Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2017 | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | COCA-COLA EUROPEAN PARTNERS plc |
Entity Central Index Key | 0001650107 |
Document Type | 6-K |
Document Period End Date | Jun. 28, 2019 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q2 |
Condensed Consolidated Interim
Condensed Consolidated Interim Income Statement (Unaudited) - EUR (€) € in Millions | 6 Months Ended | |
Jun. 28, 2019 | Jun. 29, 2018 | |
Profit or loss [abstract] | ||
Revenue | € 5,802 | € 5,435 |
Cost of sales | (3,594) | (3,341) |
Gross profit | 2,208 | 2,094 |
Selling and distribution expenses | (1,101) | (1,070) |
Administrative expenses | (381) | (419) |
Operating profit | 726 | 605 |
Finance income | 26 | 23 |
Finance costs | (75) | (68) |
Total finance costs, net | (49) | (45) |
Non-operating items | 1 | 0 |
Profit before taxes | 678 | 560 |
Taxes | (170) | (143) |
Profit after taxes | € 508 | € 417 |
Basic earnings per share (in EUR per share) | € 1.08 | € 0.86 |
Diluted earnings per share (in EUR per share) | € 1.07 | € 0.85 |
Condensed Consolidated Interi_2
Condensed Consolidated Interim Statement of Comprehensive Income (Unaudited) - EUR (€) € in Millions | 6 Months Ended | |
Jun. 28, 2019 | Jun. 29, 2018 | |
Statement of comprehensive income [abstract] | ||
Profit after taxes | € 508 | € 417 |
Foreign currency translations: | ||
Pretax activity, net | (16) | (11) |
Tax effect | 0 | 0 |
Foreign currency translation, net of tax | (16) | (11) |
Cash flow hedges: | ||
Pretax activity, net | 0 | (8) |
Tax effect | 1 | 1 |
Cash flow hedges, net of tax | 1 | (7) |
Other comprehensive loss for the period, net of tax | (15) | (18) |
Total comprehensive income | € 493 | € 399 |
Condensed Consolidated Interi_3
Condensed Consolidated Interim Statement of Financial Position (Unaudited) - EUR (€) € in Millions | Jun. 28, 2019 | Dec. 31, 2018 | Jun. 29, 2018 |
Non-current: | |||
Intangible assets | € 8,392 | € 8,384 | € 8,363 |
Goodwill | 2,521 | 2,518 | 2,521 |
Property, plant and equipment | 4,184 | 3,888 | 3,793 |
Non-current derivative assets | 3 | 2 | 7 |
Deferred tax assets | 41 | 37 | 62 |
Other non-current assets | 286 | 396 | 78 |
Total non-current assets | 15,427 | 15,225 | 14,824 |
Current: | |||
Current derivative assets | 10 | 13 | 22 |
Current tax assets | 8 | 21 | 26 |
Inventories | 945 | 693 | 815 |
Amounts receivable from related parties | 114 | 107 | 101 |
Trade accounts receivable | 1,974 | 1,655 | 1,966 |
Other current assets | 230 | 193 | 497 |
Cash and cash equivalents | 382 | 309 | 368 |
Total current assets | 3,663 | 2,991 | 3,795 |
Total assets | 19,090 | 18,216 | 18,619 |
Non-current: | |||
Borrowings, less current portion | 5,676 | 5,127 | 5,289 |
Employee benefit liabilities | 134 | 142 | 150 |
Non-current provisions | 116 | 119 | 67 |
Non-current derivative liabilities | 40 | 51 | 77 |
Deferred tax liabilities | 2,160 | 2,157 | 2,253 |
Other non-current liabilities | 280 | 264 | 233 |
Total non-current liabilities | 8,406 | 7,860 | 8,069 |
Current: | |||
Current portion of borrowings | 620 | 491 | 395 |
Current portion of employee benefit liabilities | 18 | 19 | 20 |
Current provisions | 74 | 133 | 139 |
Current derivative liabilities | 21 | 20 | 3 |
Current tax liabilities | 157 | 110 | 114 |
Amounts payable to related parties | 379 | 191 | 235 |
Trade and other payables | 3,080 | 2,828 | 2,814 |
Total current liabilities | 4,349 | 3,792 | 3,720 |
Total liabilities | 12,755 | 11,652 | 11,789 |
EQUITY | |||
Share capital | 5 | 5 | 5 |
Share premium | 167 | 152 | 135 |
Merger reserves | 287 | 287 | 287 |
Other reserves | (567) | (552) | (521) |
Retained earnings | 6,443 | 6,672 | 6,924 |
Total equity | 6,335 | 6,564 | 6,830 |
Total equity and liabilities | € 19,090 | € 18,216 | € 18,619 |
Condensed Consolidated Interi_4
Condensed Consolidated Interim Statement of Cash Flows (Unaudited) - EUR (€) € in Millions | 6 Months Ended | |
Jun. 28, 2019 | Jun. 29, 2018 | |
Cash flows from operating activities: | ||
Profit before taxes | € 678 | € 560 |
Adjustments to reconcile profit before tax to net cash flows from operating activities: | ||
Depreciation | 289 | 229 |
Amortisation of intangible assets | 25 | 24 |
Share-based payment expense | 8 | 7 |
Finance costs, net | 49 | 45 |
Income taxes paid | (82) | (92) |
Changes in assets and liabilities: | ||
Decrease/(increase) in trade and other receivables | (321) | (234) |
Decrease/(increase) in inventories | (254) | (166) |
Increase/(decrease) in trade and other payables | 265 | 315 |
Increase/(decrease) in provisions | (62) | (36) |
Change in other operating assets and liabilities | 249 | (31) |
Net cash flows from operating activities | 844 | 621 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (260) | (207) |
Purchases of capitalised software | (44) | (13) |
Proceeds from sales of property, plant and equipment | 11 | 3 |
Net cash flows used in investing activities | (293) | (217) |
Proceeds from non-current borrowings | 492 | 0 |
Cash flows from financing activities: | ||
Changes in short-term borrowings | 50 | (78) |
Repayments on third party borrowings | (175) | 0 |
Interest paid, net | (53) | (61) |
Repayments of principal on lease obligations | (61) | (10) |
Dividends paid | (290) | (252) |
Purchase of own shares under share buyback programme | (457) | 0 |
Exercise of employee share options | 15 | 8 |
Other financing activities, net | 1 | (2) |
Net cash flows used in financing activities | (478) | (395) |
Net change in cash and cash equivalents | 73 | 9 |
Net effect of currency exchange rate changes on cash and cash equivalents | 0 | (1) |
Cash and cash equivalents at beginning of period | 309 | 360 |
Cash and cash equivalents at end of period | € 382 | € 368 |
Condensed Consolidated Interi_5
Condensed Consolidated Interim Statement of Changes in Equity Statement (Unaudited) - EUR (€) € in Millions | Total | Share capital | Share premium | Merger reserves | Other reserves | Retained earnings |
Equity attributable to owners of parent at Dec. 31, 2017 | € 6,685 | € 5 | € 127 | € 287 | € (503) | € 6,769 |
Profit after taxes | 417 | 417 | ||||
Other comprehensive income / (expense) | (18) | (18) | ||||
Total comprehensive income | 399 | (18) | 417 | |||
Issue of shares during the period | 8 | 8 | ||||
Equity-settled share-based payment expense | 7 | 7 | ||||
Share-based payment tax benefits | (16) | (16) | ||||
Dividends | (253) | (253) | ||||
Equity attributable to owners of parent at Jun. 29, 2018 | 6,830 | 5 | 135 | 287 | (521) | 6,924 |
Equity attributable to owners of parent at Dec. 31, 2018 | 6,564 | 5 | 152 | 287 | (552) | 6,672 |
Profit after taxes | 508 | 508 | ||||
Other comprehensive income / (expense) | (15) | (15) | ||||
Total comprehensive income | 493 | (15) | 508 | |||
Issue of shares during the period | 15 | 15 | ||||
Equity-settled share-based payment expense | 8 | 8 | ||||
Share-based payment tax benefits | 2 | 2 | ||||
Dividends | (290) | (290) | ||||
Own shares purchased under share buyback programme | 457 | 0.1 | 457 | |||
Equity attributable to owners of parent at Jun. 28, 2019 | € 6,335 | € 5 | € 167 | € 287 | € (567) | € 6,443 |
GENERAL INFORMATION AND BASIS O
GENERAL INFORMATION AND BASIS OF PREPARATION | 6 Months Ended |
Jun. 28, 2019 | |
Corporate Information And Statement of IFRS Compliance [Abstract] | |
GENERAL INFORMATION AND BASIS OF PREPARATION | GENERAL INFORMATION AND BASIS OF PREPARATION Coca-Cola European Partners plc (the Company) and its subsidiaries (together CCEP, the Group) are a leading consumer goods group in Western Europe making, selling and distributing an extensive range of non-alcoholic ready-to-drink beverages. The Group is the world’s largest independent Coca-Cola bottler based on revenue. CCEP serves a consumer population of over 300 million across Western Europe, including Andorra, Belgium, continental France, Germany, Great Britain, Iceland, Luxembourg, Monaco, the Netherlands, Norway, Portugal, Spain and Sweden. CCEP is a public company limited by shares, incorporated under the laws of England and Wales with the registered number in England of 09717350. The Group’s shares are listed and traded on Euronext Amsterdam, the New York Stock Exchange, London Stock Exchange and on the Spanish Stock Exchanges. The address of the Company’s registered office is Pemberton House, Bakers Road, Uxbridge, Middlesex UB8 1EZ, United Kingdom. These condensed consolidated interim financial statements do not constitute statutory accounts as defined by Section 434 of the Companies Act 2006. They have been reviewed but not audited by the Group’s auditor, unless otherwise stated. The statutory accounts for the Company for the year ended 31 December 2018 , which were prepared in accordance with IFRS as issued by the International Accounting Standards Board (IASB), IFRS as adopted by the European Union and in accordance with the provisions of the Companies Act 2006, have been delivered to the Registrar of Companies. The auditor’s opinion on those accounts was unqualified and did not contain a statement made under section 498 (2) or (3) of the Companies Act 2006. The condensed consolidated interim financial statements of the Group for the six months ended 28 June 2019 were approved and signed by Damian Gammell, Chief Executive Officer on 8 August 2019 having been duly authorised to do so by the Board of Directors. Basis of Preparation and Accounting Policies The condensed consolidated interim financial statements of the Group have been prepared in accordance with the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority and International Accounting Standard 34, “Interim Financial Reporting” (IAS 34) and should be read in conjunction with our 2018 Consolidated Financial Statements. The 2018 Consolidated Financial Statements were prepared in accordance with IFRS as issued by the IASB, IFRS as adopted by the European Union and in accordance with the provisions of the Companies Act 2006. The 2018 Consolidated Financial Statements include a full description of the Group’s accounting policies. The same accounting policies and methods of computation have been used as described in the 2018 Consolidated Financial Statements, with the exception of taxes on income and the adoption of IFRS 16, “Leases” as set out in Note 2. Taxes on income in interim periods are accrued using the tax rate that would be applicable to expected total annual profit or loss. For consistent preparation, the amount within the Condensed Consolidated Interim Statement of Cash Flows for the six months ended 29 June 2018 relating to payments of principal on lease obligations has been presented in line with current year classification. There has been no change in our net cash flows from financing activities for the six months ended 29 June 2018 . Reporting periods Results are presented for the interim period from 1 January 2019 to 28 June 2019 . The Group’s financial year ends on 31 December . For half-yearly reporting convenience, the first six month period closes on the Friday closest to the end of the interim calendar period. There was one less selling day in the six months ended 28 June 2019 versus the six months ended 29 June 2018 , and there will be one more selling day in the second six months of 2019 versus the second six months of 2018 (based upon a standard five-day selling week). The following table summarises the number of selling days, for the years ended 31 December 2019 and 31 December 2018 (based on a standard five-day selling week): Half year Full year 2019 129 261 2018 130 261 Change -1 0 Trading seasonality Operating results for the first half of 2019 may not be indicative of the results expected for the year ended 31 December 2019 as sales of the Group’s products are seasonal, with the second and third quarters accounting for higher unit sales of the Group’s products than the first and fourth quarters. The seasonality of the Group’s sales volume, combined with the accounting for fixed costs such as depreciation, amortisation, rent and interest expense, impacts the Group’s results for the first half of the year. Additionally, year-over-year shifts in holidays, selling days and weather patterns can impact the Group’s results on an annual or half-yearly basis. Exchange rates The Group’s reporting currency is the Euro. CCEP translates the income statements of non-Euro functional currency subsidiary operations to the Euro at average exchange rates and the balance sheets at the closing exchange rate as at the end of the period. The principal exchange rates used for translation purposes in respect of one Euro were: Average for the Six Months Ended Closing as at 28 June 2019 29 June 2018 28 June 2019 31 December 2018 29 June 2018 UK Sterling 1.14 1.14 1.12 1.12 1.13 US Dollar 0.89 0.83 0.88 0.87 0.86 Norwegian Krone 0.10 0.10 0.10 0.10 0.11 Swedish Krone 0.10 0.10 0.09 0.10 0.10 Icelandic Krone 0.01 0.01 0.01 0.01 0.01 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 28, 2019 | |
Earnings per share [abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic earnings per share is calculated by dividing profit after taxes by the weighted average number of shares in issue and outstanding during the period. Diluted earnings per share is calculated in a similar manner, but includes the effect of dilutive securities, principally share options, restricted stock units and performance share units. Share-based payment awards that are contingently issuable upon the achievement of a specified market and/or performance conditions are included in the diluted earnings per share calculation based on the number of shares that would be issuable, if the end of the period was the end of the contingency period. The following table summarises basic and diluted earnings per share calculations for the periods presented: Six Months Ended 28 June 2019 29 June 2018 Profit after taxes attributable to equity shareholders (€ million) 508 417 Basic weighted average number of shares in issue (million) 472 485 Effect of dilutive potential shares (million) 3 4 Diluted weighted average number of shares in issue (million) 475 489 Basic earnings per share (€) 1.08 0.86 Diluted earnings per share (€) 1.07 0.85 As at 28 June 2019 and 29 June 2018 , the Company had 466,671,427 and 486,108,000 shares in issue and outstanding, respectively. For the six months ended 28 June 2019 , there were no outstanding options to purchase shares excluded from the diluted earnings per share calculation. For the six months ended 29 June 2018 , outstanding options to purchase 0.7 million shares were excluded from the diluted earnings per share calculation because the effect of including these options in the computation would have been antidilutive. The dilutive impact of the remaining options outstanding and unvested restricted share units was included in the effect of dilutive securities. |
IFRS16 LEASES
IFRS16 LEASES | 6 Months Ended |
Jun. 28, 2019 | |
Disclosure of leases [Abstract] | |
IFRS16 LEASES | IFRS 16 LEASES On 1 January 2019, the Group adopted IFRS 16, “Leases” on a modified retrospective basis from 1 January 2019. The Group has not restated its 2018 financial statements as permitted under the specific transitional provisions in the standard. The impact from the new leasing standard is therefore recognised in the opening balance sheet on 1 January 2019. Prior to the adoption of IFRS 16, the Group classified and accounted for each of its leases (as lessee) as either a finance lease or an operating lease under the principles of IAS 17, “Leases”. Finance leases were capitalised at the commencement of the lease at the inception date fair value of the leased asset or, if lower, at the present value of the minimum lease payments. Lease payments were apportioned between interest and reduction of the lease liability. For operating leases, the leased asset was not capitalised and the lease payments were recognised as rent expense in the statement of profit or loss on a straight-line basis over the lease term. Any prepaid rent and accrued rent were recognised under Prepayments and Trade and other payables, respectively. The objective of IFRS 16 is to ensure a single lessee accounting model and requires a lessee to recognise assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. The lease liability was initially measured at the present value of lease payments, discounted using the Group’s incremental borrowing rate (IBR). The weighted average incremental borrowing rate applied to the lease liabilities on 1 January 2019 was 1.30 percent. The lease term comprises the non-cancellable period of the contract, together with periods covered by an option to extend the lease whenever the Group is reasonably certain to exercise that option. Subsequently, the lease liability is measured by increasing the carrying amount to reflect interest on the lease liability and reducing it by lease payments made. In adopting IFRS 16 Leases, the following expedients were applied: • The right of use asset is measured at the value of the lease liability, adjusted for any prepaid or accrued lease payments. • A single discount rate applied to a portfolio of leases with reasonably similar characteristics. • On adoption, the Group used hindsight in determining lease term. • Short-term lease exemption applied to Machinery & Equipment and IT asset classes for leases expiring within 12 months of 1 January 2019. • Reliance on previous assessments on whether leases were onerous immediately before the date of initial application. The Group does not separate lease from non-lease components for each of its lease categories, except for property leases. For property leases, only base rent is included in the calculation of the right of use asset. All low value leases with total minimum lease payments under €5,000 are expensed on a straight line basis. The assessment of low value for a leased asset is made on the basis of the value of an asset when it is (or was) new, regardless of whether the actual asset being leased is new. For leases previously classified as finance leases, the Group recognised the carrying amount of the lease asset and lease liability immediately before transition as the carrying amount of the right of use asset and the lease liability at the date of adoption. The measurement principles of IFRS 16 are only applied after that date. This resulted in measurement adjustments of €6 million relating to non-lease components of finance leases that were included in the lease liability calculation for certain asset classes. The remeasurements to lease liabilities were recognised as adjustments to the related right of use assets immediately after the date of initial application. Lease liabilities are included within Borrowings in our Statement of Financial Position. The following tables summarise the reconciliation of our opening lease liability position under IFRS 16: Operating lease commitments disclosed as at 31 December 2018 (undiscounted) Total € million Within one year 94 After one year but not more than five years 169 More than five years 37 Total minimum lease payments 300 Total € million Total minimum lease payments (discounted) 290 (Less): short-term and low value leases recognised on a straight-line basis as expense (5 ) Add: adjustments as a result of a different treatment of extension and termination options 32 (Less): non-lease components for property leases (5 ) Add: non-lease components for vehicle leases and other 10 Lease operating liability recognised as at 1 January 2019 322 Add: finance lease liabilities recognised as at 31 December 2018 75 Total lease liability recognised as at 1 January 2019 397 Of which are: Current lease liabilities 147 Non-current lease liabilities 250 Right of use assets are included within Property, Plant and Equipment and were initially measured at cost, comprising the initial measurement of the lease liability, plus any direct costs and an estimate of asset retirement obligations, less lease incentives. Subsequently, right of use assets are measured at cost, less accumulated depreciation and any accumulated impairment losses. Depreciation is calculated on a straight line basis over the term of the lease. The recognised right of use assets within Property, Plant and Equipment, and related lease liability amounts recognised as at the adoption date relate to the following asset types: Right of Use Asset category Lease Liability Right of Use Asset € million € million Buildings 212 208 Furniture and office equipment 35 35 Machinery and equipment 5 5 Vehicles 145 145 Total 397 393 The Group’s activities as a lessor are not material and hence the Group determines there is no significant impact on its condensed consolidated interim financial statements. The adoption of IFRS 16 had a diminimus impact on the Group’s profit before tax for the period ended 28 June 2019 . There is no impact on overall cash flows on the Group from the adoption of IFRS 16. However, cash outflows for lease payments are now included within cash flows used in financing activities, within payments of principal on lease obligations. Prior to adoption, cash flows relating to our operating leases were included within cash flows from operating activities, and only finance leases cash flows were classified as financing activities. Extension and termination options Extension and termination options are included in a number of property and equipment leases across the Group. These terms are used to maximise operational flexibility in terms of managing contracts. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor. In determining the lease term, the Group considers all facts and circumstances associated with exercising an extension or termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment and that is within the control of the lessee. |
OPERATING SEGMENT
OPERATING SEGMENT | 6 Months Ended |
Jun. 28, 2019 | |
Operating Segments [Abstract] | |
OPERATING SEGMENT | OPERATING SEGMENT The Group evaluates its segmental reporting under IFRS 8, “Operating Segments”. The Group derives its revenues through a single business activity, which is making, selling and distributing ready-to-drink beverages. The Group operates solely in developed markets in Western Europe and has a homogenous product portfolio across its geographic territories. Based on the governance structure of the Group, including decision making authority and oversight, the Group has determined that the Board is its Chief Operating Decision Maker (CODM). The Board, as the CODM, allocates resources and evaluates performance at a consolidated level and, therefore, the Group has one operating segment. The following table summarises revenue from external customers by geography, which is based on the origin of the sale: Revenue by Geography Six Months Ended 28 June 2019 29 June 2018 € million € million Iberia [1] 1,282 1,210 Germany 1,171 1,112 Great Britain 1,151 1,035 France [2] 967 874 Belgium/Luxembourg 493 482 Netherlands 295 281 Norway 218 212 Sweden 184 184 Iceland 41 45 Total revenue 5,802 5,435 [1] Iberia refers to Spain, Portugal & Andorra. [2] France refers to continental France & Monaco. |
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL | 6 Months Ended |
Jun. 28, 2019 | |
Intangible Assets [Abstract] | |
INTANGIBLE ASSETS AND GOODWILL | INTANGIBLE ASSETS AND GOODWILL The following table summarises the movement in net book value for intangible assets and goodwill during the six months ended 28 June 2019 : Intangible assets Goodwill € million € million Net book value as at 31 December 2018 8,384 2,518 Additions 43 — Amortisation expense (25 ) — Currency translation adjustments (10 ) 3 Net book value as at 28 June 2019 8,392 2,521 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 6 Months Ended |
Jun. 28, 2019 | |
Property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT The following table summarises the movement in net book value for property, plant and equipment during the six months ended 28 June 2019 : Total € million Net book value as at 31 December 2018 3,888 Adjustment for adoption of IFRS 16 [1] 322 Additions 293 Disposals (31 ) Depreciation expense (289 ) Currency translation adjustments 1 Net book value as at 28 June 2019 4,184 [1] Adjustment for the adoption of IFRS 16, “Leases” on 1 January 2019, as described in Note 2 . During the period the Group commenced a transformation project relating to our cold drink operations aimed at delivering a modern, differentiated and versatile equipment fleet in order to optimise net cooler placements throughout our markets. As part of this strategy, our capital expenditure on cold drink equipment will focus on the introduction of a new, more cost effective cooler into our markets, whilst reducing maintenance and refurbishment support spending on our older equipment. We began rolling out the new commercial strategy during the first half of 2019. As a result of the operational impact of the strategic changes, we incurred a non-cash restructuring charge in the period of €24 million relating to the write down and accelerated depreciation of aged cold drink equipment assets. We expect the majority of the aged cold drink equipment assets to be removed from customer locations over a reasonable period of time and replaced with newer equipment. |
FAIR VALUES AND FINANCIAL RISK
FAIR VALUES AND FINANCIAL RISK MANAGEMENT | 6 Months Ended |
Jun. 28, 2019 | |
Fair Value Measurement [Abstract] | |
FAIR VALUES AND FINANCIAL RISK MANAGEMENT | FAIR VALUES AND FINANCIAL RISK MANAGEMENT Fair Value Measurements All assets and liabilities for which fair value is measured or disclosed in the condensed consolidated interim financial statements are categorised in the fair value hierarchy as described in our 2018 Consolidated Financial Statements. The fair values of the Group’s cash and cash equivalents, trade accounts receivable, amounts receivable from related parties, trade and other payables, and amounts payable to related parties approximate their carrying amounts due to their short-term nature. The fair values of the Group’s borrowings are estimated based on borrowings with similar maturities and credit quality and current market interest rates. These are categorised in Level 2 of the fair value hierarchy as the Group uses certain pricing models and quoted prices for similar liabilities in active markets in assessing their fair values. The total fair value of borrowings as at 28 June 2019 and 31 December 2018 , was €6.6 billion and €5.7 billion , respectively. This compared to the carrying value of total borrowings as at 28 June 2019 and 31 December 2018 of €6.3 billion and €5.6 billion , respectively. Refer to Note 8 for further details regarding the Group’s borrowings. The Group’s derivative assets and liabilities are carried at fair value, which is determined using a variety of valuation techniques, depending on the specific characteristics of the hedging instrument taking into account credit risk. The fair value of our derivative contracts (including forwards, options, cross-currency swaps and interest rate swaps) are determined using standard valuation models. The significant inputs used in these models are readily available in public markets or can be derived from observable market transactions and, therefore, the derivative contracts have been classified as Level 2. Inputs used in these standard valuation models include the applicable spot, forward, and discount rates. The standard valuation model for the option contracts also includes implied volatility, which is specific to individual options and is based on rates quoted from a widely used third-party resource. As at 28 June 2019 and 31 December 2018 , the total value of derivative assets was €13 million and €15 million , respectively. As at 28 June 2019 and 31 December 2018 , the total value of derivative liabilities was €61 million and €71 million , respectively. For assets and liabilities that are recognised in the condensed consolidated interim financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation at the end of each reporting period. There have been no transfers between Level 1 and Level 2 during the periods presented. Financial Instruments Risk Management Objectives and Policies The Group’s activities expose it to several financial risks including market risk, credit risk, and liquidity risk. Financial risk activities are governed by appropriate policies and procedures to minimise the uncertainties these risks create over the Group’s future cash flows. Such policies are developed and approved by the Group’s Treasury and Commodities Risk Committee through the authority provided to it by the Group’s Board of Directors. There have been no changes in the risk management policies since the year end. |
BORROWINGS AND LEASES
BORROWINGS AND LEASES | 6 Months Ended |
Jun. 28, 2019 | |
Financial Instruments [Abstract] | |
BORROWINGS AND FINANCE LEASES | BORROWINGS AND LEASES Borrowings Outstanding The following table summarises the Group’s borrowings as at the dates presented: 28 June 2019 31 December 2018 € million € million Non-current: US$525 million 3.50% Notes 2020 460 456 US$250 million 3.25% Notes 2021 218 216 US$300 million 4.50% Notes 2021 262 261 €350 million Floating Rate Note 2021 350 350 €700 million 0.75% Notes 2022 698 697 €350 million 2.63% Notes 2023 348 348 €500 million 1.13% Notes 2024 496 495 €350 million 2.38% Notes 2025 346 346 €250 million 2.75% Notes 2026 248 248 €400 million 1.50% Notes 2027 395 395 €500 million 1.75% Notes 2028 493 493 €500 million 1.125% Notes 2029 [1] 492 — €500 million 1.88% Notes 2030 495 495 Term loan 2018-2021 [2] 100 274 Lease obligations [3] 275 53 Total non-current borrowings 5,676 5,127 Current: €350 million 2.00% Notes 2019 350 349 EUR commercial paper 170 120 Lease obligations [3] 100 22 Total current borrowings 620 491 ___________________________ [1] In April 2019, the Group issued €500 million , 1.125% notes due 2029. [2] In May and June 2019, €175 million due in 2020 and 2021 were repaid prior to maturity. As at 28 June 2019, €100 million of the term loan remains outstanding with annual repayments due 2021. [3] As at 28 June 2019 these amounts represent the present value of the majority of the Group’s lease obligations, including the effects of adopting IFRS 16. Refer to Note 2 for further details. As at 31 December 2018 these amounts only included the Group’s finance lease obligations. |
EQUITY
EQUITY | 6 Months Ended |
Jun. 28, 2019 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
EQUITY | EQUITY Share Capital As at 28 June 2019 , the Company had 466,671,427 fully paid ordinary shares of €0.01 each in issue. Shares in issue have one voting right each and no restrictions related to dividends or return of capital. During the six months ended 28 June 2019 , 1,514,347 shares were issued in connection with share-based payment awards. Share buyback programme In connection with the share buyback programme, the Company entered into agreements to purchase €455 million of its own shares during the six months ended 28 June 2019 . In this period, 9,762,986 shares were repurchased by the Company and cancelled. The total cost of the repurchased shares of €457 million , including €2 million of directly attributable tax costs, was deducted from retained earnings. As a result of the cancellation, €0.1 million was transferred from share capital to a capital redemption reserve, representing the nominal value of the shares cancelled. Since the current share buyback programme commenced in 2018 , a total of 22,192,586 shares have been repurchased and cancelled. Dividends On 30 April 2019, the Company declared a first half interim dividend of €0.62 per share, which was paid on 6 June 2019. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 28, 2019 | |
Related Party [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS For the purpose of these condensed consolidated interim financial statements, transactions with related parties mainly comprise transactions between subsidiaries of the Group and the related parties of the Group. Transactions with The Coca-Cola Company (TCCC) TCCC exhibits significant influence over the Group, as defined by IAS 24, “Related Party Disclosures”. As at 28 June 2019 , 18.9% of the total outstanding ordinary shares in the Group were owned by European Refreshments, a wholly owned subsidiary of TCCC. The Group is a key bottler of TCCC products and has entered into bottling agreements with TCCC to sell, make and distribute products of TCCC in the Group’s territories. The Group purchases concentrate from TCCC and also receives marketing funding to help promote the sale of TCCC products. Bottling agreements with TCCC for each of the Group’s territories extend through 28 May 2026 , with terms of 10 years, with each containing the right for the Group to request a 10 -year renewal. Additionally, two of the Group’s 17 Directors were nominated by TCCC, one of whom is also an employee of TCCC. The principal transactions with TCCC are for the purchase of concentrate, syrup and finished product. The following table summarises the transactions with TCCC that directly impacted the Condensed Consolidated Interim Income Statement for the periods presented: Six Months Ended 28 June 2019 29 June 2018 € million € million Amounts affecting revenue [1] 31 29 Amounts affecting cost of sales [2] (1,610 ) (1,429 ) Amounts affecting operating expenses [3] (10 ) 2 Total net amount affecting the Consolidated Income Statement (1,589 ) (1,398 ) [1] Amounts principally relate to fountain syrup and packaged product sales. [2] Amounts principally relate to the purchase of concentrate, syrup, mineral water and juice as well as funding for marketing programmes. [3] Amounts principally relate to certain costs associated with new product development initiatives. The following table summarises the transactions with TCCC that impacted the Consolidated Statement of Financial Position as at the dates presented: 28 June 2019 31 December 2018 € million € million Amount due from TCCC 108 101 Amount payable to TCCC 356 166 Transactions with Cobega companies Cobega exhibits significant influence over the Group, as defined by IAS 24, “Related Party Disclosures”. Cobega S.A. indirectly owned 19.8% of the total outstanding ordinary shares of the Group as at 28 June 2019 through its ownership interest in Olive Partners S.A. Additionally, five of the Group’s 17 Directors, including the Chairman, were nominated by Olive Partners S.A., three of whom are affiliated with Cobega S.A. The principal transactions with Cobega are for the purchase of juice concentrate, packaging materials and mineral water. The following table summarises the transactions with Cobega that directly impacted the Condensed Consolidated Interim Income Statement for the periods presented: Six Months Ended 28 June 2019 29 June 2018 € million € million Amounts affecting revenues [1] 1 — Amounts affecting cost of sales [2] (37 ) (39 ) Amounts affecting operating expenses [3] (8 ) (7 ) Total net amount affecting the Consolidated Income Statement (44 ) (46 ) [1] Amounts principally relate to packaged product sales. [2] Amounts principally relate to the purchase of concentrate, mineral water and packaging materials. [3] Amounts principally relate to certain costs associated with maintenance and repair services and rent. The following table summarises the transactions with Cobega that impacted the Consolidated Statement of Financial Position as at the dates presented: 28 June 2019 31 December 2018 € million € million Amount due from Cobega 6 6 Amount payable to Cobega 23 25 There are no significant transactions with other related parties in the periods presented. |
TAXES
TAXES | 6 Months Ended |
Jun. 28, 2019 | |
Income Tax [Abstract] | |
TAXES | TAXES The same accounting policies and methods of computation have been used as described in the 2018 Consolidated Financial Statements , with the exception of taxes on income. Taxes on income in interim periods are accrued using the tax rate that would be applicable to the expected total annual profit or loss. The effective tax rate was 25 percent and 26 percent for the six months ended 28 June 2019 and 29 June 2018 , respectively, and 25 percent and 41 percent for the year ended 31 December 2018 and 31 December 2017 , respectively. Tax Provisions The Group is routinely under audit by taxing authorities in the ordinary course of business. Due to their nature, such proceedings and tax matters involve inherent uncertainties including, but not limited to, court rulings, settlements between affected parties and/or governmental actions. The probability of outcome is assessed and accrued as a liability and/or disclosed, as appropriate. The Group maintains provisions for uncertainty relating to tax matters that it believes appropriately reflect its risk, the carrying amount of which as at 28 June 2019 is included in other non-current liabilities on the Statement of Financial Position. The Group reviews the adequacy of these provisions at the end of each reporting period and adjusts them based on changing facts and circumstances. Due to the uncertainty associated with tax matters, it is possible that at some future date, liabilities resulting from audits or litigation could vary significantly from the Group’s provisions. The Group has received tax assessments in certain jurisdictions for potential tax related to the Group’s purchases of concentrate. The value of the Group’s concentrate purchases is significant, and therefore, the tax assessments are substantial. The Group strongly believes the application of tax has no technical merit based on applicable tax law, and its tax position would be sustained. Accordingly, the Group has not recorded a tax liability for these assessments, and is vigorously defending its position against these assessments. |
OTHER NON CURRENT ASSETS
OTHER NON CURRENT ASSETS | 6 Months Ended |
Jun. 28, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |
OTHER NON CURRENT ASSETS | As at 28 June 2019 , included within other non-current assets, the Group has a VAT receivable of €198 million , relating to the dispute that began in 2014 between the Spanish Tax Authorities and the Regional Tax Authorities of Bizkaia (Basque Region) as to the responsibility for refunding the VAT to CCEP. During the six months ended 28 June 2019 , the Group was refunded VAT of €126 million (including interest) related to 2017 and 2018. Those periods were blocked by the Spanish Tax Authorities but not subject to the Arbitration Board ruling. The outstanding VAT receivable remains classified as non-current due to the continued delay in the resolution of the matter by the Arbitration Board. We believe it remains a certainty that the amount due plus interest will be refunded to CCEP once the Arbitration Board rules. |
PROVISIONS, CONTINGENCIES AND C
PROVISIONS, CONTINGENCIES AND COMMITMENTS | 6 Months Ended |
Jun. 28, 2019 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
PROVISIONS, CONTINGENCIES AND COMMITMENTS | PROVISIONS, COMMITMENTS AND CONTINGENCIES The following table summarises the movement of provisions for the periods presented: Restructuring Provision Other Provisions [1] Total € million € million € million Balance as at 31 December 2018 223 29 252 Charged/(credited) to profit or loss: Additional provisions recognised 21 1 22 Unused amounts reversed (12 ) — (12 ) Utilised during the period (71 ) — (71 ) Translation — (1 ) (1 ) Balance as at 28 June 2019 161 29 190 ______________________ [1] Other provisions primarily relate to decommissioning provisions, property tax assessment provisions and legal reserves. During the six months ended 28 June 2019 , the Group recorded new provisions totalling €21 million in connection with restructuring activities. These restructuring activities were primarily related to labour productivity and commercial re-organisation programmes in Germany. Commitments There have been no significant changes in commitments since 31 December 2018 . Refer to Note 20 of the 2018 Consolidated Financial Statements for further details about the Group’s commitments. Contingencies There have been no significant changes in contingencies since 31 December 2018 . Refer to Note 20 of the 2018 Consolidated Financial Statements for further details about the Group’s contingencies. |
EVENTS AFTER THE REPORTING PERI
EVENTS AFTER THE REPORTING PERIOD | 6 Months Ended |
Jun. 28, 2019 | |
Events After Reporting Period [Abstract] | |
EVENTS AFTER THE REPORTING PERIOD | EVENTS AFTER THE REPORTING PERIOD On 31 July 2019, €100 million of the term loan due in 2021 was repaid prior to maturity. |
GENERAL INFORMATION AND BASIS_2
GENERAL INFORMATION AND BASIS OF PREPARATION (Policies) | 6 Months Ended |
Jun. 28, 2019 | |
Corporate Information And Statement of IFRS Compliance [Abstract] | |
Disclosure of Trading seasonality [Text Block] | Trading seasonality Operating results for the first half of 2019 may not be indicative of the results expected for the year ended 31 December 2019 as sales of the Group’s products are seasonal, with the second and third quarters accounting for higher unit sales of the Group’s products than the first and fourth quarters. The seasonality of the Group’s sales volume, combined with the accounting for fixed costs such as depreciation, amortisation, rent and interest expense, impacts the Group’s results for the first half of the year. Additionally, year-over-year shifts in holidays, selling days and weather patterns can impact the Group’s results on an annual or half-yearly basis. |
GENERAL INFORMATION AND BASIS OF PREPARATION | GENERAL INFORMATION AND BASIS OF PREPARATION Coca-Cola European Partners plc (the Company) and its subsidiaries (together CCEP, the Group) are a leading consumer goods group in Western Europe making, selling and distributing an extensive range of non-alcoholic ready-to-drink beverages. The Group is the world’s largest independent Coca-Cola bottler based on revenue. CCEP serves a consumer population of over 300 million across Western Europe, including Andorra, Belgium, continental France, Germany, Great Britain, Iceland, Luxembourg, Monaco, the Netherlands, Norway, Portugal, Spain and Sweden. CCEP is a public company limited by shares, incorporated under the laws of England and Wales with the registered number in England of 09717350. The Group’s shares are listed and traded on Euronext Amsterdam, the New York Stock Exchange, London Stock Exchange and on the Spanish Stock Exchanges. The address of the Company’s registered office is Pemberton House, Bakers Road, Uxbridge, Middlesex UB8 1EZ, United Kingdom. These condensed consolidated interim financial statements do not constitute statutory accounts as defined by Section 434 of the Companies Act 2006. They have been reviewed but not audited by the Group’s auditor, unless otherwise stated. The statutory accounts for the Company for the year ended 31 December 2018 , which were prepared in accordance with IFRS as issued by the International Accounting Standards Board (IASB), IFRS as adopted by the European Union and in accordance with the provisions of the Companies Act 2006, have been delivered to the Registrar of Companies. The auditor’s opinion on those accounts was unqualified and did not contain a statement made under section 498 (2) or (3) of the Companies Act 2006. The condensed consolidated interim financial statements of the Group for the six months ended 28 June 2019 were approved and signed by Damian Gammell, Chief Executive Officer on 8 August 2019 having been duly authorised to do so by the Board of Directors. Basis of Preparation and Accounting Policies The condensed consolidated interim financial statements of the Group have been prepared in accordance with the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority and International Accounting Standard 34, “Interim Financial Reporting” (IAS 34) and should be read in conjunction with our 2018 Consolidated Financial Statements. The 2018 Consolidated Financial Statements were prepared in accordance with IFRS as issued by the IASB, IFRS as adopted by the European Union and in accordance with the provisions of the Companies Act 2006. The 2018 Consolidated Financial Statements include a full description of the Group’s accounting policies. The same accounting policies and methods of computation have been used as described in the 2018 Consolidated Financial Statements, with the exception of taxes on income and the adoption of IFRS 16, “Leases” as set out in Note 2. Taxes on income in interim periods are accrued using the tax rate that would be applicable to expected total annual profit or loss. For consistent preparation, the amount within the Condensed Consolidated Interim Statement of Cash Flows for the six months ended 29 June 2018 relating to payments of principal on lease obligations has been presented in line with current year classification. There has been no change in our net cash flows from financing activities for the six months ended 29 June 2018 . Reporting periods Results are presented for the interim period from 1 January 2019 to 28 June 2019 . The Group’s financial year ends on 31 December . For half-yearly reporting convenience, the first six month period closes on the Friday closest to the end of the interim calendar period. There was one less selling day in the six months ended 28 June 2019 versus the six months ended 29 June 2018 , and there will be one more selling day in the second six months of 2019 versus the second six months of 2018 (based upon a standard five-day selling week). The following table summarises the number of selling days, for the years ended 31 December 2019 and 31 December 2018 (based on a standard five-day selling week): Half year Full year 2019 129 261 2018 130 261 Change -1 0 Trading seasonality Operating results for the first half of 2019 may not be indicative of the results expected for the year ended 31 December 2019 as sales of the Group’s products are seasonal, with the second and third quarters accounting for higher unit sales of the Group’s products than the first and fourth quarters. The seasonality of the Group’s sales volume, combined with the accounting for fixed costs such as depreciation, amortisation, rent and interest expense, impacts the Group’s results for the first half of the year. Additionally, year-over-year shifts in holidays, selling days and weather patterns can impact the Group’s results on an annual or half-yearly basis. Exchange rates The Group’s reporting currency is the Euro. CCEP translates the income statements of non-Euro functional currency subsidiary operations to the Euro at average exchange rates and the balance sheets at the closing exchange rate as at the end of the period. The principal exchange rates used for translation purposes in respect of one Euro were: Average for the Six Months Ended Closing as at 28 June 2019 29 June 2018 28 June 2019 31 December 2018 29 June 2018 UK Sterling 1.14 1.14 1.12 1.12 1.13 US Dollar 0.89 0.83 0.88 0.87 0.86 Norwegian Krone 0.10 0.10 0.10 0.10 0.11 Swedish Krone 0.10 0.10 0.09 0.10 0.10 Icelandic Krone 0.01 0.01 0.01 0.01 0.01 |
Exchange Rates | The Group’s reporting currency is the Euro. CCEP translates the income statements of non-Euro functional currency subsidiary operations to the Euro at average exchange rates and the balance sheets at the closing exchange rate as at the end of the period. |
Description Of Accounting Policy For Reporting Periods [Policy Text Block] | Reporting periods Results are presented for the interim period from 1 January 2019 to 28 June 2019 . The Group’s financial year ends on 31 December . For half-yearly reporting convenience, the first six month period closes on the Friday closest to the end of the interim calendar period. There was one less selling day in the six months ended 28 June 2019 versus the six months ended 29 June 2018 , and there will be one more selling day in the second six months of 2019 versus the second six months of 2018 (based upon a standard five-day selling week). |
GENERAL INFORMATION AND BASIS_3
GENERAL INFORMATION AND BASIS OF PREPARATION (Tables) | 6 Months Ended |
Jun. 28, 2019 | |
Corporate Information And Statement of IFRS Compliance [Abstract] | |
Number of selling days by quarter | The following table summarises the number of selling days, for the years ended 31 December 2019 and 31 December 2018 (based on a standard five-day selling week): Half year Full year 2019 129 261 2018 130 261 Change -1 0 |
Exchange rates | The principal exchange rates used for translation purposes in respect of one Euro were: Average for the Six Months Ended Closing as at 28 June 2019 29 June 2018 28 June 2019 31 December 2018 29 June 2018 UK Sterling 1.14 1.14 1.12 1.12 1.13 US Dollar 0.89 0.83 0.88 0.87 0.86 Norwegian Krone 0.10 0.10 0.10 0.10 0.11 Swedish Krone 0.10 0.10 0.09 0.10 0.10 Icelandic Krone 0.01 0.01 0.01 0.01 0.01 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 28, 2019 | |
Earnings per share [abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic earnings per share is calculated by dividing profit after taxes by the weighted average number of shares in issue and outstanding during the period. Diluted earnings per share is calculated in a similar manner, but includes the effect of dilutive securities, principally share options, restricted stock units and performance share units. Share-based payment awards that are contingently issuable upon the achievement of a specified market and/or performance conditions are included in the diluted earnings per share calculation based on the number of shares that would be issuable, if the end of the period was the end of the contingency period. The following table summarises basic and diluted earnings per share calculations for the periods presented: Six Months Ended 28 June 2019 29 June 2018 Profit after taxes attributable to equity shareholders (€ million) 508 417 Basic weighted average number of shares in issue (million) 472 485 Effect of dilutive potential shares (million) 3 4 Diluted weighted average number of shares in issue (million) 475 489 Basic earnings per share (€) 1.08 0.86 Diluted earnings per share (€) 1.07 0.85 As at 28 June 2019 and 29 June 2018 , the Company had 466,671,427 and 486,108,000 shares in issue and outstanding, respectively. For the six months ended 28 June 2019 , there were no outstanding options to purchase shares excluded from the diluted earnings per share calculation. For the six months ended 29 June 2018 , outstanding options to purchase 0.7 million shares were excluded from the diluted earnings per share calculation because the effect of including these options in the computation would have been antidilutive. The dilutive impact of the remaining options outstanding and unvested restricted share units was included in the effect of dilutive securities. |
Earnings per share [text block] | The following table summarises basic and diluted earnings per share calculations for the periods presented: Six Months Ended 28 June 2019 29 June 2018 Profit after taxes attributable to equity shareholders (€ million) 508 417 Basic weighted average number of shares in issue (million) 472 485 Effect of dilutive potential shares (million) 3 4 Diluted weighted average number of shares in issue (million) 475 489 Basic earnings per share (€) 1.08 0.86 Diluted earnings per share (€) 1.07 0.85 |
IFRS16 LEASES (Tables)
IFRS16 LEASES (Tables) - EUR (€) € in Millions | 6 Months Ended | |
Jun. 28, 2019 | Jan. 01, 2019 | |
Disclosure of leases [Abstract] | ||
Lease liabilities | € (397) | |
Reconciliation of Operating Lease Liability Position | The following tables summarise the reconciliation of our opening lease liability position under IFRS 16: Operating lease commitments disclosed as at 31 December 2018 (undiscounted) Total € million Within one year 94 After one year but not more than five years 169 More than five years 37 Total minimum lease payments 300 | |
Disclosure of Operating Lease Liabilities and Right of Use Assets | The recognised right of use assets within Property, Plant and Equipment, and related lease liability amounts recognised as at the adoption date relate to the following asset types: Right of Use Asset category Lease Liability Right of Use Asset € million € million Buildings 212 208 Furniture and office equipment 35 35 Machinery and equipment 5 5 Vehicles 145 145 Total 397 393 Total € million Total minimum lease payments (discounted) 290 (Less): short-term and low value leases recognised on a straight-line basis as expense (5 ) Add: adjustments as a result of a different treatment of extension and termination options 32 (Less): non-lease components for property leases (5 ) Add: non-lease components for vehicle leases and other 10 Lease operating liability recognised as at 1 January 2019 322 Add: finance lease liabilities recognised as at 31 December 2018 75 Total lease liability recognised as at 1 January 2019 397 Of which are: Current lease liabilities 147 Non-current lease liabilities 250 |
OPERATING SEGMENT (Tables)
OPERATING SEGMENT (Tables) | 6 Months Ended |
Jun. 28, 2019 | |
Operating Segments [Abstract] | |
Disclosure of operating segments | The following table summarises revenue from external customers by geography, which is based on the origin of the sale: Revenue by Geography Six Months Ended 28 June 2019 29 June 2018 € million € million Iberia [1] 1,282 1,210 Germany 1,171 1,112 Great Britain 1,151 1,035 France [2] 967 874 Belgium/Luxembourg 493 482 Netherlands 295 281 Norway 218 212 Sweden 184 184 Iceland 41 45 Total revenue 5,802 5,435 [1] Iberia refers to Spain, Portugal & Andorra. [2] France refers to continental France & Monaco. |
INTANGIBLE ASSETS AND GOODWILL
INTANGIBLE ASSETS AND GOODWILL (Tables) | 6 Months Ended |
Jun. 28, 2019 | |
Intangible Assets [Abstract] | |
Summary of carrying amounts of intangible assets and goodwill | The following table summarises the movement in net book value for intangible assets and goodwill during the six months ended 28 June 2019 : Intangible assets Goodwill € million € million Net book value as at 31 December 2018 8,384 2,518 Additions 43 — Amortisation expense (25 ) — Currency translation adjustments (10 ) 3 Net book value as at 28 June 2019 8,392 2,521 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 28, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Disclosure of detailed information about property, plant and equipment | The following table summarises the movement in net book value for property, plant and equipment during the six months ended 28 June 2019 : Total € million Net book value as at 31 December 2018 3,888 Adjustment for adoption of IFRS 16 [1] 322 Additions 293 Disposals (31 ) Depreciation expense (289 ) Currency translation adjustments 1 Net book value as at 28 June 2019 4,184 [1] Adjustment for the adoption of IFRS 16, “Leases” on 1 January 2019, as described in Note 2 . During the period the Group commenced a transformation project relating to our cold drink operations aimed at delivering a modern, differentiated and versatile equipment fleet in order to optimise net cooler placements throughout our markets. As part of this strategy, our capital expenditure on cold drink equipment will focus on the introduction of a new, more cost effective cooler into our markets, whilst reducing maintenance and refurbishment support spending on our older equipment. We began rolling out the new commercial strategy during the first half of 2019. As a result of the operational impact of the strategic changes, we incurred a non-cash restructuring charge in the period of €24 million relating to the write down and accelerated depreciation of aged cold drink equipment assets. We expect the majority of the aged cold drink equipment assets to be removed from customer locations over a reasonable period of time and replaced with newer equipment. The following table summarises the movement in net book value for property, plant and equipment during the six months ended 28 June 2019 : Total € million Net book value as at 31 December 2018 3,888 Adjustment for adoption of IFRS 16 [1] 322 Additions 293 Disposals (31 ) Depreciation expense (289 ) Currency translation adjustments 1 Net book value as at 28 June 2019 4,184 [1] Adjustment for the adoption of IFRS 16, “Leases” on 1 January 2019, as described in Note 2 . |
BORROWINGS AND LEASES (Tables)
BORROWINGS AND LEASES (Tables) | 6 Months Ended |
Jun. 28, 2019 | |
Financial Instruments [Abstract] | |
Disclosure of borrowings | The following table summarises the Group’s borrowings as at the dates presented: 28 June 2019 31 December 2018 € million € million Non-current: US$525 million 3.50% Notes 2020 460 456 US$250 million 3.25% Notes 2021 218 216 US$300 million 4.50% Notes 2021 262 261 €350 million Floating Rate Note 2021 350 350 €700 million 0.75% Notes 2022 698 697 €350 million 2.63% Notes 2023 348 348 €500 million 1.13% Notes 2024 496 495 €350 million 2.38% Notes 2025 346 346 €250 million 2.75% Notes 2026 248 248 €400 million 1.50% Notes 2027 395 395 €500 million 1.75% Notes 2028 493 493 €500 million 1.125% Notes 2029 [1] 492 — €500 million 1.88% Notes 2030 495 495 Term loan 2018-2021 [2] 100 274 Lease obligations [3] 275 53 Total non-current borrowings 5,676 5,127 Current: €350 million 2.00% Notes 2019 350 349 EUR commercial paper 170 120 Lease obligations [3] 100 22 Total current borrowings 620 491 ___________________________ [1] In April 2019, the Group issued €500 million , 1.125% notes due 2029. [2] In May and June 2019, €175 million due in 2020 and 2021 were repaid prior to maturity. As at 28 June 2019, €100 million of the term loan remains outstanding with annual repayments due 2021. [3] As at 28 June 2019 these amounts represent the present value of the majority of the Group’s lease obligations, including the effects of adopting IFRS 16. Refer to Note 2 for further details. As at 31 December 2018 these amounts only included the Group’s finance lease obligations. |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 6 Months Ended |
Jun. 28, 2019 | |
Related Party [Abstract] | |
Disclosure of transactions between related parties | The following table summarises the transactions with TCCC that directly impacted the Condensed Consolidated Interim Income Statement for the periods presented: Six Months Ended 28 June 2019 29 June 2018 € million € million Amounts affecting revenue [1] 31 29 Amounts affecting cost of sales [2] (1,610 ) (1,429 ) Amounts affecting operating expenses [3] (10 ) 2 Total net amount affecting the Consolidated Income Statement (1,589 ) (1,398 ) [1] Amounts principally relate to fountain syrup and packaged product sales. [2] Amounts principally relate to the purchase of concentrate, syrup, mineral water and juice as well as funding for marketing programmes. [3] Amounts principally relate to certain costs associated with new product development initiatives. The following table summarises the transactions with TCCC that impacted the Consolidated Statement of Financial Position as at the dates presented: 28 June 2019 31 December 2018 € million € million Amount due from TCCC 108 101 Amount payable to TCCC 356 166 The following table summarises the transactions with Cobega that directly impacted the Condensed Consolidated Interim Income Statement for the periods presented: Six Months Ended 28 June 2019 29 June 2018 € million € million Amounts affecting revenues [1] 1 — Amounts affecting cost of sales [2] (37 ) (39 ) Amounts affecting operating expenses [3] (8 ) (7 ) Total net amount affecting the Consolidated Income Statement (44 ) (46 ) [1] Amounts principally relate to packaged product sales. [2] Amounts principally relate to the purchase of concentrate, mineral water and packaging materials. [3] Amounts principally relate to certain costs associated with maintenance and repair services and rent. The following table summarises the transactions with Cobega that impacted the Consolidated Statement of Financial Position as at the dates presented: 28 June 2019 31 December 2018 € million € million Amount due from Cobega 6 6 Amount payable to Cobega 23 25 |
PROVISIONS, CONTINGENCIES AND_2
PROVISIONS, CONTINGENCIES AND COMMITMENTS (Tables) | 6 Months Ended |
Jun. 28, 2019 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Disclosure of provisions | The following table summarises the movement of provisions for the periods presented: Restructuring Provision Other Provisions [1] Total € million € million € million Balance as at 31 December 2018 223 29 252 Charged/(credited) to profit or loss: Additional provisions recognised 21 1 22 Unused amounts reversed (12 ) — (12 ) Utilised during the period (71 ) — (71 ) Translation — (1 ) (1 ) Balance as at 28 June 2019 161 29 190 ______________________ [1] Other provisions primarily relate to decommissioning provisions, property tax assessment provisions and legal reserves. |
EARNINGS PER SHARE - Summary of
EARNINGS PER SHARE - Summary of Basic and Diluted Earnings Per Ordinary Share (Details) - EUR (€) € / shares in Units, € in Millions | 6 Months Ended | |
Jun. 28, 2019 | Jun. 29, 2018 | |
Earnings per share [abstract] | ||
Profit after taxes attributable to equity shareholders (€ million) | € 508 | € 417 |
Basic weighted average number of ordinary shares in issue (million) (in shares) | 472,000,000 | 485,000,000 |
Effect of dilutive potential ordinary shares (million) (in shares) | 3,000,000 | 4,000,000 |
Diluted weighted average number of ordinary shares in issue (million) (in shares) | 475,000,000 | 489,000,000 |
Basic earnings per share (in EUR per share) | € 1.08 | € 0.86 |
Diluted earnings per share (in EUR per share) | € 1.07 | € 0.85 |
Number of shares issued (in shares) | 466,671,427 | 486,108,000 |
Antidilutive options excluded from diluted earnings per share share (in shares) | 0 | 700,000 |
IFRS16 LEASES - Narrative (Det
IFRS16 LEASES - Narrative (Details) - EUR (€) | Jun. 28, 2019 | Jan. 02, 2019 | Jan. 01, 2019 |
Disclosure of leases [Abstract] | |||
Weighted average incremental borrowing rate applied to lease liabilities | 1.30% | ||
Threshold total minimum lease payments for low-value leases | € 5,000 | € 6,000,000 |
IFRS16 LEASES - Maturity of Min
IFRS16 LEASES - Maturity of Minimum Lease Payments (Details) € in Millions | Dec. 31, 2018EUR (€) |
Disclosure of maturity analysis of operating lease payments [line items] | |
Undiscounted operating lease commitments disclosed | € 300 |
Within one year | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Undiscounted operating lease commitments disclosed | 94 |
After one year but not more than five years | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Undiscounted operating lease commitments disclosed | 169 |
More than five years | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Undiscounted operating lease commitments disclosed | € 37 |
IFRS16 LEASES - Lease Liability
IFRS16 LEASES - Lease Liability as of Adoption (Details) - EUR (€) € in Millions | Jan. 01, 2019 | Dec. 31, 2018 |
Disclosure of leases [Abstract] | ||
Total minimum lease payments (discounted) | € 290 | |
(Less): short-term and low value leases recognised on a straight-line basis as expense | (5) | |
Add: adjustments as a result of a different treatment of extension and termination options | 32 | |
(Less): non-lease components for property leases | (5) | |
Add: non-lease components for vehicle leases and other | 10 | |
Lease operating liability recognised as at 1 January 2019 | 322 | |
Add: finance lease liabilities recognised as at 31 December 2018 | € 75 | |
Total lease liability recognised as at 1 January 2019 | 397 | |
Current lease liabilities | 147 | |
Non-current lease liabilities | € 250 |
IFRS16 LEASES - Lease Liabili_2
IFRS16 LEASES - Lease Liability and Right of Use Asset (Details) € in Millions | Jan. 01, 2019EUR (€) |
Disclosure of detailed information about property, plant and equipment [line items] | |
Lease Liability | € 397 |
Right of Use Asset | 393 |
Buildings | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Lease Liability | 212 |
Right of Use Asset | 208 |
Furniture and office equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Lease Liability | 35 |
Right of Use Asset | 35 |
Machinery and equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Lease Liability | 5 |
Right of Use Asset | 5 |
Vehicles | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Lease Liability | 145 |
Right of Use Asset | € 145 |
OPERATING SEGMENT - Disaggregat
OPERATING SEGMENT - Disaggregation of Revenues From Contracts with Customers (Details) € in Millions | 6 Months Ended | |
Jun. 28, 2019EUR (€)segment | Jun. 29, 2018EUR (€) | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Number of operating segments | segment | 1 | |
Total revenue | € 5,802 | € 5,435 |
Iberia[1] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenue | 1,282 | 1,210 |
Germany | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenue | 1,171 | 1,112 |
Great Britain | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenue | 1,151 | 1,035 |
France[2] | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenue | 967 | 874 |
Belgium/Luxembourg | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenue | 493 | 482 |
Netherlands | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenue | 295 | 281 |
Norway | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenue | 218 | 212 |
Sweden | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenue | 184 | 184 |
Iceland | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Total revenue | € 41 | € 45 |
INTANGIBLE ASSETS AND GOODWIL_2
INTANGIBLE ASSETS AND GOODWILL - Summary of the Carrying Amounts of Intangible Assets and Goodwill (Details) € in Millions | 6 Months Ended |
Jun. 28, 2019EUR (€) | |
Intangible assets | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |
Balance at beginning of period | € 8,384 |
Additions | 43 |
Amortisation expense | (25) |
Currency translation adjustments | (10) |
Balance at end of period | 8,392 |
Goodwill | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |
Balance at beginning of period | 2,518 |
Additions | 0 |
Amortisation expense | 0 |
Currency translation adjustments | 3 |
Balance at end of period | € 2,521 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Summary of Movement (Details) € in Millions | 6 Months Ended |
Jun. 28, 2019EUR (€) | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment beginning of period | € 3,888 |
Adjustment for adoption of IFRS 16 | 322 |
Additions | 293 |
Disposals | 31 |
Depreciation expense | (289) |
Currency translation adjustments | 1 |
Property, plant and equipment end of period | 4,184 |
Cold drink equipment operation [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Restructuring charge | € 24 |
FAIR VALUES AND FINANCIAL RIS_2
FAIR VALUES AND FINANCIAL RISK MANAGEMENT - Narrative (Details) - EUR (€) € in Millions | Jun. 28, 2019 | Dec. 31, 2018 | Jun. 29, 2018 |
Disclosure Of Fair Value Measurement [Line Items] | |||
Borrowings | € 6,300 | € 5,600 | |
Assets | 19,090 | 18,216 | € 18,619 |
Liabilities | 12,755 | 11,652 | € 11,789 |
Level 2 | Fair value | |||
Disclosure Of Fair Value Measurement [Line Items] | |||
Borrowings | 6,600 | 5,700 | |
Derivatives | Level 2 | Recurring | |||
Disclosure Of Fair Value Measurement [Line Items] | |||
Assets | 13 | 15 | |
Derivatives | Level 2 | Recurring | |||
Disclosure Of Fair Value Measurement [Line Items] | |||
Liabilities | € 61 | € 71 |
BORROWINGS AND LEASES - Disclo
BORROWINGS AND LEASES - Disclosure of Carrying Value of Borrowings (Details) | 2 Months Ended | 6 Months Ended | |||
Jun. 30, 2019EUR (€) | Jun. 28, 2019EUR (€) | Jun. 29, 2018EUR (€) | Jun. 28, 2019USD ($) | Dec. 31, 2018EUR (€) | |
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, less current portion | € 5,676,000,000 | € 5,289,000,000 | € 5,127,000,000 | ||
Current portion of borrowings | 620,000,000 | 395,000,000 | 491,000,000 | ||
Repayments on third party borrowings | (175,000,000) | € 0 | |||
US$525 million 3.50% Notes 2020 | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, less current portion | € 460,000,000 | 456,000,000 | |||
Notional amount | $ | $ 525,000,000 | ||||
Borrowings, interest rate | 3.50% | 3.50% | |||
US$250 million 3.25% Notes 2021 | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, less current portion | € 218,000,000 | 216,000,000 | |||
Notional amount | $ | $ 250,000,000 | ||||
Borrowings, interest rate | 3.25% | 3.25% | |||
US$300 million 4.50% Notes 2021 | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, less current portion | € 262,000,000 | 261,000,000 | |||
Notional amount | $ | $ 300,000,000 | ||||
Borrowings, interest rate | 4.50% | 4.50% | |||
€350 million Floating Rate Note 2021 | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, less current portion | € 350,000,000 | 350,000,000 | |||
Notional amount | $ | $ 350,000,000 | ||||
€700 million 0.75% Notes 2022 | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, less current portion | 698,000,000 | 697,000,000 | |||
Notional amount | € 700,000,000 | ||||
Borrowings, interest rate | 0.75% | 0.75% | |||
€350 million 2.63% Notes 2023 | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, less current portion | € 348,000,000 | 348,000,000 | |||
Notional amount | € 350,000,000 | ||||
Borrowings, interest rate | 2.63% | 2.63% | |||
€500 million 1.13% Notes 2024 | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, less current portion | € 496,000,000 | 495,000,000 | |||
Notional amount | € 500,000,000 | ||||
Borrowings, interest rate | 1.13% | 1.13% | |||
€350 million 2.38% Notes 2025 | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, less current portion | € 346,000,000 | 346,000,000 | |||
Notional amount | € 350,000,000 | ||||
Borrowings, interest rate | 2.38% | 2.38% | |||
€250 million 2.75% Notes 2026 | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, less current portion | € 248,000,000 | 248,000,000 | |||
Notional amount | € 250,000,000 | ||||
Borrowings, interest rate | 2.75% | 2.75% | |||
€400 million 1.50% Notes 2027 | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, less current portion | € 395,000,000 | 395,000,000 | |||
Notional amount | € 500,000,000 | ||||
Borrowings, interest rate | 1.75% | 1.75% | |||
€500 million 1.75% Notes 2028 | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, less current portion | € 493,000,000 | 493,000,000 | |||
Notional amount | € 500,000,000 | ||||
Borrowings, interest rate | 1.88% | 1.88% | |||
€500 million 1.125% Notes 2029 | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, less current portion | € 492,000,000 | 0 | |||
Notional amount | € 500,000,000 | ||||
Borrowings, interest rate | 1.125% | 1.125% | |||
€500 million 1.88% Notes 2030 | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, less current portion | € 495,000,000 | 495,000,000 | |||
Notional amount | € 500,000,000 | ||||
Borrowings, interest rate | 1.88% | 1.88% | |||
Term loan 2018-2021[2] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, less current portion | € 100,000,000 | 274,000,000 | |||
Repayments on third party borrowings | € 175,000,000 | ||||
€350 million 2.00% Notes 2019 | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Current portion of borrowings | 350,000,000 | 349,000,000 | |||
Notional amount | € 350,000,000 | ||||
Borrowings, interest rate | 2.00% | 2.00% | |||
Lease obligations | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, less current portion | € 275,000,000 | ||||
Lease obligations | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings, less current portion | 53,000,000 | ||||
EUR commercial paper | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Current portion of borrowings | 170,000,000 | 120,000,000 | |||
Lease obligations | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Current portion of borrowings | € 100,000,000 | ||||
Lease obligations | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Current portion of borrowings | € 22,000,000 |
EQUITY - Narrative (Details)
EQUITY - Narrative (Details) € / shares in Units, € in Millions | 6 Months Ended | 10 Months Ended | |
Jun. 28, 2019EUR (€)sharesvote€ / shares | Jun. 28, 2019sharesvote€ / shares | Jun. 29, 2018shares | |
Disclosure of classes of share capital [line items] | |||
Number of shares issued (in shares) | shares | 466,671,427 | 466,671,427 | 486,108,000 |
Dividend rate (in euros per share) | € / shares | € 0.62 | ||
Own shares purchased under share buyback programme | € 457 | ||
Ordinary shares | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued (in shares) | shares | 1,514,347 | 1,514,347 | |
Par value per share (in dollars/euros per share) | € / shares | € 0.01 | € 0.01 | |
Number of votes per share in issue | vote | 1 | 1 | |
Share capital | |||
Disclosure of classes of share capital [line items] | |||
Own shares purchased under share buyback programme | € 0.1 | ||
Number of shares cancelled (in shares) | shares | (9,762,986) | (22,192,586) | |
Retained earnings | |||
Disclosure of classes of share capital [line items] | |||
Own shares purchased under share buyback programme, excluding tax | € 455 | ||
Own shares purchased under share buyback programme | 457 | ||
Agreement to purchase shares under share buyback programs, tax | € (2) |
EQUITY Rollforward of Shares an
EQUITY Rollforward of Shares and Share Capital (Details) (Details) - shares | 6 Months Ended | 10 Months Ended |
Jun. 28, 2019 | Jun. 28, 2019 | |
Share capital | ||
Disclosure of classes of share capital [line items] | ||
Number of shares cancelled (in shares) | (9,762,986) | (22,192,586) |
RELATED PARTY TRANSACTIONS - Na
RELATED PARTY TRANSACTIONS - Narrative (Details) | 6 Months Ended |
Jun. 28, 2019director | |
Disclosure of transactions between related parties [line items] | |
Number of members of board of directors | 17 |
TCCC | Entities with joint control or significant influence over entity | |
Disclosure of transactions between related parties [line items] | |
Percentage ownership | 18.90% |
Number of members of board of directors | 2 |
Cobega Companies | Entities with joint control or significant influence over entity | |
Disclosure of transactions between related parties [line items] | |
Percentage ownership | 19.80% |
Number of members of board of directors | 5 |
Franchise intangible | TCCC | Entities with joint control or significant influence over entity | |
Disclosure of transactions between related parties [line items] | |
Agreement term | 10 years |
Renewal term | 10 years |
RELATED PARTY TRANSACTIONS - T
RELATED PARTY TRANSACTIONS - Transactions with TCCC (Details) - TCCC - Entities with joint control or significant influence over entity - EUR (€) € in Millions | 6 Months Ended | ||
Jun. 28, 2019 | Jun. 29, 2018 | Dec. 31, 2018 | |
Disclosure of transactions between related parties [line items] | |||
Amounts affecting revenue[1] | € 31 | € 29 | |
Amounts affecting cost of sales[2] | (1,610) | (1,429) | |
Amounts affecting operating expenses[3] | (10) | 2 | |
Total net amount affecting the Consolidated Income Statement | (1,589) | € (1,398) | |
Amount due from | 108 | € 101 | |
Amounts payable | € 356 | € 166 |
RELATED PARTY TRANSACTIONS - Tr
RELATED PARTY TRANSACTIONS - Transactions with Cobega Companies (Details) - Cobega Companies - Entities with joint control or significant influence over entity - EUR (€) € in Millions | 6 Months Ended | ||
Jun. 28, 2019 | Jun. 29, 2018 | Dec. 31, 2018 | |
Disclosure of transactions between related parties [line items] | |||
Amounts affecting revenue[1] | € 1 | € 0 | |
Amounts affecting cost of sales[2] | (37) | (39) | |
Amounts affecting operating expenses[3] | (8) | (7) | |
Total net amount affecting the Consolidated Income Statement | (44) | € (46) | |
Amount due from | 6 | € 6 | |
Amounts payable | € 23 | € 25 |
TAXES - Narrative (Details)
TAXES - Narrative (Details) | 6 Months Ended | 12 Months Ended | ||
Jun. 28, 2019 | Jun. 29, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax [Abstract] | ||||
Effective tax rate | 25.00% | 26.00% | 25.00% | 41.00% |
OTHER NON CURRENT ASSETS VAT RE
OTHER NON CURRENT ASSETS VAT RECEIVABLE (Details) - Tax Authority, Spain1 [Member] € in Millions | 6 Months Ended |
Jun. 28, 2019EUR (€) | |
Disclosure Of Trade Receivables [Line Items] | |
Value added tax receivables | € 198 |
Refunds from value added tax receivables | € 126 |
PROVISIONS, CONTINGENCIES AND_3
PROVISIONS, CONTINGENCIES AND COMMITMENTS - Disclosure of Provisions (Details) € in Millions | 6 Months Ended |
Jun. 28, 2019EUR (€) | |
Disclosure of other provisions [line items] | |
Increase (decrease) through net exchange differences, other provisions | € (1) |
Reconciliation of changes in other provisions [abstract] | |
Beginning balance | 252 |
Additional provisions recognised | 22 |
Unused amounts reversed | (12) |
Utilised during the period | (71) |
Ending balance | 190 |
Restructuring Provision | |
Disclosure of other provisions [line items] | |
Increase (decrease) through net exchange differences, other provisions | 0 |
Reconciliation of changes in other provisions [abstract] | |
Beginning balance | 223 |
Additional provisions recognised | 21 |
Unused amounts reversed | (12) |
Utilised during the period | (71) |
Ending balance | 161 |
Other Provisions | |
Disclosure of other provisions [line items] | |
Increase (decrease) through net exchange differences, other provisions | (1) |
Reconciliation of changes in other provisions [abstract] | |
Beginning balance | 29 |
Additional provisions recognised | 1 |
Unused amounts reversed | 0 |
Utilised during the period | 0 |
Ending balance | € 29 |
EVENTS AFTER THE REPORTING PE_2
EVENTS AFTER THE REPORTING PERIOD (Details) - EUR (€) € in Millions | Jul. 31, 2019 | Jun. 30, 2019 | Jun. 28, 2019 | Jun. 29, 2018 |
Disclosure of non-adjusting events after reporting period [line items] | ||||
Repayments of borrowings | € 175 | € 0 | ||
Term loan 2018-2021 | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Repayments of borrowings | € (175) | |||
Term loan 2018-2021 | Major repayment on borrowings | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Repayments of borrowings | € 100 |