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Coca-Cola Europacific Partners plc Announces Q1 2022 Trading Update

Wednesday, 27 April 2022 02:00 AM

Coca-Cola Europacific Partners plc

Trading Update for the First-Quarter ended 1 April 2022 & Interim Dividend Declaration

UXBRIDGE, UK / ACCESSWIRE / April 27, 2022 / Strong start to the year, reaffirming FY22 profit guidance despite accelerating inflationary pressures

Q1 2022

Change vs 2021

Change vs 2021 (Pro forma)



Revenue per UC[1]

Comparable[2] Volume

Revenue per UC[1],[5]

FXN[2] revenue


Pro forma



Pro forma revenue per UC[1],[3]

Pro forma FXN


Pro forma revenue[3]

































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 €1.5 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 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


  • Declaring first-half interim dividend per share of €0.56, 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%


  • 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 profit: 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

Please click on the following link to view the full announcement.

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 [email protected] or visit

SOURCE: Coca-Cola Europacific Partners plc

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