CCEP - Coca-Cola European Partners GAAP EPS of Euro1.46 revenue of Euro8.28B; raises FY22 outlook

• Coca-Cola European Partners press release ( NASDAQ: CCEP ): 1H GAAP EPS of €1.46.
• Revenue of €8.28B (+40.1% Y/Y).
• Pro forma revenue per unit case +4.5% (+6.0% vs 2019).
• Generated strong free cash flow of €1,281M (net cashflows from operating activities of €1,653M) driven by strong first-half performance & working capital initiatives.
• Continued focus on returning to our target leverage range (Net debt/Adjusted EBITDA of 2.5x-3x) by FY24 .
• The outlook for FY22 reflects current market conditions: pro forma comparable growth of 11-13% (previously 8-10%); cost of sales per unit case: pro forma comparable growth of ~7.5% (previously ~7%); operating profit: pro forma comparable growth of 9-11% (previously 6-9%); comparable effective tax rate: 22-23% (unchanged); free cash flow: at least €1.6B (previously at least €1.5B).

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