TIDMCCEP
RNS Number : 4401J
Coca-Cola Europacific Partners plc
27 April 2022
27 April 2022
COCA-COLA EUROPACIFIC PARTNERS
Trading Update for the First-Quarter ended 1 April 2022 &
Interim Dividend Declaration
Strong start to the year, reaffirming FY22 profit guidance
despite accelerating inflationary pressures
Q1 2022 Change vs 2021 Change vs 2021 (Pro forma)
====================================== =========================================== ================================================
Revenue Volume Revenue Comparable([2]) Revenue FXN([2]) Revenue Pro Pro Pro forma Pro forma
(UC)([1]) per Volume per revenue forma forma FXN revenue([3])
UC([1]) UC([1], comparable revenue revenue([3])
[5]) volume([3]) per
UC([1],
[3])
======= ========= ========= ======= =============== ======= ======== ======= =========== ======= ============ ============
Europe EUR2,805m 562m EUR4.94 16.5% 5.0% 21.0% 22.5% 16.5% 5.0% 21.0% 22.5%
------- ========= ========= ======= =============== ======= ======== ======= =========== ======= ============ ============
API EUR904m 178m EUR4.96 13.5% (0.5)% 11.0% 13.5%
======= ========= ========= ======= =============== ======= ======== ======= =========== ======= ============ ============
CCEP EUR3,709m 740m EUR4.95 53.5% 5.5% 59.5% 62.0% 16.0% 3.5% 18.5% 20.0%
------- ========= ========= ======= =============== ======= ======== ======= =========== ======= ============ ============
Damian Gammell, Chief Executive Officer, said:
"We have had a fantastic start to the year, delivering strong
top-line growth and value share gains([4]) . A huge thank you to
all our colleagues. Our thoughts are also with those affected by
the conflict and suffering in Ukraine. We join others across the
world in calling for a return to peace.
"Together with The Coca-Cola Company and our other brand
partners, our relentless focus on our core brands, solid in-market
execution and driving price and mix delivered both volume and
revenue ahead of 2019. Volume improved strongly as consumers
enjoyed the continued reopening of the away from home channel, with
resilient demand in the home channel and a record start to our
biggest ever activation in Indonesia during Ramadan.
"We remain well placed over 2022 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. And all done sustainably. We are pleased to again be
recognised amongst the Financial Times-Statista list of Europe's
Climate Leaders as we continue to make progress on our ambition to
reach net zero emissions by 2040.
"In the near-term, whilst we expect to see further volume and
mix recovery, we are mindful of a more uncertain outlook given
accelerating inflationary pressures. So, we continue to manage our
key levers of pricing, promotional spend and efficiencies across
our business. Focused on driving operating profit and cash, we are
reaffirming our comparable operating profit growth of 6 to 9%, and
guiding to delivering strong free cash flow of at least EUR1.5
billion in FY22. These commitments, combined with today's interim
dividend declaration demonstrate the strength and resilience of our
business, as well as our ability to deliver continued shareholder
value."
Note: All footnotes included after the 'About CCEP' section
Q1 HIGHLIGHTS([2],[3])
Revenue
Q1 Reported +62.0%; Q1 Pro forma +18.5%([5])
-- Reported growth, in addition to the drivers below, reflects
the acquisition of Coca-Cola Amatil (completed 10 May 2021)
-- NARTD YTD value share gains([4]) across measured channels
both in store (+10bps) & online (+20bps)
-- Pro forma comparable volume +16.0%([6]) (+3.5% vs 2019)
driven by the reopening of the away from home (AFH) channel in
Europe, solid trading in API, a great start to Ramadan in Indonesia
& soft comparables (Q1 2021 volume -8.5% vs 2020)
Strong AFH pro forma comparable volume: +40.0%([6]) (-1.5% vs
2019) reflecting the reopening of HoReCa([7]) across Europe (+56.0%
vs 2021) & recovery of immediate consumption (IC) packs (+52.0%
vs 2021)
Resilient Home pro forma comparable volume: +4.0%([6]) (+7.0% vs
2019) driven by solid in-market execution
-- Recent trading reflects the continued recovery of the AFH
channel across our markets & our biggest ever Ramadan
activation
-- Pro forma revenue per unit case +3.5%([1],[5]) (+4.5%([8]) vs
2019) reflecting positive pack & channel mix led by the
recovery of AFH, alongside favourable price across all markets
Dividend
-- Declaring first-half interim dividend per share of EUR0.56,
calculated as 40% of the FY21 dividend, with the second-half
interim dividend to be paid with reference to the current year
annualised total dividend payout ratio of approximately 50%
Other
-- API integration well advanced; previously announced plans to
enable greater focus on NARTD, RTD alcohol & Spirits remain on
track, including the sale of NARTD own brands to The Coca-Cola
Company. The exit of Australia beer & apple cider products will
conclude by the end of the first half, however CCEP will retain
ownership of the standalone Feral craft brewery
-- Innovation highlights: new What the Fanta Pink & Monster
flavour extensions (including Monster Ultra Watermelon &
Gold)
-- Sustainability highlights:
recognised, for the second time, in the Financial Times-Statista
list of Europe's Climate Leaders
third manufacturing site certified carbon neutral (Belgium)
switched to using bio-fuel across our entire third party
logistics fleet in the Netherlands
FY22 GUIDANCE([2],[3])
The outlook for FY22 reflects current market conditions.
Guidance is on a pro forma comparable & Fx-neutral basis.
Revenue: pro forma comparable growth of 8-10% (previously
6-8%)
-- Weighted towards volume growth over price/mix reflecting
continued recovery of the AFH channel
Cost of sales per unit case: pro forma comparable growth of 7%
(previously 5%)
-- Stronger volume recovery supporting favourable overhead absorption
-- Commodity inflation expected to be in the high-teen range (previously high single-digit)
-- FY22 hedge coverage at 71%
Operating profi t: pro forma comparable growth of 6-9%
(unchanged)
-- Remain on track to deliver our previously announced
efficiency savings & API combination benefits & continued
focus on optimising our discretionary spend
Comparable effective tax rate : c.22-23% (unchanged)
Dividend payout rati o : c.50%([9])
Free cash flow: at least EUR1.5bn (new)
First-Quarter Revenue Performance by Geography([2])
All values are unaudited and all references to volumes are on a
comparable basis
Q1
-----------------------------------------------
Fx-neutral
EUR million % change % change
============================ ================= ============= =============
Great Britain 658 32.0 % 26.5 %
---------------------------- ----------------- ------------- -------------
France([11]) 463 12.5 % 12.5 %
---------------------------- ----------------- ------------- -------------
Germany 560 20.0 % 20.0 %
============================ ================= ============= =============
Iberia([12]) 543 29.5 % 29.5 %
============================ ================= ============= =============
Northern Europe([13]) 581 17.0 % 16.5 %
============================ ================= ============= =============
Total Europe 2,805 22.5 % 21.0 %
API([10]) (Pro forma)([3]) 904 13.5 % 11.0 %
============================ ================= ============= =============
Total CCEP (Pro forma)([3]) 3,709 20.0 % 18.5 %
============================ ================= ============= =============
API
-- Volume growth reflects solid trading in Australia & New
Zealand, despite cycling tough comparables, fewer restrictions
& Ramadan buy-in in Indonesia. Strong performance in both the
AFH and Home channels, with volume growth ahead of 2019.
-- Coca-Cola No Sugar continued to outperform in Australia &
Monster volumes grew in all markets.
-- Revenue/UC([14]) broadly flat given the volume outperformance
of Indonesia. Each market delivered solid price/mix with strong
improvement in Australia driven by promotional optimisation.
France
-- Volume growth reflects recovery of the AFH channel, ahead of
2019, & soft comparables from cycling tough restrictions last
year. Solid performance in the Home channel.
-- Coca-Cola Zero Sugar, Fuze Tea & Monster outperformed, with volume ahead of 2019.
-- Revenue/UC([14]) growth driven by AFH channel rebound and
acceleration of small packs in the Home channel.
Germany
-- Volume growth reflects recovery of the AFH channel as
restrictions eased throughout the quarter & soft comparables.
Continued strong performance in the Home channel also supported
volume growth.
-- Coca-Cola Zero Sugar, Fuze Tea & Monster outperformed, with volume ahead of 2019.
-- Revenue/UC([14]) growth driven by positive brand & pack
mix from the recovery of the AFH channel e.g. small glass +64.0%,
alongside favourable underlying price.
Great Britain
-- Volume growth reflects strong recovery of the AFH channel,
ahead of 2019, & soft comparables from cycling tough
restrictions last year. Solid performance in the Home channel.
-- Coca-Cola(R), Fanta, Sprite & Monster volumes all ahead of 2019.
-- Revenue/UC([14]) growth driven by positive customer &
brand mix from the AFH channel rebound, promotional optimisation
& favourable underlying price.
Iberia
-- Volume growth reflects recovery of the AFH channel & soft
comparables from cycling tough restrictions on HoReCa([7]) last
year. The increased Spanish VAT rate continued to impact volume
within the Home channel.
-- Coca-Cola Zero Sugar & Monster volumes both ahead of 2019.
-- Revenue/UC([14]) growth driven by positive pack & channel
mix led by the on-going recovery of the AFH channel &
favourable underlying price.
Northern Europe
-- Volume growth reflects recovery of the AFH channel as
restrictions eased towards the end of the quarter & soft
comparables. Solid trading in March & increased mobility
supported overall volume growth ahead of 2019.
-- Coca-Cola Zero Sugar, Fanta & Monster all outperformed, with volume ahead of 2019.
-- Revenue/UC([14]) growth driven by positive brand & pack
mix from the recovery of the AFH channel e.g. small glass +376%,
alongside favourable underlying price.
First-Quarter Pro Forma Volume Performance by Category([2],[3],[6])
All values are unaudited and all references to volumes are on a
comparable basis
Q1
% of Total % Change
============================================ ============== =============
Sparkling 84.5 % 15.0 %
Coca-Cola(R) 58.0 % 12.5 %
============================================ ============== =============
Flavours, Mixers & Energy 26.5 % 21.0 %
============================================ ============== =============
Stills 15.5 % 20.0 %
Hydration 8.0 % 20.0 %
============================================ ============== =============
RTD Tea, RTD Coffee, Juices & Other([15]) 7.5 % 20.0 %
============================================ ============== =============
100.0
Total % 16.0 %
============================================ ============== =============
Coca-Cola(R)
-- Original Taste +13.5%; Lights +11.0% driven by the reopening
of the AFH channel & continued solid performance of the
reformulated & rebranded Coca-Cola Zero Sugar (+12.5%)
-- Coca-Cola Zero Sugar in growth vs 2019 (+22.0%)
-- GB outperformed with growth in Original Taste, Zero Sugar & Diet Coke vs 2019
Flavours, Mixers & Energy
-- Fanta +27.0% & Sprite +26.5% driven by the reopening of the AFH channel
-- Continuing trends in Energy, with strong growth: +19.0% vs
2021 & +72.5% vs 2019. Growth led by Monster, reflecting
exciting innovation & solid in-market execution
Hydration
-- Water +17.0% reflecting increased mobility & the reopening of the AFH channel
-- Water in decline vs 2019 (-28.5%), partially offset by Sports (+8.0%)
-- Sparkling Water continued to deliver solid growth in
Australia (+17.5% vs 2021; +47.5% vs 2019) driven by multi-pack can
formats & flavour innovation in the Home channel
RTD Tea, RTD Coffee, Juices & Other([15])
-- Juice drinks +19.0% driven by increased mobility & solid
growth in Capri-Sun (+20.0% vs 2019)
-- Fuze Tea in growth vs 2019 (+42.5%([16]) ) & continuing
to grow value share in Europe([4],[16])
-- Alcohol delivered strong growth in Australia (+14.5% vs 2021
& +21.0% vs 2019) driven by RTD Alcohol
Conference Call
-- 27 April 2022 at 12:00 BST, 13:00 CEST & 7:00 a.m. EDT; accessible via www.cocacolaep.com
-- Replay & transcript will be available at www.cocacolaep.com as soon as possible
Dividend
-- The CCEP Board of Directors declared a first-half interim dividend of EUR0.56 per share
-- The interim dividend is payable 26 May 2022 to those shareholders of record on 13 May 2022
-- CCEP will pay the interim dividend in euros to holders of
shares on Euronext Amsterdam, the Spanish Stock Exchanges &
London Stock Exchange
-- Other publicly held shares will be converted into an
equivalent US dollar amount using exchange rates issued by
WM/Reuters taken at 16:00 BST on 27 April 2022. This translated
amount will be posted on our website
here: https://ir.cocacolaep.com/shareholder-information-and-tools/dividends
Financial Calendar
-- H1 2022 Results: 4 August 2022
-- Q3 2022 Trading update: 2 November 2022, Investor event: 2-3 November 2022
Contacts
Investor Relations
Sarah Willett Joe Collins Claire Copps
+44 7970 145 218 +44 7583 903 560 +44 7980 775 889
Media Relations
Shanna Wendt Nick Carter
+44 7976 595 168 +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. A unit case equals approximately 5.678 litres or 24 8-ounce servings
2. 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
3. Comparative pro forma figures as if the acquisition of
Coca-Cola Amatil Limited occurred at 1 January 2021 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 for the period 1
January to 10 May 2021. Refer to 'Note Regarding the Presentation
of Pro forma financial information and Alternative Performance
Measures' for further details
4. Combined NARTD (non-alcoholic ready to drink) NielsenIQ
Global Track YTD data for BE, DE, ES, FR, NL, NO, PT & SE to
03.Apr.22; GB to 02.Apr.22; NZ to 27.Mar.22; IND to 13.Mar.22;
NARTD IRI data for AUS to 03.Apr.22. Online Data is for available
markets YTD GB to 27.Mar.22 (Retailer data) + 02.Apr.22
(NielsenIQ), ES, FR, NL & SE to 03.Apr.22 (NielsenIQ), AUS to
03.Apr.22 (Retailer Data)
5. Comparable & Fx-neutral
6. Adjusted for 1 less selling day in Q1; CCEP Q1 pro forma volume +14.0%
7. HoReCa = Hotels, Restaurants & Cafes
8. Management's best estimate
9. Dividends subject to Board approval
10. Includes Australia, New Zealand & the Pacific Islands, Indonesia & Papua New Guinea
11. Includes France & Monaco
12. Includes Spain, Portugal & Andorra
13. Includes Belgium, Luxembourg, the Netherlands, Norway, Sweden & Iceland
14. Revenue per unit case
15. RTD refers to ready to drink; Other includes Alcohol & Coffee
16. Europe only
Forward-Looking Statements
This document contains statements, estimates or projections that
constitute "forward-looking statements" concerning the financial
condition, performance, results, strategy and objectives of
Coca-Cola Europacific Partners plc and its subsidiaries (together
CCEP or the Group). Generally, the words "ambition", "target",
"aim", "believe", "expect", "intend", "estimate", "anticipate",
"project", "plan", "seek", "may", "could", "would", "should",
"might", "will", "forecast", "outlook", "guidance", "possible",
"potential", "predict", "objective" and similar expressions
identify forward-looking statements, which generally are not
historical in nature.
Forward-looking statements are subject to certain risks that
could cause actual results to differ materially from CCEP's
historical experience and present expectations or projections,
including with respect to the acquisition of Coca-Cola Amatil
Limited and its subsidiaries (together "CCL" or "API") completed on
10 May 2021 (the "Acquisition"). As a result, undue reliance should
not be placed on forward-looking statements, which speak only as of
the date on which they are made. These risks include but are not
limited to:
1. those set forth in the "Risk Factors" section of CCEP's 2021
Annual Report on Form 20-F filed with the SEC on 15 March 2022;
2. those set forth in the "Business and Sustainability Risks"
section of CCL's 2020 Financial and Statutory Reports; and
3. risks and uncertainties relating to the Acquisition,
including the risk that the businesses will not be integrated
successfully or such
integration may be more difficult, time consuming or costly than
expected, which could result in additional demands on CCEP's
resources, systems, procedures and controls, disruption of its
ongoing business and diversion of management's attention from other
business concerns; the possibility that certain assumptions with
respect to API or the Acquisition could prove to be inaccurate;
burdensome conditions imposed in connection with any regulatory
approvals; ability to raise financing; the potential that the
Acquisition may involve unexpected liabilities for which there is
no indemnity; the potential failure to retain key employees as a
result of the Acquisition or during integration of the businesses
and disruptions resulting from the Acquisition, making it more
difficult to maintain business relationships; the potential for (i)
negative reaction from financial markets, customers, regulators,
employees and other stakeholders, (ii) litigation related to the
Acquisition.
The full extent to which COVID-19 will negatively affect CCEP
and the results of its operations, financial condition and cash
flows will depend on future developments that are highly uncertain
and cannot be predicted, including the scope and duration of the
pandemic and actions taken by governmental authorities and other
third parties in response to the pandemic.
Due to these risks, CCEP's actual future results, dividend
payments, capital and leverage ratios, growth, including growth in
revenue, cost of sales per unit case and operating profit, free
cash flow, market share, tax rate, efficiency savings, achievement
of sustainability goals, including net zero emissions, and the
results of the integration of the businesses following the
Acquisition, including expected efficiency and combination savings,
may differ materially from the plans, goals, expectations and
guidance set out in forward-looking statements (including those
issued by CCL prior to the Acquisition). These risks may also
adversely affect CCEP's share price. Additional risks that may
impact CCEP's future financial condition and performance are
identified in filings with the SEC which are available on the SEC's
website at www.sec.gov. CCEP does not undertake any obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events, or otherwise, except
as required under applicable rules, laws and regulations.
Furthermore, CCEP assumes no responsibility for the accuracy and
completeness of any forward-looking statements. Any or all of the
forward-looking statements contained in this filing and in any
other of CCEP's or CCL's public statements (whether prior or
subsequent to the Acquisition) may prove to be incorrect.
Note Regarding the Presentation of Pro forma financial information
and Alternative Performance Measures
Pro forma financial information
Pro forma financial information has been provided in order to
illustrate the effects of the acquisition of Coca-Cola Amatil
Limited (referred to as CCL pre acquisition, API post acquisition)
on the results of operations of CCEP and allow for greater
comparability of the results of the combined group between periods.
The pro forma financial information has been prepared for
illustrative purposes only and because of its nature, addresses a
hypothetical situation. It is based on information and assumptions
that CCEP believes are reasonable. For further information, refer
to our 2021 Annual Report on Form 20-F filed with the SEC on 15
March 2022, which provides further details on our non-GAAP
performance measures and reconciles, where applicable, our results
as reported under IFRS to Pro forma financial information and
non-GAAP performance measures.
The Pro forma financial information presented in this document
reflects the inclusion of API revenue as if the acquisition had
occurred at the beginning of the period presented and prepared on a
basis consistent with CCEP accounting policies.
The pro forma financial information does not intend to represent
what CCEP's results of operations actually would have been if the
acquisition had been completed on the dates indicated, nor does it
intend to represent, predict or estimate the results of operations
for any future period or financial position at any future date. In
addition, it does not reflect ongoing cost savings that CCEP
expects to achieve as a result of the acquisition or the costs
necessary to achieve these cost savings or synergies. As pro forma
information is prepared to illustrate retrospectively the effects
of future transactions, there are limitations that are inherent to
the nature of pro forma information. As such, had the acquisition
taken place on the dates assumed, the actual effects would not
necessarily have been the same as those presented in the Pro Forma
financial information contained herein.
Alternative Performance Measures
We use certain alternative performance measures (non-GAAP
performance measures) to make financial, operating and planning
decisions and to evaluate and report performance. We believe these
measures provide useful information to investors and as such, where
clearly identified, we have included certain alternative
performance measures in this document to allow investors to better
analyse our business performance and allow for greater
comparability. To do so, we have excluded items affecting the
comparability of period-over-period financial performance as
described below. The alternative performance measures included
herein should be read in conjunction with and do not replace the
directly reconcilable GAAP measures.
For purposes of this document, the following terms are
defined:
"As reported" are results extracted from our consolidated
financial statements.
"Pro forma" includes the results of CCEP and API as if the
Acquisition had occurred at the beginning of the period presented,
including acquisition accounting adjustments relating to
provisional fair values. Pro forma also includes impact of the
additional debt financing costs incurred by CCEP in connection with
the Acquisition for all periods presented.
"Comparable" is defined as results excluding items impacting
comparability, which include restructuring charges, acquisition and
integration related costs, inventory fair value step up related to
acquisition accounting, the impact of the closure of the GB defined
benefit pension scheme, net costs related to European flooding and
net tax items relating to rate and law changes. Comparable volume
is also adjusted for selling days.
"Pro forma Comparable" is defined as the pro forma results
excluding items impacting comparability, as described above.
"Fx-neutral" is defined as period results excluding the impact
of foreign exchange rate changes. Foreign exchange impact is
calculated by recasting current year results at prior year exchange
rates.
"Free cash flow" is defined as net cash flows from operating
activities less capital expenditures (as defined above) and
interest paid. Free cash flow is used as a measure of the Group's
cash generation from operating activities, taking into account
investments in property, plant and equipment and non-discretionary
lease and interest payments. Free cash flow is not intended to
represent residual cash flow available for discretionary
expenditures.
"Dividend payout ratio" is defined as dividends as a proportion
of comparable profit after tax.
Additionally, within this document, we provide certain
forward-looking non-GAAP financial Information, which management
uses for planning and measuring performance. We are not able to
reconcile forward-looking non-GAAP measures to reported measures
without unreasonable efforts because it is not possible to predict
with a reasonable degree of certainty the actual impact or exact
timing of items that may impact comparability throughout year.
Unless otherwise stated, percent amounts are rounded to the
nearest 0.5%.
Supplemental Financial Information - Revenue - Reported to Pro forma
Comparable
Revenue
First-Quarter Ended
============================================= ---------------------------------------------------------------
Pro forma Revenue CCEP 1 April 2 April % Change
In millions of EUR, except per case data 2022 2021
which is calculated prior to rounding. FX
impact calculated by recasting current year
results at prior year rates.
============================================= ======================== ====================== =============
As reported and comparable 3,709 2,293 62.0 %
Add: Pro forma adjustments([1]) n/a 797 n/a
Pro forma Comparable 3,709 3,090 20.0 %
Adjust: Impact of fx changes (49) n/a n/a
Pro forma Comparable and fx-neutral 3,660 3,090 18.5 %
Pro forma Revenue per unit case 4.95 4.77 3.5 %
First-Quarter Ended
============================================= ---------------------------------------------------------------
Pro forma Revenue API 1 April 2 April % Change
In millions of EUR, except per case data 2022 2021
which is calculated prior to rounding. FX
impact calculated by recasting current year
results at prior year rates.
============================================= ======================== ====================== =============
As reported and comparable 904 - n/a
Add: Pro forma adjustments([1]) n/a 797 n/a
Pro forma Comparable 904 797 13.5 %
Adjust: Impact of fx changes (21) n/a n/a
Pro forma Comparable and fx-neutral 883 797 11.0 %
Pro forma Revenue per unit case 4.96 5.00 (0.5) %
([1]) The Pro forma financial information for 2021 reflects the
inclusion of API revenue as if the acquisition had occurred at the
beginning of the period presented and prepared on a basis
consistent with CCEP accounting policies.
Volume
First-Quarter Ended
================================================ ----------------------------------------------------------------
Comparable Volume - Selling Day Shift CCEP 1 April 2 April % Change
2022 2021
In millions of unit cases, prior period volume
recast using current year selling days
================================================ ====================== ========================= =============
Volume 740 489 51.5 %
Impact of selling day shift n/a (7) n/a
Comparable volume - Selling Day Shift adjusted 740 482 53.5 %
Pro forma impact([1]) - 157 n/a
Pro forma comparable volume 740 639 16.0 %
First-Quarter Ended
================================================ -------------------------------------------------------------
Comparable Volume - Selling Day Shift API 1 April 2 April % Change
2022 2021
In millions of unit cases, prior period volume
recast using current year selling days
================================================ ====================== ====================== =============
Volume 178 - n/a
Impact of selling day shift n/a - n/a
Comparable volume - Selling Day Shift adjusted 178 - n/a
Pro forma impact([1]) - 157 n/a
Pro forma comparable volume 178 157 13.5 %
([1]) API volume for the quarter ended 2 April 2021 is 160
million unit cases. Including the impact of the Q1 selling day
shift (3 million unit cases), comparable API volume is 157 million
unit cases.
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