Market Overview

Coca-Cola European Partners Reports Interim Results for the Six Months Ended 29 June 2018

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Strong Execution in the First Half, Maintaining Full-Year Outlook

Coca-Cola European Partners plc (CCEP) (ticker symbol: CCE) today
announces its interim results for the six months ended 29 June 2018 and
maintains full-year 2018 outlook.

Highlights

  • First-half diluted earnings per share were €0.85 on a reported
    basis or €1.00 on a comparable basis, including a negligible impact
    from currency translation.
  • First-half reported revenue totalled €5.4 billion, flat versus
    prior year, or up 1.0 percent on a comparable and fx-neutral basis.
    Volume decreased 3.5 percent on a comparable basis, partly reflecting
    the impact of recent strategic portfolio and pricing decisions.
  • First-half reported operating profit was €605 million; comparable
    operating profit was €699 million, up 4.5 percent on a comparable
    basis, or up 5.0 percent on a comparable and fx-neutral basis.
  • Second-quarter diluted earnings per share were €0.60 on a reported
    basis or €0.67 on a comparable basis, including a negligible impact
    from currency translation.
  • CCEP affirms full-year guidance for 2018 for comparable and
    fx-neutral diluted earnings per share growth of between 6 percent and
    7 percent when compared to 2017 comparable results.
  • CCEP raises full-year guidance for 2018 free cash flow to a range
    of €900 million to €950 million.
  • CCEP declares quarterly dividend of €0.26 per share.

"We are pleased with our execution and performance in the first half as
we continued to make bold portfolio and pricing decisions. We are
confident that these are the right strategic initiatives for our
business in the long-term, while acknowledging the near-term negative
impact on volume," said Damian Gammell, Chief Executive Officer.

"This strategy is reflected in another quarter of solid growth,
including strong revenue per unit case gains as we focus on improving
our pack and pricing architecture. Overall, we are encouraged by our
first-half performance given business disruption in France owing to
customer negotiations; unfavourable weather in Iberia; and new industry
taxes, notably in Great Britain.

"Given our solid progress in the first half, we have affirmed our 2018
profit outlook. We are committed to implementing our Beverages For Life
strategy; investing in our business; better serving our customers; and
improving our in-market execution," Mr. Gammell said. "Importantly, we
are confident that we have the right strategy and the right team in
place to deliver strong cash generation and ultimately generate
long-term value for our shareholders."

       
Key Financial Measures

Unaudited, fx impact calculated by recasting current year
results at prior year rates

Second-Quarter ended 29 June 2018
€ million     % change
       

As

Reported

    Comparable     Fx-Impact    

As

Reported

    Comparable     Fx-Impact    

Comparable

Fx-Neutral

Revenue 3,057     3,057     (20 ) %     0.5 %     (0.5 )%     1.0 %
Cost of sales 1,850 1,851 (13 ) % % (0.5 )% 0.5 %
Operating expenses 789 746 (5 ) 0.5 % 1.0 % (0.5 )% 1.5 %
Operating profit 418 460 (2 ) 0.5 % 1.0 % (0.5 )% 1.5 %
Profit after taxes 293 327 (1 ) (1.5 )% 1.0 % (0.5 )% 1.5 %
Diluted earnings per share (€)         0.60       0.67             (1.5 )%     1.5 %     %     1.5 %
       
 
Key Financial Measures

Unaudited, fx impact calculated by recasting current year
results at prior year rates

Six months ended 29 June 2018
€ million     % change
   
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