COCA-COLA EUROPEAN PARTNERS PLC FILES INTEGRATED REPORT AND FORM 20-F
LONDON, 16 March 2020 - Coca-Cola European Partners plc ("CCEP") (ticker symbol CCEP) announces that on 16 March 2020 it made its 2019 Integrated Report and Form 20-F available on its website at https://ir.cocacolaep.com/financial-reports-and-results/integrated-reports/. It will be filed with the Securities and Exchange Commission when it opens later this morning and will then be available online at www.sec.gov. This document will be filed in accordance with Section 203.01 of the New York Stock Exchange Listed Company Manual and includes CCEP's audited results for the year ended 31 December 2019. The unaudited fourth-quarter and full year results for the period ended 31 December 2019 were previously released on 13 February 2020.
Since the balance sheet date, we have seen significant macro-economic uncertainty as a result of the coronavirus (COVID-19) outbreak. The scale and duration of this development remains uncertain. CCEP is well positioned given its current financial position, stable cash generation and good access to liquidity and has mitigation plans in place, which it continues to adapt as the situation evolves. The situation could however impact our full year 2020 earnings and cash flow, and therefore by implication our full year 2020 guidance, on which we will update you in due course.
Details of CCEP's full year 2020 guidance, previously announced on 13 February 2020, can be found in the aforementioned unaudited and full year results for the period ended 31 December 2019, available on CCEP's website at https://ir.cocacolaep.com/financial-reports-and-results/financial-releases/.
A copy of the 2019 Integrated Report and Form 20-F will be available shortly at www.morningstar.co.uk/uk/NSM. Printed copies of the Integrated Report and Form 20-F will be posted to those shareholders who have requested it on or around 16 April 2020.
Pursuant to Disclosure Guidance and Transparency Rule 6.3.5R, a summary of the principal risks and uncertainties, information regarding related party transactions and a responsibility statement are set out in the Appendices. Page references included in this announcement refer to page numbers in the 2019 Integrated Report and Form 20-F. References to notes to the financial statements refer to notes in the 2019 Integrated Report and Form 20-F. This announcement should be read with, and is not a substitute for reading, the full 2019 Integrated Report and Form 20-F.
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Coca-Cola European Partners plc is a leading consumer goods company in Western Europe, making, selling & distributing an extensive range of non-alcoholic ready to drink beverages & is the world's largest Coca-Cola bottler based on revenue. Coca-Cola European Partners serves a consumer population of over 300 million across Western Europe, including Andorra, Belgium, continental France, Germany, Great Britain, Iceland, Luxembourg, Monaco, the Netherlands, Norway, Portugal, Spain & Sweden. The Company is listed on Euronext Amsterdam, the New York Stock Exchange, London Stock Exchange & on the Spanish Stock Exchanges, trading under the symbol CCEP.
For more information about CCEP, please visit www.cocacolaep.com & follow CCEP on Twitter at @CocaColaEP.
APPENDIX A - PRINCIPAL RISKS AND UNCERTAINTIES
Our approach to risk
Our decisions are informed by an understanding of the risks we face as a business. Through our enterprise wide risk management programme, we identify, measure and manage risk, and embed a strong risk culture across our business.
CCEP's risk management framework looks at both risks and opportunities. As well as supporting the management of risks, it also guides how we can capitalise on opportunities.
Our principal risks are those that have been identified as most impactful to our business by our enterprise risk assessment. CCEP defines these as risks that could materially and adversely affect our business, or could cause our actual results to differ materially from those given in the forward-looking statements within this report and other public statements we make.
In addition to risks previously identified, coronavirus (COVID-19) is likely to have an impact. CCEP has mitigation plans in place and continues to adapt these as the situation evolves.
CCEP has a strong process in place to manage the mitigation of these risks through robust business continuity capabilities.
The Directors have carried out a robust assessment of these principal risks.
The following is a summary of the Group's Principal Risks that are included in the 2019 Integrated Report and Form 20-F, however, this summary is not intended to include all risks that could ultimately impact our business and is presented in no particular order:
- Perceived health impact of our beverages and ingredients, and changing consumer preferences
- Legal, regulatory and tax change
- Cyber and social engineering attacks
- Competitiveness and transformation
- Climate change and water
- Economic and political conditions
- Relationship with The Coca-Cola Company and other franchisors
- Product quality
For further details about our principal risks and uncertainties please refer to pages 44 to 49 of the 2019 Integrated Report and Form 20-F.
APPENDIX B - RELATED PARTY TRANSACTIONS
Details regarding related party transactions can be found in Note 19 of the Notes to the Consolidated Financial Statements on pages 131 to 173 of the 2019 Integrated Report and Form 20-F.
APPENDIX C - DIRECTORS' RESPONSIBILITIES STATEMENT
(page 111 of the 2019 Integrated Report and Form 20-F)
Responsibility for preparing financial statements
The Directors are responsible for preparing the Integrated Report and the financial statements in accordance with applicable law and regulations.
UK company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have prepared Group financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and Article 4 of the IAS Regulations. They have elected to prepare the parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom accounting standards and applicable law) including FRS 101, "Reduced Disclosure Framework". In preparing the consolidated Group financial statements the Directors have also elected to comply with IFRS as issued by the International Accounting Standards Board (IASB).
Under section 393 of the Companies Act, the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the Group and of the profit or loss of the Company and of the Group for that period.
In preparing the Company financial statements, the Directors are required to:
- Select suitable accounting policies and apply them consistently
- Make judgements and accounting estimates that are reasonable and prudent
- Follow applicable UK Accounting Standards (except where any departures from this requirement are explained in the notes to the parent company financial statements)
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business
In preparing the Group financial statements in accordance with IAS (UK & Ireland) 1, "Presentation of Financial Statements", the Directors are required to:
- Select suitable accounting policies and apply them consistently
- Present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information
- Provide additional disclosures when compliance with the specific requirements in IFRS are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial performance
- Make an assessment of the Group's ability to continue as a going concern
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act. They are responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
They are also responsible for the maintenance and integrity of the corporate and financial information included on the Company's website.
Legislation, regulation and practice in the UK governing the preparation and dissemination of financial statements may differ from legislation, regulation and practice in other jurisdictions.
The Directors, whose names and functions are set out on pages 60 to 64, confirm that to the best of their knowledge:
- The financial statements, prepared in accordance with the relevant financial reporting framework, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole
- The management report includes a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties they face
- The Integrated Report and financial statements, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the Company's position and performance, business model and strategy.
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