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CCEP Coca-Cola Europacific Partners

Filed: 11 Feb 21, 9:09am

United States
Securities and Exchange Commission
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934

For the period ending 31 December 2020

Commission File Number 001-37791
COCA-COLA EUROPEAN PARTNERS PLC
Bakers Road
Uxbridge, UB8 1EZ, United Kingdom
(Address of principal executive office)
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
(Check One) Form 20-F ý Form 40-F D Â
(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1))
(Check One) Yes  No ý
(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7))
(Check One) Yes  No ý

THIS REPORT ON FORM 6-K IS HEREBY INCORPORATED BY REFERENCE INTO THE REGISTRANT’S
REGISTRATION STATEMENT ON FORM F-3 OF COCA-COLA EUROPEAN PARTNERS PLC (REGISTRATION NO. 333-241528);
REGISTRATION STATEMENT ON FORM S-8 OF COCA-COLA EUROPEAN PARTNERS PLC (REGISTRATION NO. 333-208566);
REGISTRATION STATEMENT ON FORM S-8 OF COCA-COLA EUROPEAN PARTNERS PLC (REGISTRATION NO. 333-233695); AND
REGISTRATION STATEMENT ON FORM S-8 OF COCA-COLA EUROPEAN PARTNERS PLC (REGISTRATION NO. 333-233697).
FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, AND SHALL BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FILED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.
THIS REPORT ON FORM 6-K INCLUDES SUBSTANTIALLY THE SAME INFORMATION AS THAT REPORTED IN THE REGISTRANT’S REPORT ON FORM 6-K PREVIOUSLY FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION ON FEBRUARY 11, 2021, AND IS BEING FILED SOLELY FOR THE PURPOSE OF INCORPORATING BY REFERENCE INFORMATION INTO THE ABOVE-REFERENCED REGISTRATION STATEMENTS AND ANY FUTURE REGISTRATION STATEMENTS IN WHICH THE REGISTRANT IDENTIFIES THIS REPORT ON FORM 6-K AS BEING INCORPORATED BY REFERENCE.


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COCA-COLA EUROPEAN PARTNERS

Preliminary Unaudited Results for the Full-Year Ended 31 December 2020


Note Regarding Preliminary Unaudited Results
The preliminary unaudited results for the fourth quarter and full year ended 31 December 2020 included in this report are based on CCEP management's preliminary determinations and current expectations, and such information is inherently uncertain. The preliminary unaudited results are subject to completion of CCEP's customary year-end closing and review procedures and third-party audit and have not yet been approved by the CCEP Board of Directors. As a result, actual results could differ materially from the current preliminary unaudited results based on adjustments made during CCEP’s year-end closing and review procedures and third-party audit, and CCEP’s reported information in its Annual Report on Form 20-F for the year ended 31 December 2020 may differ materially from this information. As a result, readers are cautioned not to place undue reliance on the information included in this report and should view this information in the context of CCEP's full year 2020 results when such results are disclosed by CCEP in its Annual Report on Form 20-F for the year ended 31 December 2020. The information included in this report is based on current CCEP management expectations that involve substantial risks and uncertainties that could cause actual results to differ materially from the results expressed in, or implied by, such information.

Note Regarding the Presentation of Alternative Performance Measures
We use certain alternative performance measures (non-GAAP performance measures) to make financial, operating and planning decisions and to evaluate and report performance. We believe these measures provide useful information to investors and as such, where clearly identified, we have included certain alternative performance measures in this document to allow investors to better analyse our business performance and allow for greater comparability. To do so, we have excluded items affecting the comparability of period-over-period financial performance as described below. The alternative performance measures included herein should be read in conjunction with and do not replace the directly reconcilable GAAP measure.
For purposes of this document, the following terms are defined:

‘‘As reported’’ are results extracted from our consolidated financial statements.
‘‘Comparable’’ is defined as results excluding items impacting comparability, such as restructuring charges, out of period mark-to-market impact of hedges and net tax items relating to rate and law changes. Comparable volume is also adjusted for selling days.
‘‘Fx-neutral’’ is defined as comparable results excluding the impact of foreign exchange rate changes. Foreign exchange impact is calculated by recasting current year results at prior year exchange rates.
‘‘Net Debt’’ is defined as the net of cash and cash equivalents less currency adjusted borrowing. We believe that reporting net debt is useful as it reflects a metric used by the Group to assess cash management and leverage.
‘‘Dividend Payout Ratio’’ is defined as dividends as a proportion of comparable profit after tax.
Additionally, within this document, we provide certain forward-looking non-GAAP financial Information, which management uses for planning and measuring performance. We are not able to reconcile forward-looking non-GAAP measures to reported measures without unreasonable efforts because it is not possible to predict with a reasonable degree of certainty the actual impact or exact timing of items that may impact comparability throughout year.
Unless otherwise stated, percent amounts are rounded to the nearest 0.5%.








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FY 2020 Metric [1]
As ReportedComparableChange vs 2019
As ReportedComparableComparable Fx-Neutral
Volume (m unit cases)[2]
2,277 2,277 (9.5)%(10.0)%
Revenue (€M)10,606 10,606 (11.5)%(11.5)%(11.0)%
Cost of sales (€M)6,871 6,809 (7.5)%(8.5)%(7.5)%
Operating expenses (€M)2,922 2,603 (4.0)%(11.0)%(10.0)%
Operating profit (€M)813 1,194 (47.5)%(29.0)%(28.5)%
Profit after taxes (€M)498 821 (54.5)%(30.5)%(30.5)%
Diluted EPS (€)1.09 1.80 (53.0)%(29.0)%(28.5)%
Revenue per unit case (€)4.69 (1.5)%
Cost of sales per unit case(€)3.01 2.5 %
Dividend per share[3] (€)
0.85 

























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[1] Refer to ‘Note Regarding the Presentation of Alternative Performance Measures’ for further details
[2] Unit Case = approximately 5.678 litres or 24 8-ounce servings
[3] 25 October 2020 declared €0.85 dividend per share, paid 1 December 2020



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FULL-YEAR & Q4 2020 HIGHLIGHTS[1]
FY Reported Revenue -11.5% (FX-neutral Revenue -11.0%)
FY NARTD[2] value share gains across measured channels both in store[3] (+40pts) & online[3] (+140pts)
Comparable volume -10.0%[4] driven by the impact of the COVID-19 pandemic & some customer disruption as a result of our planned pricing strategy (resolved in August) partially offset by growth in Monster & Coca-Cola Zero Sugar
Adverse away from home (AFH) volumes (-27.5%) reflecting outlet closures & restrictive measures, partially offset by growth in the home channel (+1.5%) supported by growth in online grocery[5] (+44%)
Immediate consumption (IC) volumes (-24.5%) significantly impacted in both AFH & home channels reflecting lower consumer mobility. Future consumption (FC) volumes outperformed (-2.0%)
Revenue per unit case -1.5%[6] with positive momentum in Q1 (+1.5%) & Q3 (+1.0%) offset by Q2 (-5.0%) & Q4 (-3.5%) reflecting the varying extent of restrictions during the year
Q4 Reported Revenue -11.5% (FX-neutral Revenue -10.5%)
Comparable volume -9.5% driven by continued impact of the COVID-19 pandemic across our markets reflecting renewed restrictive measures
Decline in AFH volumes (-32.0%) reflecting the increase of restrictive measures & outlet closures
Robust home channel volumes (+4.0%) driven by solid Christmas execution & the outperformance of FC packs, partially offset by weaker IC trends
Broadly similar volumes across Q4 however weaker volumes in January 2021 reflecting even tougher restrictions
Reported volumes -7.0% reflecting the benefit of two additional selling days when compared to the prior year
Revenue per unit case -3.5%[6] reflecting negative geographic, channel & pack mix
Reported Operating Profit -47.5% (Comparable Operating Profit -28.5%[7])
Cost of sales per unit case +2.5%[7] reflects the under-recovery of fixed manufacturing costs given lower volumes & adverse mix, offset by the decline in revenue per unit case driving lower concentrate costs
Comparable operating profit of €1,194m, -28.5%[7] reflecting revenue declines offset by a reduction in discretionary operating expenses of c.€260m (ahead of guidance of €200-250m)
Reported Operating Profit €813m, -47.5%, also reflects the impact our restructuring initiatives in the year, which include approximately €200m related to launch of the Accelerate Competitiveness efficiency program.
Diluted EPS of €1.09, down -53.0% (Comparable diluted EPS -28.5%[7])
Dividends and share buyback
Dividends: full-year dividend of €0.85 per share (announced at Q3), maintaining dividend payout ratio of approximately 50%, in line with our policy
Share buyback: repurchased c.€130m (3m shares) prior to suspension of programme in March
Other
CCEP Ventures continued to bring new innovative solutions into the business with 5 new investment partnerships in early stage e-commerce, packaging free & recycling technology businesses
Unable to provide FY21 outlook guidance given on-going COVID-19 uncertainty
Sustainability
Announced ambition to reach net zero greenhouse gas (GHG) emissions across our entire value chain by 2040, and to reduce our absolute GHG emissions by 30% by 2030 (vs 2019)
Closed 2020 at c.41%[8] recycled plastic (rPET); targeting 50% rPET by 2023
Sweden became first 100% rPET market in the Coke system. Norway, the Netherlands & Iceland to transition full portfolio to 100% rPET in 2021
Retained:
on Carbon Disclosures Project’s A List for climate change & water security
in Dow Jones Sustainability Indices (Europe & World)
AAA MSCI ESG rating
[1] Refer to ‘Note Regarding the Presentation of Alternative Performance Measures’ for further details; Change percentages against prior year equivalent period; [2] Non-alcoholic ready to drink; [3] Instore: NARTD Nielsen Global Track Data for ES, PT, DE, GB, FR, BE, NL, SE, NO to YE 27.12.20; Online: Data to w/e GB 26.12.20 (Retailer EPOS), ES FR & NL 27.12.20 (Nielsen); [4] Adjusted for 1 extra selling day in 2020. Reported volumes (9.5)%; [5] Source: Nielsen Top 4 markets (GB FR NL ES) to YE 27.12.20 changes; [6] Fx-Neutral [7] Comparable and FX-Neutral [8] Unaudited. Provisional. Note: Changes versus equivalent 2019 period


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COVID-19 FY20 UPDATE: Respond, recover & build for future led by green & digital
Our rapid response prioritised our people, customers & communities whilst protecting our business for the long-term & building for the future.

Key highlights as follows:
People:
Implemented comprehensive measures in line with government guidance
Advanced digital workplace capabilities
Increased internal communications with colleagues
Provided extensive emotional & mental well-being support
Maintained high colleague engagement & progressed on inclusion & diversity
Communities:
Donated over 600,000 unit cases of product
Partnered with The Coca-Cola Company to provide substantial financial aid through the Red Cross & other local NGOs
Business continuity:
Leveraged strong relationships with brand partners & jointly invested behind core brands
Optimised pack price architecture
Maintained great customer service levels
Reallocated resource to capture revenue opportunities
Leveraged our digital capabilities
Balance sheet & cost mitigation:
Delivered discretionary opex savings of c.€260m, ahead of targeted €200-250m, & launch of Accelerate Competitiveness efficiency programme (see Supplemental Financial Information - Cost of Sales and Operating Expenses)
FY21 opex savings of c.€150m vs. FY19 (combination of permanent discretionary savings from 2020 & new Accelerate Competitiveness savings); FY21 opex expected to be lower than FY19
Suspension of share buyback programme
Maintained strong investment grade debt rating with no covenants on our debt or facilities

Acquisition of Coca-Cola Amatil Limited (CCL)
Entered into binding agreement to acquire CCL on 3 November 2020
Received Australian Foreign Investment Review Board regulatory approval 29 January 2021
The Scheme remains subject to other customary conditions, including CCL independent shareholder approval, court approval & the New Zealand Overseas Investment Office regulatory approval
Further updates will be provided in due course[1]






__________________________

[1] CCEP has not yet made an election as to how they will purchase the remaining 20% of The Coca-Cola Company’s shares, but have agreed with The Coca-Cola Company that they will make this election no later than 14 days before the Scheme vote.


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FULL-YEAR & FOURTH-QUARTER REVENUE PERFORMANCE BY GEOGRAPHY
All values are unaudited, changes versus 2019
As reportedFx-Neutral
Full-Year€ million% of Total% change% change
Great Britain2,203 21.0 %(8.5)%(7.5)%
France (France & Monaco)
1,709 16.0 %(10.0)%(10.0)%
Germany2,270 21.5 %(6.5)%(6.5)%
Iberia (Spain, Portugal & Andorra)
2,173 20.5 %(22.0)%(22.0)%
Northern Europe[1]
2,251 21.0 %(9.5)%(8.0)%
Total10,606 100.0 %(11.5)%(11.0)%
As reportedFx-Neutral
Q4€ million% of Total% change% change
Great Britain565 22.0 %(11.0)%(6.5)%
France (France & Monaco)
401 15.5 %(12.5)%(12.5)%
Germany586 22.5 %(4.0)%(4.0)%
Iberia (Spain, Portugal & Andorra)
517 20.0 %(17.0)%(17.0)%
Northern Europe[1]
521 20.0 %(13.5)%(12.5)%
Total2,590 100.0 %(11.5)%(10.5)%
___________________________
[1] Belgium, Luxembourg, Netherlands, Norway, Sweden & Iceland
Great Britain
FY & Q4 volume impacted by restrictive measures & outlet closures. Weakness in AFH channel partially offset by home channel volume growth, both online & in store. Coca-Cola Zero Sugar, Monster & Schweppes mixers all grew in Q4
FY revenue/UC[1] negatively impacted by the outperformance of the home channel & in particular the growth in FC packs (e.g. large PET +5.0% & multipack cans +23.0%), alongside IC weakness in both channels
France (France & Monaco)
FY & Q4 volume mainly impacted by AFH outlet closures & hypermarket weakness reflecting lower footfall given restrictions. FY volume benefited from a solid Q3 when AFH outlets reopened & consumer mobility increased, aided by favourable weather. Coca-Cola Zero Sugar, Monster & Capri-Sun all outperformed in Q4
FY revenue/UC[1] negatively impacted by channel mix given AFH outlet closures & pack mix due to the weakness in IC, partially offset by lower promotions
Germany
FY & Q4 volume impacted by AFH outlet closures, partially offset by the additional border trade business. Coca-Cola Zero Sugar & Monster outperformed, while Vio & Apollinaris underperformed given the brands’ exposure to AFH & IC
FY revenue/UC[1] driven by the growth in cans due to the additional border trade business, increased promotional efficiency in the home channel & favourable brand mix. This was partially offset by adverse channel mix & pack mix given the outperformance of FC packs
Iberia (Spain, Portugal & Andorra)
FY & Q4 volume impacted by significant exposure to the AFH channel & weaker tourism trends, particularly in Spain where we over-index in exposure to HoReCa[2]. The home channel also suffered, partly due to weakness in the cash & carry channel[3]
FY revenue/UC[1] significantly impacted by channel mix given the closure of HoReCa[2] outlets in addition to negative pack mix (e.g. glass -48.0%)
Northern Europe
FY & Q4 impacted by negative AFH volumes reflecting outlet closures partially offset by growth in the home channel led by Norway & the Netherlands. Coca-Cola Zero Sugar, Monster & Nalu all grew volumes during Q4
FY revenue/UC[1] grew modestly due to positive country & brand mix, offset by adverse channel mix


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[1] Revenue per unit case
[2] HoReCa = Hotels, Restaurants & Cafes
[3] Cash & Carry included in home channel for Iberia (~12.5% of 2019 Iberia volume), elsewhere included in AFH channel
Note: All values are unaudited, changes versus equivalent 2019 period; comparable volumes



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FULL-YEAR & FOURTH-QUARTER VOLUME PERFORMANCE[1] BY CATEGORY
Comparable volumes, changes versus 2019
 Q4YTD
% of Total% Change% of Total% Change
Sparkling90.5 %(7.0)%88.5 %(7.0)%
Coca-ColaTM
67.5 %(7.0)%66.0 %(6.5)%
Flavours, Mixers & Energy23.0 %(7.0)%22.5 %(9.0)%
Stills9.5 %(29.0)%11.5 %(27.0)%
Hydration5.0 %(38.0)%6.5 %(34.0)%
RTD Tea, RTD Coffee, Juices & Other[2]
4.5 %(15.5)%5.0 %(17.0)%
Total100.0 %(9.5)%100.0 %(10.0)%
SPARKLING
Coca-ColaTM
Q4 transactions -10.0%[3], reflecting decline in small glass & PET, partially offset by growth in cans
Q4 Classic -10.0%; Lights -2.0%, Diet/light taste decline (-10.5%) offset by resilient performance of Coca-Cola Zero Sugar (+1.5%)
Coca-Cola Zero Sugar: FY20 #1 brand in NARTD for absolute value growth across our markets[4]
Flavours, Mixers & Energy
Q4 Fanta -12.0% driven by the impact of COVID-19 on AFH
Q4 Energy +27.5% reflecting growth in both channels & driven by Monster. Strong growth in Monster multipacks (+54.0%)
Q4 Schweppes mixers +1.0% in GB reflecting growth in the home channel given switching of AFH occasions. Schweppes mixers gained FY value share in GB[5]

STILLS
Hydration
Continued soft performance in Q4 reflecting on-going impact of COVID-19 & exposure to IC

RTD Tea, RTD Coffee, Juices & Other[2]
Q4 Fuze Tea -14.5% reflecting soft IC performance due to reduced on-the-go consumption
Q4 Juice drinks -13.0% reflecting exposure to on-the-go occasions, offset by solid growth in Capri-Sun in GB & France
Launched Topo Chico Hard Seltzer in three flavours in GB & NL in December. Will launch across other markets in 2021















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[1] Adjusted for selling day shifts
[2] RTD refers to Ready To Drink
[3] Defined as the serving container that is ultimately used directly by the consumer. It can be a standalone container or one part of a multipack
[4] Nielsen Strategic Planner FY20 Data to YE 27.12.2020. Countries included are ES, PT, DE, GB, FR, BE, NL, SE & NO
[5] Nielsen Global Track Data for GB to YE 27.12.2020
Note: All values are unaudited, changes versus equivalent 2019 period; comparable volumes


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Forward-Looking Statements
This document contains statements, estimates or projections that constitute “forward-looking statements” concerning the financial condition, performance, results, strategy and objectives of Coca-Cola European Partners plc and its subsidiaries (together “CCEP”). CCEP's proposed acquisition (the "Acquisition") of Coca-Cola Amatil Limited and its subsidiaries (together "CCL") and the integration of CCL into CCEP. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “plan,” “seek,” “may,” “could,” “would,” “should,” “might,” “will,” “forecast,” “outlook,” “guidance,” “possible,” “potential,” “predict,” “objective” and similar expressions identify forward-looking statements, which generally are not historical in nature.

Forward-looking statements are subject to certain risks that could cause actual results to differ materially from CCEP’s and CCL’s historical experience and present expectations or projections, including with respect to the Acquisition. As a result, undue reliance should not be placed on forward-looking statements, which speak only as of the date on which they are made. These risks include but are not limited to:

1.those set forth in the "Risk Factors" section of CCEP’s 2019 Integrated Report / Annual Report on Form 20-F, including the statements under the following headings: Packaging (such as, refillables and recycled plastic); Perceived health impacts of our beverages and ingredients, and changing consumer preferences (such as sugar alternatives and other ingredients); Legal, regulatory and tax change (such as the development of regulations regarding packaging, taxes and deposit return schemes); Market (such as disruption due to customer negotiations, customer consolidation and route to market); Cyber and social engineering attacks; Competitiveness and transformation; Climate change and water (such as net zero emission legislation and regulation, and resource scarcity); Economic and political conditions (such as the UK's exit from the EU, the EU-UK trade and co-operation agreement, and uncertainty about the future relationship between the UK and EU); The relationship with The Coca-Cola Company and other franchisors; Product quality; and Other risks, such as widespread outbreaks of infectious disease including the adverse impact that the COVID-19 pandemic and related government restrictions and social distancing measures implemented in many of our markets, and any associated economic downturn, may have on our financial results, operations, workforce and demand for our products;

2.those set forth in the "Principal Risks" section of CCEP’s 2019 Integrated Report / Annual Report on Form 20-F, as updated in CCEP’s Results for the six months ended 26 June 2020 & COVID-19 update and including principal risks under the additional headings: Business continuity (such as government restrictions in our countries of operation); People; and Stakeholders; and

3.risks and uncertainties relating to the Acquisition, including the risk that the businesses will not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected, which could result in additional demands on CCEP’s resources, systems, procedures and controls, disruption of its ongoing business and diversion of management’s attention from other business concerns; the possibility that certain assumptions with respect to CCL or the Acquisition could prove to be inaccurate; the failure to receive, delays in the receipt of, or unacceptable or burdensome conditions imposed in connection with, all required regulatory approvals, shareholder approvals and the satisfaction of closing conditions to the Acquisition; ability to raise financing; the possibility that CCEP and CCL fail to agree upon a scheme implementation agreement; the potential that the Acquisition may involve unexpected liabilities for which there is no indemnity; the potential failure to retain key employees of CCEP and CCL as a result of the proposed Acquisition or during integration of the businesses and disruptions resulting from the proposed Acquisition, making it more difficult to maintain business relationships; the potential if the Acquisition is not completed in a timely manner or at all for (i) negative reaction from financial markets, customers, regulators, employees and other stakeholders, (ii) loss of time spent on an unsuccessful Acquisition, and (iii) litigation related to the Acquisition.

The full extent to which the COVID-19 pandemic will negatively affect CCEP and/or CCL and the results of their operations, financial condition and cash flows will depend on future developments that are highly uncertain and cannot be predicted, including the scope and duration of the pandemic and actions taken by governmental authorities and other third parties in response to the pandemic.

Due to these risks, CCEP’s actual future results, dividend payments, and capital and leverage ratios may differ materially from the plans, goals, expectations and guidance set out in forward-looking statements (including those issued by CCL prior to the Acquisition). These risks may also adversely affect CCEP’s share price. Additional risks that may impact CCEP’s future financial condition and performance are identified in filings with the United States Securities and Exchange Commission (“SEC”) which are available on the SEC's website at www.sec.gov. CCEP does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required under applicable rules, laws and regulations. Furthermore, CCEP assumes no responsibility for the accuracy and completeness of any forward-looking statements. Any or all of the forward-looking statements contained in this filing and in any other of CCEP’s public statements (whether prior or subsequent to the Acquisition) may prove to be incorrect.





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Supplementary Financial Information - Income Statement
The following provides a summary reconciliation of CCEP’s reported and comparable results for the periods presented:
Full year 2020
Unaudited, in millions of € except per share data which is calculated prior to rounding
As ReportedItems Impacting ComparabilityComparable
CCEP
Mark-to-market effects[1]
Restructuring Charges[2]
Acquisition Related Costs[3]
Net tax[4]
CCEP
Revenue10,606 — — — — 10,606 
Cost of sales6,871 — (62)— — 6,809 
Gross profit3,735  62   3,797 
Operating expenses2,922 (2)(306)(11)— 2,603 
Operating profit813 2 368 11  1,194 
Total finance costs, net111 — — (3)— 108 
Non-operating items— — — — 
Profit before taxes695 2 368 14  1,079 
Taxes197 — 103 (45)258 
Profit after taxes498 2 265 11 45 821 
Diluted earnings per share (€)1.09  0.58 0.03 0.10 1.80 
Diluted weighted average shares outstanding456 
Full year 2019
Unaudited, in millions of € except per share data which is calculated prior to rounding
As ReportedItems Impacting ComparabilityComparable
CCEP
Mark-to-market effects[1]
Restructuring Charges[2]
Net tax[4]
CCEP
Revenue12,017 — — — 12,017 
Cost of sales7,424 (1)— — 7,423 
Gross profit4,593 1   4,594 
Operating expenses3,045 (130)— 2,918 
Operating profit1,548 (2)130  1,676 
Total finance costs, net96 — — — 96 
Non-operating items(2)— — — (2)
Profit before taxes1,454 (2)130  1,582 
Taxes364 (1)36 (2)397 
Profit after taxes1,090 (1)94 2 1,185 
Diluted earnings per share (€)2.32  0.21  2.53 
Diluted weighted average shares outstanding469 
___________________________
[1] Amounts represent the net out-of-period mark-to-market impact of non-designated commodity hedges.
[2] During the full-year 2020, we recognised restructuring charges totalling €368million, which include €202 million related to Accelerate Competitiveness proposals announced in October 2020. These proposals are aimed at reshaping CCEP using technology enabled solutions to improve productivity and include the closure of certain production sites in Germany and Iberia.
[3] Amounts represent costs associated with the proposed acquisition of Coca-Cola Amatil Limited.
[4] Amounts include the deferred tax impact related to income tax rate and law changes.


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Supplemental Financial Information - Revenue
Revenue
In millions of €, except per case data which is calculated prior to rounding. FX impact calculated by recasting current year results at prior year rates.
Fourth Quarter EndedYear Ended
31 December 202031 December 2019% Change31 December 202031 December 2019% Change
As reported2,590 2,933 (11.5)%10,606 12,017 (11.5)%
Adjust: Total items impacting comparability— — — %— — — %
Comparable2,590 2,933 (11.5)%10,606 12,017 (11.5)%
Adjust: Impact of fx changes36 n/a(1.0)%75 n/a(0.5)%
Comparable & fx-neutral2,626 2,933 (10.5)%10,681 12,017 (11.0)%
Revenue per unit case4.59 4.76 (3.5)%4.69 4.77 (1.5)%
Revenue by Geography
In millions of €
Fourth Quarter Ended 31 December 2020Year Ended 31 December 2020
As reportedReported
% change
Fx-Neutral
% change
As reportedReported
% change
Fx-Neutral
% change
Iberia [1]
517 (17.0)%(17.0)%2,173 (22.0)%(22.0)%
Germany586 (4.0)%(4.0)%2,270 (6.5)%(6.5)%
Great Britain565 (11.0)%(6.5)%2,203 (8.5)%(7.5)%
France [2]
401 (12.5)%(12.5)%1,709 (10.0)%(10.0)%
Belgium/Luxembourg892 (11.0)%
Netherlands529 (12.0)%
Norway423 (3.0)%
Sweden337 (8.0)%
Iceland70 (17.5)%
Northern Europe521 (13.5)%(12.5)%2,251 (9.5)%(8.0)%
Total2,590 (11.5)%(10.5)%10,606 (11.5)%(11.0)%
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[1] Iberia refers to Spain, Portugal & Andorra.
[2] France refers to continental France & Monaco.

Comparable Volume - Selling Day Shift

In millions of unit cases, prior period volume recast using current year selling days
Fourth Quarter EndedYear Ended
31 December 202031 December 2019% Change31 December 202031 December 2019% Change
Volume572 616 (7.0)%2,277 2,521 (9.5)%
Impact of selling day shiftn/a16 n/an/an/a
Comparable volume - Selling Day Shift adjusted572 632 (9.5)%2,277 2,529 (10.0)%
Comparable Volume by Brand Category
Adjusted for selling day shift
Fourth Quarter EndedYear Ended
31 December 202031 December 2019Volume % Change31 December 202031 December 2019% Change
% of Total% of Total% of Total% of Total
Sparkling90.5 %88.0 %(7.0)%88.5 %86.0 %(7.0)%
Coca-ColaTM
67.5 %65.5 %(7.0)%66.0 %63.5 %(6.5)%
Flavours, Mixers & Energy23.0 %22.5 %(7.0)%22.5 %22.5 %(9.0)%
Stills9.5 %12.0 %(29.0)%11.5 %14.0 %(27.0)%
Hydration5.0 %7.0 %(38.0)%6.5 %8.5 %(34.0)%
RTD Tea, RTD Coffee, Juices & Other [1]
4.5 %5.0 %(15.5)%5.0 %5.5 %(17.0)%
Total100.0 %100.0 %(9.5)%100.0 %100.0 %(10.0)%
___________________________
[1] RTD refers to Ready To Drink.


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Supplemental Financial Information - Cost of Sales and Operating Expenses
Cost of Sales
Cost of Sales
In millions of €, except per case data which is calculated prior to rounding. FX impact calculated by recasting current year results at prior year rates.
Year Ended
31 December 202031 December 2019% Change
As reported6,871 7,424 (7.5)%
Adjust: Total items impacting comparability(62)(1)(1.0)%
Comparable6,809 7,423 (8.5)%
Adjust: Impact of fx changes54 n/a(1.0)%
Comparable & fx-neutral6,863 7,423 (7.5)%
Cost of sales per unit case3.01 2.94 2.5 %

Reported cost of sales were €6,871 million, down 7.5 percent. Comparable cost of sales were €6,809 million, down 8.5 percent on a comparable basis and 7.5 percent on a comparable and fx-neutral basis. Cost of sales per unit case increased by 2.5 percent on a comparable and fx-neutral basis. This reflects the impact of the under-recovery of fixed manufacturing costs given lower volumes & adverse mix, offset by the decline in revenue per unit case driving lower concentrate costs.
Operating Expenses
Operating Expenses
In millions of €. FX impact calculated by recasting current year results at prior year rates.
Year Ended
31 December 202031 December 2019% Change
As reported2,922 3,045 (4.0)%
Adjust: Total items impacting comparability(319)(127)(7.0)%
Comparable2,603 2,918 (11.0)%
Adjust: Impact of fx changes16 n/a(1.0)%
Comparable & fx-neutral2,619 2,918 (10.0)%

Reported operating expenses were €2,922 million, down 4.0 percent. Comparable operating expenses were €2,603 million, down 11.0 percent on a comparable basis and 10.0 percent on a comparable and fx-neutral basis. Lower volumes resulted in a reduction of variable expenses, such as distribution costs. Operating expenses also benefited from a reduction in discretionary spend, partially offset by our continued investments for the future in areas such as our digital capabilities.
During the full-year 2020, we recognised restructuring charges totalling €368million, which include €202 million related to Accelerate Competitiveness proposals announced in October 2020. These proposals are aimed at reshaping CCEP using technology enabled solutions to improve productivity and include the closure of certain production sites in Germany and Iberia.
Effective Tax Rate
The effective tax rate was 28 percent and 25 percent for the years ended 31 December 2020 and 31 December 2019, respectively.

The increase in effective tax rate to 28 percent from 2019 is largely due to the remeasurement of deferred tax positions following tax rate changes in United Kingdom and the Netherlands, offset by changes in profit mix and the impact of lower corporate income tax rates in France and Belgium.

The comparable effective tax rate was 24 percent and 25 percent for the years ended 31 December 2020 and 31 December 2019, respectively.




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Supplemental Financial Information - Borrowings
Net Debt
In millions of €
As at
31 December 202031 December 2019
Total borrowings7,187 6,421 
Add: fx impact of non-EUR borrowings36 
Adjusted total borrowings7,223 6,427 
Less: cash and cash equivalents(1,523)(316)
Net debt5,700 6,111 







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Coca-Cola European Partners plc
Consolidated Income Statement (Unaudited)
Year ended
31 December 202031 December 2019
€ million€ million
Revenue10,606 12,017 
Cost of sales(6,871)(7,424)
Gross profit3,735 4,593 
Selling and distribution expenses(1,939)(2,258)
Administrative expenses(983)(787)
Operating profit813 1,548 
Finance income33 49 
Finance costs(144)(145)
Total finance costs, net(111)(96)
Non-operating items(7)
Profit before taxes695 1,454 
Taxes(197)(364)
Profit after taxes498 1,090 
Basic earnings per share (€)1.09 2.34 
Diluted earnings per share (€)1.09 2.32 

The financial information presented in the unaudited consolidated income statement, consolidated statement of financial position and consolidated statement of cash flows within this document does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. This financial information has been extracted from CCEP’s consolidated financial statements which will be delivered to the Registrar of Companies in due course.



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Coca-Cola European Partners plc
Consolidated Statement of Financial Position (Unaudited)
31 December 202031 December 2019
€ million€ million
ASSETS
Non-current:
Intangible assets8,414 8,506 
Goodwill2,517 2,520 
Property, plant and equipment3,860 4,205 
Non-current derivative assets
Deferred tax assets27 27 
Other non-current assets337 321 
Total non-current assets15,161 15,582 
Current:
Current derivative assets40 12 
Current tax assets19 18 
Inventories681 723 
Amounts receivable from related parties150 106 
Trade accounts receivable1,439 1,669 
Other current assets224 259 
Cash and cash equivalents1,523 316 
Total current assets4,076 3,103 
Total assets19,237 18,685 
LIABILITIES
Non-current:
Borrowings, less current portion6,382 5,622 
Employee benefit liabilities283 221 
Non-current provisions83 54 
Non-current derivative liabilities15 13 
Deferred tax liabilities2,134 2,203 
Non-current tax liabilities131 254 
Other non-current liabilities44 47 
Total non-current liabilities9,072 8,414 
Current:
Current portion of borrowings805 799 
Current portion of employee benefit liabilities13 17 
Current provisions154 142 
Current derivative liabilities62 28 
Current tax liabilities171 95 
Amounts payable to related parties181 249 
Trade and other payables2,754 2,785 
Total current liabilities4,140 4,115 
Total liabilities13,212 12,529 
EQUITY
Share capital
Share premium192 178 
Merger reserves287 287 
Other reserves(537)(449)
Retained earnings6,078 6,135 
Total equity6,025 6,156 
Total equity and liabilities19,237 18,685 





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Coca-Cola European Partners plc 
Consolidated Statement of Cash Flows (Unaudited)
Year ended
31 December 202031 December 2019
€ million€ million
Cash flows from operating activities:
Profit before taxes695 1,454 
Adjustments to reconcile profit before tax to net cash flows from operating activities:
Depreciation665 587 
Amortisation of intangible assets62 52 
Share-based payment expense14 15 
Finance costs, net111 96 
Income taxes paid(273)(270)
Changes in assets and liabilities:
Decrease in trade and other receivables208 
Decrease/(increase) in inventories34 (25)
(Decrease)/increase in trade and other payables53 (63)
Increase/(decrease) in net payable / receivable from related parties(112)59 
(Decrease)/increase in provisions43 (57)
Change in other operating assets and liabilities(10)51 
Net cash flows from operating activities1,490 1,904 
Cash flows from investing activities:
Purchases of property, plant and equipment(348)(506)
Purchases of capitalised software(60)(96)
Proceeds from sales of property, plant and equipment49 11 
Investments in equity instruments(11)(8)
Net cash flows used in investing activities(370)(599)
Cash flows from financing activities:
Proceeds from borrowings, net1,598 987 
Changes in short-term borrowings(221)101 
Repayments on third party borrowings(569)(625)
Payments of principal on lease obligations(116)(128)
Interest paid, net(91)(86)
Dividends paid(386)(574)
Purchase of own shares under share buyback programme(129)(1,005)
Exercise of employee share options14 26 
Other financing activities, net— 
Net cash flows used in financing activities100 (1,302)
Net change in cash and cash equivalents1,220 3 
Net effect of currency exchange rate changes on cash and cash equivalents(13)
Cash and cash equivalents at beginning of period316 309 
Cash and cash equivalents at end of period1,523 316 







SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorised.
 


COCA-COLA EUROPEAN PARTNERS PLC
(Registrant)
Date: 11 February 2021By:/s/ Manik Jhangiani
Name:Manik Jhangiani
Title:Chief Financial Officer