Strong first half, raising FY guidance

UXBRIDGE, UK / ACCESSWIRE / August 2, 2023 /

DAMIAN GAMMELL, CHIEF EXECUTIVE OFFICER, SAID:

"Today, we are excited to announce the proposed joint acquisition of Coca-Cola Beverages Philippines, Inc. with Aboitiz Equity Ventures Inc., one of the leading conglomerates in the local market. This offers us a great opportunity to acquire an established, well-run business with attractive profitability and growth prospects. This would be a natural next step for CCEP, creating a more diverse footprint within our existing API business segment, support Indonesia's transformation journey and underpin our strategic mid-term objectives.

"We are also very pleased to have delivered a great first half, achieving strong top and bottom-line growth and generating impressive free cash flow. Our performance reflects great in-market execution, strong customer relationships allowing our consumers to continue to enjoy our portfolio of leading brands across a broad pack offering. This resulted in solid volume growth across our developed markets, whilst our volume in Indonesia reflected the execution of our long-term transformation strategy. Our focus on revenue and margin growth management, along with our price and promotion strategy, drove solid gains in revenue per unit case with transactions outpacing volume.

"Looking ahead, we remain confident in the resilience of our categories, despite the ongoing dynamic outlook. We have fantastic activation plans to build on our momentum, including the Women's World Cup, to engage customers and consumers. We also continue to actively manage our pricing and promotional spend to remain affordable and relevant to our consumers. Given our strong first half, we are raising revenue, operating profit and free cash flow guidance^[1] for FY23. This demonstrates the strength of our business and ability to deliver continued shareholder value. This is all underpinned by our progress on sustainability, our talented and engaged colleagues, and our strong relationships with The Coca-Cola Company, our other brand partners, and our customers, who continue to share in our success."

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Note: All footnotes included after the 'About CCEP' section

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SOURCE: Coca-Cola Europacific Partners plc