Coca-Cola Europacific Partners PLC Announces Results for the Six Months Ended 1 July 2022
Coca-Cola Europacific Partners plc reported strong H1 2022 results with a 40% revenue increase to €8,280M and a volume growth of 32%. Operating profit rose by 52% to €967M, but profit after taxes fell 9.2% to €675M. The company is raising its FY22 guidance due to robust cash flow and volume growth, benefiting from recovery in restaurants and tourism. Despite uncertainty from inflation and geopolitical factors, leadership expresses confidence in core brands and sustainability efforts. The interim dividend per share is set at €0.56.
- Revenue increased by 40% to €8,280M.
- Operating profit grew by 52% to €967M.
- Volume growth of 32% demonstrates strong market recovery.
- Raising FY22 revenue, operating profit, and free cash flow guidance.
- Profit after taxes decreased by 9.2% to €675M.
UXBRIDGE, ENGLAND / ACCESSWIRE / August 4, 2022 / Coca-Cola Europacific Partners plc
| H1 2022 Metric[1] | As Reported | Comparable [1] | Change vs H1 2021 | Change vs H1 2021 | ||||||
As Reported | Comparable [1] | Comparable FXN [1] | Pro forma Comparable [3] | Pro forma Comparable FXN[3] | ||||||
| Total CCEP | Volume (M UC)[2] | 1,618 | 1,618 | 32.0 % | 32.5 % | 13.0 % | ||||
| Revenue (€M) | 8,280 | 8,280 | 40.0 % | 40.0 % | 38.0 % | 18.5 % | 17.0 % | |||
| Cost of sales (€M) | 5,288 | 5,300 | 37.5 % | 40.0 % | 38.0 % | 20.0 % | 18.5 % | |||
| Operating expenses (€M) | 2,025 | 1,929 | 30.0 % | 34.5 % | 32.5 % | |||||
| Operating profit (€M) | 967 | 1,051 | 86.0 % | 52.0 % | 50.0 % | 31.0 % | 29.0 % | |||
| Profit after taxes (€M) | 675 | 743 | ||||||||
| Diluted EPS (€) | 1.46 | 1.61 | ||||||||
| Revenue per UC (€) | 5.05 | |||||||||
| Cost of sales per UC (€) | 3.23 | |||||||||
| H1 Interim dividend per share[4] (€) | 0.56 | |||||||||
| Europe | Volume (M UC)[2] | 1,276 | 1,276 | 14.0 % | 14.5 % | 14.5 % | ||||
| Revenue (€M) | 6,451 | 6,451 | 20.0 % | 20.0 % | 19.0 % | 20.0 % | 19.0 % | |||
| Operating profit (€M) | 741 | 825 | 46.5 % | 30.5 % | 30.0 % | 30.5 % | 30.0 % | |||
| Revenue per UC (€) | 5.03 | |||||||||
| API | Volume (M UC)[2] | 342 | 342 | |||||||
| Revenue (€M) | 1,829 | 1,829 | 10.5 % | |||||||
| Operating profit (€M) | 226 | 226 | 1, | 26.5 % | ||||||
| Revenue per UC (€) | 5.12 | |||||||||
DAMIAN GAMMELL, CHIEF EXECUTIVE OFFICER, SAID:
"We are pleased to have delivered a great first-half. We achieved strong top and bottom-line growth, gained value share and generated solid free cash flow. Key to this was the continued recovery of restaurants, pubs, cafes and bars, a return to travel and tourism for many consumers and a resilient home channel. All underpinned by robust categories and the strength of our customer relationships.
"Our focus on core brands, leading in-market execution and headline price and mix delivered volume and revenue ahead of 2019. We shared in this success with our retail customers, having delivered more revenue growth for them than any of our peers. And we continued to make progress against our sustainability commitments - using more recycled plastic in our bottles and reducing carbon emissions from our supply chain.
"We remain confident in the resilience of our categories, despite a more uncertain outlook, given macroeconomic and geopolitical volatility and higher inflation. We continue to actively manage key levers of pricing and promotional spend across our broad pack offering, alongside our focus on efficiency. However, given our strong first-half, we are raising revenue, operating profit and free cash flow guidance for FY22. This demonstrates the strength of our business and ability to deliver continued shareholder value."
Note: All footnotes included after the ‘About CCEP' section
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SOURCE: Coca-Cola Europacific Partners plc
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