Coca-Cola European Partners Reports Preliminary Unaudited Results for The Fourth-Quarter and Full-Year Ended 31 December 2017

Highlights

Full-year diluted earnings per share were €1.41 on a reported basis or €2.12 on a comparable basis, including a negative currency translation impact of €0.04.

Full-year reported revenue totalled €11.1 billion, up 21.0 percent, or up 3.0 percent on a comparable and fxneutral basis. Volume was up 0.5 percent on a comparable basis.

Full-year reported operating profit totalled €1.3 billion, or €1.5 billion on a comparable basis, up 9.0 percent, or up 10.5 percent on a comparable and fx-neutral basis.

Full-year free cash flow*  was €1.0 billion.

Fourth-quarter diluted earnings per share were €(0.13) on a reported basis or €0.49 on a comparable basis, including a negligible impact from currency translation.

CCEP provides full-year guidance for 2018 including comparable and fx-neutral diluted earnings per share growth of between 6 percent and 7 percent when compared to 2017 comparable results.

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

CCEP completes post-merger comparability adjustments related to final acquisition accounting and provides revised comparable financial information and quarterly phasing for 2016 and 2017 to reflect these adjustments. All adjustments are non-cash.

CCEP declares quarterly dividend of €0.26 per share, an increase of approximately 24 percent. 

“In our first full year as Coca-Cola European Partners, we have started to realise the growth opportunities created by the merger and, importantly, modestly exceeded our initial guidance for revenue, operating profit, diluted earnings per share, and free cash flow,” said Damian Gammell, Chief Executive Officer.

“Looking ahead, our journey continues in 2018 as we further expand our portfolio, build on our commercial capabilities, and continue to invest in our business to better serve our customers and improve in-market execution,” Mr. Gammell said. “Though we face some headwinds in 2018, we remain confident that our focus on driving profitable growth and managing costs will strengthen our business for the long term.

“Today’s dividend announcement, an increase of over 20 percent, reflects our confidence in the future of our business and our goal of generating cash and driving increased shareholder value,” Mr. Gammell said.