Actusnews Wire - Professional broadcaster of corporate and regulated information, authorised by the AMF and the CSSF.

  COCA-COLA EUROPEAN company press release from 11/02/2021

  11/02/2021 - 08:00

Preliminary Unaudited Results Q4 and FY 2020


COCA-COLA EUROPEAN PARTNERS

Preliminary Unaudited Results for the Full-Year Ended 31 December 2020

Resilient performance despite the challenging backdrop; well-positioned for a digital & green led future

FY 2020 Metric [1] As Reported   Comparable   Change vs 2019
  As Reported   Comparable   Comparable Fx-Neutral
Volume (m unit cases)[2] 2,277      2,277      (9.5) %   (10.0) %    
Revenue (€M) 10,606      10,606      (11.5) %   (11.5) %   (11.0) %
Cost of sales (€M) 6,871      6,809      (7.5) %   (8.5) %   (7.5) %
Operating expenses (€M) 2,922      2,603      (4.0) %   (11.0) %   (10.0) %
Operating profit (€M) 813      1,194      (47.5) %   (29.0) %   (28.5) %
Profit after taxes (€M) 498      821      (54.5) %   (30.5) %   (30.5) %
Diluted EPS (€) 1.09      1.80      (53.0) %   (29.0) %   (28.5) %
Revenue per unit case (€)     4.69              (1.5) %
Cost of sales per unit case(€)     3.01              2.5  %
Free cash flow (€M)     924               
Capital Returns:                  
Dividend per share[3] (€) 0.85        Maintained dividend payout ratio of c.50%
2020 Share buyback (€M) c.130                

DAMIAN GAMMELL, CHIEF EXECUTIVE OFFICER, SAID:

"2020 was a challenging year like no other, and I am very proud of how well we have managed through such a rapidly changing environment. That is down to the extraordinary work and commitment of our colleagues, supporting each other as well as our customers and communities, and to all of whom, I am sincerely grateful.

"The crisis also reinforced the power of our relationship with The Coca-Cola Company and our other brand partners. Our collective belief in continuing to invest in our core brands has served us well, gaining share[4] both in the home channel and online. We also took meaningful actions to protect our performance, ending the year with strong free cash flow[1] and a solid balance sheet. This enabled us to continue to return cash to shareholders, as evidenced by the dividend paid in December.

"While our business continues to face significant restrictions, which we confidently continue to navigate, the crisis has strengthened our determination to move further and faster towards a stronger and even more sustainable future. We protected the short-term without compromising the longer-term by continuing to invest, particularly in digital, sustainability and our portfolio. These investments enabled us to provide exceptional service and support for our customers and colleagues, to progress faster towards our 2040 net zero carbon ambition and to seed future revenue streams like Costa, Tropico and Topo Chico. We also adjusted our cost base to a new reality with more to come.

"So, we are confident about the future, built upon three pillars: great people, great service and great beverages. We are making a difference and believe we have the right foundation, alongside the exciting Coca-Cola Amatil acquisition, to drive sustainable growth and deliver increased shareholder value."

___________________________

[1] Refer to 'Note Regarding the Presentation of Alternative Performance Measures' for further details

[2] Unit Case = approximately 5.678 litres or 24 8-ounce servings

[3] 25 October 2020 declared €0.85 dividend per share, paid 1 December 2020

[4] Source: NARTD (non-alcoholic ready to drink) Nielsen Global Track Data for ES, PT, DE, GB, FR, BE, NL, SE, NO to YE 27.12.20
 

Full and original press release in PDF

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.


This publication embed "Actusnews SECURITY MASTER".
- SECURITY MASTER Key: mG5pYMebkm6Wyp5qZcibbmdnmZmSmGfHbpScmZKZlZiabJ6Uym2VmZudZm9om2Vp
- Check this key: https://www.security-master-key.com.



  Original Source: COCA-COLA EUROPEAN