TIDMCCEP
RNS Number : 1505Y
Coca-Cola Europacific Partners plc
11 May 2021
LONDON, 11(th) May 2021
COCA-COLA EUROPACIFIC PARTNERS
Trading Update for the First-Quarter ended 2 April 2021
Resilient performance despite tough backdrop; pandemic impact
starting to ease
CHANGE VS Q1 2020
=====================================================
Q1 2021 REVENUE VOLUME REVENUE COMPARABLE REVENUE FX-NEUTRAL REVENUE
(UNIT CASES(1) PER UNIT VOLUME(4) PER UNIT REVENUE(4)
) CASE(2, CASE(2,
3, 4) 3, 4)
============== ========= ============== ======== ========== ======== ========== =======
Europe EUR2,293m 489m EUR4.70 (10.0)% (1.5)% (7.5)% (7.5)%
API
(Australia,
Pacific
&
Indonesia)(5) EUR797m 160m EUR4.89 (2.5)% 4.0% 6.0% 8.0%
============== ========= ============== ======== ========== ======== ========== =======
Total(6) EUR3,090m 649m EUR4.75 (8.5)% 0.0% (4.5)% (4.0)%
(pro forma)
============== ========= ============== ======== ========== ======== ========== =======
DAMIAN GAMMELL, CHIEF EXECUTIVE OFFICER, SAID:
"Trading conditions remained similar to the last quarter of
2020, with renewed restrictions in many of our markets impacting
the away from home channel. We have been able to keep on winning,
gaining value share in store(7) and online(8) , through our ability
to adapt, strong execution and continued focus on our core
brands.
"While the pandemic persists and the precise nature and timing
of the recovery is unknown, there is optimism ahead. Indeed, the
strong post pandemic recovery in two of our new markets, Australia
& New Zealand, highlight the positive impact of increased
mobility, which will in time come to our other markets. In Europe,
although conditions remain challenging, we are encouraged by an
improving trend across the quarter, especially in GB, with good
at-home consumption. Early and decisive in-market actions taken by
our colleagues, our disciplined investments in the longer term and
our focus on driving efficiencies throughout our business,
collectively ensure we will emerge stronger than before.
"We are delighted that as of yesterday the acquisition of
Coca-Cola Amatil has closed and we are now Coca-Cola Europacific
Partners. Bringing together two of the world's best bottlers
provides exciting growth opportunities and an even stronger
strategic relationship with The Coca-Cola Company. We will go
further, together, creating value for shareholders and a better,
more sustainable future for all stakeholders."
___________________________________________________________________________________________
[1] A unit case equals approximately 5.678 litres or 24 8-ounce
servings; [2] Fx-neutral; [3] API inc. alcohol & coffee; Q1'21
non-alcoholic ready to drink revenue per unit case was EUR4.55; [4]
Refer to "Note Regarding the Presentation of Alternative
Performance Measures" for further details; [5] Acquisition of
Coca-Cola Amatil (CCL) completed on 10.May.21. API Q1 revenue and
volume measures for period 01.Jan.21 to 02.Apr.21 provided by CCL
management. Revenue includes preliminary adjustments to present on
a basis consistent with CCEP accounting policies; [6] Total pro
forma as if the acquisition of API occurred on 01.Jan.21 for
illustrative purposes only. It is not intended to estimate or
predict future financial performance or what actual results would
have been. See footnote 5; [7] Nielsen Global Track non-alcoholic
ready to drink data YTD to w/e IS 28.Mar.21, GB 03.Apr.21, ES PT DE
NL FR BE SE & NO 04.Apr.21; [8] Non-alcoholic ready to drink
online: Data to w/e GB 03.Apr.21 (Retailer EPOS+Nielsen), ES FR
& NL 04.Apr.21 (Nielsen);
Europe Q1 Revenue(2,4) (-7.5%)
NARTD value share gains across measured channels both in
store(6) (+1.2pts) & online(7) (+2.6pts)
Comparable volume(4) -10.0% driven by ongoing pandemic
restrictions across our markets
-- volumes by channel: Away from home (AFH) -34.5% reflecting
widespread outlet closures; Home +4.0%
-- volumes across Q1: Jan-Feb -14.0%; March -4.5% reflecting the
PY introduction of restrictions (timing varied across markets)
Reported volume -6.0% reflecting the benefit of 3 additional
selling days
Revenue per unit case(1) -1.5%(2,4) driven by adverse pack &
channel mix (e.g. immediate consumption -28.5%), partially offset
by underlying favourable price & brand mix
API Q1 Revenue(2,3,4,5) (+6.0%)
Note 10(th) May 2021 implementation date of Coca-Cola Amatil
acquisition. Pro forma revenue(5) provided above & on page 5 by
geography
Revenues(2,3,4,5) : Australia +8.0%; Pacific(8) +11.0%;
Indonesia(9) -3.0%
Trading reflects
-- strong post pandemic recovery in Australia & NZ &
cycling the effects of the Australian bushfires
-- continued restrictions in Indonesia, partially offset by soft
comparables due to the flooding in the Greater Jakarta Region
Reported volumes +2.0% reflecting the benefit of 3 additional
selling days
Other
Dividend: to be announced at Q3 for the full-year to reflect the
earnings of the enlarged business
FY21: Unable to provide FY21 outlook guidance given ongoing
COVID-19 uncertainty
Sustainability
-- Europe:
Germany will transition to 70% rPET in FY21
Netherlands became 100% rPET market in Q1
-- API: Joined RE100 renewable energy initiative & committed
to powering its operations with 100% renewable electricity by 2030
(by 2025 in Australia & NZ)
___________________________________________________________________________________________
[1] A unit case equals approximately 5.678 litres or 24 8-ounce
servings; [2] Fx-neutral; [3] API inc. alcohol & coffee; Q1'21
non-alcoholic ready to drink revenue per unit case was EUR4.55; [4]
Refer to "Note Regarding the Presentation of Alternative
Performance Measures" for further details; [5] Acquisition of
Coca-Cola Amatil completed on 10.May.21. API Q1 revenue measures
for period 01.Jan.21 to 02.Apr.21 provided by CCL management.
Revenue includes preliminary adjustments to present on a basis
consistent with CCEP accounting policies. Pro forma as if the
acquisition of API occurred on 01.Jan.21 for illustrative purposes
only. It is not intended to estimate or predict future financial
performance or what actual results would have been; [6] Nielsen
Global Track non-alcoholic ready to drink data YTD to w/e IS
28.Mar.21, GB 03.Apr.21, ES PT DE NL FR BE SE & NO 04.Apr.21;
[7] Non-alcoholic ready to drink online: Data to w/e GB 03.Apr.21
(Retailer EPOS+Nielsen), ES FR & NL 04.Apr.21 (Nielsen); [8]
Pacific=New Zealand & the Pacific Islands; [9]
Indonesia=Indonesia & Papua New Guinea; Note: Unless stated
otherwise, changes are versus equivalent 2020 period
EUROPE: FIRST-QUARTER REVENUE PERFORMANCE BY GEOGRAPHY
Unaudited, changes versus Q1 2020
REVENUE REVENUE % FX-NEUTRAL
CHANGE REVENUE %
CHANGE
=================================== ========= ========= ==========
Great Britain EUR498m 0.5% 1.5%
France (France & Monaco) EUR411m (0.5)% (0.5)%
Germany EUR467m (9.5)% (9.5)%
Iberia (Spain, Portugal & Andorra) EUR420m (20.5)% (20.5)%
Northern Europe(1) EUR497m (5.0)% (5.5)%
----------------------------------- --------- --------- ----------
Total EUR2,293m (7.5)% (7.5)%
----------------------------------- --------- --------- ----------
[1] Belgium, Luxembourg, Netherlands, Norway, Sweden &
Iceland
Great Britain
-- Modest comparable volume declines impacted by restrictions
& outlet closures in HoReCa(1) offset by robust Home channel
performance. Sparkling volumes were flat, with solid growth in
Coca-Cola Zero Sugar, flavours, mixers & energy
-- Revenue/UC(2) was broadly flat as positive underlying price was offset by adverse mix due to outperformance of the Home channel, in particular the growth in future consumption packs (e.g. large PET +5.5% & multipack cans +50%), alongside immediate consumption weakness in both channels
France (France & Monaco)
-- Comparable volume impacted by restrictions & AFH outlet
closures partially offset by good growth in the Home channel.
Coca-Cola Zero Sugar, Monster & Capri-Sun all outperformed
-- Revenue/UC(2) was broadly flat as adverse channel & pack
mix (e.g. glass -76%) was offset by favourable brand mix &
underlying price
Germany
-- Comparable volume impacted by restrictions & AFH outlet
closures, offset by good growth in the Home channel. Coca-Cola Zero
Sugar & Monster both grew
-- Revenue/UC(2) decline was driven by adverse channel &
pack mix which was partially offset by favourable brand mix, in
particular the growth in energy & the reorienting of our
hydration portfolio
Iberia (Spain, Portugal & Andorra)
-- Volume impacted by significant exposure to the AFH channel,
particularly in Spain given over-indexing in exposure to HoReCa(1)
. The Home channel also suffered due to weakness in the Cash &
Carry channel(3) . Monster & Coca-Cola Zero Sugar both
outperformed
-- Revenue/UC(2) significantly impacted by channel mix given the
closure of HoReCa(1) outlets in addition to negative pack mix (e.g.
glass -55%)
Northern Europe
-- Volume declines driven by AFH, reflecting increased COVID-19
restrictions & HoReCa(1) outlet closures (varied by market).
This was partially offset by growth in the Home channel led by
Norway and the Netherlands. Coca-Cola Zero Sugar & Monster grew
volumes
-- Revenue/UC(2) decline driven by underlying price reduction
due to changes in Norwegian sugar taxes, partially offset by
positive country & brand mix (e.g. energy +30%)
___________________________________________________________________________________________
[1] HoReCa = Hotels, Restaurants & Cafes; [2] Revenue per
unit case; [3] Cash & Carry included in Home channel for Iberia
(12.5% of 2019 Iberia volume), elsewhere included in AFH channel;
Note: All values are unaudited, changes versus equivalent prior
year period; comparable volumes
EUROPE: FIRST-QUARTER VOLUME PERFORMANCE BY CATEGORY(1)
COMPARABLE VOLUME
% CHANGE
Sparkling (7.5)%
Coca-Cola(R) (8.0)%
Flavours, Mixers & Energy (5.5)%
Stills (29.0)%
Hydration (41.5)%
RTD Tea, RTD Coffee, Juices & Other(2) (12.0)%
---------------------------------------- -----------------
Total (10.0)%
---------------------------------------- -----------------
SPARKLING
Coca-Cola(R)
-- Transactions -11.0%(3) , reflecting decline in small glass
& PET, partially offset by growth in multipack cans
-- Classic -11.5%; Lights -2.5%, reflecting a decline in
Diet/light taste partially offset by growth in the newly
reformulated & rebranded Coca-Cola Zero Sugar (+0.5%)
Flavours, Mixers & Energy
-- Fanta -11.0% driven by impact of COVID-19 on AFH, offset by growth in Home
-- Energy +34.0% reflecting growth in both channels led by
Monster (+39.0%). On track to double energy business(4)
-- Schweppes mixers +8.0% driven by growth in the Home channel
STILLS
Hydration
-- Soft performance reflecting the impact of COVID-19 & it's
exposure to immediate consumption across both channels
RTD Tea, RTD Coffee, Juices & Other(2)
-- Solid value share gains in the RTD tea category driven by Fuze Tea(5)
-- Costa RTD growth supported by launch of Vanilla Latte & Flat White
-- Juice drinks -7.5% reflecting exposure to on-the-go occasions
offset by solid growth of Capri-Sun in France
___________________________________________________________________________________________
[1] Adjusted for selling day shift; Does not include volumes
from API; [2] RTD refers to ready to drink; [3] Defined as the
serving container that is ultimately used directly by the consumer.
It can be a standalone container or one part of a multipack; [4]
Base year of 2019; [5] Nielsen Data YTD to w/e - IS 28.Mar.21 | GB
03.Apr.21 | ES PT DE NL FR BE SE & NO 04.Apr.21; Note: All
values are unaudited, changes versus equivalent prior year period;
comparable volumes
Supplementary Financial Information
CHANGE VS Q1 2020
-------
Q1 2021 - API REVENUE BY GEOGRAPHY REVENUE FX-NEUTRAL REVENUE
REVENUE(2)
Australia EUR516m 8.0% 14.0%
Pacific (New Zealand & the Pacific
Islands) EUR139m 11.0% 13.0%
Indonesia & Papua New Guinea EUR142m (3.0)% (12.0)%
----------------------------------- ------- ----------- -------
Total API(1) EUR797m 6.0% 8.0%
----------------------------------- ------- ----------- -------
Investor Event
-- CCEP will host a virtual event through its website,
www.cocacolaep.com, beginning at 13:00 BST, 14:00 CEST & 08:00
a.m. EDT on 11 May 2021. A presentation will be followed by a
Q&A session
-- Replay & transcript will be available at www.cocacolaep.com as soon as possible
Financial Calendar
-- First-half 2021 results: 2 September 2021
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
______________________________________________________________________________________
[1] Acquisition of Coca-Cola Amatil (CCL) completed on
10.May.21. API Q1 revenue measures for period 01.Jan.21 to
02.Apr.21 provided by CCL management. Revenue includes preliminary
adjustments to present on a basis consistent with CCEP accounting
policies. Pro forma as if the acquisition of API occurred on
01.Jan.21 for illustrative purposes only. It is not intended to
estimate or predict future financial performance or what actual
results would have been; [2] Refer to "Note Regarding the
Presentation of Alternative Performance Measures" for further
details;
Note: Supplementary financial information includes additional
disclosure for API revenue by geography. This will be provided on a
half-year and full-year basis going forward.
About CCEP
Coca-Cola Europacific Partners is one of the leading consumer
goods companies in the world. We make, move and sell some 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 listed on Euronext Amsterdam, the New York Stock
Exchange, 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.
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, including
Coca-Cola Amatil Limited and its subsidiaries (together "CCL", and
CCL with Coca-Cola Europacific Partners plc and its subsidiaries
together "CCEP" or the "Group"). Generally, the words "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 CCL (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 2020
Annual Report on Form 20-F filed with the SEC on 12 March 2021,
including the statements under the following headings: Business
continuity and resilience (such as the adverse impact that the
COVID-19 pandemic and related government restrictions and social
distancing measures implemented in many of our markets, and any
associated economic downturn, may have on our financial results,
operations, workforce and demand for our products); Packaging (such
as refillables and recycled plastics); Cyber and social engineering
attacks and IT infrastructure; Economic and political conditions
(such as the UK's exit from the EU, the EU-UK Trade and Cooperation
Agreement, and uncertainty about the future relationship between
the UK and EU); Market (such as disruption due to customer
negotiations, customer consolidation and route to market); Legal,
regulatory and tax (such as the development of regulations
regarding packaging, taxes and deposit return schemes); Climate
change and water (such as net zero emission legislation and
regulation, and resource scarcity); Perceived health impact of our
beverages and ingredients, and changing consumer buying trends
(such as sugar alternatives and other ingredients);
Competitiveness, business transformation and integration; People
and wellbeing; Relationship with TCCC and other franchisors;
Product quality; and Other risks;
2. those set forth in the "Business and Sustainability Risks"
section of CCL's 2020 Financial and Statutory Reports including the
statements under the following headings: COVID-19 related risks;
The Coca-Cola Company (TCCC) and other brand partners relationship
risk; Economic and political risks; Cyber risk; Foreign exchange
risk; Key personnel risk; Beverage industry risk; Regulatory risk;
Corporate social responsibility risk; Climate change risk; Supply
chain risk; Litigation and legal disputes risk; Malicious product
tampering risk; Workplace Health & Safety (WHS) risk; Business
interruption risk; Product quality risk; Fraud risk; 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 CCL 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 the COVID-19 pandemic 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, and capital and leverage ratios 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 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 measure.
For purposes of this document, the following terms are
defined:
"As reported" are results extracted from our consolidated
financial statements.
"Comparable" is defined as results excluding items impacting
comparability, such as restructuring charges, out of period
mark-to-market impact of hedges and net tax items relating to rate
and law changes. Comparable volume is also adjusted for selling
days.
"Fx-neutral" is defined as comparable results excluding the
impact of foreign exchange rate changes. Foreign exchange impact is
calculated by recasting current year results at prior year exchange
rates.
Unless otherwise stated, percent amounts are rounded to the
nearest 0.5%.
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