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May 11, 2021

Game of two halves for Coca-Cola Europacific Partners in debut quarterly figures – results data

Coca-Cola Europacific Partners has started life with a mid-single-digit dip in first-quarter sales as Europe pulled on the growth reported on the other side of the world.

  • Three-month sales decline 4.5% to EUR3.09bn (US$3.76bn) on pro-forma basis
  • Europe down 7.5% at EUR2.29bn
  • Australia, Pacific & Indonesia rises 6% to EUR797m

The group, which came into being this week following Coca-Cola European Partners’ purchase of Coca-Cola Amatil, today posted a decrease of 4.5% in pro-forma sales from the first three months of 2021. While operations in ‘Europe’ fell 7.5%, the ‘Australia, Pacific & Indonesia’ reporting region climbed 6%.

The Coca-Cola bottler highlighted the presence of COVID-related restrictions in Europe throughout the quarter, although sales in Great Britain – comprising England, Scotland & Wales – bucked the Europe-wide trend, rising by 1.5%. CCEP said the market’s “home” consumption channel enjoyed a “robust” period.

While today’s results announcement provided scant commentary on the former CCA operations, category performance in Europe was covered: Brand Coca-Cola was down in volume terms in the region by 8% as regular standout Coca-Cola Zero Sugar came in flat – +0.5%. The ‘flavours, mixers & energy’ reporting segment – down 5.5% in volumes – provided optimism, with Schweppes mixers capitalising on at-home cocktails/spirits plus mixers consumption and energy drinks “on track to double” in size on 2019’s showing.

‘Hydration’, comprising bottled water brands, slumped by 41.5% in European volumes, continuing the downward trend for bottled water in the region last year.

CEO Damian Gammell

“Trading conditions remained similar to the last quarter of 2020, with renewed restrictions in many of our markets impacting the away-from-home channel. We have been able to keep on winning, gaining value share in-store and online, through our ability to adapt, strong execution and continued focus on our core brands.

“While the pandemic persists and the precise nature and timing of the recovery is unknown, there is optimism ahead. Indeed, the strong post-pandemic recovery in two of our new markets, Australia & New Zealand, highlight the positive impact of increased mobility, which will in time come to our other markets. In Europe, although conditions remain challenging, we are encouraged by an improving trend across the quarter, especially in Great Britain, with good at-home consumption.

“We are delighted that as of yesterday the acquisition of Coca-Cola Amatil has closed and we are now Coca-Cola Europacific Partners. Bringing together two of the world’s best bottlers provides exciting growth opportunities and an even stronger strategic relationship with The Coca-Cola Co. We will go further, together, creating value for shareholders and a better, more sustainable future for all stakeholders.”

Coca-Cola Europacific Partners, which is the largest bottler in the Coca-Cola system, covers 29 countries.

To access Coca-Cola Europacific Partners’ official Q1 results statement, click here.

How soft drinks can make the most of the reopening on-premise and foodservice channels – Click here for a just-drinks comment

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