CCEP - Coca-Cola European Partners Non-GAAP EPS of Euro1.85 revenue of Euro8.98B; raises FY guidance

2023-08-02 03:15:00 ET

• Coca-Cola European Partners press release ( NASDAQ: CCEP ): 1H Non-GAAP EPS of €1.85.
• Revenue of €8.98B (+8.5% Y/Y).
• Comparable volume +1.0% (Europe: +2.5%; API: -5.5%) driven by good underlying demand in developed markets & solid in-market execution offset by strategic SKU rationalisation as part of our long-term transformation in Indonesia.
• Free cash flow: Generated strong free cash flow of €850M reflecting strong performance (net cashflows from operating activities of €1,307M), supporting our journey to return to our target leverage range of Net debt:Adjusted EBITDA of 2.5x-3x. At the end of 2022, Net debt:Adjusted EBITDA was 3.5x.
• FY23 guidance and outlook: Revenue: comparable growth of 8-9% (previously 6-8%); Cost of sales per unit case: comparable growth of ~8% (unchanged); Operating profit: comparable growth of 12-13% (previously 6-7%); Comparable effective tax rate: ~24% (previously ~23%); Free cash flow: at least €1.7bn (previously at least €1.6bn); Capital expenditure: 4-5% of revenue excluding leases (unchanged).

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