LONDON, Feb. 16, 2022 /PRNewswire/ --
|
CHANGE VS FY
2020
|
|
PRO
FORMA[3] COMPARABLE
|
CHANGE VS FY
2020
|
|
FY 2021
METRIC[1]
|
AS
REPORTED
|
|
COMPARABLE[1]
|
AS
REPORTED
|
COMPARABLE[1]
|
COMPARABLE
FXN[1]
|
|
|
PRO FORMA PRO
FORMA COMPARABLE[3]
|
COMPARABLE
FXN[3]
|
TOTAL
CCEP
|
VOLUME (M
UC)[2]
|
2,804
|
|
2,804
|
23.00%
|
23.50%
|
-
|
|
3,019
|
4.50%
|
-
|
REVENUE
(€M)
|
13,763
|
|
13,763
|
30.00%
|
30.00%
|
28.00%
|
|
14,819
|
9.50%
|
7.50%
|
COST OF SALES
(€M)
|
8,677
|
|
8,606
|
26.50%
|
26.50%
|
24.50%
|
|
9,222
|
8.00%
|
6.00%
|
OPERATING EXPENSES
(€M)
|
3,570
|
|
3,385
|
22.00%
|
30.00%
|
28.50%
|
|
3,711
|
6.00%
|
4.50%
|
OPERATING PROFIT
(€M)
|
1,516
|
|
1,772
|
86.50%
|
48.50%
|
46.00%
|
|
1,886
|
26.00%
|
23.50%
|
PROFIT AFTER TAXES
(€M)
|
988
|
|
1,302
|
98.50%
|
58.50%
|
56.00%
|
|
-
|
-
|
-
|
DILUTED EPS
(€)
|
2.15
|
|
2.83
|
97.00%
|
57.00%
|
54.50%
|
|
-
|
-
|
-
|
REVENUE PER UC
(€)
|
-
|
|
4.83
|
-
|
-
|
4.00%
|
|
4.83
|
-
|
3.00%
|
COST OF SALES PER UC
(€)
|
-
|
|
3.02
|
-
|
-
|
1.00%
|
|
3
|
-
|
1.50%
|
DIVIDEND PER
SHARE[4](€)
|
|
1.4
|
|
Maintained dividend
payout ratio of c.50%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EUROPE
|
VOLUME (M
UC)[2]
|
2,379
|
|
2,379
|
4.50%
|
5.00%
|
-
|
|
2,379
|
5.00%
|
-
|
REVENUE
(€M)
|
11,584
|
|
11,584
|
9.00%
|
9.00%
|
8.00%
|
|
11,584
|
9.00%
|
8.00%
|
OPERATING PROFIT
(€M)
|
1,298
|
|
1,500
|
59.50%
|
25.50%
|
24.00%
|
|
1,500
|
25.50%
|
24.00%
|
REVENUE PER UC
(€)
|
-
|
|
4.81
|
-
|
-
|
3.50%
|
|
4.81
|
-
|
3.50%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
API
|
VOLUME (M
UC)[2]
|
425
|
|
425
|
|
|
|
|
640
|
4.00%
|
-
|
REVENUE
(€M)
|
2,179
|
|
2,179
|
|
|
|
|
3,235
|
10.50%
|
7.00%
|
OPERATING PROFIT
(€M)
|
218
|
|
272
|
|
|
|
|
386
|
28.00%
|
23.50%
|
REVENUE PER UC
(€)
|
-
|
|
4.95
|
|
|
|
|
4.88
|
-
|
3.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
DAMIAN GAMMELL, CHIEF
EXECUTIVE OFFICER, SAID:
"2021 was an extraordinary year for CCEP. We are a stronger more
diverse business, built on great people, great service and great
beverages – done sustainably. Solid top-line recovery, value share
gains, operating margin expansion and remarkable free cash flow
generation demonstrate our strong performance in a challenging
environment. Our results also reflect the successful acquisition
and integration of Coca-Cola Amatil, a fantastic business to have
acquired at the right time, as we look forward to an even brighter
future together.
"Together with The Coca-Cola Company and our other partners, our
focus on core brands, in-market execution and smart revenue growth
management initiatives solidified our FY21 position as the largest
FMCG value creator[5], delivering revenue per unit
case[2],[3] growth ahead of
FY19[6],[11]. We also continued to make
progress on our ambition to reach net zero emissions by 2040 and
invest in making our packaging more sustainable.
"We are well placed as we look to FY22 and beyond. Our aim is to
be smart and sustainable – through our people centric, data driven
and digitally enabled approach. Disciplined investment in these
areas, as well as in our portfolio, will support our long-term
growth ambitions. In the near-term, we expect to see further volume
and mix recovery whilst managing our key levers of pricing,
promotional spend and driving efficiencies across our business,
collectively with the aim of mitigating inflationary pressures.
"It is an outstanding time to be leading CCEP. We are making a
difference and believe we have the right foundation to drive
sustainable growth and, as evidenced by our FY21 dividend being
greater than FY19 and FY20, deliver increased shareholder
value."
Note: All footnotes included after the 'About CCEP'
section
FY & Q4
HIGHLIGHTS[1],[3]
Revenue
FY Reported +30.0%; FY Pro forma
+7.5%[6]
- Reported growth, in addition to the drivers below, reflects the
acquisition of Coca-Cola Amatil (completed 10 May 2021)
- NARTD value share gains across measured channels both in
store[7] (+40bps) including sparkling (+30bps)
& online[8] (+120bps)
- Delivered more revenue growth for our retail customers than any
of our FMCG peers[5]
- Pro forma:
-
- comparable volume +4.5%[9] (-5.5% vs FY19)
driven by the reopening of Away from Home (AFH) & increased
consumer mobility given the easing of restrictions across most of
our markets
- comparable volume by channel: AFH +10.0% (-16.0% vs FY19)
reflecting fewer restrictions & recovery of immediate
consumption (IC) packs (+20.5%[10] vs FY20;
-19.5%[10] vs FY19); Home +1.5% (+2.0% vs FY19)
supported by growth of IC & sustained growth in key future
consumption packs (e.g. multipack cans +3.5%[10] vs
FY20; +18.5%[10] vs FY19)
- revenue per unit case
+3.0%[2],[6] (+1.5%[11] vs
FY19) reflecting positive pack & channel mix driven by the
improvement in AFH volume & growth in IC packs, alongside
favourable price & brand mix
Q4 Reported +50.5%; Q4 Pro forma
+8.5%[6]
- Reported growth, in addition to the drivers below, reflects the
acquisition of Coca-Cola Amatil
- Pro forma:
-
- comparable volume +8.5%[9] (-1.5% vs FY19) driven by solid
execution in the Home channel & cycling of soft
comparables
- comparable volume by channel: AFH +23.0% (-9.5% vs FY19); Home
+1.5% (+4.0% vs FY19)
- revenue per unit case +5.5%[2],[6] (+1.5%[11] vs FY19)
primarily driven by favourable pack mix & promotional
optimisation
- Recent trading impacted by Omicron however restrictions not as
severe as PY (pro forma comparable volume Q1 2021 -8.5% vs
FY20)
Operating profit
Reported +86.5%; Pro forma comparable
+23.5%[6]
- Reported growth, in addition to the drivers below, reflects the
acquisition of Coca-Cola Amatil
- Pro forma cost of sales per unit case +1.5%[2],[6] reflecting
increased revenue per unit case driving higher concentrate costs,
commodity inflation & adverse mix, partially offset by the
favourable recovery of fixed manufacturing costs given higher
volumes
- Pro forma comparable operating profit of €1,886m, +23.5%[6]
reflecting the increased revenue, the benefit of on- going
efficiency programmes & our continuous efforts on discretionary
spend optimisation
- Comparable diluted EPS of €2.83, +54.5%[6] (reported
+97.0%)
Dividend
- FY21 dividend per share of €1.40 (paid December[4]), +64.5% vs
last year & +13.0% vs FY19, maintaining annualised dividend
payout ratio of approximately 50% (in line with our dividend
policy)
- CCEP announces that it will revert to two interim dividends
starting in FY22, the first declared with the Q1 trading update
(paid in June), the second declared at the Q3 trading update (paid
in December). The first interim dividend will be calculated as 40%
of the prior year FY dividend, with the second interim dividend
being paid with reference to the current year annualised total
dividend payout ratio of approximately 50%
Other
- Generated strong free cash flow of €1,460m (net cash flows from
operating activities of €2,117m), supporting our focus on returning
to our target leverage range (Net debt:Adjusted EBITDA of 2.5x-3x)
by FY24. Assuming the Coca-Cola Amatil acquisition occurred on
1 January 2021, FY21 pro forma free
cash flow is estimated to be €85m lower
- Pro forma ROIC 8.0% (reported ROIC 9.2%)
- API integration progressing very well; reorienting the
portfolio to maximise system value creation to enable greater focus
on NARTD, RTD alcohol & Spirits:
-
- sale of NARTD own brands to The Coca-Cola Company for
A$275m; annualised EBIT impact of
~A$25m
- progressing previously announced plans to exit production, sale
& distribution of Australia
beer & apple cider products; minimal EBIT impact
- these initiatives are expected to substantially complete by the
end of the first half
Sustainability
- Europe: closed 2021 at
~53%[12] recycled plastic (rPET) achieving 2023 target 2
years early
- API[13]: announced industry partnerships to build
new PET recycling facilities in Australia & Indonesia
- 2 manufacturing sites in Spain
& Sweden certified carbon
neutral. Aiming for at least 8 sites by end of 2023
- Retained on Carbon Disclosures Project's A Lists for climate
change & water security; in Dow Jones Sustainability
Indices (Europe & World) for 6
years in a row & MSCI ESG Leaders index
FY22 Guidance &
Outlook[1],[3]
The outlook for FY22 reflects current markets conditions.
Guidance is on a pro forma comparable & Fx-neutral basis.
Revenue: pro forma comparable growth of 6-8%
Volume
- Continued recovery as easing restrictions support AFH &
tourism
Price
- Successful execution of pricing strategies to date across many
of our markets, elevated given input cost pressures
Promotions
- Optimising our spend
- Continuing to leverage segmentation, analytics, customer &
consumer insights
Mix
- Continued recovery of AFH & IC packs
- Driving positive mix through smart revenue growth management
initiatives & scaling innovation
Cost of sales per unit case: pro forma comparable growth
of ~5% (previously 4-5%)
- Volume recovery supporting favourable overhead absorption
- We expect commodity inflation to be in the high single-digit
range
- FY22 hedge coverage at ~57%
Operating profit: pro forma comparable growth of 6-9%
- Remain on track to deliver our previously announced efficiency
savings & API combination benefits (multi-year programmes
amounting to €350 to €395m in total (vs FY19))
- Continued focus on optimising our discretionary spend
Comparable effective tax rate: c.22-23%
Dividend payout ratio: c.50%[14]
Link to full
results
https://www.cocacolaep.com/assets/IR-Documents/Results-and-Trading-Updates/2021/b8c4b7102c/CCEP-Preliminary-Results-for-FY21-web.pdf
Conference Call (with presentation)
- 16 February 2022 at 12:00 GMT, 13:00
CET & 7:00 a.m.EST;
accessible via www.cocacolaep.com
- Replay & transcript will be available at www.cocacolaep.com
as soon as possible
Financial Calendar
- First-quarter 2022 trading update: 27
April 2022
- Financial calendar available here:
https://ir.cocacolaep.com/financial-calendar/
Contacts
Investor Relations
Sarah Willett
+44 7970 145
218
Joe Collins
+44 7583 903
560
Claire Copps
+44 7980
775 889
Media Relations
Shanna Wendt
+44 7976 595
168
Nick Carter
+44 7976
595 275
About CCEP
Coca-Cola Europacific Partners is one of the world's leading
consumer goods companies. We make, move and sell some of the
world's most loved brands – serving 600 million consumers and
helping 1.75 million customers across 29 countries grow.
We combine the strength and scale of a large, multi-national
business with an expert, local knowledge of the customers we serve
and communities we support.
The Company is currently listed on Euronext Amsterdam, the
NASDAQ Global Select Market, London Stock Exchange and on the
Spanish Stock Exchanges, trading under the symbol CCEP.
For more information about CCEP, please visit www.cocacolaep.com
& follow CCEP on Twitter at @CocaColaEP
1. Refer to 'Note Regarding
the Presentation of Pro forma financial information and Alternative
Performance Measures' for further details and to
'Supplementary Financial Information' for a reconciliation of
reported to comparable and reported to pro forma comparable
results; Change percentages against prior year equivalent period
unless stated
otherwise
2. A unit
case equals approximately 5.678 litres or 24 8-ounce
servings
3. Pro forma
figures as if the acquisition of Coca-Cola Amatil Limited occurred
at the beginning of the period presented for illustrative purposes
only, it is not intended to estimate or predict future financial
performance or what actual results would have been. Acquisition
completed on 10 May 2021. Prepared on
a basis consistent with CCEP accounting policies and include
transaction accounting adjustments for the period 1 January to 10
May. Refer to 'Note Regarding the Presentation of Pro forma
financial information and Alternative Performance Measures' for
further details
4.
9 November 2021 declared €1.40
dividend per share, paid 6 December
2021
5.
NielsenIQ Strategic Planner FY21 Data to 02.Jan.22 Countries included are ES, DE, GB, FR,
BE, NL, SE, PT &
NO
6. Comparable &
FX-neutral
7. Combined
NARTD (non-alcoholic ready to drink) NielsenIQ Global Track MAT
data for ES, PT, DE, FR, BE, NL, NZ, NO, SE to 02.Jan.22; GB
to 01.Jan.22; IND to 31.Dec.21; NARTD IRI data for
AUS to 02.Jan.22
8.
Online Data is for available markets MAT GB to 01.Jan.22 (Retailer data+NielsenIQ), ES, FR, NL
& SE to 02.Jan.22 (NielsenIQ),
AUS to 02.Jan.22 (Retailer
Data)
9. Adjusted for 4
fewer selling days in Q4; 1 less selling day in FY21; CCEP pro
forma volume Q4 +3.0% vs FY20; CCEP pro forma volume FY21 +4.5%
vs FY20
10. Europe
only
11. Management's best
estimate
12. Unassured &
provisional
13. Includes Australia,
New Zealand & the Pacific
Islands, Indonesia &
Papua New
Guinea
14. Dividends subject
to Board approval
15. Includes
France & Monaco
16.
Includes Spain, Portugal &
Andorra
17.
Includes Belgium, Luxembourg,
the Netherlands, Norway, Sweden & Iceland
18.
Revenue per unit case
19. HoReCa =
Hotels, Restaurants & Cafes
20.
Northern Europe revenue per unit
case declined in FY21 as a result of changes to Norwegian Soft
Drink Taxes
21. RTD refers to Ready
to Drink; Other includes Alcohol & Coffee
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SOURCE Coca-Cola Europacific Partners