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Remuneration outcomes for 2022
The following pages set out details of the remuneration received by Directors for the financial
year ending 31 December 2022. Prior year figures have also been shown. Audited sections of the
report have been identified.
The Directors\u2019 remuneration in 2022 was awarded in line with the remuneration policy which was
approved by shareholders at the AGM in May 2020.
Single figure table for Executive Directors (audited)
Individual
Year
Salary
(\u00a3000)
Taxable
benefits
(\u00a3000)
Pension
(\u00a3000)
Fixed
pay
(\u00a3000)
Annual
bonus
(\u00a3000)
Long-term
incentives
(\u00a3000)
Variable
remuneration
(\u00a3000)
Total
remuneration
(\u00a3000)
Damian
Gammell
2022
1,208
135
26
1,369
3,730
6,720(A)
10,450
11,819
2021
1,179
134
26
1,339
3,567
2,766
6,333
7,672
(A)Comparable operating profit on a FX neutral basis at budget rates
(B)Revenue on a FX neutral basis at budget rates
(C)Comparable operating profit before depreciation and amortisation and adjusting for capital expenditures, restructuring cash
expenditures and changes in operating working capital, on a FX neutral basis at budget rates
2022 annual bonus outcome \u2013 IPF
To determine an appropriate IPF, the Chairman of the Board assesses Damian Gammell\u2019s
performance against the individual performance objectives that were set at the start of the year.
The outcome is then discussed with and recommended by the Committee for final approval by
the Board.
Damian Gammell once again provided exceptional leadership of the business during 2022 within
a very challenging external environment. He delivered strongly against his individual objectives
outlined below, and the Board determined that his IPF should be set at 1.2x for the year.
Single figure table for NEDs (audited)
The following table sets out the total fees and taxable benefits received by the Chairman and
NEDs for the year ended 31 December 2022. Prior year figures are also shown.
2022 (\u00a3\u2019000)
2021 (\u00a3\u2019000)
Individual
Base
fee
Chairman/
Committee
fees
Taxable
benefits(A)
Total fees
Base fee
Chairman/
Committee
fees
Taxable
benefits(A)
Total fees
Sol Daurella
578
26
3
607
564
26
1
591
Manolo Arroyo(B)
84
26
8
118
49
15
0
64
Jan Bennink
84
34
12
130
82
46
4
132
John Bryant
84
33
9
126
82
31
4
117
Jos\u00e9 Ignacio
Comenge S\u00e1nchez-
Real
84
16
9
109
82
16
4
102
Christine Cross
84
46
9
139
82
46
5
133
Nathalie Gaveau
84
14
3
101
82
10
1
93
\u00c1lvaro G\u00f3mez-
Tr\u00e9nor Aguilar
84
\u2013
8
92
82
\u2013
4
86
Thomas H. Johnson
116
37
13
166
113
36
2
151
Dagmar Kollmann
84
48
10
142
82
31
4
117
Alfonso L\u00edbano
Daurella
84
20
3
107
82
21
0
103
Mark Price
84
25
6
115
82
21
2
105
Mario Rotllant Sol\u00e1
84
28
9
121
82
16
4
102
Brian Smith
84
14
12
110
82
10
2
94
Dessi Temperley
84
29
10
123
82
16
4
102
Garry Watts
84
40
6
130
82
52
4
138
(A)Taxable benefits mainly relate to travel and accommodation costs in respect of attendance at Board meetings with FX rates
used as at the date of the relevant meeting. Former director Irial Finnan received a taxable benefit in 2022 with a value of
\u00a35,000 in respect of attendance at a Board event delayed from 2021.
(B)Appointed to the Board on 26 May 2021.
Implementation of remuneration policy for 2023
Base salary
Damian Gammell will receive a 2.0% salary increase effective 1 April 2023. This is lower than the
average merit increase provided to the wider GB workforce of 6.0%.
Individual
2022 salary
2023 salary
(effective from 1 April)
% increase
Damian Gammell
\u00a31,217,098
\u00a31,241,440
2.0%
Taxable benefits
No significant changes to the provision of benefits are proposed for 2023. The main benefits for
Damian Gammell will continue to include allowances in respect of: a car, financial planning,
schooling and private healthcare.
Pension
No changes are proposed in respect of the pension provision for Damian Gammell. He will
continue to receive a cash allowance of \u00a330,000 (inclusive of employer National Insurance
contributions) in lieu of participation in the pension scheme.
Annual bonus
No changes have been made to the structure of the annual bonus plan for 2023, and the
opportunity for Damian Gammell will remain unchanged at 150% of salary for target
performance and 360% for maximum performance.
Performance will continue to be assessed against financial and individual performance measures
on a multiplicative basis as set out on page 130. The financial measures and relative weightings
will also remain unchanged.
Measure
Definition
Weighting
Operating profit
Comparable operating profit on a FX neutral basis at budget rates
50%
Revenue
Revenue on a FX neutral basis at budget rates
30%
Operating free cash flow
Comparable operating profit before depreciation and
amortisation and adjusting for capital expenditures, restructuring
cash expenditures and changes in operating working capital, on a
FX neutral basis at budget rates
20%
The actual financial targets are not disclosed prospectively as they are deemed commercially
sensitive. We intend to disclose them in next year\u2019s ARR. A fuller description of individual performance
objectives including specific quantitative measures (where appropriate) and their outcomes will also
be disclosed in next year\u2019s ARR.
Note 16
Post-employment benefits
The cost of providing benefits is determined using the projected unit credit method with
actuarial valuations being carried out at the end of each annual reporting period. All
remeasurements of the defined benefit obligation, such as actuarial gains and losses and return
on plan assets, are recognised directly in other comprehensive income. Remeasurements
recognised in other comprehensive income are reflected immediately in retained earnings and
are not reclassified to profit or loss. Service cost is presented within cost of sales, selling and
distribution expenses and administrative expenses in the consolidated income statement. Past
service cost is recognised immediately within cost of sales, selling and distribution expenses and
administrative expenses in the consolidated income statement. The net interest cost is
calculated by applying the discount rate to the net balance of the defined benefit obligation and
the fair value of plan assets. Net interest cost is presented within finance costs or finance income,
as applicable, in the consolidated income statement. The defined benefit obligation recognised
in the consolidated statement of financial position represents the present value of the estimated
future cash outflows, using interest rates of high quality corporate bonds which have terms to
maturity approximating the terms of the related liability.
The Group recognises termination benefits at the earlier of the following dates: (1) when the
Group can no longer withdraw the offer of those benefits and (2) when the Group recognises
costs for restructuring that is within the scope of IAS 37, \u201cProvisions, Contingent Liabilities and
Contingent Assets\u201d and involves the payment of termination benefits. In the case of an offer
made to encourage voluntary redundancy, the termination benefits are measured based on the
number of employees expected to accept the offer. Termination benefits are payable whenever
an employee\u2019s employment is terminated before the normal retirement date or whenever an
employee accepts voluntary redundancy in exchange for those benefits.
The following table summarises our non-current employee benefit liabilities as at the dates
presented:
Year ended 31 December
2022
2021
GB
Rest of
world
Total
GB
Rest of
world
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Retirement benefit obligation
\u2014
77
77
\u2014
103
103
Other employee benefit liabilities
\u2014
31
31
\u2014
35
35
Total non-current employee
benefit liabilities
\u2014
108
108
\u2014
138
138
Defined benefit plans
The Group sponsors a number of defined benefit pension plans in Belgium, France, Germany,
Great Britain, Luxembourg, Norway, Australia and Indonesia. The majority of the defined benefit
plans are either career average, final salary or hybrid plans, and operate on a funded basis with
assets held in external funds. The Group\u2019s Great Britain plan (GB Scheme) is the most significant.
The GB Scheme\u2019s defined benefit obligation includes benefits for current employees, former
employees and current pensioners. The level of benefits provided (funded final salary pension)
depends on the member\u2019s length of service and salary at retirement age. Part of the pension
may be exchanged for a tax free cash lump sum. The GB Scheme was closed to new members
with effect from 1 October 2005 and is administered by a board of trustees, which is legally
separate from the Group. The board of trustees is composed of representatives of both the
employer and employees. The board of trustees is required by law to act in the interest of all
relevant beneficiaries and is responsible for the investment policy with regard to the assets plus
the day to day administration of the benefits.
On 8 October 2020, the Group announced a proposal to close the GB Scheme to future accrual,
which was implemented on 31 March 2021. The affected employees were offered to enrol in the
Group\u2019s defined contribution scheme (DC scheme). Subsequent to the implementation of the
closure of the GB Scheme, the members moved from active to deferred status, with future
indexation of deferred pensions before retirement measured by reference to the consumer
price index (CPI).
A full actuarial valuation of the GB Scheme occurs on a triennial basis by a qualified external
actuary, which is used as the basis of determining the Group\u2019s future contributions to the plan.
The latest triennial valuation was carried out as at 5 April 2022 and has been updated to
31\u00a0December\u00a02022 to reflect our defined benefit obligation, for known events and changes in
market conditions as allowed under IAS 19, \u201cEmployee Benefits\u201d.
Risks
The Group\u2019s defined benefit pension schemes expose the Group to a number of risks, including:
\u2022Asset volatility \u2013 the plan liabilities are calculated using a discount rate set with reference to
corporate bond yields; if assets underperform this yield, a deficit would occur. Some of our
plans hold a significant proportion of growth assets (equities and property) which, though
expected to outperform corporate bonds in the long term, create volatility and risk in the short
term. The allocation to growth assets is monitored to ensure it remains appropriate given each
scheme\u2019s long-term objectives.\u00a0
\u2022Changes in bond yields \u2013 a decrease in corporate bond yields will increase the defined benefit
liability, although this will be partially offset by an increase in the value of the plan\u2019s bond
holdings.
\u2022Inflation risk \u2013 a significant proportion of our benefit obligations are linked to inflation and
higher inflation will lead to higher liabilities (although, in most cases, caps on the level of
inflationary increases are in place to protect against extreme inflation). The majority of the
assets are either unaffected by or only loosely correlated with inflation, meaning that an
increase in inflation will also increase the deficit.
\u2022Life expectancy \u2013 the majority of our plans have an obligation to provide benefits for the life of
the member, so increases in life expectancy will result in an increase in the defined benefit
liabilities.
Benefit costs
The following table summarises the expense related to pension plans recognised in the
consolidated income statement for the years presented:
Year ended 31 December
2022
2021
2020
GB
Rest of
world
Total
GB
Rest of
world
Total
GB
Rest of
world
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Service cost
\u2014
18
18
10
16
26
37
15
52
Past service
(credit)/cost(A)
\u2014
(2)
(2)
(29)
6
(23)
\u2014
\u2014
\u2014
Net interest
(income)/cost
(2)
1
(1)
1
1
2
1
1
2
Administrative
expenses
\u2014
1
1
1
1
2
2
\u2014
2
Total cost
(2)
18
16
(17)
24
7
40
16
56
(A)Predominantly comprised of the impact of a plan amendment arising from legislative changes in respect of the minimum
retirement age in Indonesia.
Other comprehensive income
The following table summarises the changes in other comprehensive income related to our
pension plans for the years presented:
Year ended 31 December
2022
2021
2020
GB
Rest of
world
Total
GB
Rest of
world
Total
GB
Rest of
world
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Actuarial (gain)/loss
on defined benefit
obligation arising
during the period
(712)
(125)
(837)
(60)
(6)
(66)
159
1
160
Return on plan assets
less/(greater) than
discount rate
808
74
882
(177)
(58)
(235)
(72)
(17)
(89)
Net charge to other
comprehensive
income
96
(51)
45
(237)
(64)
(301)
87
(16)
71
Timing of benefit payments
The weighted average duration of the defined benefit plan obligation as at 31\u00a0December\u00a02022 is
16 years, including 17 years for the GB Scheme. The weighted average duration of the defined
benefit plan obligation as at 31\u00a0December\u00a02021 was 20 years, including 22 years for the
GB\u00a0Scheme.
Retirement benefit status
The following table summarises the retirement benefit status of pension plans as at the dates
presented:
Year ended 31 December
2022
2021
GB
Rest of
world
Total
GB
Rest of
world
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Net benefit status:
Present value of obligation
(937)
(529)
(1,466)
(1,739)
(674)
(2,413)
Fair value of assets
952
572
1,524
1,840
664
2,504
Net benefit status:
15
43
58
101
(10)
91
Retirement benefit surplus (Note 25)
15
120
135
101
93
194
Retirement benefit obligation
\u2014
(77)
(77)
\u2014
(103)
(103)
The surplus for 2022 is primarily related to the defined benefit plans in Germany and Belgium as
well as the GB Scheme. The surplus is recognised on the balance sheet on the basis that the
Group is entitled to a refund of any remaining assets once all members have left the plan.
Actuarial assumptions
The following tables summarise the weighted average actuarial assumptions used to determine
the benefit obligations of pension plans as at the dates presented:
Year ended 31 December
2022
2021
GB
Rest of
world
Average
GB
Rest of
world
Average
Financial assumptions
%
%
%
%
%
%
Discount rate
4.8
4.0
4.5
1.9
1.4
1.8
Rate of compensation increase
N/A
3.6
3.6
N/A
3.2
3.2
Rate of price inflation
3.3
2.4
3.0
3.4
2.1
3.1
Year ended 31 December
2022
2021
Demographic assumptions
(weighted average)(A)
GB
Rest of
world
Average
GB
Rest of
world
Average
Retiring at the end
of the reporting period
Male
21.9
19.8
21.3
21.9
24.3
22.4
Female
24.4
23.1
24.0
24.4
27.7
25.0
Retiring 15 years after the end
of the reporting period
Male
22.8
20.0
22.1
22.8
25.4
23.3
Female
25.5
23.5
24.9
25.5
28.5
26.1
(A)These assumptions translate into an average life expectancy in years, post-retirement, for an employee retiring at age 65.
The following tables summarise the sensitivity of the defined benefit obligation to changes in
the weighted average principal assumptions for the periods presented:
Year ended 31 December 2022
Change in
assumption
Impact on defined benefit obligation (%)
Increase in assumption
Decrease in assumption
Principal assumptions
GB
Rest of
world
Average
GB
Rest of
world
Average
Discount rate
0.5%
(7.9)
(4.0)
(6.5)
8.6
4.4
7.1
Rate of compensation
increase(A)
0.5%
N/A
1.6
0.6
N/A
(1.4)
(0.5)
Rate of price inflation
0.5%
3.9
3.1
3.6
(3.8)
(2.9)
(3.4)
Mortality rates
1 year
3.0
1.7
2.5
(2.8)
(1.7)
(2.4)
Year ended 31 December 2021
Change in
assumption
Impact on defined benefit obligation (%)
Increase in assumption
Decrease in assumption
Principal assumptions
GB
Rest of
world
Average
GB
Rest of
world
Average
Discount rate
0.5%
(9.9)
(4.8)
(8.5)
11.4
5.3
9.7
Rate of compensation
increase(A)
0.5%
N/A
1.7
0.5
N/A
(1.5)
(0.4)
Rate of price inflation
0.5%
7.8
3.8
6.7
(6.8)
(3.5)
(5.9)
Mortality rates
1 year
4.0
2.1
3.5
(4.0)
(2.1)
(3.4)
(A)The compensation increase assumption is no longer applicable to the valuation of the defined benefit obligation associated
with the GB Scheme in light of the plan closure effective 31 March 2021.
The sensitivity analyses have been determined based on a method that extrapolates the impact
on the defined benefit obligation as a result of reasonable changes in key assumptions occurring
at the end of the reporting period. The sensitivity analyses are based on a change in a significant
assumption, keeping all other assumptions constant. The sensitivity analyses may not be
representative of an actual change in the defined benefit obligation as it is unlikely that changes
in assumptions would occur in isolation of one another.
Pension plan assets
There are formal investment policies for the assets associated with our pension plans. Policy
objectives include: (1) maximising long-term return at acceptable risk levels; (2) diversifying
among asset classes, if appropriate, and among investment managers; and (3) establishing
relevant risk parameters within each asset class. Investment policies reflect the unique
circumstances of the respective plans and include requirements designed to mitigate risk,
including quality and diversification standards. Asset allocation targets are based on periodic
asset liability and/or risk budgeting study results, which help determine the appropriate
investment strategies for acceptable risk levels. The investment policies permit variances from
the targets within certain parameters.
The following table summarises pension plan assets measured at fair value as at the dates presented:
Year ended 31 December 2022
Year ended 31 December 2021
Total
Investments quoted
in\u00a0active\u00a0markets
Unquoted investments
Total
Investments quoted
in\u00a0active\u00a0markets
Unquoted investments
GB
Rest of world
GB
Rest of world
GB
Rest of world
GB
Rest of world
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Equity securities(A)
185
\u2014
185
\u2014
\u2014
221
\u2014
221
\u2014
\u2014
Fixed income securities:(B)
Corporate bonds and notes
56
\u2014
56
\u2014
\u2014
54
\u2014
54
\u2014
\u2014
Government bonds (C)
692
1,131
28
(467)
\u2014
1,506
1,476
30
\u2014
\u2014
Cash and other short-term investments(D)
28
23
5
\u2014
\u2014
6
1
5
\u2014
\u2014
Other investments:
Real estate funds(E)
274
43
15
216
\u2014
346
\u2014
39
306
1
Insurance contracts(F)
207
\u2014
\u2014
\u2014
207
240
\u2014
\u2014
\u2014
240
Investment funds(G)
76
\u2014
5
\u2014
71
73
\u2014
\u2014
\u2014
73
Derivatives(H)
6
5
\u2014
1
\u2014
58
\u2014
\u2014
57
1
Total
1,524
1,202
294
(250)
278
2,504
1,477
349
363
315
Directors\u2019 remuneration information is disclosed in the Directors\u2019 remuneration report.
Other non-current assets
The following table summarises the Group\u2019s other non-current assets as at the dates presented:
Year ended 31 December
2022
2021
Other non-current assets
\u20ac million
\u20ac million
VAT receivables
\u2014
214
Retirement benefit surplus (Note 16)
135
194
Investments
35
40
Other
82
86
Total other non-current assets
252
534
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Note 1
General information and basis of preparation
Coca-Cola Europacific Partners plc (the Company) and its subsidiaries (together CCEP, or the
Group) are a leading consumer goods group in Western Europe and the Asia Pacific region,
making, selling and distributing an extensive range of primarily non-alcoholic ready to drink
beverages.
The Company has ordinary shares with a nominal value of \u20ac0.01 per share (Shares).\u00a0CCEP is a
public company limited by shares, incorporated under the laws of England and Wales with the
registered number in England of 9717350. The Group\u2019s Shares are listed and traded on Euronext
Amsterdam, the NASDAQ Global Select Market, London Stock Exchange and on the Spanish
Stock Exchanges. The address of the Company\u2019s registered office is Pemberton House, Bakers
Road, Uxbridge, UB8 1EZ, United Kingdom.
The consolidated financial statements of the Group for the year ended 31\u00a0December\u00a02022 were
approved and\u00a0signed by Damian\u00a0Gammell, Chief\u00a0Executive\u00a0Officer on 17 March 2023 having
been duly authorised to do so by the Board of\u00a0Directors.
Impact of climate change
As part of the preparation of these consolidated financial statements, we have considered the
impact of climate change risks on the current valuation of the Group\u2019s assets and liabilities,
particularly in the context of the risks and scenarios identified in the Task Force on
Climate-related Financial Disclosures (TCFD) on pages 28-37 of the Strategic Report. There has
been no material impact on the financial reporting judgements and estimates arising from our
considerations and as a result, the valuation of the Group\u2019s assets and liabilities as of
31\u00a0December\u00a02022 have not been affected. Our considerations were specifically focused on the
impact of climate change risks on the projected cash flows used in the impairment assessment
of our indefinite lived intangible assets and goodwill (refer to Note 7) as well as the carrying value
and useful economic lives of property, plant and equipment (refer to Note 8). As the pace and
effectiveness of a global transition to a low-carbon economy evolve, including the development
of government policies aiming to address the risks arising from climate change, we will continue
to monitor and assess the relevant implications on the valuation of the Group\u2019s assets and
liabilities that could arise in future years.
Basis of preparation
These consolidated financial statements of the Group reflect the following:
\u2022They have been prepared in accordance with UK adopted International Accounting Standards,
International Financial Reporting Standards (IFRS) as adopted by the European Union and
International Financial Reporting Standards as issued by the International Accounting
Standards Board (IASB).
\u2022They have been prepared under the historical cost convention, except for certain items
measured at fair value. Those accounting policies have been applied consistently in all periods,
except for the adoption of new standards and amendments as of 1 January 2022, as described
below under accounting policies.
\u2022They are presented in euros, which is also the Parent Company\u2019s functional currency, and all
values are rounded to\u00a0the nearest euro million except where otherwise indicated.
\u2022They have been prepared on a going concern basis (refer to the \u201cGoing concern\u201d paragraph on\u00a0
page 143).
Basis of consolidation
The consolidated financial statements comprise the financial statements of the Group and its
subsidiaries. All subsidiaries have accounting years ended 31 December and apply consistent
accounting policies for the purpose of the consolidated financial statements.
Subsidiary undertakings are consolidated from the date on which control is transferred to the
Group and cease to be consolidated from the date on which control is transferred out of the
Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from
its involvement with the entity and has the ability to affect those returns through the Group\u2019s
power to direct the activities of the entity. All intercompany accounts and transactions are
eliminated on consolidation.
Associates are all entities over which the Group has significant influence but not control,
generally accompanying a shareholding of between 20% to 50% of voting rights. Investments in
associates are accounted for using the equity method of accounting, after initially being
recognised at cost.
The Group treats transactions with non-controlling interests that do not result in a loss of control
as equity transactions.
When the Group loses control over a subsidiary, it derecognises the related assets (including
goodwill), liabilities, non-controlling interest and any other components of equity, while any
resulting gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary is
measured at fair value when control is lost.
The financial results presented herein for the period from 1 January 2021 through to the
acquisition of CCL (the Acquisition) effective 10 May 2021 refer to Coca-Cola European Partners
plc (Legacy CCEP) and its consolidated subsidiaries. The periods from the Acquisition to
31\u00a0December 2021 and for the year ended 31 December 2022 refer to the combined financial
results of CCEP.
Foreign currency
The individual financial statements of each subsidiary are presented in the currency of the
primary economic environment in which the subsidiary operates (its functional currency). For the
purpose of the consolidated financial statements, the results and financial position of each
subsidiary are expressed in euros.
Foreign currency transactions are translated into the functional currency using the exchange
rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in
foreign currencies are remeasured to the functional currency of the entity at the rate of
exchange in effect at the statement of financial position date with the resulting gain or loss
recorded in the consolidated income statement.
The consolidated income statement includes non-operating items which are primarily made up
of remeasurement gains and losses related to currency exchange rate fluctuations on financing
transactions denominated in a currency other than the subsidiary\u2019s functional currency.
Non-operating items are shown on a net basis and reflect the impact of any derivative
instruments utilised to hedge the foreign currency movements of the underlying financing
transactions.
The assets and liabilities of the Group's foreign operations are translated from local currencies to
the euro reporting currency at currency exchange rates in effect at the end of each reporting
period. Revenues and expenses are translated at average monthly currency exchange rates, with
average rates being a reasonable approximation of the rates prevailing on the transaction dates.
Gains and losses from translation are included in other comprehensive income. On disposal of a
foreign operation, accumulated exchange differences are recognised as a component of the
gain or loss on disposal.
The principal exchange rates used for translation purposes in respect of one euro were:
Average for the year ended 31 December(A)
Closing as at 31 December
2022
2021
2020
2022
2021
British pound
1.17
1.16
1.13
1.13
1.19
US dollar
0.95
0.85
0.88
0.94
0.88
Norwegian krone
0.10
0.10
0.09
0.10
0.10
Swedish krone
0.09
0.10
0.10
0.09
0.10
Icelandic krone
0.01
0.01
0.01
0.01
0.01
Australian dollar
0.66
0.63
n/a
0.64
0.64
Indonesian rupiah(B)
0.06
0.06
n/a
0.06
0.06
New Zealand dollar
0.60
0.60
n/a
0.60
0.60
Papua New
Guinean kina
0.27
0.24
n/a
0.27
0.25
Comparability
The COVID-19 pandemic and related response measures have had and may continue to have an
adverse effect on global economic conditions, as well as our business, results of operations, cash
flows and financial condition. At this time, we cannot predict the degree to which, or the time
period over which, our business will continue to be affected by COVID-19 and the related
response measures. These impacts limit the comparability of these consolidated financial
statements with prior periods.
In addition, sales of the Group\u2019s products are seasonal. In Europe, the second and third quarters
typically account for higher unit sales of the Group\u2019s products than the first and fourth quarters.
In the Group\u2019s Asia Pacific territories, the fourth quarter would typically reflect higher sales
volumes in the year. The seasonality of the Group\u2019s sales volume, combined with the accounting
for fixed costs such as depreciation, amortisation, rent and interest expense, impacts the Group\u2019s
reported results for the first and second halves of the year. Additionally, year over year shifts in
holidays, selling days and weather patterns can impact the Group\u2019s results on an annual or
half yearly basis.
Note 2
Accounting policies
IFRS\u00a015 \u201cRevenue recognition and deductions from revenue\u201d
The Group derives its revenues by making, selling and distributing ready to drink beverages. The
revenue from the sale of products is recognised at the point in time at which control passes to a
customer, typically when products are delivered to a customer. A receivable is recognised by the
Group at the point in time at which the right to consideration becomes unconditional.
The Group uses various promotional programmes under which rebates, refunds, price
concessions or similar items can be earned by customers for attaining agreed upon sales levels or
for participating in specific marketing programmes. Those promotional programmes do not give
rise to a separate performance obligation. Where the consideration the Group is entitled to
varies because of such programmes, it is deemed to be variable consideration. The related
accruals are recognised as a deduction from revenue and are not considered distinct from the
sale of products to the customer. Variable consideration is only included to the extent that it is
highly probable that the inclusion will not result in a significant revenue reversal in the future
normal commercial terms.
Financing elements are not deemed present in our contracts with customers as the sales are
made with credit terms not exceeding normal commercial terms. Taxes on sugared soft drinks,
excise taxes and taxes on packaging are recorded on a gross basis (i.e. included in revenue)
where the Group is the principal in the arrangement. Value added taxes are recorded on a net
basis (i.e. excluded from revenue). The Group assesses these taxes and duties on a jurisdiction by
jurisdiction basis to conclude on the appropriate accounting treatment.
The rest of the accounting policies applied by the Group are included in the relevant notes
herein.
New and amended standards and interpretation
The Group has applied the following amendments for the first time in the year ended
31\u00a0December\u00a02022.
Onerous contracts \u2013 Costs of fulfilling a contract \u2013 Amendments to IAS 37
The amendments clarify that when assessing whether a contract is onerous, an entity needs to
include costs that relate directly to a contract capturing both the incremental costs of fulfilling a
contract as well as an allocation of other costs directly related to contract activities. These
amendments had no impact on the consolidated financial statements of the Group.
Property, plant and equipment: proceeds before intended use \u2013 Amendments to
IAS 16
The amendments prohibit an entity from deducting from the cost of an item of property, plant
and equipment (PP&E) any proceeds received from selling items produced while the entity is
preparing the asset for its intended use. Instead, an entity recognises the proceeds from selling
such items, and the costs of producing those items, in profit or loss. These amendments had no
impact on the consolidated financial statements of the Group as there were no sales of such
items.
IFRS 9 Financial instruments \u2013 Fees in the \u201810 per cent\u2019 test for derecognition of
financial liabilities
The pronouncement clarifies which fees should be included in the 10% test for derecognition of
financial liabilities. These fees include only those paid or received between the borrower and the
lender, including fees paid or received by either the borrower or lender on the other\u2019s behalf. The
pronouncement had no impact on the consolidated financial statements of the Group as there
were no modifications to the Group\u2019s financial instruments during the period.
Reference to the Conceptual Framework \u2013 Amendments to IFRS 3
Minor amendments were made to IFRS 3 Business Combinations to update the reference to the
Conceptual Framework for Financial Reporting and to add an exception for the recognition of
liabilities and contingent liabilities within the scope of IAS 37 Provisions, Contingent Liabilities and
Contingent Assets or IFRIC 21 Levies, if incurred separately. The exception requires entities to
apply the criteria under IAS 37 or IFRIC 21, respectively, instead of the Conceptual Framework, to
determine whether a present obligation exists at the acquisition date. The amendments also
confirms that contingent assets should not be recognised at the acquisition date. These
amendments had no impact on the consolidated financial statements of the Group as there
were no acquisitions taking place during the period.
The Group has not early adopted any other standards, interpretations or amendments that have
been issued but are not yet effective. These standards, interpretations or amendments are not
expected to have a material impact to the Group in the current or future periods and on
foreseeable future transactions.
Note 3
Significant judgements and estimates
In preparing these consolidated financial statements, management has made judgements and
estimates that affect the application of the Group\u2019s accounting policies and the reported
amounts of assets and liabilities, income and expense. Actual results may differ from these
estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
estimates are recognised prospectively. The significant judgements made in applying the
Group\u2019s accounting policies were applied consistently across the annual periods.
The significant judgements and key sources of estimation uncertainty that have a significant
effect on the amounts recognised in these financial statements are outlined below.
Significant judgements
Intangible assets and goodwill
The Group has assigned indefinite lives to its bottling agreements with TCCC. This judgement
has been made after evaluating the contractual provisions of the bottling agreements, the
Group\u2019s mutually beneficial relationship with TCCC and the history of renewals for bottling
agreements.
Refer to Note 7 for\u00a0further details on the judgement regarding the lives of bottling agreements.
Significant estimates
Impairment of indefinite lived intangible assets and goodwill
Determining whether goodwill and intangible assets with indefinite lives are impaired requires an
estimation of the value in use or the fair value less costs to sell of the cash generating unit (CGU)
to which the goodwill or intangible asset has been allocated. The value in use calculation requires
management\u2019s estimation of the future cash flows expected to arise from the CGU, including
the impact of COVID-19 and climate-related risks. Refer to Note 7 for the sensitivity analysis of
the assumptions used in the impairment analysis of goodwill and intangible assets with indefinite
lives.
Deductions from revenue and sales incentives
The Group participates in various promotional programmes with customers designed to increase
the sale of products. Among the programmes are arrangements under which rebates, refunds,
price concessions or similar items can be earned by customers for attaining agreed upon sales
levels, or for participating in specific marketing programmes. Those promotional programmes do
not give rise to a separate performance obligation. Where the consideration the Group is
entitled to varies because of such programmes, the amount payable is deemed to be variable
consideration. Management makes estimates on an ongoing basis for each individual promotion
to assess the value of the variable consideration based upon historical customer experience,
expected customer performance and/or estimated sales volumes. The related accruals are
recognised as a deduction from revenue and are not considered distinct from the sale of
products to the customer. Refer to Note 15 for further details.
Income tax
The Group is subject to income taxes in numerous jurisdictions and there are many transactions
for which the ultimate tax determination cannot be assessed with certainty in the ordinary
course of business. The Group recognises a provision for situations that might arise in the
foreseeable future based on an assessment of the probabilities as to whether additional taxes
will be due. In addition, the Group is involved in various legal proceedings and tax matters. Where
an outflow of funds is believed to be probable and a reliable estimate of the outcome of the
dispute can be made, management provides for its best estimate of the liability. Where the final
outcome on these matters is different from the amounts that were initially recorded, such
differences impact the tax provision in the period in which such determination is made. These
estimates are subject to potential change over time as new facts emerge and each circumstance
progresses. The evaluation of deferred tax asset recoverability requires estimates to be made
regarding the availability of future taxable income in the jurisdiction giving rise to the deferred
tax asset. Refer to Note 21 for further details regarding income taxes.
Defined benefit plans
The determination of pension benefit costs and obligations are estimated based on assumptions
determined with the assistance of external actuarial advice. The key assumptions impacting the
valuations are the discount rate, salary rate of inflation and mortality rates. Refer to Note 16 for
further details about the Group\u2019s defined benefit pension plan costs and obligations.
Note 4
Business combinations
On 10 May 2021, the Company acquired 100% of the issued and outstanding Shares of API. API
was one of the largest bottlers and distributors of ready to drink non-alcoholic and alcoholic
beverages and coffee in the Asia Pacific region and was the authorised bottler and distributor of
The Coca-Cola Company\u2019s (TCCC) beverage brands in Australia, New Zealand and Pacific Islands,
Indonesia and Papua New Guinea. Details surrounding this business combination transaction,
including the provisional fair values of assets and liabilities acquired, were disclosed in Note 4 of
the Group\u2019s annual consolidated financial statements for the year ended 31 December 2021. The
valuation exercise was completed during the first half of 2022. Subsequent changes to the
provisional amounts previously disclosed are immaterial.
Note 5
Segment information
Description of segment and principal activities
The Group derives its revenues through a single business activity, which is making, selling and
distributing an extensive range of primarily non-alcoholic ready to drink beverages. The Group\u2019s
Board continues to be its Chief Operating Decision Maker (CODM), which allocates resources and
evaluates performance of its operating segments based on volume, revenue and comparable
operating profit. Comparable operating profit excludes items impacting the comparability of
period over period financial performance.
The following table provides a reconciliation between reportable segment operating profit and
consolidated profit before tax:
Year ended 31 December
2022
2021
2020
Europe
API
Total
Europe
API
Total
Europe
API
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Revenue
13,529
3,791
17,320
11,584
2,179
13,763
10,606
\u2014
10,606
Comparable
operating\u00a0profit(A)
1,670
468
2,138
1,500
272
1,772
1,194
\u2014
1,194
Items impacting
comparability(B)
(52)
(256)
(381)
Reported operating
profit
2,086
1,516
813
Total finance costs, net
(114)
(129)
(111)
Non-operating items
(15)
(5)
(7)
Reported profit
before\u00a0tax
1,957
1,382
695
(A)Iberia refers to Spain, Portugal and Andorra.
(B)France refers to continental France and Monaco.
Assets by geography
Assets are allocated based on operations and physical location. The following table summarises
non-current assets, other than financial instruments and deferred tax assets, by geography:
Year ended 31 December
2022
2021
Assets:
\u20ac million
\u20ac million
Iberia(A)
6,401
6,644
Germany
3,091
3,077
Great Britain
2,469
2,680
France(B)
896
887
Belgium/Luxembourg
613
600
Netherlands
428
432
Sweden
349
379
Norway
242
247
Iceland
36
34
Other unallocated
271
245
Total Europe
14,796
15,225
Australia
5,281
5,356
New Zealand and Pacific Islands
1,755
1,751
Indonesia and Papua New Guinea
726
712
Total API
7,762
7,819
Total CCEP
22,558
23,044
(A)As at 31\u00a0December\u00a02022, 31\u00a0December\u00a02021 and 31\u00a0December\u00a02020 the Group had 457,106,453, 456,235,032 and
454,645,510\u00a0Shares, respectively, in issue and outstanding.
(B)For the years ended 31\u00a0December\u00a02022, 31\u00a0December\u00a02021 and 31\u00a0December\u00a02020, no options to purchase Shares were
excluded from the diluted earnings per share calculation. The dilutive impact of all outstanding options, unvested restricted
stock units and unvested performance share units was included in the effect of dilutive securities.
Note 7
Intangible assets and goodwill
Intangible assets with indefinite lives
Intangible assets with indefinite lives acquired through business combination transactions are
measured at fair value at the date of acquisition. These assets are not subject to amortisation but
are tested for impairment annually at the CGU level or more frequently if facts and
circumstances indicate an impairment may exist. In addition to the annual impairment test, the
assessment of indefinite lives is also reviewed annually.
TCCC franchise intangible assets
The Group\u2019s bottling agreements contain performance requirements and convey the rights to
distribute and sell products within specified territories. The Group\u2019s agreements with TCCC in
each territory are for terms of 10 year and each contain the right for the Group to request a\u00a010
year renewal. The existing bottling agreements expire no earlier than 1 September 2025. While
these agreements contain no automatic right of renewal beyond that date, the Group believes
that its interdependent relationship with TCCC and the substantial cost and disruption to
TCCC that would be caused by non-renewal ensure that these agreements will continue to be
renewed and, therefore, are essentially perpetual. The Group has never had a bottling
agreement with TCCC terminated due to non-performance of the terms of the agreement or
due to a decision by TCCC to terminate an agreement at the expiration of a term. After
evaluating the contractual provisions of bottling agreements, the Group\u2019s mutually beneficial
relationship with TCCC and history of renewals, indefinite lives have been assigned to all of the
Group\u2019s TCCC bottling agreements.
Brands
In connection with the Acquisition, the Group acquired a portfolio of brands, predominantly
comprised of certain non-alcoholic ready to drink beverages distributed and sold in Australia and
New Zealand. These are considered to have an indefinite life, given the strength and durability of
the brands. Refer to Note 20 and Note 24 for details surrounding the sale of certain non-alcoholic
ready to drink brands, which was partially completed during the current period.
Goodwill
Goodwill is initially measured as the excess of the total consideration transferred over the
amount recognised for net identifiable assets acquired and liabilities assumed in a business
combination. If the fair value of the net assets acquired is in excess of the aggregate
consideration transferred, the gain is recognised in the consolidated income statement as a
bargain purchase. Goodwill is not subject to amortisation. It is tested annually for impairment at
the CGU level or more frequently if events or changes in circumstances indicate that it might be
impaired. Goodwill acquired in a business combination is allocated to the CGU that is expected
to benefit from the synergies of the combination irrespective of whether a CGU is part of the
business combination.
Intangible assets with finite lives
Intangible assets with finite lives are measured at cost of acquisition or production and are
amortised using the straight-line method over their respective estimated useful lives. Finite lived
intangible assets are assessed for impairment whenever there is an indication that they may be
impaired. The amortisation period and method are reviewed annually.
Internally generated software
The Group capitalises certain development costs associated with internally developed software,
including external direct costs of materials and services, and payroll costs for employees
devoting time to a software project and any such software acquired as part of a business
combination. Development expenditure is recognised as an intangible asset only after its
technical feasibility and commercial viability can be demonstrated. When capitalised software is
not integral to related hardware it is treated as an intangible asset; otherwise it is included within
property, plant and equipment. The estimated useful life of capitalised software is
predominantly between five and seven years. Amortisation expense for capitalised software is
included within administrative expenses and was \u20ac83 million, \u20ac75 million and \u20ac54 million for the
years ended 31\u00a0December\u00a02022, 31\u00a0December 2021 and 31\u00a0December\u00a02020, respectively.
Customer relationships
The Group has acquired certain customer relationships in connection with business
combinations. These customer relationships are recorded at fair value on the date of acquisition,
and amortised over an estimated economic useful life of 20 years. Amortisation expense for
these assets is included within administrative expenses and was \u20ac10 million, \u20ac9 million and
\u20ac8 million for the years ended 31\u00a0December\u00a02022, 31\u00a0December\u00a02021 and 31 December 2020,
respectively.
Non-TCCC franchise intangible
In connection with the Acquisition, the Group acquired certain bottling agreements with
non-TCCC distribution partners which contain performance requirements and convey the rights
to distribute and sell products within specified API territories. The non-TCCC bottling
arrangements are recorded at fair value at the acquisition date and amortised over an expected
economic useful life of 20 years. Amortisation expense for these assets is recognised within
administrative expenses and totalled \u20ac8 million and \u20ac5 million for the years ended
31\u00a0December\u00a02022 and 31\u00a0December 2021, respectively.\u00a0
Balances and movements in intangible assets and goodwill
The following table summarises the movements in the carrying amounts of intangible assets and goodwill for the periods presented:
TCCC franchise
intangible
Brands
Software
Customer
relationships
Non-TCCC
franchise
intangible
Assets under
construction
Total intangibles
Goodwill
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Cost:
As at 31 December 2020
8,078
\u2014
382
161
\u2014
69
8,690
2,517
Acquisition of CCL
3,822
211
55
37
149
11
4,285
2,097
Additions
\u2014
\u2014
65
\u2014
\u2014
40
105
\u2014
Disposals
\u2014
\u2014
(23)
\u2014
\u2014
\u2014
(23)
\u2014
Transfers and reclassifications
\u2014
\u2014
74
\u2014
\u2014
(74)
\u2014
\u2014
Assets held for sale
\u2014
(189)
\u2014
\u2014
\u2014
\u2014
(189)
\u2014
Currency translation adjustments
108
\u2014
18
(1)
\u2014
1
126
9
As at 31 December 2021
12,008
22
571
197
149
47
12,994
4,623
Additions
\u2014
\u2014
40
1
\u2014
63
104
\u2014
Disposals
\u2014
\u2014
(27)
\u2014
\u2014
(1)
(28)
\u2014
Transfers and reclassifications
\u2014
11
39
\u2014
\u2014
(38)
12
\u2014
Currency translation adjustments
(134)
6
(2)
(3)
(1)
(2)
(136)
(23)
As at 31 December 2022
11,874
39
621
195
148
69
12,946
4,600
Accumulated amortisation:
As at 31 December 2020
\u2014
\u2014
(233)
(43)
\u2014
\u2014
(276)
\u2014
Amortisation expense
\u2014
\u2014
(75)
(9)
(5)
\u2014
(89)
\u2014
Disposals
\u2014
\u2014
20
\u2014
\u2014
\u2014
20
\u2014
Currency translation adjustments
\u2014
\u2014
(9)
(1)
\u2014
\u2014
(10)
\u2014
As at 31 December 2021
\u2014
\u2014
(297)
(53)
(5)
\u2014
(355)
\u2014
Amortisation expense
\u2014
\u2014
(83)
(10)
(8)
\u2014
(101)
\u2014
Disposals
\u2014
\u2014
22
\u2014
\u2014
\u2014
22
\u2014
Currency translation adjustments
\u2014
(7)
(2)
2
\u2014
\u2014
(7)
\u2014
As at 31 December 2022
\u2014
(7)
(360)
(61)
(13)
\u2014
(441)
\u2014
Net book value:
As at 31 December 2020
8,078
\u2014
149
118
\u2014
69
8,414
2,517
As at 31 December 2021
12,008
22
274
144
144
47
12,639
4,623
As at 31 December 2022
11,874
32
261
134
135
69
12,505
4,600
(A) Pacific refers to New Zealand and Pacific Islands.
The recoverable amount of each CGU was determined through a value in use calculation, which
uses cash flow projections for a five year period. These projections reflect the impact of climate
change on our business as well as the mitigating actions and strategies we are undertaking to
support our commitment to reach Net Zero emissions by 2040. The key assumptions used in
projecting these cash flows were as follows:
\u2022Growth rate and operating margins: Cash flows were projected over four years based on the
Group\u2019s strategic business plan. Cash flows for the fifth year and beyond were projected using
an inflation-based long-term terminal growth rate between 2.0% and 4.5%.
\u2022Discount rate: A weighted average cost of capital was applied specific to each CGU as a hurdle
rate to discount cash flows. The discount rates represent the current market assessment of the
risks specific to each CGU, taking into consideration the time value of money and individual
risks of the underlying assets that have not been incorporated in the cash flow estimates. The
following table summarises the pre-tax discount rate attributable to each significant CGU.
2022
2021
Pre-tax
discount rate
Pre-tax
discount rate
Cash generating unit
%
%
Iberia
8.7
9.3
Australia
9.1
\u2014
Great Britain
9.3
9.9
Germany
7.9
9.3
Pacific
9.7
\u2014
The Group did not record any impairment charges as a result of the tests conducted in 2022 and
2021.\u00a0
The Group\u2019s Great Britain, Germany, Iberia and Australia CGUs have substantial headroom when
comparing the value in use calculation of the CGU versus the CGU\u2019s carrying value.
For the Group\u2019s Pacific CGU, the headroom in the 2022 impairment analysis was approximately
15% of carrying value.
The Group estimates that a 1.0% reduction in the terminal growth rate or a 0.8% increase in the
discount rate, each in isolation, would eliminate existing headroom in Pacific.
Note 8
Property, plant and equipment
Property, plant and equipment is recorded at cost, net of accumulated depreciation and
accumulated impairment losses, where cost is the amount of cash or cash equivalents paid to
acquire an asset at the time of its acquisition or\u00a0construction. Major property additions,
replacements and improvements are capitalised, while maintenance and repairs that do not
extend the useful life of an asset or add new functionality are expensed as incurred. Land is not
depreciated, as it is considered to have an indefinite life. For all property, plant and equipment,
other than land, depreciation is recorded using the straight-line method over the respective
estimated useful lives as follows:
Useful life (years)
Category
Low
High
Buildings and improvements
10
40
Machinery, equipment and containers
3
20
Cold drink equipment
2
12
Vehicle fleet
3
12
Furniture and office equipment
3
10
(A) Includes \u20ac4 million related to assets held for sale for the year ended 31\u00a0December\u00a02021.
Right of use assets
The following table summarises the net book value of right of use assets included within
property, plant and equipment:
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Buildings and improvements
465
438
Vehicle fleet
133
135
Machinery, equipment and containers
82
71
Furniture and office equipment
3
5
Total
683
649
Total additions to right of use assets during 2022 were \u20ac208 million (2021: \u20ac120\u00a0million).
The following table summarises depreciation charges relating to right of use assets for the
periods presented:
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Buildings and improvements
63
56
Vehicle fleet
57
59
Machinery, equipment and containers
34
22
Furniture and office equipment
2
2
Total
156
139
During the years ended 31\u00a0December\u00a02022 and 31\u00a0December\u00a02021, the total expense relating to
low value and short-term leases was \u20ac24 million and \u20ac16\u00a0million, respectively, which is primarily
included in administrative expenses. The Group does not have any residual value guarantees in
relation to its leases. As at 31\u00a0December\u00a02022 the total value of lease extension and termination
options included within right of use assets was \u20ac35 million (2021: \u20ac16\u00a0million).
The Group incurred variable lease expenses of \u20ac153 million in 2022 (2021: \u20ac93 million), primarily
included in administrative expenses. This amount mainly consists of the variable component of
lease payments for product transportation services in Australia and New Zealand, whereby these
components are dependent on various factors such as number of cases of product delivered,
number of trips and pallets.
Note 9
Inventories
Inventories are valued at the lower of cost or net realisable value and cost is determined using
the first-in, first-out (FIFO) method. Inventories consist of raw materials, supplies (primarily
including concentrate, other ingredients and\u00a0packaging) and finished goods, which also include
direct labour, indirect production and overhead costs. Cost includes all costs incurred to bring
inventories to their present location and condition. Spare parts, classified and accounted as
inventories, are recorded as assets at the time of purchase and are expensed as utilised. Net
realisable value is the estimated selling price in\u00a0the ordinary course of business, less the
estimated costs necessary to complete and sell the inventory.
The following table summarises the inventory outstanding in the consolidated statement of
financial position as at the dates presented:
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Finished goods
777
635
Raw materials and supplies
452
375
Spare parts and other
151
147
Total inventories
1,380
1,157
The following table summarises the ageing of trade accounts receivable, net of allowance for
doubtful accounts, in\u00a0the consolidated statement of financial position as at the dates presented:
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Not past due
2,287
2,172
Past due 1 \u2013 30 days
102
88
Past due 31 \u2013 60 days
30
18
Past due 61 \u2013 90 days
15
9
Past due 91 \u2013 120 days
14
3
Past due 121+ days
18
15
Total
2,466
2,305
Note 11
Cash and cash equivalents and short-term investments
Cash and cash equivalents
Cash and cash equivalents include cash and short-term, highly liquid financial instruments with
maturity dates of less than three months when acquired that are readily convertible to cash and
which are subject to an insignificant risk of changes in value. Counterparties and instruments
used to hold the Group\u2019s cash and cash equivalents are continually assessed, with a focus on
preservation of capital and liquidity.
The following table summarises the cash and cash equivalents outstanding in the consolidated
statement of financial position as at the dates presented:
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Cash at banks and on hand
491
708
Short-term deposits and securities
896
699
Total cash and cash equivalents
1,387
1,407
Cash and cash equivalents are held in the following currencies as at the dates presented:
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Euro
477
524
British pound
190
337
US dollar
88
74
Norwegian krone
35
64
Swedish krona
21
31
Australian dollar
358
234
Indonesian rupiah
26
41
Papua New Guinean kina
102
45
Other
90
57
Total cash and cash equivalents
1,387
1,407
The Group\u2019s 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 its derivative contracts (including
forwards, options, futures, cross currency swaps and interest rate swaps) is 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. Refer to Note 13 for further
details about the Group\u2019s derivatives.
The following table summarises the fair value of the derivative assets and liabilities as at the dates
presented:
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Assets at fair value:
Derivatives (Note 13)
448
376
Liabilities at fair value:
Derivatives (Note 13)
263
66
Cash flow hedges
The Group uses cash flow hedges to mitigate its exposure to changes in cash flows attributable
to currency fluctuations and commodity price fluctuations associated with certain forecasted
transactions, including purchases of raw materials, finished goods and services denominated in
non-functional currencies, the receipt of interest and principal on intercompany loans
denominated in non-functional currencies and the payment of interest and principal on debt
issuances in non-functional currencies. Effective changes in the fair value of these cash flow
hedging instruments are recognised as a component of other reserves on the consolidated
statement of financial position. The effective changes are then recognised within the line item
on the consolidated income statement that is consistent with the nature of the underlying
hedged item in the period that the forecasted purchases or payments impact earnings. Any
changes in the fair value of these cash flow hedges that are the result of ineffectiveness are
recognised immediately in the line item on the consolidated income statement that is consistent
with the nature of the underlying hedged item. Historically, the Group has not experienced, nor
does it expect to experience, material hedge ineffectiveness with the value of the hedged
instrument equalling that of the hedged item.
The net notional amount of outstanding interest rate and cross currency swaps used to hedge
interest rate risk and currency fluctuations of non-functional currency borrowings was \u20ac2.1 billion
as at 31\u00a0December\u00a02022 and \u20ac2.2\u00a0billion as at\u00a031\u00a0December\u00a02021. The net notional amount of the
other outstanding currency-related cash flow hedges was \u20ac1.7 billion as at 31\u00a0December\u00a02022 and
\u20ac1.1 billion as at 31\u00a0December\u00a02021. The net notional amount of outstanding commodity-related
cash flow hedges was \u20ac1.4\u00a0billion as at 31\u00a0December\u00a02022 and \u20ac0.9 billion as at 31\u00a0December\u00a02021.
Outstanding cash flow hedges as at 31\u00a0December\u00a02022 are expected to settle and affect profit
or loss between 2023\u00a0and 2036.
The following table summarises the Group\u2019s outstanding cash flow hedges by risk category as at
the dates presented (all contracts denominated in a foreign currency have been converted into
euros using the respective year end spot rate):
Notional maturity profile
Total
Less than
1\u00a0year
1 to 3 years
3 to 5 years
Over 5 years
Cash flow hedges
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Deal contingent foreign currency
forwards
3,000
3,000
\u2014
\u2014
\u2014
Foreign currency contracts
310
174
136
\u2014
\u2014
Interest rate and cross currency swaps
396
396
\u2014
\u2014
\u2014
Commodity contracts
677
403
274
\u2014
\u2014
As at 31 December 2020
4,383
3,973
410
\u2014
\u2014
Foreign currency contracts
1,074
912
162
\u2014
\u2014
Interest rate and cross currency swaps
2,225
144
1,365
\u2014
716
Commodity contracts
922
566
356
\u2014
\u2014
As at 31 December 2021
4,221
1,622
1,883
\u2014
716
Foreign currency contracts
1,723
1,292
431
\u2014
\u2014
Interest rate and cross currency swaps
2,079
760
604
416
299
Commodity contracts
1,397
834
563
\u2014
\u2014
As at 31 December 2022
5,199
2,886
1,598
416
299
The Group recognised within other comprehensive income net gains of \u20ac3\u00a0million, \u20ac125 million
and \u20ac25 million for the years ended 31\u00a0December\u00a02022, 31\u00a0December\u00a02021 and
31\u00a0December\u00a02020, respectively, related to changes in the fair values of outstanding cash flow
hedges. The amount of ineffectiveness associated with these cash flow hedges was not material
during any year presented within these financial statements.
During 2021, the Group entered into deal contingent foreign currency forwards with a total
notional amount of \u20ac5.6\u00a0billion in order to mitigate the foreign currency risk arising from the
Acquisition. These instruments were recorded as cash flow hedges, and on completion of the
Acquisition, gains of \u20ac84\u00a0million were reclassified to goodwill.
The following table summarises the net of tax effect for cash flow hedges for the periods
presented within the consolidated income statement:
Cash flow hedging instruments
Location \u2013 Income statement
Amount of gain/(loss) reclassified
from the hedging reserve into profit
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Foreign currency contracts
Cost of sales
19
(3)
1
Commodity contracts
Cost of sales
83
74
(33)
Commodity contracts
Selling and distribution
expenses
34
2
(3)
Interest rate and cross
currency swaps(A)
Finance costs
(86)
(78)
23
Total
50
(5)
(12)
(A)The gain/(loss) recognised on these currency contracts is offset by the gain/(loss) recognised on the remeasurement of the
underlying debt instruments; therefore, there is a minimal consolidated net effect in non-operating items on the
consolidated income statement.
Fair value hedges
The Group has designated certain cross currency swaps used to mitigate FX risk and interest rate
risk on foreign currency borrowings as fair value hedges. There is an economic relationship
between the hedged item and the hedging instrument as the terms of the cross currency swap
contracts match the terms of the fixed rate borrowings. The Group has established a hedge ratio
of 1:1 for the hedging relationship.
The following table summarises the Group\u2019s outstanding fair value hedges by risk category as at
the dates presented (all contracts denominated in a foreign currency have been converted into
euros using the respective year end spot rate):\u00a0
Less than
1\u00a0year
1 to 3 years
3 to 5 years
Over 5\u00a0years
Fair value hedges
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
As at 31 December 2020
\u2014
\u2014
\u2014
\u2014
\u2014
Interest rate and cross currency swaps
166
\u2014
\u2014
\u2014
166
As at 31 December 2021
166
\u2014
\u2014
\u2014
166
Interest rate and cross currency swaps
1,165
\u2014
\u2014
500
665
As at 31 December 2022
1,165
\u2014
\u2014
500
665
The following table summarises the gains/(losses) recognised from fair value hedges that settled
for the periods presented within the consolidated income statement:
Fair value hedges
Location \u2013 Income
statement
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Interest rate and cross
currency swaps
Finance costs
2
(2)
\u2014
Total
2
(2)
\u2014
The carrying value of the hedged item recognised in borrowings is \u20ac1,019 million
(2021: \u20ac173 million), which includes accumulated amounts of fair value adjustments of
\u20ac(146) million (2021: \u20ac15 million).
Non-designated hedges
The Group periodically enters into derivative instruments that are designed to hedge various
risks but are not designated as hedging instruments.
At times, it enters into other short-term non-designated hedges to mitigate its exposure to
changes in cash flows attributable to currency fluctuations associated with short-term
intercompany loans and certain cash equivalents denominated in non-functional currencies.
Changes in the fair value of outstanding non-designated hedges are recognised each reporting
period in the line item on the consolidated income statement that is consistent with\u00a0the nature
of the hedged\u00a0risk.
There were \u20ac29 million outstanding non-designated foreign currency hedges, hedging
intercompany loans as at 31\u00a0December\u00a02022. There were \u20ac59 million outstanding non-designated
hedges as at 31\u00a0December\u00a02021.
The following table summarises the gains/(losses) recognised from non-designated derivative
financial instruments in the consolidated income statement for the years presented.
Non-designated
hedging instruments
Location \u2013 Income statement
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Commodity
contracts
Selling and distribution
expenses
\u2014
\u2014
(12)
Foreign currency
contracts(A)
Non-operating items
(5)
\u2014
(4)
Total
(5)
\u2014
(16)
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Australian dollar denominated bonds:
A$100 million 3.50% Notes 2024
66
68
A$30 million 4.166% Notes 2025
21
21
A$20 million 4.25% Notes 2025
14
14
A$30 million 4.125% Notes 2026
20
21
A$50 million 4.155% Notes 2028
35
36
A$133 million 2.45% Notes 2029
86
87
A$50 million 4.20% Notes 2031
36
37
A$187 million 4.20% Notes 2031
135
138
A$13 million 4.20% Notes 2031
9
10
Foreign currency bonds (swapped into
Australian\u00a0dollar or New Zealand dollar)(D):
US$25 million 4.34% Notes 2023
\u2014
23
US$25 million 4.34% Notes 2023
\u2014
23
NOK1 billion 3.04% Notes 2028
99
105
NOK750 million 2.75% Notes 2030
73
77
US$50 million 2.653% Notes 2030
47
45
JPY10 billion 4.15% Notes 2036(E)
74
90
JPY12.3 billion\u00a0 1.06% Notes 2037(E)
71
83
Lease obligations
535
509
Total non-current borrowings
10,571
11,790
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Current:
Euro denominated bonds:
\u20ac350 million 2.625% Notes 2023
350
\u2014
\u20ac700 million 0.75% Notes 2022(A)
\u2014
700
Foreign currency bonds (swapped into euro)(D):
US$850\u00a0million 0.50% Notes due 2023
797
\u2014
Australian dollar denominated bonds:
A$200 million 3.375% Notes 2022(B)
\u2014
129
A$30 million 5.06% Notes 2022(C)
\u2014
20
A$125 million 3.125% Notes 2022(C)
\u2014
81
Foreign currency bonds (swapped into New Zealand
dollar)(D):
US$25 million 4.34% Notes 2023
24
\u2014
US$25 million 4.34% Notes 2023
24
\u2014
EUR commercial paper
\u2014
285
Bank overdraft
\u2014
1
Lease obligations
141
134
Total current borrowings
1,336
1,350
(A)In January 2022, the Group repaid prior to maturity the outstanding amount related to the \u20ac700\u00a0million\u00a0 0.75%\u00a0 Notes due in
February 2022.
(B)In March 2022, the Group repaid on maturity the outstanding amount related to the A$200\u00a0million 3.375% Notes 2022
acquired as part of the Acquisition.
(C)In July 2022, the Group repaid on maturity the outstanding amounts related to the A$30\u00a0million 5.06% Notes 2022 and A$125
million 3.125% Notes 2022 acquired as part of the Acquisition.
(D)Cross currency swaps are used by the Group to swap foreign currency bonds into the required local currency.
(E)Bond designated in full or partially in a fair value hedge relationship.
During the year, the Group entered into interest rate swaps with notional value of \u20ac1 billion, which
were designated in a fair value hedge relationship with euro denominated bonds. As at
31\u00a0December\u00a02022, fair value adjustments in respect of those interest rate swaps are \u20ac(130)
million, included within non-current borrowings.
Borrowings are stated net of unamortised financing fees of \u20ac33 million and \u20ac42 million, as at
31\u00a0December\u00a02022 and 31\u00a0December\u00a02021, respectively.
Interest expense recognised on lease liabilities totalled \u20ac14 million, \u20ac10 million and \u20ac4 million
in\u00a02022, 2021 and 2020, respectively.
Credit facilities
During 2022, the amount available under the Group\u2019s multi currency credit facility was
\u20ac1.95\u00a0billion. This amount is available for borrowing with a syndicate of\u00a013\u00a0banks. This credit facility
matures in 2025 and is for general corporate purposes and supporting the Group\u2019s working
capital needs. Based on information currently available, there is no indication that the financial
institutions participating in this facility would be unable to fulfill their commitments to the Group
as at the date of these consolidated financial statements. The Group\u2019s current credit facility
contains no financial covenants that would impact its liquidity or access to capital. As at
31\u00a0December\u00a02022, the Group had no amounts drawn under this credit facility.
Cash flows from financing activities
The following table provides a reconciliation of movements of liabilities to cash flows arising from
financing activities:
Current portion
of\u00a0borrowings
Borrowings, less
current portion
Total
\u20ac million
\u20ac million
\u20ac million
As at 31 December 2020
805
6,382
7,187
Acquisition of CCL
381
1,251
1,632
Changes from financing cash flows
Proceeds from third party borrowings, net
\u2014
4,877
4,877
Changes in short-term borrowings(B)
276
\u2014
276
Repayments on third party borrowings(A)
(950)
\u2014
(950)
Payment of principal and interest on lease
obligations
(149)
\u2014
(149)
Other non-cash changes
Amortisation of discount, premium and issue costs
\u2014
(3)
(3)
Lease additions and other non-cash movements
39
83
122
Movement as a result of fair value hedges
6
9
15
Currency translation
33
100
133
Reclassifications
909
(909)
\u2014
Total changes
545
5,408
5,953
Current portion
of\u00a0borrowings
Borrowings, less
current portion
Total
\u20ac million
\u20ac million
\u20ac million
As at 31 December 2021
1,350
11,790
13,140
Changes from financing cash flows
Changes in short-term borrowings(B)
(285)
\u2014
(285)
Repayments on third party borrowings
(938)
\u2014
(938)
Payment of principal and interest on lease
obligations
(167)
\u2014
(167)
\u00a0 \u00a0 \u00a0 Other financing activities
(1)
\u2014
(1)
Other non-cash changes
Amortisation of discounts, premium, issue costs
and fair value adjustments
(1)
4
3
Lease additions and other non-cash movements
34
171
205
Movement as a result of fair value hedges
11
(172)
(161)
Currency translation
\u2014
111
111
Reclassifications
1,333
(1,333)
\u2014
Total changes
(14)
(1,219)
(1,233)
As at 31 December 2022
1,336
10,571
11,907
Defined benefit plans
The Group sponsors a number of defined benefit pension plans in Belgium, France, Germany,
Great Britain, Luxembourg, Norway, Australia and Indonesia. The majority of the defined benefit
plans are either career average, final salary or hybrid plans, and operate on a funded basis with
assets held in external funds. The Group\u2019s Great Britain plan (GB Scheme) is the most significant.
The GB Scheme\u2019s defined benefit obligation includes benefits for current employees, former
employees and current pensioners. The level of benefits provided (funded final salary pension)
depends on the member\u2019s length of service and salary at retirement age. Part of the pension
may be exchanged for a tax free cash lump sum. The GB Scheme was closed to new members
with effect from 1 October 2005 and is administered by a board of trustees, which is legally
separate from the Group. The board of trustees is composed of representatives of both the
employer and employees. The board of trustees is required by law to act in the interest of all
relevant beneficiaries and is responsible for the investment policy with regard to the assets plus
the day to day administration of the benefits.
On 8 October 2020, the Group announced a proposal to close the GB Scheme to future accrual,
which was implemented on 31 March 2021. The affected employees were offered to enrol in the
Group\u2019s defined contribution scheme (DC scheme). Subsequent to the implementation of the
closure of the GB Scheme, the members moved from active to deferred status, with future
indexation of deferred pensions before retirement measured by reference to the consumer
price index (CPI).
A full actuarial valuation of the GB Scheme occurs on a triennial basis by a qualified external
actuary, which is used as the basis of determining the Group\u2019s future contributions to the plan.
The latest triennial valuation was carried out as at 5 April 2022 and has been updated to
31\u00a0December\u00a02022 to reflect our defined benefit obligation, for known events and changes in
market conditions as allowed under IAS 19, \u201cEmployee Benefits\u201d.
Risks
The Group\u2019s defined benefit pension schemes expose the Group to a number of risks, including:
\u2022Asset volatility \u2013 the plan liabilities are calculated using a discount rate set with reference to
corporate bond yields; if assets underperform this yield, a deficit would occur. Some of our
plans hold a significant proportion of growth assets (equities and property) which, though
expected to outperform corporate bonds in the long term, create volatility and risk in the short
term. The allocation to growth assets is monitored to ensure it remains appropriate given each
scheme\u2019s long-term objectives.\u00a0
\u2022Changes in bond yields \u2013 a decrease in corporate bond yields will increase the defined benefit
liability, although this will be partially offset by an increase in the value of the plan\u2019s bond
holdings.
\u2022Inflation risk \u2013 a significant proportion of our benefit obligations are linked to inflation and
higher inflation will lead to higher liabilities (although, in most cases, caps on the level of
inflationary increases are in place to protect against extreme inflation). The majority of the
assets are either unaffected by or only loosely correlated with inflation, meaning that an
increase in inflation will also increase the deficit.
\u2022Life expectancy \u2013 the majority of our plans have an obligation to provide benefits for the life of
the member, so increases in life expectancy will result in an increase in the defined benefit
liabilities.
Benefit costs
The following table summarises the expense related to pension plans recognised in the
consolidated income statement for the years presented:
Year ended 31 December
2022
2021
2020
GB
Rest of
world
Total
GB
Rest of
world
Total
GB
Rest of
world
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Service cost
\u2014
18
18
10
16
26
37
15
52
Past service
(credit)/cost(A)
\u2014
(2)
(2)
(29)
6
(23)
\u2014
\u2014
\u2014
Net interest
(income)/cost
(2)
1
(1)
1
1
2
1
1
2
Administrative
expenses
\u2014
1
1
1
1
2
2
\u2014
2
Total cost
(2)
18
16
(17)
24
7
40
16
56
(A)Predominantly comprised of the impact of a plan amendment arising from legislative changes in respect of the minimum
retirement age in Indonesia.
Other comprehensive income
The following table summarises the changes in other comprehensive income related to our
pension plans for the years presented:
Year ended 31 December
2022
2021
2020
GB
Rest of
world
Total
GB
Rest of
world
Total
GB
Rest of
world
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Actuarial (gain)/loss
on defined benefit
obligation arising
during the period
(712)
(125)
(837)
(60)
(6)
(66)
159
1
160
Return on plan assets
less/(greater) than
discount rate
808
74
882
(177)
(58)
(235)
(72)
(17)
(89)
Net charge to other
comprehensive
income
96
(51)
45
(237)
(64)
(301)
87
(16)
71
Timing of benefit payments
The weighted average duration of the defined benefit plan obligation as at 31\u00a0December\u00a02022 is
16 years, including 17 years for the GB Scheme. The weighted average duration of the defined
benefit plan obligation as at 31\u00a0December\u00a02021 was 20 years, including 22 years for the
GB\u00a0Scheme.
Retirement benefit status
The following table summarises the retirement benefit status of pension plans as at the dates
presented:
Year ended 31 December
2022
2021
GB
Rest of
world
Total
GB
Rest of
world
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Net benefit status:
Present value of obligation
(937)
(529)
(1,466)
(1,739)
(674)
(2,413)
Fair value of assets
952
572
1,524
1,840
664
2,504
Net benefit status:
15
43
58
101
(10)
91
Retirement benefit surplus (Note 25)
15
120
135
101
93
194
Retirement benefit obligation
\u2014
(77)
(77)
\u2014
(103)
(103)
The surplus for 2022 is primarily related to the defined benefit plans in Germany and Belgium as
well as the GB Scheme. The surplus is recognised on the balance sheet on the basis that the
Group is entitled to a refund of any remaining assets once all members have left the plan.
Actuarial assumptions
The following tables summarise the weighted average actuarial assumptions used to determine
the benefit obligations of pension plans as at the dates presented:
Year ended 31 December
2022
2021
GB
Rest of
world
Average
GB
Rest of
world
Average
Financial assumptions
%
%
%
%
%
%
Discount rate
4.8
4.0
4.5
1.9
1.4
1.8
Rate of compensation increase
N/A
3.6
3.6
N/A
3.2
3.2
Rate of price inflation
3.3
2.4
3.0
3.4
2.1
3.1
Year ended 31 December
2022
2021
Demographic assumptions
(weighted average)(A)
GB
Rest of
world
Average
GB
Rest of
world
Average
Retiring at the end
of the reporting period
Male
21.9
19.8
21.3
21.9
24.3
22.4
Female
24.4
23.1
24.0
24.4
27.7
25.0
Retiring 15 years after the end
of the reporting period
Male
22.8
20.0
22.1
22.8
25.4
23.3
Female
25.5
23.5
24.9
25.5
28.5
26.1
(A)These assumptions translate into an average life expectancy in years, post-retirement, for an employee retiring at age 65.
The following tables summarise the sensitivity of the defined benefit obligation to changes in
the weighted average principal assumptions for the periods presented:
Year ended 31 December 2022
Change in
assumption
Impact on defined benefit obligation (%)
Increase in assumption
Decrease in assumption
Principal assumptions
GB
Rest of
world
Average
GB
Rest of
world
Average
Discount rate
0.5%
(7.9)
(4.0)
(6.5)
8.6
4.4
7.1
Rate of compensation
increase(A)
0.5%
N/A
1.6
0.6
N/A
(1.4)
(0.5)
Rate of price inflation
0.5%
3.9
3.1
3.6
(3.8)
(2.9)
(3.4)
Mortality rates
1 year
3.0
1.7
2.5
(2.8)
(1.7)
(2.4)
Year ended 31 December 2021
Change in
assumption
Impact on defined benefit obligation (%)
Increase in assumption
Decrease in assumption
Principal assumptions
GB
Rest of
world
Average
GB
Rest of
world
Average
Discount rate
0.5%
(9.9)
(4.8)
(8.5)
11.4
5.3
9.7
Rate of compensation
increase(A)
0.5%
N/A
1.7
0.5
N/A
(1.5)
(0.4)
Rate of price inflation
0.5%
7.8
3.8
6.7
(6.8)
(3.5)
(5.9)
Mortality rates
1 year
4.0
2.1
3.5
(4.0)
(2.1)
(3.4)
(A)The compensation increase assumption is no longer applicable to the valuation of the defined benefit obligation associated
with the GB Scheme in light of the plan closure effective 31 March 2021.
The sensitivity analyses have been determined based on a method that extrapolates the impact
on the defined benefit obligation as a result of reasonable changes in key assumptions occurring
at the end of the reporting period. The sensitivity analyses are based on a change in a significant
assumption, keeping all other assumptions constant. The sensitivity analyses may not be
representative of an actual change in the defined benefit obligation as it is unlikely that changes
in assumptions would occur in isolation of one another.
Pension plan assets
There are formal investment policies for the assets associated with our pension plans. Policy
objectives include: (1) maximising long-term return at acceptable risk levels; (2) diversifying
among asset classes, if appropriate, and among investment managers; and (3) establishing
relevant risk parameters within each asset class. Investment policies reflect the unique
circumstances of the respective plans and include requirements designed to mitigate risk,
including quality and diversification standards. Asset allocation targets are based on periodic
asset liability and/or risk budgeting study results, which help determine the appropriate
investment strategies for acceptable risk levels. The investment policies permit variances from
the targets within certain parameters.
The following table summarises pension plan assets measured at fair value as at the dates presented:
Year ended 31 December 2022
Year ended 31 December 2021
Total
Investments quoted
in\u00a0active\u00a0markets
Unquoted investments
Total
Investments quoted
in\u00a0active\u00a0markets
Unquoted investments
GB
Rest of world
GB
Rest of world
GB
Rest of world
GB
Rest of world
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Equity securities(A)
185
\u2014
185
\u2014
\u2014
221
\u2014
221
\u2014
\u2014
Fixed income securities:(B)
Corporate bonds and notes
56
\u2014
56
\u2014
\u2014
54
\u2014
54
\u2014
\u2014
Government bonds (C)
692
1,131
28
(467)
\u2014
1,506
1,476
30
\u2014
\u2014
Cash and other short-term investments(D)
28
23
5
\u2014
\u2014
6
1
5
\u2014
\u2014
Other investments:
Real estate funds(E)
274
43
15
216
\u2014
346
\u2014
39
306
1
Insurance contracts(F)
207
\u2014
\u2014
\u2014
207
240
\u2014
\u2014
\u2014
240
Investment funds(G)
76
\u2014
5
\u2014
71
73
\u2014
\u2014
\u2014
73
Derivatives(H)
6
5
\u2014
1
\u2014
58
\u2014
\u2014
57
1
Total
1,524
1,202
294
(250)
278
2,504
1,477
349
363
315
(A) Other reserves relates to cost of hedging which represents forward point on spot designations, time value of options and
currency basis.
Movements, including the tax effects, in these accounts through to 31\u00a0December\u00a02022 are
included in the consolidated statement of comprehensive income.
Dividends
Dividends are recorded within the Group\u2019s consolidated financial statements in the period in
which they are paid.
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
First half dividend(A)
256
\u2014
\u2014
Second half dividend(B)
507
638
386
Total dividend on ordinary shares paid
763
638
386
(A)Dividend of \u20ac0.56 per Share was paid in first half of 2022.
(B)Dividend of \u20ac1.12 per Share was paid in second half of 2022.
A full year dividend of \u20ac1.40 per Share and \u20ac0.85 per Share were paid in 2021 and 2020, respectively.
Dividends attributable to restricted stock units and performance share units that are unvested at
the period end date are accrued accordingly. During 2022, an incremental dividend accrual of \u20ac3
million has been recognised (2021: \u20ac1\u00a0million, 2020: \u20ac1 million).
Non-controlling interest
In December 2022, the Group entered into a share purchase agreement (SPA) with TCCC to
acquire the remaining 29.4% ownership interest of its subsidiary, PT Coca-Cola Bottling Indonesia,
for a total consideration of \u20ac282 million. The acquisition is expected to be completed in the first
quarter of 2023, following the resolution of customary conditions (refer to Note 27 for further
details). As at 31\u00a0December\u00a02022, the non-controlling interest of \u20ac205 million has been
derecognised, other reserves have been decreased by \u20ac77 million and a redemption liability of
\u20ac282 million has been recorded within the Amounts payable to related parties line of our
consolidated statement of financial position.
As at 31\u00a0December\u00a02021, equity attributable to non-controlling interest was \u20ac177\u00a0million
representing 29.4% of PT Coca-Cola Bottling Indonesia held by TCCC and 6.1% of Samoa
Breweries Limited held by numerous investors.
Note 18
Total operating costs
The following tables summarise the significant cost items by nature within operating costs for
the years presented:
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Transportation costs(A)
851
631
447
Employee benefits
1,110
975
788
Depreciation of property, plant and equipment,
excluding restructuring
246
245
219
Amortisation of intangible assets
7
4
1
Restructuring charges, including accelerated
depreciation(B)
1
45
58
Other selling and distribution expenses
769
596
426
Total selling and distribution expenses
2,984
2,496
1,939
Transportation costs(A)
16
2
2
Employee benefits
544
462
353
Depreciation of property, plant and equipment,
excluding restructuring
99
76
45
Amortisation of intangible assets
94
83
53
Acquisition related costs
3
49
11
Restructuring charges, including accelerated
depreciation(B)
143
91
248
Other administrative expenses
351
311
271
Total administrative expenses
1,250
1,074
983
Total operating expenses
4,234
3,570
2,922
(A)Other cash costs primarily relate to professional fees, which include consultancy costs, legal fees and other costs directly
associated with restructuring.
Restructuring costs charged in arriving at operating profit for the years presented include
restructuring costs arising under the following programmes and initiatives:
Accelerate Competitiveness
In October 2020, the Group announced a number of proposals aimed at improving productivity
through the use of technology enabled solutions. Included in these proposals was the closure of
certain production facilities, including Liederbach and Sodenthaler in Germany and Malaga in
Iberia. These proposals continue the focus on network optimisation and site rationalisation of the
Group, with the majority of the impacted activities to be transferred within our network of
facilities in each respective territory.
The proposals are also expected to impact a number of functions across the Group, including
business process technology, customer service, sales and marketing, and finance as the Group
seeks to reduce complexity, improve efficiency and increase the use of technology.
In 2022, as part of the continuation of this programme, the Group announced additional
restructuring proposals, mainly related to the transformation of the full service vending
operations and related initiatives in Germany. These initiatives resulted in \u20ac82\u00a0million of
restructuring charges primarily related to expected severance costs.
During the year ended 31\u00a0December\u00a02022, the Group incurred total restructuring charges related
to this programme of \u20ac145 million, primarily made up of expected severance costs and
accelerated depreciation.
Staff costs
Staff costs included within the income statement were as follows:
Year ended 31 December
2022
2021
2020
Employee costs
\u20ac million
\u20ac million
\u20ac million
Wages and salaries
1,769
1,544
1,253
Social security costs
316
302
283
Pension and other employee benefits
233
170
119
Total employee costs
2,318
2,016
1,655
Directors\u2019 remuneration information is disclosed in the Directors\u2019 remuneration report.
The average number of persons employed by the Group (including Directors) for the periods
presented were as\u00a0follows:
2022
2021
2020
No. in thousands
No. in thousands
No. in thousands
Commercial
12.5
10.9
7.3
Supply chain
16.6
14.9
12.4
Support functions
4.0
3.9
2.5
Total average staff employed
33.1
29.7
22.2
(A)Fees in respect of the audit of the accounts of the Company, including the Group's consolidated financial statements.
(B)Includes professional fees for interim reviews, reporting on internal financial controls, services related to the transactions
entered into with TCCC, issuance of comfort letters for debt issuances, regulatory inspections, certain accounting
consultations and other attest engagements.
(C)Represents fees for all other allowable services.
Note 19
Finance costs
Finance costs are recognised in the consolidated income statement in the period in which they
are incurred, with the exception of general and specific borrowing costs directly attributable to
the acquisition, construction or production of qualifying assets. Qualifying assets are assets that
necessarily take a substantial period of time to get ready for their intended use or sale. Borrowing
costs are added to the cost of those assets, until such time as the assets are substantially ready
for their intended use or sale. All other borrowing costs are recognised within the\u00a0 consolidated
income statement in the period in which they are incurred based upon the effective interest rate
method. Interest income is recognised using the effective interest rate method.
The following table summarises net finance costs for the years presented:
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Interest income(A)
67
43
33
Interest expense on external debt(A)
(162)
(153)
(132)
Other finance costs(B)
(19)
(19)
(12)
Total finance costs, net
(114)
(129)
(111)
In December 2022, the Group entered into a share purchase agreement (SPA) with TCCC to
acquire the remaining 29.4% ownership interest of its subsidiary, PT Coca-Cola Bottling Indonesia,
for a total consideration of \u20ac282 million. The acquisition is expected to be completed in the first
quarter of 2023, following the resolution of customary conditions (refer to Note 27 for further
details). As at 31 December, we have recognised a redemption liability equalling the
consideration amount, which is reflected within the amounts payable to related parties line of
our consolidated statement of financial position.
In February 2022, the Group entered into asset sale arrangements with TCCC, pursuant to which,
the Group agreed to sell certain non-alcoholic ready to drink beverage brands predominantly
available in Australia and New Zealand, which were acquired as part of the business combination
transaction consummated on 10 May 2021, for a total consideration approximating \u20ac182 million.
The sale price approximated the fair value of the brands assessed at the acquisition date. These
brands were classified as assets held for sale in our consolidated statement of financial position
as at 31\u00a0December\u00a02021. During the first half of 2022, the Group partially completed the asset sale
transaction and expects to finalise the remaining portion during 2023. The remaining part of the
transaction was initially expected to be finalised by the end of 2022, however, due to certain
administrative procedures required to be performed, the completion was extended to the first
half of 2023. The Group has also entered into commercial agreements with TCCC to facilitate
ongoing manufacturing, distributing and/or selling activities pertaining to these brands. The
consideration relating to the brands which are yet to be sold to TCCC amounts to \u20ac40 million and
those brands are classified as assets held for sale in our consolidated statement of financial
position as at 31\u00a0December\u00a02022.
Terms and conditions of transactions with TCCC
Outstanding balances on transactions with TCCC are unsecured, interest free and generally
settled in cash. Receivables from TCCC are considered to be fully recoverable.
Transactions with Cobega companies
Cobega, S.A. (Cobega) exhibits significant influence over the Group, as defined by IAS 24,
\u201cRelated Party Disclosures\u201d. As at 31\u00a0December\u00a02022, 20.87% of the total outstanding Shares in the
Group were indirectly owned by Cobega through its ownership interest in Olive Partners, S.A.
Additionally, five of the Group\u2019s 17 Directors, including the Chairman, are nominated by
Olive\u00a0Partners, three of whom are affiliated with Cobega.
The principal transactions with Cobega are for the purchase of packaging materials and
maintenance services for vending machines. The following table summarises the transactions
with Cobega that directly impacted the consolidated income statement for the years presented:
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Amounts affecting revenue(A)
2
1
1
Amounts affecting cost of sales(B)
(76)
(49)
(43)
Amounts affecting operating expenses(C)
(17)
(11)
(8)
Total net amount affecting
the\u00a0consolidated\u00a0income\u00a0statement
(91)
(59)
(50)
Terms and conditions of transactions with Cobega
Outstanding balances on transactions with Cobega are unsecured, interest free and generally
settled in cash. Receivables from Cobega are considered to be fully recoverable.
Other related parties
Transactions with associates, joint ventures and other related parties
Joint venture investments relate to interests in a manufacturer of alcoholic beverages (divested
during the first half of 2022), a service provider supporting the operation of container refund
schemes in certain Australian states and a PET recycling plant in Indonesia.
Associate investments relate to interests in deposit scheme coordinators and a holding company
of container deposit schemes in certain Australian states and territories. Associate investments
also include the Group\u2019s equity interests in early stage development companies as part of CCEP
Ventures.\u00a0
Other related parties include coordinators of container deposit schemes in certain Australian
states over which significant influence is held.
The following table summarises the transactions with associates, joint ventures and other related
parties:
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Net amounts affecting consolidated income
statement \u2013 associates(A)
(73)
(49)
\u2014
Net amounts affecting consolidated income
statement \u2013 joint ventures(B)
(9)
(9)
\u2014
Net amounts affecting consolidated income
statement \u2013 other related parties(A)
(85)
(52)
\u2014
Total net amount affecting
the\u00a0consolidated\u00a0income statement
(167)
(110)
\u2014
(A)Amounts principally relate to container deposit scheme charges in Australia.
(B)Amounts principally relate to the purchase of finished products and resin.
The following table summarises the balances with associates, joint ventures and other related
parties:
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Amounts due from associates
6
6
Amounts payable to associates
9
\u2014
Amounts payable to joint ventures
\u2014
2
Amounts payable to other related parties
10
\u2014
(A)Short-term employee benefits include wages, salaries and social security contributions, paid annual leave and paid sick leave,
paid bonuses and non-monetary benefits.
The Group did not have any loans with key management personnel and was not party to any
other transactions with key management personnel during the periods presented.
Note 21
Income taxes
Current tax
Current tax for the period includes amounts expected to be payable on taxable income in the
period together with any adjustments to taxes payable in respect of previous periods, and is
determined based on the tax laws enacted or substantively enacted at the balance sheet date in
the countries where the Group operates and generates taxable income. Management
periodically evaluates positions taken in tax returns with respect to situations in which applicable
tax regulations are subject to interpretation and establishes provisions, where appropriate, on the
basis of amounts expected to be paid to the tax authorities.
Deferred tax
Deferred tax is determined by identifying the temporary differences between the tax bases of
assets and liabilities and their carrying amounts for financial reporting purposes at the reporting
date. Deferred tax for the period includes origination and reversal of temporary differences,
remeasurements of deferred tax balances and adjustments in respect of prior periods.
Deferred tax liabilities are recognised for all taxable temporary differences, except:
\u2022When the deferred tax liability arises from the initial recognition of goodwill or an asset or
liability in a transaction that is not a business combination and, at the time of the transaction,
affects neither the accounting profit nor taxable profit or loss; or
\u2022In respect of taxable temporary differences associated with investments in subsidiaries,
branches and associates and interests in joint ventures, when the timing of the reversal of the
temporary differences can be controlled by the Group and it is probable that the temporary
differences will not reverse in the foreseeable future.
Deferred tax assets are recognised for all deductible temporary differences, carry forward of
unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will
be available against which the deductible temporary differences and the carry forward of
unused tax credits and unused tax losses can be utilised, except:
\u2022When the deferred tax asset relating to the deductible temporary difference arises from the
initial recognition of an asset or liability in a transaction that is not a business combination and,
at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; or
\u2022In respect of deductible temporary differences associated with investments in subsidiaries,
branches and associates and interests in joint ventures, deferred tax assets are recognised only
to the extent that it is probable that the temporary differences will reverse in the foreseeable
future and taxable profit will be available against which the temporary differences can be
utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to
the extent that it is no longer probable that sufficient taxable profit will be available to allow all or
part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at
each reporting date and are recognised to the extent that it has become probable that future
taxable profits will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the
year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have
been enacted or substantively enacted at the reporting date.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set
off current tax assets against current income tax liabilities and the deferred taxes relate to the
same taxation authority on either the same taxable entity or different taxable entities where
there is an intention to settle the balances on a net basis.
Income tax is recognised in the consolidated income statement. Income tax is recognised in
other comprehensive income or directly in equity to the extent that it relates to items
recognised in other comprehensive income or in equity.
2022, 2021 and 2020 results
The following table summarises the major components of income tax expense for the periods
presented:
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Current tax:
Current tax charge
460
323
230
Adjustment in respect of current tax from
prior\u00a0periods
(37)
(53)
3
Total current tax
423
270
233
Deferred tax:
Relating to the origination and reversal of
temporary\u00a0differences
35
6
(73)
Adjustment in respect of deferred income tax from
prior\u00a0periods
(22)
(9)
(6)
Relating to changes in tax rates or the imposition of
new\u00a0taxes
\u2014
127
43
Total deferred tax
13
124
(36)
Income tax charge per
the\u00a0consolidated\u00a0income\u00a0statement
436
394
197
The effective tax rate was 22.3%, 28.5% and 28.3% for the years ended 31\u00a0December\u00a02022,
31\u00a0December\u00a02021 and 31\u00a0December\u00a02020, respectively. The parent company of the Group is a
UK company.
Accordingly, the following tables provide reconciliations of the Group\u2019s income tax expense at
the UK statutory tax rate to the actual income tax expense for the periods presented:
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Accounting profit before tax
from\u00a0continuing\u00a0operations
1,957
1,382
695
Tax expense at the UK statutory rate
371
262
132
Taxation of foreign operations, net(A)
115
72
23
Non-deductible expense items for tax purposes
2
2
6
Rate and law change impact, net(B)(C)(D)
\u2014
127
43
Deferred taxes not recognised
7
(7)
(4)
Adjustment in respect of prior periods(E)
(59)
(62)
(3)
Total provision for income taxes
436
394
197
(A)This reflects the impact, net of income tax contingencies, of having operations outside the UK, which are taxed at rates other
than the statutory UK rate of 19%\u00a0(2021:\u00a019%,\u00a02020:\u00a019%). In prior periods, this included the benefit of some income being fully
or partially exempt from income taxes due to various operating and financing activities.
(B)In 2021, the UK enacted a law change that increased its tax rate to 25% with effect from 1 April 2023. The Group recognised a
deferred tax expense of \u20ac123\u00a0million to reflect the impact of this change.
(C)In 2021, the Netherlands enacted a law change that increased its tax rate to 25.8% with effect from 1 January 2022. The\u00a0Group
recognised a deferred tax expense of \u20ac2 million to reflect the impact of this change.
(D)In 2021, Indonesia enacted a law change that retained its tax rate of 22% with effect from 1 January 2022, reversing a previously
enacted decrease to 20%. The Group recognised a deferred tax expense of \u20ac2 million to reflect the impact of this change.
(E)The prior year adjustment is principally due to the reassessment of our uncertain tax positions and release of tax reserves that
are no longer required primarily due to expiration of statute of limitations.\u00a0
Deferred income taxes
The following table summarises the movements in the carrying amounts of deferred tax liabilities and assets by significant component during the periods presented:
Franchise
and\u00a0other
intangible assets
Property, plant\u00a0
and equipment
Financial assets
and liabilities
Tax
losses
Employee
and\u00a0retiree
benefit accruals
Tax
credits
Other,
net
Total,
net
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
As at 31 December 2020
1,982
187
(6)
(6)
(89)
(10)
49
2,107
Amount charged/(credited) to income statement
(excluding effect of tax rate changes)
1
2
(1)
(4)
8
(2)
(7)
(3)
Effect of tax rate changes on income statement
106
8
1
\u2014
12
\u2014
\u2014
127
Amounts charged/(credited) directly to OCI
\u2014
\u2014
63
\u2014
63
\u2014
\u2014
126
Amount charged/(credited) to equity
\u2014
\u2014
\u2014
\u2014
(3)
\u2014
\u2014
(3)
Acquired through business combinations
1,174
51
(19)
(4)
(6)
\u2014
(20)
1,176
Effect of movements in foreign exchange
22
3
(2)
\u2014
1
\u2014
3
27
As at 31 December 2021
3,285
251
36
(14)
(14)
(12)
25
3,557
Amount charged/(credited) to income statement
(excluding effect of tax rate changes)
(4)
(11)
5
7
5
\u2014
11
13
Amounts charged/(credited) directly to OCI
\u2014
\u2014
(20)
\u2014
(11)
\u2014
\u2014
(31)
Amount charged/(credited) to equity
\u2014
\u2014
\u2014
\u2014
(2)
\u2014
\u2014
(2)
Acquired through business combinations
(4)
2
\u2014
\u2014
\u2014
\u2014
\u2014
(2)
Balance sheet reclassifications
(1)
(2)
(1)
(4)
\u2014
\u2014
4
(4)
Effect of movements in foreign exchange
(22)
(4)
(3)
\u2014
(1)
\u2014
(9)
(39)
As at 31 December 2022
3,254
236
17
(11)
(23)
(12)
31
3,492
Analysed as follows:
Deferred tax asset
(21)
Deferred tax liability
3,513
This net deferred tax liability includes a net liability of \u20ac1,174 million related to the 2021 Acquisition, a \u20ac36 million liability arising on assets capitalised under IFRS\u00a0but expensed for tax, and a \u20ac22 million
liability related to purchase accounting on earlier transactions in\u00a0an acquired entity.
Unrecognised tax items
The utilisation of tax losses and temporary differences carried forward, for which no deferred tax
asset is currently recognised, is subject to the resolution of tax authority enquiries and the
achievement of positive income in periods which are beyond the Group\u2019s current business plan,
and therefore this utilisation is uncertain.
The gross and tax effected amounts including expiry dates, where applicable, of unrecognised
losses, tax credits and deductible temporary differences available for carry forward are as follows:
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Gross
amount
Tax
effected
Gross
amount
Tax
effected
Gross
amount
Tax
effected
Tax losses expiring:
Within 10 years
\u2014
\u2014
\u2014
\u2014
7
2
Beyond 10 years
3
1
\u2014
\u2014
\u2014
\u2014
No time limit
1,799
330
1,803
310
1,802
278
1,802
331
1,803
310
1,809
280
Tax credits expiring:
Within 10 years
58
58
100
100
122
122
Beyond 10 years
43
43
45
45
47
47
No time limit
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
101
101
145
145
169
169
Deductible temporary differences
No time limit
79
20
53
11
65
14
79
20
53
11
65
14
Total
1,982
452
2,001
466
2,043
463
As at 31 December 2022, no deferred tax liability has been recognised in respect of \u20ac309 million
of unremitted earnings in subsidiaries, associates and joint ventures.
Tax provisions
The Group is routinely under audit by tax 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 these tax matters that it believes
appropriately reflect its risk. As at 31\u00a0December\u00a02022, \u20ac122\u00a0million of these provisions is included
in current tax liabilities and the remainder is included in non-current tax liabilities.
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\u2019s provisions.
The Group has received tax assessments in certain jurisdictions for potential tax related to the
Group\u2019s purchases of concentrate. The value of the Group\u2019s 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.
Note 22
Share-based payment plans
The Group has an established Share options plan and a Long-Term Incentive Plan (LTIP) to
certain executive and management level employees that provide for granting restricted stock
units, some with performance and/or market conditions. These awards are designed to align the
interests of executives and management with the interests of shareholders.
During 2022, the Group launched a new global Employee Share Purchase Plan (ESPP), which
gives the employees the opportunity to purchase CCEP Shares on a regular basis and become a
shareholder, promoting an ownership culture. Under the ESPP, participating employees are
granted matching Shares given that certain vesting and non-vesting conditions are met.
The Group recognises compensation expense equal to the grant date fair value for all
share-based payment awards that are expected to vest. Expense is generally recorded on a
straight-line basis over the requisite service period for each separately vesting portion of the
award.
During the years ended 31\u00a0December\u00a02022, 31\u00a0December\u00a02021 and 31\u00a0December\u00a02020,
compensation expense related to our share-based payment plans totalled \u20ac33 million, \u20ac17 million
and \u20ac14 million, respectively.
Share options
Share options: (1)\u00a0are granted with exercise prices equal to or greater than the fair value of the
Group\u2019s stock on the\u00a0date of grant, (2)\u00a0generally vest in three annual tranches over a period of
36 months\u00a0and (3)\u00a0expire 10 years from\u00a0the date of grant. Generally, when options are exercised,
new Shares will be issued rather than issuing treasury Shares, if available. No options were granted
during the years ended 31\u00a0December\u00a02022, 31\u00a0December\u00a02021 and 31\u00a0December\u00a02020. All options
outstanding as at 31\u00a0December\u00a02022,\u00a0 31\u00a0December\u00a02021 and\u00a031\u00a0December\u00a02020 were\u00a0valued
and had exercise prices in US dollars.
The following table summarises our share option activity for the periods presented:
2022
2021
2020
Shares
Average
exercise
price
Shares
Average
exercise
price
Shares
Average
exercise
price
thousands
US$
thousands
US$
thousands
US$
Outstanding at
beginning of year
2,758
34.19
4,051
31.68
4,815
29.80
Granted
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Exercised
(484)
29.00
(1,290)
26.33
(761)
19.79
Forfeited, expired or
cancelled
(2)
23.21
(3)
19.68
(3)
31.97
Outstanding at end
of\u00a0year
2,272
35.30
2,758
34.19
4,051
31.68
Options exercisable
at\u00a0end of year
2,272
35.30
2,758
34.19
4,051
31.68
Restricted Stock Units (RSUs) and Performance Share Units (PSUs)
RSU awards entitle the participant to accrue dividends, which are paid in cash only if the RSUs
vest. They do not have\u00a0voting rights. Upon vesting, the participant is granted one Share for each
RSU. They generally vest subject to\u00a0continued employment for a period of 36 months. Unvested
RSUs are restricted as to disposition and subject to forfeiture.
There were 0.1 million, 0.1 million and 0.2 million unvested RSUs outstanding with a weighted
average grant date fair\u00a0value of US$42.74, US$43.29 and US$41.77 as at 31\u00a0December\u00a02022,
31\u00a0December\u00a02021 and 31\u00a0December 2020, respectively.
PSU awards entitle the participant to the same benefits as RSUs. They generally vest subject to
continued employment for a period of 36 months and the attainment of certain performance
targets. There were 1.8 million, 1.3 million and 1.1 million of unvested PSUs with weighted average
grant date fair values of US$41.65, US$43.07 and US$40.45 outstanding as at 31\u00a0December\u00a02022,
31\u00a0December\u00a02021 and 31\u00a0December\u00a02020, respectively.
The PSUs granted in 2022, 2021 and 2020 are subject to performance conditions of absolute EPS
and ROIC, each with a 42.5% weighting and to a sustainability metric, focused on the reduction of
greenhouse gas emissions (CO2e) across our entire value chain with a 15% weighting.
Key assumptions for grant date fair value
The following table summarises the weighted average grant date fair values per unit:
Restricted stock units and performance share units
2022
2021
Grant date fair value \u2013 service conditions (US$)
45.43
47.77
Grant date fair value \u2013 service and performance conditions (US$)
45.44
47.68
Employee share purchase plan
Through the ESPP, employees are able to contribute on a regular basis up to a maximum amount
deducted from their salary for the purpose of purchasing CCEP Shares. Every quarter, for each
purchased share, CCEP awards participating employees matching Shares at the same time.
Participating employees become owners of the matching Shares 12 months after the award, as
long as they remain in employment and do not sell the related purchased Shares during this
period. Participants have all the rights of a shareholder in respect of their purchased Shares and
matching Shares (once they are fully owned by the employees), including in respect of dividend
rights and voting rights. During the year ended 31\u00a0December\u00a02022, the Group recognised a
compensation expense of \u20ac3 million related to the newly launched ESPP.
Note 23
Provisions, contingencies and commitments
Provisions are recognised when the Group has a present obligation (legal or constructive) as a
result of a past event, it is probable that an outflow of resources embodying economic benefits
will be required to settle the obligation and a reliable estimate can be made of the amount of
the obligation. When some or all of a provision is expected to be reimbursed, the reimbursement
is recognised as a separate asset, but only when the reimbursement is virtually certain. The
expense relating to a provision is presented in the\u00a0 consolidated income statement, net of any
reimbursement.
Asset retirement obligations are estimated at the inception of a lease or contract, for which a
liability is recognised. A corresponding asset is also created and depreciated.
If the effect of the time value of money is material, provisions are discounted using a current
pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is
used, the increase in the provision due to the passage of time is recognised as a finance cost.
Provisions
The following table summarises the movement in each class of provision for the periods
presented:
Restructuring
provision
Decommissioning
provision
Other
provisions(A)
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
As at 31 December 2020
208
15
14
237
Acquisition of CCL
9
\u2014
\u2014
9
Charged/(credited) to profit or loss:
Additional provisions recognised
93
6
5
104
Unused amounts reversed
(13)
\u2014
(2)
(15)
Utilised during the period
(192)
(1)
(6)
(199)
Translation
(2)
\u2014
\u2014
(2)
As at 31 December 2021
103
20
11
134
Charged/(credited) to profit or loss:
Additional provisions recognised
115
7
2
124
Unused amounts reversed
(8)
(2)
(3)
(13)
Utilised during the period
(74)
(1)
(1)
(76)
Translation
1
\u2014
\u2014
1
As at 31 December 2022
137
24
9
170
Non-current
26
24
5
55
Current
111
\u2014
4
115
As at 31 December 2022
137
24
9
170
(A)This line item includes a receivable of \u20ac25\u00a0million from the Basque Region. Refer to Note 25 for further details.
(B)Amount relates to the royalty income recognised in connection with a favourable court ruling pertaining to the ownership of
certain mineral rights in Australia. Refer to Note 23 for further detail.
Assets held for sale
Non-current assets, or disposal groups comprising assets and liabilities, are classified as held for
sale if it is highly probable that they would be recovered through sale rather than continuous use.
In order for a sale to be considered highly probable, all of the following criteria needs to be met:
management is committed to a plan to sell the assets, an active programme to locate a buyer
and complete the plan has been initiated, the assets are actively marketed at reasonable price,
and the sale is expected to be completed within one year from the date of classification.
Such assets, or disposal groups, are generally measured at the lower of their carrying amount and
fair value less cost to sale.
Once classified as held for sale, intangible assets and property, plant and equipment are no longer
amortised or depreciated, and any equity accounted investee is no longer equity accounted.\u00a0
Assets classified as held for sale as at 31\u00a0December\u00a02022 totalled \u20ac94\u00a0million and are
predominantly comprised of \u20ac40\u00a0million related\u00a0 to certain non-alcoholic ready to drink
beverage brands, which are to be sold to TCCC (See Note 20 for further details), as well as
\u20ac29\u00a0million related to a sale of property in Germany. The Group expects to complete these
transactions during the first half of 2023.
Assets classified as held for sale as at 31\u00a0December\u00a02021 totalled \u20ac223\u00a0million and were
predominantly comprised of certain non-alcoholic ready to drink brands that were acquired as
part of the Acquisition.
Note 25
Other non-current assets
The following table summarises the Group\u2019s other non-current assets as at the dates presented:
Year ended 31 December
2022
2021
Other non-current assets
\u20ac million
\u20ac million
VAT receivables
\u2014
214
Retirement benefit surplus (Note 16)
135
194
Investments
35
40
Other
82
86
Total other non-current assets
252
534
VAT receivables
As at 31 December 2021, the Group had a VAT receivable of \u20ac214 million, included within other
non-current assets, relating to a 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
VAT to CCEP for years 2013 to 2016. Under relevant tax laws in Spain, conflicts between
jurisdictions are ruled by a special Arbitration Board and the refund of the VAT is mandated
following the resolution of the issue at the Arbitration Board. As a result of the Arbitration Board
ruling issued in July 2022, \u20ac252\u00a0million, inclusive of interest, was received in December from the
regional tax authorities of Bizkaia. As at 31 December 2022, in connection with the dispute and
the ruling, the Group has an additional VAT receivable of \u20ac25\u00a0million from the Basque Region
included within Other current assets, and a payable of \u20ac57\u00a0million to the Spanish tax authorities
included within Trade and other payables, both inclusive of interest. We believe it remains a
certainty that the Group will continue to be held neutral in respect of the VAT dispute.
Investments
Joint ventures are undertakings in which the Group has an interest and which are jointly
controlled by the Group and one or more other parties. Associates are undertakings where the
Group has an investment in which it does not have control or joint control but can exercise
significant influence. Interests in joint ventures and associates are accounted for using the equity
method and are stated in the consolidated balance sheet at cost, adjusted for the movement in
the Group\u2019s share of their net assets and liabilities. The Group\u2019s share of the profit or loss after tax
of joint ventures and associates is included in the Group\u2019s consolidated income statement as
non-operating items. Where the Group\u2019s share of losses exceeds its interest in the equity
accounted investee, the carrying amount of the investment is reduced to zero and the
recognition of further losses is discontinued, except to the extent that the Group has an
obligation to make payments on behalf of the investee.
Financial assets at fair value through other comprehensive income relate to equity investments.
These investments are not held for trading purposes and hence the Group has opted to
recognise fair value movements through other comprehensive income. There have been no
significant changes in fair value of these investments during the period.
The following table summarises the Group\u2019s carrying value of investments as at the dates
presented:
Year ended 31 December
2022
2021
Investments
\u20ac million
\u20ac million
Investments accounted using equity method
33
35
Financial assets at fair value through other comprehensive income
2
5
Total investments
35
40
Note 26
Financial risk management
Financial risk factors, objectives and policies
The Group\u2019s 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 on the Group\u2019s future cash flows. Such policies are
developed and approved by the Group\u2019s treasury and commodities risk committee, through the
authority delegated to it by the Board.
Market risk
Market risk represents the risk that the fair value of future cash flows of a financial instrument will
fluctuate due to changes in market prices and includes interest rate risk, currency risk and other
price risk such as commodity price risk. Market risk affects outstanding borrowings, as well as
derivative financial instruments.
Interest rates
The Group is subject to interest rate risk for its outstanding borrowings. To manage interest rate
risk, the Group maintains a significant proportion of its borrowings at fixed rates. Approximately
90% and 95% of the Group\u2019s interest bearing borrowings were comprised of fixed rate
borrowings at 31\u00a0December\u00a02022 and 31\u00a0December\u00a02021, respectively. As part of the Acquisition,
the Group acquired interest rate swaps used to hedge its interest rate risk associated with CCL-
related borrowings. As at 31\u00a0December\u00a02022 and 31\u00a0December\u00a02021 the notional value of the
Group\u2019s interest rate swaps was \u20ac1,146 million and \u20ac291\u00a0million, respectively.
If interest rates on the Group\u2019s floating rate debt were adjusted by 1% for the years ended
31\u00a0December\u00a02022, 31\u00a0December 2021 and 31\u00a0December\u00a02020, the Group\u2019s finance costs and
pre-tax equity would change on an annual basis by approximately \u20ac9 million, \u20ac7 million and \u20ac2
million, respectively. This amount is determined by calculating the effect of a hypothetical
interest rate change on the Group\u2019s floating rate debt. This estimate does not include the effects
of other actions to mitigate this risk or changes in the Group\u2019s financial structure.
Currency exchange rates
The Group\u2019s exposure to the risk of changes in currency exchange rates relates primarily to its
operating activities denominated in currencies other than the functional currency, the euro. To
manage currency exchange risk arising from future commercial transactions and recognised
monetary assets and liabilities, foreign currency forward and option contracts with external third
parties are used. Typically, up to 80% of anticipated cash flow exposures in each major foreign
currency for the next calendar year are hedged using a combination of forward and option
contracts with third parties.
The Group is also exposed to the risk of changes in currency exchange rates between US dollar
and euro relating to its US denominated borrowings. The following table demonstrates the
sensitivity of the Group\u2019s profit before income taxes and pre-tax equity as a result of changes in
the value of outstanding debt instruments due to reasonable movements in the US dollar
against the euro, with all other variables held constant. This does not take into account the
effects of derivative instruments used to manage exposure to this risk. Movements in foreign
currencies related to the Group\u2019s other financial instruments do not have a material impact on
profit before income taxes or pre-tax equity.
The Group also has borrowing denominated in Australian dollars that are not swapped into euro
and are converted as part of the currency translation of the net assets of API, and as such,
movements in exchange rates would not impact profit.
Change in
currency rate
\u20ac strengthens
against US$
\u20ac weakens
against\u00a0US$
Effect on profit before tax and pre-tax equity
%
\u20ac million
\u20ac million
Year ended 31\u00a0December\u00a02022
10
197
(197)
Year ended 31\u00a0December\u00a02021
10
176
(176)
Year ended 31\u00a0December\u00a02020
10
33
(36)
Commodity price risk
The competitive marketplace in which the Group operates may limit its ability to recover
increased costs through higher prices. As such, the Group is subject to market risk with respect to
commodity price fluctuations, principally related to its purchases of aluminium, PET (plastic,
including recycled PET, LDPE), ethylene, sugar and vehicle fuel. When possible, exposure to this
risk is managed primarily through the use of supplier pricing agreements, which enable the
Group to establish the purchase price for certain commodities. Certain suppliers restrict the
Group\u2019s ability to hedge prices through supplier agreements. As a result, commodity hedging
programmes are entered into and generally designated as hedging instruments. Refer to
Note 13 for more information. Typically, up to 80% of\u00a0the anticipated commodity transaction
exposures for the next calendar year are hedged using a combination of\u00a0forward and
option\u00a0contracts executed with third parties. The Group estimates that a 10% change in the
market price of these\u00a0commodities over the current market prices would affect operating profit
during the next 12 months by approximately \u20ac150 million (2021: \u20ac116 million, 2020: \u20ac47 million).
This does not take into account the effects of derivative instruments used to manage exposure
to this risk or pricing agreements in place.
Credit risk
The Group is exposed to counterparty credit risk on all of its derivative financial instruments.
Strict counterparty credit guidelines are maintained and only financial institutions that are
investment grade or better are acceptable counterparties. Counterparty credit risk is
continuously monitored and numerous counterparties are used to minimise exposure to
potential defaults. Where required, collateral is paid between the counterparties to minimise
counterparty risk. The maximum credit risk exposure for each derivative financial instrument is
the carrying amount of the derivative. Included in trade and other payables is \u20ac25 million
(2021:\u00a0\u20ac46 million) related to collateral received from counterparties and included in other
current assets is nil (2021: \u20ac4 million) related to collateral paid to counterparties.
Credit is extended in the form of payment terms for trade to customers of the Group, consisting
of retailers, wholesalers and other customers, generally without requiring collateral, based on an
evaluation of the customer\u2019s financial condition. While the Group has a concentration of credit
risk in the retail sector, this risk is mitigated due to the diverse nature of the customers the Group
serves, including, but not limited to, their type, geographic location, size and beverage channel.
Depending on the risk profile of certain customers, we may also seek bank guarantees.
Collections of receivables are dependent on each individual customer\u2019s financial condition and
sales adjustments granted. Trade accounts receivable are carried at net realisable value. Typically,
accounts receivable have terms of 30 to 60 days and do not bear interest. Exposure to losses on
receivables is monitored, and balances are adjusted for expected credit losses. Expected credit
losses are determined by: (1) evaluating the ageing of receivables; (2) analysing the history of
adjustments; and (3) reviewing high risk customers. Credit insurance on a portion of the accounts
receivable balance is also carried.
Liquidity risk
Liquidity risk is actively managed to ensure that the Group has sufficient funds to satisfy its
commitments. The Group\u2019s sources of capital include, but are not limited to, cash flows from
operations, public and private issuances of debt and equity securities and bank borrowings. The
Group believes its operating cash flow, cash on hand and available short-term and long-term
capital resources are sufficient to fund its working capital requirements, scheduled borrowing
payments, interest payments, capital expenditures, benefit plan contributions, income tax
obligations and dividends to its shareholders. Counterparties and instruments used to hold cash
and cash equivalents are continuously assessed, with a focus on preservation of capital and
liquidity. Based on information currently available, the Group does not believe it is at significant
risk of default by its counterparties.
The Group has amounts available for borrowing under a\u00a0 \u20ac1.95 billion multi currency credit facility
(2021: \u20ac1.95 billion) with a syndicate of 13 banks. This credit facility matures in 2025 and is for
general corporate purposes, including serving as a backstop to its commercial paper programme
and supporting the Group\u2019s working capital needs. Based on information currently available, the
Group has no indication that the financial institutions participating in this facility would be unable
to fulfil their commitments as at the date of these financial statements. The current credit
facility contains no financial covenants that would impact the Group\u2019s liquidity or access to
capital. As at 31\u00a0December\u00a02022, the Group had no amounts drawn under this credit facility.
During the year the Group implemented a new sustainability-linked supply chain finance
programme. The facility is provided by a third party bank and will help our suppliers get paid
earlier than under contractual credit terms. Supplier balances under supply chain finance
facilities are disclosed in Note 15.
The following table analyses the Group\u2019s non-derivative financial liabilities and net settled
derivative financial liabilities into relevant maturity groupings based on the remaining period at
the statement of financial position date to the contractual maturity date. The amounts disclosed
in the table are the contractual undiscounted cash flows:
Total
Less than
1\u00a0year
1 to 3 years
3 to 5 years
More than
5\u00a0years
Financial liabilities
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
31\u00a0December\u00a02022
Trade and other payables
4,714
4,714
\u2014
\u2014
\u2014
Amounts payable to related parties
485
485
\u2014
\u2014
\u2014
Borrowings
12,314
1,336
2,597
2,179
6,202
Derivatives
263
76
17
51
119
Lease liabilities
752
149
217
129
257
Total financial liabilities
18,528
6,760
2,831
2,359
6,578
31\u00a0December\u00a02021
Trade and other payables
3,933
3,933
\u2014
\u2014
\u2014
Amounts payable to related parties
210
210
\u2014
\u2014
\u2014
Borrowings
13,599
1,369
2,551
2,274
7,405
Derivatives
66
19
4
15
28
Lease liabilities
714
145
208
111
250
Total financial liabilities
18,522
5,676
2,763
2,400
7,683
Capital management
The primary objective of the Group\u2019s capital management is to ensure a strong credit rating and
appropriate capital ratios are maintained to support the Group\u2019s business and maximise
shareholder value. The Group\u2019s credit ratings are periodically reviewed by rating agencies.
Currently, the Group\u2019s long-term ratings from Moody\u2019s and Fitch are Baa1 and BBB+, respectively.
Changes in the operating results, cash flows or financial position could impact the ratings
assigned by the various rating agencies. The credit rating can be materially influenced by a
number of factors including, but not limited to, acquisitions, investment decisions, capital
management activities of TCCC and/or changes in the credit rating of TCCC. Should the credit
ratings be adjusted downward, the Group may incur higher costs to borrow, which could have a
material impact on the financial condition and results of operations.
The capital structure is managed and, as appropriate, adjustments are made in light of changes
in economic conditions and the Group\u2019s financial policy. The Group monitors its operating
performance in the context of targeted financial leverage by comparing the ratio of net debt
with adjusted EBITDA. Net debt is calculated as being the net of cash and cash equivalents,
short-term investments, borrowings, fair value of hedging instruments related to borrowings and
financial assets/liabilities related to borrowings. Adjusted EBITDA is calculated as EBITDA and
adjusted for items impacting comparability.
Refer to Note 12 for the presentation of fair values for each class of financial assets and financial
liabilities and\u00a0Note 13 for an outline of how the Group utilises derivative financial instruments to
mitigate its exposure to certain market risks associated with its ongoing operations.
Refer to the Strategic Report included within this Integrated Report for disclosure of strategic,
commercial and operational risk relevant to the Group.
Note 27
Significant events after the reporting period
In January 2023, the Group extended the maturity date of the revolving credit facility from
August 2025 to January 2028. The size of the facility remains unchanged at \u20ac1.95 billion.
On 15 February 2023, the Group completed the acquisition of the remaining 29.4% ownership
interest of its subsidiary, PT Coca-Cola Bottling Indonesia, for a total consideration of
\u20ac282 million.
On 8 February 2023, the Group received a proposed VAT assessment for years 2017 to 2019,
approximating \u20ac250\u00a0million, inclusive of interest, in relation to a dispute between the Spanish tax
authorities and the regional tax authorities of Bizkaia (Basque Region) regarding the
responsibility for ultimately refunding VAT to the Group. For the period under the proposed
assessment, the VAT refund was issued by the Spanish tax authorities. In July 2022, the Arbitration
Board ruled that the regional tax authorities of Bizkaia were responsible for refunding the VAT to
the Group for years 2013 and 2016 (refer to Note 25 for additional details). We believe that the
Group will continue to be held neutral in respect of the VAT dispute.
On 7 March 2023, the Group entered into an agreement to sell sub-strata and associated mineral
rights in Queensland, Australia. Subject to regulatory approval, the transaction is expected to
complete in the first half of 2023. The financial effects of the transaction will not be material for
the Group.
Note 28
Group companies
In accordance with section 409 of the Companies Act 2006, a full list of the Company\u2019s subsidiaries, partnerships, associates, joint ventures and joint arrangements as at 31\u00a0December\u00a02022 is disclosed
below, along with the country of incorporation, the registered address and the effective percentage of equity owned at that date. Unless otherwise stated, each entity has a share capital comprising
a single class of ordinary shares and is wholly owned and indirectly held by CCEP.
Name
Country of
incorporation
% equity
interest
Registered address
Agua De La Vega Del Codorno, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain
Aguas De Cospeito, S.L.U.
Spain
100%
Crta. Pino km. 1 - 2, 27377, Cospeito (Lugo), Spain
Aguas De Santolin, S.L.U.
Spain
100%
C/ Real, s/n 09246, Quintanaurria , Burgos , Spain
Aguas Del Maestrazgo, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain
Aguas Del Toscal, S.A.U.
Spain
100%
Ctra. de la Pasadilla, km, 3-35250, ingenio (Gran Canaria), Spain
Aguas Vilas Del Turbon, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain
Aitonomi AG
Switzerland
15%
Bruderhausstrasse 10, CH-6372 Ennetmoos, Switzerland
Amalgamated Beverages Great Britain Limited
United Kingdom
100%(D)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Apand Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Associated Products & Distribution Proprietary
Australia
100%(D)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
BBH Investment Ireland Limited
Ireland
100%
6th Floor, 2 Grand Canal Square, Dublin 2, Ireland
Bebidas Gaseosas Del Noroeste, S.L.U.
Spain
100%
Avda. Alcalde Alfonso Molina , S/N-15007, (A Coruna), Spain
Beganet, S.L.U.
Spain
100%
Avda Paisos Catalans, 32, 08950 , Esplugues de Llobregat, Spain
Beverage Bottlers (NQ) Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Beverage Bottlers (QLD) Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Birtingah\u00fasi\u00f0 ehf.
Iceland
34.5%
Laugavegur 174, 105, Reykjav\u00edk, Iceland
BL Bottling Holdings UK Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Bottling Great Britain Limited
United Kingdom
100%(D)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Bottling Holding France SAS
France
100%
9 chemin de Bretagne , 92784, Issy-les-Moulineaux, France
Bottling Holdings (Luxembourg) SARL
Luxembourg
100%
2, Rue des Joncs, L-1818, Howald, Luxembourg
Bottling Holdings (Netherlands) B.V.
Netherlands
100%
Marten Meesweg 25 J, 3068 AV ROTTERDAM, Netherlands
Bottling Holdings Europe Limited
United Kingdom
100%(B)(E)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Name
Country of
incorporation
% equity
interest
Registered address
Brewcorp Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Brewhouse Investments Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
C - C Bottlers Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Can Recycling (S.A.) Pty. Ltd.
Australia
100%(B)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
CC Digital GmbH
Germany
50%
Stralauer Allee 4, 10245, Berlin, Germany
CC Erfrischungsgetr\u00e4nke Oldenburg Verwaltungs\u00a0GmbH
Germany
100%(I)
Stralauer Allee 4, 10245, Berlin, Germany
CC Iberian Partners Gestion S.L.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain
CC Verpackungsgesellschaft mit beschraenkter\u00a0Haftung
Germany
100%
Schieferstrasse 20, 06126, Halle (Saale), Germany
CCA Bayswater Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
CCEP Australia Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
CCEP Finance (Australia) Limited
United Kingdom
100%(A)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP Finance (Ireland) Designated Activity Company
Ireland
100%
6th Floor, 2 Grand Canal Square, Dublin 2, Ireland
CCEP Group Services Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP Holdings (Australia) Limited
United Kingdom
100%(A)(D)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP Holdings (Australia) Pty Ltd
Australia
100%(A)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
CCEP Holdings Norge AS
Norway
100%
Robsrudskogen 5, L\u00f8renskog, 1470, Norway
CCEP Holdings Sverige AB
Sweden
100%
Dryckesv\u00e4gen 2 C, 136 87, Haninge, Sweden
CCEP Holdings UK Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP Ventures Australia Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
CCEP Ventures Europe Limited
United Kingdom
100%(A)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP Ventures UK Limited
United Kingdom
100%(A)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP\u00a0Scottish\u00a0Limited\u00a0Partnership
United Kingdom
100%
52 Milton Road, East Kilbride, Glasgow, Scotland, G74 5DJ
CCIP Soporte, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain
Circular Plastics Australia (PET) Holdings Pty Ltd
Australia
16.67%
Building 3, 658 Church Street, Cremorne VIC 3121, Australia
Classic Brand (Europe) Designated Activity Company
Ireland
100%
4th Floor, 25-28 Adelaide Road, Dublin 2, D02 RY98, Ireland
Cobega Embotellador, S.L.U.
Spain
100%
Avda Paisos Catalans, 32, 08950 , Esplugues de Llobregat, Spain
Coca-Cola Amatil (UK) Limited
United Kingdom
100%(L)
1 Bartholomew Lane, London, EC2N 2AX, United Kingdom
Coca-Cola Europacific Partners (CDE Aust) Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners (Fiji) Pte Limited
Fiji
100%
Lot 1, Ratu Dovi Road, Laucala Beach Estate, NASINU, Fiji
Name
Country of
incorporation
% equity
interest
Registered address
Coca-Cola Europacific Partners (Holdings) Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners (Initial LP) Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners (Scotland) Limited
United Kingdom
100%
52 Milton Road, College Milton, East Kilbride, Scotland, G74 5DJ, United Kingdom
Coca-Cola Europacific Partners API Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners Australia Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners Belgium SRL/BV
Belgium
100%
Chauss\u00e9e de Mons 1424, 1070 Brussels, Belgium
Coca-Cola Europacific Partners Deutschland GmbH
Germany
100%(F)
Stralauer Allee 4, 10245, Berlin, Germany
Coca-Cola Europacific Partners France SAS
France
100%(G)
9 chemin de Bretagne , 92784, Issy-les-Moulineaux, France
Coca-Cola Europacific Partners Great Britain Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners Holdings Great Britain Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners Holdings NZ Limited
New Zealand
100%
The Oasis, 19 Carbine Road, Mount Wellington, Auckland, 1060, New Zealand
Coca-Cola Europacific Partners Holdings US, Inc.
United States
100%(A)(D)
Corporation Trust Center, 1209 Orange Street, Wilmington DE, USA
Coca-Cola Europacific Partners Iberia, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain
Coca-Cola Europacific Partners Investments (Singapore) Pte. Ltd.
Singapore
100%
80 Robinson Road, #02-00, 068898, Singapore
Coca-Cola Europacific Partners \u00cdsland ehf.
Iceland
100%
Studlahals 1, 110, Reykjavik, Iceland
Coca-Cola Europacific Partners Luxembourg s\u00e0rl
Luxembourg
100%
2, Rue des Joncs, L-1818, Howald, Luxembourg
Coca-Cola Europacific Partners Nederland B.V.
Netherlands
100%
Marten Meesweg 25 J, 3068 AV ROTTERDAM, Netherlands
Coca-Cola Europacific Partners New Zealand Limited
New Zealand
100%
The Oasis, 19 Carbine Road, Mount Wellington, Auckland, 1060, New Zealand
Coca-Cola Europacific Partners Norge AS
Norway
100%
Robsrudskogen 5, L\u00f8renskog, 1470, Norway
Coca-Cola Europacific Partners Papua New Guinea Limited
Papua New
Guinea
100%
Section 23, Allotment 14, Milfordhaven Road, LAE, Morobe Province, 411, Papua New Guinea
Coca-Cola Europacific Partners Pension Scheme Trustees Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners Portugal Unipessoal LDA
Portugal
100%
Quinta da Salmoura - Cabanas-2925-362 Azeit\u00e3o, Set\u00fabal, Portugal
Coca-Cola Europacific Partners Services Bulgaria EOOD
Bulgaria
100%
48 Sitnyakovo Blvd. , Serdika Centre , Office Building, floor 5 , Sofia , 1505, Bulgaria
Coca-Cola Europacific Partners Services Europe Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners Services SRL
Belgium
100%(O)
Chauss\u00e9e de Mons 1424, 1070 Brussels, Belgium
Coca-Cola Europacific Partners Sverige AB
Sweden
100%
136 87, Haninge, Sweden
Coca-Cola Europacific Partners US II, LLC
United States
100%
Corporation Trust Center, 1209 Orange Street, Wilmington 19801, Delaware, USA
Name
Country of
incorporation
% equity
interest
Registered address
Coca-Cola Europacific Partners US, LLC
United States
100%
Corporation Trust Center, 1209 Orange Street, Wilmington 19801, USA
Coca-Cola Europacific Partners Vanuatu Limited
Vanuatu
100%
1st Floor, Govant Building, Kumul Highway, Port Vila, Vanuatu
Coca-Cola Immobilier SCI
France
100%(G)
9 chemin de Bretagne , 92784, Issy-les-Moulineaux, France
Coca-Cola Production SAS
France
100%
Zone d' entreprises de Bergues , 59380, Commune de Socx, France
Coca-Cola\u00a0Australia\u00a0Foundation\u00a0Limited
Australia
\u2014%(M)
Level 13 , 40 Mount Street , North Sydney NSW 2060, Australia
Compa\u00f1\u00eda Asturiana De Bebidas Gaseosas, S.L.U.
Spain
100%
C/ Nava, 18- 3\u00aa (Granda) Siero\u00a0 - 33006, Oviedo, Spain
Compa\u00f1\u00eda Castellana De Bebidas Gaseosas, S.L.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, (Madrid), Spain
Compa\u00f1\u00eda Levantina De Bebidas Gaseosas, S.L.U.
Spain
100%
Av. Real Monasterio de Sta. , Maria de Poblet , 3646930, Quart de Poblet , Spain
Compa\u00f1\u00eda Norte\u00f1a De Bebidas Gaseosas, S.L.U.
Spain
100%
C/ Ibaiz\u00e1bal, 57 , Galdakao, 48960, Bizkaia, Spain
Compa\u00f1\u00eda Para La Comunicaci\u00f3n De Bebidas Sin Alcohol, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain
Container Exchange (QLD) Limited
Australia
\u2014%(M)
Level 17, 100 Creek Street, Brisbane QLD 4000, Australia
Container\u00a0Exchange\u00a0(Services)\u00a0Pty\u00a0Ltd
Australia
50%
Maddocks, Angel Place, Level 27, 123 Pitt Street, Sydney NSW 2000, Australia
Conversia IT, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain
Crusta Fruit Juices Proprietary Limited
Australia
100%(J)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Developed System Logistics, S.L.U.
Spain
100%
Av. Henry Ford 25, Manzana 19, Complejo Pq.Ind.Juan , CARLOS I , 46220, Picassent , Valencia , Spain
Endurvinnslan hf.
Iceland
20%
Knarravogur 4, 104 Reykjavik, Iceland
Exchange for Change (ACT) Pty Ltd
Australia
20%
Building C, Suite 6, Level 1, 1 Homebush Bay Drive, Rhodes NSW 2138, Australia
Exchange for Change (Australia) Pty Ltd
Australia
20%
Building C, Suite 6, Level 1, 1 Homebush Bay Drive, Rhodes NSW 2138, Australia
Exchange for Change (NSW) Pty Ltd
Australia
20%
Building C, Suite 6, Level 1, 1 Homebush Bay Drive, Rhodes NSW 2138, Australia
Feral Brewing Company Pty Ltd
Australia
100%(K)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Foodl B.V.
Netherlands
33.3%
HNK Utrecht West, V.02, Weg der Verenigde Naties 1, 3527 KT, Utrecht, Netherlands
GR Bottling Holdings UK Limited
United Kingdom
100%(A)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Infineo Recyclage SAS
France
49%(H)
Sainte Marie la Blanche , 21200, Dijon , France
Innovative Tap Solutions Inc.
United States
21.8%
300 Brookside Avenue, Ambler, PA 19002, USA
Instelling voor Bedrijfspensioenvoorziening Coca-Cola Europacific Partners
Belgium/Coca-Cola Europacific Partners Services \u2013 Bedienden-Arbeiders
OFP
Belgium
100%
1424 \u2013 B1070 Bergensesteenweg, Brussels, Belgium
Instelling voor Bedrijfspensioenvoorziening Coca-Cola Europacific Partners
Belgium/Coca-Cola Europacific Partners Services \u2013 Kaderleden OFP
Belgium
100%
1424 \u2013 B1070 Bergensesteenweg, Brussels, Belgium
Name
Country of
incorporation
% equity
interest
Registered address
Iparbal, 99 S.L.
Spain
100%
C/ Ibaiz\u00e1bal, 57, 48960, Bizkaia, Galdakao, Spain
Iparsoft, 2004 S.L.
Spain
100%
C/ Ibaiz\u00e1bal, 57, 48960, Bizkaia, Galdakao, Spain
Kollex GmbH
Germany
20%
Kottbusser Damm 25-26 , 10967, Berlin, Germany
Lavit Holdings Inc
United States
13.7%
27 West 20th Street, Suite 1004, New York NY 10011, USA
Lusobega, S.L.
Spain
100%
C/ Ibaiz\u00e1bal, 57, 48960, Bizkaia, Galdakao, Spain
Madrid Ecoplatform, S.L.U.
Spain
100%
C/Pedro Lara, 8 Pq. Tecnologico de Leganes , 28919, (Leganes), Spain
Mahija Parahita Nusantara Foundation
Indonesia
\u2014%(M)
South Quarter Tower C, 22nd (P) Floor, Jalan R.A. Kartini, Kav.8, Cilandak Barat, Cilandak, South Jakarta , 12430, Indonesia
Matila Nominees Pty. Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail Bottled Water Co Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail SA Pty. Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail Springwater (VIC) Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail Springwater Co Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail Springwater Co. (QLD) Pty. Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail Springwater Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail WA Pty. Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Pacbev Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Paradise Beverages (Fiji) Pte Limited
Fiji
100%
122-164 Foster Road, Walu Bay, Suva, Fiji
PE\u00d1A Umbria S.L.U.
Spain
100%
Av. Real Monasterio de Sta. , Maria de Poblet , 3646930, Quart de Poblet , Spain
Perfect Fruit Company Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
PT Amandina Bumi Nusantara
Indonesia
35.31%
South Quarter Tower C, 22nd (P) Floor, Jalan R.A. Kartini, Kav.8, Cilandak Barat, Cilandak, South Jakarta , 12430, Indonesia
PT Coca-Cola Bottling Indonesia
Indonesia
70.6%(C)
South Quarter Tower C, 22nd (P) Floor, Jalan R.A. Kartini, Kav.8, Cilandak Barat, Cilandak, South Jakarta , 12430, Indonesia
PT Coca-Cola Distribution Indonesia
Indonesia
70.63%
South Quarter Tower C, 22nd (P) Floor, Jalan R.A. Kartini, Kav.8, Cilandak Barat, Cilandak, South Jakarta , 12430, Indonesia
Purna Pty. Ltd.
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Quenchy Crusta Sales Pty. Ltd.
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Real Oz Water Supply Co (QLD) Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Refrescos Envasados Del Sur, S.L.U.
Spain
100%
Autov\u00eda del Sur A-IV, km.528- 41309 , La Rinconada, Sevilla, Spain
Refrige SGPS, Unipessoal, LDA
Portugal
100%
Quinta da Salmoura - Cabanas-2925-362 Azeit\u00e3o, Set\u00fabal, Portugal
Roalba, S.L.U.
Spain
100%
C/ Ibaiz\u00e1bal, 57, 48960, Bizkaia, Galdakao, Spain
Name
Country of
incorporation
% equity
interest
Registered address
Sale Proprietary Co 1 Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Sale Proprietary Co 2 Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Sale Proprietary Co 3 Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Sale Proprietary Co 4 Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Sale Proprietary Co 5 Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Sale Proprietary Co 6 Pty Ltd
Australia
100%(P)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Sale Proprietary Co 7 Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Samoa\u00a0Breweries\u00a0Limited
Samoa
93.85%
Vaitele Industrial Zone, Vaitele Tai, Faleata Sisifo, Samoa
Solares y Edificios Norte\u00f1os, S.L.U.
Spain
100%
C/ Ibaiz\u00e1bal, 57, 48960, Bizkaia, Galdakao, Spain
Starstock Group Limited
United Kingdom
28.05%
2nd Floor, 140, Fenchurch Street, London, England, EC3M 6BL, United Kingdom
TasRecycle Limited
Australia
\u2014%(N)
Level 9, 85 Macquarie Street, Hobart TAS 7000, Australia
VicRecycle Limited
Australia
\u2014%(N)
HWL Ebsworth Lawyers, Level 8, 447 Collins Street, Melbourne VIC 3000, Australia
WA Return Recycle Renew Ltd
Australia
\u2014%(M)
Unit 2, 1 Centro Avenue, Subiaco WA 6008, Australia
Wabi Portugal, Unipessoal LDA
Portugal
100%
N\u00ba 16-A, Frac\u00e7ao B, 5\u00ba Piso, Edificio Miraflores Premium Distrito: Lisboa Concelho: Oieras Freguesia: Alg\u00e9s, Linda-a-
Velha e Cruz Quebrada-Dafundo 1495 190 Alg\u00e9s, Portugal
WB Investment Ireland 2 Limited
Ireland
100%
6th Floor, 2 Grand Canal Square, Dublin 2, Ireland
WBH Holdings Luxembourg SCS
Luxembourg
100%
2, Rue des Joncs, L-1818, Howald, Luxembourg
WIH UK Limited
United Kingdom
100%(A)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Wir Sind Coca-Cola GmbH
Germany
100%
Stralauer Allee 4, 10245, Berlin, Germany
the euro reporting currency at currency exchange rates in effect at the end of each reporting
period. Revenues and expenses are translated at average monthly currency exchange rates, with
average rates being a reasonable approximation of the rates prevailing on the transaction dates.
Gains and losses from translation are included in other comprehensive income. On disposal of a
foreign operation, accumulated exchange differences are recognised as a component of the
gain or loss on disposal.
The principal exchange rates used for translation purposes in respect of one euro were:
Average for the year ended 31 December(A)
Closing as at 31 December
2022
2021
2020
2022
2021
British pound
1.17
1.16
1.13
1.13
1.19
US dollar
0.95
0.85
0.88
0.94
0.88
Norwegian krone
0.10
0.10
0.09
0.10
0.10
Swedish krone
0.09
0.10
0.10
0.09
0.10
Icelandic krone
0.01
0.01
0.01
0.01
0.01
Australian dollar
0.66
0.63
n/a
0.64
0.64
Indonesian rupiah(B)
0.06
0.06
n/a
0.06
0.06
New Zealand dollar
0.60
0.60
n/a
0.60
0.60
Papua New
Guinean kina
0.27
0.24
n/a
0.27
0.25
Comparability
The COVID-19 pandemic and related response measures have had and may continue to have an
adverse effect on global economic conditions, as well as our business, results of operations, cash
flows and financial condition. At this time, we cannot predict the degree to which, or the time
period over which, our business will continue to be affected by COVID-19 and the related
response measures. These impacts limit the comparability of these consolidated financial
statements with prior periods.
In addition, sales of the Group\u2019s products are seasonal. In Europe, the second and third quarters
typically account for higher unit sales of the Group\u2019s products than the first and fourth quarters.
In the Group\u2019s Asia Pacific territories, the fourth quarter would typically reflect higher sales
volumes in the year. The seasonality of the Group\u2019s sales volume, combined with the accounting
for fixed costs such as depreciation, amortisation, rent and interest expense, impacts the Group\u2019s
reported results for the first and second halves of the year. Additionally, year over year shifts in
holidays, selling days and weather patterns can impact the Group\u2019s results on an annual or
half yearly basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-573": { "value": "
Basis of preparation
These consolidated financial statements of the Group reflect the following:
\u2022They have been prepared in accordance with UK adopted International Accounting Standards,
International Financial Reporting Standards (IFRS) as adopted by the European Union and
International Financial Reporting Standards as issued by the International Accounting
Standards Board (IASB).", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-574": { "value": "Basis of preparationThey have been prepared on a going concern basis (refer to the \u201cGoing concern\u201d paragraph on\u00a0 page 143).", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-575": { "value": "
Basis of consolidation
The consolidated financial statements comprise the financial statements of the Group and its
subsidiaries. All subsidiaries have accounting years ended 31 December and apply consistent
accounting policies for the purpose of the consolidated financial statements.
Subsidiary undertakings are consolidated from the date on which control is transferred to the
Group and cease to be consolidated from the date on which control is transferred out of the
Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from
its involvement with the entity and has the ability to affect those returns through the Group\u2019s
power to direct the activities of the entity. All intercompany accounts and transactions are
eliminated on consolidation.
Associates are all entities over which the Group has significant influence but not control,
generally accompanying a shareholding of between 20% to 50% of voting rights. Investments in
associates are accounted for using the equity method of accounting, after initially being
recognised at cost.
The Group treats transactions with non-controlling interests that do not result in a loss of control
as equity transactions.
When the Group loses control over a subsidiary, it derecognises the related assets (including
goodwill), liabilities, non-controlling interest and any other components of equity, while any
resulting gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary is
measured at fair value when control is lost.
The financial results presented herein for the period from 1 January 2021 through to the
acquisition of CCL (the Acquisition) effective 10 May 2021 refer to Coca-Cola European Partners
plc (Legacy CCEP) and its consolidated subsidiaries. The periods from the Acquisition to
31\u00a0December 2021 and for the year ended 31 December 2022 refer to the combined financial
results of CCEP.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-577": { "value": "
Foreign currency
The individual financial statements of each subsidiary are presented in the currency of the
primary economic environment in which the subsidiary operates (its functional currency). For the
purpose of the consolidated financial statements, the results and financial position of each
subsidiary are expressed in euros.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-576": { "value": "Foreign currency
Foreign currency transactions are translated into the functional currency using the exchange
rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in
foreign currencies are remeasured to the functional currency of the entity at the rate of
exchange in effect at the statement of financial position date with the resulting gain or loss
recorded in the consolidated income statement.
The consolidated income statement includes non-operating items which are primarily made up
of remeasurement gains and losses related to currency exchange rate fluctuations on financing
transactions denominated in a currency other than the subsidiary\u2019s functional currency.
Non-operating items are shown on a net basis and reflect the impact of any derivative
instruments utilised to hedge the foreign currency movements of the underlying financing
transactions.
The assets and liabilities of the Group's foreign operations are translated from local currencies to
the euro reporting currency at currency exchange rates in effect at the end of each reporting
period. Revenues and expenses are translated at average monthly currency exchange rates, with
average rates being a reasonable approximation of the rates prevailing on the transaction dates.
Gains and losses from translation are included in other comprehensive income. On disposal of a
foreign operation, accumulated exchange differences are recognised as a component of the
gain or loss on disposal.
The principal exchange rates used for translation purposes in respect of one euro were:
Average for the year ended 31 December(A)
Closing as at 31 December
2022
2021
2020
2022
2021
British pound
1.17
1.16
1.13
1.13
1.19
US dollar
0.95
0.85
0.88
0.94
0.88
Norwegian krone
0.10
0.10
0.09
0.10
0.10
Swedish krone
0.09
0.10
0.10
0.09
0.10
Icelandic krone
0.01
0.01
0.01
0.01
0.01
Australian dollar
0.66
0.63
n/a
0.64
0.64
Indonesian rupiah(B)
0.06
0.06
n/a
0.06
0.06
New Zealand dollar
0.60
0.60
n/a
0.60
0.60
Papua New
Guinean kina
0.27
0.24
n/a
0.27
0.25
Comparability
The COVID-19 pandemic and related response measures have had and may continue to have an
adverse effect on global economic conditions, as well as our business, results of operations, cash
flows and financial condition. At this time, we cannot predict the degree to which, or the time
period over which, our business will continue to be affected by COVID-19 and the related
response measures. These impacts limit the comparability of these consolidated financial
statements with prior periods.
In addition, sales of the Group\u2019s products are seasonal. In Europe, the second and third quarters
typically account for higher unit sales of the Group\u2019s products than the first and fourth quarters.
In the Group\u2019s Asia Pacific territories, the fourth quarter would typically reflect higher sales
volumes in the year. The seasonality of the Group\u2019s sales volume, combined with the accounting
for fixed costs such as depreciation, amortisation, rent and interest expense, impacts the Group\u2019s
reported results for the first and second halves of the year. Additionally, year over year shifts in
holidays, selling days and weather patterns can impact the Group\u2019s results on an annual or
half yearly basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-579": { "value": "
Note 2
Accounting policies
IFRS\u00a015 \u201cRevenue recognition and deductions from revenue\u201d
The Group derives its revenues by making, selling and distributing ready to drink beverages. The
revenue from the sale of products is recognised at the point in time at which control passes to a
customer, typically when products are delivered to a customer. A receivable is recognised by the
Group at the point in time at which the right to consideration becomes unconditional.
The Group uses various promotional programmes under which rebates, refunds, price
concessions or similar items can be earned by customers for attaining agreed upon sales levels or
for participating in specific marketing programmes. Those promotional programmes do not give
rise to a separate performance obligation. Where the consideration the Group is entitled to
varies because of such programmes, it is deemed to be variable consideration. The related
accruals are recognised as a deduction from revenue and are not considered distinct from the
sale of products to the customer. Variable consideration is only included to the extent that it is
highly probable that the inclusion will not result in a significant revenue reversal in the future
normal commercial terms.
Financing elements are not deemed present in our contracts with customers as the sales are
made with credit terms not exceeding normal commercial terms. Taxes on sugared soft drinks,
excise taxes and taxes on packaging are recorded on a gross basis (i.e. included in revenue)
where the Group is the principal in the arrangement. Value added taxes are recorded on a net
basis (i.e. excluded from revenue). The Group assesses these taxes and duties on a jurisdiction by
jurisdiction basis to conclude on the appropriate accounting treatment.
The rest of the accounting policies applied by the Group are included in the relevant notes
herein.
New and amended standards and interpretation
The Group has applied the following amendments for the first time in the year ended
31\u00a0December\u00a02022.
Onerous contracts \u2013 Costs of fulfilling a contract \u2013 Amendments to IAS 37
The amendments clarify that when assessing whether a contract is onerous, an entity needs to
include costs that relate directly to a contract capturing both the incremental costs of fulfilling a
contract as well as an allocation of other costs directly related to contract activities. These
amendments had no impact on the consolidated financial statements of the Group.
Property, plant and equipment: proceeds before intended use \u2013 Amendments to
IAS 16
The amendments prohibit an entity from deducting from the cost of an item of property, plant
and equipment (PP&E) any proceeds received from selling items produced while the entity is
preparing the asset for its intended use. Instead, an entity recognises the proceeds from selling
such items, and the costs of producing those items, in profit or loss. These amendments had no
impact on the consolidated financial statements of the Group as there were no sales of such
items.
IFRS 9 Financial instruments \u2013 Fees in the \u201810 per cent\u2019 test for derecognition of
financial liabilities
The pronouncement clarifies which fees should be included in the 10% test for derecognition of
financial liabilities. These fees include only those paid or received between the borrower and the
lender, including fees paid or received by either the borrower or lender on the other\u2019s behalf. The
pronouncement had no impact on the consolidated financial statements of the Group as there
were no modifications to the Group\u2019s financial instruments during the period.
Reference to the Conceptual Framework \u2013 Amendments to IFRS 3
Minor amendments were made to IFRS 3 Business Combinations to update the reference to the
Conceptual Framework for Financial Reporting and to add an exception for the recognition of
liabilities and contingent liabilities within the scope of IAS 37 Provisions, Contingent Liabilities and
Contingent Assets or IFRIC 21 Levies, if incurred separately. The exception requires entities to
apply the criteria under IAS 37 or IFRIC 21, respectively, instead of the Conceptual Framework, to
determine whether a present obligation exists at the acquisition date. The amendments also
confirms that contingent assets should not be recognised at the acquisition date. These
amendments had no impact on the consolidated financial statements of the Group as there
were no acquisitions taking place during the period.
The Group has not early adopted any other standards, interpretations or amendments that have
been issued but are not yet effective. These standards, interpretations or amendments are not
expected to have a material impact to the Group in the current or future periods and on
foreseeable future transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-580": { "value": "
IFRS\u00a015 \u201cRevenue recognition and deductions from revenue\u201d
The Group derives its revenues by making, selling and distributing ready to drink beverages. The
revenue from the sale of products is recognised at the point in time at which control passes to a
customer, typically when products are delivered to a customer. A receivable is recognised by the
Group at the point in time at which the right to consideration becomes unconditional.
The Group uses various promotional programmes under which rebates, refunds, price
concessions or similar items can be earned by customers for attaining agreed upon sales levels or
for participating in specific marketing programmes. Those promotional programmes do not give
rise to a separate performance obligation. Where the consideration the Group is entitled to
varies because of such programmes, it is deemed to be variable consideration. The related
accruals are recognised as a deduction from revenue and are not considered distinct from the
sale of products to the customer. Variable consideration is only included to the extent that it is
highly probable that the inclusion will not result in a significant revenue reversal in the future
normal commercial terms.
Financing elements are not deemed present in our contracts with customers as the sales are
made with credit terms not exceeding normal commercial terms. Taxes on sugared soft drinks,
excise taxes and taxes on packaging are recorded on a gross basis (i.e. included in revenue)
where the Group is the principal in the arrangement. Value added taxes are recorded on a net
basis (i.e. excluded from revenue). The Group assesses these taxes and duties on a jurisdiction by
jurisdiction basis to conclude on the appropriate accounting treatment.
The rest of the accounting policies applied by the Group are included in the relevant notes
herein.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-581": { "value": "IFRS\u00a015 \u201cRevenue recognition and deductions from revenue\u201d
The Group uses various promotional programmes under which rebates, refunds, price
concessions or similar items can be earned by customers for attaining agreed upon sales levels or
for participating in specific marketing programmes. Those promotional programmes do not give
rise to a separate performance obligation. Where the consideration the Group is entitled to
varies because of such programmes, it is deemed to be variable consideration. The related
accruals are recognised as a deduction from revenue and are not considered distinct from the
sale of products to the customer. Variable consideration is only included to the extent that it is
highly probable that the inclusion will not result in a significant revenue reversal in the future
normal commercial terms.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-582": { "value": "
New and amended standards and interpretation
The Group has applied the following amendments for the first time in the year ended
31\u00a0December\u00a02022.
Onerous contracts \u2013 Costs of fulfilling a contract \u2013 Amendments to IAS 37
The amendments clarify that when assessing whether a contract is onerous, an entity needs to
include costs that relate directly to a contract capturing both the incremental costs of fulfilling a
contract as well as an allocation of other costs directly related to contract activities. These
amendments had no impact on the consolidated financial statements of the Group.
Property, plant and equipment: proceeds before intended use \u2013 Amendments to
IAS 16
The amendments prohibit an entity from deducting from the cost of an item of property, plant
and equipment (PP&E) any proceeds received from selling items produced while the entity is
preparing the asset for its intended use. Instead, an entity recognises the proceeds from selling
such items, and the costs of producing those items, in profit or loss. These amendments had no
impact on the consolidated financial statements of the Group as there were no sales of such
items.
IFRS 9 Financial instruments \u2013 Fees in the \u201810 per cent\u2019 test for derecognition of
financial liabilities
The pronouncement clarifies which fees should be included in the 10% test for derecognition of
financial liabilities. These fees include only those paid or received between the borrower and the
lender, including fees paid or received by either the borrower or lender on the other\u2019s behalf. The
pronouncement had no impact on the consolidated financial statements of the Group as there
were no modifications to the Group\u2019s financial instruments during the period.
Reference to the Conceptual Framework \u2013 Amendments to IFRS 3
Minor amendments were made to IFRS 3 Business Combinations to update the reference to the
Conceptual Framework for Financial Reporting and to add an exception for the recognition of
liabilities and contingent liabilities within the scope of IAS 37 Provisions, Contingent Liabilities and
Contingent Assets or IFRIC 21 Levies, if incurred separately. The exception requires entities to
apply the criteria under IAS 37 or IFRIC 21, respectively, instead of the Conceptual Framework, to
determine whether a present obligation exists at the acquisition date. The amendments also
confirms that contingent assets should not be recognised at the acquisition date. These
amendments had no impact on the consolidated financial statements of the Group as there
were no acquisitions taking place during the period.
The Group has not early adopted any other standards, interpretations or amendments that have
been issued but are not yet effective. These standards, interpretations or amendments are not
expected to have a material impact to the Group in the current or future periods and on
foreseeable future transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-583": { "value": "
Note 3
Significant judgements and estimates
In preparing these consolidated financial statements, management has made judgements and
estimates that affect the application of the Group\u2019s accounting policies and the reported
amounts of assets and liabilities, income and expense. Actual results may differ from these
estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
estimates are recognised prospectively. The significant judgements made in applying the
Group\u2019s accounting policies were applied consistently across the annual periods.
The significant judgements and key sources of estimation uncertainty that have a significant
effect on the amounts recognised in these financial statements are outlined below.
Significant judgements
Intangible assets and goodwill
The Group has assigned indefinite lives to its bottling agreements with TCCC. This judgement
has been made after evaluating the contractual provisions of the bottling agreements, the
Group\u2019s mutually beneficial relationship with TCCC and the history of renewals for bottling
agreements.
Refer to Note 7 for\u00a0further details on the judgement regarding the lives of bottling agreements.
Significant estimates
Impairment of indefinite lived intangible assets and goodwill
Determining whether goodwill and intangible assets with indefinite lives are impaired requires an
estimation of the value in use or the fair value less costs to sell of the cash generating unit (CGU)
to which the goodwill or intangible asset has been allocated. The value in use calculation requires
management\u2019s estimation of the future cash flows expected to arise from the CGU, including
the impact of COVID-19 and climate-related risks. Refer to Note 7 for the sensitivity analysis of
the assumptions used in the impairment analysis of goodwill and intangible assets with indefinite
lives.
Deductions from revenue and sales incentives
The Group participates in various promotional programmes with customers designed to increase
the sale of products. Among the programmes are arrangements under which rebates, refunds,
price concessions or similar items can be earned by customers for attaining agreed upon sales
levels, or for participating in specific marketing programmes. Those promotional programmes do
not give rise to a separate performance obligation. Where the consideration the Group is
entitled to varies because of such programmes, the amount payable is deemed to be variable
consideration. Management makes estimates on an ongoing basis for each individual promotion
to assess the value of the variable consideration based upon historical customer experience,
expected customer performance and/or estimated sales volumes. The related accruals are
recognised as a deduction from revenue and are not considered distinct from the sale of
products to the customer. Refer to Note 15 for further details.
Income tax
The Group is subject to income taxes in numerous jurisdictions and there are many transactions
for which the ultimate tax determination cannot be assessed with certainty in the ordinary
course of business. The Group recognises a provision for situations that might arise in the
foreseeable future based on an assessment of the probabilities as to whether additional taxes
will be due. In addition, the Group is involved in various legal proceedings and tax matters. Where
an outflow of funds is believed to be probable and a reliable estimate of the outcome of the
dispute can be made, management provides for its best estimate of the liability. Where the final
outcome on these matters is different from the amounts that were initially recorded, such
differences impact the tax provision in the period in which such determination is made. These
estimates are subject to potential change over time as new facts emerge and each circumstance
progresses. The evaluation of deferred tax asset recoverability requires estimates to be made
regarding the availability of future taxable income in the jurisdiction giving rise to the deferred
tax asset. Refer to Note 21 for further details regarding income taxes.
Defined benefit plans
The determination of pension benefit costs and obligations are estimated based on assumptions
determined with the assistance of external actuarial advice. The key assumptions impacting the
valuations are the discount rate, salary rate of inflation and mortality rates. Refer to Note 16 for
further details about the Group\u2019s defined benefit pension plan costs and obligations.
TCCC franchise intangible assets
The Group\u2019s bottling agreements contain performance requirements and convey the rights to
distribute and sell products within specified territories. The Group\u2019s agreements with TCCC in
each territory are for terms of 10 year and each contain the right for the Group to request a\u00a010
year renewal. The existing bottling agreements expire no earlier than 1 September 2025. While
these agreements contain no automatic right of renewal beyond that date, the Group believes
that its interdependent relationship with TCCC and the substantial cost and disruption to
TCCC that would be caused by non-renewal ensure that these agreements will continue to be
renewed and, therefore, are essentially perpetual. The Group has never had a bottling
agreement with TCCC terminated due to non-performance of the terms of the agreement or
due to a decision by TCCC to terminate an agreement at the expiration of a term. After
evaluating the contractual provisions of bottling agreements, the Group\u2019s mutually beneficial
relationship with TCCC and history of renewals, indefinite lives have been assigned to all of the
Group\u2019s TCCC bottling agreements.
Impairment of indefinite lived intangible assets and goodwill
Each CGU is tested for impairment annually in the fourth quarter or whenever there is an
indication of impairment. The recoverable amount of each CGU is normally determined through
a value in use calculation. To determine value in use for a CGU, estimated future cash flows are
discounted to their present values using a pre-tax discount rate reflective of the current market
conditions and risks specific to each CGU. If the carrying value of a CGU exceeds its recoverable
amount, the carrying value of the CGU is reduced to its recoverable amount and impairment
charges are recognised immediately within the consolidated income statement. Impairment
charges other than those related to goodwill may be reversed in future periods if a subsequent
test indicates that the recoverable amount has increased. Such recoveries may not exceed a
CGU\u2019s original carrying value less any depreciation that would have been recognised if no
impairment charges were previously recorded.
The Group\u2019s CGUs are based on geography and generally represent the individual territories in
which the Group operates. For the purposes of allocating intangibles, each indefinite lived
intangible asset is allocated to the geographic region to which the agreement relates and
goodwill is allocated to each of the CGUs expected to benefit from a business combination,
irrespective of whether other assets and liabilities of the acquired businesses are assigned to the
CGUs.
The Group participates in various programmes and arrangements with customers designed to
increase the sale of our products. The costs of these programmes are recorded as deductions
from revenue. Among the programmes are arrangements under which allowances can be
earned by customers for attaining agreed upon sales levels or for participating in specific
marketing programmes. When these allowances are paid in arrears, the Group accrues the
estimated amount to be paid based upon historical customer experience, the programme\u2019s
contractual terms, expected customer performance and/or estimated sales volume.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-584": { "value": "
Note 4
Business combinations
On 10 May 2021, the Company acquired 100% of the issued and outstanding Shares of API. API
was one of the largest bottlers and distributors of ready to drink non-alcoholic and alcoholic
beverages and coffee in the Asia Pacific region and was the authorised bottler and distributor of
The Coca-Cola Company\u2019s (TCCC) beverage brands in Australia, New Zealand and Pacific Islands,
Indonesia and Papua New Guinea. Details surrounding this business combination transaction,
including the provisional fair values of assets and liabilities acquired, were disclosed in Note 4 of
the Group\u2019s annual consolidated financial statements for the year ended 31 December 2021. The
valuation exercise was completed during the first half of 2022. Subsequent changes to the
provisional amounts previously disclosed are immaterial.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-585": { "value": "
Note 5
Segment information
Description of segment and principal activities
The Group derives its revenues through a single business activity, which is making, selling and
distributing an extensive range of primarily non-alcoholic ready to drink beverages. The Group\u2019s
Board continues to be its Chief Operating Decision Maker (CODM), which allocates resources and
evaluates performance of its operating segments based on volume, revenue and comparable
operating profit. Comparable operating profit excludes items impacting the comparability of
period over period financial performance.
The following table provides a reconciliation between reportable segment operating profit and
consolidated profit before tax:
Year ended 31 December
2022
2021
2020
Europe
API
Total
Europe
API
Total
Europe
API
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Revenue
13,529
3,791
17,320
11,584
2,179
13,763
10,606
\u2014
10,606
Comparable
operating\u00a0profit(A)
1,670
468
2,138
1,500
272
1,772
1,194
\u2014
1,194
Items impacting
comparability(B)
(52)
(256)
(381)
Reported operating
profit
2,086
1,516
813
Total finance costs, net
(114)
(129)
(111)
Non-operating items
(15)
(5)
(7)
Reported profit
before\u00a0tax
1,957
1,382
695
(A)Iberia refers to Spain, Portugal and Andorra.
(B)France refers to continental France and Monaco.
Assets by geography
Assets are allocated based on operations and physical location. The following table summarises
non-current assets, other than financial instruments and deferred tax assets, by geography:
Year ended 31 December
2022
2021
Assets:
\u20ac million
\u20ac million
Iberia(A)
6,401
6,644
Germany
3,091
3,077
Great Britain
2,469
2,680
France(B)
896
887
Belgium/Luxembourg
613
600
Netherlands
428
432
Sweden
349
379
Norway
242
247
Iceland
36
34
Other unallocated
271
245
Total Europe
14,796
15,225
Australia
5,281
5,356
New Zealand and Pacific Islands
1,755
1,751
Indonesia and Papua New Guinea
726
712
Total API
7,762
7,819
Total CCEP
22,558
23,044
(A)Iberia refers to Spain, Portugal and Andorra.
(B)France refers to continental France and Monaco.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-587": { "value": "
Note 6
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\u2011based payment awards that
are contingently issuable upon the achievement of 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 years
presented:
Year ended 31 December
2022
2021
2020
Profit after taxes attributable to equity shareholders
(\u20ac\u00a0million)
1,508
982
498
Basic weighted average number of Shares in issue(A)
(million)
457
456
455
Effect of dilutive potential Shares(B) (million)
1
1
1
Diluted weighted average number of Shares in
issue(A) (million)
458
457
456
Basic earnings per share (\u20ac)
3.30
2.15
1.09
Diluted earnings per share (\u20ac)
3.29
2.15
1.09
(A)As at 31\u00a0December\u00a02022, 31\u00a0December\u00a02021 and 31\u00a0December\u00a02020 the Group had 457,106,453, 456,235,032 and
454,645,510\u00a0Shares, respectively, in issue and outstanding.
(B)For the years ended 31\u00a0December\u00a02022, 31\u00a0December\u00a02021 and 31\u00a0December\u00a02020, no options to purchase Shares were
excluded from the diluted earnings per share calculation. The dilutive impact of all outstanding options, unvested restricted
stock units and unvested performance share units was included in the effect of dilutive securities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-588": { "value": "
Note 7
Intangible assets and goodwill
Intangible assets with indefinite lives
Intangible assets with indefinite lives acquired through business combination transactions are
measured at fair value at the date of acquisition. These assets are not subject to amortisation but
are tested for impairment annually at the CGU level or more frequently if facts and
circumstances indicate an impairment may exist. In addition to the annual impairment test, the
assessment of indefinite lives is also reviewed annually.
TCCC franchise intangible assets
The Group\u2019s bottling agreements contain performance requirements and convey the rights to
distribute and sell products within specified territories. The Group\u2019s agreements with TCCC in
each territory are for terms of 10 year and each contain the right for the Group to request a\u00a010
year renewal. The existing bottling agreements expire no earlier than 1 September 2025. While
these agreements contain no automatic right of renewal beyond that date, the Group believes
that its interdependent relationship with TCCC and the substantial cost and disruption to
TCCC that would be caused by non-renewal ensure that these agreements will continue to be
renewed and, therefore, are essentially perpetual. The Group has never had a bottling
agreement with TCCC terminated due to non-performance of the terms of the agreement or
due to a decision by TCCC to terminate an agreement at the expiration of a term. After
evaluating the contractual provisions of bottling agreements, the Group\u2019s mutually beneficial
relationship with TCCC and history of renewals, indefinite lives have been assigned to all of the
Group\u2019s TCCC bottling agreements.
Brands
In connection with the Acquisition, the Group acquired a portfolio of brands, predominantly
comprised of certain non-alcoholic ready to drink beverages distributed and sold in Australia and
New Zealand. These are considered to have an indefinite life, given the strength and durability of
the brands. Refer to Note 20 and Note 24 for details surrounding the sale of certain non-alcoholic
ready to drink brands, which was partially completed during the current period.
Goodwill
Goodwill is initially measured as the excess of the total consideration transferred over the
amount recognised for net identifiable assets acquired and liabilities assumed in a business
combination. If the fair value of the net assets acquired is in excess of the aggregate
consideration transferred, the gain is recognised in the consolidated income statement as a
bargain purchase. Goodwill is not subject to amortisation. It is tested annually for impairment at
the CGU level or more frequently if events or changes in circumstances indicate that it might be
impaired. Goodwill acquired in a business combination is allocated to the CGU that is expected
to benefit from the synergies of the combination irrespective of whether a CGU is part of the
business combination.
Intangible assets with finite lives
Intangible assets with finite lives are measured at cost of acquisition or production and are
amortised using the straight-line method over their respective estimated useful lives. Finite lived
intangible assets are assessed for impairment whenever there is an indication that they may be
impaired. The amortisation period and method are reviewed annually.
Internally generated software
The Group capitalises certain development costs associated with internally developed software,
including external direct costs of materials and services, and payroll costs for employees
devoting time to a software project and any such software acquired as part of a business
combination. Development expenditure is recognised as an intangible asset only after its
technical feasibility and commercial viability can be demonstrated. When capitalised software is
not integral to related hardware it is treated as an intangible asset; otherwise it is included within
property, plant and equipment. The estimated useful life of capitalised software is
predominantly between five and seven years. Amortisation expense for capitalised software is
included within administrative expenses and was \u20ac83 million, \u20ac75 million and \u20ac54 million for the
years ended 31\u00a0December\u00a02022, 31\u00a0December 2021 and 31\u00a0December\u00a02020, respectively.
Customer relationships
The Group has acquired certain customer relationships in connection with business
combinations. These customer relationships are recorded at fair value on the date of acquisition,
and amortised over an estimated economic useful life of 20 years. Amortisation expense for
these assets is included within administrative expenses and was \u20ac10 million, \u20ac9 million and
\u20ac8 million for the years ended 31\u00a0December\u00a02022, 31\u00a0December\u00a02021 and 31 December 2020,
respectively.
Non-TCCC franchise intangible
In connection with the Acquisition, the Group acquired certain bottling agreements with
non-TCCC distribution partners which contain performance requirements and convey the rights
to distribute and sell products within specified API territories. The non-TCCC bottling
arrangements are recorded at fair value at the acquisition date and amortised over an expected
economic useful life of 20 years. Amortisation expense for these assets is recognised within
administrative expenses and totalled \u20ac8 million and \u20ac5 million for the years ended
31\u00a0December\u00a02022 and 31\u00a0December 2021, respectively.\u00a0
Balances and movements in intangible assets and goodwill
The following table summarises the movements in the carrying amounts of intangible assets and goodwill for the periods presented:
TCCC franchise
intangible
Brands
Software
Customer
relationships
Non-TCCC
franchise
intangible
Assets under
construction
Total intangibles
Goodwill
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Cost:
As at 31 December 2020
8,078
\u2014
382
161
\u2014
69
8,690
2,517
Acquisition of CCL
3,822
211
55
37
149
11
4,285
2,097
Additions
\u2014
\u2014
65
\u2014
\u2014
40
105
\u2014
Disposals
\u2014
\u2014
(23)
\u2014
\u2014
\u2014
(23)
\u2014
Transfers and reclassifications
\u2014
\u2014
74
\u2014
\u2014
(74)
\u2014
\u2014
Assets held for sale
\u2014
(189)
\u2014
\u2014
\u2014
\u2014
(189)
\u2014
Currency translation adjustments
108
\u2014
18
(1)
\u2014
1
126
9
As at 31 December 2021
12,008
22
571
197
149
47
12,994
4,623
Additions
\u2014
\u2014
40
1
\u2014
63
104
\u2014
Disposals
\u2014
\u2014
(27)
\u2014
\u2014
(1)
(28)
\u2014
Transfers and reclassifications
\u2014
11
39
\u2014
\u2014
(38)
12
\u2014
Currency translation adjustments
(134)
6
(2)
(3)
(1)
(2)
(136)
(23)
As at 31 December 2022
11,874
39
621
195
148
69
12,946
4,600
Accumulated amortisation:
As at 31 December 2020
\u2014
\u2014
(233)
(43)
\u2014
\u2014
(276)
\u2014
Amortisation expense
\u2014
\u2014
(75)
(9)
(5)
\u2014
(89)
\u2014
Disposals
\u2014
\u2014
20
\u2014
\u2014
\u2014
20
\u2014
Currency translation adjustments
\u2014
\u2014
(9)
(1)
\u2014
\u2014
(10)
\u2014
As at 31 December 2021
\u2014
\u2014
(297)
(53)
(5)
\u2014
(355)
\u2014
Amortisation expense
\u2014
\u2014
(83)
(10)
(8)
\u2014
(101)
\u2014
Disposals
\u2014
\u2014
22
\u2014
\u2014
\u2014
22
\u2014
Currency translation adjustments
\u2014
(7)
(2)
2
\u2014
\u2014
(7)
\u2014
As at 31 December 2022
\u2014
(7)
(360)
(61)
(13)
\u2014
(441)
\u2014
Net book value:
As at 31 December 2020
8,078
\u2014
149
118
\u2014
69
8,414
2,517
As at 31 December 2021
12,008
22
274
144
144
47
12,639
4,623
As at 31 December 2022
11,874
32
261
134
135
69
12,505
4,600
(A) Pacific refers to New Zealand and Pacific Islands.
The recoverable amount of each CGU was determined through a value in use calculation, which
uses cash flow projections for a five year period. These projections reflect the impact of climate
change on our business as well as the mitigating actions and strategies we are undertaking to
support our commitment to reach Net Zero emissions by 2040. The key assumptions used in
projecting these cash flows were as follows:
\u2022Growth rate and operating margins: Cash flows were projected over four years based on the
Group\u2019s strategic business plan. Cash flows for the fifth year and beyond were projected using
an inflation-based long-term terminal growth rate between 2.0% and 4.5%.
\u2022Discount rate: A weighted average cost of capital was applied specific to each CGU as a hurdle
rate to discount cash flows. The discount rates represent the current market assessment of the
risks specific to each CGU, taking into consideration the time value of money and individual
risks of the underlying assets that have not been incorporated in the cash flow estimates. The
following table summarises the pre-tax discount rate attributable to each significant CGU.
2022
2021
Pre-tax
discount rate
Pre-tax
discount rate
Cash generating unit
%
%
Iberia
8.7
9.3
Australia
9.1
\u2014
Great Britain
9.3
9.9
Germany
7.9
9.3
Pacific
9.7
\u2014
The Group did not record any impairment charges as a result of the tests conducted in 2022 and
2021.\u00a0
The Group\u2019s Great Britain, Germany, Iberia and Australia CGUs have substantial headroom when
comparing the value in use calculation of the CGU versus the CGU\u2019s carrying value.
For the Group\u2019s Pacific CGU, the headroom in the 2022 impairment analysis was approximately
15% of carrying value.
The Group estimates that a 1.0% reduction in the terminal growth rate or a 0.8% increase in the
discount rate, each in isolation, would eliminate existing headroom in Pacific.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-589": { "value": "
Note 7
Intangible assets and goodwill
Intangible assets with indefinite lives
Intangible assets with indefinite lives acquired through business combination transactions are
measured at fair value at the date of acquisition. These assets are not subject to amortisation but
are tested for impairment annually at the CGU level or more frequently if facts and
circumstances indicate an impairment may exist. In addition to the annual impairment test, the
assessment of indefinite lives is also reviewed annually.
TCCC franchise intangible assets
The Group\u2019s bottling agreements contain performance requirements and convey the rights to
distribute and sell products within specified territories. The Group\u2019s agreements with TCCC in
each territory are for terms of 10 year and each contain the right for the Group to request a\u00a010
year renewal. The existing bottling agreements expire no earlier than 1 September 2025. While
these agreements contain no automatic right of renewal beyond that date, the Group believes
that its interdependent relationship with TCCC and the substantial cost and disruption to
TCCC that would be caused by non-renewal ensure that these agreements will continue to be
renewed and, therefore, are essentially perpetual. The Group has never had a bottling
agreement with TCCC terminated due to non-performance of the terms of the agreement or
due to a decision by TCCC to terminate an agreement at the expiration of a term. After
evaluating the contractual provisions of bottling agreements, the Group\u2019s mutually beneficial
relationship with TCCC and history of renewals, indefinite lives have been assigned to all of the
Group\u2019s TCCC bottling agreements.
Brands
In connection with the Acquisition, the Group acquired a portfolio of brands, predominantly
comprised of certain non-alcoholic ready to drink beverages distributed and sold in Australia and
New Zealand. These are considered to have an indefinite life, given the strength and durability of
the brands. Refer to Note 20 and Note 24 for details surrounding the sale of certain non-alcoholic
ready to drink brands, which was partially completed during the current period.
Goodwill
Goodwill is initially measured as the excess of the total consideration transferred over the
amount recognised for net identifiable assets acquired and liabilities assumed in a business
combination. If the fair value of the net assets acquired is in excess of the aggregate
consideration transferred, the gain is recognised in the consolidated income statement as a
bargain purchase. Goodwill is not subject to amortisation. It is tested annually for impairment at
the CGU level or more frequently if events or changes in circumstances indicate that it might be
impaired. Goodwill acquired in a business combination is allocated to the CGU that is expected
to benefit from the synergies of the combination irrespective of whether a CGU is part of the
business combination.
Intangible assets with finite lives
Intangible assets with finite lives are measured at cost of acquisition or production and are
amortised using the straight-line method over their respective estimated useful lives. Finite lived
intangible assets are assessed for impairment whenever there is an indication that they may be
impaired. The amortisation period and method are reviewed annually.
Internally generated software
The Group capitalises certain development costs associated with internally developed software,
including external direct costs of materials and services, and payroll costs for employees
devoting time to a software project and any such software acquired as part of a business
combination. Development expenditure is recognised as an intangible asset only after its
technical feasibility and commercial viability can be demonstrated. When capitalised software is
not integral to related hardware it is treated as an intangible asset; otherwise it is included within
property, plant and equipment. The estimated useful life of capitalised software is
predominantly between five and seven years. Amortisation expense for capitalised software is
included within administrative expenses and was \u20ac83 million, \u20ac75 million and \u20ac54 million for the
years ended 31\u00a0December\u00a02022, 31\u00a0December 2021 and 31\u00a0December\u00a02020, respectively.
Customer relationships
The Group has acquired certain customer relationships in connection with business
combinations. These customer relationships are recorded at fair value on the date of acquisition,
and amortised over an estimated economic useful life of 20 years. Amortisation expense for
these assets is included within administrative expenses and was \u20ac10 million, \u20ac9 million and
\u20ac8 million for the years ended 31\u00a0December\u00a02022, 31\u00a0December\u00a02021 and 31 December 2020,
respectively.
Non-TCCC franchise intangible
In connection with the Acquisition, the Group acquired certain bottling agreements with
non-TCCC distribution partners which contain performance requirements and convey the rights
to distribute and sell products within specified API territories. The non-TCCC bottling
arrangements are recorded at fair value at the acquisition date and amortised over an expected
economic useful life of 20 years. Amortisation expense for these assets is recognised within
administrative expenses and totalled \u20ac8 million and \u20ac5 million for the years ended
31\u00a0December\u00a02022 and 31\u00a0December 2021, respectively.\u00a0
Balances and movements in intangible assets and goodwill
The following table summarises the movements in the carrying amounts of intangible assets and goodwill for the periods presented:
TCCC franchise
intangible
Brands
Software
Customer
relationships
Non-TCCC
franchise
intangible
Assets under
construction
Total intangibles
Goodwill
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Cost:
As at 31 December 2020
8,078
\u2014
382
161
\u2014
69
8,690
2,517
Acquisition of CCL
3,822
211
55
37
149
11
4,285
2,097
Additions
\u2014
\u2014
65
\u2014
\u2014
40
105
\u2014
Disposals
\u2014
\u2014
(23)
\u2014
\u2014
\u2014
(23)
\u2014
Transfers and reclassifications
\u2014
\u2014
74
\u2014
\u2014
(74)
\u2014
\u2014
Assets held for sale
\u2014
(189)
\u2014
\u2014
\u2014
\u2014
(189)
\u2014
Currency translation adjustments
108
\u2014
18
(1)
\u2014
1
126
9
As at 31 December 2021
12,008
22
571
197
149
47
12,994
4,623
Additions
\u2014
\u2014
40
1
\u2014
63
104
\u2014
Disposals
\u2014
\u2014
(27)
\u2014
\u2014
(1)
(28)
\u2014
Transfers and reclassifications
\u2014
11
39
\u2014
\u2014
(38)
12
\u2014
Currency translation adjustments
(134)
6
(2)
(3)
(1)
(2)
(136)
(23)
As at 31 December 2022
11,874
39
621
195
148
69
12,946
4,600
Accumulated amortisation:
As at 31 December 2020
\u2014
\u2014
(233)
(43)
\u2014
\u2014
(276)
\u2014
Amortisation expense
\u2014
\u2014
(75)
(9)
(5)
\u2014
(89)
\u2014
Disposals
\u2014
\u2014
20
\u2014
\u2014
\u2014
20
\u2014
Currency translation adjustments
\u2014
\u2014
(9)
(1)
\u2014
\u2014
(10)
\u2014
As at 31 December 2021
\u2014
\u2014
(297)
(53)
(5)
\u2014
(355)
\u2014
Amortisation expense
\u2014
\u2014
(83)
(10)
(8)
\u2014
(101)
\u2014
Disposals
\u2014
\u2014
22
\u2014
\u2014
\u2014
22
\u2014
Currency translation adjustments
\u2014
(7)
(2)
2
\u2014
\u2014
(7)
\u2014
As at 31 December 2022
\u2014
(7)
(360)
(61)
(13)
\u2014
(441)
\u2014
Net book value:
As at 31 December 2020
8,078
\u2014
149
118
\u2014
69
8,414
2,517
As at 31 December 2021
12,008
22
274
144
144
47
12,639
4,623
As at 31 December 2022
11,874
32
261
134
135
69
12,505
4,600
(A) Pacific refers to New Zealand and Pacific Islands.
The recoverable amount of each CGU was determined through a value in use calculation, which
uses cash flow projections for a five year period. These projections reflect the impact of climate
change on our business as well as the mitigating actions and strategies we are undertaking to
support our commitment to reach Net Zero emissions by 2040. The key assumptions used in
projecting these cash flows were as follows:
\u2022Growth rate and operating margins: Cash flows were projected over four years based on the
Group\u2019s strategic business plan. Cash flows for the fifth year and beyond were projected using
an inflation-based long-term terminal growth rate between 2.0% and 4.5%.
\u2022Discount rate: A weighted average cost of capital was applied specific to each CGU as a hurdle
rate to discount cash flows. The discount rates represent the current market assessment of the
risks specific to each CGU, taking into consideration the time value of money and individual
risks of the underlying assets that have not been incorporated in the cash flow estimates. The
following table summarises the pre-tax discount rate attributable to each significant CGU.
2022
2021
Pre-tax
discount rate
Pre-tax
discount rate
Cash generating unit
%
%
Iberia
8.7
9.3
Australia
9.1
\u2014
Great Britain
9.3
9.9
Germany
7.9
9.3
Pacific
9.7
\u2014
The Group did not record any impairment charges as a result of the tests conducted in 2022 and
2021.\u00a0
The Group\u2019s Great Britain, Germany, Iberia and Australia CGUs have substantial headroom when
comparing the value in use calculation of the CGU versus the CGU\u2019s carrying value.
For the Group\u2019s Pacific CGU, the headroom in the 2022 impairment analysis was approximately
15% of carrying value.
The Group estimates that a 1.0% reduction in the terminal growth rate or a 0.8% increase in the
discount rate, each in isolation, would eliminate existing headroom in Pacific.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-590": { "value": "
Note 7
Intangible assets and goodwill
Intangible assets with indefinite lives
Intangible assets with indefinite lives acquired through business combination transactions are
measured at fair value at the date of acquisition. These assets are not subject to amortisation but
are tested for impairment annually at the CGU level or more frequently if facts and
circumstances indicate an impairment may exist. In addition to the annual impairment test, the
assessment of indefinite lives is also reviewed annually.
TCCC franchise intangible assets
The Group\u2019s bottling agreements contain performance requirements and convey the rights to
distribute and sell products within specified territories. The Group\u2019s agreements with TCCC in
each territory are for terms of 10 year and each contain the right for the Group to request a\u00a010
year renewal. The existing bottling agreements expire no earlier than 1 September 2025. While
these agreements contain no automatic right of renewal beyond that date, the Group believes
that its interdependent relationship with TCCC and the substantial cost and disruption to
TCCC that would be caused by non-renewal ensure that these agreements will continue to be
renewed and, therefore, are essentially perpetual. The Group has never had a bottling
agreement with TCCC terminated due to non-performance of the terms of the agreement or
due to a decision by TCCC to terminate an agreement at the expiration of a term. After
evaluating the contractual provisions of bottling agreements, the Group\u2019s mutually beneficial
relationship with TCCC and history of renewals, indefinite lives have been assigned to all of the
Group\u2019s TCCC bottling agreements.
Brands
In connection with the Acquisition, the Group acquired a portfolio of brands, predominantly
comprised of certain non-alcoholic ready to drink beverages distributed and sold in Australia and
New Zealand. These are considered to have an indefinite life, given the strength and durability of
the brands. Refer to Note 20 and Note 24 for details surrounding the sale of certain non-alcoholic
ready to drink brands, which was partially completed during the current period.
Goodwill
Goodwill is initially measured as the excess of the total consideration transferred over the
amount recognised for net identifiable assets acquired and liabilities assumed in a business
combination. If the fair value of the net assets acquired is in excess of the aggregate
consideration transferred, the gain is recognised in the consolidated income statement as a
bargain purchase. Goodwill is not subject to amortisation. It is tested annually for impairment at
the CGU level or more frequently if events or changes in circumstances indicate that it might be
impaired. Goodwill acquired in a business combination is allocated to the CGU that is expected
to benefit from the synergies of the combination irrespective of whether a CGU is part of the
business combination.
Intangible assets with finite lives
Intangible assets with finite lives are measured at cost of acquisition or production and are
amortised using the straight-line method over their respective estimated useful lives. Finite lived
intangible assets are assessed for impairment whenever there is an indication that they may be
impaired. The amortisation period and method are reviewed annually.
Internally generated software
The Group capitalises certain development costs associated with internally developed software,
including external direct costs of materials and services, and payroll costs for employees
devoting time to a software project and any such software acquired as part of a business
combination. Development expenditure is recognised as an intangible asset only after its
technical feasibility and commercial viability can be demonstrated. When capitalised software is
not integral to related hardware it is treated as an intangible asset; otherwise it is included within
property, plant and equipment. The estimated useful life of capitalised software is
predominantly between five and seven years. Amortisation expense for capitalised software is
included within administrative expenses and was \u20ac83 million, \u20ac75 million and \u20ac54 million for the
years ended 31\u00a0December\u00a02022, 31\u00a0December 2021 and 31\u00a0December\u00a02020, respectively.
Customer relationships
The Group has acquired certain customer relationships in connection with business
combinations. These customer relationships are recorded at fair value on the date of acquisition,
and amortised over an estimated economic useful life of 20 years. Amortisation expense for
these assets is included within administrative expenses and was \u20ac10 million, \u20ac9 million and
\u20ac8 million for the years ended 31\u00a0December\u00a02022, 31\u00a0December\u00a02021 and 31 December 2020,
respectively.
Non-TCCC franchise intangible
In connection with the Acquisition, the Group acquired certain bottling agreements with
non-TCCC distribution partners which contain performance requirements and convey the rights
to distribute and sell products within specified API territories. The non-TCCC bottling
arrangements are recorded at fair value at the acquisition date and amortised over an expected
economic useful life of 20 years. Amortisation expense for these assets is recognised within
administrative expenses and totalled \u20ac8 million and \u20ac5 million for the years ended
31\u00a0December\u00a02022 and 31\u00a0December 2021, respectively.\u00a0
Balances and movements in intangible assets and goodwill
The following table summarises the movements in the carrying amounts of intangible assets and goodwill for the periods presented:
TCCC franchise
intangible
Brands
Software
Customer
relationships
Non-TCCC
franchise
intangible
Assets under
construction
Total intangibles
Goodwill
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Cost:
As at 31 December 2020
8,078
\u2014
382
161
\u2014
69
8,690
2,517
Acquisition of CCL
3,822
211
55
37
149
11
4,285
2,097
Additions
\u2014
\u2014
65
\u2014
\u2014
40
105
\u2014
Disposals
\u2014
\u2014
(23)
\u2014
\u2014
\u2014
(23)
\u2014
Transfers and reclassifications
\u2014
\u2014
74
\u2014
\u2014
(74)
\u2014
\u2014
Assets held for sale
\u2014
(189)
\u2014
\u2014
\u2014
\u2014
(189)
\u2014
Currency translation adjustments
108
\u2014
18
(1)
\u2014
1
126
9
As at 31 December 2021
12,008
22
571
197
149
47
12,994
4,623
Additions
\u2014
\u2014
40
1
\u2014
63
104
\u2014
Disposals
\u2014
\u2014
(27)
\u2014
\u2014
(1)
(28)
\u2014
Transfers and reclassifications
\u2014
11
39
\u2014
\u2014
(38)
12
\u2014
Currency translation adjustments
(134)
6
(2)
(3)
(1)
(2)
(136)
(23)
As at 31 December 2022
11,874
39
621
195
148
69
12,946
4,600
Accumulated amortisation:
As at 31 December 2020
\u2014
\u2014
(233)
(43)
\u2014
\u2014
(276)
\u2014
Amortisation expense
\u2014
\u2014
(75)
(9)
(5)
\u2014
(89)
\u2014
Disposals
\u2014
\u2014
20
\u2014
\u2014
\u2014
20
\u2014
Currency translation adjustments
\u2014
\u2014
(9)
(1)
\u2014
\u2014
(10)
\u2014
As at 31 December 2021
\u2014
\u2014
(297)
(53)
(5)
\u2014
(355)
\u2014
Amortisation expense
\u2014
\u2014
(83)
(10)
(8)
\u2014
(101)
\u2014
Disposals
\u2014
\u2014
22
\u2014
\u2014
\u2014
22
\u2014
Currency translation adjustments
\u2014
(7)
(2)
2
\u2014
\u2014
(7)
\u2014
As at 31 December 2022
\u2014
(7)
(360)
(61)
(13)
\u2014
(441)
\u2014
Net book value:
As at 31 December 2020
8,078
\u2014
149
118
\u2014
69
8,414
2,517
As at 31 December 2021
12,008
22
274
144
144
47
12,639
4,623
As at 31 December 2022
11,874
32
261
134
135
69
12,505
4,600
(A) Pacific refers to New Zealand and Pacific Islands.
The recoverable amount of each CGU was determined through a value in use calculation, which
uses cash flow projections for a five year period. These projections reflect the impact of climate
change on our business as well as the mitigating actions and strategies we are undertaking to
support our commitment to reach Net Zero emissions by 2040. The key assumptions used in
projecting these cash flows were as follows:
\u2022Growth rate and operating margins: Cash flows were projected over four years based on the
Group\u2019s strategic business plan. Cash flows for the fifth year and beyond were projected using
an inflation-based long-term terminal growth rate between 2.0% and 4.5%.
\u2022Discount rate: A weighted average cost of capital was applied specific to each CGU as a hurdle
rate to discount cash flows. The discount rates represent the current market assessment of the
risks specific to each CGU, taking into consideration the time value of money and individual
risks of the underlying assets that have not been incorporated in the cash flow estimates. The
following table summarises the pre-tax discount rate attributable to each significant CGU.
2022
2021
Pre-tax
discount rate
Pre-tax
discount rate
Cash generating unit
%
%
Iberia
8.7
9.3
Australia
9.1
\u2014
Great Britain
9.3
9.9
Germany
7.9
9.3
Pacific
9.7
\u2014
The Group did not record any impairment charges as a result of the tests conducted in 2022 and
2021.\u00a0
The Group\u2019s Great Britain, Germany, Iberia and Australia CGUs have substantial headroom when
comparing the value in use calculation of the CGU versus the CGU\u2019s carrying value.
For the Group\u2019s Pacific CGU, the headroom in the 2022 impairment analysis was approximately
15% of carrying value.
The Group estimates that a 1.0% reduction in the terminal growth rate or a 0.8% increase in the
discount rate, each in isolation, would eliminate existing headroom in Pacific.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-591": { "value": "
Intangible assets and goodwill
Intangible assets with indefinite lives
Intangible assets with indefinite lives acquired through business combination transactions are
measured at fair value at the date of acquisition. These assets are not subject to amortisation but
are tested for impairment annually at the CGU level or more frequently if facts and
circumstances indicate an impairment may exist. In addition to the annual impairment test, the
assessment of indefinite lives is also reviewed annually.
Intangible assets with finite lives
Intangible assets with finite lives are measured at cost of acquisition or production and are
amortised using the straight-line method over their respective estimated useful lives. Finite lived
intangible assets are assessed for impairment whenever there is an indication that they may be
impaired. The amortisation period and method are reviewed annually.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-592": { "value": "
Intangible assets and goodwill
Intangible assets with indefinite lives
Intangible assets with indefinite lives acquired through business combination transactions are
measured at fair value at the date of acquisition. These assets are not subject to amortisation but
are tested for impairment annually at the CGU level or more frequently if facts and
circumstances indicate an impairment may exist. In addition to the annual impairment test, the
assessment of indefinite lives is also reviewed annually.
Goodwill
Goodwill is initially measured as the excess of the total consideration transferred over the
amount recognised for net identifiable assets acquired and liabilities assumed in a business
combination. If the fair value of the net assets acquired is in excess of the aggregate
consideration transferred, the gain is recognised in the consolidated income statement as a
bargain purchase. Goodwill is not subject to amortisation. It is tested annually for impairment at
the CGU level or more frequently if events or changes in circumstances indicate that it might be
impaired. Goodwill acquired in a business combination is allocated to the CGU that is expected
to benefit from the synergies of the combination irrespective of whether a CGU is part of the
business combination.
Intangible assets with finite lives
Intangible assets with finite lives are measured at cost of acquisition or production and are
amortised using the straight-line method over their respective estimated useful lives. Finite lived
intangible assets are assessed for impairment whenever there is an indication that they may be
impaired. The amortisation period and method are reviewed annually.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-593": { "value": "
Goodwill
Goodwill is initially measured as the excess of the total consideration transferred over the
amount recognised for net identifiable assets acquired and liabilities assumed in a business
combination. If the fair value of the net assets acquired is in excess of the aggregate
consideration transferred, the gain is recognised in the consolidated income statement as a
bargain purchase. Goodwill is not subject to amortisation. It is tested annually for impairment at
the CGU level or more frequently if events or changes in circumstances indicate that it might be
impaired. Goodwill acquired in a business combination is allocated to the CGU that is expected
to benefit from the synergies of the combination irrespective of whether a CGU is part of the
business combination.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-594": { "value": "
Impairment of indefinite lived intangible assets and goodwill
Each CGU is tested for impairment annually in the fourth quarter or whenever there is an
indication of impairment. The recoverable amount of each CGU is normally determined through
a value in use calculation. To determine value in use for a CGU, estimated future cash flows are
discounted to their present values using a pre-tax discount rate reflective of the current market
conditions and risks specific to each CGU. If the carrying value of a CGU exceeds its recoverable
amount, the carrying value of the CGU is reduced to its recoverable amount and impairment
charges are recognised immediately within the consolidated income statement. Impairment
charges other than those related to goodwill may be reversed in future periods if a subsequent
test indicates that the recoverable amount has increased. Such recoveries may not exceed a
CGU\u2019s original carrying value less any depreciation that would have been recognised if no
impairment charges were previously recorded.
The Group\u2019s CGUs are based on geography and generally represent the individual territories in
which the Group operates. For the purposes of allocating intangibles, each indefinite lived
intangible asset is allocated to the geographic region to which the agreement relates and
goodwill is allocated to each of the CGUs expected to benefit from a business combination,
irrespective of whether other assets and liabilities of the acquired businesses are assigned to the
CGUs.
The following table identifies the carrying value of goodwill and indefinite lived intangible assets
attributable to each significant CGU of the Group. In addition to the significant CGUs of the
Group, as at 31\u00a0December\u00a02022 the Group had other CGUs with total indefinite-lived intangible
assets of \u20ac1,369 million and goodwill of\u00a0\u20ac380 million.
Year ended 31 December
2022
2021
Indefinite lived
intangible assets
Goodwill
Indefinite lived
intangible assets
Goodwill
Cash generating unit
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Iberia
4,289
1,275
4,289
1,275
Australia
2,690
1,450
2,698
1,459
Great Britain
1,646
200
1,740
200
Germany
1,060
748
1,060
748
Pacific(A)
849
547
863
556
(A) Pacific refers to New Zealand and Pacific Islands.
The recoverable amount of each CGU was determined through a value in use calculation, which
uses cash flow projections for a five year period. These projections reflect the impact of climate
change on our business as well as the mitigating actions and strategies we are undertaking to
support our commitment to reach Net Zero emissions by 2040. The key assumptions used in
projecting these cash flows were as follows:
\u2022Growth rate and operating margins: Cash flows were projected over four years based on the
Group\u2019s strategic business plan. Cash flows for the fifth year and beyond were projected using
an inflation-based long-term terminal growth rate between 2.0% and 4.5%.
\u2022Discount rate: A weighted average cost of capital was applied specific to each CGU as a hurdle
rate to discount cash flows. The discount rates represent the current market assessment of the
risks specific to each CGU, taking into consideration the time value of money and individual
risks of the underlying assets that have not been incorporated in the cash flow estimates. The
following table summarises the pre-tax discount rate attributable to each significant CGU.
2022
2021
Pre-tax
discount rate
Pre-tax
discount rate
Cash generating unit
%
%
Iberia
8.7
9.3
Australia
9.1
\u2014
Great Britain
9.3
9.9
Germany
7.9
9.3
Pacific
9.7
\u2014
The Group did not record any impairment charges as a result of the tests conducted in 2022 and
2021.\u00a0
The Group\u2019s Great Britain, Germany, Iberia and Australia CGUs have substantial headroom when
comparing the value in use calculation of the CGU versus the CGU\u2019s carrying value.
For the Group\u2019s Pacific CGU, the headroom in the 2022 impairment analysis was approximately
15% of carrying value.
The Group estimates that a 1.0% reduction in the terminal growth rate or a 0.8% increase in the
discount rate, each in isolation, would eliminate existing headroom in Pacific.
Property, plant and equipment
The Group assesses, at each reporting date, whether there is an indication that an asset may be
impaired. If any indication exists, an impairment test is performed to estimate the potential loss
of value that may reduce the recoverable amount of the asset to below its carrying amount. Any
impairment loss is recognised within the consolidated income statement by the amount which
the carrying amount exceeds the recoverable amount. Useful lives and residual amounts are
reviewed annually and adjustments are made prospectively as required.
For property, plant and equipment, the Group assesses annually whether there is an indication
that previously recognised impairment losses no longer exist or have decreased. If such
indication exists, a previously recognised impairment loss is reversed only if there has been a
change in the assumptions used to determine the asset\u2019s recoverable amount since the last
impairment loss was recognised and only up to the recoverable amount or the original carrying
amount net of depreciation that would have been incurred had no impairment losses been
recognised.
The transition to a low-carbon economy may impact the carrying value and remaining useful
economic lives of the Group\u2019s property, plant and equipment. The Group continues to invest in
more efficient, cleaner and technologically advanced assets, however, the significant majority of
the Group\u2019s current assets are likely to be substantially depreciated ahead of our 2040 Net Zero
emission commitments, as set out in our Strategic Report on pages 38-41. In addition, the Group
continuously monitors the latest developments in the government legislation in relation to
climate-related risks. Currently, no legislation has been passed that will materially impact the
carrying value and remaining useful economic lives of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-595": { "value": "
Note 8
Property, plant and equipment
Property, plant and equipment is recorded at cost, net of accumulated depreciation and
accumulated impairment losses, where cost is the amount of cash or cash equivalents paid to
acquire an asset at the time of its acquisition or\u00a0construction. Major property additions,
replacements and improvements are capitalised, while maintenance and repairs that do not
extend the useful life of an asset or add new functionality are expensed as incurred. Land is not
depreciated, as it is considered to have an indefinite life. For all property, plant and equipment,
other than land, depreciation is recorded using the straight-line method over the respective
estimated useful lives as follows:
Useful life (years)
Category
Low
High
Buildings and improvements
10
40
Machinery, equipment and containers
3
20
Cold drink equipment
2
12
Vehicle fleet
3
12
Furniture and office equipment
3
10
(A) Includes \u20ac4 million related to assets held for sale for the year ended 31\u00a0December\u00a02021.
Right of use assets
The following table summarises the net book value of right of use assets included within
property, plant and equipment:
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Buildings and improvements
465
438
Vehicle fleet
133
135
Machinery, equipment and containers
82
71
Furniture and office equipment
3
5
Total
683
649
Total additions to right of use assets during 2022 were \u20ac208 million (2021: \u20ac120\u00a0million).
The following table summarises depreciation charges relating to right of use assets for the
periods presented:
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Buildings and improvements
63
56
Vehicle fleet
57
59
Machinery, equipment and containers
34
22
Furniture and office equipment
2
2
Total
156
139
During the years ended 31\u00a0December\u00a02022 and 31\u00a0December\u00a02021, the total expense relating to
low value and short-term leases was \u20ac24 million and \u20ac16\u00a0million, respectively, which is primarily
included in administrative expenses. The Group does not have any residual value guarantees in
relation to its leases. As at 31\u00a0December\u00a02022 the total value of lease extension and termination
options included within right of use assets was \u20ac35 million (2021: \u20ac16\u00a0million).
The Group incurred variable lease expenses of \u20ac153 million in 2022 (2021: \u20ac93 million), primarily
included in administrative expenses. This amount mainly consists of the variable component of
lease payments for product transportation services in Australia and New Zealand, whereby these
components are dependent on various factors such as number of cases of product delivered,
number of trips and pallets.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-596": { "value": "
Property, plant and equipment
Property, plant and equipment is recorded at cost, net of accumulated depreciation and
accumulated impairment losses, where cost is the amount of cash or cash equivalents paid to
acquire an asset at the time of its acquisition or\u00a0construction. Major property additions,
replacements and improvements are capitalised, while maintenance and repairs that do not
extend the useful life of an asset or add new functionality are expensed as incurred. Land is not
depreciated, as it is considered to have an indefinite life. For all property, plant and equipment,
other than land, depreciation is recorded using the straight-line method over the respective
estimated useful lives as follows:
Useful life (years)
Category
Low
High
Buildings and improvements
10
40
Machinery, equipment and containers
3
20
Cold drink equipment
2
12
Vehicle fleet
3
12
Furniture and office equipment
3
10
During the years ended 31\u00a0December\u00a02022 and 31\u00a0December\u00a02021, the total expense relating to
low value and short-term leases was \u20ac24 million and \u20ac16\u00a0million, respectively, which is primarily
included in administrative expenses. The Group does not have any residual value guarantees in
relation to its leases. As at 31\u00a0December\u00a02022 the total value of lease extension and termination
options included within right of use assets was \u20ac35 million (2021: \u20ac16\u00a0million).
The Group incurred variable lease expenses of \u20ac153 million in 2022 (2021: \u20ac93 million), primarily
included in administrative expenses. This amount mainly consists of the variable component of
lease payments for product transportation services in Australia and New Zealand, whereby these
components are dependent on various factors such as number of cases of product delivered,
number of trips and pallets.
Note 18
Total operating costs
The following tables summarise the significant cost items by nature within operating costs for
the years presented:
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Transportation costs(A)
851
631
447
Employee benefits
1,110
975
788
Depreciation of property, plant and equipment,
excluding restructuring
246
245
219
Amortisation of intangible assets
7
4
1
Restructuring charges, including accelerated
depreciation(B)
1
45
58
Other selling and distribution expenses
769
596
426
Total selling and distribution expenses
2,984
2,496
1,939
Transportation costs(A)
16
2
2
Employee benefits
544
462
353
Depreciation of property, plant and equipment,
excluding restructuring
99
76
45
Amortisation of intangible assets
94
83
53
Acquisition related costs
3
49
11
Restructuring charges, including accelerated
depreciation(B)
143
91
248
Other administrative expenses
351
311
271
Total administrative expenses
1,250
1,074
983
Total operating expenses
4,234
3,570
2,922
Total additions to right of use assets during 2022 were \u20ac208 million (2021: \u20ac120\u00a0million).
Note 14
Borrowings and leases
Borrowings
Borrowings are initially recognised at fair value, net of issuance costs incurred. Borrowings
acquired by the Group as part of the Acquisition have been recognised at fair value at the
acquisition date. After initial recognition, borrowings are subsequently measured at amortised
cost using the effective interest rate method. Amortisation of transaction costs, fair value
adjustments made on acquisition, premiums and discounts are recognised as part of finance
costs within the\u00a0 consolidated income statement.
Leases
Since the adoption of IFRS 16, \u201cLeases\u201d, effective 1 January 2019, lease liabilities are included within
borrowings in our consolidated statement of financial position.
The lease liability is measured at the present value of lease payments, discounted using the
Group\u2019s incremental borrowing rate (IBR). 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 and has an enforceable right to do so.
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.\u00a0
Borrowings outstanding
The following table summarises the carrying value of the Group\u2019s borrowings as at the dates presented:
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Non-current:
Euro denominated bonds:
\u20ac350 million 2.625% Notes 2023
\u2014
349
\u20ac500 million 1.125% Notes 2024
498
497
\u20ac350 million 2.375% Notes 2025
349
348
\u20ac250 million 2.75% Notes 2026(E)
240
249
\u20ac600 million 1.75% Notes 2026(E)
580
594
\u20ac400 million 1.50% Notes 2027(E)
370
397
\u20ac250\u00a0million 1.50% Notes 2027
259
261
\u20ac500 million 1.75% Notes 2028(E)
466
495
\u20ac750 million 0.20% Notes 2028
744
743
\u20ac500 million 1.125% Notes 2029
495
494
\u20ac500 million 1.875% Notes 2030(E)
472
496
\u20ac500 million 0.70% Notes 2031(E)
473
496
\u20ac800 million 0.00% Notes 2025
798
797
\u20ac700 million 0.50% Notes 2029
695
694
\u20ac1,000 million 0.875% Notes 2033
991
990
\u20ac750\u00a0million 1.50% Notes 2041
746
746
Foreign currency bonds (swapped into euro)(D):
US$850\u00a0million 0.50% Notes 2023
\u2014
747
US$650\u00a0million\u00a0 0.80% Notes 2024
608
571
US$500\u00a0million 1.50% Notes 2027
466
439
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Australian dollar denominated bonds:
A$100 million 3.50% Notes 2024
66
68
A$30 million 4.166% Notes 2025
21
21
A$20 million 4.25% Notes 2025
14
14
A$30 million 4.125% Notes 2026
20
21
A$50 million 4.155% Notes 2028
35
36
A$133 million 2.45% Notes 2029
86
87
A$50 million 4.20% Notes 2031
36
37
A$187 million 4.20% Notes 2031
135
138
A$13 million 4.20% Notes 2031
9
10
Foreign currency bonds (swapped into
Australian\u00a0dollar or New Zealand dollar)(D):
US$25 million 4.34% Notes 2023
\u2014
23
US$25 million 4.34% Notes 2023
\u2014
23
NOK1 billion 3.04% Notes 2028
99
105
NOK750 million 2.75% Notes 2030
73
77
US$50 million 2.653% Notes 2030
47
45
JPY10 billion 4.15% Notes 2036(E)
74
90
JPY12.3 billion\u00a0 1.06% Notes 2037(E)
71
83
Lease obligations
535
509
Total non-current borrowings
10,571
11,790
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Current:
Euro denominated bonds:
\u20ac350 million 2.625% Notes 2023
350
\u2014
\u20ac700 million 0.75% Notes 2022(A)
\u2014
700
Foreign currency bonds (swapped into euro)(D):
US$850\u00a0million 0.50% Notes due 2023
797
\u2014
Australian dollar denominated bonds:
A$200 million 3.375% Notes 2022(B)
\u2014
129
A$30 million 5.06% Notes 2022(C)
\u2014
20
A$125 million 3.125% Notes 2022(C)
\u2014
81
Foreign currency bonds (swapped into New Zealand
dollar)(D):
US$25 million 4.34% Notes 2023
24
\u2014
US$25 million 4.34% Notes 2023
24
\u2014
EUR commercial paper
\u2014
285
Bank overdraft
\u2014
1
Lease obligations
141
134
Total current borrowings
1,336
1,350
(A)In January 2022, the Group repaid prior to maturity the outstanding amount related to the \u20ac700\u00a0million\u00a0 0.75%\u00a0 Notes due in
February 2022.
(B)In March 2022, the Group repaid on maturity the outstanding amount related to the A$200\u00a0million 3.375% Notes 2022
acquired as part of the Acquisition.
(C)In July 2022, the Group repaid on maturity the outstanding amounts related to the A$30\u00a0million 5.06% Notes 2022 and A$125
million 3.125% Notes 2022 acquired as part of the Acquisition.
(D)Cross currency swaps are used by the Group to swap foreign currency bonds into the required local currency.
(E)Bond designated in full or partially in a fair value hedge relationship.
During the year, the Group entered into interest rate swaps with notional value of \u20ac1 billion, which
were designated in a fair value hedge relationship with euro denominated bonds. As at
31\u00a0December\u00a02022, fair value adjustments in respect of those interest rate swaps are \u20ac(130)
million, included within non-current borrowings.
Borrowings are stated net of unamortised financing fees of \u20ac33 million and \u20ac42 million, as at
31\u00a0December\u00a02022 and 31\u00a0December\u00a02021, respectively.
Interest expense recognised on lease liabilities totalled \u20ac14 million, \u20ac10 million and \u20ac4 million
in\u00a02022, 2021 and 2020, respectively.
Credit facilities
During 2022, the amount available under the Group\u2019s multi currency credit facility was
\u20ac1.95\u00a0billion. This amount is available for borrowing with a syndicate of\u00a013\u00a0banks. This credit facility
matures in 2025 and is for general corporate purposes and supporting the Group\u2019s working
capital needs. Based on information currently available, there is no indication that the financial
institutions participating in this facility would be unable to fulfill their commitments to the Group
as at the date of these consolidated financial statements. The Group\u2019s current credit facility
contains no financial covenants that would impact its liquidity or access to capital. As at
31\u00a0December\u00a02022, the Group had no amounts drawn under this credit facility.
Cash flows from financing activities
The following table provides a reconciliation of movements of liabilities to cash flows arising from
financing activities:
Current portion
of\u00a0borrowings
Borrowings, less
current portion
Total
\u20ac million
\u20ac million
\u20ac million
As at 31 December 2020
805
6,382
7,187
Acquisition of CCL
381
1,251
1,632
Changes from financing cash flows
Proceeds from third party borrowings, net
\u2014
4,877
4,877
Changes in short-term borrowings(B)
276
\u2014
276
Repayments on third party borrowings(A)
(950)
\u2014
(950)
Payment of principal and interest on lease
obligations
(149)
\u2014
(149)
Other non-cash changes
Amortisation of discount, premium and issue costs
\u2014
(3)
(3)
Lease additions and other non-cash movements
39
83
122
Movement as a result of fair value hedges
6
9
15
Currency translation
33
100
133
Reclassifications
909
(909)
\u2014
Total changes
545
5,408
5,953
Current portion
of\u00a0borrowings
Borrowings, less
current portion
Total
\u20ac million
\u20ac million
\u20ac million
As at 31 December 2021
1,350
11,790
13,140
Changes from financing cash flows
Changes in short-term borrowings(B)
(285)
\u2014
(285)
Repayments on third party borrowings
(938)
\u2014
(938)
Payment of principal and interest on lease
obligations
(167)
\u2014
(167)
\u00a0 \u00a0 \u00a0 Other financing activities
(1)
\u2014
(1)
Other non-cash changes
Amortisation of discounts, premium, issue costs
and fair value adjustments
(1)
4
3
Lease additions and other non-cash movements
34
171
205
Movement as a result of fair value hedges
11
(172)
(161)
Currency translation
\u2014
111
111
Reclassifications
1,333
(1,333)
\u2014
Total changes
(14)
(1,219)
(1,233)
As at 31 December 2022
1,336
10,571
11,907
The following table summarises the ageing of trade accounts receivable, net of allowance for
doubtful accounts, in\u00a0the consolidated statement of financial position as at the dates presented:
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Not past due
2,287
2,172
Past due 1 \u2013 30 days
102
88
Past due 31 \u2013 60 days
30
18
Past due 61 \u2013 90 days
15
9
Past due 91 \u2013 120 days
14
3
Past due 121+ days
18
15
Total
2,466
2,305
Note 11
Cash and cash equivalents and short-term investments
Cash and cash equivalents
Cash and cash equivalents include cash and short-term, highly liquid financial instruments with
maturity dates of less than three months when acquired that are readily convertible to cash and
which are subject to an insignificant risk of changes in value. Counterparties and instruments
used to hold the Group\u2019s cash and cash equivalents are continually assessed, with a focus on
preservation of capital and liquidity.
The following table summarises the cash and cash equivalents outstanding in the consolidated
statement of financial position as at the dates presented:
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Cash at banks and on hand
491
708
Short-term deposits and securities
896
699
Total cash and cash equivalents
1,387
1,407
Cash and cash equivalents are held in the following currencies as at the dates presented:
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Euro
477
524
British pound
190
337
US dollar
88
74
Norwegian krone
35
64
Swedish krona
21
31
Australian dollar
358
234
Indonesian rupiah
26
41
Papua New Guinean kina
102
45
Other
90
57
Total cash and cash equivalents
1,387
1,407
The following table summarises the fair value of the derivative assets and liabilities as at the dates
presented:
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Assets at fair value:
Derivatives (Note 13)
448
376
Liabilities at fair value:
Derivatives (Note 13)
263
66
Cash flow hedges
The Group uses cash flow hedges to mitigate its exposure to changes in cash flows attributable
to currency fluctuations and commodity price fluctuations associated with certain forecasted
transactions, including purchases of raw materials, finished goods and services denominated in
non-functional currencies, the receipt of interest and principal on intercompany loans
denominated in non-functional currencies and the payment of interest and principal on debt
issuances in non-functional currencies. Effective changes in the fair value of these cash flow
hedging instruments are recognised as a component of other reserves on the consolidated
statement of financial position. The effective changes are then recognised within the line item
on the consolidated income statement that is consistent with the nature of the underlying
hedged item in the period that the forecasted purchases or payments impact earnings. Any
changes in the fair value of these cash flow hedges that are the result of ineffectiveness are
recognised immediately in the line item on the consolidated income statement that is consistent
with the nature of the underlying hedged item. Historically, the Group has not experienced, nor
does it expect to experience, material hedge ineffectiveness with the value of the hedged
instrument equalling that of the hedged item.
The net notional amount of outstanding interest rate and cross currency swaps used to hedge
interest rate risk and currency fluctuations of non-functional currency borrowings was \u20ac2.1 billion
as at 31\u00a0December\u00a02022 and \u20ac2.2\u00a0billion as at\u00a031\u00a0December\u00a02021. The net notional amount of the
other outstanding currency-related cash flow hedges was \u20ac1.7 billion as at 31\u00a0December\u00a02022 and
\u20ac1.1 billion as at 31\u00a0December\u00a02021. The net notional amount of outstanding commodity-related
cash flow hedges was \u20ac1.4\u00a0billion as at 31\u00a0December\u00a02022 and \u20ac0.9 billion as at 31\u00a0December\u00a02021.
Outstanding cash flow hedges as at 31\u00a0December\u00a02022 are expected to settle and affect profit
or loss between 2023\u00a0and 2036.
The following table summarises the Group\u2019s outstanding cash flow hedges by risk category as at
the dates presented (all contracts denominated in a foreign currency have been converted into
euros using the respective year end spot rate):
Notional maturity profile
Total
Less than
1\u00a0year
1 to 3 years
3 to 5 years
Over 5 years
Cash flow hedges
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Deal contingent foreign currency
forwards
3,000
3,000
\u2014
\u2014
\u2014
Foreign currency contracts
310
174
136
\u2014
\u2014
Interest rate and cross currency swaps
396
396
\u2014
\u2014
\u2014
Commodity contracts
677
403
274
\u2014
\u2014
As at 31 December 2020
4,383
3,973
410
\u2014
\u2014
Foreign currency contracts
1,074
912
162
\u2014
\u2014
Interest rate and cross currency swaps
2,225
144
1,365
\u2014
716
Commodity contracts
922
566
356
\u2014
\u2014
As at 31 December 2021
4,221
1,622
1,883
\u2014
716
Foreign currency contracts
1,723
1,292
431
\u2014
\u2014
Interest rate and cross currency swaps
2,079
760
604
416
299
Commodity contracts
1,397
834
563
\u2014
\u2014
As at 31 December 2022
5,199
2,886
1,598
416
299
The Group recognised within other comprehensive income net gains of \u20ac3\u00a0million, \u20ac125 million
and \u20ac25 million for the years ended 31\u00a0December\u00a02022, 31\u00a0December\u00a02021 and
31\u00a0December\u00a02020, respectively, related to changes in the fair values of outstanding cash flow
hedges. The amount of ineffectiveness associated with these cash flow hedges was not material
during any year presented within these financial statements.
During 2021, the Group entered into deal contingent foreign currency forwards with a total
notional amount of \u20ac5.6\u00a0billion in order to mitigate the foreign currency risk arising from the
Acquisition. These instruments were recorded as cash flow hedges, and on completion of the
Acquisition, gains of \u20ac84\u00a0million were reclassified to goodwill.
The following table summarises the net of tax effect for cash flow hedges for the periods
presented within the consolidated income statement:
Cash flow hedging instruments
Location \u2013 Income statement
Amount of gain/(loss) reclassified
from the hedging reserve into profit
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Foreign currency contracts
Cost of sales
19
(3)
1
Commodity contracts
Cost of sales
83
74
(33)
Commodity contracts
Selling and distribution
expenses
34
2
(3)
Interest rate and cross
currency swaps(A)
Finance costs
(86)
(78)
23
Total
50
(5)
(12)
(A)The gain/(loss) recognised on these currency contracts is offset by the gain/(loss) recognised on the remeasurement of the
underlying debt instruments; therefore, there is a minimal consolidated net effect in non-operating items on the
consolidated income statement.
Fair value hedges
The Group has designated certain cross currency swaps used to mitigate FX risk and interest rate
risk on foreign currency borrowings as fair value hedges. There is an economic relationship
between the hedged item and the hedging instrument as the terms of the cross currency swap
contracts match the terms of the fixed rate borrowings. The Group has established a hedge ratio
of 1:1 for the hedging relationship.
The following table summarises the Group\u2019s outstanding fair value hedges by risk category as at
the dates presented (all contracts denominated in a foreign currency have been converted into
euros using the respective year end spot rate):\u00a0
Less than
1\u00a0year
1 to 3 years
3 to 5 years
Over 5\u00a0years
Fair value hedges
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
As at 31 December 2020
\u2014
\u2014
\u2014
\u2014
\u2014
Interest rate and cross currency swaps
166
\u2014
\u2014
\u2014
166
As at 31 December 2021
166
\u2014
\u2014
\u2014
166
Interest rate and cross currency swaps
1,165
\u2014
\u2014
500
665
As at 31 December 2022
1,165
\u2014
\u2014
500
665
The following table summarises the gains/(losses) recognised from fair value hedges that settled
for the periods presented within the consolidated income statement:
Fair value hedges
Location \u2013 Income
statement
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Interest rate and cross
currency swaps
Finance costs
2
(2)
\u2014
Total
2
(2)
\u2014
The carrying value of the hedged item recognised in borrowings is \u20ac1,019 million
(2021: \u20ac173 million), which includes accumulated amounts of fair value adjustments of
\u20ac(146) million (2021: \u20ac15 million).
Non-designated hedges
The Group periodically enters into derivative instruments that are designed to hedge various
risks but are not designated as hedging instruments.
At times, it enters into other short-term non-designated hedges to mitigate its exposure to
changes in cash flows attributable to currency fluctuations associated with short-term
intercompany loans and certain cash equivalents denominated in non-functional currencies.
Changes in the fair value of outstanding non-designated hedges are recognised each reporting
period in the line item on the consolidated income statement that is consistent with\u00a0the nature
of the hedged\u00a0risk.
There were \u20ac29 million outstanding non-designated foreign currency hedges, hedging
intercompany loans as at 31\u00a0December\u00a02022. There were \u20ac59 million outstanding non-designated
hedges as at 31\u00a0December\u00a02021.
The following table summarises the gains/(losses) recognised from non-designated derivative
financial instruments in the consolidated income statement for the years presented.
Non-designated
hedging instruments
Location \u2013 Income statement
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Commodity
contracts
Selling and distribution
expenses
\u2014
\u2014
(12)
Foreign currency
contracts(A)
Non-operating items
(5)
\u2014
(4)
Total
(5)
\u2014
(16)
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Australian dollar denominated bonds:
A$100 million 3.50% Notes 2024
66
68
A$30 million 4.166% Notes 2025
21
21
A$20 million 4.25% Notes 2025
14
14
A$30 million 4.125% Notes 2026
20
21
A$50 million 4.155% Notes 2028
35
36
A$133 million 2.45% Notes 2029
86
87
A$50 million 4.20% Notes 2031
36
37
A$187 million 4.20% Notes 2031
135
138
A$13 million 4.20% Notes 2031
9
10
Foreign currency bonds (swapped into
Australian\u00a0dollar or New Zealand dollar)(D):
US$25 million 4.34% Notes 2023
\u2014
23
US$25 million 4.34% Notes 2023
\u2014
23
NOK1 billion 3.04% Notes 2028
99
105
NOK750 million 2.75% Notes 2030
73
77
US$50 million 2.653% Notes 2030
47
45
JPY10 billion 4.15% Notes 2036(E)
74
90
JPY12.3 billion\u00a0 1.06% Notes 2037(E)
71
83
Lease obligations
535
509
Total non-current borrowings
10,571
11,790
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Current:
Euro denominated bonds:
\u20ac350 million 2.625% Notes 2023
350
\u2014
\u20ac700 million 0.75% Notes 2022(A)
\u2014
700
Foreign currency bonds (swapped into euro)(D):
US$850\u00a0million 0.50% Notes due 2023
797
\u2014
Australian dollar denominated bonds:
A$200 million 3.375% Notes 2022(B)
\u2014
129
A$30 million 5.06% Notes 2022(C)
\u2014
20
A$125 million 3.125% Notes 2022(C)
\u2014
81
Foreign currency bonds (swapped into New Zealand
dollar)(D):
US$25 million 4.34% Notes 2023
24
\u2014
US$25 million 4.34% Notes 2023
24
\u2014
EUR commercial paper
\u2014
285
Bank overdraft
\u2014
1
Lease obligations
141
134
Total current borrowings
1,336
1,350
(A)In January 2022, the Group repaid prior to maturity the outstanding amount related to the \u20ac700\u00a0million\u00a0 0.75%\u00a0 Notes due in
February 2022.
(B)In March 2022, the Group repaid on maturity the outstanding amount related to the A$200\u00a0million 3.375% Notes 2022
acquired as part of the Acquisition.
(C)In July 2022, the Group repaid on maturity the outstanding amounts related to the A$30\u00a0million 5.06% Notes 2022 and A$125
million 3.125% Notes 2022 acquired as part of the Acquisition.
(D)Cross currency swaps are used by the Group to swap foreign currency bonds into the required local currency.
(E)Bond designated in full or partially in a fair value hedge relationship.
During the year, the Group entered into interest rate swaps with notional value of \u20ac1 billion, which
were designated in a fair value hedge relationship with euro denominated bonds. As at
31\u00a0December\u00a02022, fair value adjustments in respect of those interest rate swaps are \u20ac(130)
million, included within non-current borrowings.
Borrowings are stated net of unamortised financing fees of \u20ac33 million and \u20ac42 million, as at
31\u00a0December\u00a02022 and 31\u00a0December\u00a02021, respectively.
Interest expense recognised on lease liabilities totalled \u20ac14 million, \u20ac10 million and \u20ac4 million
in\u00a02022, 2021 and 2020, respectively.
Credit facilities
During 2022, the amount available under the Group\u2019s multi currency credit facility was
\u20ac1.95\u00a0billion. This amount is available for borrowing with a syndicate of\u00a013\u00a0banks. This credit facility
matures in 2025 and is for general corporate purposes and supporting the Group\u2019s working
capital needs. Based on information currently available, there is no indication that the financial
institutions participating in this facility would be unable to fulfill their commitments to the Group
as at the date of these consolidated financial statements. The Group\u2019s current credit facility
contains no financial covenants that would impact its liquidity or access to capital. As at
31\u00a0December\u00a02022, the Group had no amounts drawn under this credit facility.
Cash flows from financing activities
The following table provides a reconciliation of movements of liabilities to cash flows arising from
financing activities:
Current portion
of\u00a0borrowings
Borrowings, less
current portion
Total
\u20ac million
\u20ac million
\u20ac million
As at 31 December 2020
805
6,382
7,187
Acquisition of CCL
381
1,251
1,632
Changes from financing cash flows
Proceeds from third party borrowings, net
\u2014
4,877
4,877
Changes in short-term borrowings(B)
276
\u2014
276
Repayments on third party borrowings(A)
(950)
\u2014
(950)
Payment of principal and interest on lease
obligations
(149)
\u2014
(149)
Other non-cash changes
Amortisation of discount, premium and issue costs
\u2014
(3)
(3)
Lease additions and other non-cash movements
39
83
122
Movement as a result of fair value hedges
6
9
15
Currency translation
33
100
133
Reclassifications
909
(909)
\u2014
Total changes
545
5,408
5,953
Current portion
of\u00a0borrowings
Borrowings, less
current portion
Total
\u20ac million
\u20ac million
\u20ac million
As at 31 December 2021
1,350
11,790
13,140
Changes from financing cash flows
Changes in short-term borrowings(B)
(285)
\u2014
(285)
Repayments on third party borrowings
(938)
\u2014
(938)
Payment of principal and interest on lease
obligations
(167)
\u2014
(167)
\u00a0 \u00a0 \u00a0 Other financing activities
(1)
\u2014
(1)
Other non-cash changes
Amortisation of discounts, premium, issue costs
and fair value adjustments
(1)
4
3
Lease additions and other non-cash movements
34
171
205
Movement as a result of fair value hedges
11
(172)
(161)
Currency translation
\u2014
111
111
Reclassifications
1,333
(1,333)
\u2014
Total changes
(14)
(1,219)
(1,233)
As at 31 December 2022
1,336
10,571
11,907
The following table summarises the transactions with Cobega that impacted the consolidated
statement of financial position for the periods presented:
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Amounts due from Cobega
3
2
Amounts payable to Cobega
24
19
The following table summarises the balances with associates, joint ventures and other related
parties:
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Amounts due from associates
6
6
Amounts payable to associates
9
\u2014
Amounts payable to joint ventures
\u2014
2
Amounts payable to other related parties
10
\u2014
Financial assets at fair value through other comprehensive income relate to equity investments.
These investments are not held for trading purposes and hence the Group has opted to
recognise fair value movements through other comprehensive income. There have been no
significant changes in fair value of these investments during the period.
The following table summarises the Group\u2019s carrying value of investments as at the dates
presented:
Year ended 31 December
2022
2021
Investments
\u20ac million
\u20ac million
Investments accounted using equity method
33
35
Financial assets at fair value through other comprehensive income
2
5
Total investments
35
40
Note 26
Financial risk management
Financial risk factors, objectives and policies
The Group\u2019s 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 on the Group\u2019s future cash flows. Such policies are
developed and approved by the Group\u2019s treasury and commodities risk committee, through the
authority delegated to it by the Board.
Market risk
Market risk represents the risk that the fair value of future cash flows of a financial instrument will
fluctuate due to changes in market prices and includes interest rate risk, currency risk and other
price risk such as commodity price risk. Market risk affects outstanding borrowings, as well as
derivative financial instruments.
Interest rates
The Group is subject to interest rate risk for its outstanding borrowings. To manage interest rate
risk, the Group maintains a significant proportion of its borrowings at fixed rates. Approximately
90% and 95% of the Group\u2019s interest bearing borrowings were comprised of fixed rate
borrowings at 31\u00a0December\u00a02022 and 31\u00a0December\u00a02021, respectively. As part of the Acquisition,
the Group acquired interest rate swaps used to hedge its interest rate risk associated with CCL-
related borrowings. As at 31\u00a0December\u00a02022 and 31\u00a0December\u00a02021 the notional value of the
Group\u2019s interest rate swaps was \u20ac1,146 million and \u20ac291\u00a0million, respectively.
If interest rates on the Group\u2019s floating rate debt were adjusted by 1% for the years ended
31\u00a0December\u00a02022, 31\u00a0December 2021 and 31\u00a0December\u00a02020, the Group\u2019s finance costs and
pre-tax equity would change on an annual basis by approximately \u20ac9 million, \u20ac7 million and \u20ac2
million, respectively. This amount is determined by calculating the effect of a hypothetical
interest rate change on the Group\u2019s floating rate debt. This estimate does not include the effects
of other actions to mitigate this risk or changes in the Group\u2019s financial structure.
Currency exchange rates
The Group\u2019s exposure to the risk of changes in currency exchange rates relates primarily to its
operating activities denominated in currencies other than the functional currency, the euro. To
manage currency exchange risk arising from future commercial transactions and recognised
monetary assets and liabilities, foreign currency forward and option contracts with external third
parties are used. Typically, up to 80% of anticipated cash flow exposures in each major foreign
currency for the next calendar year are hedged using a combination of forward and option
contracts with third parties.
The Group is also exposed to the risk of changes in currency exchange rates between US dollar
and euro relating to its US denominated borrowings. The following table demonstrates the
sensitivity of the Group\u2019s profit before income taxes and pre-tax equity as a result of changes in
the value of outstanding debt instruments due to reasonable movements in the US dollar
against the euro, with all other variables held constant. This does not take into account the
effects of derivative instruments used to manage exposure to this risk. Movements in foreign
currencies related to the Group\u2019s other financial instruments do not have a material impact on
profit before income taxes or pre-tax equity.
The Group also has borrowing denominated in Australian dollars that are not swapped into euro
and are converted as part of the currency translation of the net assets of API, and as such,
movements in exchange rates would not impact profit.
Change in
currency rate
\u20ac strengthens
against US$
\u20ac weakens
against\u00a0US$
Effect on profit before tax and pre-tax equity
%
\u20ac million
\u20ac million
Year ended 31\u00a0December\u00a02022
10
197
(197)
Year ended 31\u00a0December\u00a02021
10
176
(176)
Year ended 31\u00a0December\u00a02020
10
33
(36)
Commodity price risk
The competitive marketplace in which the Group operates may limit its ability to recover
increased costs through higher prices. As such, the Group is subject to market risk with respect to
commodity price fluctuations, principally related to its purchases of aluminium, PET (plastic,
including recycled PET, LDPE), ethylene, sugar and vehicle fuel. When possible, exposure to this
risk is managed primarily through the use of supplier pricing agreements, which enable the
Group to establish the purchase price for certain commodities. Certain suppliers restrict the
Group\u2019s ability to hedge prices through supplier agreements. As a result, commodity hedging
programmes are entered into and generally designated as hedging instruments. Refer to
Note 13 for more information. Typically, up to 80% of\u00a0the anticipated commodity transaction
exposures for the next calendar year are hedged using a combination of\u00a0forward and
option\u00a0contracts executed with third parties. The Group estimates that a 10% change in the
market price of these\u00a0commodities over the current market prices would affect operating profit
during the next 12 months by approximately \u20ac150 million (2021: \u20ac116 million, 2020: \u20ac47 million).
This does not take into account the effects of derivative instruments used to manage exposure
to this risk or pricing agreements in place.
Credit risk
The Group is exposed to counterparty credit risk on all of its derivative financial instruments.
Strict counterparty credit guidelines are maintained and only financial institutions that are
investment grade or better are acceptable counterparties. Counterparty credit risk is
continuously monitored and numerous counterparties are used to minimise exposure to
potential defaults. Where required, collateral is paid between the counterparties to minimise
counterparty risk. The maximum credit risk exposure for each derivative financial instrument is
the carrying amount of the derivative. Included in trade and other payables is \u20ac25 million
(2021:\u00a0\u20ac46 million) related to collateral received from counterparties and included in other
current assets is nil (2021: \u20ac4 million) related to collateral paid to counterparties.
Credit is extended in the form of payment terms for trade to customers of the Group, consisting
of retailers, wholesalers and other customers, generally without requiring collateral, based on an
evaluation of the customer\u2019s financial condition. While the Group has a concentration of credit
risk in the retail sector, this risk is mitigated due to the diverse nature of the customers the Group
serves, including, but not limited to, their type, geographic location, size and beverage channel.
Depending on the risk profile of certain customers, we may also seek bank guarantees.
Collections of receivables are dependent on each individual customer\u2019s financial condition and
sales adjustments granted. Trade accounts receivable are carried at net realisable value. Typically,
accounts receivable have terms of 30 to 60 days and do not bear interest. Exposure to losses on
receivables is monitored, and balances are adjusted for expected credit losses. Expected credit
losses are determined by: (1) evaluating the ageing of receivables; (2) analysing the history of
adjustments; and (3) reviewing high risk customers. Credit insurance on a portion of the accounts
receivable balance is also carried.
Liquidity risk
Liquidity risk is actively managed to ensure that the Group has sufficient funds to satisfy its
commitments. The Group\u2019s sources of capital include, but are not limited to, cash flows from
operations, public and private issuances of debt and equity securities and bank borrowings. The
Group believes its operating cash flow, cash on hand and available short-term and long-term
capital resources are sufficient to fund its working capital requirements, scheduled borrowing
payments, interest payments, capital expenditures, benefit plan contributions, income tax
obligations and dividends to its shareholders. Counterparties and instruments used to hold cash
and cash equivalents are continuously assessed, with a focus on preservation of capital and
liquidity. Based on information currently available, the Group does not believe it is at significant
risk of default by its counterparties.
The Group has amounts available for borrowing under a\u00a0 \u20ac1.95 billion multi currency credit facility
(2021: \u20ac1.95 billion) with a syndicate of 13 banks. This credit facility matures in 2025 and is for
general corporate purposes, including serving as a backstop to its commercial paper programme
and supporting the Group\u2019s working capital needs. Based on information currently available, the
Group has no indication that the financial institutions participating in this facility would be unable
to fulfil their commitments as at the date of these financial statements. The current credit
facility contains no financial covenants that would impact the Group\u2019s liquidity or access to
capital. As at 31\u00a0December\u00a02022, the Group had no amounts drawn under this credit facility.
During the year the Group implemented a new sustainability-linked supply chain finance
programme. The facility is provided by a third party bank and will help our suppliers get paid
earlier than under contractual credit terms. Supplier balances under supply chain finance
facilities are disclosed in Note 15.
The following table analyses the Group\u2019s non-derivative financial liabilities and net settled
derivative financial liabilities into relevant maturity groupings based on the remaining period at
the statement of financial position date to the contractual maturity date. The amounts disclosed
in the table are the contractual undiscounted cash flows:
Total
Less than
1\u00a0year
1 to 3 years
3 to 5 years
More than
5\u00a0years
Financial liabilities
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
31\u00a0December\u00a02022
Trade and other payables
4,714
4,714
\u2014
\u2014
\u2014
Amounts payable to related parties
485
485
\u2014
\u2014
\u2014
Borrowings
12,314
1,336
2,597
2,179
6,202
Derivatives
263
76
17
51
119
Lease liabilities
752
149
217
129
257
Total financial liabilities
18,528
6,760
2,831
2,359
6,578
31\u00a0December\u00a02021
Trade and other payables
3,933
3,933
\u2014
\u2014
\u2014
Amounts payable to related parties
210
210
\u2014
\u2014
\u2014
Borrowings
13,599
1,369
2,551
2,274
7,405
Derivatives
66
19
4
15
28
Lease liabilities
714
145
208
111
250
Total financial liabilities
18,522
5,676
2,763
2,400
7,683
Capital management
The primary objective of the Group\u2019s capital management is to ensure a strong credit rating and
appropriate capital ratios are maintained to support the Group\u2019s business and maximise
shareholder value. The Group\u2019s credit ratings are periodically reviewed by rating agencies.
Currently, the Group\u2019s long-term ratings from Moody\u2019s and Fitch are Baa1 and BBB+, respectively.
Changes in the operating results, cash flows or financial position could impact the ratings
assigned by the various rating agencies. The credit rating can be materially influenced by a
number of factors including, but not limited to, acquisitions, investment decisions, capital
management activities of TCCC and/or changes in the credit rating of TCCC. Should the credit
ratings be adjusted downward, the Group may incur higher costs to borrow, which could have a
material impact on the financial condition and results of operations.
The capital structure is managed and, as appropriate, adjustments are made in light of changes
in economic conditions and the Group\u2019s financial policy. The Group monitors its operating
performance in the context of targeted financial leverage by comparing the ratio of net debt
with adjusted EBITDA. Net debt is calculated as being the net of cash and cash equivalents,
short-term investments, borrowings, fair value of hedging instruments related to borrowings and
financial assets/liabilities related to borrowings. Adjusted EBITDA is calculated as EBITDA and
adjusted for items impacting comparability.
Refer to Note 12 for the presentation of fair values for each class of financial assets and financial
liabilities and\u00a0Note 13 for an outline of how the Group utilises derivative financial instruments to
mitigate its exposure to certain market risks associated with its ongoing operations.
Refer to the Strategic Report included within this Integrated Report for disclosure of strategic,
commercial and operational risk relevant to the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-606": { "value": "
Note 10
Trade accounts receivable
The Group sells its products to retailers, wholesalers and other customers and extends credit,
generally without requiring collateral, based on an evaluation of the customer\u2019s financial
condition. While the Group has a concentration of credit risk in the retail sector, this risk is
mitigated due to the diverse nature of the customers the Group serves, including, but not limited
to, their type, geographic location, size and beverage channel.
Trade accounts receivable are initially recognised at fair value and subsequently measured at
amortised cost less provision for impairment. Typically, accounts receivable have terms of 30 to
60 days and do not bear interest. The Group applies an expected credit loss reserve
methodology to assess possible impairments. Balances are considered for impairment on an
individual basis rather than by reference to the extent that they become overdue. The Group
considers factors such as delinquency in payment, financial difficulties, payment history of the
debtor as well as certain forward-looking macroeconomic indicators. The carrying amount of
trade accounts receivable is reduced through the use of an allowance account and the amount
of the loss is recognised in the consolidated income statement. Credit insurance on a portion of
the accounts receivable balance is also carried. Refer to Note 26 for further details on credit risk
management.
As a result of increased recession risk across our European territories, the Group supplemented
its existing credit loss reserve methodology to include an incremental loss allowance for those
receivable balances that were deemed to be higher risk in the current environment. The
incremental allowance is included within allowance for doubtful accounts below, as at
31\u00a0December\u00a02022.
The following table summarises the trade accounts receivable outstanding in the consolidated
statement of financial position as at the dates presented:
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Trade accounts receivable, gross
2,523
2,354
Allowance for doubtful accounts
(57)
(49)
Total trade accounts receivable
2,466
2,305
The following table summarises the ageing of trade accounts receivable, net of allowance for
doubtful accounts, in\u00a0the consolidated statement of financial position as at the dates presented:
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Not past due
2,287
2,172
Past due 1 \u2013 30 days
102
88
Past due 31 \u2013 60 days
30
18
Past due 61 \u2013 90 days
15
9
Past due 91 \u2013 120 days
14
3
Past due 121+ days
18
15
Total
2,466
2,305
The following table summarises the transactions with TCCC that impacted the consolidated
statement of financial position for the periods presented:
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Amounts due from TCCC
130
135
Amounts payable to TCCC
442
189
The following table summarises the transactions with Cobega that impacted the consolidated
statement of financial position for the periods presented:
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Amounts due from Cobega
3
2
Amounts payable to Cobega
24
19
The following table summarises the balances with associates, joint ventures and other related
parties:
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Amounts due from associates
6
6
Amounts payable to associates
9
\u2014
Amounts payable to joint ventures
\u2014
2
Amounts payable to other related parties
10
\u2014
The following table summarises the change in the allowance for doubtful accounts for the
periods presented:
Allowance for
doubtful accounts
\u20ac million
As at 31 December 2020
(39)
Provision for impairment recognised during the year
(13)
Receivables written off during the year as uncollectible
3
As at 31 December 2021
(49)
Provision for impairment recognised during the year
(15)
Receivables written off during the year as uncollectible
5
Reversals
1
Currency translation adjustments
1
As at 31 December 2022
(57)
Credit is extended in the form of payment terms for trade to customers of the Group, consisting
of retailers, wholesalers and other customers, generally without requiring collateral, based on an
evaluation of the customer\u2019s financial condition. While the Group has a concentration of credit
risk in the retail sector, this risk is mitigated due to the diverse nature of the customers the Group
serves, including, but not limited to, their type, geographic location, size and beverage channel.
Depending on the risk profile of certain customers, we may also seek bank guarantees.
Collections of receivables are dependent on each individual customer\u2019s financial condition and
sales adjustments granted. Trade accounts receivable are carried at net realisable value. Typically,
accounts receivable have terms of 30 to 60 days and do not bear interest. Exposure to losses on
receivables is monitored, and balances are adjusted for expected credit losses. Expected credit
losses are determined by: (1) evaluating the ageing of receivables; (2) analysing the history of
adjustments; and (3) reviewing high risk customers. Credit insurance on a portion of the accounts
receivable balance is also carried.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-608": { "value": "Trade accounts receivable
The Group sells its products to retailers, wholesalers and other customers and extends credit,
generally without requiring collateral, based on an evaluation of the customer\u2019s financial
condition. While the Group has a concentration of credit risk in the retail sector, this risk is
mitigated due to the diverse nature of the customers the Group serves, including, but not limited
to, their type, geographic location, size and beverage channel.
Trade accounts receivable are initially recognised at fair value and subsequently measured at
amortised cost less provision for impairment. Typically, accounts receivable have terms of 30 to
60 days and do not bear interest. The Group applies an expected credit loss reserve
methodology to assess possible impairments. Balances are considered for impairment on an
individual basis rather than by reference to the extent that they become overdue. The Group
considers factors such as delinquency in payment, financial difficulties, payment history of the
debtor as well as certain forward-looking macroeconomic indicators. The carrying amount of
trade accounts receivable is reduced through the use of an allowance account and the amount
of the loss is recognised in the consolidated income statement. Credit insurance on a portion of
the accounts receivable balance is also carried. Refer to Note 26 for further details on credit risk
management.
As a result of increased recession risk across our European territories, the Group supplemented
its existing credit loss reserve methodology to include an incremental loss allowance for those
receivable balances that were deemed to be higher risk in the current environment. The
incremental allowance is included within allowance for doubtful accounts below, as at
31\u00a0December\u00a02022.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-609": { "value": "Trade accounts receivable
The Group sells its products to retailers, wholesalers and other customers and extends credit,
generally without requiring collateral, based on an evaluation of the customer\u2019s financial
condition. While the Group has a concentration of credit risk in the retail sector, this risk is
mitigated due to the diverse nature of the customers the Group serves, including, but not limited
to, their type, geographic location, size and beverage channel.
Trade accounts receivable are initially recognised at fair value and subsequently measured at
amortised cost less provision for impairment. Typically, accounts receivable have terms of 30 to
60 days and do not bear interest. The Group applies an expected credit loss reserve
methodology to assess possible impairments. Balances are considered for impairment on an
individual basis rather than by reference to the extent that they become overdue. The Group
considers factors such as delinquency in payment, financial difficulties, payment history of the
debtor as well as certain forward-looking macroeconomic indicators. The carrying amount of
trade accounts receivable is reduced through the use of an allowance account and the amount
of the loss is recognised in the consolidated income statement. Credit insurance on a portion of
the accounts receivable balance is also carried. Refer to Note 26 for further details on credit risk
management.
As a result of increased recession risk across our European territories, the Group supplemented
its existing credit loss reserve methodology to include an incremental loss allowance for those
receivable balances that were deemed to be higher risk in the current environment. The
incremental allowance is included within allowance for doubtful accounts below, as at
31\u00a0December\u00a02022.
Cash and cash equivalents
Cash and cash equivalents include cash and short-term, highly liquid financial instruments with
maturity dates of less than three months when acquired that are readily convertible to cash and
which are subject to an insignificant risk of changes in value. Counterparties and instruments
used to hold the Group\u2019s cash and cash equivalents are continually assessed, with a focus on
preservation of capital and liquidity.
Short-term investments
Short-term investments are financial assets that are initially recognised at fair value and
subsequently measured at amortised cost. The Group classifies its financial assets as at amortised
cost only if both of the following criteria are met:
\u2022the asset is held within a business model whose objective is to collect the contractual cash
flows; and
\u2022the contractual terms give rise to cash flows that are solely payments for principal and interest.
The short-term investment balance is comprised of time deposits and treasury bills, with
maturity dates of greater than three months and less than one year when acquired, which do not
meet the definition of cash and cash equivalents, and are expected to be held until maturity.
These are highly liquid investments and due to their short-term nature, their carrying amount is
not significantly different from the fair values.
Hedging activities
Derivative financial instruments
The Group utilises derivative financial instruments to mitigate its exposure to certain market risks
associated with its ongoing operations. The primary risks that it seeks to manage through the use
of derivative financial instruments include currency exchange risk, commodity price risk and
interest rate risk.
All derivative financial instrument assets and liabilities are recorded at fair value on the\u00a0
consolidated statement of financial position. The Group does not use derivative financial
instruments for trading or speculative purposes and all hedge ratios are on a 1:1 basis. At the
inception of a hedge transaction, the Group documents the relationship between the hedging
instrument and the hedged item, as well as its risk management objective and strategy for
undertaking the hedge transaction. This process includes linking the derivative financial
instrument designated as a hedging instrument to the specific asset, liability, firm commitment
or forecasted transaction. Refer to Note 26 for further details about the Group\u2019s risk
management strategy and objective. Both at the hedge inception and on an ongoing basis, the
Group assesses and documents whether the derivative financial instrument used in the hedging
transaction is highly effective in maintaining the risk management objectives. Where critical
terms match, the Group uses a qualitative assessment to ensure initial and ongoing effectiveness
criteria. Hedge accounting is discontinued when the hedging instrument expires or is sold,
terminated, exercised, or no longer qualifies for hedge accounting. At that time, any cumulative
gain or loss on the hedging instrument recognised in equity is retained in equity until the
forecasted transaction occurs. If the hedged transaction is no longer expected to occur, the net
cumulative gain or loss recognised in equity is transferred to the income statement.
While certain derivative financial instruments are designated as hedging instruments, the Group
may also enter into derivative financial instruments that are designed to hedge a risk but are not
designated as hedging instruments (referred to as an economic hedge or a non-designated
hedge). The decision regarding whether or not to designate a hedge for hedge accounting is
made by management considering the size, purpose and tenure of the hedge, as well as the
anticipated ability to achieve and maintain the Group\u2019s risk management objective.
The Group is exposed to counterparty credit risk on all of its derivative financial instruments.
It\u00a0has established and maintained strict counterparty credit guidelines and enters into hedges
only with financial institutions that are investment grade or better. It continuously monitors
counterparty credit risk and utilises numerous counterparties to minimise its exposure to
potential defaults.
Cash flow hedges
The Group uses cash flow hedges to mitigate its exposure to changes in cash flows attributable
to currency fluctuations and commodity price fluctuations associated with certain forecasted
transactions, including purchases of raw materials, finished goods and services denominated in
non-functional currencies, the receipt of interest and principal on intercompany loans
denominated in non-functional currencies and the payment of interest and principal on debt
issuances in non-functional currencies. Effective changes in the fair value of these cash flow
hedging instruments are recognised as a component of other reserves on the consolidated
statement of financial position. The effective changes are then recognised within the line item
on the consolidated income statement that is consistent with the nature of the underlying
hedged item in the period that the forecasted purchases or payments impact earnings. Any
changes in the fair value of these cash flow hedges that are the result of ineffectiveness are
recognised immediately in the line item on the consolidated income statement that is consistent
with the nature of the underlying hedged item. Historically, the Group has not experienced, nor
does it expect to experience, material hedge ineffectiveness with the value of the hedged
instrument equalling that of the hedged item.
Fair value hedges
The Group has designated certain cross currency swaps used to mitigate FX risk and interest rate
risk on foreign currency borrowings as fair value hedges. There is an economic relationship
between the hedged item and the hedging instrument as the terms of the cross currency swap
contracts match the terms of the fixed rate borrowings. The Group has established a hedge ratio
of 1:1 for the hedging relationship.
Non-designated hedges
The Group periodically enters into derivative instruments that are designed to hedge various
risks but are not designated as hedging instruments.
At times, it enters into other short-term non-designated hedges to mitigate its exposure to
changes in cash flows attributable to currency fluctuations associated with short-term
intercompany loans and certain cash equivalents denominated in non-functional currencies.
Changes in the fair value of outstanding non-designated hedges are recognised each reporting
period in the line item on the consolidated income statement that is consistent with\u00a0the nature
of the hedged\u00a0risk.
Borrowings
Borrowings are initially recognised at fair value, net of issuance costs incurred. Borrowings
acquired by the Group as part of the Acquisition have been recognised at fair value at the
acquisition date. After initial recognition, borrowings are subsequently measured at amortised
cost using the effective interest rate method. Amortisation of transaction costs, fair value
adjustments made on acquisition, premiums and discounts are recognised as part of finance
costs within the\u00a0 consolidated income statement.
Leases
Since the adoption of IFRS 16, \u201cLeases\u201d, effective 1 January 2019, lease liabilities are included within
borrowings in our consolidated statement of financial position.
The lease liability is measured at the present value of lease payments, discounted using the
Group\u2019s incremental borrowing rate (IBR). 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 and has an enforceable right to do so.
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.\u00a0
Financial assets at fair value through other comprehensive income relate to equity investments.
These investments are not held for trading purposes and hence the Group has opted to
recognise fair value movements through other comprehensive income. There have been no
significant changes in fair value of these investments during the period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-610": { "value": "Trade accounts receivable
The Group sells its products to retailers, wholesalers and other customers and extends credit,
generally without requiring collateral, based on an evaluation of the customer\u2019s financial
condition. While the Group has a concentration of credit risk in the retail sector, this risk is
mitigated due to the diverse nature of the customers the Group serves, including, but not limited
to, their type, geographic location, size and beverage channel.
Trade accounts receivable are initially recognised at fair value and subsequently measured at
amortised cost less provision for impairment. Typically, accounts receivable have terms of 30 to
60 days and do not bear interest. The Group applies an expected credit loss reserve
methodology to assess possible impairments. Balances are considered for impairment on an
individual basis rather than by reference to the extent that they become overdue. The Group
considers factors such as delinquency in payment, financial difficulties, payment history of the
debtor as well as certain forward-looking macroeconomic indicators. The carrying amount of
trade accounts receivable is reduced through the use of an allowance account and the amount
of the loss is recognised in the consolidated income statement. Credit insurance on a portion of
the accounts receivable balance is also carried. Refer to Note 26 for further details on credit risk
management.
As a result of increased recession risk across our European territories, the Group supplemented
its existing credit loss reserve methodology to include an incremental loss allowance for those
receivable balances that were deemed to be higher risk in the current environment. The
incremental allowance is included within allowance for doubtful accounts below, as at
31\u00a0December\u00a02022.
Note 11
Cash and cash equivalents and short-term investments
Cash and cash equivalents
Cash and cash equivalents include cash and short-term, highly liquid financial instruments with
maturity dates of less than three months when acquired that are readily convertible to cash and
which are subject to an insignificant risk of changes in value. Counterparties and instruments
used to hold the Group\u2019s cash and cash equivalents are continually assessed, with a focus on
preservation of capital and liquidity.
Short-term investments
Short-term investments are financial assets that are initially recognised at fair value and
subsequently measured at amortised cost. The Group classifies its financial assets as at amortised
cost only if both of the following criteria are met:
\u2022the asset is held within a business model whose objective is to collect the contractual cash
flows; and
\u2022the contractual terms give rise to cash flows that are solely payments for principal and interest.
The short-term investment balance is comprised of time deposits and treasury bills, with
maturity dates of greater than three months and less than one year when acquired, which do not
meet the definition of cash and cash equivalents, and are expected to be held until maturity.
These are highly liquid investments and due to their short-term nature, their carrying amount is
not significantly different from the fair values.
Investments
Joint ventures are undertakings in which the Group has an interest and which are jointly
controlled by the Group and one or more other parties. Associates are undertakings where the
Group has an investment in which it does not have control or joint control but can exercise
significant influence. Interests in joint ventures and associates are accounted for using the equity
method and are stated in the consolidated balance sheet at cost, adjusted for the movement in
the Group\u2019s share of their net assets and liabilities. The Group\u2019s share of the profit or loss after tax
of joint ventures and associates is included in the Group\u2019s consolidated income statement as
non-operating items. Where the Group\u2019s share of losses exceeds its interest in the equity
accounted investee, the carrying amount of the investment is reduced to zero and the
recognition of further losses is discontinued, except to the extent that the Group has an
obligation to make payments on behalf of the investee.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-611": { "value": "
Note 11
Cash and cash equivalents and short-term investments
Cash and cash equivalents
Cash and cash equivalents include cash and short-term, highly liquid financial instruments with
maturity dates of less than three months when acquired that are readily convertible to cash and
which are subject to an insignificant risk of changes in value. Counterparties and instruments
used to hold the Group\u2019s cash and cash equivalents are continually assessed, with a focus on
preservation of capital and liquidity.
The following table summarises the cash and cash equivalents outstanding in the consolidated
statement of financial position as at the dates presented:
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Cash at banks and on hand
491
708
Short-term deposits and securities
896
699
Total cash and cash equivalents
1,387
1,407
Cash and cash equivalents are held in the following currencies as at the dates presented:
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Euro
477
524
British pound
190
337
US dollar
88
74
Norwegian krone
35
64
Swedish krona
21
31
Australian dollar
358
234
Indonesian rupiah
26
41
Papua New Guinean kina
102
45
Other
90
57
Total cash and cash equivalents
1,387
1,407
The Group\u2019s 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 its derivative contracts (including
forwards, options, futures, cross currency swaps and interest rate swaps) is 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. Refer to Note 13 for further
details about the Group\u2019s derivatives.
The following table summarises the fair value of the derivative assets and liabilities as at the dates
presented:
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Assets at fair value:
Derivatives (Note 13)
448
376
Liabilities at fair value:
Derivatives (Note 13)
263
66
Cash flow hedges
The Group uses cash flow hedges to mitigate its exposure to changes in cash flows attributable
to currency fluctuations and commodity price fluctuations associated with certain forecasted
transactions, including purchases of raw materials, finished goods and services denominated in
non-functional currencies, the receipt of interest and principal on intercompany loans
denominated in non-functional currencies and the payment of interest and principal on debt
issuances in non-functional currencies. Effective changes in the fair value of these cash flow
hedging instruments are recognised as a component of other reserves on the consolidated
statement of financial position. The effective changes are then recognised within the line item
on the consolidated income statement that is consistent with the nature of the underlying
hedged item in the period that the forecasted purchases or payments impact earnings. Any
changes in the fair value of these cash flow hedges that are the result of ineffectiveness are
recognised immediately in the line item on the consolidated income statement that is consistent
with the nature of the underlying hedged item. Historically, the Group has not experienced, nor
does it expect to experience, material hedge ineffectiveness with the value of the hedged
instrument equalling that of the hedged item.
The net notional amount of outstanding interest rate and cross currency swaps used to hedge
interest rate risk and currency fluctuations of non-functional currency borrowings was \u20ac2.1 billion
as at 31\u00a0December\u00a02022 and \u20ac2.2\u00a0billion as at\u00a031\u00a0December\u00a02021. The net notional amount of the
other outstanding currency-related cash flow hedges was \u20ac1.7 billion as at 31\u00a0December\u00a02022 and
\u20ac1.1 billion as at 31\u00a0December\u00a02021. The net notional amount of outstanding commodity-related
cash flow hedges was \u20ac1.4\u00a0billion as at 31\u00a0December\u00a02022 and \u20ac0.9 billion as at 31\u00a0December\u00a02021.
Outstanding cash flow hedges as at 31\u00a0December\u00a02022 are expected to settle and affect profit
or loss between 2023\u00a0and 2036.
The following table summarises the Group\u2019s outstanding cash flow hedges by risk category as at
the dates presented (all contracts denominated in a foreign currency have been converted into
euros using the respective year end spot rate):
Notional maturity profile
Total
Less than
1\u00a0year
1 to 3 years
3 to 5 years
Over 5 years
Cash flow hedges
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Deal contingent foreign currency
forwards
3,000
3,000
\u2014
\u2014
\u2014
Foreign currency contracts
310
174
136
\u2014
\u2014
Interest rate and cross currency swaps
396
396
\u2014
\u2014
\u2014
Commodity contracts
677
403
274
\u2014
\u2014
As at 31 December 2020
4,383
3,973
410
\u2014
\u2014
Foreign currency contracts
1,074
912
162
\u2014
\u2014
Interest rate and cross currency swaps
2,225
144
1,365
\u2014
716
Commodity contracts
922
566
356
\u2014
\u2014
As at 31 December 2021
4,221
1,622
1,883
\u2014
716
Foreign currency contracts
1,723
1,292
431
\u2014
\u2014
Interest rate and cross currency swaps
2,079
760
604
416
299
Commodity contracts
1,397
834
563
\u2014
\u2014
As at 31 December 2022
5,199
2,886
1,598
416
299
The Group recognised within other comprehensive income net gains of \u20ac3\u00a0million, \u20ac125 million
and \u20ac25 million for the years ended 31\u00a0December\u00a02022, 31\u00a0December\u00a02021 and
31\u00a0December\u00a02020, respectively, related to changes in the fair values of outstanding cash flow
hedges. The amount of ineffectiveness associated with these cash flow hedges was not material
during any year presented within these financial statements.
During 2021, the Group entered into deal contingent foreign currency forwards with a total
notional amount of \u20ac5.6\u00a0billion in order to mitigate the foreign currency risk arising from the
Acquisition. These instruments were recorded as cash flow hedges, and on completion of the
Acquisition, gains of \u20ac84\u00a0million were reclassified to goodwill.
The following table summarises the net of tax effect for cash flow hedges for the periods
presented within the consolidated income statement:
Cash flow hedging instruments
Location \u2013 Income statement
Amount of gain/(loss) reclassified
from the hedging reserve into profit
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Foreign currency contracts
Cost of sales
19
(3)
1
Commodity contracts
Cost of sales
83
74
(33)
Commodity contracts
Selling and distribution
expenses
34
2
(3)
Interest rate and cross
currency swaps(A)
Finance costs
(86)
(78)
23
Total
50
(5)
(12)
(A)The gain/(loss) recognised on these currency contracts is offset by the gain/(loss) recognised on the remeasurement of the
underlying debt instruments; therefore, there is a minimal consolidated net effect in non-operating items on the
consolidated income statement.
Fair value hedges
The Group has designated certain cross currency swaps used to mitigate FX risk and interest rate
risk on foreign currency borrowings as fair value hedges. There is an economic relationship
between the hedged item and the hedging instrument as the terms of the cross currency swap
contracts match the terms of the fixed rate borrowings. The Group has established a hedge ratio
of 1:1 for the hedging relationship.
The following table summarises the Group\u2019s outstanding fair value hedges by risk category as at
the dates presented (all contracts denominated in a foreign currency have been converted into
euros using the respective year end spot rate):\u00a0
Less than
1\u00a0year
1 to 3 years
3 to 5 years
Over 5\u00a0years
Fair value hedges
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
As at 31 December 2020
\u2014
\u2014
\u2014
\u2014
\u2014
Interest rate and cross currency swaps
166
\u2014
\u2014
\u2014
166
As at 31 December 2021
166
\u2014
\u2014
\u2014
166
Interest rate and cross currency swaps
1,165
\u2014
\u2014
500
665
As at 31 December 2022
1,165
\u2014
\u2014
500
665
The following table summarises the gains/(losses) recognised from fair value hedges that settled
for the periods presented within the consolidated income statement:
Fair value hedges
Location \u2013 Income
statement
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Interest rate and cross
currency swaps
Finance costs
2
(2)
\u2014
Total
2
(2)
\u2014
The carrying value of the hedged item recognised in borrowings is \u20ac1,019 million
(2021: \u20ac173 million), which includes accumulated amounts of fair value adjustments of
\u20ac(146) million (2021: \u20ac15 million).
Non-designated hedges
The Group periodically enters into derivative instruments that are designed to hedge various
risks but are not designated as hedging instruments.
At times, it enters into other short-term non-designated hedges to mitigate its exposure to
changes in cash flows attributable to currency fluctuations associated with short-term
intercompany loans and certain cash equivalents denominated in non-functional currencies.
Changes in the fair value of outstanding non-designated hedges are recognised each reporting
period in the line item on the consolidated income statement that is consistent with\u00a0the nature
of the hedged\u00a0risk.
There were \u20ac29 million outstanding non-designated foreign currency hedges, hedging
intercompany loans as at 31\u00a0December\u00a02022. There were \u20ac59 million outstanding non-designated
hedges as at 31\u00a0December\u00a02021.
The following table summarises the gains/(losses) recognised from non-designated derivative
financial instruments in the consolidated income statement for the years presented.
Non-designated
hedging instruments
Location \u2013 Income statement
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Commodity
contracts
Selling and distribution
expenses
\u2014
\u2014
(12)
Foreign currency
contracts(A)
Non-operating items
(5)
\u2014
(4)
Total
(5)
\u2014
(16)
Note 14
Borrowings and leases
Borrowings
Borrowings are initially recognised at fair value, net of issuance costs incurred. Borrowings
acquired by the Group as part of the Acquisition have been recognised at fair value at the
acquisition date. After initial recognition, borrowings are subsequently measured at amortised
cost using the effective interest rate method. Amortisation of transaction costs, fair value
adjustments made on acquisition, premiums and discounts are recognised as part of finance
costs within the\u00a0 consolidated income statement.
Leases
Since the adoption of IFRS 16, \u201cLeases\u201d, effective 1 January 2019, lease liabilities are included within
borrowings in our consolidated statement of financial position.
The lease liability is measured at the present value of lease payments, discounted using the
Group\u2019s incremental borrowing rate (IBR). 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 and has an enforceable right to do so.
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.\u00a0
Borrowings outstanding
The following table summarises the carrying value of the Group\u2019s borrowings as at the dates presented:
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Non-current:
Euro denominated bonds:
\u20ac350 million 2.625% Notes 2023
\u2014
349
\u20ac500 million 1.125% Notes 2024
498
497
\u20ac350 million 2.375% Notes 2025
349
348
\u20ac250 million 2.75% Notes 2026(E)
240
249
\u20ac600 million 1.75% Notes 2026(E)
580
594
\u20ac400 million 1.50% Notes 2027(E)
370
397
\u20ac250\u00a0million 1.50% Notes 2027
259
261
\u20ac500 million 1.75% Notes 2028(E)
466
495
\u20ac750 million 0.20% Notes 2028
744
743
\u20ac500 million 1.125% Notes 2029
495
494
\u20ac500 million 1.875% Notes 2030(E)
472
496
\u20ac500 million 0.70% Notes 2031(E)
473
496
\u20ac800 million 0.00% Notes 2025
798
797
\u20ac700 million 0.50% Notes 2029
695
694
\u20ac1,000 million 0.875% Notes 2033
991
990
\u20ac750\u00a0million 1.50% Notes 2041
746
746
Foreign currency bonds (swapped into euro)(D):
US$850\u00a0million 0.50% Notes 2023
\u2014
747
US$650\u00a0million\u00a0 0.80% Notes 2024
608
571
US$500\u00a0million 1.50% Notes 2027
466
439
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Australian dollar denominated bonds:
A$100 million 3.50% Notes 2024
66
68
A$30 million 4.166% Notes 2025
21
21
A$20 million 4.25% Notes 2025
14
14
A$30 million 4.125% Notes 2026
20
21
A$50 million 4.155% Notes 2028
35
36
A$133 million 2.45% Notes 2029
86
87
A$50 million 4.20% Notes 2031
36
37
A$187 million 4.20% Notes 2031
135
138
A$13 million 4.20% Notes 2031
9
10
Foreign currency bonds (swapped into
Australian\u00a0dollar or New Zealand dollar)(D):
US$25 million 4.34% Notes 2023
\u2014
23
US$25 million 4.34% Notes 2023
\u2014
23
NOK1 billion 3.04% Notes 2028
99
105
NOK750 million 2.75% Notes 2030
73
77
US$50 million 2.653% Notes 2030
47
45
JPY10 billion 4.15% Notes 2036(E)
74
90
JPY12.3 billion\u00a0 1.06% Notes 2037(E)
71
83
Lease obligations
535
509
Total non-current borrowings
10,571
11,790
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Current:
Euro denominated bonds:
\u20ac350 million 2.625% Notes 2023
350
\u2014
\u20ac700 million 0.75% Notes 2022(A)
\u2014
700
Foreign currency bonds (swapped into euro)(D):
US$850\u00a0million 0.50% Notes due 2023
797
\u2014
Australian dollar denominated bonds:
A$200 million 3.375% Notes 2022(B)
\u2014
129
A$30 million 5.06% Notes 2022(C)
\u2014
20
A$125 million 3.125% Notes 2022(C)
\u2014
81
Foreign currency bonds (swapped into New Zealand
dollar)(D):
US$25 million 4.34% Notes 2023
24
\u2014
US$25 million 4.34% Notes 2023
24
\u2014
EUR commercial paper
\u2014
285
Bank overdraft
\u2014
1
Lease obligations
141
134
Total current borrowings
1,336
1,350
(A)In January 2022, the Group repaid prior to maturity the outstanding amount related to the \u20ac700\u00a0million\u00a0 0.75%\u00a0 Notes due in
February 2022.
(B)In March 2022, the Group repaid on maturity the outstanding amount related to the A$200\u00a0million 3.375% Notes 2022
acquired as part of the Acquisition.
(C)In July 2022, the Group repaid on maturity the outstanding amounts related to the A$30\u00a0million 5.06% Notes 2022 and A$125
million 3.125% Notes 2022 acquired as part of the Acquisition.
(D)Cross currency swaps are used by the Group to swap foreign currency bonds into the required local currency.
(E)Bond designated in full or partially in a fair value hedge relationship.
During the year, the Group entered into interest rate swaps with notional value of \u20ac1 billion, which
were designated in a fair value hedge relationship with euro denominated bonds. As at
31\u00a0December\u00a02022, fair value adjustments in respect of those interest rate swaps are \u20ac(130)
million, included within non-current borrowings.
Borrowings are stated net of unamortised financing fees of \u20ac33 million and \u20ac42 million, as at
31\u00a0December\u00a02022 and 31\u00a0December\u00a02021, respectively.
Interest expense recognised on lease liabilities totalled \u20ac14 million, \u20ac10 million and \u20ac4 million
in\u00a02022, 2021 and 2020, respectively.
Credit facilities
During 2022, the amount available under the Group\u2019s multi currency credit facility was
\u20ac1.95\u00a0billion. This amount is available for borrowing with a syndicate of\u00a013\u00a0banks. This credit facility
matures in 2025 and is for general corporate purposes and supporting the Group\u2019s working
capital needs. Based on information currently available, there is no indication that the financial
institutions participating in this facility would be unable to fulfill their commitments to the Group
as at the date of these consolidated financial statements. The Group\u2019s current credit facility
contains no financial covenants that would impact its liquidity or access to capital. As at
31\u00a0December\u00a02022, the Group had no amounts drawn under this credit facility.
Cash flows from financing activities
The following table provides a reconciliation of movements of liabilities to cash flows arising from
financing activities:
Current portion
of\u00a0borrowings
Borrowings, less
current portion
Total
\u20ac million
\u20ac million
\u20ac million
As at 31 December 2020
805
6,382
7,187
Acquisition of CCL
381
1,251
1,632
Changes from financing cash flows
Proceeds from third party borrowings, net
\u2014
4,877
4,877
Changes in short-term borrowings(B)
276
\u2014
276
Repayments on third party borrowings(A)
(950)
\u2014
(950)
Payment of principal and interest on lease
obligations
(149)
\u2014
(149)
Other non-cash changes
Amortisation of discount, premium and issue costs
\u2014
(3)
(3)
Lease additions and other non-cash movements
39
83
122
Movement as a result of fair value hedges
6
9
15
Currency translation
33
100
133
Reclassifications
909
(909)
\u2014
Total changes
545
5,408
5,953
Current portion
of\u00a0borrowings
Borrowings, less
current portion
Total
\u20ac million
\u20ac million
\u20ac million
As at 31 December 2021
1,350
11,790
13,140
Changes from financing cash flows
Changes in short-term borrowings(B)
(285)
\u2014
(285)
Repayments on third party borrowings
(938)
\u2014
(938)
Payment of principal and interest on lease
obligations
(167)
\u2014
(167)
\u00a0 \u00a0 \u00a0 Other financing activities
(1)
\u2014
(1)
Other non-cash changes
Amortisation of discounts, premium, issue costs
and fair value adjustments
(1)
4
3
Lease additions and other non-cash movements
34
171
205
Movement as a result of fair value hedges
11
(172)
(161)
Currency translation
\u2014
111
111
Reclassifications
1,333
(1,333)
\u2014
Total changes
(14)
(1,219)
(1,233)
As at 31 December 2022
1,336
10,571
11,907
The following table summarises the fair value of the derivative assets and liabilities as at the dates
presented:
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Assets at fair value:
Derivatives (Note 13)
448
376
Liabilities at fair value:
Derivatives (Note 13)
263
66
Cash flow hedges
The Group uses cash flow hedges to mitigate its exposure to changes in cash flows attributable
to currency fluctuations and commodity price fluctuations associated with certain forecasted
transactions, including purchases of raw materials, finished goods and services denominated in
non-functional currencies, the receipt of interest and principal on intercompany loans
denominated in non-functional currencies and the payment of interest and principal on debt
issuances in non-functional currencies. Effective changes in the fair value of these cash flow
hedging instruments are recognised as a component of other reserves on the consolidated
statement of financial position. The effective changes are then recognised within the line item
on the consolidated income statement that is consistent with the nature of the underlying
hedged item in the period that the forecasted purchases or payments impact earnings. Any
changes in the fair value of these cash flow hedges that are the result of ineffectiveness are
recognised immediately in the line item on the consolidated income statement that is consistent
with the nature of the underlying hedged item. Historically, the Group has not experienced, nor
does it expect to experience, material hedge ineffectiveness with the value of the hedged
instrument equalling that of the hedged item.
The net notional amount of outstanding interest rate and cross currency swaps used to hedge
interest rate risk and currency fluctuations of non-functional currency borrowings was \u20ac2.1 billion
as at 31\u00a0December\u00a02022 and \u20ac2.2\u00a0billion as at\u00a031\u00a0December\u00a02021. The net notional amount of the
other outstanding currency-related cash flow hedges was \u20ac1.7 billion as at 31\u00a0December\u00a02022 and
\u20ac1.1 billion as at 31\u00a0December\u00a02021. The net notional amount of outstanding commodity-related
cash flow hedges was \u20ac1.4\u00a0billion as at 31\u00a0December\u00a02022 and \u20ac0.9 billion as at 31\u00a0December\u00a02021.
Outstanding cash flow hedges as at 31\u00a0December\u00a02022 are expected to settle and affect profit
or loss between 2023\u00a0and 2036.
The following table summarises the Group\u2019s outstanding cash flow hedges by risk category as at
the dates presented (all contracts denominated in a foreign currency have been converted into
euros using the respective year end spot rate):
Notional maturity profile
Total
Less than
1\u00a0year
1 to 3 years
3 to 5 years
Over 5 years
Cash flow hedges
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Deal contingent foreign currency
forwards
3,000
3,000
\u2014
\u2014
\u2014
Foreign currency contracts
310
174
136
\u2014
\u2014
Interest rate and cross currency swaps
396
396
\u2014
\u2014
\u2014
Commodity contracts
677
403
274
\u2014
\u2014
As at 31 December 2020
4,383
3,973
410
\u2014
\u2014
Foreign currency contracts
1,074
912
162
\u2014
\u2014
Interest rate and cross currency swaps
2,225
144
1,365
\u2014
716
Commodity contracts
922
566
356
\u2014
\u2014
As at 31 December 2021
4,221
1,622
1,883
\u2014
716
Foreign currency contracts
1,723
1,292
431
\u2014
\u2014
Interest rate and cross currency swaps
2,079
760
604
416
299
Commodity contracts
1,397
834
563
\u2014
\u2014
As at 31 December 2022
5,199
2,886
1,598
416
299
The Group recognised within other comprehensive income net gains of \u20ac3\u00a0million, \u20ac125 million
and \u20ac25 million for the years ended 31\u00a0December\u00a02022, 31\u00a0December\u00a02021 and
31\u00a0December\u00a02020, respectively, related to changes in the fair values of outstanding cash flow
hedges. The amount of ineffectiveness associated with these cash flow hedges was not material
during any year presented within these financial statements.
During 2021, the Group entered into deal contingent foreign currency forwards with a total
notional amount of \u20ac5.6\u00a0billion in order to mitigate the foreign currency risk arising from the
Acquisition. These instruments were recorded as cash flow hedges, and on completion of the
Acquisition, gains of \u20ac84\u00a0million were reclassified to goodwill.
The following table summarises the net of tax effect for cash flow hedges for the periods
presented within the consolidated income statement:
Cash flow hedging instruments
Location \u2013 Income statement
Amount of gain/(loss) reclassified
from the hedging reserve into profit
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Foreign currency contracts
Cost of sales
19
(3)
1
Commodity contracts
Cost of sales
83
74
(33)
Commodity contracts
Selling and distribution
expenses
34
2
(3)
Interest rate and cross
currency swaps(A)
Finance costs
(86)
(78)
23
Total
50
(5)
(12)
(A)The gain/(loss) recognised on these currency contracts is offset by the gain/(loss) recognised on the remeasurement of the
underlying debt instruments; therefore, there is a minimal consolidated net effect in non-operating items on the
consolidated income statement.
Fair value hedges
The Group has designated certain cross currency swaps used to mitigate FX risk and interest rate
risk on foreign currency borrowings as fair value hedges. There is an economic relationship
between the hedged item and the hedging instrument as the terms of the cross currency swap
contracts match the terms of the fixed rate borrowings. The Group has established a hedge ratio
of 1:1 for the hedging relationship.
The following table summarises the Group\u2019s outstanding fair value hedges by risk category as at
the dates presented (all contracts denominated in a foreign currency have been converted into
euros using the respective year end spot rate):\u00a0
Less than
1\u00a0year
1 to 3 years
3 to 5 years
Over 5\u00a0years
Fair value hedges
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
As at 31 December 2020
\u2014
\u2014
\u2014
\u2014
\u2014
Interest rate and cross currency swaps
166
\u2014
\u2014
\u2014
166
As at 31 December 2021
166
\u2014
\u2014
\u2014
166
Interest rate and cross currency swaps
1,165
\u2014
\u2014
500
665
As at 31 December 2022
1,165
\u2014
\u2014
500
665
The following table summarises the gains/(losses) recognised from fair value hedges that settled
for the periods presented within the consolidated income statement:
Fair value hedges
Location \u2013 Income
statement
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Interest rate and cross
currency swaps
Finance costs
2
(2)
\u2014
Total
2
(2)
\u2014
The carrying value of the hedged item recognised in borrowings is \u20ac1,019 million
(2021: \u20ac173 million), which includes accumulated amounts of fair value adjustments of
\u20ac(146) million (2021: \u20ac15 million).
Non-designated hedges
The Group periodically enters into derivative instruments that are designed to hedge various
risks but are not designated as hedging instruments.
At times, it enters into other short-term non-designated hedges to mitigate its exposure to
changes in cash flows attributable to currency fluctuations associated with short-term
intercompany loans and certain cash equivalents denominated in non-functional currencies.
Changes in the fair value of outstanding non-designated hedges are recognised each reporting
period in the line item on the consolidated income statement that is consistent with\u00a0the nature
of the hedged\u00a0risk.
There were \u20ac29 million outstanding non-designated foreign currency hedges, hedging
intercompany loans as at 31\u00a0December\u00a02022. There were \u20ac59 million outstanding non-designated
hedges as at 31\u00a0December\u00a02021.
The following table summarises the gains/(losses) recognised from non-designated derivative
financial instruments in the consolidated income statement for the years presented.
Non-designated
hedging instruments
Location \u2013 Income statement
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Commodity
contracts
Selling and distribution
expenses
\u2014
\u2014
(12)
Foreign currency
contracts(A)
Non-operating items
(5)
\u2014
(4)
Total
(5)
\u2014
(16)
Commodity price risk
The competitive marketplace in which the Group operates may limit its ability to recover
increased costs through higher prices. As such, the Group is subject to market risk with respect to
commodity price fluctuations, principally related to its purchases of aluminium, PET (plastic,
including recycled PET, LDPE), ethylene, sugar and vehicle fuel. When possible, exposure to this
risk is managed primarily through the use of supplier pricing agreements, which enable the
Group to establish the purchase price for certain commodities. Certain suppliers restrict the
Group\u2019s ability to hedge prices through supplier agreements. As a result, commodity hedging
programmes are entered into and generally designated as hedging instruments. Refer to
Note 13 for more information. Typically, up to 80% of\u00a0the anticipated commodity transaction
exposures for the next calendar year are hedged using a combination of\u00a0forward and
option\u00a0contracts executed with third parties. The Group estimates that a 10% change in the
market price of these\u00a0commodities over the current market prices would affect operating profit
during the next 12 months by approximately \u20ac150 million (2021: \u20ac116 million, 2020: \u20ac47 million).
This does not take into account the effects of derivative instruments used to manage exposure
to this risk or pricing agreements in place.
Credit risk
The Group is exposed to counterparty credit risk on all of its derivative financial instruments.
Strict counterparty credit guidelines are maintained and only financial institutions that are
investment grade or better are acceptable counterparties. Counterparty credit risk is
continuously monitored and numerous counterparties are used to minimise exposure to
potential defaults. Where required, collateral is paid between the counterparties to minimise
counterparty risk. The maximum credit risk exposure for each derivative financial instrument is
the carrying amount of the derivative. Included in trade and other payables is \u20ac25 million
(2021:\u00a0\u20ac46 million) related to collateral received from counterparties and included in other
current assets is nil (2021: \u20ac4 million) related to collateral paid to counterparties.
Credit is extended in the form of payment terms for trade to customers of the Group, consisting
of retailers, wholesalers and other customers, generally without requiring collateral, based on an
evaluation of the customer\u2019s financial condition. While the Group has a concentration of credit
risk in the retail sector, this risk is mitigated due to the diverse nature of the customers the Group
serves, including, but not limited to, their type, geographic location, size and beverage channel.
Depending on the risk profile of certain customers, we may also seek bank guarantees.
Collections of receivables are dependent on each individual customer\u2019s financial condition and
sales adjustments granted. Trade accounts receivable are carried at net realisable value. Typically,
accounts receivable have terms of 30 to 60 days and do not bear interest. Exposure to losses on
receivables is monitored, and balances are adjusted for expected credit losses. Expected credit
losses are determined by: (1) evaluating the ageing of receivables; (2) analysing the history of
adjustments; and (3) reviewing high risk customers. Credit insurance on a portion of the accounts
receivable balance is also carried.
Liquidity risk
Liquidity risk is actively managed to ensure that the Group has sufficient funds to satisfy its
commitments. The Group\u2019s sources of capital include, but are not limited to, cash flows from
operations, public and private issuances of debt and equity securities and bank borrowings. The
Group believes its operating cash flow, cash on hand and available short-term and long-term
capital resources are sufficient to fund its working capital requirements, scheduled borrowing
payments, interest payments, capital expenditures, benefit plan contributions, income tax
obligations and dividends to its shareholders. Counterparties and instruments used to hold cash
and cash equivalents are continuously assessed, with a focus on preservation of capital and
liquidity. Based on information currently available, the Group does not believe it is at significant
risk of default by its counterparties.
The Group has amounts available for borrowing under a\u00a0 \u20ac1.95 billion multi currency credit facility
(2021: \u20ac1.95 billion) with a syndicate of 13 banks. This credit facility matures in 2025 and is for
general corporate purposes, including serving as a backstop to its commercial paper programme
and supporting the Group\u2019s working capital needs. Based on information currently available, the
Group has no indication that the financial institutions participating in this facility would be unable
to fulfil their commitments as at the date of these financial statements. The current credit
facility contains no financial covenants that would impact the Group\u2019s liquidity or access to
capital. As at 31\u00a0December\u00a02022, the Group had no amounts drawn under this credit facility.
During the year the Group implemented a new sustainability-linked supply chain finance
programme. The facility is provided by a third party bank and will help our suppliers get paid
earlier than under contractual credit terms. Supplier balances under supply chain finance
facilities are disclosed in Note 15.
The following table analyses the Group\u2019s non-derivative financial liabilities and net settled
derivative financial liabilities into relevant maturity groupings based on the remaining period at
the statement of financial position date to the contractual maturity date. The amounts disclosed
in the table are the contractual undiscounted cash flows:
Total
Less than
1\u00a0year
1 to 3 years
3 to 5 years
More than
5\u00a0years
Financial liabilities
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
31\u00a0December\u00a02022
Trade and other payables
4,714
4,714
\u2014
\u2014
\u2014
Amounts payable to related parties
485
485
\u2014
\u2014
\u2014
Borrowings
12,314
1,336
2,597
2,179
6,202
Derivatives
263
76
17
51
119
Lease liabilities
752
149
217
129
257
Total financial liabilities
18,528
6,760
2,831
2,359
6,578
31\u00a0December\u00a02021
Trade and other payables
3,933
3,933
\u2014
\u2014
\u2014
Amounts payable to related parties
210
210
\u2014
\u2014
\u2014
Borrowings
13,599
1,369
2,551
2,274
7,405
Derivatives
66
19
4
15
28
Lease liabilities
714
145
208
111
250
Total financial liabilities
18,522
5,676
2,763
2,400
7,683
Capital management
The primary objective of the Group\u2019s capital management is to ensure a strong credit rating and
appropriate capital ratios are maintained to support the Group\u2019s business and maximise
shareholder value. The Group\u2019s credit ratings are periodically reviewed by rating agencies.
Currently, the Group\u2019s long-term ratings from Moody\u2019s and Fitch are Baa1 and BBB+, respectively.
Changes in the operating results, cash flows or financial position could impact the ratings
assigned by the various rating agencies. The credit rating can be materially influenced by a
number of factors including, but not limited to, acquisitions, investment decisions, capital
management activities of TCCC and/or changes in the credit rating of TCCC. Should the credit
ratings be adjusted downward, the Group may incur higher costs to borrow, which could have a
material impact on the financial condition and results of operations.
The capital structure is managed and, as appropriate, adjustments are made in light of changes
in economic conditions and the Group\u2019s financial policy. The Group monitors its operating
performance in the context of targeted financial leverage by comparing the ratio of net debt
with adjusted EBITDA. Net debt is calculated as being the net of cash and cash equivalents,
short-term investments, borrowings, fair value of hedging instruments related to borrowings and
financial assets/liabilities related to borrowings. Adjusted EBITDA is calculated as EBITDA and
adjusted for items impacting comparability.
Refer to Note 12 for the presentation of fair values for each class of financial assets and financial
liabilities and\u00a0Note 13 for an outline of how the Group utilises derivative financial instruments to
mitigate its exposure to certain market risks associated with its ongoing operations.
Refer to the Strategic Report included within this Integrated Report for disclosure of strategic,
commercial and operational risk relevant to the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-620": { "value": "Note 13Hedging activities
The following table summarises the net of tax effect for cash flow hedges for the periods
presented within the consolidated income statement:
Cash flow hedging instruments
Location \u2013 Income statement
Amount of gain/(loss) reclassified
from the hedging reserve into profit
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Foreign currency contracts
Cost of sales
19
(3)
1
Commodity contracts
Cost of sales
83
74
(33)
Commodity contracts
Selling and distribution
expenses
34
2
(3)
Interest rate and cross
currency swaps(A)
Finance costs
(86)
(78)
23
Total
50
(5)
(12)
(A)The gain/(loss) recognised on these currency contracts is offset by the gain/(loss) recognised on the remeasurement of the
underlying debt instruments; therefore, there is a minimal consolidated net effect in non-operating items on the
consolidated income statement.
The following table summarises the gains/(losses) recognised from fair value hedges that settled
for the periods presented within the consolidated income statement:
Fair value hedges
Location \u2013 Income
statement
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Interest rate and cross
currency swaps
Finance costs
2
(2)
\u2014
Total
2
(2)
\u2014
Note 19
Finance costs
Finance costs are recognised in the consolidated income statement in the period in which they
are incurred, with the exception of general and specific borrowing costs directly attributable to
the acquisition, construction or production of qualifying assets. Qualifying assets are assets that
necessarily take a substantial period of time to get ready for their intended use or sale. Borrowing
costs are added to the cost of those assets, until such time as the assets are substantially ready
for their intended use or sale. All other borrowing costs are recognised within the\u00a0 consolidated
income statement in the period in which they are incurred based upon the effective interest rate
method. Interest income is recognised using the effective interest rate method.
The following table summarises net finance costs for the years presented:
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Interest income(A)
67
43
33
Interest expense on external debt(A)
(162)
(153)
(132)
Other finance costs(B)
(19)
(19)
(12)
Total finance costs, net
(114)
(129)
(111)
(A)The gain/(loss) recognised on these currency contracts is offset by the gain/(loss) recognised on the remeasurement of the
underlying debt instruments; therefore, there is a minimal consolidated net effect in non-operating items on the
consolidated income statement.
The following table summarises the gains/(losses) recognised from fair value hedges that settled
for the periods presented within the consolidated income statement:
Fair value hedges
Location \u2013 Income
statement
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Interest rate and cross
currency swaps
Finance costs
2
(2)
\u2014
Total
2
(2)
\u2014
Note 19
Finance costs
Finance costs are recognised in the consolidated income statement in the period in which they
are incurred, with the exception of general and specific borrowing costs directly attributable to
the acquisition, construction or production of qualifying assets. Qualifying assets are assets that
necessarily take a substantial period of time to get ready for their intended use or sale. Borrowing
costs are added to the cost of those assets, until such time as the assets are substantially ready
for their intended use or sale. All other borrowing costs are recognised within the\u00a0 consolidated
income statement in the period in which they are incurred based upon the effective interest rate
method. Interest income is recognised using the effective interest rate method.
The following table summarises net finance costs for the years presented:
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Interest income(A)
67
43
33
Interest expense on external debt(A)
(162)
(153)
(132)
Other finance costs(B)
(19)
(19)
(12)
Total finance costs, net
(114)
(129)
(111)
(A)The gain/(loss) recognised on these currency contracts is offset by the gain/(loss) recognised on the remeasurement of the
underlying debt instruments; therefore, there is a minimal consolidated net effect in non-operating items on the
consolidated income statement.
The following table summarises the gains/(losses) recognised from fair value hedges that settled
for the periods presented within the consolidated income statement:
Fair value hedges
Location \u2013 Income
statement
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Interest rate and cross
currency swaps
Finance costs
2
(2)
\u2014
Total
2
(2)
\u2014
Note 19
Finance costs
Finance costs are recognised in the consolidated income statement in the period in which they
are incurred, with the exception of general and specific borrowing costs directly attributable to
the acquisition, construction or production of qualifying assets. Qualifying assets are assets that
necessarily take a substantial period of time to get ready for their intended use or sale. Borrowing
costs are added to the cost of those assets, until such time as the assets are substantially ready
for their intended use or sale. All other borrowing costs are recognised within the\u00a0 consolidated
income statement in the period in which they are incurred based upon the effective interest rate
method. Interest income is recognised using the effective interest rate method.
The following table summarises net finance costs for the years presented:
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Interest income(A)
67
43
33
Interest expense on external debt(A)
(162)
(153)
(132)
Other finance costs(B)
(19)
(19)
(12)
Total finance costs, net
(114)
(129)
(111)
Current portion
of\u00a0borrowings
Borrowings, less
current portion
Total
\u20ac million
\u20ac million
\u20ac million
As at 31 December 2021
1,350
11,790
13,140
Changes from financing cash flows
Changes in short-term borrowings(B)
(285)
\u2014
(285)
Repayments on third party borrowings
(938)
\u2014
(938)
Payment of principal and interest on lease
obligations
(167)
\u2014
(167)
\u00a0 \u00a0 \u00a0 Other financing activities
(1)
\u2014
(1)
Other non-cash changes
Amortisation of discounts, premium, issue costs
and fair value adjustments
(1)
4
3
Lease additions and other non-cash movements
34
171
205
Movement as a result of fair value hedges
11
(172)
(161)
Currency translation
\u2014
111
111
Reclassifications
1,333
(1,333)
\u2014
Total changes
(14)
(1,219)
(1,233)
As at 31 December 2022
1,336
10,571
11,907
The following table summarises the transactions with Cobega that impacted the consolidated
statement of financial position for the periods presented:
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Amounts due from Cobega
3
2
Amounts payable to Cobega
24
19
The following table summarises the balances with associates, joint ventures and other related
parties:
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Amounts due from associates
6
6
Amounts payable to associates
9
\u2014
Amounts payable to joint ventures
\u2014
2
Amounts payable to other related parties
10
\u2014
VAT receivables
As at 31 December 2021, the Group had a VAT receivable of \u20ac214 million, included within other
non-current assets, relating to a 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
VAT to CCEP for years 2013 to 2016. Under relevant tax laws in Spain, conflicts between
jurisdictions are ruled by a special Arbitration Board and the refund of the VAT is mandated
following the resolution of the issue at the Arbitration Board. As a result of the Arbitration Board
ruling issued in July 2022, \u20ac252\u00a0million, inclusive of interest, was received in December from the
regional tax authorities of Bizkaia. As at 31 December 2022, in connection with the dispute and
the ruling, the Group has an additional VAT receivable of \u20ac25\u00a0million from the Basque Region
included within Other current assets, and a payable of \u20ac57\u00a0million to the Spanish tax authorities
included within Trade and other payables, both inclusive of interest. We believe it remains a
certainty that the Group will continue to be held neutral in respect of the VAT dispute.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-630": { "value": "
Trade and other payables
Trade and other payables represent liabilities for goods and services provided to the Group prior
to the end of the reporting period, which are unpaid. Trade and other payables are presented as
current liabilities unless payment is not due within 12 months after the reporting period. Trade
and other payables are recognised initially at fair value and subsequently measured at amortised
cost using the effective interest rate method. Trade payables are non-interest bearing and are
normally settled between 60 to 70 days.
The Group participates in various programmes and arrangements with customers designed to
increase the sale of our products. The costs of these programmes are recorded as deductions
from revenue. Among the programmes are arrangements under which allowances can be
earned by customers for attaining agreed upon sales levels or for participating in specific
marketing programmes. When these allowances are paid in arrears, the Group accrues the
estimated amount to be paid based upon historical customer experience, the programme\u2019s
contractual terms, expected customer performance and/or estimated sales volume.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-631": { "value": "
Note 16
Post-employment benefits
The Group recognises termination benefits at the earlier of the following dates: (1) when the
Group can no longer withdraw the offer of those benefits and (2) when the Group recognises
costs for restructuring that is within the scope of IAS 37, \u201cProvisions, Contingent Liabilities and
Contingent Assets\u201d and involves the payment of termination benefits. In the case of an offer
made to encourage voluntary redundancy, the termination benefits are measured based on the
number of employees expected to accept the offer. Termination benefits are payable whenever
an employee\u2019s employment is terminated before the normal retirement date or whenever an
employee accepts voluntary redundancy in exchange for those benefits.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-632": { "value": "Post-employment benefits
The cost of providing benefits is determined using the projected unit credit method with
actuarial valuations being carried out at the end of each annual reporting period. All
remeasurements of the defined benefit obligation, such as actuarial gains and losses and return
on plan assets, are recognised directly in other comprehensive income. Remeasurements
recognised in other comprehensive income are reflected immediately in retained earnings and
are not reclassified to profit or loss. Service cost is presented within cost of sales, selling and
distribution expenses and administrative expenses in the consolidated income statement. Past
service cost is recognised immediately within cost of sales, selling and distribution expenses and
administrative expenses in the consolidated income statement. The net interest cost is
calculated by applying the discount rate to the net balance of the defined benefit obligation and
the fair value of plan assets. Net interest cost is presented within finance costs or finance income,
as applicable, in the consolidated income statement. The defined benefit obligation recognised
in the consolidated statement of financial position represents the present value of the estimated
future cash outflows, using interest rates of high quality corporate bonds which have terms to
maturity approximating the terms of the related liability.
The Group recognises termination benefits at the earlier of the following dates: (1) when the
Group can no longer withdraw the offer of those benefits and (2) when the Group recognises
costs for restructuring that is within the scope of IAS 37, \u201cProvisions, Contingent Liabilities and
Contingent Assets\u201d and involves the payment of termination benefits. In the case of an offer
made to encourage voluntary redundancy, the termination benefits are measured based on the
number of employees expected to accept the offer. Termination benefits are payable whenever
an employee\u2019s employment is terminated before the normal retirement date or whenever an
employee accepts voluntary redundancy in exchange for those benefits.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-633": { "value": "
Note 17
Equity
Share capital
As at 31\u00a0December\u00a02022, the Company has issued and fully paid 457,106,453 Shares. Shares in issue
have one voting right each and no restrictions related to dividends or return of capital.
Number of
Shares
Share capital
millions
\u20ac million
As at 1 January 2020
456
5
Issuances of Shares
2
\u2014
Cancellation of Shares
(3)
\u2014
As at 31 December 2020
455
5
Issuance of Shares
1
\u2014
Cancellation of Shares
\u2014
\u2014
As at 31 December 2021
456
5
Issuance of Shares
1
\u2014
Cancellation of Shares
\u2014
\u2014
As at 31 December 2022
457
5
(A) Other reserves relates to cost of hedging which represents forward point on spot designations, time value of options and
currency basis.
Movements, including the tax effects, in these accounts through to 31\u00a0December\u00a02022 are
included in the consolidated statement of comprehensive income.
Dividends
Dividends are recorded within the Group\u2019s consolidated financial statements in the period in
which they are paid.
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
First half dividend(A)
256
\u2014
\u2014
Second half dividend(B)
507
638
386
Total dividend on ordinary shares paid
763
638
386
(A)Dividend of \u20ac0.56 per Share was paid in first half of 2022.
(B)Dividend of \u20ac1.12 per Share was paid in second half of 2022.
A full year dividend of \u20ac1.40 per Share and \u20ac0.85 per Share were paid in 2021 and 2020, respectively.
Dividends attributable to restricted stock units and performance share units that are unvested at
the period end date are accrued accordingly. During 2022, an incremental dividend accrual of \u20ac3
million has been recognised (2021: \u20ac1\u00a0million, 2020: \u20ac1 million).
Non-controlling interest
In December 2022, the Group entered into a share purchase agreement (SPA) with TCCC to
acquire the remaining 29.4% ownership interest of its subsidiary, PT Coca-Cola Bottling Indonesia,
for a total consideration of \u20ac282 million. The acquisition is expected to be completed in the first
quarter of 2023, following the resolution of customary conditions (refer to Note 27 for further
details). As at 31\u00a0December\u00a02022, the non-controlling interest of \u20ac205 million has been
derecognised, other reserves have been decreased by \u20ac77 million and a redemption liability of
\u20ac282 million has been recorded within the Amounts payable to related parties line of our
consolidated statement of financial position.
As at 31\u00a0December\u00a02021, equity attributable to non-controlling interest was \u20ac177\u00a0million
representing 29.4% of PT Coca-Cola Bottling Indonesia held by TCCC and 6.1% of Samoa
Breweries Limited held by numerous investors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-634": { "value": "
Share capital
As at 31\u00a0December\u00a02022, the Company has issued and fully paid 457,106,453 Shares. Shares in issue
have one voting right each and no restrictions related to dividends or return of capital.
Number of
Shares
Share capital
millions
\u20ac million
As at 1 January 2020
456
5
Issuances of Shares
2
\u2014
Cancellation of Shares
(3)
\u2014
As at 31 December 2020
455
5
Issuance of Shares
1
\u2014
Cancellation of Shares
\u2014
\u2014
As at 31 December 2021
456
5
Issuance of Shares
1
\u2014
Cancellation of Shares
\u2014
\u2014
As at 31 December 2022
457
5
(A) Other reserves relates to cost of hedging which represents forward point on spot designations, time value of options and
currency basis.
Movements, including the tax effects, in these accounts through to 31\u00a0December\u00a02022 are
included in the consolidated statement of comprehensive income", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-636": { "value": "
Dividends
Dividends are recorded within the Group\u2019s consolidated financial statements in the period in
which they are paid.
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
First half dividend(A)
256
\u2014
\u2014
Second half dividend(B)
507
638
386
Total dividend on ordinary shares paid
763
638
386
(A)Dividend of \u20ac0.56 per Share was paid in first half of 2022.
(B)Dividend of \u20ac1.12 per Share was paid in second half of 2022.
A full year dividend of \u20ac1.40 per Share and \u20ac0.85 per Share were paid in 2021 and 2020, respectively.
Dividends attributable to restricted stock units and performance share units that are unvested at
the period end date are accrued accordingly. During 2022, an incremental dividend accrual of \u20ac3
million has been recognised (2021: \u20ac1\u00a0million, 2020: \u20ac1 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-637": { "value": "
Dividends
Dividends are recorded within the Group\u2019s consolidated financial statements in the period in
which they are paid.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-638": { "value": "0.56", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2022-07-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-639": { "value": "1.12", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-07-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-640": { "value": "1.40", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-641": { "value": "0.85", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2020-01-01T00:00:00/2021-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-642": { "value": "
Non-controlling interest
In December 2022, the Group entered into a share purchase agreement (SPA) with TCCC to
acquire the remaining 29.4% ownership interest of its subsidiary, PT Coca-Cola Bottling Indonesia,
for a total consideration of \u20ac282 million. The acquisition is expected to be completed in the first
quarter of 2023, following the resolution of customary conditions (refer to Note 27 for further
details). As at 31\u00a0December\u00a02022, the non-controlling interest of \u20ac205 million has been
derecognised, other reserves have been decreased by \u20ac77 million and a redemption liability of
\u20ac282 million has been recorded within the Amounts payable to related parties line of our
consolidated statement of financial position.
As at 31\u00a0December\u00a02021, equity attributable to non-controlling interest was \u20ac177\u00a0million
representing 29.4% of PT Coca-Cola Bottling Indonesia held by TCCC and 6.1% of Samoa
Breweries Limited held by numerous investors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-643": { "value": "
Note 18
Total operating costs
The following tables summarise the significant cost items by nature within operating costs for
the years presented:
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Transportation costs(A)
851
631
447
Employee benefits
1,110
975
788
Depreciation of property, plant and equipment,
excluding restructuring
246
245
219
Amortisation of intangible assets
7
4
1
Restructuring charges, including accelerated
depreciation(B)
1
45
58
Other selling and distribution expenses
769
596
426
Total selling and distribution expenses
2,984
2,496
1,939
Transportation costs(A)
16
2
2
Employee benefits
544
462
353
Depreciation of property, plant and equipment,
excluding restructuring
99
76
45
Amortisation of intangible assets
94
83
53
Acquisition related costs
3
49
11
Restructuring charges, including accelerated
depreciation(B)
143
91
248
Other administrative expenses
351
311
271
Total administrative expenses
1,250
1,074
983
Total operating expenses
4,234
3,570
2,922
(A)Other cash costs primarily relate to professional fees, which include consultancy costs, legal fees and other costs directly
associated with restructuring.
Restructuring costs charged in arriving at operating profit for the years presented include
restructuring costs arising under the following programmes and initiatives:
Accelerate Competitiveness
In October 2020, the Group announced a number of proposals aimed at improving productivity
through the use of technology enabled solutions. Included in these proposals was the closure of
certain production facilities, including Liederbach and Sodenthaler in Germany and Malaga in
Iberia. These proposals continue the focus on network optimisation and site rationalisation of the
Group, with the majority of the impacted activities to be transferred within our network of
facilities in each respective territory.
The proposals are also expected to impact a number of functions across the Group, including
business process technology, customer service, sales and marketing, and finance as the Group
seeks to reduce complexity, improve efficiency and increase the use of technology.
In 2022, as part of the continuation of this programme, the Group announced additional
restructuring proposals, mainly related to the transformation of the full service vending
operations and related initiatives in Germany. These initiatives resulted in \u20ac82\u00a0million of
restructuring charges primarily related to expected severance costs.
During the year ended 31\u00a0December\u00a02022, the Group incurred total restructuring charges related
to this programme of \u20ac145 million, primarily made up of expected severance costs and
accelerated depreciation.
Note 23
Provisions, contingencies and commitments
Provisions are recognised when the Group has a present obligation (legal or constructive) as a
result of a past event, it is probable that an outflow of resources embodying economic benefits
will be required to settle the obligation and a reliable estimate can be made of the amount of
the obligation. When some or all of a provision is expected to be reimbursed, the reimbursement
is recognised as a separate asset, but only when the reimbursement is virtually certain. The
expense relating to a provision is presented in the\u00a0 consolidated income statement, net of any
reimbursement.
Asset retirement obligations are estimated at the inception of a lease or contract, for which a
liability is recognised. A corresponding asset is also created and depreciated.
If the effect of the time value of money is material, provisions are discounted using a current
pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is
used, the increase in the provision due to the passage of time is recognised as a finance cost.
Provisions
The following table summarises the movement in each class of provision for the periods
presented:
Restructuring
provision
Decommissioning
provision
Other
provisions(A)
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
As at 31 December 2020
208
15
14
237
Acquisition of CCL
9
\u2014
\u2014
9
Charged/(credited) to profit or loss:
Additional provisions recognised
93
6
5
104
Unused amounts reversed
(13)
\u2014
(2)
(15)
Utilised during the period
(192)
(1)
(6)
(199)
Translation
(2)
\u2014
\u2014
(2)
As at 31 December 2021
103
20
11
134
Charged/(credited) to profit or loss:
Additional provisions recognised
115
7
2
124
Unused amounts reversed
(8)
(2)
(3)
(13)
Utilised during the period
(74)
(1)
(1)
(76)
Translation
1
\u2014
\u2014
1
As at 31 December 2022
137
24
9
170
Non-current
26
24
5
55
Current
111
\u2014
4
115
As at 31 December 2022
137
24
9
170
(A)Other cash costs primarily relate to professional fees, which include consultancy costs, legal fees and other costs directly
associated with restructuring.
Restructuring costs charged in arriving at operating profit for the years presented include
restructuring costs arising under the following programmes and initiatives:
Accelerate Competitiveness
In October 2020, the Group announced a number of proposals aimed at improving productivity
through the use of technology enabled solutions. Included in these proposals was the closure of
certain production facilities, including Liederbach and Sodenthaler in Germany and Malaga in
Iberia. These proposals continue the focus on network optimisation and site rationalisation of the
Group, with the majority of the impacted activities to be transferred within our network of
facilities in each respective territory.
The proposals are also expected to impact a number of functions across the Group, including
business process technology, customer service, sales and marketing, and finance as the Group
seeks to reduce complexity, improve efficiency and increase the use of technology.
In 2022, as part of the continuation of this programme, the Group announced additional
restructuring proposals, mainly related to the transformation of the full service vending
operations and related initiatives in Germany. These initiatives resulted in \u20ac82\u00a0million of
restructuring charges primarily related to expected severance costs.
During the year ended 31\u00a0December\u00a02022, the Group incurred total restructuring charges related
to this programme of \u20ac145 million, primarily made up of expected severance costs and
accelerated depreciation.
Staff costs
Staff costs included within the income statement were as follows:
Year ended 31 December
2022
2021
2020
Employee costs
\u20ac million
\u20ac million
\u20ac million
Wages and salaries
1,769
1,544
1,253
Social security costs
316
302
283
Pension and other employee benefits
233
170
119
Total employee costs
2,318
2,016
1,655
Directors\u2019 remuneration information is disclosed in the Directors\u2019 remuneration report.
Auditor\u2019s remuneration
Audit and other fees charged in the income statement concerning the statutory auditor of the
consolidated financial statements, Ernst & Young LLP, were as follows:
Year ended 31 December
2022
2021
2020
\u20ac thousand
\u20ac thousand
\u20ac thousand
Audit of Parent Company and consolidated financial
statements(A)
3,136
4,751
3,149
Audit of the Company\u2019s subsidiaries
6,248
5,493
3,046
Total audit
9,384
10,244
6,195
Audit-related assurance services(B)
1,002
1,234
909
Other assurance services
213
313
279
Total audit and audit-related assurance services
10,599
11,791
7,383
All other services(C)
47
35
30
Total non-audit or non-audit-related assurance
services
47
35
30
Total audit and all other fees
10,646
11,826
7,413
(A)Fees in respect of the audit of the accounts of the Company, including the Group's consolidated financial statements.
(B)Includes professional fees for interim reviews, reporting on internal financial controls, services related to the transactions
entered into with TCCC, issuance of comfort letters for debt issuances, regulatory inspections, certain accounting
consultations and other attest engagements.
(C)Represents fees for all other allowable services.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-645": { "value": "
Note 18
Total operating costs
The following tables summarise the significant cost items by nature within operating costs for
the years presented:
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Transportation costs(A)
851
631
447
Employee benefits
1,110
975
788
Depreciation of property, plant and equipment,
excluding restructuring
246
245
219
Amortisation of intangible assets
7
4
1
Restructuring charges, including accelerated
depreciation(B)
1
45
58
Other selling and distribution expenses
769
596
426
Total selling and distribution expenses
2,984
2,496
1,939
Transportation costs(A)
16
2
2
Employee benefits
544
462
353
Depreciation of property, plant and equipment,
excluding restructuring
99
76
45
Amortisation of intangible assets
94
83
53
Acquisition related costs
3
49
11
Restructuring charges, including accelerated
depreciation(B)
143
91
248
Other administrative expenses
351
311
271
Total administrative expenses
1,250
1,074
983
Total operating expenses
4,234
3,570
2,922
(A)Other cash costs primarily relate to professional fees, which include consultancy costs, legal fees and other costs directly
associated with restructuring.
Restructuring costs charged in arriving at operating profit for the years presented include
restructuring costs arising under the following programmes and initiatives:
Accelerate Competitiveness
In October 2020, the Group announced a number of proposals aimed at improving productivity
through the use of technology enabled solutions. Included in these proposals was the closure of
certain production facilities, including Liederbach and Sodenthaler in Germany and Malaga in
Iberia. These proposals continue the focus on network optimisation and site rationalisation of the
Group, with the majority of the impacted activities to be transferred within our network of
facilities in each respective territory.
The proposals are also expected to impact a number of functions across the Group, including
business process technology, customer service, sales and marketing, and finance as the Group
seeks to reduce complexity, improve efficiency and increase the use of technology.
In 2022, as part of the continuation of this programme, the Group announced additional
restructuring proposals, mainly related to the transformation of the full service vending
operations and related initiatives in Germany. These initiatives resulted in \u20ac82\u00a0million of
restructuring charges primarily related to expected severance costs.
During the year ended 31\u00a0December\u00a02022, the Group incurred total restructuring charges related
to this programme of \u20ac145 million, primarily made up of expected severance costs and
accelerated depreciation.
Staff costs
Staff costs included within the income statement were as follows:
Year ended 31 December
2022
2021
2020
Employee costs
\u20ac million
\u20ac million
\u20ac million
Wages and salaries
1,769
1,544
1,253
Social security costs
316
302
283
Pension and other employee benefits
233
170
119
Total employee costs
2,318
2,016
1,655
Directors\u2019 remuneration information is disclosed in the Directors\u2019 remuneration report.
Auditor\u2019s remuneration
Audit and other fees charged in the income statement concerning the statutory auditor of the
consolidated financial statements, Ernst & Young LLP, were as follows:
Year ended 31 December
2022
2021
2020
\u20ac thousand
\u20ac thousand
\u20ac thousand
Audit of Parent Company and consolidated financial
statements(A)
3,136
4,751
3,149
Audit of the Company\u2019s subsidiaries
6,248
5,493
3,046
Total audit
9,384
10,244
6,195
Audit-related assurance services(B)
1,002
1,234
909
Other assurance services
213
313
279
Total audit and audit-related assurance services
10,599
11,791
7,383
All other services(C)
47
35
30
Total non-audit or non-audit-related assurance
services
47
35
30
Total audit and all other fees
10,646
11,826
7,413
(A)Fees in respect of the audit of the accounts of the Company, including the Group's consolidated financial statements.
(B)Includes professional fees for interim reviews, reporting on internal financial controls, services related to the transactions
entered into with TCCC, issuance of comfort letters for debt issuances, regulatory inspections, certain accounting
consultations and other attest engagements.
(C)Represents fees for all other allowable services.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-646": { "value": "
Note 18
Total operating costs
The following tables summarise the significant cost items by nature within operating costs for
the years presented:
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Transportation costs(A)
851
631
447
Employee benefits
1,110
975
788
Depreciation of property, plant and equipment,
excluding restructuring
246
245
219
Amortisation of intangible assets
7
4
1
Restructuring charges, including accelerated
depreciation(B)
1
45
58
Other selling and distribution expenses
769
596
426
Total selling and distribution expenses
2,984
2,496
1,939
Transportation costs(A)
16
2
2
Employee benefits
544
462
353
Depreciation of property, plant and equipment,
excluding restructuring
99
76
45
Amortisation of intangible assets
94
83
53
Acquisition related costs
3
49
11
Restructuring charges, including accelerated
depreciation(B)
143
91
248
Other administrative expenses
351
311
271
Total administrative expenses
1,250
1,074
983
Total operating expenses
4,234
3,570
2,922
(A)Other cash costs primarily relate to professional fees, which include consultancy costs, legal fees and other costs directly
associated with restructuring.
Restructuring costs charged in arriving at operating profit for the years presented include
restructuring costs arising under the following programmes and initiatives:
Accelerate Competitiveness
In October 2020, the Group announced a number of proposals aimed at improving productivity
through the use of technology enabled solutions. Included in these proposals was the closure of
certain production facilities, including Liederbach and Sodenthaler in Germany and Malaga in
Iberia. These proposals continue the focus on network optimisation and site rationalisation of the
Group, with the majority of the impacted activities to be transferred within our network of
facilities in each respective territory.
The proposals are also expected to impact a number of functions across the Group, including
business process technology, customer service, sales and marketing, and finance as the Group
seeks to reduce complexity, improve efficiency and increase the use of technology.
In 2022, as part of the continuation of this programme, the Group announced additional
restructuring proposals, mainly related to the transformation of the full service vending
operations and related initiatives in Germany. These initiatives resulted in \u20ac82\u00a0million of
restructuring charges primarily related to expected severance costs.
During the year ended 31\u00a0December\u00a02022, the Group incurred total restructuring charges related
to this programme of \u20ac145 million, primarily made up of expected severance costs and
accelerated depreciation.
Staff costs
Staff costs included within the income statement were as follows:
Year ended 31 December
2022
2021
2020
Employee costs
\u20ac million
\u20ac million
\u20ac million
Wages and salaries
1,769
1,544
1,253
Social security costs
316
302
283
Pension and other employee benefits
233
170
119
Total employee costs
2,318
2,016
1,655
Directors\u2019 remuneration information is disclosed in the Directors\u2019 remuneration report.
Auditor\u2019s remuneration
Audit and other fees charged in the income statement concerning the statutory auditor of the
consolidated financial statements, Ernst & Young LLP, were as follows:
Year ended 31 December
2022
2021
2020
\u20ac thousand
\u20ac thousand
\u20ac thousand
Audit of Parent Company and consolidated financial
statements(A)
3,136
4,751
3,149
Audit of the Company\u2019s subsidiaries
6,248
5,493
3,046
Total audit
9,384
10,244
6,195
Audit-related assurance services(B)
1,002
1,234
909
Other assurance services
213
313
279
Total audit and audit-related assurance services
10,599
11,791
7,383
All other services(C)
47
35
30
Total non-audit or non-audit-related assurance
services
47
35
30
Total audit and all other fees
10,646
11,826
7,413
(A)Fees in respect of the audit of the accounts of the Company, including the Group's consolidated financial statements.
(B)Includes professional fees for interim reviews, reporting on internal financial controls, services related to the transactions
entered into with TCCC, issuance of comfort letters for debt issuances, regulatory inspections, certain accounting
consultations and other attest engagements.
(C)Represents fees for all other allowable services.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-647": { "value": "Staff costs
The average number of persons employed by the Group (including Directors) for the periods
presented were as\u00a0follows:
2022
2021
2020
No. in thousands
No. in thousands
No. in thousands
Commercial
12.5
10.9
7.3
Supply chain
16.6
14.9
12.4
Support functions
4.0
3.9
2.5
Total average staff employed
33.1
29.7
22.2
(A)Fees in respect of the audit of the accounts of the Company, including the Group's consolidated financial statements.
(B)Includes professional fees for interim reviews, reporting on internal financial controls, services related to the transactions
entered into with TCCC, issuance of comfort letters for debt issuances, regulatory inspections, certain accounting
consultations and other attest engagements.
(C)Represents fees for all other allowable services.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-649": { "value": "
Note 19
Finance costs
Finance costs are recognised in the consolidated income statement in the period in which they
are incurred, with the exception of general and specific borrowing costs directly attributable to
the acquisition, construction or production of qualifying assets. Qualifying assets are assets that
necessarily take a substantial period of time to get ready for their intended use or sale. Borrowing
costs are added to the cost of those assets, until such time as the assets are substantially ready
for their intended use or sale. All other borrowing costs are recognised within the\u00a0 consolidated
income statement in the period in which they are incurred based upon the effective interest rate
method. Interest income is recognised using the effective interest rate method.
The following table summarises net finance costs for the years presented:
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Interest income(A)
67
43
33
Interest expense on external debt(A)
(162)
(153)
(132)
Other finance costs(B)
(19)
(19)
(12)
Total finance costs, net
(114)
(129)
(111)
In December 2022, the Group entered into a share purchase agreement (SPA) with TCCC to
acquire the remaining 29.4% ownership interest of its subsidiary, PT Coca-Cola Bottling Indonesia,
for a total consideration of \u20ac282 million. The acquisition is expected to be completed in the first
quarter of 2023, following the resolution of customary conditions (refer to Note 27 for further
details). As at 31 December, we have recognised a redemption liability equalling the
consideration amount, which is reflected within the amounts payable to related parties line of
our consolidated statement of financial position.
In February 2022, the Group entered into asset sale arrangements with TCCC, pursuant to which,
the Group agreed to sell certain non-alcoholic ready to drink beverage brands predominantly
available in Australia and New Zealand, which were acquired as part of the business combination
transaction consummated on 10 May 2021, for a total consideration approximating \u20ac182 million.
The sale price approximated the fair value of the brands assessed at the acquisition date. These
brands were classified as assets held for sale in our consolidated statement of financial position
as at 31\u00a0December\u00a02021. During the first half of 2022, the Group partially completed the asset sale
transaction and expects to finalise the remaining portion during 2023. The remaining part of the
transaction was initially expected to be finalised by the end of 2022, however, due to certain
administrative procedures required to be performed, the completion was extended to the first
half of 2023. The Group has also entered into commercial agreements with TCCC to facilitate
ongoing manufacturing, distributing and/or selling activities pertaining to these brands. The
consideration relating to the brands which are yet to be sold to TCCC amounts to \u20ac40 million and
those brands are classified as assets held for sale in our consolidated statement of financial
position as at 31\u00a0December\u00a02022.
Terms and conditions of transactions with TCCC
Outstanding balances on transactions with TCCC are unsecured, interest free and generally
settled in cash. Receivables from TCCC are considered to be fully recoverable.
Transactions with Cobega companies
Cobega, S.A. (Cobega) exhibits significant influence over the Group, as defined by IAS 24,
\u201cRelated Party Disclosures\u201d. As at 31\u00a0December\u00a02022, 20.87% of the total outstanding Shares in the
Group were indirectly owned by Cobega through its ownership interest in Olive Partners, S.A.
Additionally, five of the Group\u2019s 17 Directors, including the Chairman, are nominated by
Olive\u00a0Partners, three of whom are affiliated with Cobega.
The principal transactions with Cobega are for the purchase of packaging materials and
maintenance services for vending machines. The following table summarises the transactions
with Cobega that directly impacted the consolidated income statement for the years presented:
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Amounts affecting revenue(A)
2
1
1
Amounts affecting cost of sales(B)
(76)
(49)
(43)
Amounts affecting operating expenses(C)
(17)
(11)
(8)
Total net amount affecting
the\u00a0consolidated\u00a0income\u00a0statement
(91)
(59)
(50)
Terms and conditions of transactions with Cobega
Outstanding balances on transactions with Cobega are unsecured, interest free and generally
settled in cash. Receivables from Cobega are considered to be fully recoverable.
Other related parties
Transactions with associates, joint ventures and other related parties
Joint venture investments relate to interests in a manufacturer of alcoholic beverages (divested
during the first half of 2022), a service provider supporting the operation of container refund
schemes in certain Australian states and a PET recycling plant in Indonesia.
Associate investments relate to interests in deposit scheme coordinators and a holding company
of container deposit schemes in certain Australian states and territories. Associate investments
also include the Group\u2019s equity interests in early stage development companies as part of CCEP
Ventures.\u00a0
Other related parties include coordinators of container deposit schemes in certain Australian
states over which significant influence is held.
The following table summarises the transactions with associates, joint ventures and other related
parties:
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Net amounts affecting consolidated income
statement \u2013 associates(A)
(73)
(49)
\u2014
Net amounts affecting consolidated income
statement \u2013 joint ventures(B)
(9)
(9)
\u2014
Net amounts affecting consolidated income
statement \u2013 other related parties(A)
(85)
(52)
\u2014
Total net amount affecting
the\u00a0consolidated\u00a0income statement
(167)
(110)
\u2014
(A)Amounts principally relate to container deposit scheme charges in Australia.
(B)Amounts principally relate to the purchase of finished products and resin.
The following table summarises the balances with associates, joint ventures and other related
parties:
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Amounts due from associates
6
6
Amounts payable to associates
9
\u2014
Amounts payable to joint ventures
\u2014
2
Amounts payable to other related parties
10
\u2014
(A)Short-term employee benefits include wages, salaries and social security contributions, paid annual leave and paid sick leave,
paid bonuses and non-monetary benefits.
The Group did not have any loans with key management personnel and was not party to any
other transactions with key management personnel during the periods presented.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-656": { "value": "
In December 2022, the Group entered into a share purchase agreement (SPA) with TCCC to
acquire the remaining 29.4% ownership interest of its subsidiary, PT Coca-Cola Bottling Indonesia,
for a total consideration of \u20ac282 million. The acquisition is expected to be completed in the first
quarter of 2023, following the resolution of customary conditions (refer to Note 27 for further
details). As at 31 December, we have recognised a redemption liability equalling the
consideration amount, which is reflected within the amounts payable to related parties line of
our consolidated statement of financial position.
In February 2022, the Group entered into asset sale arrangements with TCCC, pursuant to which,
the Group agreed to sell certain non-alcoholic ready to drink beverage brands predominantly
available in Australia and New Zealand, which were acquired as part of the business combination
transaction consummated on 10 May 2021, for a total consideration approximating \u20ac182 million.
The sale price approximated the fair value of the brands assessed at the acquisition date. These
brands were classified as assets held for sale in our consolidated statement of financial position
as at 31\u00a0December\u00a02021. During the first half of 2022, the Group partially completed the asset sale
transaction and expects to finalise the remaining portion during 2023. The remaining part of the
transaction was initially expected to be finalised by the end of 2022, however, due to certain
administrative procedures required to be performed, the completion was extended to the first
half of 2023. The Group has also entered into commercial agreements with TCCC to facilitate
ongoing manufacturing, distributing and/or selling activities pertaining to these brands. The
consideration relating to the brands which are yet to be sold to TCCC amounts to \u20ac40 million and
those brands are classified as assets held for sale in our consolidated statement of financial
position as at 31\u00a0December\u00a02022.
Assets held for sale
Non-current assets, or disposal groups comprising assets and liabilities, are classified as held for
sale if it is highly probable that they would be recovered through sale rather than continuous use.
In order for a sale to be considered highly probable, all of the following criteria needs to be met:
management is committed to a plan to sell the assets, an active programme to locate a buyer
and complete the plan has been initiated, the assets are actively marketed at reasonable price,
and the sale is expected to be completed within one year from the date of classification.
Such assets, or disposal groups, are generally measured at the lower of their carrying amount and
fair value less cost to sale.
Once classified as held for sale, intangible assets and property, plant and equipment are no longer
amortised or depreciated, and any equity accounted investee is no longer equity accounted.\u00a0
Assets classified as held for sale as at 31\u00a0December\u00a02022 totalled \u20ac94\u00a0million and are
predominantly comprised of \u20ac40\u00a0million related\u00a0 to certain non-alcoholic ready to drink
beverage brands, which are to be sold to TCCC (See Note 20 for further details), as well as
\u20ac29\u00a0million related to a sale of property in Germany. The Group expects to complete these
transactions during the first half of 2023.
Assets classified as held for sale as at 31\u00a0December\u00a02021 totalled \u20ac223\u00a0million and were
predominantly comprised of certain non-alcoholic ready to drink brands that were acquired as
part of the Acquisition.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-657": { "value": "
Other related parties
Transactions with associates, joint ventures and other related parties
Joint venture investments relate to interests in a manufacturer of alcoholic beverages (divested
during the first half of 2022), a service provider supporting the operation of container refund
schemes in certain Australian states and a PET recycling plant in Indonesia.
Associate investments relate to interests in deposit scheme coordinators and a holding company
of container deposit schemes in certain Australian states and territories. Associate investments
also include the Group\u2019s equity interests in early stage development companies as part of CCEP
Ventures.\u00a0
Other related parties include coordinators of container deposit schemes in certain Australian
states over which significant influence is held.
The following table summarises the transactions with associates, joint ventures and other related
parties:
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Net amounts affecting consolidated income
statement \u2013 associates(A)
(73)
(49)
\u2014
Net amounts affecting consolidated income
statement \u2013 joint ventures(B)
(9)
(9)
\u2014
Net amounts affecting consolidated income
statement \u2013 other related parties(A)
(85)
(52)
\u2014
Total net amount affecting
the\u00a0consolidated\u00a0income statement
(167)
(110)
\u2014
(A)Amounts principally relate to container deposit scheme charges in Australia.
(B)Amounts principally relate to the purchase of finished products and resin.
The following table summarises the balances with associates, joint ventures and other related
parties:
Year ended 31 December
2022
2021
\u20ac million
\u20ac million
Amounts due from associates
6
6
Amounts payable to associates
9
\u2014
Amounts payable to joint ventures
\u2014
2
Amounts payable to other related parties
10
\u2014
Name
Country of
incorporation
% equity
interest
Registered address
Brewcorp Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Brewhouse Investments Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
C - C Bottlers Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Can Recycling (S.A.) Pty. Ltd.
Australia
100%(B)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
CC Digital GmbH
Germany
50%
Stralauer Allee 4, 10245, Berlin, Germany
CC Erfrischungsgetr\u00e4nke Oldenburg Verwaltungs\u00a0GmbH
Germany
100%(I)
Stralauer Allee 4, 10245, Berlin, Germany
CC Iberian Partners Gestion S.L.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain
CC Verpackungsgesellschaft mit beschraenkter\u00a0Haftung
Germany
100%
Schieferstrasse 20, 06126, Halle (Saale), Germany
CCA Bayswater Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
CCEP Australia Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
CCEP Finance (Australia) Limited
United Kingdom
100%(A)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP Finance (Ireland) Designated Activity Company
Ireland
100%
6th Floor, 2 Grand Canal Square, Dublin 2, Ireland
CCEP Group Services Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP Holdings (Australia) Limited
United Kingdom
100%(A)(D)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP Holdings (Australia) Pty Ltd
Australia
100%(A)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
CCEP Holdings Norge AS
Norway
100%
Robsrudskogen 5, L\u00f8renskog, 1470, Norway
CCEP Holdings Sverige AB
Sweden
100%
Dryckesv\u00e4gen 2 C, 136 87, Haninge, Sweden
CCEP Holdings UK Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP Ventures Australia Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
CCEP Ventures Europe Limited
United Kingdom
100%(A)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP Ventures UK Limited
United Kingdom
100%(A)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP\u00a0Scottish\u00a0Limited\u00a0Partnership
United Kingdom
100%
52 Milton Road, East Kilbride, Glasgow, Scotland, G74 5DJ
CCIP Soporte, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain
Circular Plastics Australia (PET) Holdings Pty Ltd
Australia
16.67%
Building 3, 658 Church Street, Cremorne VIC 3121, Australia
Classic Brand (Europe) Designated Activity Company
Ireland
100%
4th Floor, 25-28 Adelaide Road, Dublin 2, D02 RY98, Ireland
Cobega Embotellador, S.L.U.
Spain
100%
Avda Paisos Catalans, 32, 08950 , Esplugues de Llobregat, Spain
Coca-Cola Amatil (UK) Limited
United Kingdom
100%(L)
1 Bartholomew Lane, London, EC2N 2AX, United Kingdom
Coca-Cola Europacific Partners (CDE Aust) Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners (Fiji) Pte Limited
Fiji
100%
Lot 1, Ratu Dovi Road, Laucala Beach Estate, NASINU, Fiji
Name
Country of
incorporation
% equity
interest
Registered address
Coca-Cola Europacific Partners (Holdings) Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners (Initial LP) Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners (Scotland) Limited
United Kingdom
100%
52 Milton Road, College Milton, East Kilbride, Scotland, G74 5DJ, United Kingdom
Coca-Cola Europacific Partners API Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners Australia Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners Belgium SRL/BV
Belgium
100%
Chauss\u00e9e de Mons 1424, 1070 Brussels, Belgium
Coca-Cola Europacific Partners Deutschland GmbH
Germany
100%(F)
Stralauer Allee 4, 10245, Berlin, Germany
Coca-Cola Europacific Partners France SAS
France
100%(G)
9 chemin de Bretagne , 92784, Issy-les-Moulineaux, France
Coca-Cola Europacific Partners Great Britain Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners Holdings Great Britain Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners Holdings NZ Limited
New Zealand
100%
The Oasis, 19 Carbine Road, Mount Wellington, Auckland, 1060, New Zealand
Coca-Cola Europacific Partners Holdings US, Inc.
United States
100%(A)(D)
Corporation Trust Center, 1209 Orange Street, Wilmington DE, USA
Coca-Cola Europacific Partners Iberia, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain
Coca-Cola Europacific Partners Investments (Singapore) Pte. Ltd.
Singapore
100%
80 Robinson Road, #02-00, 068898, Singapore
Coca-Cola Europacific Partners \u00cdsland ehf.
Iceland
100%
Studlahals 1, 110, Reykjavik, Iceland
Coca-Cola Europacific Partners Luxembourg s\u00e0rl
Luxembourg
100%
2, Rue des Joncs, L-1818, Howald, Luxembourg
Coca-Cola Europacific Partners Nederland B.V.
Netherlands
100%
Marten Meesweg 25 J, 3068 AV ROTTERDAM, Netherlands
Coca-Cola Europacific Partners New Zealand Limited
New Zealand
100%
The Oasis, 19 Carbine Road, Mount Wellington, Auckland, 1060, New Zealand
Coca-Cola Europacific Partners Norge AS
Norway
100%
Robsrudskogen 5, L\u00f8renskog, 1470, Norway
Coca-Cola Europacific Partners Papua New Guinea Limited
Papua New
Guinea
100%
Section 23, Allotment 14, Milfordhaven Road, LAE, Morobe Province, 411, Papua New Guinea
Coca-Cola Europacific Partners Pension Scheme Trustees Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners Portugal Unipessoal LDA
Portugal
100%
Quinta da Salmoura - Cabanas-2925-362 Azeit\u00e3o, Set\u00fabal, Portugal
Coca-Cola Europacific Partners Services Bulgaria EOOD
Bulgaria
100%
48 Sitnyakovo Blvd. , Serdika Centre , Office Building, floor 5 , Sofia , 1505, Bulgaria
Coca-Cola Europacific Partners Services Europe Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners Services SRL
Belgium
100%(O)
Chauss\u00e9e de Mons 1424, 1070 Brussels, Belgium
Coca-Cola Europacific Partners Sverige AB
Sweden
100%
136 87, Haninge, Sweden
Coca-Cola Europacific Partners US II, LLC
United States
100%
Corporation Trust Center, 1209 Orange Street, Wilmington 19801, Delaware, USA
Name
Country of
incorporation
% equity
interest
Registered address
Coca-Cola Europacific Partners US, LLC
United States
100%
Corporation Trust Center, 1209 Orange Street, Wilmington 19801, USA
Coca-Cola Europacific Partners Vanuatu Limited
Vanuatu
100%
1st Floor, Govant Building, Kumul Highway, Port Vila, Vanuatu
Coca-Cola Immobilier SCI
France
100%(G)
9 chemin de Bretagne , 92784, Issy-les-Moulineaux, France
Coca-Cola Production SAS
France
100%
Zone d' entreprises de Bergues , 59380, Commune de Socx, France
Coca-Cola\u00a0Australia\u00a0Foundation\u00a0Limited
Australia
\u2014%(M)
Level 13 , 40 Mount Street , North Sydney NSW 2060, Australia
Compa\u00f1\u00eda Asturiana De Bebidas Gaseosas, S.L.U.
Spain
100%
C/ Nava, 18- 3\u00aa (Granda) Siero\u00a0 - 33006, Oviedo, Spain
Compa\u00f1\u00eda Castellana De Bebidas Gaseosas, S.L.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, (Madrid), Spain
Compa\u00f1\u00eda Levantina De Bebidas Gaseosas, S.L.U.
Spain
100%
Av. Real Monasterio de Sta. , Maria de Poblet , 3646930, Quart de Poblet , Spain
Compa\u00f1\u00eda Norte\u00f1a De Bebidas Gaseosas, S.L.U.
Spain
100%
C/ Ibaiz\u00e1bal, 57 , Galdakao, 48960, Bizkaia, Spain
Compa\u00f1\u00eda Para La Comunicaci\u00f3n De Bebidas Sin Alcohol, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain
Container Exchange (QLD) Limited
Australia
\u2014%(M)
Level 17, 100 Creek Street, Brisbane QLD 4000, Australia
Container\u00a0Exchange\u00a0(Services)\u00a0Pty\u00a0Ltd
Australia
50%
Maddocks, Angel Place, Level 27, 123 Pitt Street, Sydney NSW 2000, Australia
Conversia IT, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain
Crusta Fruit Juices Proprietary Limited
Australia
100%(J)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Developed System Logistics, S.L.U.
Spain
100%
Av. Henry Ford 25, Manzana 19, Complejo Pq.Ind.Juan , CARLOS I , 46220, Picassent , Valencia , Spain
Endurvinnslan hf.
Iceland
20%
Knarravogur 4, 104 Reykjavik, Iceland
Exchange for Change (ACT) Pty Ltd
Australia
20%
Building C, Suite 6, Level 1, 1 Homebush Bay Drive, Rhodes NSW 2138, Australia
Exchange for Change (Australia) Pty Ltd
Australia
20%
Building C, Suite 6, Level 1, 1 Homebush Bay Drive, Rhodes NSW 2138, Australia
Exchange for Change (NSW) Pty Ltd
Australia
20%
Building C, Suite 6, Level 1, 1 Homebush Bay Drive, Rhodes NSW 2138, Australia
Feral Brewing Company Pty Ltd
Australia
100%(K)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Foodl B.V.
Netherlands
33.3%
HNK Utrecht West, V.02, Weg der Verenigde Naties 1, 3527 KT, Utrecht, Netherlands
GR Bottling Holdings UK Limited
United Kingdom
100%(A)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Infineo Recyclage SAS
France
49%(H)
Sainte Marie la Blanche , 21200, Dijon , France
Innovative Tap Solutions Inc.
United States
21.8%
300 Brookside Avenue, Ambler, PA 19002, USA
Instelling voor Bedrijfspensioenvoorziening Coca-Cola Europacific Partners
Belgium/Coca-Cola Europacific Partners Services \u2013 Bedienden-Arbeiders
OFP
Belgium
100%
1424 \u2013 B1070 Bergensesteenweg, Brussels, Belgium
Instelling voor Bedrijfspensioenvoorziening Coca-Cola Europacific Partners
Belgium/Coca-Cola Europacific Partners Services \u2013 Kaderleden OFP
Belgium
100%
1424 \u2013 B1070 Bergensesteenweg, Brussels, Belgium
Name
Country of
incorporation
% equity
interest
Registered address
Iparbal, 99 S.L.
Spain
100%
C/ Ibaiz\u00e1bal, 57, 48960, Bizkaia, Galdakao, Spain
Iparsoft, 2004 S.L.
Spain
100%
C/ Ibaiz\u00e1bal, 57, 48960, Bizkaia, Galdakao, Spain
Kollex GmbH
Germany
20%
Kottbusser Damm 25-26 , 10967, Berlin, Germany
Lavit Holdings Inc
United States
13.7%
27 West 20th Street, Suite 1004, New York NY 10011, USA
Lusobega, S.L.
Spain
100%
C/ Ibaiz\u00e1bal, 57, 48960, Bizkaia, Galdakao, Spain
Madrid Ecoplatform, S.L.U.
Spain
100%
C/Pedro Lara, 8 Pq. Tecnologico de Leganes , 28919, (Leganes), Spain
Mahija Parahita Nusantara Foundation
Indonesia
\u2014%(M)
South Quarter Tower C, 22nd (P) Floor, Jalan R.A. Kartini, Kav.8, Cilandak Barat, Cilandak, South Jakarta , 12430, Indonesia
Matila Nominees Pty. Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail Bottled Water Co Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail SA Pty. Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail Springwater (VIC) Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail Springwater Co Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail Springwater Co. (QLD) Pty. Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail Springwater Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail WA Pty. Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Pacbev Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Paradise Beverages (Fiji) Pte Limited
Fiji
100%
122-164 Foster Road, Walu Bay, Suva, Fiji
PE\u00d1A Umbria S.L.U.
Spain
100%
Av. Real Monasterio de Sta. , Maria de Poblet , 3646930, Quart de Poblet , Spain
Perfect Fruit Company Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
PT Amandina Bumi Nusantara
Indonesia
35.31%
South Quarter Tower C, 22nd (P) Floor, Jalan R.A. Kartini, Kav.8, Cilandak Barat, Cilandak, South Jakarta , 12430, Indonesia
PT Coca-Cola Bottling Indonesia
Indonesia
70.6%(C)
South Quarter Tower C, 22nd (P) Floor, Jalan R.A. Kartini, Kav.8, Cilandak Barat, Cilandak, South Jakarta , 12430, Indonesia
PT Coca-Cola Distribution Indonesia
Indonesia
70.63%
South Quarter Tower C, 22nd (P) Floor, Jalan R.A. Kartini, Kav.8, Cilandak Barat, Cilandak, South Jakarta , 12430, Indonesia
Purna Pty. Ltd.
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Quenchy Crusta Sales Pty. Ltd.
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Real Oz Water Supply Co (QLD) Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Refrescos Envasados Del Sur, S.L.U.
Spain
100%
Autov\u00eda del Sur A-IV, km.528- 41309 , La Rinconada, Sevilla, Spain
Refrige SGPS, Unipessoal, LDA
Portugal
100%
Quinta da Salmoura - Cabanas-2925-362 Azeit\u00e3o, Set\u00fabal, Portugal
Roalba, S.L.U.
Spain
100%
C/ Ibaiz\u00e1bal, 57, 48960, Bizkaia, Galdakao, Spain
Name
Country of
incorporation
% equity
interest
Registered address
Sale Proprietary Co 1 Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Sale Proprietary Co 2 Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Sale Proprietary Co 3 Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Sale Proprietary Co 4 Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Sale Proprietary Co 5 Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Sale Proprietary Co 6 Pty Ltd
Australia
100%(P)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Sale Proprietary Co 7 Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Samoa\u00a0Breweries\u00a0Limited
Samoa
93.85%
Vaitele Industrial Zone, Vaitele Tai, Faleata Sisifo, Samoa
Solares y Edificios Norte\u00f1os, S.L.U.
Spain
100%
C/ Ibaiz\u00e1bal, 57, 48960, Bizkaia, Galdakao, Spain
Starstock Group Limited
United Kingdom
28.05%
2nd Floor, 140, Fenchurch Street, London, England, EC3M 6BL, United Kingdom
TasRecycle Limited
Australia
\u2014%(N)
Level 9, 85 Macquarie Street, Hobart TAS 7000, Australia
VicRecycle Limited
Australia
\u2014%(N)
HWL Ebsworth Lawyers, Level 8, 447 Collins Street, Melbourne VIC 3000, Australia
WA Return Recycle Renew Ltd
Australia
\u2014%(M)
Unit 2, 1 Centro Avenue, Subiaco WA 6008, Australia
Wabi Portugal, Unipessoal LDA
Portugal
100%
N\u00ba 16-A, Frac\u00e7ao B, 5\u00ba Piso, Edificio Miraflores Premium Distrito: Lisboa Concelho: Oieras Freguesia: Alg\u00e9s, Linda-a-
Velha e Cruz Quebrada-Dafundo 1495 190 Alg\u00e9s, Portugal
WB Investment Ireland 2 Limited
Ireland
100%
6th Floor, 2 Grand Canal Square, Dublin 2, Ireland
WBH Holdings Luxembourg SCS
Luxembourg
100%
2, Rue des Joncs, L-1818, Howald, Luxembourg
WIH UK Limited
United Kingdom
100%(A)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Wir Sind Coca-Cola GmbH
Germany
100%
Stralauer Allee 4, 10245, Berlin, Germany
(A)Short-term employee benefits include wages, salaries and social security contributions, paid annual leave and paid sick leave,
paid bonuses and non-monetary benefits.
The Group did not have any loans with key management personnel and was not party to any
other transactions with key management personnel during the periods presented.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-659": { "value": "
Note 21
Income taxes
Current tax
Current tax for the period includes amounts expected to be payable on taxable income in the
period together with any adjustments to taxes payable in respect of previous periods, and is
determined based on the tax laws enacted or substantively enacted at the balance sheet date in
the countries where the Group operates and generates taxable income. Management
periodically evaluates positions taken in tax returns with respect to situations in which applicable
tax regulations are subject to interpretation and establishes provisions, where appropriate, on the
basis of amounts expected to be paid to the tax authorities.
Deferred tax
Deferred tax is determined by identifying the temporary differences between the tax bases of
assets and liabilities and their carrying amounts for financial reporting purposes at the reporting
date. Deferred tax for the period includes origination and reversal of temporary differences,
remeasurements of deferred tax balances and adjustments in respect of prior periods.
Deferred tax liabilities are recognised for all taxable temporary differences, except:
\u2022When the deferred tax liability arises from the initial recognition of goodwill or an asset or
liability in a transaction that is not a business combination and, at the time of the transaction,
affects neither the accounting profit nor taxable profit or loss; or
\u2022In respect of taxable temporary differences associated with investments in subsidiaries,
branches and associates and interests in joint ventures, when the timing of the reversal of the
temporary differences can be controlled by the Group and it is probable that the temporary
differences will not reverse in the foreseeable future.
Deferred tax assets are recognised for all deductible temporary differences, carry forward of
unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will
be available against which the deductible temporary differences and the carry forward of
unused tax credits and unused tax losses can be utilised, except:
\u2022When the deferred tax asset relating to the deductible temporary difference arises from the
initial recognition of an asset or liability in a transaction that is not a business combination and,
at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; or
\u2022In respect of deductible temporary differences associated with investments in subsidiaries,
branches and associates and interests in joint ventures, deferred tax assets are recognised only
to the extent that it is probable that the temporary differences will reverse in the foreseeable
future and taxable profit will be available against which the temporary differences can be
utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to
the extent that it is no longer probable that sufficient taxable profit will be available to allow all or
part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at
each reporting date and are recognised to the extent that it has become probable that future
taxable profits will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the
year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have
been enacted or substantively enacted at the reporting date.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set
off current tax assets against current income tax liabilities and the deferred taxes relate to the
same taxation authority on either the same taxable entity or different taxable entities where
there is an intention to settle the balances on a net basis.
Income tax is recognised in the consolidated income statement. Income tax is recognised in
other comprehensive income or directly in equity to the extent that it relates to items
recognised in other comprehensive income or in equity.
2022, 2021 and 2020 results
The following table summarises the major components of income tax expense for the periods
presented:
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Current tax:
Current tax charge
460
323
230
Adjustment in respect of current tax from
prior\u00a0periods
(37)
(53)
3
Total current tax
423
270
233
Deferred tax:
Relating to the origination and reversal of
temporary\u00a0differences
35
6
(73)
Adjustment in respect of deferred income tax from
prior\u00a0periods
(22)
(9)
(6)
Relating to changes in tax rates or the imposition of
new\u00a0taxes
\u2014
127
43
Total deferred tax
13
124
(36)
Income tax charge per
the\u00a0consolidated\u00a0income\u00a0statement
436
394
197
The effective tax rate was 22.3%, 28.5% and 28.3% for the years ended 31\u00a0December\u00a02022,
31\u00a0December\u00a02021 and 31\u00a0December\u00a02020, respectively. The parent company of the Group is a
UK company.
Accordingly, the following tables provide reconciliations of the Group\u2019s income tax expense at
the UK statutory tax rate to the actual income tax expense for the periods presented:
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Accounting profit before tax
from\u00a0continuing\u00a0operations
1,957
1,382
695
Tax expense at the UK statutory rate
371
262
132
Taxation of foreign operations, net(A)
115
72
23
Non-deductible expense items for tax purposes
2
2
6
Rate and law change impact, net(B)(C)(D)
\u2014
127
43
Deferred taxes not recognised
7
(7)
(4)
Adjustment in respect of prior periods(E)
(59)
(62)
(3)
Total provision for income taxes
436
394
197
(A)This reflects the impact, net of income tax contingencies, of having operations outside the UK, which are taxed at rates other
than the statutory UK rate of 19%\u00a0(2021:\u00a019%,\u00a02020:\u00a019%). In prior periods, this included the benefit of some income being fully
or partially exempt from income taxes due to various operating and financing activities.
(B)In 2021, the UK enacted a law change that increased its tax rate to 25% with effect from 1 April 2023. The Group recognised a
deferred tax expense of \u20ac123\u00a0million to reflect the impact of this change.
(C)In 2021, the Netherlands enacted a law change that increased its tax rate to 25.8% with effect from 1 January 2022. The\u00a0Group
recognised a deferred tax expense of \u20ac2 million to reflect the impact of this change.
(D)In 2021, Indonesia enacted a law change that retained its tax rate of 22% with effect from 1 January 2022, reversing a previously
enacted decrease to 20%. The Group recognised a deferred tax expense of \u20ac2 million to reflect the impact of this change.
(E)The prior year adjustment is principally due to the reassessment of our uncertain tax positions and release of tax reserves that
are no longer required primarily due to expiration of statute of limitations.\u00a0
Deferred income taxes
The following table summarises the movements in the carrying amounts of deferred tax liabilities and assets by significant component during the periods presented:
Franchise
and\u00a0other
intangible assets
Property, plant\u00a0
and equipment
Financial assets
and liabilities
Tax
losses
Employee
and\u00a0retiree
benefit accruals
Tax
credits
Other,
net
Total,
net
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
As at 31 December 2020
1,982
187
(6)
(6)
(89)
(10)
49
2,107
Amount charged/(credited) to income statement
(excluding effect of tax rate changes)
1
2
(1)
(4)
8
(2)
(7)
(3)
Effect of tax rate changes on income statement
106
8
1
\u2014
12
\u2014
\u2014
127
Amounts charged/(credited) directly to OCI
\u2014
\u2014
63
\u2014
63
\u2014
\u2014
126
Amount charged/(credited) to equity
\u2014
\u2014
\u2014
\u2014
(3)
\u2014
\u2014
(3)
Acquired through business combinations
1,174
51
(19)
(4)
(6)
\u2014
(20)
1,176
Effect of movements in foreign exchange
22
3
(2)
\u2014
1
\u2014
3
27
As at 31 December 2021
3,285
251
36
(14)
(14)
(12)
25
3,557
Amount charged/(credited) to income statement
(excluding effect of tax rate changes)
(4)
(11)
5
7
5
\u2014
11
13
Amounts charged/(credited) directly to OCI
\u2014
\u2014
(20)
\u2014
(11)
\u2014
\u2014
(31)
Amount charged/(credited) to equity
\u2014
\u2014
\u2014
\u2014
(2)
\u2014
\u2014
(2)
Acquired through business combinations
(4)
2
\u2014
\u2014
\u2014
\u2014
\u2014
(2)
Balance sheet reclassifications
(1)
(2)
(1)
(4)
\u2014
\u2014
4
(4)
Effect of movements in foreign exchange
(22)
(4)
(3)
\u2014
(1)
\u2014
(9)
(39)
As at 31 December 2022
3,254
236
17
(11)
(23)
(12)
31
3,492
Analysed as follows:
Deferred tax asset
(21)
Deferred tax liability
3,513
This net deferred tax liability includes a net liability of \u20ac1,174 million related to the 2021 Acquisition, a \u20ac36 million liability arising on assets capitalised under IFRS\u00a0but expensed for tax, and a \u20ac22 million
liability related to purchase accounting on earlier transactions in\u00a0an acquired entity.
Unrecognised tax items
The utilisation of tax losses and temporary differences carried forward, for which no deferred tax
asset is currently recognised, is subject to the resolution of tax authority enquiries and the
achievement of positive income in periods which are beyond the Group\u2019s current business plan,
and therefore this utilisation is uncertain.
The gross and tax effected amounts including expiry dates, where applicable, of unrecognised
losses, tax credits and deductible temporary differences available for carry forward are as follows:
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Gross
amount
Tax
effected
Gross
amount
Tax
effected
Gross
amount
Tax
effected
Tax losses expiring:
Within 10 years
\u2014
\u2014
\u2014
\u2014
7
2
Beyond 10 years
3
1
\u2014
\u2014
\u2014
\u2014
No time limit
1,799
330
1,803
310
1,802
278
1,802
331
1,803
310
1,809
280
Tax credits expiring:
Within 10 years
58
58
100
100
122
122
Beyond 10 years
43
43
45
45
47
47
No time limit
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
101
101
145
145
169
169
Deductible temporary differences
No time limit
79
20
53
11
65
14
79
20
53
11
65
14
Total
1,982
452
2,001
466
2,043
463
As at 31 December 2022, no deferred tax liability has been recognised in respect of \u20ac309 million
of unremitted earnings in subsidiaries, associates and joint ventures.
Tax provisions
The Group is routinely under audit by tax 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 these tax matters that it believes
appropriately reflect its risk. As at 31\u00a0December\u00a02022, \u20ac122\u00a0million of these provisions is included
in current tax liabilities and the remainder is included in non-current tax liabilities.
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\u2019s provisions.
The Group has received tax assessments in certain jurisdictions for potential tax related to the
Group\u2019s purchases of concentrate. The value of the Group\u2019s 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-660": { "value": "
Note 21
Income taxes
Current tax
Current tax for the period includes amounts expected to be payable on taxable income in the
period together with any adjustments to taxes payable in respect of previous periods, and is
determined based on the tax laws enacted or substantively enacted at the balance sheet date in
the countries where the Group operates and generates taxable income. Management
periodically evaluates positions taken in tax returns with respect to situations in which applicable
tax regulations are subject to interpretation and establishes provisions, where appropriate, on the
basis of amounts expected to be paid to the tax authorities.
Deferred tax
Deferred tax is determined by identifying the temporary differences between the tax bases of
assets and liabilities and their carrying amounts for financial reporting purposes at the reporting
date. Deferred tax for the period includes origination and reversal of temporary differences,
remeasurements of deferred tax balances and adjustments in respect of prior periods.
Deferred tax liabilities are recognised for all taxable temporary differences, except:
\u2022When the deferred tax liability arises from the initial recognition of goodwill or an asset or
liability in a transaction that is not a business combination and, at the time of the transaction,
affects neither the accounting profit nor taxable profit or loss; or
\u2022In respect of taxable temporary differences associated with investments in subsidiaries,
branches and associates and interests in joint ventures, when the timing of the reversal of the
temporary differences can be controlled by the Group and it is probable that the temporary
differences will not reverse in the foreseeable future.
Deferred tax assets are recognised for all deductible temporary differences, carry forward of
unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will
be available against which the deductible temporary differences and the carry forward of
unused tax credits and unused tax losses can be utilised, except:
\u2022When the deferred tax asset relating to the deductible temporary difference arises from the
initial recognition of an asset or liability in a transaction that is not a business combination and,
at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; or
\u2022In respect of deductible temporary differences associated with investments in subsidiaries,
branches and associates and interests in joint ventures, deferred tax assets are recognised only
to the extent that it is probable that the temporary differences will reverse in the foreseeable
future and taxable profit will be available against which the temporary differences can be
utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to
the extent that it is no longer probable that sufficient taxable profit will be available to allow all or
part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at
each reporting date and are recognised to the extent that it has become probable that future
taxable profits will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the
year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have
been enacted or substantively enacted at the reporting date.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set
off current tax assets against current income tax liabilities and the deferred taxes relate to the
same taxation authority on either the same taxable entity or different taxable entities where
there is an intention to settle the balances on a net basis.
Income tax is recognised in the consolidated income statement. Income tax is recognised in
other comprehensive income or directly in equity to the extent that it relates to items
recognised in other comprehensive income or in equity.
2022, 2021 and 2020 results
The following table summarises the major components of income tax expense for the periods
presented:
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Current tax:
Current tax charge
460
323
230
Adjustment in respect of current tax from
prior\u00a0periods
(37)
(53)
3
Total current tax
423
270
233
Deferred tax:
Relating to the origination and reversal of
temporary\u00a0differences
35
6
(73)
Adjustment in respect of deferred income tax from
prior\u00a0periods
(22)
(9)
(6)
Relating to changes in tax rates or the imposition of
new\u00a0taxes
\u2014
127
43
Total deferred tax
13
124
(36)
Income tax charge per
the\u00a0consolidated\u00a0income\u00a0statement
436
394
197
The effective tax rate was 22.3%, 28.5% and 28.3% for the years ended 31\u00a0December\u00a02022,
31\u00a0December\u00a02021 and 31\u00a0December\u00a02020, respectively. The parent company of the Group is a
UK company.
Accordingly, the following tables provide reconciliations of the Group\u2019s income tax expense at
the UK statutory tax rate to the actual income tax expense for the periods presented:
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Accounting profit before tax
from\u00a0continuing\u00a0operations
1,957
1,382
695
Tax expense at the UK statutory rate
371
262
132
Taxation of foreign operations, net(A)
115
72
23
Non-deductible expense items for tax purposes
2
2
6
Rate and law change impact, net(B)(C)(D)
\u2014
127
43
Deferred taxes not recognised
7
(7)
(4)
Adjustment in respect of prior periods(E)
(59)
(62)
(3)
Total provision for income taxes
436
394
197
(A)This reflects the impact, net of income tax contingencies, of having operations outside the UK, which are taxed at rates other
than the statutory UK rate of 19%\u00a0(2021:\u00a019%,\u00a02020:\u00a019%). In prior periods, this included the benefit of some income being fully
or partially exempt from income taxes due to various operating and financing activities.
(B)In 2021, the UK enacted a law change that increased its tax rate to 25% with effect from 1 April 2023. The Group recognised a
deferred tax expense of \u20ac123\u00a0million to reflect the impact of this change.
(C)In 2021, the Netherlands enacted a law change that increased its tax rate to 25.8% with effect from 1 January 2022. The\u00a0Group
recognised a deferred tax expense of \u20ac2 million to reflect the impact of this change.
(D)In 2021, Indonesia enacted a law change that retained its tax rate of 22% with effect from 1 January 2022, reversing a previously
enacted decrease to 20%. The Group recognised a deferred tax expense of \u20ac2 million to reflect the impact of this change.
(E)The prior year adjustment is principally due to the reassessment of our uncertain tax positions and release of tax reserves that
are no longer required primarily due to expiration of statute of limitations.\u00a0
Deferred income taxes
The following table summarises the movements in the carrying amounts of deferred tax liabilities and assets by significant component during the periods presented:
Franchise
and\u00a0other
intangible assets
Property, plant\u00a0
and equipment
Financial assets
and liabilities
Tax
losses
Employee
and\u00a0retiree
benefit accruals
Tax
credits
Other,
net
Total,
net
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
As at 31 December 2020
1,982
187
(6)
(6)
(89)
(10)
49
2,107
Amount charged/(credited) to income statement
(excluding effect of tax rate changes)
1
2
(1)
(4)
8
(2)
(7)
(3)
Effect of tax rate changes on income statement
106
8
1
\u2014
12
\u2014
\u2014
127
Amounts charged/(credited) directly to OCI
\u2014
\u2014
63
\u2014
63
\u2014
\u2014
126
Amount charged/(credited) to equity
\u2014
\u2014
\u2014
\u2014
(3)
\u2014
\u2014
(3)
Acquired through business combinations
1,174
51
(19)
(4)
(6)
\u2014
(20)
1,176
Effect of movements in foreign exchange
22
3
(2)
\u2014
1
\u2014
3
27
As at 31 December 2021
3,285
251
36
(14)
(14)
(12)
25
3,557
Amount charged/(credited) to income statement
(excluding effect of tax rate changes)
(4)
(11)
5
7
5
\u2014
11
13
Amounts charged/(credited) directly to OCI
\u2014
\u2014
(20)
\u2014
(11)
\u2014
\u2014
(31)
Amount charged/(credited) to equity
\u2014
\u2014
\u2014
\u2014
(2)
\u2014
\u2014
(2)
Acquired through business combinations
(4)
2
\u2014
\u2014
\u2014
\u2014
\u2014
(2)
Balance sheet reclassifications
(1)
(2)
(1)
(4)
\u2014
\u2014
4
(4)
Effect of movements in foreign exchange
(22)
(4)
(3)
\u2014
(1)
\u2014
(9)
(39)
As at 31 December 2022
3,254
236
17
(11)
(23)
(12)
31
3,492
Analysed as follows:
Deferred tax asset
(21)
Deferred tax liability
3,513
This net deferred tax liability includes a net liability of \u20ac1,174 million related to the 2021 Acquisition, a \u20ac36 million liability arising on assets capitalised under IFRS\u00a0but expensed for tax, and a \u20ac22 million
liability related to purchase accounting on earlier transactions in\u00a0an acquired entity.
Unrecognised tax items
The utilisation of tax losses and temporary differences carried forward, for which no deferred tax
asset is currently recognised, is subject to the resolution of tax authority enquiries and the
achievement of positive income in periods which are beyond the Group\u2019s current business plan,
and therefore this utilisation is uncertain.
The gross and tax effected amounts including expiry dates, where applicable, of unrecognised
losses, tax credits and deductible temporary differences available for carry forward are as follows:
Year ended 31 December
2022
2021
2020
\u20ac million
\u20ac million
\u20ac million
Gross
amount
Tax
effected
Gross
amount
Tax
effected
Gross
amount
Tax
effected
Tax losses expiring:
Within 10 years
\u2014
\u2014
\u2014
\u2014
7
2
Beyond 10 years
3
1
\u2014
\u2014
\u2014
\u2014
No time limit
1,799
330
1,803
310
1,802
278
1,802
331
1,803
310
1,809
280
Tax credits expiring:
Within 10 years
58
58
100
100
122
122
Beyond 10 years
43
43
45
45
47
47
No time limit
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
101
101
145
145
169
169
Deductible temporary differences
No time limit
79
20
53
11
65
14
79
20
53
11
65
14
Total
1,982
452
2,001
466
2,043
463
As at 31 December 2022, no deferred tax liability has been recognised in respect of \u20ac309 million
of unremitted earnings in subsidiaries, associates and joint ventures.
Tax provisions
The Group is routinely under audit by tax 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 these tax matters that it believes
appropriately reflect its risk. As at 31\u00a0December\u00a02022, \u20ac122\u00a0million of these provisions is included
in current tax liabilities and the remainder is included in non-current tax liabilities.
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\u2019s provisions.
The Group has received tax assessments in certain jurisdictions for potential tax related to the
Group\u2019s purchases of concentrate. The value of the Group\u2019s 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-661": { "value": "
Income taxes
Current tax
Current tax for the period includes amounts expected to be payable on taxable income in the
period together with any adjustments to taxes payable in respect of previous periods, and is
determined based on the tax laws enacted or substantively enacted at the balance sheet date in
the countries where the Group operates and generates taxable income. Management
periodically evaluates positions taken in tax returns with respect to situations in which applicable
tax regulations are subject to interpretation and establishes provisions, where appropriate, on the
basis of amounts expected to be paid to the tax authorities.
Deferred tax
Deferred tax is determined by identifying the temporary differences between the tax bases of
assets and liabilities and their carrying amounts for financial reporting purposes at the reporting
date. Deferred tax for the period includes origination and reversal of temporary differences,
remeasurements of deferred tax balances and adjustments in respect of prior periods.
Deferred tax liabilities are recognised for all taxable temporary differences, except:
\u2022When the deferred tax liability arises from the initial recognition of goodwill or an asset or
liability in a transaction that is not a business combination and, at the time of the transaction,
affects neither the accounting profit nor taxable profit or loss; or
\u2022In respect of taxable temporary differences associated with investments in subsidiaries,
branches and associates and interests in joint ventures, when the timing of the reversal of the
temporary differences can be controlled by the Group and it is probable that the temporary
differences will not reverse in the foreseeable future.
Deferred tax assets are recognised for all deductible temporary differences, carry forward of
unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will
be available against which the deductible temporary differences and the carry forward of
unused tax credits and unused tax losses can be utilised, except:
\u2022When the deferred tax asset relating to the deductible temporary difference arises from the
initial recognition of an asset or liability in a transaction that is not a business combination and,
at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; or
\u2022In respect of deductible temporary differences associated with investments in subsidiaries,
branches and associates and interests in joint ventures, deferred tax assets are recognised only
to the extent that it is probable that the temporary differences will reverse in the foreseeable
future and taxable profit will be available against which the temporary differences can be
utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to
the extent that it is no longer probable that sufficient taxable profit will be available to allow all or
part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at
each reporting date and are recognised to the extent that it has become probable that future
taxable profits will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the
year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have
been enacted or substantively enacted at the reporting date.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set
off current tax assets against current income tax liabilities and the deferred taxes relate to the
same taxation authority on either the same taxable entity or different taxable entities where
there is an intention to settle the balances on a net basis.
Income tax is recognised in the consolidated income statement. Income tax is recognised in
other comprehensive income or directly in equity to the extent that it relates to items
recognised in other comprehensive income or in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-662": { "value": "
Deferred tax
Deferred tax is determined by identifying the temporary differences between the tax bases of
assets and liabilities and their carrying amounts for financial reporting purposes at the reporting
date. Deferred tax for the period includes origination and reversal of temporary differences,
remeasurements of deferred tax balances and adjustments in respect of prior periods.
Deferred tax liabilities are recognised for all taxable temporary differences, except:
\u2022When the deferred tax liability arises from the initial recognition of goodwill or an asset or
liability in a transaction that is not a business combination and, at the time of the transaction,
affects neither the accounting profit nor taxable profit or loss; or
\u2022In respect of taxable temporary differences associated with investments in subsidiaries,
branches and associates and interests in joint ventures, when the timing of the reversal of the
temporary differences can be controlled by the Group and it is probable that the temporary
differences will not reverse in the foreseeable future.
Deferred tax assets are recognised for all deductible temporary differences, carry forward of
unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will
be available against which the deductible temporary differences and the carry forward of
unused tax credits and unused tax losses can be utilised, except:
\u2022When the deferred tax asset relating to the deductible temporary difference arises from the
initial recognition of an asset or liability in a transaction that is not a business combination and,
at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; or
\u2022In respect of deductible temporary differences associated with investments in subsidiaries,
branches and associates and interests in joint ventures, deferred tax assets are recognised only
to the extent that it is probable that the temporary differences will reverse in the foreseeable
future and taxable profit will be available against which the temporary differences can be
utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to
the extent that it is no longer probable that sufficient taxable profit will be available to allow all or
part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at
each reporting date and are recognised to the extent that it has become probable that future
taxable profits will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the
year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have
been enacted or substantively enacted at the reporting date.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set
off current tax assets against current income tax liabilities and the deferred taxes relate to the
same taxation authority on either the same taxable entity or different taxable entities where
there is an intention to settle the balances on a net basis.
Income tax is recognised in the consolidated income statement. Income tax is recognised in
other comprehensive income or directly in equity to the extent that it relates to items
recognised in other comprehensive income or in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-663": { "value": "
Note 22
Share-based payment plans
The Group has an established Share options plan and a Long-Term Incentive Plan (LTIP) to
certain executive and management level employees that provide for granting restricted stock
units, some with performance and/or market conditions. These awards are designed to align the
interests of executives and management with the interests of shareholders.
During 2022, the Group launched a new global Employee Share Purchase Plan (ESPP), which
gives the employees the opportunity to purchase CCEP Shares on a regular basis and become a
shareholder, promoting an ownership culture. Under the ESPP, participating employees are
granted matching Shares given that certain vesting and non-vesting conditions are met.
The Group recognises compensation expense equal to the grant date fair value for all
share-based payment awards that are expected to vest. Expense is generally recorded on a
straight-line basis over the requisite service period for each separately vesting portion of the
award.
During the years ended 31\u00a0December\u00a02022, 31\u00a0December\u00a02021 and 31\u00a0December\u00a02020,
compensation expense related to our share-based payment plans totalled \u20ac33 million, \u20ac17 million
and \u20ac14 million, respectively.
Share options
Share options: (1)\u00a0are granted with exercise prices equal to or greater than the fair value of the
Group\u2019s stock on the\u00a0date of grant, (2)\u00a0generally vest in three annual tranches over a period of
36 months\u00a0and (3)\u00a0expire 10 years from\u00a0the date of grant. Generally, when options are exercised,
new Shares will be issued rather than issuing treasury Shares, if available. No options were granted
during the years ended 31\u00a0December\u00a02022, 31\u00a0December\u00a02021 and 31\u00a0December\u00a02020. All options
outstanding as at 31\u00a0December\u00a02022,\u00a0 31\u00a0December\u00a02021 and\u00a031\u00a0December\u00a02020 were\u00a0valued
and had exercise prices in US dollars.
The following table summarises our share option activity for the periods presented:
2022
2021
2020
Shares
Average
exercise
price
Shares
Average
exercise
price
Shares
Average
exercise
price
thousands
US$
thousands
US$
thousands
US$
Outstanding at
beginning of year
2,758
34.19
4,051
31.68
4,815
29.80
Granted
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Exercised
(484)
29.00
(1,290)
26.33
(761)
19.79
Forfeited, expired or
cancelled
(2)
23.21
(3)
19.68
(3)
31.97
Outstanding at end
of\u00a0year
2,272
35.30
2,758
34.19
4,051
31.68
Options exercisable
at\u00a0end of year
2,272
35.30
2,758
34.19
4,051
31.68
Restricted Stock Units (RSUs) and Performance Share Units (PSUs)
RSU awards entitle the participant to accrue dividends, which are paid in cash only if the RSUs
vest. They do not have\u00a0voting rights. Upon vesting, the participant is granted one Share for each
RSU. They generally vest subject to\u00a0continued employment for a period of 36 months. Unvested
RSUs are restricted as to disposition and subject to forfeiture.
There were 0.1 million, 0.1 million and 0.2 million unvested RSUs outstanding with a weighted
average grant date fair\u00a0value of US$42.74, US$43.29 and US$41.77 as at 31\u00a0December\u00a02022,
31\u00a0December\u00a02021 and 31\u00a0December 2020, respectively.
PSU awards entitle the participant to the same benefits as RSUs. They generally vest subject to
continued employment for a period of 36 months and the attainment of certain performance
targets. There were 1.8 million, 1.3 million and 1.1 million of unvested PSUs with weighted average
grant date fair values of US$41.65, US$43.07 and US$40.45 outstanding as at 31\u00a0December\u00a02022,
31\u00a0December\u00a02021 and 31\u00a0December\u00a02020, respectively.
The PSUs granted in 2022, 2021 and 2020 are subject to performance conditions of absolute EPS
and ROIC, each with a 42.5% weighting and to a sustainability metric, focused on the reduction of
greenhouse gas emissions (CO2e) across our entire value chain with a 15% weighting.
Key assumptions for grant date fair value
The following table summarises the weighted average grant date fair values per unit:
Restricted stock units and performance share units
2022
2021
Grant date fair value \u2013 service conditions (US$)
45.43
47.77
Grant date fair value \u2013 service and performance conditions (US$)
45.44
47.68
Employee share purchase plan
Through the ESPP, employees are able to contribute on a regular basis up to a maximum amount
deducted from their salary for the purpose of purchasing CCEP Shares. Every quarter, for each
purchased share, CCEP awards participating employees matching Shares at the same time.
Participating employees become owners of the matching Shares 12 months after the award, as
long as they remain in employment and do not sell the related purchased Shares during this
period. Participants have all the rights of a shareholder in respect of their purchased Shares and
matching Shares (once they are fully owned by the employees), including in respect of dividend
rights and voting rights. During the year ended 31\u00a0December\u00a02022, the Group recognised a
compensation expense of \u20ac3 million related to the newly launched ESPP.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-664": { "value": "
Share-based payment plans
The Group has an established Share options plan and a Long-Term Incentive Plan (LTIP) to
certain executive and management level employees that provide for granting restricted stock
units, some with performance and/or market conditions. These awards are designed to align the
interests of executives and management with the interests of shareholders.
During 2022, the Group launched a new global Employee Share Purchase Plan (ESPP), which
gives the employees the opportunity to purchase CCEP Shares on a regular basis and become a
shareholder, promoting an ownership culture. Under the ESPP, participating employees are
granted matching Shares given that certain vesting and non-vesting conditions are met.
The Group recognises compensation expense equal to the grant date fair value for all
share-based payment awards that are expected to vest. Expense is generally recorded on a
straight-line basis over the requisite service period for each separately vesting portion of the
award.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-665": { "value": "
Note 23
Provisions, contingencies and commitments
On 24 July 2020, a CCEP subsidiary \u2018Associated Products & Distribution Proprietary
Limited\u2019 (APD), was joined to proceedings in the Supreme Court of Queensland between a
Glencore joint venture and the State of Queensland, whereby APD\u2019s entitlement to royalties,
from its sub-surface strata and associated mineral rights, has been challenged by the State of
Queensland. Since 2014 and through to 24 July 2020, CCEP has received and recognised
approximately \u20ac50\u00a0million in royalties. Effective the commencement of the proceedings,
royalties have been paid directly to court and/or state government and have not been
recognised by the Group. In November 2022, the Group was granted a favourable court ruling
confirming its entitlement to the past and future royalty payments arising from the ownership of
the mineral rights. In December 2022, the Group recognised approximately \u20ac96 million of royalty
income related to historical payments as well as the entitlement for the fourth quarter of 2022.
This amount is reflected as \u201cOther Income\u201d in our consolidated income statement for the year
ended 31 December 2022. As at 31 December 2022 the Group is exploring various opportunities in
respect of a potential divestment of the mineral rights. Refer to Note 27 for further details.
Note 24
Other current assets and assets held for sale
Other current assets
The following table summarises the Group\u2019s other current assets as at the dates presented:
Year ended 31 December
2022
2021
Other current assets
\u20ac million
\u20ac million
Prepayments
180
101
VAT receivables(A)
41
16
Coal royalties(B)
96
\u2014
Miscellaneous receivables
162
154
Total other current assets
479
271
(A)This line item includes a receivable of \u20ac25\u00a0million from the Basque Region. Refer to Note 25 for further details.
(B)Amount relates to the royalty income recognised in connection with a favourable court ruling pertaining to the ownership of
certain mineral rights in Australia. Refer to Note 23 for further detail.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-666": { "value": "
Note 23
Provisions, contingencies and commitments
On 24 July 2020, a CCEP subsidiary \u2018Associated Products & Distribution Proprietary
Limited\u2019 (APD), was joined to proceedings in the Supreme Court of Queensland between a
Glencore joint venture and the State of Queensland, whereby APD\u2019s entitlement to royalties,
from its sub-surface strata and associated mineral rights, has been challenged by the State of
Queensland. Since 2014 and through to 24 July 2020, CCEP has received and recognised
approximately \u20ac50\u00a0million in royalties. Effective the commencement of the proceedings,
royalties have been paid directly to court and/or state government and have not been
recognised by the Group. In November 2022, the Group was granted a favourable court ruling
confirming its entitlement to the past and future royalty payments arising from the ownership of
the mineral rights. In December 2022, the Group recognised approximately \u20ac96 million of royalty
income related to historical payments as well as the entitlement for the fourth quarter of 2022.
This amount is reflected as \u201cOther Income\u201d in our consolidated income statement for the year
ended 31 December 2022. As at 31 December 2022 the Group is exploring various opportunities in
respect of a potential divestment of the mineral rights. Refer to Note 27 for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-667": { "value": "
Note 23
Provisions, contingencies and commitments
On 24 July 2020, a CCEP subsidiary \u2018Associated Products & Distribution Proprietary
Limited\u2019 (APD), was joined to proceedings in the Supreme Court of Queensland between a
Glencore joint venture and the State of Queensland, whereby APD\u2019s entitlement to royalties,
from its sub-surface strata and associated mineral rights, has been challenged by the State of
Queensland. Since 2014 and through to 24 July 2020, CCEP has received and recognised
approximately \u20ac50\u00a0million in royalties. Effective the commencement of the proceedings,
royalties have been paid directly to court and/or state government and have not been
recognised by the Group. In November 2022, the Group was granted a favourable court ruling
confirming its entitlement to the past and future royalty payments arising from the ownership of
the mineral rights. In December 2022, the Group recognised approximately \u20ac96 million of royalty
income related to historical payments as well as the entitlement for the fourth quarter of 2022.
This amount is reflected as \u201cOther Income\u201d in our consolidated income statement for the year
ended 31 December 2022. As at 31 December 2022 the Group is exploring various opportunities in
respect of a potential divestment of the mineral rights. Refer to Note 27 for further details.
Note 24
Other current assets and assets held for sale
Other current assets
The following table summarises the Group\u2019s other current assets as at the dates presented:
Year ended 31 December
2022
2021
Other current assets
\u20ac million
\u20ac million
Prepayments
180
101
VAT receivables(A)
41
16
Coal royalties(B)
96
\u2014
Miscellaneous receivables
162
154
Total other current assets
479
271
(A)This line item includes a receivable of \u20ac25\u00a0million from the Basque Region. Refer to Note 25 for further details.
(B)Amount relates to the royalty income recognised in connection with a favourable court ruling pertaining to the ownership of
certain mineral rights in Australia. Refer to Note 23 for further detail.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-668": { "value": "Provisions, contingencies and commitments
Provisions are recognised when the Group has a present obligation (legal or constructive) as a
result of a past event, it is probable that an outflow of resources embodying economic benefits
will be required to settle the obligation and a reliable estimate can be made of the amount of
the obligation. When some or all of a provision is expected to be reimbursed, the reimbursement
is recognised as a separate asset, but only when the reimbursement is virtually certain. The
expense relating to a provision is presented in the\u00a0 consolidated income statement, net of any
reimbursement.
Asset retirement obligations are estimated at the inception of a lease or contract, for which a
liability is recognised. A corresponding asset is also created and depreciated.
If the effect of the time value of money is material, provisions are discounted using a current
pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is
used, the increase in the provision due to the passage of time is recognised as a finance cost.
Restructuring provision
Restructuring provisions are recognised only when the Group has a constructive obligation, which
is when a detailed formal plan identifies the business or part of the business concerned, the
location and number of employees affected, a detailed estimate of the associated costs and an
appropriate timeline, and the employees affected have been notified of the plan\u2019s main features.
These provisions are expected to be resolved by the time the related programme is substantively
complete.
Refer to Note 18 for further details regarding our restructuring programmes.
Decommissioning provisions
Decommissioning liabilities relate to contractual or legal obligations to pay for asset retirement
costs. The liabilities represent both the reinstatement obligations when the Group is
contractually obligated to pay for the cost of retiring leased buildings and the costs for
collection, treatment, reuse, recovery and environmentally sound disposal of cold drink
equipment. Specific to cold drink equipment obligations, the Group is subject to, and operates in
accordance with, the EU Directive on Waste Electrical and Electronic Equipment (WEEE). Under
the WEEE, companies that put electrical and electronic equipment (such as cold drink
equipment) on the EU market are responsible for the costs of collection, treatment, recovery
and disposal of their own products. Where applicable, the WEEE provision estimate is calculated
using assumptions including disposal cost per unit, average equipment age and the inflation rate,
to determine the appropriate accrual amount.
The period over which the decommissioning liabilities on leased buildings and cold drink
equipment will be settled ranges from 1 to 30 years and 2 to 9 years, respectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-669": { "value": "
Restructuring provision
Restructuring provisions are recognised only when the Group has a constructive obligation, which
is when a detailed formal plan identifies the business or part of the business concerned, the
location and number of employees affected, a detailed estimate of the associated costs and an
appropriate timeline, and the employees affected have been notified of the plan\u2019s main features.
These provisions are expected to be resolved by the time the related programme is substantively
complete.
Refer to Note 18 for further details regarding our restructuring programmes.
Decommissioning provisions
Decommissioning liabilities relate to contractual or legal obligations to pay for asset retirement
costs. The liabilities represent both the reinstatement obligations when the Group is
contractually obligated to pay for the cost of retiring leased buildings and the costs for
collection, treatment, reuse, recovery and environmentally sound disposal of cold drink
equipment. Specific to cold drink equipment obligations, the Group is subject to, and operates in
accordance with, the EU Directive on Waste Electrical and Electronic Equipment (WEEE). Under
the WEEE, companies that put electrical and electronic equipment (such as cold drink
equipment) on the EU market are responsible for the costs of collection, treatment, recovery
and disposal of their own products. Where applicable, the WEEE provision estimate is calculated
using assumptions including disposal cost per unit, average equipment age and the inflation rate,
to determine the appropriate accrual amount.
The period over which the decommissioning liabilities on leased buildings and cold drink
equipment will be settled ranges from 1 to 30 years and 2 to 9 years, respectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-670": { "value": "
Contingencies
Legal proceedings and tax matters
The Group is involved in various legal proceedings and tax matters and is routinely under audit by
tax authorities in the ordinary course of business. Due to their nature, such legal 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 loss for such
contingencies is assessed and accrued as a liability and/or disclosed, as appropriate.
On 24 July 2020, a CCEP subsidiary \u2018Associated Products & Distribution Proprietary
Limited\u2019 (APD), was joined to proceedings in the Supreme Court of Queensland between a
Glencore joint venture and the State of Queensland, whereby APD\u2019s entitlement to royalties,
from its sub-surface strata and associated mineral rights, has been challenged by the State of
Queensland. Since 2014 and through to 24 July 2020, CCEP has received and recognised
approximately \u20ac50\u00a0million in royalties. Effective the commencement of the proceedings,
royalties have been paid directly to court and/or state government and have not been
recognised by the Group. In November 2022, the Group was granted a favourable court ruling
confirming its entitlement to the past and future royalty payments arising from the ownership of
the mineral rights. In December 2022, the Group recognised approximately \u20ac96 million of royalty
income related to historical payments as well as the entitlement for the fourth quarter of 2022.
This amount is reflected as \u201cOther Income\u201d in our consolidated income statement for the year
ended 31 December 2022. As at 31 December 2022 the Group is exploring various opportunities in
respect of a potential divestment of the mineral rights. Refer to Note 27 for further details.
Guarantees
In connection with ongoing litigation and tax matters in certain territories, guarantees of
approximately \u20ac646 million have been issued (2021: \u20ac340\u00a0million). The Group was required to
issue these guarantees to satisfy potential obligations arising from such litigation. In addition, we
have approximately \u20ac29 million of guarantees issued to third parties through the normal course
of business (2021: \u20ac35\u00a0million). The guarantees have various terms and the amounts represent
the maximum potential future payments that we could be required to make under the
guarantees. No significant additional liabilities in the accompanying consolidated financial
statements are expected to arise from guarantees issued.
Commitments
Commitments beyond 31\u00a0December\u00a02022 are disclosed herein but not accrued for within the
consolidated statement of financial position.
Purchase agreements
Total purchase commitments were \u20ac0.1 billion as at 31\u00a0December\u00a02022. This amount represents
non-cancellable purchase agreements with various suppliers that are enforceable and legally
binding, and that specify a fixed or minimum quantity that we must purchase. All purchases
made under these agreements have standard quality and performance criteria. In addition to
these amounts, the Group has outstanding capital expenditure purchase orders of
approximately \u20ac109 million as at 31\u00a0December\u00a02022. The Group also has other purchase orders
raised in\u00a0the ordinary course of business which are settled in a reasonably short period of time.
Lease agreements
As at 31\u00a0December\u00a02022, the Group had committed to a number of lease agreements that have not
yet commenced. The minimum lease payments for these lease agreements totalled \u20ac23 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-671": { "value": "
Contingencies
Legal proceedings and tax matters
The Group is involved in various legal proceedings and tax matters and is routinely under audit by
tax authorities in the ordinary course of business. Due to their nature, such legal 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 loss for such
contingencies is assessed and accrued as a liability and/or disclosed, as appropriate.
On 24 July 2020, a CCEP subsidiary \u2018Associated Products & Distribution Proprietary
Limited\u2019 (APD), was joined to proceedings in the Supreme Court of Queensland between a
Glencore joint venture and the State of Queensland, whereby APD\u2019s entitlement to royalties,
from its sub-surface strata and associated mineral rights, has been challenged by the State of
Queensland. Since 2014 and through to 24 July 2020, CCEP has received and recognised
approximately \u20ac50\u00a0million in royalties. Effective the commencement of the proceedings,
royalties have been paid directly to court and/or state government and have not been
recognised by the Group. In November 2022, the Group was granted a favourable court ruling
confirming its entitlement to the past and future royalty payments arising from the ownership of
the mineral rights. In December 2022, the Group recognised approximately \u20ac96 million of royalty
income related to historical payments as well as the entitlement for the fourth quarter of 2022.
This amount is reflected as \u201cOther Income\u201d in our consolidated income statement for the year
ended 31 December 2022. As at 31 December 2022 the Group is exploring various opportunities in
respect of a potential divestment of the mineral rights. Refer to Note 27 for further details.
Guarantees
In connection with ongoing litigation and tax matters in certain territories, guarantees of
approximately \u20ac646 million have been issued (2021: \u20ac340\u00a0million). The Group was required to
issue these guarantees to satisfy potential obligations arising from such litigation. In addition, we
have approximately \u20ac29 million of guarantees issued to third parties through the normal course
of business (2021: \u20ac35\u00a0million). The guarantees have various terms and the amounts represent
the maximum potential future payments that we could be required to make under the
guarantees. No significant additional liabilities in the accompanying consolidated financial
statements are expected to arise from guarantees issued.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-672": { "value": "
Legal proceedings and tax matters
The Group is involved in various legal proceedings and tax matters and is routinely under audit by
tax authorities in the ordinary course of business. Due to their nature, such legal 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 loss for such
contingencies is assessed and accrued as a liability and/or disclosed, as appropriate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-673": { "value": "
Commitments
Commitments beyond 31\u00a0December\u00a02022 are disclosed herein but not accrued for within the
consolidated statement of financial position.
Purchase agreements
Total purchase commitments were \u20ac0.1 billion as at 31\u00a0December\u00a02022. This amount represents
non-cancellable purchase agreements with various suppliers that are enforceable and legally
binding, and that specify a fixed or minimum quantity that we must purchase. All purchases
made under these agreements have standard quality and performance criteria. In addition to
these amounts, the Group has outstanding capital expenditure purchase orders of
approximately \u20ac109 million as at 31\u00a0December\u00a02022. The Group also has other purchase orders
raised in\u00a0the ordinary course of business which are settled in a reasonably short period of time.
Lease agreements
As at 31\u00a0December\u00a02022, the Group had committed to a number of lease agreements that have not
yet commenced. The minimum lease payments for these lease agreements totalled \u20ac23 million", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-674": { "value": "223000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-676": { "value": "
Note 25
Other non-current assets
The following table summarises the Group\u2019s other non-current assets as at the dates presented:
Year ended 31 December
2022
2021
Other non-current assets
\u20ac million
\u20ac million
VAT receivables
\u2014
214
Retirement benefit surplus (Note 16)
135
194
Investments
35
40
Other
82
86
Total other non-current assets
252
534
VAT receivables
As at 31 December 2021, the Group had a VAT receivable of \u20ac214 million, included within other
non-current assets, relating to a 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
VAT to CCEP for years 2013 to 2016. Under relevant tax laws in Spain, conflicts between
jurisdictions are ruled by a special Arbitration Board and the refund of the VAT is mandated
following the resolution of the issue at the Arbitration Board. As a result of the Arbitration Board
ruling issued in July 2022, \u20ac252\u00a0million, inclusive of interest, was received in December from the
regional tax authorities of Bizkaia. As at 31 December 2022, in connection with the dispute and
the ruling, the Group has an additional VAT receivable of \u20ac25\u00a0million from the Basque Region
included within Other current assets, and a payable of \u20ac57\u00a0million to the Spanish tax authorities
included within Trade and other payables, both inclusive of interest. We believe it remains a
certainty that the Group will continue to be held neutral in respect of the VAT dispute.
Investments
Joint ventures are undertakings in which the Group has an interest and which are jointly
controlled by the Group and one or more other parties. Associates are undertakings where the
Group has an investment in which it does not have control or joint control but can exercise
significant influence. Interests in joint ventures and associates are accounted for using the equity
method and are stated in the consolidated balance sheet at cost, adjusted for the movement in
the Group\u2019s share of their net assets and liabilities. The Group\u2019s share of the profit or loss after tax
of joint ventures and associates is included in the Group\u2019s consolidated income statement as
non-operating items. Where the Group\u2019s share of losses exceeds its interest in the equity
accounted investee, the carrying amount of the investment is reduced to zero and the
recognition of further losses is discontinued, except to the extent that the Group has an
obligation to make payments on behalf of the investee.
Financial assets at fair value through other comprehensive income relate to equity investments.
These investments are not held for trading purposes and hence the Group has opted to
recognise fair value movements through other comprehensive income. There have been no
significant changes in fair value of these investments during the period.
The following table summarises the Group\u2019s carrying value of investments as at the dates
presented:
Year ended 31 December
2022
2021
Investments
\u20ac million
\u20ac million
Investments accounted using equity method
33
35
Financial assets at fair value through other comprehensive income
2
5
Total investments
35
40
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-675": { "value": "
Note 25
Other non-current assets
The following table summarises the Group\u2019s other non-current assets as at the dates presented:
Year ended 31 December
2022
2021
Other non-current assets
\u20ac million
\u20ac million
VAT receivables
\u2014
214
Retirement benefit surplus (Note 16)
135
194
Investments
35
40
Other
82
86
Total other non-current assets
252
534
Investments
Joint ventures are undertakings in which the Group has an interest and which are jointly
controlled by the Group and one or more other parties. Associates are undertakings where the
Group has an investment in which it does not have control or joint control but can exercise
significant influence. Interests in joint ventures and associates are accounted for using the equity
method and are stated in the consolidated balance sheet at cost, adjusted for the movement in
the Group\u2019s share of their net assets and liabilities. The Group\u2019s share of the profit or loss after tax
of joint ventures and associates is included in the Group\u2019s consolidated income statement as
non-operating items. Where the Group\u2019s share of losses exceeds its interest in the equity
accounted investee, the carrying amount of the investment is reduced to zero and the
recognition of further losses is discontinued, except to the extent that the Group has an
obligation to make payments on behalf of the investee.
Financial assets at fair value through other comprehensive income relate to equity investments.
These investments are not held for trading purposes and hence the Group has opted to
recognise fair value movements through other comprehensive income. There have been no
significant changes in fair value of these investments during the period.
The following table summarises the Group\u2019s carrying value of investments as at the dates
presented:
Year ended 31 December
2022
2021
Investments
\u20ac million
\u20ac million
Investments accounted using equity method
33
35
Financial assets at fair value through other comprehensive income
2
5
Total investments
35
40
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-677": { "value": "
Other non-current assets
The following table summarises the Group\u2019s other non-current assets as at the dates presented:
Year ended 31 December
2022
2021
Other non-current assets
\u20ac million
\u20ac million
VAT receivables
\u2014
214
Retirement benefit surplus (Note 16)
135
194
Investments
35
40
Other
82
86
Total other non-current assets
252
534
Investments
Joint ventures are undertakings in which the Group has an interest and which are jointly
controlled by the Group and one or more other parties. Associates are undertakings where the
Group has an investment in which it does not have control or joint control but can exercise
significant influence. Interests in joint ventures and associates are accounted for using the equity
method and are stated in the consolidated balance sheet at cost, adjusted for the movement in
the Group\u2019s share of their net assets and liabilities. The Group\u2019s share of the profit or loss after tax
of joint ventures and associates is included in the Group\u2019s consolidated income statement as
non-operating items. Where the Group\u2019s share of losses exceeds its interest in the equity
accounted investee, the carrying amount of the investment is reduced to zero and the
recognition of further losses is discontinued, except to the extent that the Group has an
obligation to make payments on behalf of the investee.
Financial assets at fair value through other comprehensive income relate to equity investments.
These investments are not held for trading purposes and hence the Group has opted to
recognise fair value movements through other comprehensive income. There have been no
significant changes in fair value of these investments during the period.
The following table summarises the Group\u2019s carrying value of investments as at the dates
presented:
Year ended 31 December
2022
2021
Investments
\u20ac million
\u20ac million
Investments accounted using equity method
33
35
Financial assets at fair value through other comprehensive income
2
5
Total investments
35
40
Note 28
Group companies
In accordance with section 409 of the Companies Act 2006, a full list of the Company\u2019s subsidiaries, partnerships, associates, joint ventures and joint arrangements as at 31\u00a0December\u00a02022 is disclosed
below, along with the country of incorporation, the registered address and the effective percentage of equity owned at that date. Unless otherwise stated, each entity has a share capital comprising
a single class of ordinary shares and is wholly owned and indirectly held by CCEP.
Name
Country of
incorporation
% equity
interest
Registered address
Agua De La Vega Del Codorno, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain
Aguas De Cospeito, S.L.U.
Spain
100%
Crta. Pino km. 1 - 2, 27377, Cospeito (Lugo), Spain
Aguas De Santolin, S.L.U.
Spain
100%
C/ Real, s/n 09246, Quintanaurria , Burgos , Spain
Aguas Del Maestrazgo, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain
Aguas Del Toscal, S.A.U.
Spain
100%
Ctra. de la Pasadilla, km, 3-35250, ingenio (Gran Canaria), Spain
Aguas Vilas Del Turbon, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain
Aitonomi AG
Switzerland
15%
Bruderhausstrasse 10, CH-6372 Ennetmoos, Switzerland
Amalgamated Beverages Great Britain Limited
United Kingdom
100%(D)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Apand Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Associated Products & Distribution Proprietary
Australia
100%(D)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
BBH Investment Ireland Limited
Ireland
100%
6th Floor, 2 Grand Canal Square, Dublin 2, Ireland
Bebidas Gaseosas Del Noroeste, S.L.U.
Spain
100%
Avda. Alcalde Alfonso Molina , S/N-15007, (A Coruna), Spain
Beganet, S.L.U.
Spain
100%
Avda Paisos Catalans, 32, 08950 , Esplugues de Llobregat, Spain
Beverage Bottlers (NQ) Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Beverage Bottlers (QLD) Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Birtingah\u00fasi\u00f0 ehf.
Iceland
34.5%
Laugavegur 174, 105, Reykjav\u00edk, Iceland
BL Bottling Holdings UK Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Bottling Great Britain Limited
United Kingdom
100%(D)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Bottling Holding France SAS
France
100%
9 chemin de Bretagne , 92784, Issy-les-Moulineaux, France
Bottling Holdings (Luxembourg) SARL
Luxembourg
100%
2, Rue des Joncs, L-1818, Howald, Luxembourg
Bottling Holdings (Netherlands) B.V.
Netherlands
100%
Marten Meesweg 25 J, 3068 AV ROTTERDAM, Netherlands
Bottling Holdings Europe Limited
United Kingdom
100%(B)(E)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Name
Country of
incorporation
% equity
interest
Registered address
Brewcorp Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Brewhouse Investments Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
C - C Bottlers Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Can Recycling (S.A.) Pty. Ltd.
Australia
100%(B)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
CC Digital GmbH
Germany
50%
Stralauer Allee 4, 10245, Berlin, Germany
CC Erfrischungsgetr\u00e4nke Oldenburg Verwaltungs\u00a0GmbH
Germany
100%(I)
Stralauer Allee 4, 10245, Berlin, Germany
CC Iberian Partners Gestion S.L.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain
CC Verpackungsgesellschaft mit beschraenkter\u00a0Haftung
Germany
100%
Schieferstrasse 20, 06126, Halle (Saale), Germany
CCA Bayswater Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
CCEP Australia Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
CCEP Finance (Australia) Limited
United Kingdom
100%(A)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP Finance (Ireland) Designated Activity Company
Ireland
100%
6th Floor, 2 Grand Canal Square, Dublin 2, Ireland
CCEP Group Services Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP Holdings (Australia) Limited
United Kingdom
100%(A)(D)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP Holdings (Australia) Pty Ltd
Australia
100%(A)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
CCEP Holdings Norge AS
Norway
100%
Robsrudskogen 5, L\u00f8renskog, 1470, Norway
CCEP Holdings Sverige AB
Sweden
100%
Dryckesv\u00e4gen 2 C, 136 87, Haninge, Sweden
CCEP Holdings UK Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP Ventures Australia Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
CCEP Ventures Europe Limited
United Kingdom
100%(A)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP Ventures UK Limited
United Kingdom
100%(A)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP\u00a0Scottish\u00a0Limited\u00a0Partnership
United Kingdom
100%
52 Milton Road, East Kilbride, Glasgow, Scotland, G74 5DJ
CCIP Soporte, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain
Circular Plastics Australia (PET) Holdings Pty Ltd
Australia
16.67%
Building 3, 658 Church Street, Cremorne VIC 3121, Australia
Classic Brand (Europe) Designated Activity Company
Ireland
100%
4th Floor, 25-28 Adelaide Road, Dublin 2, D02 RY98, Ireland
Cobega Embotellador, S.L.U.
Spain
100%
Avda Paisos Catalans, 32, 08950 , Esplugues de Llobregat, Spain
Coca-Cola Amatil (UK) Limited
United Kingdom
100%(L)
1 Bartholomew Lane, London, EC2N 2AX, United Kingdom
Coca-Cola Europacific Partners (CDE Aust) Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners (Fiji) Pte Limited
Fiji
100%
Lot 1, Ratu Dovi Road, Laucala Beach Estate, NASINU, Fiji
Name
Country of
incorporation
% equity
interest
Registered address
Coca-Cola Europacific Partners (Holdings) Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners (Initial LP) Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners (Scotland) Limited
United Kingdom
100%
52 Milton Road, College Milton, East Kilbride, Scotland, G74 5DJ, United Kingdom
Coca-Cola Europacific Partners API Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners Australia Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners Belgium SRL/BV
Belgium
100%
Chauss\u00e9e de Mons 1424, 1070 Brussels, Belgium
Coca-Cola Europacific Partners Deutschland GmbH
Germany
100%(F)
Stralauer Allee 4, 10245, Berlin, Germany
Coca-Cola Europacific Partners France SAS
France
100%(G)
9 chemin de Bretagne , 92784, Issy-les-Moulineaux, France
Coca-Cola Europacific Partners Great Britain Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners Holdings Great Britain Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners Holdings NZ Limited
New Zealand
100%
The Oasis, 19 Carbine Road, Mount Wellington, Auckland, 1060, New Zealand
Coca-Cola Europacific Partners Holdings US, Inc.
United States
100%(A)(D)
Corporation Trust Center, 1209 Orange Street, Wilmington DE, USA
Coca-Cola Europacific Partners Iberia, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain
Coca-Cola Europacific Partners Investments (Singapore) Pte. Ltd.
Singapore
100%
80 Robinson Road, #02-00, 068898, Singapore
Coca-Cola Europacific Partners \u00cdsland ehf.
Iceland
100%
Studlahals 1, 110, Reykjavik, Iceland
Coca-Cola Europacific Partners Luxembourg s\u00e0rl
Luxembourg
100%
2, Rue des Joncs, L-1818, Howald, Luxembourg
Coca-Cola Europacific Partners Nederland B.V.
Netherlands
100%
Marten Meesweg 25 J, 3068 AV ROTTERDAM, Netherlands
Coca-Cola Europacific Partners New Zealand Limited
New Zealand
100%
The Oasis, 19 Carbine Road, Mount Wellington, Auckland, 1060, New Zealand
Coca-Cola Europacific Partners Norge AS
Norway
100%
Robsrudskogen 5, L\u00f8renskog, 1470, Norway
Coca-Cola Europacific Partners Papua New Guinea Limited
Papua New
Guinea
100%
Section 23, Allotment 14, Milfordhaven Road, LAE, Morobe Province, 411, Papua New Guinea
Coca-Cola Europacific Partners Pension Scheme Trustees Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners Portugal Unipessoal LDA
Portugal
100%
Quinta da Salmoura - Cabanas-2925-362 Azeit\u00e3o, Set\u00fabal, Portugal
Coca-Cola Europacific Partners Services Bulgaria EOOD
Bulgaria
100%
48 Sitnyakovo Blvd. , Serdika Centre , Office Building, floor 5 , Sofia , 1505, Bulgaria
Coca-Cola Europacific Partners Services Europe Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners Services SRL
Belgium
100%(O)
Chauss\u00e9e de Mons 1424, 1070 Brussels, Belgium
Coca-Cola Europacific Partners Sverige AB
Sweden
100%
136 87, Haninge, Sweden
Coca-Cola Europacific Partners US II, LLC
United States
100%
Corporation Trust Center, 1209 Orange Street, Wilmington 19801, Delaware, USA
Name
Country of
incorporation
% equity
interest
Registered address
Coca-Cola Europacific Partners US, LLC
United States
100%
Corporation Trust Center, 1209 Orange Street, Wilmington 19801, USA
Coca-Cola Europacific Partners Vanuatu Limited
Vanuatu
100%
1st Floor, Govant Building, Kumul Highway, Port Vila, Vanuatu
Coca-Cola Immobilier SCI
France
100%(G)
9 chemin de Bretagne , 92784, Issy-les-Moulineaux, France
Coca-Cola Production SAS
France
100%
Zone d' entreprises de Bergues , 59380, Commune de Socx, France
Coca-Cola\u00a0Australia\u00a0Foundation\u00a0Limited
Australia
\u2014%(M)
Level 13 , 40 Mount Street , North Sydney NSW 2060, Australia
Compa\u00f1\u00eda Asturiana De Bebidas Gaseosas, S.L.U.
Spain
100%
C/ Nava, 18- 3\u00aa (Granda) Siero\u00a0 - 33006, Oviedo, Spain
Compa\u00f1\u00eda Castellana De Bebidas Gaseosas, S.L.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, (Madrid), Spain
Compa\u00f1\u00eda Levantina De Bebidas Gaseosas, S.L.U.
Spain
100%
Av. Real Monasterio de Sta. , Maria de Poblet , 3646930, Quart de Poblet , Spain
Compa\u00f1\u00eda Norte\u00f1a De Bebidas Gaseosas, S.L.U.
Spain
100%
C/ Ibaiz\u00e1bal, 57 , Galdakao, 48960, Bizkaia, Spain
Compa\u00f1\u00eda Para La Comunicaci\u00f3n De Bebidas Sin Alcohol, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain
Container Exchange (QLD) Limited
Australia
\u2014%(M)
Level 17, 100 Creek Street, Brisbane QLD 4000, Australia
Container\u00a0Exchange\u00a0(Services)\u00a0Pty\u00a0Ltd
Australia
50%
Maddocks, Angel Place, Level 27, 123 Pitt Street, Sydney NSW 2000, Australia
Conversia IT, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain
Crusta Fruit Juices Proprietary Limited
Australia
100%(J)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Developed System Logistics, S.L.U.
Spain
100%
Av. Henry Ford 25, Manzana 19, Complejo Pq.Ind.Juan , CARLOS I , 46220, Picassent , Valencia , Spain
Endurvinnslan hf.
Iceland
20%
Knarravogur 4, 104 Reykjavik, Iceland
Exchange for Change (ACT) Pty Ltd
Australia
20%
Building C, Suite 6, Level 1, 1 Homebush Bay Drive, Rhodes NSW 2138, Australia
Exchange for Change (Australia) Pty Ltd
Australia
20%
Building C, Suite 6, Level 1, 1 Homebush Bay Drive, Rhodes NSW 2138, Australia
Exchange for Change (NSW) Pty Ltd
Australia
20%
Building C, Suite 6, Level 1, 1 Homebush Bay Drive, Rhodes NSW 2138, Australia
Feral Brewing Company Pty Ltd
Australia
100%(K)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Foodl B.V.
Netherlands
33.3%
HNK Utrecht West, V.02, Weg der Verenigde Naties 1, 3527 KT, Utrecht, Netherlands
GR Bottling Holdings UK Limited
United Kingdom
100%(A)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Infineo Recyclage SAS
France
49%(H)
Sainte Marie la Blanche , 21200, Dijon , France
Innovative Tap Solutions Inc.
United States
21.8%
300 Brookside Avenue, Ambler, PA 19002, USA
Instelling voor Bedrijfspensioenvoorziening Coca-Cola Europacific Partners
Belgium/Coca-Cola Europacific Partners Services \u2013 Bedienden-Arbeiders
OFP
Belgium
100%
1424 \u2013 B1070 Bergensesteenweg, Brussels, Belgium
Instelling voor Bedrijfspensioenvoorziening Coca-Cola Europacific Partners
Belgium/Coca-Cola Europacific Partners Services \u2013 Kaderleden OFP
Belgium
100%
1424 \u2013 B1070 Bergensesteenweg, Brussels, Belgium
Name
Country of
incorporation
% equity
interest
Registered address
Iparbal, 99 S.L.
Spain
100%
C/ Ibaiz\u00e1bal, 57, 48960, Bizkaia, Galdakao, Spain
Iparsoft, 2004 S.L.
Spain
100%
C/ Ibaiz\u00e1bal, 57, 48960, Bizkaia, Galdakao, Spain
Kollex GmbH
Germany
20%
Kottbusser Damm 25-26 , 10967, Berlin, Germany
Lavit Holdings Inc
United States
13.7%
27 West 20th Street, Suite 1004, New York NY 10011, USA
Lusobega, S.L.
Spain
100%
C/ Ibaiz\u00e1bal, 57, 48960, Bizkaia, Galdakao, Spain
Madrid Ecoplatform, S.L.U.
Spain
100%
C/Pedro Lara, 8 Pq. Tecnologico de Leganes , 28919, (Leganes), Spain
Mahija Parahita Nusantara Foundation
Indonesia
\u2014%(M)
South Quarter Tower C, 22nd (P) Floor, Jalan R.A. Kartini, Kav.8, Cilandak Barat, Cilandak, South Jakarta , 12430, Indonesia
Matila Nominees Pty. Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail Bottled Water Co Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail SA Pty. Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail Springwater (VIC) Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail Springwater Co Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail Springwater Co. (QLD) Pty. Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail Springwater Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail WA Pty. Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Pacbev Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Paradise Beverages (Fiji) Pte Limited
Fiji
100%
122-164 Foster Road, Walu Bay, Suva, Fiji
PE\u00d1A Umbria S.L.U.
Spain
100%
Av. Real Monasterio de Sta. , Maria de Poblet , 3646930, Quart de Poblet , Spain
Perfect Fruit Company Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
PT Amandina Bumi Nusantara
Indonesia
35.31%
South Quarter Tower C, 22nd (P) Floor, Jalan R.A. Kartini, Kav.8, Cilandak Barat, Cilandak, South Jakarta , 12430, Indonesia
PT Coca-Cola Bottling Indonesia
Indonesia
70.6%(C)
South Quarter Tower C, 22nd (P) Floor, Jalan R.A. Kartini, Kav.8, Cilandak Barat, Cilandak, South Jakarta , 12430, Indonesia
PT Coca-Cola Distribution Indonesia
Indonesia
70.63%
South Quarter Tower C, 22nd (P) Floor, Jalan R.A. Kartini, Kav.8, Cilandak Barat, Cilandak, South Jakarta , 12430, Indonesia
Purna Pty. Ltd.
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Quenchy Crusta Sales Pty. Ltd.
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Real Oz Water Supply Co (QLD) Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Refrescos Envasados Del Sur, S.L.U.
Spain
100%
Autov\u00eda del Sur A-IV, km.528- 41309 , La Rinconada, Sevilla, Spain
Refrige SGPS, Unipessoal, LDA
Portugal
100%
Quinta da Salmoura - Cabanas-2925-362 Azeit\u00e3o, Set\u00fabal, Portugal
Roalba, S.L.U.
Spain
100%
C/ Ibaiz\u00e1bal, 57, 48960, Bizkaia, Galdakao, Spain
Name
Country of
incorporation
% equity
interest
Registered address
Sale Proprietary Co 1 Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Sale Proprietary Co 2 Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Sale Proprietary Co 3 Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Sale Proprietary Co 4 Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Sale Proprietary Co 5 Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Sale Proprietary Co 6 Pty Ltd
Australia
100%(P)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Sale Proprietary Co 7 Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Samoa\u00a0Breweries\u00a0Limited
Samoa
93.85%
Vaitele Industrial Zone, Vaitele Tai, Faleata Sisifo, Samoa
Solares y Edificios Norte\u00f1os, S.L.U.
Spain
100%
C/ Ibaiz\u00e1bal, 57, 48960, Bizkaia, Galdakao, Spain
Starstock Group Limited
United Kingdom
28.05%
2nd Floor, 140, Fenchurch Street, London, England, EC3M 6BL, United Kingdom
TasRecycle Limited
Australia
\u2014%(N)
Level 9, 85 Macquarie Street, Hobart TAS 7000, Australia
VicRecycle Limited
Australia
\u2014%(N)
HWL Ebsworth Lawyers, Level 8, 447 Collins Street, Melbourne VIC 3000, Australia
WA Return Recycle Renew Ltd
Australia
\u2014%(M)
Unit 2, 1 Centro Avenue, Subiaco WA 6008, Australia
Wabi Portugal, Unipessoal LDA
Portugal
100%
N\u00ba 16-A, Frac\u00e7ao B, 5\u00ba Piso, Edificio Miraflores Premium Distrito: Lisboa Concelho: Oieras Freguesia: Alg\u00e9s, Linda-a-
Velha e Cruz Quebrada-Dafundo 1495 190 Alg\u00e9s, Portugal
WB Investment Ireland 2 Limited
Ireland
100%
6th Floor, 2 Grand Canal Square, Dublin 2, Ireland
WBH Holdings Luxembourg SCS
Luxembourg
100%
2, Rue des Joncs, L-1818, Howald, Luxembourg
WIH UK Limited
United Kingdom
100%(A)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Wir Sind Coca-Cola GmbH
Germany
100%
Stralauer Allee 4, 10245, Berlin, Germany
Investments
Joint ventures are undertakings in which the Group has an interest and which are jointly
controlled by the Group and one or more other parties. Associates are undertakings where the
Group has an investment in which it does not have control or joint control but can exercise
significant influence. Interests in joint ventures and associates are accounted for using the equity
method and are stated in the consolidated balance sheet at cost, adjusted for the movement in
the Group\u2019s share of their net assets and liabilities. The Group\u2019s share of the profit or loss after tax
of joint ventures and associates is included in the Group\u2019s consolidated income statement as
non-operating items. Where the Group\u2019s share of losses exceeds its interest in the equity
accounted investee, the carrying amount of the investment is reduced to zero and the
recognition of further losses is discontinued, except to the extent that the Group has an
obligation to make payments on behalf of the investee.
Financial assets at fair value through other comprehensive income relate to equity investments.
These investments are not held for trading purposes and hence the Group has opted to
recognise fair value movements through other comprehensive income. There have been no
significant changes in fair value of these investments during the period.
The following table summarises the Group\u2019s carrying value of investments as at the dates
presented:
Year ended 31 December
2022
2021
Investments
\u20ac million
\u20ac million
Investments accounted using equity method
33
35
Financial assets at fair value through other comprehensive income
2
5
Total investments
35
40
Note 28
Group companies
In accordance with section 409 of the Companies Act 2006, a full list of the Company\u2019s subsidiaries, partnerships, associates, joint ventures and joint arrangements as at 31\u00a0December\u00a02022 is disclosed
below, along with the country of incorporation, the registered address and the effective percentage of equity owned at that date. Unless otherwise stated, each entity has a share capital comprising
a single class of ordinary shares and is wholly owned and indirectly held by CCEP.
Name
Country of
incorporation
% equity
interest
Registered address
Agua De La Vega Del Codorno, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain
Aguas De Cospeito, S.L.U.
Spain
100%
Crta. Pino km. 1 - 2, 27377, Cospeito (Lugo), Spain
Aguas De Santolin, S.L.U.
Spain
100%
C/ Real, s/n 09246, Quintanaurria , Burgos , Spain
Aguas Del Maestrazgo, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain
Aguas Del Toscal, S.A.U.
Spain
100%
Ctra. de la Pasadilla, km, 3-35250, ingenio (Gran Canaria), Spain
Aguas Vilas Del Turbon, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain
Aitonomi AG
Switzerland
15%
Bruderhausstrasse 10, CH-6372 Ennetmoos, Switzerland
Amalgamated Beverages Great Britain Limited
United Kingdom
100%(D)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Apand Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Associated Products & Distribution Proprietary
Australia
100%(D)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
BBH Investment Ireland Limited
Ireland
100%
6th Floor, 2 Grand Canal Square, Dublin 2, Ireland
Bebidas Gaseosas Del Noroeste, S.L.U.
Spain
100%
Avda. Alcalde Alfonso Molina , S/N-15007, (A Coruna), Spain
Beganet, S.L.U.
Spain
100%
Avda Paisos Catalans, 32, 08950 , Esplugues de Llobregat, Spain
Beverage Bottlers (NQ) Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Beverage Bottlers (QLD) Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Birtingah\u00fasi\u00f0 ehf.
Iceland
34.5%
Laugavegur 174, 105, Reykjav\u00edk, Iceland
BL Bottling Holdings UK Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Bottling Great Britain Limited
United Kingdom
100%(D)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Bottling Holding France SAS
France
100%
9 chemin de Bretagne , 92784, Issy-les-Moulineaux, France
Bottling Holdings (Luxembourg) SARL
Luxembourg
100%
2, Rue des Joncs, L-1818, Howald, Luxembourg
Bottling Holdings (Netherlands) B.V.
Netherlands
100%
Marten Meesweg 25 J, 3068 AV ROTTERDAM, Netherlands
Bottling Holdings Europe Limited
United Kingdom
100%(B)(E)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Name
Country of
incorporation
% equity
interest
Registered address
Brewcorp Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Brewhouse Investments Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
C - C Bottlers Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Can Recycling (S.A.) Pty. Ltd.
Australia
100%(B)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
CC Digital GmbH
Germany
50%
Stralauer Allee 4, 10245, Berlin, Germany
CC Erfrischungsgetr\u00e4nke Oldenburg Verwaltungs\u00a0GmbH
Germany
100%(I)
Stralauer Allee 4, 10245, Berlin, Germany
CC Iberian Partners Gestion S.L.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain
CC Verpackungsgesellschaft mit beschraenkter\u00a0Haftung
Germany
100%
Schieferstrasse 20, 06126, Halle (Saale), Germany
CCA Bayswater Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
CCEP Australia Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
CCEP Finance (Australia) Limited
United Kingdom
100%(A)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP Finance (Ireland) Designated Activity Company
Ireland
100%
6th Floor, 2 Grand Canal Square, Dublin 2, Ireland
CCEP Group Services Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP Holdings (Australia) Limited
United Kingdom
100%(A)(D)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP Holdings (Australia) Pty Ltd
Australia
100%(A)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
CCEP Holdings Norge AS
Norway
100%
Robsrudskogen 5, L\u00f8renskog, 1470, Norway
CCEP Holdings Sverige AB
Sweden
100%
Dryckesv\u00e4gen 2 C, 136 87, Haninge, Sweden
CCEP Holdings UK Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP Ventures Australia Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
CCEP Ventures Europe Limited
United Kingdom
100%(A)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP Ventures UK Limited
United Kingdom
100%(A)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP\u00a0Scottish\u00a0Limited\u00a0Partnership
United Kingdom
100%
52 Milton Road, East Kilbride, Glasgow, Scotland, G74 5DJ
CCIP Soporte, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain
Circular Plastics Australia (PET) Holdings Pty Ltd
Australia
16.67%
Building 3, 658 Church Street, Cremorne VIC 3121, Australia
Classic Brand (Europe) Designated Activity Company
Ireland
100%
4th Floor, 25-28 Adelaide Road, Dublin 2, D02 RY98, Ireland
Cobega Embotellador, S.L.U.
Spain
100%
Avda Paisos Catalans, 32, 08950 , Esplugues de Llobregat, Spain
Coca-Cola Amatil (UK) Limited
United Kingdom
100%(L)
1 Bartholomew Lane, London, EC2N 2AX, United Kingdom
Coca-Cola Europacific Partners (CDE Aust) Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners (Fiji) Pte Limited
Fiji
100%
Lot 1, Ratu Dovi Road, Laucala Beach Estate, NASINU, Fiji
Name
Country of
incorporation
% equity
interest
Registered address
Coca-Cola Europacific Partners (Holdings) Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners (Initial LP) Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners (Scotland) Limited
United Kingdom
100%
52 Milton Road, College Milton, East Kilbride, Scotland, G74 5DJ, United Kingdom
Coca-Cola Europacific Partners API Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners Australia Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners Belgium SRL/BV
Belgium
100%
Chauss\u00e9e de Mons 1424, 1070 Brussels, Belgium
Coca-Cola Europacific Partners Deutschland GmbH
Germany
100%(F)
Stralauer Allee 4, 10245, Berlin, Germany
Coca-Cola Europacific Partners France SAS
France
100%(G)
9 chemin de Bretagne , 92784, Issy-les-Moulineaux, France
Coca-Cola Europacific Partners Great Britain Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners Holdings Great Britain Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners Holdings NZ Limited
New Zealand
100%
The Oasis, 19 Carbine Road, Mount Wellington, Auckland, 1060, New Zealand
Coca-Cola Europacific Partners Holdings US, Inc.
United States
100%(A)(D)
Corporation Trust Center, 1209 Orange Street, Wilmington DE, USA
Coca-Cola Europacific Partners Iberia, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain
Coca-Cola Europacific Partners Investments (Singapore) Pte. Ltd.
Singapore
100%
80 Robinson Road, #02-00, 068898, Singapore
Coca-Cola Europacific Partners \u00cdsland ehf.
Iceland
100%
Studlahals 1, 110, Reykjavik, Iceland
Coca-Cola Europacific Partners Luxembourg s\u00e0rl
Luxembourg
100%
2, Rue des Joncs, L-1818, Howald, Luxembourg
Coca-Cola Europacific Partners Nederland B.V.
Netherlands
100%
Marten Meesweg 25 J, 3068 AV ROTTERDAM, Netherlands
Coca-Cola Europacific Partners New Zealand Limited
New Zealand
100%
The Oasis, 19 Carbine Road, Mount Wellington, Auckland, 1060, New Zealand
Coca-Cola Europacific Partners Norge AS
Norway
100%
Robsrudskogen 5, L\u00f8renskog, 1470, Norway
Coca-Cola Europacific Partners Papua New Guinea Limited
Papua New
Guinea
100%
Section 23, Allotment 14, Milfordhaven Road, LAE, Morobe Province, 411, Papua New Guinea
Coca-Cola Europacific Partners Pension Scheme Trustees Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners Portugal Unipessoal LDA
Portugal
100%
Quinta da Salmoura - Cabanas-2925-362 Azeit\u00e3o, Set\u00fabal, Portugal
Coca-Cola Europacific Partners Services Bulgaria EOOD
Bulgaria
100%
48 Sitnyakovo Blvd. , Serdika Centre , Office Building, floor 5 , Sofia , 1505, Bulgaria
Coca-Cola Europacific Partners Services Europe Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners Services SRL
Belgium
100%(O)
Chauss\u00e9e de Mons 1424, 1070 Brussels, Belgium
Coca-Cola Europacific Partners Sverige AB
Sweden
100%
136 87, Haninge, Sweden
Coca-Cola Europacific Partners US II, LLC
United States
100%
Corporation Trust Center, 1209 Orange Street, Wilmington 19801, Delaware, USA
Name
Country of
incorporation
% equity
interest
Registered address
Coca-Cola Europacific Partners US, LLC
United States
100%
Corporation Trust Center, 1209 Orange Street, Wilmington 19801, USA
Coca-Cola Europacific Partners Vanuatu Limited
Vanuatu
100%
1st Floor, Govant Building, Kumul Highway, Port Vila, Vanuatu
Coca-Cola Immobilier SCI
France
100%(G)
9 chemin de Bretagne , 92784, Issy-les-Moulineaux, France
Coca-Cola Production SAS
France
100%
Zone d' entreprises de Bergues , 59380, Commune de Socx, France
Coca-Cola\u00a0Australia\u00a0Foundation\u00a0Limited
Australia
\u2014%(M)
Level 13 , 40 Mount Street , North Sydney NSW 2060, Australia
Compa\u00f1\u00eda Asturiana De Bebidas Gaseosas, S.L.U.
Spain
100%
C/ Nava, 18- 3\u00aa (Granda) Siero\u00a0 - 33006, Oviedo, Spain
Compa\u00f1\u00eda Castellana De Bebidas Gaseosas, S.L.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, (Madrid), Spain
Compa\u00f1\u00eda Levantina De Bebidas Gaseosas, S.L.U.
Spain
100%
Av. Real Monasterio de Sta. , Maria de Poblet , 3646930, Quart de Poblet , Spain
Compa\u00f1\u00eda Norte\u00f1a De Bebidas Gaseosas, S.L.U.
Spain
100%
C/ Ibaiz\u00e1bal, 57 , Galdakao, 48960, Bizkaia, Spain
Compa\u00f1\u00eda Para La Comunicaci\u00f3n De Bebidas Sin Alcohol, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain
Container Exchange (QLD) Limited
Australia
\u2014%(M)
Level 17, 100 Creek Street, Brisbane QLD 4000, Australia
Container\u00a0Exchange\u00a0(Services)\u00a0Pty\u00a0Ltd
Australia
50%
Maddocks, Angel Place, Level 27, 123 Pitt Street, Sydney NSW 2000, Australia
Conversia IT, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain
Crusta Fruit Juices Proprietary Limited
Australia
100%(J)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Developed System Logistics, S.L.U.
Spain
100%
Av. Henry Ford 25, Manzana 19, Complejo Pq.Ind.Juan , CARLOS I , 46220, Picassent , Valencia , Spain
Endurvinnslan hf.
Iceland
20%
Knarravogur 4, 104 Reykjavik, Iceland
Exchange for Change (ACT) Pty Ltd
Australia
20%
Building C, Suite 6, Level 1, 1 Homebush Bay Drive, Rhodes NSW 2138, Australia
Exchange for Change (Australia) Pty Ltd
Australia
20%
Building C, Suite 6, Level 1, 1 Homebush Bay Drive, Rhodes NSW 2138, Australia
Exchange for Change (NSW) Pty Ltd
Australia
20%
Building C, Suite 6, Level 1, 1 Homebush Bay Drive, Rhodes NSW 2138, Australia
Feral Brewing Company Pty Ltd
Australia
100%(K)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Foodl B.V.
Netherlands
33.3%
HNK Utrecht West, V.02, Weg der Verenigde Naties 1, 3527 KT, Utrecht, Netherlands
GR Bottling Holdings UK Limited
United Kingdom
100%(A)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Infineo Recyclage SAS
France
49%(H)
Sainte Marie la Blanche , 21200, Dijon , France
Innovative Tap Solutions Inc.
United States
21.8%
300 Brookside Avenue, Ambler, PA 19002, USA
Instelling voor Bedrijfspensioenvoorziening Coca-Cola Europacific Partners
Belgium/Coca-Cola Europacific Partners Services \u2013 Bedienden-Arbeiders
OFP
Belgium
100%
1424 \u2013 B1070 Bergensesteenweg, Brussels, Belgium
Instelling voor Bedrijfspensioenvoorziening Coca-Cola Europacific Partners
Belgium/Coca-Cola Europacific Partners Services \u2013 Kaderleden OFP
Belgium
100%
1424 \u2013 B1070 Bergensesteenweg, Brussels, Belgium
Name
Country of
incorporation
% equity
interest
Registered address
Iparbal, 99 S.L.
Spain
100%
C/ Ibaiz\u00e1bal, 57, 48960, Bizkaia, Galdakao, Spain
Iparsoft, 2004 S.L.
Spain
100%
C/ Ibaiz\u00e1bal, 57, 48960, Bizkaia, Galdakao, Spain
Kollex GmbH
Germany
20%
Kottbusser Damm 25-26 , 10967, Berlin, Germany
Lavit Holdings Inc
United States
13.7%
27 West 20th Street, Suite 1004, New York NY 10011, USA
Lusobega, S.L.
Spain
100%
C/ Ibaiz\u00e1bal, 57, 48960, Bizkaia, Galdakao, Spain
Madrid Ecoplatform, S.L.U.
Spain
100%
C/Pedro Lara, 8 Pq. Tecnologico de Leganes , 28919, (Leganes), Spain
Mahija Parahita Nusantara Foundation
Indonesia
\u2014%(M)
South Quarter Tower C, 22nd (P) Floor, Jalan R.A. Kartini, Kav.8, Cilandak Barat, Cilandak, South Jakarta , 12430, Indonesia
Matila Nominees Pty. Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail Bottled Water Co Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail SA Pty. Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail Springwater (VIC) Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail Springwater Co Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail Springwater Co. (QLD) Pty. Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail Springwater Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail WA Pty. Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Pacbev Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Paradise Beverages (Fiji) Pte Limited
Fiji
100%
122-164 Foster Road, Walu Bay, Suva, Fiji
PE\u00d1A Umbria S.L.U.
Spain
100%
Av. Real Monasterio de Sta. , Maria de Poblet , 3646930, Quart de Poblet , Spain
Perfect Fruit Company Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
PT Amandina Bumi Nusantara
Indonesia
35.31%
South Quarter Tower C, 22nd (P) Floor, Jalan R.A. Kartini, Kav.8, Cilandak Barat, Cilandak, South Jakarta , 12430, Indonesia
PT Coca-Cola Bottling Indonesia
Indonesia
70.6%(C)
South Quarter Tower C, 22nd (P) Floor, Jalan R.A. Kartini, Kav.8, Cilandak Barat, Cilandak, South Jakarta , 12430, Indonesia
PT Coca-Cola Distribution Indonesia
Indonesia
70.63%
South Quarter Tower C, 22nd (P) Floor, Jalan R.A. Kartini, Kav.8, Cilandak Barat, Cilandak, South Jakarta , 12430, Indonesia
Purna Pty. Ltd.
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Quenchy Crusta Sales Pty. Ltd.
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Real Oz Water Supply Co (QLD) Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Refrescos Envasados Del Sur, S.L.U.
Spain
100%
Autov\u00eda del Sur A-IV, km.528- 41309 , La Rinconada, Sevilla, Spain
Refrige SGPS, Unipessoal, LDA
Portugal
100%
Quinta da Salmoura - Cabanas-2925-362 Azeit\u00e3o, Set\u00fabal, Portugal
Roalba, S.L.U.
Spain
100%
C/ Ibaiz\u00e1bal, 57, 48960, Bizkaia, Galdakao, Spain
Name
Country of
incorporation
% equity
interest
Registered address
Sale Proprietary Co 1 Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Sale Proprietary Co 2 Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Sale Proprietary Co 3 Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Sale Proprietary Co 4 Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Sale Proprietary Co 5 Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Sale Proprietary Co 6 Pty Ltd
Australia
100%(P)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Sale Proprietary Co 7 Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Samoa\u00a0Breweries\u00a0Limited
Samoa
93.85%
Vaitele Industrial Zone, Vaitele Tai, Faleata Sisifo, Samoa
Solares y Edificios Norte\u00f1os, S.L.U.
Spain
100%
C/ Ibaiz\u00e1bal, 57, 48960, Bizkaia, Galdakao, Spain
Starstock Group Limited
United Kingdom
28.05%
2nd Floor, 140, Fenchurch Street, London, England, EC3M 6BL, United Kingdom
TasRecycle Limited
Australia
\u2014%(N)
Level 9, 85 Macquarie Street, Hobart TAS 7000, Australia
VicRecycle Limited
Australia
\u2014%(N)
HWL Ebsworth Lawyers, Level 8, 447 Collins Street, Melbourne VIC 3000, Australia
WA Return Recycle Renew Ltd
Australia
\u2014%(M)
Unit 2, 1 Centro Avenue, Subiaco WA 6008, Australia
Wabi Portugal, Unipessoal LDA
Portugal
100%
N\u00ba 16-A, Frac\u00e7ao B, 5\u00ba Piso, Edificio Miraflores Premium Distrito: Lisboa Concelho: Oieras Freguesia: Alg\u00e9s, Linda-a-
Velha e Cruz Quebrada-Dafundo 1495 190 Alg\u00e9s, Portugal
WB Investment Ireland 2 Limited
Ireland
100%
6th Floor, 2 Grand Canal Square, Dublin 2, Ireland
WBH Holdings Luxembourg SCS
Luxembourg
100%
2, Rue des Joncs, L-1818, Howald, Luxembourg
WIH UK Limited
United Kingdom
100%(A)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Wir Sind Coca-Cola GmbH
Germany
100%
Stralauer Allee 4, 10245, Berlin, Germany
Commodity price risk
The competitive marketplace in which the Group operates may limit its ability to recover
increased costs through higher prices. As such, the Group is subject to market risk with respect to
commodity price fluctuations, principally related to its purchases of aluminium, PET (plastic,
including recycled PET, LDPE), ethylene, sugar and vehicle fuel. When possible, exposure to this
risk is managed primarily through the use of supplier pricing agreements, which enable the
Group to establish the purchase price for certain commodities. Certain suppliers restrict the
Group\u2019s ability to hedge prices through supplier agreements. As a result, commodity hedging
programmes are entered into and generally designated as hedging instruments. Refer to
Note 13 for more information. Typically, up to 80% of\u00a0the anticipated commodity transaction
exposures for the next calendar year are hedged using a combination of\u00a0forward and
option\u00a0contracts executed with third parties. The Group estimates that a 10% change in the
market price of these\u00a0commodities over the current market prices would affect operating profit
during the next 12 months by approximately \u20ac150 million (2021: \u20ac116 million, 2020: \u20ac47 million).
This does not take into account the effects of derivative instruments used to manage exposure
to this risk or pricing agreements in place.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-683": { "value": "
Currency exchange rates
The Group\u2019s exposure to the risk of changes in currency exchange rates relates primarily to its
operating activities denominated in currencies other than the functional currency, the euro. To
manage currency exchange risk arising from future commercial transactions and recognised
monetary assets and liabilities, foreign currency forward and option contracts with external third
parties are used. Typically, up to 80% of anticipated cash flow exposures in each major foreign
currency for the next calendar year are hedged using a combination of forward and option
contracts with third parties.
The Group is also exposed to the risk of changes in currency exchange rates between US dollar
and euro relating to its US denominated borrowings. The following table demonstrates the
sensitivity of the Group\u2019s profit before income taxes and pre-tax equity as a result of changes in
the value of outstanding debt instruments due to reasonable movements in the US dollar
against the euro, with all other variables held constant. This does not take into account the
effects of derivative instruments used to manage exposure to this risk. Movements in foreign
currencies related to the Group\u2019s other financial instruments do not have a material impact on
profit before income taxes or pre-tax equity.
The Group also has borrowing denominated in Australian dollars that are not swapped into euro
and are converted as part of the currency translation of the net assets of API, and as such,
movements in exchange rates would not impact profit.
Change in
currency rate
\u20ac strengthens
against US$
\u20ac weakens
against\u00a0US$
Effect on profit before tax and pre-tax equity
%
\u20ac million
\u20ac million
Year ended 31\u00a0December\u00a02022
10
197
(197)
Year ended 31\u00a0December\u00a02021
10
176
(176)
Year ended 31\u00a0December\u00a02020
10
33
(36)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-684": { "value": "
Credit risk
The Group is exposed to counterparty credit risk on all of its derivative financial instruments.
Strict counterparty credit guidelines are maintained and only financial institutions that are
investment grade or better are acceptable counterparties. Counterparty credit risk is
continuously monitored and numerous counterparties are used to minimise exposure to
potential defaults. Where required, collateral is paid between the counterparties to minimise
counterparty risk. The maximum credit risk exposure for each derivative financial instrument is
the carrying amount of the derivative. Included in trade and other payables is \u20ac25 million
(2021:\u00a0\u20ac46 million) related to collateral received from counterparties and included in other
current assets is nil (2021: \u20ac4 million) related to collateral paid to counterparties.
Credit is extended in the form of payment terms for trade to customers of the Group, consisting
of retailers, wholesalers and other customers, generally without requiring collateral, based on an
evaluation of the customer\u2019s financial condition. While the Group has a concentration of credit
risk in the retail sector, this risk is mitigated due to the diverse nature of the customers the Group
serves, including, but not limited to, their type, geographic location, size and beverage channel.
Depending on the risk profile of certain customers, we may also seek bank guarantees.
Collections of receivables are dependent on each individual customer\u2019s financial condition and
sales adjustments granted. Trade accounts receivable are carried at net realisable value. Typically,
accounts receivable have terms of 30 to 60 days and do not bear interest. Exposure to losses on
receivables is monitored, and balances are adjusted for expected credit losses. Expected credit
losses are determined by: (1) evaluating the ageing of receivables; (2) analysing the history of
adjustments; and (3) reviewing high risk customers. Credit insurance on a portion of the accounts
receivable balance is also carried.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-685": { "value": "
Liquidity risk
Liquidity risk is actively managed to ensure that the Group has sufficient funds to satisfy its
commitments. The Group\u2019s sources of capital include, but are not limited to, cash flows from
operations, public and private issuances of debt and equity securities and bank borrowings. The
Group believes its operating cash flow, cash on hand and available short-term and long-term
capital resources are sufficient to fund its working capital requirements, scheduled borrowing
payments, interest payments, capital expenditures, benefit plan contributions, income tax
obligations and dividends to its shareholders. Counterparties and instruments used to hold cash
and cash equivalents are continuously assessed, with a focus on preservation of capital and
liquidity. Based on information currently available, the Group does not believe it is at significant
risk of default by its counterparties.
The Group has amounts available for borrowing under a\u00a0 \u20ac1.95 billion multi currency credit facility
(2021: \u20ac1.95 billion) with a syndicate of 13 banks. This credit facility matures in 2025 and is for
general corporate purposes, including serving as a backstop to its commercial paper programme
and supporting the Group\u2019s working capital needs. Based on information currently available, the
Group has no indication that the financial institutions participating in this facility would be unable
to fulfil their commitments as at the date of these financial statements. The current credit
facility contains no financial covenants that would impact the Group\u2019s liquidity or access to
capital. As at 31\u00a0December\u00a02022, the Group had no amounts drawn under this credit facility.
During the year the Group implemented a new sustainability-linked supply chain finance
programme. The facility is provided by a third party bank and will help our suppliers get paid
earlier than under contractual credit terms. Supplier balances under supply chain finance
facilities are disclosed in Note 15.
The following table analyses the Group\u2019s non-derivative financial liabilities and net settled
derivative financial liabilities into relevant maturity groupings based on the remaining period at
the statement of financial position date to the contractual maturity date. The amounts disclosed
in the table are the contractual undiscounted cash flows:
Total
Less than
1\u00a0year
1 to 3 years
3 to 5 years
More than
5\u00a0years
Financial liabilities
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
31\u00a0December\u00a02022
Trade and other payables
4,714
4,714
\u2014
\u2014
\u2014
Amounts payable to related parties
485
485
\u2014
\u2014
\u2014
Borrowings
12,314
1,336
2,597
2,179
6,202
Derivatives
263
76
17
51
119
Lease liabilities
752
149
217
129
257
Total financial liabilities
18,528
6,760
2,831
2,359
6,578
31\u00a0December\u00a02021
Trade and other payables
3,933
3,933
\u2014
\u2014
\u2014
Amounts payable to related parties
210
210
\u2014
\u2014
\u2014
Borrowings
13,599
1,369
2,551
2,274
7,405
Derivatives
66
19
4
15
28
Lease liabilities
714
145
208
111
250
Total financial liabilities
18,522
5,676
2,763
2,400
7,683
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-686": { "value": "
Capital management
The primary objective of the Group\u2019s capital management is to ensure a strong credit rating and
appropriate capital ratios are maintained to support the Group\u2019s business and maximise
shareholder value. The Group\u2019s credit ratings are periodically reviewed by rating agencies.
Currently, the Group\u2019s long-term ratings from Moody\u2019s and Fitch are Baa1 and BBB+, respectively.
Changes in the operating results, cash flows or financial position could impact the ratings
assigned by the various rating agencies. The credit rating can be materially influenced by a
number of factors including, but not limited to, acquisitions, investment decisions, capital
management activities of TCCC and/or changes in the credit rating of TCCC. Should the credit
ratings be adjusted downward, the Group may incur higher costs to borrow, which could have a
material impact on the financial condition and results of operations.
The capital structure is managed and, as appropriate, adjustments are made in light of changes
in economic conditions and the Group\u2019s financial policy. The Group monitors its operating
performance in the context of targeted financial leverage by comparing the ratio of net debt
with adjusted EBITDA. Net debt is calculated as being the net of cash and cash equivalents,
short-term investments, borrowings, fair value of hedging instruments related to borrowings and
financial assets/liabilities related to borrowings. Adjusted EBITDA is calculated as EBITDA and
adjusted for items impacting comparability.
Refer to Note 12 for the presentation of fair values for each class of financial assets and financial
liabilities and\u00a0Note 13 for an outline of how the Group utilises derivative financial instruments to
mitigate its exposure to certain market risks associated with its ongoing operations.
Refer to the Strategic Report included within this Integrated Report for disclosure of strategic,
commercial and operational risk relevant to the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-687": { "value": "
Note 27
Significant events after the reporting period
In January 2023, the Group extended the maturity date of the revolving credit facility from
August 2025 to January 2028. The size of the facility remains unchanged at \u20ac1.95 billion.
On 15 February 2023, the Group completed the acquisition of the remaining 29.4% ownership
interest of its subsidiary, PT Coca-Cola Bottling Indonesia, for a total consideration of
\u20ac282 million.
On 8 February 2023, the Group received a proposed VAT assessment for years 2017 to 2019,
approximating \u20ac250\u00a0million, inclusive of interest, in relation to a dispute between the Spanish tax
authorities and the regional tax authorities of Bizkaia (Basque Region) regarding the
responsibility for ultimately refunding VAT to the Group. For the period under the proposed
assessment, the VAT refund was issued by the Spanish tax authorities. In July 2022, the Arbitration
Board ruled that the regional tax authorities of Bizkaia were responsible for refunding the VAT to
the Group for years 2013 and 2016 (refer to Note 25 for additional details). We believe that the
Group will continue to be held neutral in respect of the VAT dispute.
On 7 March 2023, the Group entered into an agreement to sell sub-strata and associated mineral
rights in Queensland, Australia. Subject to regulatory approval, the transaction is expected to
complete in the first half of 2023. The financial effects of the transaction will not be material for
the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-688": { "value": "
Note 28
Group companies
In accordance with section 409 of the Companies Act 2006, a full list of the Company\u2019s subsidiaries, partnerships, associates, joint ventures and joint arrangements as at 31\u00a0December\u00a02022 is disclosed
below, along with the country of incorporation, the registered address and the effective percentage of equity owned at that date. Unless otherwise stated, each entity has a share capital comprising
a single class of ordinary shares and is wholly owned and indirectly held by CCEP.
Name
Country of
incorporation
% equity
interest
Registered address
Agua De La Vega Del Codorno, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain
Aguas De Cospeito, S.L.U.
Spain
100%
Crta. Pino km. 1 - 2, 27377, Cospeito (Lugo), Spain
Aguas De Santolin, S.L.U.
Spain
100%
C/ Real, s/n 09246, Quintanaurria , Burgos , Spain
Aguas Del Maestrazgo, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain
Aguas Del Toscal, S.A.U.
Spain
100%
Ctra. de la Pasadilla, km, 3-35250, ingenio (Gran Canaria), Spain
Aguas Vilas Del Turbon, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain
Aitonomi AG
Switzerland
15%
Bruderhausstrasse 10, CH-6372 Ennetmoos, Switzerland
Amalgamated Beverages Great Britain Limited
United Kingdom
100%(D)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Apand Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Associated Products & Distribution Proprietary
Australia
100%(D)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
BBH Investment Ireland Limited
Ireland
100%
6th Floor, 2 Grand Canal Square, Dublin 2, Ireland
Bebidas Gaseosas Del Noroeste, S.L.U.
Spain
100%
Avda. Alcalde Alfonso Molina , S/N-15007, (A Coruna), Spain
Beganet, S.L.U.
Spain
100%
Avda Paisos Catalans, 32, 08950 , Esplugues de Llobregat, Spain
Beverage Bottlers (NQ) Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Beverage Bottlers (QLD) Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Birtingah\u00fasi\u00f0 ehf.
Iceland
34.5%
Laugavegur 174, 105, Reykjav\u00edk, Iceland
BL Bottling Holdings UK Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Bottling Great Britain Limited
United Kingdom
100%(D)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Bottling Holding France SAS
France
100%
9 chemin de Bretagne , 92784, Issy-les-Moulineaux, France
Bottling Holdings (Luxembourg) SARL
Luxembourg
100%
2, Rue des Joncs, L-1818, Howald, Luxembourg
Bottling Holdings (Netherlands) B.V.
Netherlands
100%
Marten Meesweg 25 J, 3068 AV ROTTERDAM, Netherlands
Bottling Holdings Europe Limited
United Kingdom
100%(B)(E)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Name
Country of
incorporation
% equity
interest
Registered address
Brewcorp Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Brewhouse Investments Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
C - C Bottlers Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Can Recycling (S.A.) Pty. Ltd.
Australia
100%(B)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
CC Digital GmbH
Germany
50%
Stralauer Allee 4, 10245, Berlin, Germany
CC Erfrischungsgetr\u00e4nke Oldenburg Verwaltungs\u00a0GmbH
Germany
100%(I)
Stralauer Allee 4, 10245, Berlin, Germany
CC Iberian Partners Gestion S.L.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain
CC Verpackungsgesellschaft mit beschraenkter\u00a0Haftung
Germany
100%
Schieferstrasse 20, 06126, Halle (Saale), Germany
CCA Bayswater Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
CCEP Australia Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
CCEP Finance (Australia) Limited
United Kingdom
100%(A)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP Finance (Ireland) Designated Activity Company
Ireland
100%
6th Floor, 2 Grand Canal Square, Dublin 2, Ireland
CCEP Group Services Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP Holdings (Australia) Limited
United Kingdom
100%(A)(D)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP Holdings (Australia) Pty Ltd
Australia
100%(A)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
CCEP Holdings Norge AS
Norway
100%
Robsrudskogen 5, L\u00f8renskog, 1470, Norway
CCEP Holdings Sverige AB
Sweden
100%
Dryckesv\u00e4gen 2 C, 136 87, Haninge, Sweden
CCEP Holdings UK Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP Ventures Australia Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
CCEP Ventures Europe Limited
United Kingdom
100%(A)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP Ventures UK Limited
United Kingdom
100%(A)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP\u00a0Scottish\u00a0Limited\u00a0Partnership
United Kingdom
100%
52 Milton Road, East Kilbride, Glasgow, Scotland, G74 5DJ
CCIP Soporte, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain
Circular Plastics Australia (PET) Holdings Pty Ltd
Australia
16.67%
Building 3, 658 Church Street, Cremorne VIC 3121, Australia
Classic Brand (Europe) Designated Activity Company
Ireland
100%
4th Floor, 25-28 Adelaide Road, Dublin 2, D02 RY98, Ireland
Cobega Embotellador, S.L.U.
Spain
100%
Avda Paisos Catalans, 32, 08950 , Esplugues de Llobregat, Spain
Coca-Cola Amatil (UK) Limited
United Kingdom
100%(L)
1 Bartholomew Lane, London, EC2N 2AX, United Kingdom
Coca-Cola Europacific Partners (CDE Aust) Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners (Fiji) Pte Limited
Fiji
100%
Lot 1, Ratu Dovi Road, Laucala Beach Estate, NASINU, Fiji
Name
Country of
incorporation
% equity
interest
Registered address
Coca-Cola Europacific Partners (Holdings) Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners (Initial LP) Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners (Scotland) Limited
United Kingdom
100%
52 Milton Road, College Milton, East Kilbride, Scotland, G74 5DJ, United Kingdom
Coca-Cola Europacific Partners API Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners Australia Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners Belgium SRL/BV
Belgium
100%
Chauss\u00e9e de Mons 1424, 1070 Brussels, Belgium
Coca-Cola Europacific Partners Deutschland GmbH
Germany
100%(F)
Stralauer Allee 4, 10245, Berlin, Germany
Coca-Cola Europacific Partners France SAS
France
100%(G)
9 chemin de Bretagne , 92784, Issy-les-Moulineaux, France
Coca-Cola Europacific Partners Great Britain Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners Holdings Great Britain Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners Holdings NZ Limited
New Zealand
100%
The Oasis, 19 Carbine Road, Mount Wellington, Auckland, 1060, New Zealand
Coca-Cola Europacific Partners Holdings US, Inc.
United States
100%(A)(D)
Corporation Trust Center, 1209 Orange Street, Wilmington DE, USA
Coca-Cola Europacific Partners Iberia, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain
Coca-Cola Europacific Partners Investments (Singapore) Pte. Ltd.
Singapore
100%
80 Robinson Road, #02-00, 068898, Singapore
Coca-Cola Europacific Partners \u00cdsland ehf.
Iceland
100%
Studlahals 1, 110, Reykjavik, Iceland
Coca-Cola Europacific Partners Luxembourg s\u00e0rl
Luxembourg
100%
2, Rue des Joncs, L-1818, Howald, Luxembourg
Coca-Cola Europacific Partners Nederland B.V.
Netherlands
100%
Marten Meesweg 25 J, 3068 AV ROTTERDAM, Netherlands
Coca-Cola Europacific Partners New Zealand Limited
New Zealand
100%
The Oasis, 19 Carbine Road, Mount Wellington, Auckland, 1060, New Zealand
Coca-Cola Europacific Partners Norge AS
Norway
100%
Robsrudskogen 5, L\u00f8renskog, 1470, Norway
Coca-Cola Europacific Partners Papua New Guinea Limited
Papua New
Guinea
100%
Section 23, Allotment 14, Milfordhaven Road, LAE, Morobe Province, 411, Papua New Guinea
Coca-Cola Europacific Partners Pension Scheme Trustees Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners Portugal Unipessoal LDA
Portugal
100%
Quinta da Salmoura - Cabanas-2925-362 Azeit\u00e3o, Set\u00fabal, Portugal
Coca-Cola Europacific Partners Services Bulgaria EOOD
Bulgaria
100%
48 Sitnyakovo Blvd. , Serdika Centre , Office Building, floor 5 , Sofia , 1505, Bulgaria
Coca-Cola Europacific Partners Services Europe Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners Services SRL
Belgium
100%(O)
Chauss\u00e9e de Mons 1424, 1070 Brussels, Belgium
Coca-Cola Europacific Partners Sverige AB
Sweden
100%
136 87, Haninge, Sweden
Coca-Cola Europacific Partners US II, LLC
United States
100%
Corporation Trust Center, 1209 Orange Street, Wilmington 19801, Delaware, USA
Name
Country of
incorporation
% equity
interest
Registered address
Coca-Cola Europacific Partners US, LLC
United States
100%
Corporation Trust Center, 1209 Orange Street, Wilmington 19801, USA
Coca-Cola Europacific Partners Vanuatu Limited
Vanuatu
100%
1st Floor, Govant Building, Kumul Highway, Port Vila, Vanuatu
Coca-Cola Immobilier SCI
France
100%(G)
9 chemin de Bretagne , 92784, Issy-les-Moulineaux, France
Coca-Cola Production SAS
France
100%
Zone d' entreprises de Bergues , 59380, Commune de Socx, France
Coca-Cola\u00a0Australia\u00a0Foundation\u00a0Limited
Australia
\u2014%(M)
Level 13 , 40 Mount Street , North Sydney NSW 2060, Australia
Compa\u00f1\u00eda Asturiana De Bebidas Gaseosas, S.L.U.
Spain
100%
C/ Nava, 18- 3\u00aa (Granda) Siero\u00a0 - 33006, Oviedo, Spain
Compa\u00f1\u00eda Castellana De Bebidas Gaseosas, S.L.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, (Madrid), Spain
Compa\u00f1\u00eda Levantina De Bebidas Gaseosas, S.L.U.
Spain
100%
Av. Real Monasterio de Sta. , Maria de Poblet , 3646930, Quart de Poblet , Spain
Compa\u00f1\u00eda Norte\u00f1a De Bebidas Gaseosas, S.L.U.
Spain
100%
C/ Ibaiz\u00e1bal, 57 , Galdakao, 48960, Bizkaia, Spain
Compa\u00f1\u00eda Para La Comunicaci\u00f3n De Bebidas Sin Alcohol, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain
Container Exchange (QLD) Limited
Australia
\u2014%(M)
Level 17, 100 Creek Street, Brisbane QLD 4000, Australia
Container\u00a0Exchange\u00a0(Services)\u00a0Pty\u00a0Ltd
Australia
50%
Maddocks, Angel Place, Level 27, 123 Pitt Street, Sydney NSW 2000, Australia
Conversia IT, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain
Crusta Fruit Juices Proprietary Limited
Australia
100%(J)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Developed System Logistics, S.L.U.
Spain
100%
Av. Henry Ford 25, Manzana 19, Complejo Pq.Ind.Juan , CARLOS I , 46220, Picassent , Valencia , Spain
Endurvinnslan hf.
Iceland
20%
Knarravogur 4, 104 Reykjavik, Iceland
Exchange for Change (ACT) Pty Ltd
Australia
20%
Building C, Suite 6, Level 1, 1 Homebush Bay Drive, Rhodes NSW 2138, Australia
Exchange for Change (Australia) Pty Ltd
Australia
20%
Building C, Suite 6, Level 1, 1 Homebush Bay Drive, Rhodes NSW 2138, Australia
Exchange for Change (NSW) Pty Ltd
Australia
20%
Building C, Suite 6, Level 1, 1 Homebush Bay Drive, Rhodes NSW 2138, Australia
Feral Brewing Company Pty Ltd
Australia
100%(K)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Foodl B.V.
Netherlands
33.3%
HNK Utrecht West, V.02, Weg der Verenigde Naties 1, 3527 KT, Utrecht, Netherlands
GR Bottling Holdings UK Limited
United Kingdom
100%(A)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Infineo Recyclage SAS
France
49%(H)
Sainte Marie la Blanche , 21200, Dijon , France
Innovative Tap Solutions Inc.
United States
21.8%
300 Brookside Avenue, Ambler, PA 19002, USA
Instelling voor Bedrijfspensioenvoorziening Coca-Cola Europacific Partners
Belgium/Coca-Cola Europacific Partners Services \u2013 Bedienden-Arbeiders
OFP
Belgium
100%
1424 \u2013 B1070 Bergensesteenweg, Brussels, Belgium
Instelling voor Bedrijfspensioenvoorziening Coca-Cola Europacific Partners
Belgium/Coca-Cola Europacific Partners Services \u2013 Kaderleden OFP
Belgium
100%
1424 \u2013 B1070 Bergensesteenweg, Brussels, Belgium
Name
Country of
incorporation
% equity
interest
Registered address
Iparbal, 99 S.L.
Spain
100%
C/ Ibaiz\u00e1bal, 57, 48960, Bizkaia, Galdakao, Spain
Iparsoft, 2004 S.L.
Spain
100%
C/ Ibaiz\u00e1bal, 57, 48960, Bizkaia, Galdakao, Spain
Kollex GmbH
Germany
20%
Kottbusser Damm 25-26 , 10967, Berlin, Germany
Lavit Holdings Inc
United States
13.7%
27 West 20th Street, Suite 1004, New York NY 10011, USA
Lusobega, S.L.
Spain
100%
C/ Ibaiz\u00e1bal, 57, 48960, Bizkaia, Galdakao, Spain
Madrid Ecoplatform, S.L.U.
Spain
100%
C/Pedro Lara, 8 Pq. Tecnologico de Leganes , 28919, (Leganes), Spain
Mahija Parahita Nusantara Foundation
Indonesia
\u2014%(M)
South Quarter Tower C, 22nd (P) Floor, Jalan R.A. Kartini, Kav.8, Cilandak Barat, Cilandak, South Jakarta , 12430, Indonesia
Matila Nominees Pty. Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail Bottled Water Co Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail SA Pty. Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail Springwater (VIC) Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail Springwater Co Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail Springwater Co. (QLD) Pty. Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail Springwater Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Neverfail WA Pty. Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Pacbev Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Paradise Beverages (Fiji) Pte Limited
Fiji
100%
122-164 Foster Road, Walu Bay, Suva, Fiji
PE\u00d1A Umbria S.L.U.
Spain
100%
Av. Real Monasterio de Sta. , Maria de Poblet , 3646930, Quart de Poblet , Spain
Perfect Fruit Company Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
PT Amandina Bumi Nusantara
Indonesia
35.31%
South Quarter Tower C, 22nd (P) Floor, Jalan R.A. Kartini, Kav.8, Cilandak Barat, Cilandak, South Jakarta , 12430, Indonesia
PT Coca-Cola Bottling Indonesia
Indonesia
70.6%(C)
South Quarter Tower C, 22nd (P) Floor, Jalan R.A. Kartini, Kav.8, Cilandak Barat, Cilandak, South Jakarta , 12430, Indonesia
PT Coca-Cola Distribution Indonesia
Indonesia
70.63%
South Quarter Tower C, 22nd (P) Floor, Jalan R.A. Kartini, Kav.8, Cilandak Barat, Cilandak, South Jakarta , 12430, Indonesia
Purna Pty. Ltd.
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Quenchy Crusta Sales Pty. Ltd.
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Real Oz Water Supply Co (QLD) Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Refrescos Envasados Del Sur, S.L.U.
Spain
100%
Autov\u00eda del Sur A-IV, km.528- 41309 , La Rinconada, Sevilla, Spain
Refrige SGPS, Unipessoal, LDA
Portugal
100%
Quinta da Salmoura - Cabanas-2925-362 Azeit\u00e3o, Set\u00fabal, Portugal
Roalba, S.L.U.
Spain
100%
C/ Ibaiz\u00e1bal, 57, 48960, Bizkaia, Galdakao, Spain
Name
Country of
incorporation
% equity
interest
Registered address
Sale Proprietary Co 1 Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Sale Proprietary Co 2 Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Sale Proprietary Co 3 Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Sale Proprietary Co 4 Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Sale Proprietary Co 5 Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Sale Proprietary Co 6 Pty Ltd
Australia
100%(P)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Sale Proprietary Co 7 Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Samoa\u00a0Breweries\u00a0Limited
Samoa
93.85%
Vaitele Industrial Zone, Vaitele Tai, Faleata Sisifo, Samoa
Solares y Edificios Norte\u00f1os, S.L.U.
Spain
100%
C/ Ibaiz\u00e1bal, 57, 48960, Bizkaia, Galdakao, Spain
Starstock Group Limited
United Kingdom
28.05%
2nd Floor, 140, Fenchurch Street, London, England, EC3M 6BL, United Kingdom
TasRecycle Limited
Australia
\u2014%(N)
Level 9, 85 Macquarie Street, Hobart TAS 7000, Australia
VicRecycle Limited
Australia
\u2014%(N)
HWL Ebsworth Lawyers, Level 8, 447 Collins Street, Melbourne VIC 3000, Australia
WA Return Recycle Renew Ltd
Australia
\u2014%(M)
Unit 2, 1 Centro Avenue, Subiaco WA 6008, Australia
Wabi Portugal, Unipessoal LDA
Portugal
100%
N\u00ba 16-A, Frac\u00e7ao B, 5\u00ba Piso, Edificio Miraflores Premium Distrito: Lisboa Concelho: Oieras Freguesia: Alg\u00e9s, Linda-a-
Velha e Cruz Quebrada-Dafundo 1495 190 Alg\u00e9s, Portugal
WB Investment Ireland 2 Limited
Ireland
100%
6th Floor, 2 Grand Canal Square, Dublin 2, Ireland
WBH Holdings Luxembourg SCS
Luxembourg
100%
2, Rue des Joncs, L-1818, Howald, Luxembourg
WIH UK Limited
United Kingdom
100%(A)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Wir Sind Coca-Cola GmbH
Germany
100%
Stralauer Allee 4, 10245, Berlin, Germany