Coca-Cola European Partners reports interim results fort he six months ended 29 June 2018

Coca-Cola European Partners plc (CCEP) announced its interim results for the six months ended 29 June 2018 and maintains full-year 2018 outlook.

Highlights

• First-half diluted earnings per share were € 0.85 on a reported basis or € 1.00 on a comparable basis, including a negligible impact from currency translation.
• First-half reported revenue totalled € 5.4 billion, flat versus prior year, or up 1.0 percent on a comparable and fxneutral basis. Volume decreased 3.5 percent on a comparable basis, partly reflecting the impact of recent strategic portfolio and pricing decisions.
• First-half reported operating profit was € 605 million; comparable operating profit was € 699 million, up 4.5 percent on a comparable basis, or up 5.0 percent on a comparable and fx-neutral basis.
• Second-quarter diluted earnings per share were € 0.60 on a reported basis or € 0.67 on a comparable basis, including a negligible impact from currency translation.
• CCEP affirms full-year guidance for 2018 for comparable and fx-neutral diluted earnings per share growth of between 6 percent and 7 percent when compared to 2017 comparable results.
• CCEP raises full-year guidance for 2018 free cash flow to a range of € 900 million to € 950 million.
• CCEP declares quarterly dividend of € 0.26 per share.

“We are pleased with our execution and performance in the first half as we continued to make bold portfolio and pricing decisions. We are confident that these are the right strategic initiatives for our business in the long-term, while acknowledging the near-term negative impact on volume,” said Damian Gammell, Chief Executive Officer.

“This strategy is reflected in another quarter of solid growth, including strong revenue per unit case gains as we focus on improving our pack and pricing architecture. Overall, we are encouraged by our first-half performance given business disruption in France owing to customer negotiations; unfavourable weather in Iberia; and new industry taxes, notably in Great Britain.

“Given our solid progress in the first half, we have affirmed our 2018 profit outlook. We are committed to implementing our Beverages For Life strategy; investing in our business; better serving our customers; and improving our in-market execution,”

Mr. Gammell said. “Importantly, we are confident that we have the right strategy and the right team in place to deliver strong cash generation and ultimately generate long-term value for our shareholders.”

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