Market Overview

Coca-Cola European Partners Reports Interim Results for the Third-Quarter Ended 28 September 2018

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Strong Performance Year-to-Date, Maintaining Full-Year 2018 Outlook

Coca-Cola European Partners plc (CCEP) (ticker symbol: CCE) today
announces its interim results for the third-quarter ended 28 September
2018 and maintains full-year 2018 outlook.

Highlights

  • Nine months diluted earnings per share were €1.58 on a reported
    basis or €1.76 on a comparable basis, including a negligible impact
    from currency translation.
  • Nine months revenue totalled €8.7 billion, up 4.0 percent, or up
    4.5 percent on a comparable and fx-neutral basis. Volume decreased 0.5
    percent on a comparable basis, partly reflecting the impact of recent
    strategic portfolio and pricing decisions.
  • Nine months reported operating profit was €1.1 billion, up 4.0
    percent; comparable operating profit was €1.2 billion, up 7.5 percent
    on a comparable basis, or up 8.0 percent on a comparable and
    fx-neutral basis.
  • Third-quarter diluted earnings per share were €0.73 on a reported
    basis or €0.76 on a comparable basis, including a negligible impact
    from currency translation.
  • CCEP affirms full-year guidance for 2018 including comparable
    diluted earnings per share in a range of €2.27 to €2.29 including
    currency translation at recent rates and the impact of share buybacks.
  • CCEP declares fourth-quarter interim dividend of €0.28 per share
    implying an annualised dividend payout ratio of approximately 50
    percent.

Damian Gammell, Chief Executive Officer, said:

"Our year-to-date results reflect our ongoing focus on driving
profitable revenue growth through continued strong price and mix
realisation and solid in-market execution. I am particularly pleased
with how our teams across Great Britain, Germany and Northern Europe
have embraced the positive challenges brought by great summer weather,
although partially offset by softer trading in Spain and France.

"It is a fantastic time to be leading Coca-Cola European Partners, soon
with a new CCEP ticker, and the world's largest independent Coca-Cola
bottler by net revenue. As we laid out at our recent Capital Markets
Day, we have an exciting but realistic long-term view of the growth
opportunity across our portfolio of markets. We continue to make the
right strategic decisions for the long-term alongside investing now in
core capabilities that will support our growth and set us apart to win.

"Given our solid performance year-to-date, we are reaffirming our 2018
profit outlook. We are on track to return up to €500 million to
shareholders in 2018 as part of the recently announced €1.5 billion
share buyback programme, which alongside moving to an annualised payout
ratio of approximately 50 percent in Q4 2018, collectively demonstrate
our ultimate goal of delivering sustainable value for our shareholders."

 
Key Financial Measures

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

        Third-Quarter ended 28 September 2018
€ million     % change
       

As

Reported

    Comparable     Fx-Impact    

As

Reported

    Comparable     Fx-Impact    

Comparable

Fx-Neutral

Revenue 3,289     3,289     (9 ) 11.0 %     11.0 %     (0.5 )%     11.5 %
Cost of sales 1,985 1,989 (5 ) 12.0 % 12.5 % % 12.5 %
Operating expenses 803 779 (1 ) 5.0 % 7.5 % % 7.5 %
Operating profit 501 521 (3 ) 17.5 % 11.0 % (0.5 )% 11.5 %
Profit after taxes 358 371 (2 ) 18.0 % 11.5 % (1.0 )% 12.5 %
Diluted earnings per share (€)         0.73     0.76           18.0 %     11.5 %     %     11.5 %
 
 
Key Financial Measures

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

Nine months ended 28 September 2018
€ million % change
       

As

Reported

    Comparable     Fx-Impact    

As

Reported

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