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(Alliance News) - Coca-Cola Europacific Partners PLC on Tuesday raised financial guidance and declared a sharply higher annual payout, amid what it called strong trading and the successful integration of recent acquisition Coca-Cola Amatil Ltd.
The Uxbridge, England-based soft drinks bottler bought the Sydney-based Coca-Cola Amatil from its independent shareholders and US brand owner Coca-Cola Co. The deal valued Amatil at AUD9.77 billion, about GBP5.40 billion, and completed back in May.
Following the acquisition, CCEP renamed itself Coca-Cola Europacific Partners from Coca-Cola European Partners. It previously had operated in the UK, France, Germany, Spain and Portugal, the Benelux region, and Sweden and Norway, while Amatil brought in Australia, New Zealand, Indonesia, Papua New Guinea and Fiji.
Group revenue totalled EUR3.95 billion in the third-quarter, which ended October 1, up 24% on a year before or 22% at constant currency. However, most of this rise was due to the addition of EUR700 million in revenue from Amatil. In Europe, revenue was EUR3.25 billion, up 2.0%, or 1.0% on a currency-neutral basis.
In the year-to-date, group revenue totalled EUR9.87 billion, up 23% or 22% currency-neutral. In Europe alone, nine-month revenue rose 7.5% or 6.5% at constant currency.
On a pro forma basis, accounting for the acquisition, group revenue rose by 2.5% in the third quarter, or 0.5% at constant currency. In the year to date, pro forma revenue was up 9.0% or 7.5% currency-neutral.
Revenue per unit case was EUR4.88 in the third-quarter, up 2.0% from a year before and improving from the year-to-date figure of EUR4.82. Total volume was 796 million unit cases in the recent quarter, up 20% including the acquisition, though down 1.5% on a pro forma basis and down 1.0% in Europe alone. For the year-to-date, volume was 2.02 billion unit cases, up 17% on a year before, up 3.5% pro forma and up 3.0% in Europe alone.
"Solid top-line growth and value share gains in the third quarter demonstrate the strength of our business and the ongoing successful integration of Coca-Cola Amatil, which also delivered a resilient performance despite renewed restrictions" in Australia, said Chief Executive Officer Damian Gammell.
Looking ahead, CCEP raised it guidance for financial 2021 revenue, expecting comparable growth of 29% to 30%, up from 26% to 28% expected previously. Operating profit is expected to show comparable growth of 46% to 49%, up from 40% to 44% previously guided. The company said comparable growth reflects the timing of the acquisition of Amatil, which completed on May 10, and is based on actual foreign exchange rates.
CCEP declared a dividend for 2021 of EUR1.40, up 65% from last year and 13% from 2019. It said the dividend maintains its annualised payout ratio at 50% of earnings.
Full-year results will be issued on February 16.
CCEP shares were untraded at EUR47.00 in London on Tuesday.
By Tom Waite; thomaslwaite@alliancenews.com
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