Coca-Cola Europacific Partners PLC (NASDAQ: CCEP) reported Q4 EPS of EUR3.63. Revenue for the quarter came in at EUR18.3 billion.

GUIDANCE

The outlook for FY24 reflects our current assessment of market conditions. Unless stated otherwise, guidance is on an adjusted[13] comparable & FX-neutral basis. Guidance is therefore provided on the basis that the acquisition of CCBPI occurred on 1 Jan 2023.

• Revenue: comparable growth of ~4% in line with our mid-term strategic objectives

• More balanced between volumes & price/mix than FY23

• Two extra selling days in Q4

• Cost of sales per unit case: comparable growth of 3-4%

• Expect commodity inflation to grow low single-digit

• FY24 hedge coverage at ~80%[14]

• Taxes increase driven by Netherlands

• Concentrate directly linked to revenue per unit case through the incidence pricing model

• Operating profit: comparable growth of ~7% in line with our mid-term strategic objectives

• Continued focus on optimising discretionary spend & delivering efficiency programmes

• FY24 supported by first year of next €350-400m efficiency programme to be delivered by the end of FY28 (cash cost to deliver included within FCF guidance): expect ~€60-70m to be delivered in FY24

• Other:

• Finance costs: weighted average cost of net debt of ~2%

• Comparable effective tax rate: ~25%

• Comparable free cash flow: ~€1.7bn in line with our mid-term strategic objectives

• Capital expenditure: ~5% of revenue excluding leases

• Dividend payout ratio: ~50%[15] based on comparable EPS

For earnings history and earnings-related data on Coca-Cola Europacific Partners PLC (CCEP) click here.