FDBusiness.com

Coca-Cola European Partners, the world’s largest independent Coca-Cola bottler based on revenue, has increased its full year 2017 outlook after reporting solid interim results for the six months ended 30 June 2017. First-half reported revenue totalled €5.4 billion, up 3.0% on a comparable basis, or up 5.0% on a comparable and foreign exchange neutral basis. Volume grew 3.0% on a comparable basis.

First-half reported operating profit was €635 million; comparable operating profit was €688 million, up 14.0% on a comparable basis, or up 17.9% on a comparable and foreign exchange neutral basis. First-half diluted earnings per share were €0.91 on a reported basis or €0.98 on a comparable basis, including a negative currency translation impact of €0.03.

Damian Gammell, chief executive of Coca-Cola European Partners.

The result of the merger of Coca-Cola Enterprises (CCE), Coca-Cola Iberian Partners (CCIP) and Germany-based Coca-Cola Erfrischungsgetranke (CCEG), 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 and Sweden.

“We delivered a strong second quarter as we continue to make solid progress in building our new company and realising our planned synergies,” comments Damian Gammell, chief executive of Coca-Cola European Partners. “These results reflect the successful execution of our sales and marketing plans, as well as favourable weather throughout the quarter.”

Coca-Cola European Partners remains on track to achieve pre-tax savings of €315 million to €340 million through synergies by mid-2019.

He adds: “Importantly, our results also continue to support the strategic rationale for creating CCEP. Looking forward, we remain focused on our long-term business growth through expanding our portfolio, creating value with our customers, and improving in-market execution, all to generate strong cash flow and drive long-term value for our shareholders.”

For 2017, Coca-Cola European Partners now expects low single-digit revenue growth, operating profit growth at the top end of the previously stated high single-digit range, and diluted earnings per share to be up 10% to 12%. Excluding synergies, the drinks group expects operating profit growth to be broadly in-line with revenue growth. Each of these growth figures is on a comparable and foreign exchange neutral basis when compared to 2016 comparable results.