Coca-Cola Europacific Partners plc Announces Preliminary Unaudited Results Q4 & FY 2022

Rhea-AI Summary

Coca-Cola Europacific Partners (CCEP) reported strong preliminary unaudited results for FY 2022, highlighting a total revenue of €17.32 billion, a 26% increase from 2021. Volume grew by 17.5% to 3,300 million unit cases. Operating profit reached €2.09 billion, marking a 37.5% rise. The diluted EPS was €3.29, reflecting a 53% increase. CCEP maintained a dividend payout ratio of approximately 50%, distributing a record dividend of €1.68 per share. CEO Damian Gammell emphasized the company's commitment to growth, sustainability, and strategic investments, including a buyout in the Indonesian market, showcasing resilience in a dynamic market landscape.

Positive

• Total revenue increased by 26% to €17.32 billion.
• Operating profit rose by 37.5% to €2.09 billion.
• Diluted EPS increased by 53% to €3.29.
• Record dividend of €1.68 per share with a payout ratio maintained at approximately 50%.
• Strong volume growth of 17.5% to 3,300 million unit cases.
• Strategic investments in markets like Indonesia.

Negative

• Operating expenses rose by 18.5% to €4.23 billion.

Preliminary unaudited results for the full year ended 31 December 2022

UXBRIDGE, UK / ACCESSWIRE / February 16, 2023 / Solid end to a very successful year, well placed for FY23 and beyond

	FY 2022 Metric[1]	As Reported		Comparable [1]	Change vs 2021				Change vs 2021
					As Reported	Comparable [1]	Comparable Fx-Neutral [1]		Pro forma Comparable [3]	Pro forma Comparable Fx-Neutral[3]
Total CCEP	Volume (M UC)[2]	3,300		3,300	17.5 %	18.0 %			9.5 %
	Revenue (€M)	17,320		17,320	26.0 %	26.0 %	24.5 %		17.0 %	15.5 %
	Cost of sales (€M)	11,096		11,088	28.0 %	29.0 %	27.5 %		20.0 %	19.0 %
	Operating expenses (€M)	4,234		4,094	18.5 %	21.0 %	19.5 %		10.5 %	9.0 %
	Operating profit (€M)	2,086		2,138	37.5 %	20.5 %	19.5 %		13.5 %	12.5 %
	Profit after taxes (€M)	1,521		1,564	54.0 %	20.0 %	19.0 %
	Diluted EPS (€)	3.29		3.39	53.0 %	19.5 %	18.5 %		14.0 %	13.0 %
	Revenue per UC[2] (€)			5.20			6.0 %			6.0 %
	Cost of sales per UC[2] (€)			3.33			8.5 %			9.0 %
	Adjusted Free cash Flow (€M)			1,805
	Dividend per share[4] (€)		1.68	Maintained dividend payout ratio of c.50%
Europe	Volume (M UC)[2]	2,631		2,631	10.5 %	11.0 %			11.0 %
	Revenue (€M)	13,529		13,529	17.0 %	17.0 %	16.5 %		17.0 %	16.5 %
	Operating profit (€M)	1,529		1,670	18.0 %	11.5 %	11.5 %		11.5 %	11.5 %
	Revenue per UC[2] (€)			5.14			5.5 %			5.5 %
API	Volume (M UC)[2]	669		669	57.5 %	57.5 %			5.0 %
	Revenue (€M)	3,791		3,791	74.0 %	74.0 %	66.5 %		17.0 %	12.0 %
	Operating profit (€M)	557		468	155.5%	72.0 %	64.5 %		21.0 %	16.0 %
	Revenue per UC[2] (€)			5.42			6.0 %			7.5 %

DAMIAN GAMMELL, CHIEF EXECUTIVE OFFICER, SAID:

"2022 was a very successful year, our first as Coca-Cola Europacific Partners. This is testament to the hard work of our colleagues to whom we are extremely grateful. Our focus on well invested and winning brands across our broad pack offering, great in-market execution and price and promotion strategy served us well. We benefited from the continued recovery of the away from home channel and the return of travel and tourism with further growth in the home channel. Combined with our ongoing focus on efficiency, this delivered strong top and bottom-line growth, value share gains and generated solid free cash flow. We continue to be a great partner for our customers, a great place to work for our colleagues whilst making further progress against our sustainability commitments - more of our sites went carbon neutral, we switched logistics to lower carbon alternatives and invested in recycling facilities.

"A record dividend in FY22 combined with our FY23 guidance and ambitious but achievable mid-term objectives demonstrate the strength of our business. Enhanced by our great API business, we are bigger and better, more diverse and robust, operating in resilient categories. We remain confident in the future, despite a dynamic outlook, and we continue to invest for the longer-term, evidenced by the minority buy out of our exciting Indonesian market. Our clear strategy, strong brand partner relationships and great people will ensure we continue to create sustainable value for all our stakeholders. We have the platform and momentum to go even further together for a greater future."

___________________________

Note: All footnotes included after the 'About CCEP' section

Please click on the following link to view the full announcement.
http://www.rns-pdf.londonstockexchange.com/rns/0764Q_1-2023-2-15.pdf

Contacts

Investor Relations

Sarah Willett Claire Michael Claire Copps

+44 7970 145 218 +44 7528 251 033 +44 7980 775 889

Media Relations

Shanna Wendt Nick Carter

+44 7976 595 168 +44 7976 595 275

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: Coca-Cola Europacific Partners plc

View source version on accesswire.com:
https://www.accesswire.com/739595/Coca-Cola-Europacific-Partners-plc-Announces-Preliminary-Unaudited-Results-Q4-FY-2022

FAQ

What were the financial results for CCEP for FY 2022?

CCEP reported a total revenue of €17.32 billion, a 26% increase from 2021, with an operating profit of €2.09 billion.

How much did CCEP's diluted EPS increase in FY 2022?

The diluted EPS for CCEP increased by 53% to €3.29 in FY 2022.

What is the dividend per share for CCEP in FY 2022?

CCEP declared a record dividend of €1.68 per share for FY 2022.

How did CCEP perform in terms of volume for FY 2022?

CCEP's volume increased by 17.5% to 3,300 million unit cases in FY 2022.

What strategic investments did CCEP make recently?

CCEP made a minority buyout in the Indonesian market as part of its growth strategy.