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  COCA-COLA EUROPEAN company press release from 13/02/2020

  13/02/2020 - 08:00

Preliminary Unaudited Results FY 31 Dec 2019


COCA-COLA EUROPEAN PARTNERS

Preliminary Unaudited Results for the Full-Year Ended 31 December 2019

Another solid full-year; growth in 2020 to continue in line with mid-term objectives

FY 2019 Metric [1] As Reported   Comparable   Change vs 2018
  As Reported   Comparable   Comparable Fx-Neutral
Volume (m unit cases)[2] 2,521     2,521     1.0 %   1.0 %    
Revenue[3] (€M) 12,017     12,017     4.5 %   4.5 %   4.5 %
Cost of sales [4] (€M) 7,424     7,423     5.0 %   5.5 %   5.5 %
Operating expenses (€M) 3,045     2,918     (3.5 )%   0.5 %   0.5 %
Operating profit (€M) 1,548     1,676     19.0 %   6.0 %   6.0 %
Profit after taxes (€M) 1,090     1,185     20.0 %   6.0 %   6.0 %
Diluted EPS (€) 2.32     2.53     24.5 %   10.0 %   10.0 %
Revenue per unit case [3] (€)     4.77             3.0 %
Cost of sales per unit case [4] (€)     2.95             4.5 %
Free cash flow (€M)     1,099              
Capital Returns:                  
Dividend per share[5] (€) 1.24         +17.0% versus 2018    
2019 Share buyback (€M) 1,005                  

DAMIAN GAMMELL, CHIEF EXECUTIVE OFFICER, SAID:

"2019 saw our business deliver another solid full-year demonstrating our continued focus on driving profitable revenue growth through managing price and mix across our portfolio, delivering solid in-market execution and a step up in innovation, collectively reflected in market value share gains across all our geographies[6]. 2019 was a great year for our customers too; joint value creation remains a key priority, so it has been great to see that once again we were by far the largest FMCG value creator in the retail channel[6]. And all of this alongside the successful closure of our merger commitments.

"Looking ahead to 2020 and beyond, our journey continues to be built on three pillars: great people, great service and great beverages. We continue to build our core business alongside scaling up recent innovations and enhancing our commercial capabilities, by investing to better serve our customers and further improve in-market execution. All underpinned by a 23,500 strong team of talented and engaged people, an aligned relationship with The Coca-Cola Company and a bold and integrated sustainability agenda. We are making good progress on carbon and water, as well as packaging, where we are taking robust action and leading innovation. Having already expedited our CCEP recycled plastic (rPET) targets, Sweden will become our first 100% rPET market this year. We do however recognise that we have much more to do as we transition to a low-carbon, circular business. We look forward to sharing our progress and opportunities in all these areas during our capital markets event in May.

"It is a fantastic time to be leading CCEP. Our 2020 guidance is firmly in line with our mid-term growth objectives, which when combined with a new €1 billion share buyback programme and a 50% dividend payout ratio, collectively demonstrate our commitment to driving sustainable value for our shareholders."

Full and original press release in PDF


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  Original Source: COCA-COLA EUROPEAN