Coca-Cola Europacific Partners PLC (CCEP) Q4 2022 Earnings Call Transcript

For the period ending December 31, 2022

February 16, 2023 7:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Sarah Willett

Thank you all for joining us today. I'm here with Damian Gammell, our CEO; and Nik Jhangiani, our CFO. Before we begin with our opening remarks on our results for the fourth quarter and full 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. Unless otherwise stated, metrics presented today will be on a comparable and FX-neutral basis throughout. Any growth rate will be also presented on a pro forma basis. With the full year financial year of Coca-Cola Europacific Partners behind us, please note that pro forma growth rates will no longer be relevant when talking about FY '23 and beyond.

Following the call, a full transcript will be made available as soon as possible on our website. And finally, before I turn over the call to our CEO, Damian, if you live in GB, please not worry about the recent news coverage about the much loved brand and one of my personal favorite Lilt. It is not disappearing, but being rebranded as Fanta pineapple and grapefruit.

So on that positive note, over to you, Damian.

Damian Gammell

Thank you, Sarah, and many thanks to everyone joining us today. Before we start with our key messages, I'd particularly like to thank all of my colleagues at CCEP for their incredible commitment and hard work throughout what was our first full year as Coca-Cola Europacific Partners. And indeed, what a great year it has been. I am delighted with our financial performance achieving strong top and bottom line growth with revenue and profits both ahead of 2019 levels, value share gains and a very impressive free cash flow generation. This has allowed us to pay a record dividend to our shareholders.

As a diverse and sustainable bottler, we firmly believe we are well placed for growth in 2023 and beyond. We also operate within a resilient and growing category with great brands that our consumers continue to love. We will continue to invest and innovate in these brands and their packaging supporting a solid growth platform for all our customers. We are confident in the future and are fully committed to the higher midterm objectives announced at our Capital Markets Day in November. And finally, we are very proud of our strong relationship and alignment with the Coca-Cola Company, and all other valued brand partners.