Coca-Cola Europacific Partners Plc (CCEP) Q2 2022 Earnings Call Transcript

For the period ending June 30, 2022

August 4, 2022 7:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Sarah Willett

Hello. Thank you all for joining us today. I am here with Damian Gammell, our CEO and Nik Jhangiani, our CFO.

Before we begin with our opening remarks on our results for Second Quarter and Half Year 2022, a reminder of our cautionary statements. This call will contain forward-looking management comments and other statements reflecting our outlook. These comments should be considered in conjunction with the cautionary language contained in today’s release as well as the detailed cautionary statements found in reports filed with the U.K., U.S., Dutch and Spanish authorities. A copy of this information is available on our website at www.cocacolaep.com. Prepared remarks will be made by Damian and Nik and accompanied by a slide deck. We will then turn the call over to your questions.

Please note that unless otherwise stated, metrics presented today will be on a comparable and FX neutral basis throughout. Any growth rate, will also be presented on a pro forma basis. Following the call, a full transcript will be made available as soon as possible on our website.

I will now turn the call over to our CEO, Damian.

Damian Gammell

Thank you, Sarah. And good morning, good afternoon and many thanks to everyone joining us today. In May, we celebrated our first year as Coca-Cola Europacific Partners, and I'm incredibly proud as I had the team and pleased with the progress we've made today. We built a solid platform for long-term profitable growth, focused on delivering value for our shareholders and of course our customers. We had a fantastic first half, achieving strong top and bottom line growth, value share gains and an impressive level of free cash flow. This really gives us confidence for the rest of the year. So, I'm really pleased to be raising our 2022 revenue, profit and free cash flow guidance today. We are very proud of our strong relationship and alignment with the Coca-Cola Company and our other brand partner such as Monster and we're confident in the future.

We've retained a sharp focus on revenue growth management and driving efficiencies throughout the business, while continuing to invest for long-term growth. Particularly in our portfolio, our digital platforms, sustainability and of course in our people to whom I wish to say a big thank you for everything you do for CCEP and our customers. So, although mindful of the macroeconomic and the unprecedented inflationary environment, we do believe we're well placed for the second half of 2022 and beyond. I would now like to talk a little bit to the categories in which we compete. The remained robust and I'm very pleased that we've continued to take share, grow household penetration and importantly drive more value for our customers. We have great plans which our consumers love and on the back of ongoing investment and innovation in brands, products and packaging, our brands continue to support a very solid RGM growth platform for our customers.