CCEP - Coca-Cola European Partners GAAP EPS of Euro3.29 revenue of Euro17.32B; issues FY23 guidance

• Coca-Cola European Partners press release ( NASDAQ: CCEP ): Q4 GAAP EPS of €3.29.
• Revenue of €17.32B (+26% Y/Y).
• Comparable volume +1.5% (flat vs 2019) despite disruption related to a customer negotiation in the Home channel & cycling tougher comparables.
• AFH comparable volume: +5.5% (-4.5% vs 2019).
• Home comparable volume: -1.0% (+3.5% vs 2019).
• Revenue per unit case +9.0% (+14.0% vs 2019) driven by favourable price & positive pack & channel mix driven by the recovery of AFH.
• Recent trading indicating no significant change in underlying consumer demand.
• FY23 guidance: Revenue: comparable growth of 6-8% driven by price & mix. Dynamic headline pricing & promotional optimisation across our markets & annualisation of FY22 second headline pricing increases Bottom line.
• Cost of sales per unit case: comparable growth of ~8% ? Expect commodity inflation to be up ~10% (previously mid-teens).
• FY23 hedge coverage at ~85%.
• Concentrate directly linked to revenue per unit case through the incidence pricing model.
• Low overall FX transactional exposure (<10%).
• Operating profit: comparable growth of 6-7%.
• Continued focus on delivering efficiency programmes & optimising discretionary spend
• Other: Comparable effective tax rate: ~23%.
• Free cash flow: at least €1.6B.
• Capital expenditure: 4-5% of revenue excluding leases.
• Dividend payout ratio: c.50%.

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