0 | % | 59.0 | % | 4.5 | % | |||||||||||||||
Flavours, Mixers & Energy | 26.0 | % | 24.5 | % | 25.5 | % | 10.0 | % | |||||||||||||||
Stills | 15.5 | % | 45.0 | % | 15.5 | % | 5.5 | % | |||||||||||||||
Hydration | 7.5 | % | 45.0 | % | 7.5 | % | (1.0) | % | |||||||||||||||
RTD Tea, RTD Coffee, Juices & Other[18]
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8.0 | % | 45.0 | % | 8.0 | % | 13.0 | % | |||||||||||||||
Total | 100.0 | % | 21.5 | % | 100.0 | % | 6.0 | % |
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P a g e | 5
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Conference Call (with presentation)
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Financial Calendar
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Contacts
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About CCEP |
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P a g e | 6
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Forward-Looking Statements
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P a g e | 7
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Note Regarding the Presentation of Pro forma financial information and Alternative Performance Measures
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P a g e | 8
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P a g e | 9
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Supplementary Financial Information - Income Statement - Reported to Comparable
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First Six Months 2021 | As Reported | Items impacting Comparability | Comparable | ||||||||||||||||||||||||||||||||
Unaudited, in millions of € except per share data which is calculated prior to rounding | CCEP |
Restructuring Charges [1]
|
Defined benefit plan closure[2]
|
Acquisition and Integration related costs [3]
|
Inventory step up costs [4]
|
Net Tax [5]
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CCEP | ||||||||||||||||||||||||||||
Revenue | 5,918 | — | — | — | — | — | 5,918 | ||||||||||||||||||||||||||||
Cost of sales | 3,840 | (4) | 3 | — | (48) | — | 3,791 | ||||||||||||||||||||||||||||
Gross profit | 2,078 | 4 | (3) | — | 48 | — | 2,127 | ||||||||||||||||||||||||||||
Operating expenses | 1,558 | (88) | 6 | (40) | — | — | 1,436 | ||||||||||||||||||||||||||||
Operating profit | 520 | 92 | (9) | 40 | 48 | — | 691 | ||||||||||||||||||||||||||||
Total finance costs, net | 64 | — | — | (3) | — | — | 61 | ||||||||||||||||||||||||||||
Non-operating items | 1 | — | — | — | — | — | 1 | ||||||||||||||||||||||||||||
Profit before taxes | 455 | 92 | (9) | 43 | 48 | — | 629 | ||||||||||||||||||||||||||||
Taxes | 209 | 28 | 4 | 1 | 5 | (118) | 129 | ||||||||||||||||||||||||||||
Profit after taxes | 246 | 64 | (13) | 42 | 43 | 118 | 500 | ||||||||||||||||||||||||||||
Attributable to: | |||||||||||||||||||||||||||||||||||
Shareholders | 244 | 64 | (13) | 42 | 42 | 118 | 497 | ||||||||||||||||||||||||||||
Non-controlling interest | 2 | — | — | — | 1 | — | 3 | ||||||||||||||||||||||||||||
Profit after taxes | 246 | 64 | (13) | 42 | 43 | 118 | 500 | ||||||||||||||||||||||||||||
Diluted earnings per share (€) | 0.53 | 0.14 | (0.03) | 0.10 | 0.09 | 0.26 | 1.09 | ||||||||||||||||||||||||||||
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P a g e | 10
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Supplementary Financial Information - Income Statement - Reported to Pro forma Comparable
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P a g e | 11
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First Six Months 2021 | Items impacting Comparability | ||||||||||||||||||||||
Unaudited, in millions of € except share data which is calculated prior to rounding
|
Restructuring Charges [1]
|
Defined benefit plan closure[2]
|
Acquisition and Integration related costs [3]
|
Inventory step up costs [4]
|
Net Tax [5]
|
Other [6]
|
Total items impacting Comparability | ||||||||||||||||
Revenue | — | — | — | — | — | — | — | ||||||||||||||||
Cost of sales | (4) | 3 | — | (48) | — | — | (49) | ||||||||||||||||
Gross profit | 4 | (3) | — | 48 | — | — | 49 | ||||||||||||||||
Operating expenses | (88) | 6 | (100) | — | — | (4) | (186) | ||||||||||||||||
Operating profit | 92 | (9) | 100 | 48 | — | 4 | 235 | ||||||||||||||||
Total finance costs, net | — | — | (3) | — | — | — | (3) | ||||||||||||||||
Non-operating items | — | — | — | — | — | — | — | ||||||||||||||||
Profit before taxes | 92 | (9) | 103 | 48 | — | 4 | 238 | ||||||||||||||||
Taxes | 28 | 4 | 19 | 5 | (118) | 1 | (61) | ||||||||||||||||
Profit after taxes | 64 | (13) | 84 | 43 | 118 | 3 | 299 | ||||||||||||||||
Attributable to: | |||||||||||||||||||||||
Shareholders | 64 | (13) | 84 | 42 | 118 | 3 | 298 | ||||||||||||||||
Non-controlling interest | — | — | — | 1 | — | — | 1 | ||||||||||||||||
Profit after taxes | 64 | (13) | 84 | 43 | 118 | 3 | 299 | ||||||||||||||||
Diluted earnings per share (€) | 0.14 | (0.03) | 0.19 | 0.09 | 0.26 | 0.01 | 0.66 |
First Six Months 2020 | Items impacting Comparability | |||||||||||||||||||||||||
Unaudited, in millions of € except share data which is calculated prior to rounding
|
Restructuring Charges [1]
|
Acquisition and Integration related costs [3]
|
Inventory step up costs [4]
|
Mark-to-market effects [7]
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Net Tax [5]
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Impairment [8]
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Other [6]
|
Total items impacting Comparability | ||||||||||||||||||
Revenue | — | — | — | — | — | — | — | — | ||||||||||||||||||
Cost of sales | — | — | (48) | — | — | — | — | (48) | ||||||||||||||||||
Gross profit | — | — | 48 | — | — | — | — | 48 | ||||||||||||||||||
Operating expenses | (124) | (100) | — | (6) | — | (116) | (4) | (350) | ||||||||||||||||||
Operating profit | 124 | 100 | 48 | 6 | — | 116 | 4 | 398 | ||||||||||||||||||
Total finance costs, net | — | (3) | — | — | — | — | — | (3) | ||||||||||||||||||
Non-operating items | — | — | — | — | — | — | (7) | (7) | ||||||||||||||||||
Profit before taxes | 124 | 103 | 48 | 6 | — | 116 | 11 | 408 | ||||||||||||||||||
Taxes | 33 | 19 | 5 | 1 | (37) | 29 | 2 | 52 | ||||||||||||||||||
Profit after taxes | 91 | 84 | 43 | 5 | 37 | 87 | 9 | 356 | ||||||||||||||||||
Attributable to: | ||||||||||||||||||||||||||
Shareholders | 91 | 84 | 42 | 5 | 37 | 62 | 9 | 330 | ||||||||||||||||||
Non-controlling interest | — | — | 1 | — | — | 25 | — | 26 | ||||||||||||||||||
Profit after taxes | 91 | 84 | 43 | 5 | 37 | 87 | 9 | 356 | ||||||||||||||||||
Diluted earnings per share (€) | 0.20 | 0.18 | 0.09 | 0.01 | 0.08 | 0.14 | 0.02 | 0.72 |
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P a g e | 12
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First Six Months 2020 |
Historical API [1]
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Reclassifications [2]
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Adjusted API |
Historical Adjusted API [3]
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Unaudited, in millions of € | AUD (A$) | AUD (A$) | AUD (A$) | EUR (€) | ||||||||||
Revenue | — | 2,231 | 2,231 | 1,335 | ||||||||||
Trading revenue | 2,186 | (2,186) | — | — | ||||||||||
Cost of sales | — | (1,327) | (1,327) | (794) | ||||||||||
Cost of goods sold | (1,329) | 1,329 | — | — | ||||||||||
Delivery | (107) | 107 | — | — | ||||||||||
Gross profit | 750 | 154 | 904 | 541 | ||||||||||
Other revenues | 19 | (19) | — | — | ||||||||||
Operating expenses | (789) | (122) | (911) | (546) | ||||||||||
Operating profit | (20) | 13 | (7) | (5) | ||||||||||
Finance income | 17 | — | 17 | 10 | ||||||||||
Finance costs | (50) | — | (50) | (29) | ||||||||||
Total finance costs, net | (33) | — | (33) | (19) | ||||||||||
Non-operating items | — | (13) | (13) | (7) | ||||||||||
Profit before taxes | (53) | — | (53) | (31) | ||||||||||
Taxes | — | 5 | 5 | 3 | ||||||||||
Income tax expense | 5 | (5) | — | — | ||||||||||
Profit after taxes | (48) | — | (48) | (28) | ||||||||||
Attributable to: | ||||||||||||||
Shareholders | (9) | — | (9) | (5) | ||||||||||
Non-controlling interest | (39) | — | (39) | (23) | ||||||||||
Profit after taxes | (48) | — | (48) | (28) |
Supplemental Financial Information - Operating Profit - Reported to Comparable
|
Revenue CCEP
In millions of €, except per case data which is calculated prior to rounding. FX impact calculated by recasting current year results at prior year rates.
|
Second-Quarter Ended | Six Months Ended | |||||||||||||||||||||
2 July 2021 | 26 June 2020 | % Change | 2 July 2021 | 26 June 2020 | % Change | ||||||||||||||||||
As reported | 3,625 | 2,359 | 53.5 | % | 5,918 | 4,837 | 22.5 | % | |||||||||||||||
Adjust: Impact of fx changes | (48) | n/a | n/a | (47) | n/a | n/a | |||||||||||||||||
Fx-neutral | 3,577 | 2,359 | 51.5 | % | 5,871 | 4,837 | 21.5 | % | |||||||||||||||
Revenue per unit case | 4.84 | 4.55 | 6.5 | % | 4.78 | 4.65 | 3.0 | % |
Revenue Europe
In millions of €, except per case data which is calculated prior to rounding. FX impact calculated by recasting current year results at prior year rates.
|
Second-Quarter Ended | Six Months Ended | |||||||||||||||||||||
2 July 2021 | 26 June 2020 | % Change | 2 July 2021 | 26 June 2020 | % Change | ||||||||||||||||||
As reported | 3,092 | 2,359 | 31.0 | % | 5,385 | 4,837 | 11.5 | % | |||||||||||||||
Adjust: Impact of fx changes | (34) | n/a | n/a | (33) | n/a | n/a | |||||||||||||||||
Fx-neutral | 3,058 | 2,359 | 29.5 | % | 5,352 | 4,837 | 10.5 | % | |||||||||||||||
Revenue per unit case | 4.84 | 4.55 | 6.5 | % | 4.77 | 4.65 | 2.5 | % |
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P a g e | 13
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Revenue API
In millions of €, except per case data which is calculated prior to rounding. FX impact calculated by recasting current year results at prior year rates.
|
Second-Quarter Ended | Six Months Ended | |||||||||||||||||||||
2 July 2021 | 26 June 2020 | 2 July 2021 | 26 June 2020 | ||||||||||||||||||||
As reported | 533 | — | 533 | — | |||||||||||||||||||
Adjust: Impact of fx changes | (14) | n/a | (14) | n/a | |||||||||||||||||||
Fx-neutral | 519 | — | 519 | — | |||||||||||||||||||
Revenue per unit case | 4.89 | — | 4.89 | — |
Revenue by Geography
In millions of €
|
Six Months Ended 2 July 2021 | |||||||||||||
As reported |
Reported
% change |
Fx-Neutral
% change |
||||||||||||
Great Britain | 1,192 | 16.0 | % | 15.0 | % | |||||||||
Germany | 1,091 | 7.5 | % | 7.5 | % | |||||||||
Iberia[1]
|
1,069 | 16.5 | % | 16.5 | % | |||||||||
France[2]
|
896 | 11.0 | % | 11.0 | % | |||||||||
Belgium/Luxembourg | 454 | 6.5 | % | 6.5 | % | |||||||||
Netherlands | 266 | 6.5 | % | 6.5 | % | |||||||||
Norway | 200 | 0.5 | % | (5.0) | % | |||||||||
Sweden | 179 | 10.5 | % | 5.0 | % | |||||||||
Iceland | 38 | 8.5 | % | 8.5 | % | |||||||||
Total Europe | 5,385 | 11.5 | % | 10.5 | % | |||||||||
Australia | 328 | n/a | n/a | |||||||||||
New Zealand and Pacific Islands
|
85 | n/a | n/a | |||||||||||
Indonesia and Papua New Guinea | 120 | n/a | n/a | |||||||||||
Total API | 533 | n/a | n/a | |||||||||||
Total CCEP | 5,918 | 22.5 | % | 21.5 | % |
Comparable Volume - Selling Day Shift CCEP
In millions of unit cases, prior period volume recast using current year selling days
|
Second-Quarter Ended | Six Months Ended | |||||||||||||||||||||
2 July 2021 | 26 June 2020 | % Change | 2 July 2021 | 26 June 2020 | % Change | ||||||||||||||||||
Volume | 738 | 519 | 42.0 | % | 1,227 | 1,040 | 18.0 | % | |||||||||||||||
Impact of selling day shift | n/a | — | n/a | n/a | 23 | n/a | |||||||||||||||||
Comparable volume - Selling Day Shift adjusted | 738 | 519 | 42.0 | % | 1,227 | 1,063 | 15.5 | % |
Comparable Volume - Selling Day Shift Europe
In millions of unit cases, prior period volume recast using current year selling days
|
Second-Quarter Ended | Six Months Ended | |||||||||||||||||||||
2 July 2021 | 26 June 2020 | % Change | 2 July 2021 | 26 June 2020 | % Change | ||||||||||||||||||
Volume | 632 | 519 | 22.0 | % | 1,121 | 1,040 | 8.0 | % | |||||||||||||||
Impact of selling day shift | n/a | — | n/a | n/a | 23 | n/a | |||||||||||||||||
Comparable volume - Selling Day Shift adjusted | 632 | 519 | 22.0 | % | 1,121 | 1,063 | 5.5 | % |
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P a g e | 14
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Comparable Volume - Selling Day Shift API
In millions of unit cases, prior period volume recast using current year selling days
|
Second-Quarter Ended | Six Months Ended | |||||||||||||||||||||
2 July 2021 | 26 June 2020 | % Change | 2 July 2021 | 26 June 2020 | % Change | ||||||||||||||||||
Volume | 106 | — | n/a | 106 | — | n/a | |||||||||||||||||
Impact of selling day shift | n/a | — | n/a | n/a | — | n/a | |||||||||||||||||
Comparable volume - Selling Day Shift adjusted | 106 | — | n/a | 106 | — | n/a |
Cost of Sales
In millions of €, except per case data which is calculated prior to rounding. FX impact calculated by recasting current year results at prior year rates.
|
Six Months Ended | ||||||||||||||||||||||
2 July 2021 | 26 June 2020 | % Change | |||||||||||||||||||||
As reported | 3,840 | 3,168 | 21.0 | % | |||||||||||||||||||
Adjust: Total items impacting comparability | (49) | — | n/a | ||||||||||||||||||||
Comparable | 3,791 | 3,168 | 19.5 | % | |||||||||||||||||||
Adjust: Impact of fx changes | (29) | n/a | n/a | ||||||||||||||||||||
Comparable & fx-neutral | 3,762 | 3,168 | 19.0 | % | |||||||||||||||||||
Cost of sales per unit case | 3.07 | 3.05 | 0.5 | % |
Operating Expenses
In millions of €. FX impact calculated by recasting current year results at prior year rates.
|
Six Months Ended | ||||||||||||||||||||||
2 July 2021 | 26 June 2020 | % Change | |||||||||||||||||||||
As reported | 1,558 | 1,401 | 11.0 | % | |||||||||||||||||||
Adjust: Total items impacting comparability | (122) | (130) | n/a | ||||||||||||||||||||
Comparable | 1,436 | 1,271 | 13.0 | % | |||||||||||||||||||
Adjust: Impact of fx changes | (8) | n/a | n/a | ||||||||||||||||||||
Comparable & fx-neutral | 1,428 | 1,271 | 12.5 | % |
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P a g e | 15
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Operating Profit CCEP
In millions of €. FX impact calculated by recasting current year results at prior year rates.
|
Six Months Ended | |||||||||||||
2 July 2021 | 26 June 2020 | % Change | ||||||||||||
As reported | 520 | 268 | 94.0 | % | ||||||||||
Adjust: Total items impacting comparability | 171 | 130 | n/a | |||||||||||
Comparable | 691 | 398 | 73.5 | % | ||||||||||
Adjust: Impact of fx changes | (10) | n/a | n/a | |||||||||||
Comparable & fx-neutral | 681 | 398 | 71.0 | % |
Operating Profit Europe
In millions of €. FX impact calculated by recasting current year results at prior year rates.
|
Six Months Ended | |||||||||||||
2 July 2021 | 26 June 2020 | % Change | ||||||||||||
As reported | 505 | 268 | 88.5 % | |||||||||||
Adjust: Total items impacting comparability | 126 | 130 | n/a | |||||||||||
Comparable | 631 | 398 | 58.5 | % | ||||||||||
Adjust: Impact of fx changes | (7) | n/a | n/a | |||||||||||
Comparable & fx-neutral | 624 | 398 | 57.0 | % |
Operating Profit API
In millions of €. FX impact calculated by recasting current year results at prior year rates.
|
Six Months Ended | |||||||||||||
2 July 2021 | 26 June 2020 | |||||||||||||
As reported | 15 | — | ||||||||||||
Adjust: Total items impacting comparability | 45 | — | ||||||||||||
Comparable | 60 | — | ||||||||||||
Adjust: Impact of fx changes | (3) | — | ||||||||||||
Comparable & fx-neutral | 57 | — |
Supplemental Financial Information - Operating Profit - Reported to Pro forma Comparable
|
Pro forma Revenue CCEP
In millions of €, except per case data which is calculated prior to rounding. FX impact calculated by recasting current year results at prior year rates.
|
Second-Quarter Ended | Six Months Ended | |||||||||||||||||||||
2 July 2021 | 26 June 2020 | % Change | 2 July 2021 | 26 June 2020 | % Change | ||||||||||||||||||
As reported and comparable | 3,625 | 2,359 | 53.5 | % | 5,918 | 4,837 | 22.5 | % | |||||||||||||||
Add: Pro forma adjustments | 259 | 597 | n/a | 1,056 | 1,335 | n/a | |||||||||||||||||
Pro forma Comparable | 3,884 | 2,956 | 31.5 | % | 6,974 | 6,172 | 13.0 | % | |||||||||||||||
Adjust: Impact of fx changes | (67) | n/a | n/a | (81) | n/a | n/a | |||||||||||||||||
Pro forma Comparable and fx-neutral | 3,817 | 2,956 | 29.0 | % | 6,893 | 6,172 | 11.5 | % | |||||||||||||||
Pro forma Revenue per unit case | 4.81 | 4.54 | 6.0 | % | 4.78 | 4.64 | 3.0 | % |
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P a g e | 16
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Pro forma Revenue API
In millions of €, except per case data which is calculated prior to rounding. FX impact calculated by recasting current year results at prior year rates.
|
Second-Quarter Ended | Six Months Ended | |||||||||||||||||||||
2 July 2021 | 26 June 2020 | % Change | 2 July 2021 | 26 June 2020 | % Change | ||||||||||||||||||
As reported and comparable | 533 | — | n/a | 533 | — | n/a | |||||||||||||||||
Add: Pro forma adjustments | 259 | 597 | n/a | 1,056 | 1,335 | n/a | |||||||||||||||||
Pro forma Comparable | 792 | 597 | 32.5 | % | 1,589 | 1,335 | 19.0 | % | |||||||||||||||
Adjust: Impact of fx changes | (33) | n/a | n/a | (48) | n/a | n/a | |||||||||||||||||
Pro forma Comparable and fx-neutral | 759 | 597 | 27.0 | % | 1,541 | 1,335 | 15.5 | % | |||||||||||||||
Pro forma Revenue per unit case | 4.69 | 4.50 | 4.5 | % | 4.80 | 4.61 | 4.0 | % |
Pro forma revenue by Geography
In millions of €
|
Second-Quarter Ended 2 July 2021 | Six Months Ended 2 July 2021 | |||||||||||||||||||||||||||
Pro forma comparable | Pro forma comparable % change |
Pro forma Fx-Neutral
% change |
Pro forma comparable | Pro forma comparable % change |
Pro forma Fx-Neutral
% change |
||||||||||||||||||||||||
Europe | 3,092 | 31.0 | % | 29.5 | % | 5,385 | 11.5 | % | 10.5 | % | |||||||||||||||||||
Australia | 481 | 37.5 | % | 27.5 | % | 997 | 24.0 | % | 16.5 | % | |||||||||||||||||||
New Zealand and Pacific Islands
|
124 | 32.0 | % | 24.5 | % | 263 | 21.0 | % | 17.0 | % | |||||||||||||||||||
Indonesia and Papua New Guinea | 187 | 22.0 | % | 28.0 | % | 329 | 4.5 | % | 12.0 | % | |||||||||||||||||||
Total API | 792 | 32.5 | % | 27.0 | % | 1,589 | 19.0 | % | 15.5 | % | |||||||||||||||||||
Total CCEP | 3,884 | 31.5 | % | 29.0 | % | 6,974 | 13.0 | % | 11.5 | % |
Comparable Volume - Selling Day Shift CCEP
In millions of unit cases, prior period volume recast using current year selling days
|
Second-Quarter Ended | Six Months Ended | |||||||||||||||||||||
2 July 2021 | 26 June 2020 | % Change | 2 July 2021 | 26 June 2020 | % Change | ||||||||||||||||||
Volume | 738 | 519 | 42.0 | % | 1,227 | 1,040 | 18.0 | % | |||||||||||||||
Impact of selling day shift | n/a | — | n/a | n/a | 23 | n/a | |||||||||||||||||
Comparable volume - Selling Day Shift adjusted | 738 | 519 | 42.0 | % | 1,227 | 1,063 | 15.5 | % | |||||||||||||||
Pro forma impact[1]
|
55 | 133 | n/a | 215 | 297 | n/a | |||||||||||||||||
Pro forma comparable volume
|
793 | 652 | 21.5 | % | 1,442 | 1,360 | 6.0 | % |
Comparable Volume - Selling Day Shift API
In millions of unit cases, prior period volume recast using current year selling days
|
Second-Quarter Ended | Six Months Ended | |||||||||||||||||||||
2 July 2021 | 26 June 2020 | % Change | 2 July 2021 | 26 June 2020 | % Change | ||||||||||||||||||
Volume | 106 | — | n/a | 106 | — | n/a | |||||||||||||||||
Impact of selling day shift | n/a | — | n/a | n/a | — | n/a | |||||||||||||||||
Comparable volume - Selling Day Shift adjusted | 106 | — | n/a | 106 | — | n/a | |||||||||||||||||
Pro forma impact[1]
|
55 | 133 | n/a | 215 | 297 | n/a | |||||||||||||||||
Pro forma comparable volume | 161 | 133 | 21.0 | % | 321 | 297 | 8.0 | % |
|
P a g e | 17
|
||||
Pro forma Comparable Volume by Brand Category CCEP
Adjusted for selling day shift
|
Second-Quarter Ended | Six Months Ended | |||||||||||||||||||||
2 July 2021 | 26 June 2020 | % Change | 2 July 2021 | 26 June 2020 | % Change | ||||||||||||||||||
% of Total | % of Total | % of Total | % of Total | ||||||||||||||||||||
Sparkling | 84.5 | % | 87.0 | % | 18.5 | % | 84.5 | % | 84.5 | % | 6.0 | % | |||||||||||
Coca-ColaTM
|
58.5 | % | 61.5 | % | 16.0 | % | 59.0 | % | 60.0 | % | 4.5 | % | |||||||||||
Flavours, Mixers & Energy | 26.0 | % | 25.5 | % | 24.5 | % | 25.5 | % | 24.5 | % | 10.0 | % | |||||||||||
Stills | 15.5 | % | 13.0 | % | 45.0 | % | 15.5 | % | 15.5 | % | 5.5 | % | |||||||||||
Hydration | 7.5 | % | 6.5 | % | 45.0 | % | 7.5 | % | 8.0 | % | (1.0) | % | |||||||||||
RTD Tea, RTD Coffee, Juices & Other[1]
|
8.0 | % | 6.5 | % | 45.0 | % | 8.0 | % | 7.5 | % | 13.0 | % | |||||||||||
Total | 100.0 | % | 100.0 | % | 21.5 | % | 100.0 | % | 100.0 | % | 6.0 | % |
Pro forma Cost of Sales
In millions of €, except per case data which is calculated prior to rounding. FX impact calculated by recasting current year results at prior year rates.
|
Six Months Ended | ||||||||||||||||||||||
2 July 2021 | 26 June 2020 | % Change | |||||||||||||||||||||
As reported | 3,840 | 3,168 | 21.0 | % | |||||||||||||||||||
Add: Pro forma adjustments | 616 | 794 | n/a | ||||||||||||||||||||
Adjust: Acquisition accounting | 2 | 52 | |||||||||||||||||||||
Adjust: Total items impacting comparability | (49) | (48) | |||||||||||||||||||||
Pro forma Comparable | 4,409 | 3,966 | 11.0 | % | |||||||||||||||||||
Adjust: Impact of fx changes | (47) | n/a | n/a | ||||||||||||||||||||
Pro forma Comparable & fx-neutral | 4,362 | 3,966 | 10.0 | % | |||||||||||||||||||
Cost of sales per unit case | 3.02 | 2.98 | 1.5 | % | |||||||||||||||||||
Pro forma Operating Expenses
In millions of €. FX impact calculated by recasting current year results at prior year rates.
|
Six Months Ended | ||||||||||||||||||||||
2 July 2021 | 26 June 2020 | % Change | |||||||||||||||||||||
As reported | 1,558 | 1,401 | 11.0 | % | |||||||||||||||||||
Add: Pro forma adjustments | 323 | 546 | n/a | ||||||||||||||||||||
Adjust: Acquisition accounting | 68 | 111 | |||||||||||||||||||||
Adjust: Total items impacting comparability | (186) | (350) | |||||||||||||||||||||
Pro forma Comparable | 1,763 | 1,708 | 3.0 | % | |||||||||||||||||||
Adjust: Impact of fx changes | (19) | n/a | n/a | ||||||||||||||||||||
Pro forma Comparable & fx-neutral | 1,744 | 1,708 | 2.0 | % |
|
P a g e | 18
|
||||
Pro forma Operating Profit CCEP
In millions of €. FX impact calculated by recasting current year results at prior year rates.
|
Six Months Ended | |||||||||||||
2 July 2021 | 26 June 2020 | % Change | ||||||||||||
As reported | 520 | 268 | 94.0 | % | ||||||||||
Add: Pro forma adjustments | 117 | (5) | n/a | |||||||||||
Adjust: Acquisition accounting | (70) | (163) | ||||||||||||
Adjust: Total items impacting comparability | 235 | 398 | ||||||||||||
Pro forma Comparable | 802 | 498 | 61.0 | % | ||||||||||
Adjust: Impact of fx changes | (15) | n/a | n/a | |||||||||||
Pro forma Comparable & fx-neutral | 787 | 498 | 58.0 | % | ||||||||||
Pro forma Operating Profit API
In millions of €. FX impact calculated by recasting current year results at prior year rates.
|
Six Months Ended | |||||||||||||
2 July 2021 | 26 June 2020 | % Change | ||||||||||||
As reported | 15 | — | n/a | |||||||||||
Add: Pro forma adjustments | 117 | (5) | n/a | |||||||||||
Adjust: Acquisition accounting | (70) | (163) | ||||||||||||
Adjust: Total items impacting comparability | 109 | 268 | ||||||||||||
Pro forma Comparable | 171 | 100 | 71.0 | % | ||||||||||
Adjust: Impact of fx changes | (8) | n/a | n/a | |||||||||||
Pro forma Comparable & fx-neutral | 163 | 100 | 63.0 | % | ||||||||||
Supplemental Financial Information - Effective Tax Rate
|
Supplemental Financial Information - Free Cash Flow
|
Free Cash Flow
In millions of €
|
Six Months Ended | |||||||||||||
2 July 2021 | 26 June 2020 | |||||||||||||
Net cash flows from operating activities | 908 | 353 | ||||||||||||
Less: Purchases of property, plant and equipment | (115) | (241) | ||||||||||||
Less: Purchases of capitalised software | (42) | (33) | ||||||||||||
Less: Interest paid, net | (58) | (59) | ||||||||||||
Add: Proceeds from sales of property, plant and equipment | 20 | 35 | ||||||||||||
Less: Payments of principal on lease obligations | (65) | (60) | ||||||||||||
Free Cash Flow | 648 | (5) |
|
P a g e | 19
|
||||
Supplemental Financial Information - Borrowings
|
Net Debt
In millions of €
|
As at |
Credit Ratings
As of 1 September 2021
|
|||||||||||||||||||||||||||
2 July 2021 | 31 December 2020 | Moody’s | Fitch Ratings | ||||||||||||||||||||||||||
Total borrowings | 13,558 | 7,187 | Long-term rating | Baa1 | BBB+ | ||||||||||||||||||||||||
Fair value asset/liability of hedges related to borrowings [1]
|
20 | 36 | Outlook | Stable | Stable | ||||||||||||||||||||||||
Other financial liabilities[1]
|
39 | — | 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. | ||||||||||||||||||||||||||
Adjusted total borrowings | 13,617 | 7,223 | |||||||||||||||||||||||||||
Less: cash and cash equivalents[2]
|
(1,824) | (1,523) | |||||||||||||||||||||||||||
Net debt | 11,793 | 5,700 |
Supplemental Financial Information - Adjusted EBITDA
|
Adjusted EBITDA
In millions of €
|
Six Months Ended | |||||||||||||
2 July 2021 | 26 June 2020 | |||||||||||||
Reported profit after tax | 246 | 126 | ||||||||||||
Taxes | 209 | 85 | ||||||||||||
Finance costs, net | 64 | 55 | ||||||||||||
Non-operating items | 1 | 2 | ||||||||||||
Reported operating profit | 520 | 268 | ||||||||||||
Depreciation and amortisation[1]
|
342 | 332 | ||||||||||||
Reported EBITDA | 862 | 600 | ||||||||||||
Items impacting comparability | ||||||||||||||
Mark-to-market effects[2]
|
— | 6 | ||||||||||||
Restructuring charges[3]
|
71 | 95 | ||||||||||||
Defined benefit plan closure[4]
|
(9) | — | ||||||||||||
Acquisition and Integration related costs[5]
|
40 | — | ||||||||||||
Inventory step up costs[6]
|
48 | — | ||||||||||||
Adjusted EBITDA | 1,012 | 701 |
|
P a g e | 20
|
||||
Pro forma Adjusted EBITDA
In millions of €
|
Six Months Ended | |||||||||||||
2 July 2021 | 26 June 2020 | |||||||||||||
Reported profit after tax | 246 | 126 | ||||||||||||
Taxes | 209 | 85 | ||||||||||||
Finance costs, net | 64 | 55 | ||||||||||||
Non-operating items | 1 | 2 | ||||||||||||
Reported operating profit | 520 | 268 | ||||||||||||
Pro forma adjustments API[1]
|
117 | — | ||||||||||||
Historical adjusted API[2]
|
— | (5) | ||||||||||||
Transaction accounting adjustments[3]
|
(70) | (163) | ||||||||||||
Pro forma Combined operating profit | 567 | 100 | ||||||||||||
Depreciation and amortisation[4]
|
418 | 454 | ||||||||||||
Pro forma EBITDA | 985 | 554 | ||||||||||||
Items impacting comparability | ||||||||||||||
Mark-to-market effects[5]
|
— | 6 | ||||||||||||
Restructuring charges[6]
|
71 | 95 | ||||||||||||
Defined benefit plan closure [7]
|
(9) | — | ||||||||||||
Acquisition and Integration related costs[8]
|
100 | 100 | ||||||||||||
Inventory step up costs[9]
|
48 | 48 | ||||||||||||
Impairment[10]
|
— | 116 | ||||||||||||
Other[11]
|
4 | 4 | ||||||||||||
Pro forma adjusted EBITDA | 1,199 | 923 |
|
P a g e | 21
|
||||
Principal Risks and Risk Factors
|
|
P a g e | 22
|
||||
|
P a g e | 23
|
||||
|
P a g e | 24
|
||||
Principal Risk | Definition and impact | Key Mitigation |
Change vs 2020 Integrated Report
|
||||||||
Business continuity and resilience
|
Our business is vulnerable to a range of risks that may materialise and cause disruption. These include threats and risks such as physical attacks (e.g. terrorism) and cyber attacks, IT system outages and supplier failure as well as natural hazards such as fire, flood, severe weather and pandemics. Working with teams across the business, we develop business continuity plans and resilience arrangements to ensure the delivery of our products and services no matter what the cause of disruption. This is to protect our people, our environment, our reputation and our overall financial condition. In some cases, such as the current COVID-19 pandemic, health, economic and legal effects could have a direct or indirect impact on our ability to operate
|
• Continually updating our response to the situation and our people’s needs
• Customers: working closely with suppliers, partners and The Coca-Cola Company (TCCC) to ensure we best serve our customers and respond to their needs • Communities: working closely with TCCC to support our communities • Governance: strong frameworks, business continuity plans, incident management teams, strategic business continuity scenario testing, risk reassessments used in business planning, increased frequency of reviews with country leadership teams, Board and TCCC incorporating learnings from the Coca-Cola system • Effective management of liquidity, costs and discretionary spend • Operational, technology and strategic resilience towers developed as part of our newly created business continuity and resilience strategy to enable further resilience and risk mitigation for CCEP • Training and awareness to build Business Continuity and Resilience (BCR) capabilities throughout CCEP to improve buy in and skills when it comes to preparing for and responding to incidents • Business impact analysis (BIA) to analyse and identify critical people (roles), property, technology, equipment and suppliers (value chain) across CCEP and their associated maximum acceptable outages, recovery time objectives and recovery point objectives • Scenario planning exercise with stakeholders across facilities and functions to determine scenarios that could lead to the unavailability of critical dependencies identified in the BIA and the associated impacts if the scenarios were to occur • Business Continuity Plan(BCP) development with colleagues across the business to mitigate risks identified during the BIA, scenario planning and risk assessment and having them available to use in following waves • Risk assessments to identify the likelihood and impact of identified scenarios occurring, enabling BCPs to be developed in a targeted, meaningful way • Testing and exercising to validate BCPs are effective, giving teams capabilities to respond to incidents that may occur, through table top and live simulated exercises with stakeholders across CCEP, within sites and functions |
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|
|
P a g e | 25
|
||||
|
P a g e | 26
|
||||
|
P a g e | 27
|
||||
Principal Risk | Definition and impact | Key Mitigation |
Change vs 2020 Integrated Report
|
||||||||
Packaging |
Due to concerns, and those of our stakeholders about the environmental impacts of litter and GHG emissions, our packaging (especially single use plastic packaging) is under increasing scrutiny from regulators, consumers, customers, and Non-Governmental Organisations (NGOs). As a result, we may have to change our packaging strategy and mix over both the short and long term. This could result in a reduction in the use of single use plastic packaging and the introduction of new pack formats such as dispensed and refillable packaging, and we may be liable for increased costs related to the design, collection, recycling and littering of our packaging. We may be unable to respond in a cost effective manner and our reputation may be adversely impacted.
|
• Continued sustainability action plan focused on packaging, including our commitments to:
- Ensure that 100% of our primary packaging is recyclable or refillable - Drive higher collection rates, aiming to ensure that 100% of our packaging is collected for reuse or recycling - Ensure that by 2023 at least half of the material we use for our PET bottles comes from recycled plastic, achieving 100% by 2030 • Work with TCCC to explore alternative sources of rPET and innovative new packaging materials • Work with TCCC to encourage consumers to recycle their packaging using existing collection infrastructure • Cross functional Sustainable Packaging Office (SPO) with a dedicated focus on packaging collection and to ensure all sustainable packaging strategies are implemented on time • Support for well-designed Deposit Return Scheme (DRS) across our markets as a route to 100% collection and increased availability of rPET • Work to expand delivery mechanisms that do not rely on single use packaging, for example refillable packaging and dispensed delivery • Investment in enhanced recycling technology • We continue to develop the business models for packaging-less solutions (such as Freestyle) to provide an alternative offering for customers who do not want to use packaging • We also continue to develop the business models for refillable packaging to provide an alternative offering for customers who want fully circular alternatives to single use packaging • Increase use of recycled content in films • Moving from hard to recycle plastic shrink to sustainable board for multi packs |
→
|
||||||||
People and wellbeing
|
The direct and indirect effects of the nature our business operations and COVID-19 may impact our people, their health and wellbeing and working conditions. Our response may affect the perception of CCEP as an employer and our ability to attract, retain and motivate existing and future employees, which exposes us to the risk of not having the right talent, required technical skillset, or expected levels of productivity. As a result, we could fail to achieve our strategic objectives and could experience a decline in employee engagement, industrial action, suffer from reputational damage or litigation. CCEP is committed to ensuring that everyone working throughout our operations and within our supply chain is treated with dignity and respect.
|
• CCEP Code of Conduct (CoC)
• Regular communication
• Employee Assistance Programme (EAP)
• Flexible working
• Working from home
• Safety measures
• Appropriate incentivisation
• Talent reviews
• Tools for employees to take ownership of careers
• People related training and reskilling, risk assessments, action plans and compliance
• Manager training to help identify stress
• Wellbeing material available to managers and employees via CCEP platforms to support our employees
• Human rights policy
|
→
|
|
P a g e | 28
|
||||
Principal Risk | Definition and impact | Key Mitigation |
Change vs 2020 Integrated Report
|
||||||||
Perceived health impact of our beverages and ingredients, and changing consumer buying trends |
We make and distribute products containing sugar and alternative sweeteners. Healthy lifestyle campaigns, increased media scrutiny and social media have led to an increasingly negative perception of these ingredients among consumers. This exposes us to the risk that we will be unable to evolve our product and packaging choices quickly enough to satisfy changes in consumer preferences. We will also face new pressure from the EU Commission with the Farm to Fork Strategy, at the heart of the European Green Deal, aiming to make food systems fair, healthy and environmentally friendly. As a result, we could experience sustained decline in sales volume, which could impact our financial results and business performance.
|
• Reducing the sugar content of our soft drinks, through:
- Product and pack innovation and reformulation
- Managing our product mix to increase low and no calorie products
• Making it easier for consumers to cut down on sugar by providing straightforward product information and smaller pack sizes
• EU wide soft drink industry calorie reduction commitment with the Union of European Soft Drinks Associations (UNESDA)
• Adopting calorie and sugar reduction commitments at country level
• Dialogue with government representatives, NGOs, local communities and customers
• Employee communication and education
• Responsible sales and marketing codes
• Proactive introduction of colour coded front of pack guideline daily amount labelling as a fact based and non-discriminatory way of informing consumers in an understandable way
• Provide a serious alternative to other labelling schemes, including the French NutriScore scheme, encouraging the European Commission to evaluate and develop EU harmonised guidance, to address potential unfair targeting of the sparkling soft drinks industry
• Work with International Sweeteners Association to promote and protect the reputation of alternative sweeteners and, through UNESDA, working with the European food safety authority on their opinions that will inform EU and national government action
|
→
|
||||||||
Product quality |
We produce a wide range of products, all of which must adhere to strict food safety requirements. This exposes us to the risk of failing to meet, or being perceived as failing to meet, the necessary standards, which could lead to compromised product quality. As a result, our brand reputation could be damaged and our products could become less popular with consumers.
|
• TCCC standards and audits
• Hygiene regimes at production facilities
• Total quality management programme
• Robust management systems
• ISO certification
• Internal governance audits
• Quality monitoring programme
• Customer and consumer monitoring and feedback
• Incident management and crisis resolution
• Every CCEP production facility has:
- a hazard analysis critical control points assessment and mitigation plan in place
- a quality monitoring plan based on risk and requirements
- a food fraud vulnerability assessment and mitigation plan based on risk and requirements
- a food defence threat assessment and mitigation plan based on risk and requirement
|
→
|
||||||||
Relationships with TCCC and other franchisors |
We conduct our business primarily under agreements with TCCC and other franchisors. This exposes us to the risk of misaligned incentives or strategy, particularly during periods of low category growth or crisis such as COVID-19. As a result, TCCC or other franchisors could act adversely to our interests with respect to our business relationship.
|
• Clear agreements govern the relationships
• Incidence pricing agreement with TCCC
• Aligned long-range planning and annual business planning processes
• Ongoing pan-European and local routines between CCEP and franchise partners
• Increased frequency of meetings and maintenance of positive relationships at all levels
• Regular contact and best practice sharing across the Coca-Cola System
• Improve visibility and ways of working with TCCC
|
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|
|
P a g e | 29
|
||||
Related Parties
|
Going Concern
|
|
P a g e | 30
|
||||
Responsibility Statement
|
Damian Gammell
|
Manik Jhangiani
|
||||
Chief Executive Officer
|
Chief Financial Officer
|
|
P a g e | 31
|
||||
|
P a g e | 32
|
||||
Six Months Ended | |||||||||||||||||||||||||||||
2 July 2021 | 26 June 2020 | ||||||||||||||||||||||||||||
Note | € million | € million | |||||||||||||||||||||||||||
Revenue | 5,918 | 4,837 | |||||||||||||||||||||||||||
Cost of sales | (3,840) | (3,168) | |||||||||||||||||||||||||||
Gross profit | 2,078 | 1,669 | |||||||||||||||||||||||||||
Selling and distribution expenses | (1,033) | (961) | |||||||||||||||||||||||||||
Administrative expenses | (525) | (440) | |||||||||||||||||||||||||||
Operating profit | 520 | 268 | |||||||||||||||||||||||||||
Finance income | 14 | 17 | |||||||||||||||||||||||||||
Finance costs | (78) | (72) | |||||||||||||||||||||||||||
Total finance costs, net | (64) | (55) | |||||||||||||||||||||||||||
Non-operating items | (1) | (2) | |||||||||||||||||||||||||||
Profit before taxes | 455 | 211 | |||||||||||||||||||||||||||
Taxes | (209) | (85) | |||||||||||||||||||||||||||
Profit after taxes | 246 | 126 | |||||||||||||||||||||||||||
Profit attributable to shareholders | 244 | 126 | |||||||||||||||||||||||||||
Profit attributable to non-controlling interests | 2 | — | |||||||||||||||||||||||||||
Profit after taxes | 246 | 126 | |||||||||||||||||||||||||||
Basic earnings per share (€) | 4 | 0.54 | 0.28 | ||||||||||||||||||||||||||
Diluted earnings per share (€) | 4 | 0.53 | 0.28 |
|
P a g e | 33
|
||||
Six Months Ended | ||||||||||||||||||||||||||||||||
2 July 2021 | 26 June 2020 | |||||||||||||||||||||||||||||||
€ million | € million | |||||||||||||||||||||||||||||||
Profit after taxes | 246 | 126 | ||||||||||||||||||||||||||||||
Components of other comprehensive income/(loss): | ||||||||||||||||||||||||||||||||
Items that may be subsequently reclassified to the income statement: | ||||||||||||||||||||||||||||||||
Foreign currency translations: | ||||||||||||||||||||||||||||||||
Pretax activity, net | 58 | (159) | ||||||||||||||||||||||||||||||
Tax effect | — | — | ||||||||||||||||||||||||||||||
Foreign currency translation, net of tax | 58 | (159) | ||||||||||||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||||||||||
Pretax activity, net | 223 | (54) | ||||||||||||||||||||||||||||||
Tax effect | (48) | 15 | ||||||||||||||||||||||||||||||
Cash flow hedges, net of tax | 175 | (39) | ||||||||||||||||||||||||||||||
Other reserves: | ||||||||||||||||||||||||||||||||
Pretax activity, net | 6 | — | ||||||||||||||||||||||||||||||
Tax effect | (1) | — | ||||||||||||||||||||||||||||||
Other reserves, net of tax | 5 | — | ||||||||||||||||||||||||||||||
238 | (198) | |||||||||||||||||||||||||||||||
Items that will not be subsequently reclassified to the income statement: | ||||||||||||||||||||||||||||||||
Pension plan adjustments: | ||||||||||||||||||||||||||||||||
Pretax activity, net | 149 | (162) | ||||||||||||||||||||||||||||||
Tax effect | (24) | 36 | ||||||||||||||||||||||||||||||
Pension plan adjustments, net of tax | 125 | (126) | ||||||||||||||||||||||||||||||
125 | (126) | |||||||||||||||||||||||||||||||
Other comprehensive income/(loss) for the period, net of tax | 363 | (324) | ||||||||||||||||||||||||||||||
Comprehensive income for the period | 609 | (198) | ||||||||||||||||||||||||||||||
Comprehensive income attributable to shareholders | 604 | (198) | ||||||||||||||||||||||||||||||
Comprehensive income attributable to non-controlling interests | 5 | — | ||||||||||||||||||||||||||||||
Comprehensive income for the period | 609 | (198) | ||||||||||||||||||||||||||||||
|
P a g e | 34
|
||||
2 July 2021 | 31 December 2020 | 26 June 2020 | |||||||||||||||||||||||||||
Note | € million | € million | € million | ||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Non-current: | |||||||||||||||||||||||||||||
Intangible assets | 5 | 12,706 | 8,414 | 8,395 | |||||||||||||||||||||||||
Goodwill | 5 | 4,579 | 2,517 | 2,514 | |||||||||||||||||||||||||
Property, plant and equipment | 6 | 5,315 | 3,860 | 4,030 | |||||||||||||||||||||||||
Non-current derivative assets | 139 | 6 | 4 | ||||||||||||||||||||||||||
Deferred tax assets | 22 | 27 | 10 | ||||||||||||||||||||||||||
Other non-current assets | 399 | 337 | 313 | ||||||||||||||||||||||||||
Total non-current assets | 23,160 | 15,161 | 15,266 | ||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||
Current derivative assets | 121 | 40 | 9 | ||||||||||||||||||||||||||
Current tax assets | 22 | 19 | 13 | ||||||||||||||||||||||||||
Inventories | 1,236 | 681 | 795 | ||||||||||||||||||||||||||
Amounts receivable from related parties | 10 | 109 | 150 | 95 | |||||||||||||||||||||||||
Trade accounts receivable | 2,457 | 1,439 | 1,776 | ||||||||||||||||||||||||||
Other current assets | 241 | 224 | 216 | ||||||||||||||||||||||||||
Cash and cash equivalents | 1,824 | 1,523 | 893 | ||||||||||||||||||||||||||
Total current assets | 6,010 | 4,076 | 3,797 | ||||||||||||||||||||||||||
Total assets | 29,170 | 19,237 | 19,063 | ||||||||||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||||
Non-current: | |||||||||||||||||||||||||||||
Borrowings, less current portion | 8 | 11,806 | 6,382 | 6,343 | |||||||||||||||||||||||||
Employee benefit liabilities | 156 | 283 | 350 | ||||||||||||||||||||||||||
Non-current provisions | 12 | 56 | 83 | 54 | |||||||||||||||||||||||||
Non-current derivative liabilities | 63 | 15 | 34 | ||||||||||||||||||||||||||
Deferred tax liabilities | 3,507 | 2,134 | 2,122 | ||||||||||||||||||||||||||
Non-current tax liabilities | 128 | 131 | 261 | ||||||||||||||||||||||||||
Other non-current liabilities | 38 | 44 | 45 | ||||||||||||||||||||||||||
Total non-current liabilities | 15,754 | 9,072 | 9,209 | ||||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||||||
Current portion of borrowings | 8 | 1,752 | 805 | 762 | |||||||||||||||||||||||||
Current portion of employee benefit liabilities | 12 | 13 | 15 | ||||||||||||||||||||||||||
Current provisions | 12 | 157 | 154 | 172 | |||||||||||||||||||||||||
Current derivative liabilities | 32 | 62 | 63 | ||||||||||||||||||||||||||
Current tax liabilities | 230 | 171 | 81 | ||||||||||||||||||||||||||
Amounts payable to related parties | 10 | 307 | 181 | 232 | |||||||||||||||||||||||||
Trade and other payables | 4,131 | 2,754 | 2,697 | ||||||||||||||||||||||||||
Total current liabilities | 6,621 | 4,140 | 4,022 | ||||||||||||||||||||||||||
Total liabilities | 22,375 | 13,212 | 13,231 | ||||||||||||||||||||||||||
EQUITY | |||||||||||||||||||||||||||||
Share capital | 5 | 5 | 5 | ||||||||||||||||||||||||||
Share premium | 210 | 192 | 184 | ||||||||||||||||||||||||||
Merger reserves | 287 | 287 | 287 | ||||||||||||||||||||||||||
Other reserves | (386) | (537) | (647) | ||||||||||||||||||||||||||
Retained earnings | 6,454 | 6,078 | 6,003 | ||||||||||||||||||||||||||
Equity attributable to shareholders | 6,570 | 6,025 | 5,832 | ||||||||||||||||||||||||||
Non-controlling interest | 9 | 225 | — | — | |||||||||||||||||||||||||
Total equity | 6,795 | 6,025 | 5,832 | ||||||||||||||||||||||||||
Total equity and liabilities | 29,170 | 19,237 | 19,063 |
|
P a g e | 35
|
||||
Six Months Ended | |||||||||||||||||||||||
2 July 2021 | 26 June 2020 | ||||||||||||||||||||||
Note | € million | € million | |||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||
Profit before taxes | 455 | 211 | |||||||||||||||||||||
Adjustments to reconcile profit before tax to net cash flows from operating activities: | |||||||||||||||||||||||
Depreciation | 6 | 300 | 303 | ||||||||||||||||||||
Amortisation of intangible assets | 5 | 42 | 29 | ||||||||||||||||||||
Share-based payment expense | 4 | — | |||||||||||||||||||||
Finance costs, net | 64 | 55 | |||||||||||||||||||||
Income taxes paid | (58) | (79) | |||||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||
(Increase) in trade and other receivables | (384) | (144) | |||||||||||||||||||||
(Increase) in inventories | (144) | (83) | |||||||||||||||||||||
Increase in trade and other payables | 503 | 41 | |||||||||||||||||||||
Increase/(decrease) in net payable receivable from related parties | 121 | (5) | |||||||||||||||||||||
(Decrease)/increase in provisions | (23) | 32 | |||||||||||||||||||||
Change in other operating assets and liabilities | 28 | (7) | |||||||||||||||||||||
Net cash flows from operating activities | 908 | 353 | |||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Acquisition of bottling operations, net of cash acquired | (5,145) | — | |||||||||||||||||||||
Purchases of property, plant and equipment | (115) | (241) | |||||||||||||||||||||
Purchases of capitalised software | (42) | (33) | |||||||||||||||||||||
Proceeds from sales of property, plant and equipment | 20 | 35 | |||||||||||||||||||||
Investments in equity instruments | — | (3) | |||||||||||||||||||||
Other investing activity, net | 16 | — | |||||||||||||||||||||
Net cash flows used in investing activities | (5,266) | (242) | |||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Proceeds from borrowings, net | 8 | 4,877 | 855 | ||||||||||||||||||||
Proceeds from short-term borrowings | 8 | 305 | 94 | ||||||||||||||||||||
Repayments on third party borrowings | 8 | (468) | (227) | ||||||||||||||||||||
Payments of principal on lease obligations | (65) | (60) | |||||||||||||||||||||
Interest paid, net | (58) | (59) | |||||||||||||||||||||
Purchase of own shares under share buyback programme | — | (129) | |||||||||||||||||||||
Exercise of employee share options | 18 | 6 | |||||||||||||||||||||
Other financing activities, net | 4 | (1) | |||||||||||||||||||||
Net cash flows from financing activities | 4,613 | 479 | |||||||||||||||||||||
Net change in cash and cash equivalents | 255 | 590 | |||||||||||||||||||||
Net effect of currency exchange rate changes on cash and cash equivalents | 46 | (13) | |||||||||||||||||||||
Cash and cash equivalents at beginning of period | 1,523 | 316 | |||||||||||||||||||||
Cash and cash equivalents at end of period | 1,824 | 893 |
|
P a g e | 36
|
||||
Share capital | Share premium | Merger reserves | Other reserves | Retained earnings | Total | Non-controlling interest | Total equity | |||||||||||||||||||||||||||||||||||||||||||
€ million | € million | € million | € million | € million | € million | € million | € million | |||||||||||||||||||||||||||||||||||||||||||
Balance as at 31 December 2019 | 5 | 178 | 287 | (449) | 6,135 | 6,156 | — | 6,156 | ||||||||||||||||||||||||||||||||||||||||||
Profit after taxes | — | — | — | — | 126 | 126 | — | 126 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive expense | — | — | — | (198) | (126) | (324) | — | (324) | ||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | — | — | — | (198) | — | (198) | — | (198) | ||||||||||||||||||||||||||||||||||||||||||
Issue of shares during the period | — | 6 | — | — | — | 6 | — | 6 | ||||||||||||||||||||||||||||||||||||||||||
Share-based payment tax effects | — | — | — | — | (3) | (3) | — | (3) | ||||||||||||||||||||||||||||||||||||||||||
Own shares purchased under share buyback programme | — | — | — | — | (129) | (129) | — | (129) | ||||||||||||||||||||||||||||||||||||||||||
Balance as at 26 June 2020 | 5 | 184 | 287 | (647) | 6,003 | 5,832 | — | 5,832 | ||||||||||||||||||||||||||||||||||||||||||
Balance as at 31 December 2020 | 5 | 192 | 287 | (537) | 6,078 | 6,025 | — | 6,025 | ||||||||||||||||||||||||||||||||||||||||||
Profit after taxes | — | — | — | — | 244 | 244 | 2 | 246 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | 235 | 125 | 360 | 3 | 363 | ||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | — | — | — | 235 | 369 | 604 | 5 | 609 | ||||||||||||||||||||||||||||||||||||||||||
Non-controlling interests recognised relating to business combination
|
— | — | — | — | — | — | 220 | 220 | ||||||||||||||||||||||||||||||||||||||||||
Cash flow hedge gains transferred to goodwill relating to business combination
|
— | — | — | (84) | — | (84) | — | (84) | ||||||||||||||||||||||||||||||||||||||||||
Issue of shares during the period | — | 18 | — | — | — | 18 | — | 18 | ||||||||||||||||||||||||||||||||||||||||||
Equity-settled share-based payment expense | — | — | — | — | 4 | 4 | — | 4 | ||||||||||||||||||||||||||||||||||||||||||
Share-based payment tax effects | — | — | — | — | 3 | 3 | — | 3 | ||||||||||||||||||||||||||||||||||||||||||
Balance as at 2 July 2021 | 5 | 210 | 287 | (386) | 6,454 | 6,570 | 225 | 6,795 |
|
P a g e | 37
|
||||
|
P a g e | 38
|
||||
Half year | Full year | |||||||||||||||||||||||||||||||||||||
2021 | 131 | 261 | ||||||||||||||||||||||||||||||||||||
2020 | 128 | 262 | ||||||||||||||||||||||||||||||||||||
Change | 3 | -1 |
Average for the period ended[1]
|
Closing as at | |||||||||||||||||||||||||||||||||||||||||||
2 July 2021 | 26 June 2020 | 2 July 2021 | 31 December 2020 | 26 June 2020 | ||||||||||||||||||||||||||||||||||||||||
UK Sterling | 1.15 | 1.15 | 1.16 | 1.11 | 1.10 | |||||||||||||||||||||||||||||||||||||||
US Dollar | 0.83 | 0.91 | 0.84 | 0.81 | 0.89 | |||||||||||||||||||||||||||||||||||||||
Norwegian Krone | 0.10 | 0.09 | 0.10 | 0.10 | 0.09 | |||||||||||||||||||||||||||||||||||||||
Swedish Krone | 0.10 | 0.09 | 0.10 | 0.10 | 0.10 | |||||||||||||||||||||||||||||||||||||||
Icelandic Krone | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | |||||||||||||||||||||||||||||||||||||||
Australian Dollar | 0.64 | n/a | 0.63 | n/a | n/a | |||||||||||||||||||||||||||||||||||||||
Indonesian Rupiah[2]
|
0.06 | n/a | 0.06 | n/a | n/a | |||||||||||||||||||||||||||||||||||||||
New Zealand Dollar | 0.59 | n/a | 0.59 | n/a | n/a | |||||||||||||||||||||||||||||||||||||||
Papua New Guinean Kina | 0.24 | n/a | 0.24 | n/a | n/a | |||||||||||||||||||||||||||||||||||||||
|
P a g e | 39
|
||||
€ million | ||||||||
Intangible assets | 4,302 | |||||||
Property, plant and equipment | 1,620 | |||||||
Non-current derivative assets | 70 | |||||||
Deferred tax assets | 5 | |||||||
Other non-current assets | 56 | |||||||
Current derivative assets | 24 | |||||||
Current tax assets | 19 | |||||||
Inventories | 457 | |||||||
Amounts receivable from related parties | 34 | |||||||
Trade accounts receivable | 603 | |||||||
Other current assets | 54 | |||||||
Cash and cash equivalents | 523 | |||||||
Borrowings, less current portion | (1,253) | |||||||
Employee benefit liabilities | (37) | |||||||
Non-current derivative liabilities | (72) | |||||||
Deferred tax liabilities | (1,228) | |||||||
Non-current tax liabilities | (6) | |||||||
Current portion of borrowings | (384) | |||||||
Current portion of employee benefit liabilities | (45) | |||||||
Current provisions | (9) | |||||||
Current derivative liabilities | (35) | |||||||
Current tax liabilities | (12) | |||||||
Amounts payable to related parties | (77) | |||||||
Trade and other payables | (804) | |||||||
Net identifiable assets acquired
|
3,805 | |||||||
Non-controlling interest | (220) | |||||||
Cash flow hedge gains transferred to goodwill relating to business combination
|
84 | |||||||
Goodwill | 2,083 | |||||||
Fair value of consideration | 5,752 |
|
P a g e | 40
|
||||
|
P a g e | 41
|
||||
Six Months Ended 2 July 2021
|
Six Months Ended 26 June 2020
|
||||||||||||||||||||||
Europe | API | Total | Europe | API | Total | ||||||||||||||||||
€ million | € million | € million | € million | € million | € million | ||||||||||||||||||
Revenue[1]
|
5,385 | 533 | 5,918 | 4,837 | — | 4,837 | |||||||||||||||||
Operating profit (comparable)[1]
|
631 | 60 | 691 | 398 | — | 398 | |||||||||||||||||
Including depreciation and amortisation (comparable) | (285) | (36) | (321) | (303) | — | (303) | |||||||||||||||||
Items impacting comparability[2]
|
(171) | (130) | |||||||||||||||||||||
Total reported operating profit | 520 | 268 | |||||||||||||||||||||
Total finance costs, net | (64) | (55) | |||||||||||||||||||||
Non-operating items | (1) | (2) | |||||||||||||||||||||
Profit before Tax | 455 | 211 |
Six Months Ended | |||||||||||||||||||||||
2 July 2021 | 26 June 2020 | ||||||||||||||||||||||
Revenue | € million | € million | |||||||||||||||||||||
Great Britain | 1,192 | 1,026 | |||||||||||||||||||||
Germany | 1,091 | 1,014 | |||||||||||||||||||||
Iberia[1]
|
1,069 | 917 | |||||||||||||||||||||
France[2]
|
896 | 808 | |||||||||||||||||||||
Belgium/Luxembourg | 454 | 426 | |||||||||||||||||||||
Netherlands | 266 | 250 | |||||||||||||||||||||
Norway | 200 | 199 | |||||||||||||||||||||
Sweden | 179 | 162 | |||||||||||||||||||||
Iceland | 38 | 35 | |||||||||||||||||||||
Australia | 328 | — | |||||||||||||||||||||
New Zealand and Pacific Islands
|
85 | — | |||||||||||||||||||||
Indonesia and Papua New Guinea | 120 | — | |||||||||||||||||||||
Total revenue | 5,918 | 4,837 |
|
P a g e | 42
|
||||
Six Months Ended | |||||||||||||||||||||||
2 July 2021 | 26 June 2020 | ||||||||||||||||||||||
Profit after taxes attributable to equity shareholders (€ million) | 244 | 126 | |||||||||||||||||||||
Basic weighted average number of Shares in issue[1] (million)
|
455 | 455 | |||||||||||||||||||||
Effect of dilutive potential Shares[2] (million)
|
2 | 2 | |||||||||||||||||||||
Diluted weighted average number of Shares in issue[1] (million)
|
457 | 457 | |||||||||||||||||||||
Basic earnings per share (€) | 0.54 | 0.28 | |||||||||||||||||||||
Diluted earnings per share (€) | 0.53 | 0.28 |
Intangible assets | Goodwill | |||||||||||||
€ million | € million | |||||||||||||
Net book value as at 31 December 2020 | 8,414 | 2,517 | ||||||||||||
Acquisition of API | 4,302 | 2,083 | ||||||||||||
Additions | 42 | — | ||||||||||||
Amortisation expense | (42) | — | ||||||||||||
Currency translation adjustments | (10) | (21) | ||||||||||||
Net book value as at 2 July 2021 | 12,706 | 4,579 |
Total | ||||||||
€ million | ||||||||
Net book value as at 31 December 2020 | 3,860 | |||||||
Acquisition of API | 1,620 | |||||||
Additions | 148 | |||||||
Disposals | (22) | |||||||
Depreciation expense | (300) | |||||||
Currency translation adjustments | 9 | |||||||
Net book value as at 2 July 2021[1]
|
5,315 |
|
P a g e | 43
|
||||
|
P a g e | 44
|
||||
2 July 2021 | 31 December 2020 | |||||||||||||
€ million | € million | |||||||||||||
Non-current: | ||||||||||||||
Euro denominated bonds | 8,643 | 6,113 | ||||||||||||
Foreign currency bonds (swapped into Euro)[1]
|
1,674 | — | ||||||||||||
Australian dollar denominated bonds[2]
|
530 | — | ||||||||||||
Foreign currency bonds (swapped into Australian Dollar)[1,2]
|
436 | — | ||||||||||||
Lease obligations | 523 | 269 | ||||||||||||
Total non-current borrowings | 11,806 | 6,382 | ||||||||||||
Current: | ||||||||||||||
Commercial paper | 305 | — | ||||||||||||
Euro denominated bonds | 1,051 | 350 | ||||||||||||
Foreign currency bonds (swapped into Euro)[1]
|
— | 359 | ||||||||||||
Australian dollar denominated bonds[2]
|
242 | — | ||||||||||||
Foreign currency bonds (swapped into Australian Dollar)[1,2]
|
23 | — | ||||||||||||
Bank overdrafts | 2 | — | ||||||||||||
Lease obligations | 129 | 96 | ||||||||||||
Total current borrowings | 1,752 | 805 |
|
P a g e | 45
|
||||
Six Months Ended | ||||||||||||||
2 July 2021 | 26 June 2020 | |||||||||||||
€ million | € million | |||||||||||||
Amounts affecting revenue[1]
|
22 | 22 | ||||||||||||
Amounts affecting cost of sales[2]
|
(1,438) | (1,240) | ||||||||||||
Amounts affecting operating expenses[3]
|
4 | (2) | ||||||||||||
Total net amount affecting the Consolidated Income Statement | (1,412) | (1,220) |
2 July 2021 | 31 December 2020 | |||||||||||||||||||
€ million | € million | |||||||||||||||||||
Amount due from TCCC | 90 | 146 | ||||||||||||||||||
Amount payable to TCCC | 282 | 167 |
|
P a g e | 46
|
||||
Six Months Ended | ||||||||||||||
2 July 2021 | 26 June 2020 | |||||||||||||
€ million | € million | |||||||||||||
Amounts affecting cost of sales[1]
|
(21) | (21) | ||||||||||||
Amounts affecting operating expenses[2]
|
(5) | (4) | ||||||||||||
Total net amount affecting the Consolidated Income Statement | (26) | (25) |
2 July 2021 | 31 December 2020 | |||||||||||||||||||
€ million | € million | |||||||||||||||||||
Amount due from Cobega | 5 | 4 | ||||||||||||||||||
Amount payable to Cobega | 17 | 14 |
|
P a g e | 47
|
||||
2 July 2021 | 26 June 2020 | |||||||||||||||||||||||||||||||
€ million | € million | |||||||||||||||||||||||||||||||
Current income tax: | ||||||||||||||||||||||||||||||||
Current income tax charge | 125 | 74 | ||||||||||||||||||||||||||||||
Adjustment in respect of current income tax from prior periods | (13) | 5 | ||||||||||||||||||||||||||||||
Total current tax
|
112 | 79 | ||||||||||||||||||||||||||||||
Deferred tax:
|
||||||||||||||||||||||||||||||||
Relating to the origination and reversal of temporary differences
|
(25) | (24) | ||||||||||||||||||||||||||||||
Adjustment in respect of deferred income tax from prior periods
|
4 | (7) | ||||||||||||||||||||||||||||||
Relating to changes in tax rates or the imposition of new taxes | 118 | 37 | ||||||||||||||||||||||||||||||
Total deferred tax
|
97 | 6 | ||||||||||||||||||||||||||||||
Income tax charge per the Consolidated Income Statement
|
209 | 85 |
Restructuring Provision |
Other Provisions[1]
|
Total | ||||||||||||||||||||||||||||||
€ million | € million | € million | ||||||||||||||||||||||||||||||
Balance as at 31 December 2020 | 208 | 29 | 237 | |||||||||||||||||||||||||||||
Acquisition of API | 9 | — | 9 | |||||||||||||||||||||||||||||
Charged/(credited) to profit or loss: | ||||||||||||||||||||||||||||||||
Additional provisions recognised | 73 | 3 | 76 | |||||||||||||||||||||||||||||
Unused amounts reversed | (9) | — | (9) | |||||||||||||||||||||||||||||
Utilised during the period | (102) | — | (102) | |||||||||||||||||||||||||||||
Translation | 1 | 1 | 2 | |||||||||||||||||||||||||||||
Balance as at 2 July 2021 | 180 | 33 | 213 |
|
P a g e | 48
|
||||
COCA-COLA EUROPACIFIC PARTNERS PLC | ||||||||
(Registrant) | ||||||||
Date: 2 September 2021 | 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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