hit tracker
Thursday, June 20, 2024
HomeLatest NewsCoca-Cola EP earns 14% more and buys the Philippine bottler for 1,640...

Coca-Cola EP earns 14% more and buys the Philippine bottler for 1,640 million

Date: June 20, 2024 Time: 12:43:55

Coca-Cola Europacific Partners (CCEP) has obtained 854 million euros of profits in the first half of this year, which represents an increase of 14% over what was registered during the same period of 2022. Specifically, only in the region of Iberia (Spain, Portugal and Andorra) has noticed a 12.5% ​​of its income up to 1,541 million. According to the data that the company has offered to the National Securities Market Commission (CNMV), and collected by Efe, the total income registered by Coca-Cola EP between January and June has risen to 8,977 million euros, an interannual increase of 8.5% compared to the same period of the previous year.

Most of the company’s income is concentrated in Europe, with a total of 7,105 million euros received from European countries. Compared to the first half of 2022, Coca-Cola EP’s revenues on this continent have risen 10%, with the United Kingdom being its main market, where 1,570 million euros have been collected, an interannual increase of 7.5%. CCEP has also announced a new investment in the Pacific market, announcing that it will acquire, together with Aboitiz Equity Ventures (AEV), the bottling company Coca-Cola Beverages Philippines (CCBPI) for 1,800 million dollars (about 1,640 million euros).

Iberia becomes the European region that contributes the most

In Iberia, the company has detailed that Coca-Cola Original, Coca-Cola Zero and Aquarius have obtained good results in the first half and Monster has achieved double-digit growth. In the Australia, Pacific and Indonesia region, revenue rose 2.5% year-on-year in the first half of this year to $1.872 million.

Regarding the second, revenues in the Iberia region have totaled 886 million euros, 7% more than in the same period of the previous year. Iberia is the region that has contributed the most in the European zone in the quarter, with revenues of 3,960 million euros, 8.5% more than in the same period last year. The CEO of CCEP, Damian Gammell, expressed his satisfaction in a company statement sent to the CNMV for the results obtained in the first half, as it shows “solid volume growth in all markets” in which the company operates. company.

“We are very proud to have closed a great first half, in which we have achieved strong sales and net profit growth and have generated robust cash flow. Our performance reflects great execution in the market and strong relationships with our customers,” he said. Looking ahead, Gammell has indicated that he is confident in the “resilience” of the company’s product categories “despite the changing outlook at the moment.”

“After this positive first half of the year, we have improved our revenue, operating profit and cash flow forecasts for 2023. This demonstrates the strength of our business and the ability to continuously generate shareholder value,” he concluded.

expansion project in the pacific zone

CCEP AND AEV have signed a non-binding “letter of intent” to carry out the acquisition of the Philippine bottler, which establishes an ownership structure according to which CCEP would be the majority owner (60%) of CCBPI, while AEV will have a minority stake of 40%. The purchase proposal builds on CCEP’s expansion into Australia, Pacific and Indonesia (API) in 2021, which has positioned the company as the world’s largest Coca-Cola bottler by revenue and volume, the company explained.

“It is a great opportunity to co-acquire a consolidated and well-managed company, with attractive prospects for profitability and growth”

The transaction, according to the firm, is “in keeping with the stated intent” of The Coca-Cola Company to divest from bottling operations. “The proposed acquisition of CCBPI together with AEV, one of the main conglomerates in the local market, offers a great opportunity to co-acquire a consolidated and well-managed company, with attractive prospects for profitability and growth,” CCEP explained.

The business would be governed by a five-member board, two appointed by AEV and three by CCEP, which would also name the CEO. The purchase proposal is subject to a series of conditions, CCEP has specified. “We are delighted to announce the purchase of CCBPI together with AEV. This step allows us a more diverse presence within our Australia, Pacific and Indonesia (API) business segment, supporting Indonesia’s transformation and furthering our strategic objectives to medium term”, declared the CEO of CCEP, Damian Gammell.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

Most Popular

Recent Comments