CORRECTION - CCEP announces Q3 Trading Update & Interim Dividend Declaration

Rhea-AI Summary

Coca-Cola European Partners announced its Q3 Trading Update and declared an interim dividend, reflecting a positive outlook amidst challenging conditions. Q3 revenue reached €3,179m, showing a (4.0)% decline compared to 2019, while YTD revenue was €8,016m with a (10.0)% drop. The company reported a strong volume increase of 665m unit cases. A non-binding proposal to acquire Coca-Cola Amatil was also announced, aimed at expanding market reach to 600 million consumers and enhancing shareholder value.

Positive

• Q3 2020 revenue of €3,179m, reflecting strong operational performance.
• Volume increased to 665m unit cases, indicating recovery.
• Interim dividend declared shows confidence in future performance.
• Proposal to acquire Coca-Cola Amatil could double consumer reach.

Negative

• Q3 revenue decline of (4.0)% compared to 2019.
• YTD revenue declined by (10.0)%.
• Ongoing uncertainty due to possible pandemic restrictions.

The headline for the below announcement released originally on 25/10/20 at (time) has been amended and should read "CCEP announces Q3 Trading Update & Interim Dividend Declaration"

The announcement text is unchanged and is reproduced in full below.

LONDON, UK / ACCESSWIRE / October 26, 2020 /

COCA-COLA EUROPEAN PARTNERS

Trading Update for the Third-Quarter ended 25 September 2020 & FY20 Dividend Declaration

Resilient and agile performance despite challenging backdrop however outlook remains uncertain

								CHANGE VS 2019
		REVENUE		VOLUME (UNIT CASES1)		REVENUE PER UNIT CASE2		COMPARABLE VOLUME3		REVENUE PER UNIT CASE2		FX-NEUTRAL REVENUE3		REVENUE
Q3 2020		€3,179m		665m		€4.80		(4.0)%		1.0%		(3.0)%		(3.0)%
YTD 2020		€8,016m		1,705m		€4.73		(10.0)%4		(1.0)%		(11.5)%		(12.0)%

DAMIAN GAMMELL, CHIEF EXECUTIVE OFFICER, SAID:

"Today, we are very excited to announce a non-binding proposal to acquire Coca-Cola Amatil Limited (CCL), one of the largest bottlers and distributors of ready to drink beverages and coffee in the Asia Pacific region. This is a unique and tremendous opportunity to combine two of the world's best bottlers, creating a broader and more balanced geographic footprint, including one of the most attractive and populous emerging markets, doubling our consumer reach to 600 million. This larger platform would enable us to scale up even faster than before and solidify our position as the largest Coca-Cola bottler by revenue, further strengthening our strategic partnership with The Coca-Cola Company. This, combined with today's dividend announcement, reflects our confidence in the future and our ultimate goal of driving increased shareholder value.

"We're also providing an update on our third-quarter performance. We continue to demonstrate the resilience of our business and our ability to operate with agility in such a rapidly changing environment. I am proud of how our colleagues have continued to support our customers, consumers and communities. Our performance over the summer months was encouraging. Volumes significantly improved compared to the second-quarter of the year, mirroring outlet re-openings in the away from home channel, solid demand in the home channel, where we continued to take share, as well as favourable weather across most markets. While the reintroduction of restrictions and local lockdowns has resulted in continued uncertainty about the duration and impact of the pandemic, we continue to believe that the second quarter will be the most impacted.

"In the meantime, the meaningful actions that we talked to earlier in the year continue to protect our performance and we remain confident that we will emerge from this crisis as a stronger business. We continue to adapt to changes in consumer behaviour by focusing on the core brands that our consumers love, leveraging and advancing our digital capabilities, and concentrating even more on the home channel, particularly in the run up to the key Christmas trading period."

1. A unit case equals approximately 5.678 litres or 24 8-ounce servings
2. Fx-neutral
3. Refer to "Note Regarding the Presentation of Alternative Performance Measures" for further details
4. Adjusted for selling day shift. Reported volume (10.5)%

For the full announcement please copy and paste the below link into your browser:

http://www.rns-pdf.londonstockexchange.com/rns/1275D_1-2020-10-25.pdf

SOURCE: Coca-Cola European Partners plc

View source version on accesswire.com:
https://www.accesswire.com/612205/CORRECTION--CCEP-announces-Q3-Trading-Update-Interim-Dividend-Declaration

FAQ

What is the dividend amount declared by CCEP in 2020?

Coca-Cola European Partners declared an interim dividend as part of their Q3 Trading Update, though the specific amount was not stated in the announcement.

When is the interim dividend payment date for CCEP?

The announcement did not specify the payment date for the interim dividend.

What were CCEP's Q3 2020 revenue figures?

CCEP reported Q3 2020 revenue of €3,179m, which is a decline of (4.0)% compared to 2019.

What are the key aspects of CCEP's trading performance in Q3 2020?

CCEP showed resilience with a volume increase of 665m unit cases despite a revenue decline.

What is the significance of CCEP's proposal to acquire Coca-Cola Amatil?

The acquisition proposal aims to expand CCEP's consumer reach to 600 million, enhancing its market position.