Coca-Cola European Partners plc Annual report on remuneration 2019 - correction (7150L)
May 01 2020 - 11:30AM
UK Regulatory
TIDMCCEP
RNS Number : 7150L
Coca-Cola European Partners plc
01 May 2020
LONDON, 1 May 2020
COCA-COLA EUROPEAN PARTNERS
Correction to Annual report on remuneration
This is a correction to the disclosure in the 2019 Annual Report
on Remuneration. It corrects the illustration of the 2019 Long-Term
Incentive Plan vesting schedule.
Further to the publication of the Integrated Report for the
financial year ended 31 December 2019 for Coca-Cola European
Partners plc (the "Company") on 16 March 2020, the Company seeks to
correct a typographical error in the illustration of the vesting
schedule for Long-Term Incentive Plan ("LTIP") awards granted in
2019 on page 100, within the Annual report on remuneration.
The vesting levels included in the table heading row were
incorrect. The full corrected table is presented below.
The vesting of awards is subject to the achievement of the
following performance targets:
Vesting level (% of Target)
(C)
---------------------------------------------------
Threshold Target Maximum
Measure Definition Weighting (25% vesting) (100% vesting) (200% vesting)
--------- -------------------- ---------- --------------- ---------------- ----------------
EPS(A) Compound annual 50% 5.7% p.a. 11.0% p.a. 15.5% p.a.
growth over the
three year period
2019-2021
--------- -------------------- ---------- --------------- ---------------- ----------------
ROIC achieved in
the final year of
the performance
ROIC(B) period (2021) 50% 10.9% 12.4% 13.9%
--------- -------------------- ---------- --------------- ---------------- ----------------
(A) Comparable and on a tax and currency neutral basis. Targets
include the impact of share buybacks to provide greater alignment
with external expectations. The targets have been set based on
current assumptions in respect of share buybacks over the
performance period. The final performance targets will be adjusted
to reflect the actual value of share buybacks made during the
performance period to neutralise any variances and will be fully
disclosed at the time of vesting.
(B) ROIC calculated as comparable operating profit after tax, on
a tax and currency neutral basis, divided by the average of opening
and closing invested capital for the year. Invested capital is
calculated as the addition of borrowings and equity less cash and
cash equivalents. For the purpose of these awards, invested capital
excludes the effect of the Group's adoption of IFRS 16 on 1 January
2019.
(C) Straight-line vesting between each vesting level
(shown).
Note that the equivalent table included on page 86 of the 2018
Integrated Report correctly disclosed the vesting schedule for the
2019 LTIP.
CONTACTS
Company Secretariat Investor Relations Media Relations
Clare Wardle Sarah Willett Shanna Wendt
T +44 20 7355 8406 +44 7970 145 218 T +44 7976 595 168
ABOUT CCEP
Coca-Cola European Partners plc is a leading consumer goods
company in Western Europe, making, selling and distributing an
extensive range of non-alcoholic ready-to-drink beverages and is
the world's largest Coca-Cola bottler based on revenue. Coca-Cola
European Partners serves a consumer population of over 300 million
across Western Europe, including Andorra, Belgium, continental
France, Germany, Great Britain, Iceland, Luxembourg, Monaco, the
Netherlands, Norway, Portugal, Spain and Sweden. The Company is
listed on Euronext Amsterdam, the New York Stock Exchange, London
Stock Exchange and on the Spanish Stock Exchanges, trading under
the symbol CCEP.
For more information about CCEP, please visit our website at
www.ccep.com and follow CCEP on Twitter at @CocaColaEP.
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END
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