Coca-Cola Europacific Partners profit rises 54% to over 1.5 billion euros
Bottling company Coca-Cola Europacific Partners (CCEP) reported a net profit of 1,521 million euros in 2022, 54% more than in 2021, the company told the Spanish National Securities Market Commission (CNMV) on Thursday.
Revenues for 2022 increased by 26% to 17.320 billion euros, of which 13.529 billion euros corresponded to Coca-Cola’s business in Europe, where it grew by 17%.
Revenues for 2022 in the Iberia market increased by 21.5% to 3,034 million euros, the company said.
In the last quarter of the year, growth in Iberia was 10 %, as the company posted revenues of 693 million.
The fourth quarter volumes reflect the “solid recovery of the on-trade channel”, according to the company.
“The maintenance of the momentum of activity, the return of tourism and a favourable climate have supported volume growth in this channel compared to 2019,” CCEP has abounded in its communication to the CNMV.
In addition, it has indicated that “despite the great dynamism of the home consumption channel, total annual volumes have been affected by the VAT hike in Spain compared to 2019”.
“A VERY SUCCESSFUL YEAR”
The company’s CEO, Damian Gammel, said that 2022 has been “a very successful year” thanks to the pricing strategy and promotions implemented, the company’s “wide range of packaging” and its “great execution in the market”.
Gammel noted that the business has been supported by the “continued recovery of out-of-home channels, as well as the return of travel and tourism, with further growth for the in-home channel”.
“All this, together with the focus on efficiency, has led to solid growth in revenues and net profit, an increase in value share and, in addition, has generated a consistent free cash flow,” he said.
He said the company remains “confident about the future, despite changing forecasts”, and continues to “invest for the long term”.
Gammel noted that 2022 was the company’s first year as Coca-Cola Europacific Partners, after it acquired Amatil in May 2021, expanding into other markets.
Until then, CCEP was already the largest Coca-Cola bottler in the world in terms of turnover, and with the purchase of Amatil it reinforced that position and widened its lead over the second-largest, Mexico’s Femsa.
In addition, with the acquisition it went from operating in 13 countries to 29, incorporating Australia, New Zealand and Indonesia, among others.
CCEP was created in 2016 with the integration of Coca-Cola’s bottling companies in Spain and other European countries, and is chaired by the Catalan director Sol Daurella.
As of 2021, the company manages 79 factories, 83 logistics centres, a workforce of more than 33,000 workers and a market of 600 million potential consumers.
