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Remuneration outcomes for 2023
The following pages set out details of the remuneration received by Directors
for the financial year ending 31 December 2023. Prior year figures have also been
shown. Audited sections of the report have been identified.
The Directors\u2019 remuneration in 2023 was awarded in line with the remuneration
policy, which was approved by shareholders at the AGM in May 2023.
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
2023
1,235
99
27
1,361
3,525
7,396(A)
10,921
12,282
2022
1,208
135
26
1,369
3,730
7,054(B)
10,784
12,153
(A)Estimated value based on three month average share price and exchange rate at 31 December 2023 of US$61.15 (\u00a349.25)
and includes \u00a3589,000 cash payment in respect of dividend equivalents to be paid on the vested Shares. Number will be restated
in next year\u2019s single figure table to show the final value on the vesting date of 15 March 2024. Around \u00a3650,000 of the vest value
is attributable to share price appreciation.
(B)Restated from \u00a36,720,000 in last year\u2019s single figure table to reflect actual share price on vesting date of $55.09 (\u00a345.25)
on 17 March 2023 applied to 144,544 vested Shares and \u00a3513,000 cash payment in respect of dividend equivalents paid
on the vested Shares.
Notes to the single figure table for Executive Directors (audited)
Base salary
Damian Gammell received a salary increase of 2.0% from \u00a31,217,098 to \u00a31,241,440
effective from 1\u00a0April 2023. This increase was significantly lower than the merit
increase provided to the wider GB workforce of 6.0%.
Taxable benefits
During the year, Damian Gammell received the following main benefits: car
allowance (\u00a314,000), financial planning allowance (\u00a310,000), schooling allowance
(\u00a350,000 net) and family private medical coverage (\u00a37,000).
Pension
The pension provisions that apply to Damian Gammell are aligned to all other GB
employees. Damian Gammell elected to receive a contribution into the pension
scheme up to the annual allowance with the balance up to the maximum allowed
by the Remuneration Policy as a cash allowance. This equates to a total payment
of \u00a330,000 from CCEP inclusive of employer National Insurance contributions
(i.e. the actual benefit received by Damian Gammell is less than \u00a330,000\u00a0per year).
Annual bonus
Around 12,000 people across the organisation participate in the annual bonus
(~38% of our total workforce). Around 70% of our employees participate in annual
variable remuneration plans in total, including the annual bonus, sales incentive
plans (~22% of our people), and local incentive plans (~25% of our people).\u00a0
Overview of CCEP\u2019s annual bonus design
The 2023 CCEP annual bonus plan was designed to incentivise the delivery
of the business strategy and comprised the following elements:
Business Performance Factor (BPF) \u2013 Provides alignment with our core
objectives to deliver strong financial performance against our main financial
performance indicators of operating profit (50%), revenue (30%) and operating
free cash flow (20%).
Individual Performance Factor (IPF) \u2013 Individual objectives were also set
for Damian Gammell, focused on a number of areas which are aligned to key
longer-term strategic objectives of the business.
In line with the remuneration policy, Damian Gammell had a target bonus
opportunity of 150% of\u00a0salary. Actual payments range from zero to a maximum
of 360% of salary depending on the extent to which business and individual
performance measures were achieved.
\"Bonus_Graphic1.jpg\"
\"Bonus_Graphic2.jpg\"
\"Bonus_Graphic3.jpg\"
Target
bonus
(150% of
base salary)
BPF
(0x to 2.0x)
IPF
(0x to 1.2x)
Final
bonus
outcome
(0% to 360%
of base salary)
2023 annual bonus outcome \u2013 BPF
As set out in the Statement from the Remuneration Committee Chairman (page
127) overall performance in 2023 has been strong. This has been reflected in the
annual bonus outcome, with performance for all three financial measures being
above target.
Performance targets
Performance outcomes
Measure
Weighting
Threshold
(0.25x
multiplier)
Target
(1x multiplier)
Maximum
(2x multiplier)
Actual outcome
Multiplier
achieved
Operating
profit (A)
50%
\u20ac2,135m
\u20ac2,286m
\u20ac2,437m
\u20ac2,423m
1.91x
Revenue(B)
30%
\u20ac17,772m
\u20ac18,636m
\u20ac19,254m
\u20ac18,655m
1.03x
Operating
free cash
flow(C)
20%
\u20ac2,074m
\u20ac2,305m
\u20ac2,489m
\u20ac2,481m
1.95x
Total
100%
1.65x
(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 an FX neutral basis at budget rates.
2023 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 2023 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 1.15x 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 2023. Prior year figures are
also shown.
2023 (\u00a3\u2019000)
2022 (\u00a3\u2019000)
Individual
Base
fee
Chairman/
Committee
fees
Taxable
benefits (D)
Total
fees
Base
fee
Chairman/
Committee
fees
Taxable
benefits (D)
Total
fees
Sol Daurella
582
30
7
619
578
26
3
607
Manolo Arroyo
85
30
1
116
84
26
8
118
Jan Bennink(A)
34
12
0
46
84
34
12
130
John Bryant
85
53
8
146
84
33
9
126
Jos\u00e9 Ignacio Comenge
85
16
12
113
84
16
9
109
Christine Cross(A)
34
11
0
45
84
46
9
139
Nathalie Gaveau
85
25
9
119
84
14
3
101
\u00c1lvaro G\u00f3mez-Tr\u00e9nor
Aguilar
85
0
13
98
84
\u2013
8
92
Mary Harris(B)
51
19
14
84
\u2013
\u2013
\u2013
\u2013
Thomas H. Johnson
117
48
16
181
116
37
13
166
Dagmar Kollmann
85
52
12
149
84
48
10
142
Alfonso L\u00edbano
Daurella
85
16
5
106
84
20
3
107
Nicolas Mirzayantz(B)
51
9
13
73
\u2013
\u2013
\u2013
\u2013
Mark Price
85
30
12
127
84
25
6
115
Nancy Quan(B)
51
9
8
68
\u2013
\u2013
\u2013
\u2013
Mario Rotllant Sol\u00e1
85
36
12
133
84
28
9
121
Brian Smith(A)
34
6
2
42
84
14
12
110
Dessi Temperley
85
37
7
129
84
29
10
123
Garry Watts(C)
85
32
5
122
84
40
6
130
(A) Resigned from the Board on 24 May 2023.
(B) Appointed to the Board on 24 May 2023.
(C) Resigned from the Board on 31 December 2023.
(D) 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.
Implementation of remuneration policy for 2024
Base salary
Damian Gammell will receive a 2.0% salary increase effective 1 April 2024. This is
lower than the average merit increase provided to the wider GB workforce of 3.5%.
Individual
2023 salary
2024 salary
(effective from 1 April)
% increase
Damian Gammell
\u00a31,241,440
\u00a31,266,269
2.0%
Taxable benefits
No significant changes to the provision of benefits are proposed for 2024.
The main benefits for\u00a0Damian 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 contribution into the pension scheme
up to the annual allowance, with the balance up to the maximum allowed by
the Remuneration Policy (\u00a330,000 inclusive of employer National Insurance
contributions) as a cash allowance.
Annual bonus
No changes have been made to the structure of the annual bonus plan for 2024,
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 131.
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\u00a0FX neutral basis at
budget rates
20%
In determining the IPF for Damian Gammell for 2024, he will be assessed against a
number of objectives which are aligned to the key longer-term strategic objectives of
the business, which include:
Objectives include:
Strategic objective
\u2022 Growth in volume and volume share aligned with the business plan
\"Great_servie_icon_small.gif\"
\u2022 Succession planning
\"Great_people_icon_small.gif\"
\u2022 Operational targets relating to our recent acquisitions
\"Great_beverages_icon_small.gif\"
\u2022 Sustainability objectives
\"Done_sustainably_icon_small.gif\"
Link to strategy
\"Great_beverages_icon_small.gif\"
Great
brands
\"Great_people_icon_small.gif\"
Great
people
\"Great_servie_icon_small.gif\"
Great
execution
\"Done_sustainably_icon_small.gif\"
Done
sustainably
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 15
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 are 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
2023
2022
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
77
81
158
\u2014
77
77
Other employee benefit
liabilities
\u2014
33
33
\u2014
31
31
Total non-current employee
benefit liabilities
77
114
191
\u2014
108
108
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).
As part of its risk management strategy, in September 2023, the board of trustees\u00a0
entered into a buy-in agreement with Just Retirement Ltd. to acquire an
insurance policy with the intent of matching a specific portion of the GB Scheme\u2019s
future cash flows arising from the accrued pension liabilities of retired members.
The transaction was financed entirely using a portion of the existing plan assets,
with no further funding required from the Group. On an IAS 19 \u201cEmployee
Benefits\u201d basis, the subsequent fair value of the insurance policy matches the
present value of the liabilities being insured. As the purchase price of the annuity
of \u20ac257\u00a0million exceeded the IAS 19 accounting value of the corresponding
liabilities, an asset remeasurement loss of \u20ac26\u00a0million has been recorded in other
comprehensive income.
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\u00a02023 to reflect our defined benefit
obligation, for known events and changes in market conditions as allowed under
IAS 19.
Risks
The Group\u2019s defined benefit pension schemes expose the Group to a number of
risks, including:
\u2022 Asset volatility: the plan liabilities are calculated using a discount rate set with
reference to corporate bond yields; if assets underperformed 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
\u2022 Changes 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.
\u2022 Inflation risk: 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.
\u2022 Life expectancy: 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
2023
2022
2021
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
14
14
\u2014
18
18
10
16
26
Past service
(credit)/cost (A)
\u2014
(7)
(7)
\u2014
(2)
(2)
(29)
6
(23)
Net interest
(income)/cost
(1)
(1)
(2)
(2)
1
(1)
1
1
2
Administrative
expenses
\u2014
1
1
\u2014
1
1
1
1
2
Total cost
(1)
7
6
(2)
18
16
(17)
24
7
(A) The current year activity is predominantly comprised of the impact of a plan amendment arising from legislative changes in
respect of the minimum retirement age in France.
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
2023
2022
2021
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 loss/(gain)
on\u00a0defined benefit
obligation arising
during the period
39
32
71
(712)
(125)
(837)
(60)
(6)
(66)
Return on plan
assets less/(greater)
than discount rate
65
(28)
37
808
74
882
(177)
(58)
(235)
Net charge to other
comprehensive
income
104
4
108
96
(51)
45
(237)
(64)
(301)
Benefit obligation and fair value of plan assets
The following tables summarise the changes in the pension plan benefit obligation and the fair value of plan assets for the periods presented:
Year ended 31 December
2023
2022
GB
Rest of
world
Total
GB
Rest of
world
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Reconciliation of benefit
obligation:
Benefit obligation at beginning
of plan year
937
529
1,466
1,739
674
2,413
Service cost
\u2014
14
14
\u2014
18
18
Past service (credit)/cost
\u2014
(7)
(7)
\u2014
(2)
(2)
Interest costs on defined benefit
obligation
45
15
60
32
7
39
Plan participants contribution
\u2014
36
36
\u2014
28
28
Actuarial loss/(gain) \u2013 experience
21
9
30
26
7
33
Actuarial (gain)/loss \u2013
demographic assumptions
(13)
\u2014
(13)
2
\u2014
2
Actuarial loss/(gain) \u2013 financial
assumptions
31
23
54
(740)
(132)
(872)
Benefit payments
(33)
(70)
(103)
(57)
(72)
(129)
Administrative expenses
\u2014
1
1
\u2014
1
1
Currency translation adjustments
20
(2)
18
(65)
\u2014
(65)
Benefit obligation at end of
plan year
1,008
548
1,556
937
529
1,466
Year ended 31 December
2023
2022
GB
Rest of
world
Total
GB
Rest of
world
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Reconciliation of fair value
of plan assets:
Fair value of plan assets at
beginning of plan year
952
572
1,524
1,840
664
2,504
Interest income on plan assets
46
16
62
34
6
40
Return on plan assets (less)/
greater than discount rate
(65)
28
(37)
(808)
(74)
(882)
Plan participants contributions
\u2014
36
36
\u2014
28
28
Employer contributions
11
21
32
11
21
32
Benefit payments
(33)
(70)
(103)
(57)
(72)
(129)
Currency translation adjustment
20
(2)
18
(68)
(1)
(69)
Fair value of plan assets at end
of plan year
931
601
1,532
952
572
1,524
Timing of benefit payments
The weighted average duration of the defined benefit plan obligation as at
31\u00a0December\u00a02023 is\u00a015 years, including 16 years for the GB Scheme. The weighted
average duration of the defined benefit plan obligation as at 31\u00a0December\u00a02022
was 16 years, including 17 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
2023
2022
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
(1,008)
(548)
(1,556)
(937)
(529)
(1,466)
Fair value of assets
931
601
1,532
952
572
1,524
Net benefit status:
(77)
53
(24)
15
43
58
Retirement benefit surplus (Note
25)
\u2014
134
134
15
120
135
Retirement benefit obligation
(77)
(81)
(158)
\u2014
(77)
(77)
The surplus for 2023 is primarily related to the defined benefit plans in Germany
and Belgium. 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
2023
2022
GB
Rest of
world
Average
GB
Rest of
world
Average
Financial assumptions
%
%
%
%
%
%
Discount rate
4.5
3.6
4.2
4.8
4.0
4.5
Rate of compensation increase
N/A
3.6
3.6
N/A
3.6
3.6
Rate of price inflation
3.1
2.3
2.9
3.3
2.4
3.0
Year ended 31 December
2023
2022
Demographic assumptions
(weighted average) (A)
GB
Rest of
world
Average
GB
Rest of
world
Average
Retiring at the end
of the reporting period
Male
21.4
19.8
21.0
21.9
19.8
21.3
Female
23.9
23.2
23.7
24.4
23.1
24.0
Retiring 15 years after the end
of the reporting period
Male
22.3
20.0
21.7
22.8
20.0
22.1
Female
25.0
23.5
24.6
25.5
23.5
24.9
(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 2023
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%
(7.3)
(4.1)
(6.2)
7.9
4.4
6.7
Rate of compensation
increase (A)
0.5%
N/A
1.6
0.5
N/A
(1.4)
(0.5)
Rate of price inflation
0.5%
4.6
3.2
4.1
(4.5)
(3.0)
(4.0)
Mortality rates
1 year
2.3
1.7
2.1
(2.5)
(1.8)
(2.2)
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)
(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 from 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 2023
Year ended 31 December 2022
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)
154
\u2014
154
\u2014
\u2014
185
\u2014
185
\u2014
\u2014
Fixed income securities:(B)
Corporate bonds and notes
211
117
94
\u2014
\u2014
56
\u2014
56
\u2014
\u2014
Government bonds(C)
335
770
41
(476)
\u2014
692
1,131
28
(467)
\u2014
Cash and other short-term investments(D)
25
19
6
\u2014
\u2014
28
23
5
\u2014
\u2014
Other investments:
Real estate funds(E)
255
21
26
208
\u2014
274
43
15
216
\u2014
Insurance contracts(F)
463
\u2014
\u2014
260
203
207
\u2014
\u2014
\u2014
207
Investment funds(G)
77
\u2014
\u2014
\u2014
77
76
\u2014
5
\u2014
71
Derivatives(H)
12
7
\u2014
5
\u2014
6
5
\u2014
1
\u2014
Total
1,532
934
321
(3)
280
1,524
1,202
294
(250)
278
(A) Equity securities are comprised of ordinary shares and investments in equity funds. Investments in ordinary shares are valued using quoted market prices multiplied by the number of shares owned. Investments in equity funds are valued at the net asset value per share,
which is calculated predominantly based on the underlying quoted investments market price, multiplied by the number of shares held as of the measurement date.
(B) The fair values of the fixed income securities are determined based on quoted market prices in active markets. Bonds are held mainly in the currency of the geography of the plan.
(C) The unquoted amounts within this category relate to repurchase agreements (where the Scheme has sold government bonds with the agreement to repurchase at a fixed date and price). The commitment to repurchase the government bonds reduces the pension
assets and is reflected at fair value based on the repurchase price. The assets sold are reported at their fair value, reflecting that the Scheme retains the risks and rewards of ownership of those assets. The asset portfolio of the GB Scheme was refined during 2022 by
entering into repurchase agreement of government bonds in order to better match the Scheme liability and to offset the exposure to interests and inflation rates, while remaining invested in the assets of similar risk profile.
(D) Cash and other short-term investments are valued at \u20ac1.00/unit, which approximates fair value. Amounts are generally invested in cash or interest bearing accounts.
(E) The valuation of unquoted real estate funds is based on net assets value per share multiplied by the number of shares owned. For quoted real estate funds, the calculation is based on the underlying quoted investments market price, multiplied by the number of shares
held as of the measurement date.\u00a0
(F) Insurance contracts exactly match the amount and timing of certain benefits and therefore the fair value of these insurance policies is deemed to be the present value of the related obligations.
(G) Primarily includes investments in equity securities, fixed income securities and combinations of both. Fair values are sourced from broker quotes.
(H) The unquoted amounts within derivatives primarily relate to total return swaps, which represent the current value of future cash flows arising from the swap determined using discounted cash flow models and market data at the reporting date.
Contributions
To support a long-term funding arrangement, during 2019 the Group entered into
a partnership agreement with the GB Scheme and the CCEP Scottish Limited
Partnership (the Partnership). Certain property assets in Great Britain, with a
market value of \u00a3171 million, were transferred into the Partnership and
subsequently leased back to the Group\u2019s operating subsidiary in Great Britain. The
GB Scheme receives semi-annual distributions from the Partnership, increasing
each year at a fixed cumulative rate of 3% through to 2034. The Group exercises
control over the Partnership, and as such, it is fully consolidated in these
consolidated financial statements. Under IAS 19, the investment held by the GB
Scheme in the Partnership does not represent a plan asset for the purposes of
these consolidated financial statements. Similarly, the associated liability is not
included in the consolidated statement of financial position; rather, the
distributions are recognised when paid as a contribution to the plan assets of the
scheme.
Contributions to pension plans totalled \u20ac32 million, \u20ac32 million and \u20ac39 million
during the years ended 31\u00a0December\u00a02023, 31\u00a0December\u00a02022 and
31\u00a0December\u00a02021, respectively. Included within the 2023 contribution is\u00a0\u20ac11\u00a0million
relating to the Partnership agreement. The Group expects to make contributions
of \u20ac31 million for\u00a0the full year ending 31\u00a0December\u00a02024.
Other employee benefit liabilities
In certain territories, the Group has an early retirement programme designed to
create an incentive for employees, within a certain age group, to transition from
(full or part time) employment into retirement before\u00a0their legal retirement age.
Furthermore, the Group also sponsors deferred compensation plans in other
territories. The current portion of these liabilities totalled \u20ac8 million and \u20ac8 million
as at 31\u00a0December\u00a02023 and\u00a031\u00a0December\u00a02022, respectively, and is included
within the current portion of employee benefit liabilities. The\u00a0non-current portion
of\u00a0these liabilities totalled \u20ac33 million and \u20ac31 million as at 31\u00a0December\u00a02023 and
31\u00a0December\u00a02022, respectively, and is included within employee benefit liabilities.
Defined contribution plans
The Group sponsors a number of defined contribution plans across its territories.
Contributions payable for the period are charged to the consolidated income
statement as an operating expense for defined contribution plans. Contributions
to these plans totalled \u20ac81 million for the year ended 31\u00a0December\u00a02023,
\u20ac79 million for the year ended 31\u00a0December\u00a02022 and \u20ac62 million for the year
ended 31\u00a0December 2021.
Staff costs
Staff costs included within the income statement were as follows:
Year ended 31 December
2023
2022
2021
Employee costs
\u20ac million
\u20ac million
\u20ac million
Wages and salaries
1,841
1,769
1,544
Social security costs
339
316
302
Pension and other employee benefits
253
233
170
Total employee costs
2,433
2,318
2,016
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
2023
2022
Other non-current assets
\u20ac million
\u20ac million
Retirement benefit surplus (Note 15)
134
135
Investments
39
35
Other
122
82
Total other non-current assets
295
252
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}, "f-581": { "value": "844000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-582": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-583": { "value": "844000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-584": { "value": "5000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300LTH67W4GWMRF57", "period": 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"ifrs-full:Equity", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f-589": { "value": "7976000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-590": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-591": { "value": "7976000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-592": { "value": "
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\u00a02023 were approved and\u00a0signed by Damian\u00a0Gammell,
Chief\u00a0Executive\u00a0Officer, on 15 March 2024 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, the Group
has 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 48-60 of the Strategic Report. There has been no material impact on the
financial reporting judgements and estimates arising from the considerations of
the Group and, as a result, the valuation of the Group\u2019s assets and liabilities as of
31\u00a0December\u00a02023 have not been affected. The Group\u2019s 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 6) as well as the carrying value and useful economic
lives of property, plant and equipment (refer to Note 7). 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, the Group 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-593": { "value": "
General information and basis of preparation
The consolidated financial statements of the Group for the year ended
31\u00a0December\u00a02023 were approved and\u00a0signed by Damian\u00a0Gammell,
Chief\u00a0Executive\u00a0Officer, on 15 March 2024 having been duly authorised to do so by
the Board of\u00a0Directors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-594": { "value": "Coca-Cola Europacific Partners plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-595": { "value": "Coca-Cola Europacific Partners plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-596": { "value": "Western Europe and the Asia Pacific region", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-597": { "value": "making, selling and distributing an extensive range of primarily non-alcoholic ready to drink beverages.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-598": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-599": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-600": { "value": "Pemberton House, Bakers Road, Uxbridge, UB8 1EZ, United Kingdom", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-601": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-603": { "value": "
Basis of preparation
These consolidated financial statements of the Group reflect the following:
\u2022 They 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).
\u2022 They 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 2023, as described below under accounting policies.
\u2022 They 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.
\u2022 They have been prepared on a going concern basis (refer to the \u201cGoing concern\u201d
paragraph on page 146).
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 the year ended 31\u00a0December\u00a02023 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 exchange rates in effect at the
end of each reporting period. Revenues and expenses are translated at average
monthly 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
2023
2022
2021
2023
2022
British pound
1.15
1.17
1.16
1.15
1.13
US dollar
0.92
0.95
0.85
0.90
0.94
Norwegian
krone
0.09
0.10
0.10
0.09
0.10
Swedish krona
0.09
0.09
0.10
0.09
0.09
Icelandic krona
0.01
0.01
0.01
0.01
0.01
Australian dollar
0.61
0.66
0.63
0.61
0.64
Indonesian
rupiah(B)
0.06
0.06
0.06
0.06
0.06
New Zealand
dollar
0.57
0.60
0.60
0.57
0.60
Papua New
Guinean kina
0.26
0.27
0.24
0.24
0.27
(A) For the year ended 31 December 2021, the rates for the Asia Pacific region are calculated as average for the period from 10 May
2021 to 31 December 2021.
(B) Indonesian rupiah is shown as 1000 IDR versus 1 EUR.
Reporting periods
In these consolidated financial statements, the Group is reporting the financial
results for the years ended 31\u00a0December\u00a02023, 31\u00a0December\u00a02022 and
31\u00a0December\u00a02021.
The following table summarises the number of selling days for the years ended
31\u00a0December\u00a02023, 31\u00a0December\u00a02022 and 31\u00a0December\u00a02021 (based on a
standard five day selling week):
First half
Second half
Full year
2023
130
130
260
2022
130
130
260
2021
131
130
261
Comparability
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-602": { "value": "
Basis of preparation
These consolidated financial statements of the Group reflect the following:
\u2022 They 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-604": { "value": "
Basis of preparation
They have been prepared on a going concern basis (refer to the \u201cGoing concern\u201d
paragraph on page 146).
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-605": { "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 the year ended 31\u00a0December\u00a02023 refer to the
combined financial results of CCEP.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-607": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-606": { "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 exchange rates in effect at the
end of each reporting period. Revenues and expenses are translated at average
monthly 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
2023
2022
2021
2023
2022
British pound
1.15
1.17
1.16
1.15
1.13
US dollar
0.92
0.95
0.85
0.90
0.94
Norwegian
krone
0.09
0.10
0.10
0.09
0.10
Swedish krona
0.09
0.09
0.10
0.09
0.09
Icelandic krona
0.01
0.01
0.01
0.01
0.01
Australian dollar
0.61
0.66
0.63
0.61
0.64
Indonesian
rupiah(B)
0.06
0.06
0.06
0.06
0.06
New Zealand
dollar
0.57
0.60
0.60
0.57
0.60
Papua New
Guinean kina
0.26
0.27
0.24
0.24
0.27
(A) For the year ended 31 December 2021, the rates for the Asia Pacific region are calculated as average for the period from 10 May
2021 to 31 December 2021.
(B) Indonesian rupiah is shown as 1000 IDR versus 1 EUR.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-608": { "value": "
Reporting periods
In these consolidated financial statements, the Group is reporting the financial
results for the years ended 31\u00a0December\u00a02023, 31\u00a0December\u00a02022 and
31\u00a0December\u00a02021.
The following table summarises the number of selling days for the years ended
31\u00a0December\u00a02023, 31\u00a0December\u00a02022 and 31\u00a0December\u00a02021 (based on a
standard five day selling week):
First half
Second half
Full year
2023
130
130
260
2022
130
130
260
2021
131
130
261
Comparability
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-609": { "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
The Group has applied the following standards and amendments for the first time
in the year ended 31\u00a0December\u00a02023.
IFRS 17 \u201cInsurance Contracts\u201d
IFRS 17 \u201cInsurance Contracts\u201d is a comprehensive new standard for insurance
contracts covering recognition, measurement, presentation and disclosure. IFRS 17
replaces IFRS 4 \u201cInsurance Contracts\u201d. The overall objective of IFRS 17 is to provide
a comprehensive accounting model for insurance contracts that is more useful
and consistent for insurers covering all relevant accounting aspects.
The new standard had no impact on the consolidated financial statements of the
Group.
Definition of Accounting Estimates \u2013 Amendments to IAS 8
The amendments to IAS 8 clarify the distinction between changes in accounting
estimates, changes in accounting policies and corrections of errors. They also
clarify how entities use measurement techniques and inputs to develop
accounting estimates.
These amendments had no impact on the consolidated financial statements of
the Group.
Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice
Statement 2
The amendments to IAS 1 \u201cPresentation of Financial Statements\u201d and IFRS
Practice Statement 2 \u201cMaking Materiality Judgements\u201d provide guidance and
examples to help entities apply materiality judgements to accounting policy
disclosures. The amendments aim to help entities provide accounting policy
disclosures that are more useful by replacing the requirement for entities to
disclose their \u201csignificant\u201d accounting policies with a requirement to disclose their
\u201cmaterial\u201d accounting policies and adding guidance on how entities apply the
concept of materiality in making decisions concerning accounting policy
disclosures.\u00a0
The amendments had no impact on the consolidated financial statements of the
Group.
Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013
Amendments to IAS 12
The amendments to IAS 12 \u201cIncome Tax\u201d narrow the scope of the initial recognition
exception, so that it no longer applies to transactions that give rise to equal
taxable and deductible temporary differences such as leases and
decommissioning liabilities.
The amendments had no material impact on the consolidated financial
statements of the Group.
International Tax Reform - Pillar Two Model Rules - Amendments to IAS 12
The Group has adopted International Tax Reform \u2013 Pillar Two Model Rules
(Amendments to IAS 12) upon their release on 23 May 2023. The amendments
provide a temporary mandatory exception from deferred tax accounting for the
top-up tax, which is effective immediately, and require new disclosures about the
Pillar Two exposure (see Note 20 for further details).
The Group has not early adopted any other amendments to accounting standards
that have been issued but are not yet effective. These 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:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-611": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-610": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-612": { "value": "
New and amended standards
The Group has applied the following standards and amendments for the first time
in the year ended 31\u00a0December\u00a02023.
IFRS 17 \u201cInsurance Contracts\u201d
IFRS 17 \u201cInsurance Contracts\u201d is a comprehensive new standard for insurance
contracts covering recognition, measurement, presentation and disclosure. IFRS 17
replaces IFRS 4 \u201cInsurance Contracts\u201d. The overall objective of IFRS 17 is to provide
a comprehensive accounting model for insurance contracts that is more useful
and consistent for insurers covering all relevant accounting aspects.
The new standard had no impact on the consolidated financial statements of the
Group.
Definition of Accounting Estimates \u2013 Amendments to IAS 8
The amendments to IAS 8 clarify the distinction between changes in accounting
estimates, changes in accounting policies and corrections of errors. They also
clarify how entities use measurement techniques and inputs to develop
accounting estimates.
These amendments had no impact on the consolidated financial statements of
the Group.
Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice
Statement 2
The amendments to IAS 1 \u201cPresentation of Financial Statements\u201d and IFRS
Practice Statement 2 \u201cMaking Materiality Judgements\u201d provide guidance and
examples to help entities apply materiality judgements to accounting policy
disclosures. The amendments aim to help entities provide accounting policy
disclosures that are more useful by replacing the requirement for entities to
disclose their \u201csignificant\u201d accounting policies with a requirement to disclose their
\u201cmaterial\u201d accounting policies and adding guidance on how entities apply the
concept of materiality in making decisions concerning accounting policy
disclosures.\u00a0
The amendments had no impact on the consolidated financial statements of the
Group.
Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013
Amendments to IAS 12
The amendments to IAS 12 \u201cIncome Tax\u201d narrow the scope of the initial recognition
exception, so that it no longer applies to transactions that give rise to equal
taxable and deductible temporary differences such as leases and
decommissioning liabilities.
The amendments had no material impact on the consolidated financial
statements of the Group.
International Tax Reform - Pillar Two Model Rules - Amendments to IAS 12
The Group has adopted International Tax Reform \u2013 Pillar Two Model Rules
(Amendments to IAS 12) upon their release on 23 May 2023. The amendments
provide a temporary mandatory exception from deferred tax accounting for the
top-up tax, which is effective immediately, and require new disclosures about the
Pillar Two exposure (see Note 20 for further details).
The Group has not early adopted any other amendments to accounting standards
that have been issued but are not yet effective. These 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-613": { "value": "
Note 3
Significant judgements and estimates
In preparing these consolidated financial statements, management has made
judgements and\u00a0estimates 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\u00a0estimates 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 6 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 climate-related
risks. Refer to Note 6 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\u00a0not 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 14 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 20 for further details regarding income taxes.
Defined benefit plans
The determination of pension benefit costs and obligations is 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 15 for further details about the Group\u2019s defined
benefit pension plan costs and obligations, including sensitivities to the key
assumptions applied.
TCCC franchise intangible assets
The Group\u2019s bottling agreements with TCCC contain performance
requirements and convey the rights to distribute and sell products within
specified territories. The agreements in each territory are for initial terms of
10 years that can be renewed for another 10 years. 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 the bottling agreements as at 31 December 2023,
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-614": { "value": "
Note 4
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
2023
2022
2021
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
14,553
3,749
18,302
13,529
3,791
17,320
11,584
2,179
13,763
Comparable
operating\u00a0profit(A)
1,888
485
2,373
1,670
468
2,138
1,500
272
1,772
Items impacting
comparability (B)
(34)
(52)
(256)
Reported operating
profit
2,339
2,086
1,516
Total finance costs,
net
(120)
(114)
(129)
Non-operating
items
(16)
(15)
(5)
Reported profit
before\u00a0tax
2,203
1,957
1,382
(A) Comparable operating profit includes comparable depreciation and amortisation of \u20ac558 million and \u20ac196 million for Europe and
API respectively, for the year ended 31\u00a0December\u00a02023. Comparable depreciation and amortisation charges for the year ended
31\u00a0December\u00a02022 totalled \u20ac549 million and \u20ac223 million for Europe and API respectively. Comparable depreciation and
amortisation charges for the year ended 31\u00a0December\u00a02021 totalled \u20ac564 million and \u20ac162 million for\u00a0 Europe and API respectively.
(B) Items impacting the comparability of period over period financial performance for 2023 primarily include restructuring charges of
\u20ac94 million (refer to Note 17) and accelerated amortisation charges of \u20ac27\u00a0million (refer to Note 6), partially offset by \u20ac18\u00a0million
of royalty income arising from the ownership of certain mineral rights in Australia (refer to Note 23), considerations of \u20ac35\u00a0million
received relating to the sale of the sub-strata and associated mineral rights in Australia (refer to Note 23) and gains of \u20ac54\u00a0million
mainly attributable to the sale of property in Germany (refer to Note 23). Items impacting the comparability for 2022 included
restructuring charges of \u20ac163\u00a0million (refer to Note 17), partially offset by \u20ac96\u00a0million of other income arising from the favourable
court ruling pertaining to the ownership of certain mineral rights in Australia (refer to Note 23) and net insurance recoveries
received of \u20ac11\u00a0million arising from the July 2021 flooding events.
No single customer accounted for more than 10% of the Group\u2019s revenue during
the years ended 31\u00a0December\u00a02023 , 31\u00a0December\u00a02022 and\u00a0 31\u00a0December\u00a02021.
Revenue by geography
The following table summarises revenue from external customers by geography,
which is based on the origin of the sale:
Year ended 31 December
2023
2022
2021
Revenue:
\u20ac million
\u20ac million
\u20ac million
Iberia(A)
3,325
3,034
2,495
Germany
3,018
2,682
2,335
Great Britain
3,235
3,088
2,613
France(B)
2,321
2,089
1,813
Belgium/Luxembourg
1,078
1,042
926
Netherlands
718
682
557
Norway
376
404
391
Sweden
398
421
375
Iceland
84
87
79
Total Europe
14,553
13,529
11,584
Australia
2,385
2,339
1,359
New Zealand and Pacific Islands
679
649
377
Indonesia and Papua New Guinea
685
803
443
Total API
3,749
3,791
2,179
Total CCEP
18,302
17,320
13,763
(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
2023
2022
Assets:
\u20ac million
\u20ac million
Iberia(A)
6,455
6,401
Germany
3,162
3,091
Great Britain
2,523
2,469
France(B)
940
896
Belgium/Luxembourg
623
613
Netherlands
439
428
Sweden
349
349
Norway
225
242
Iceland
38
36
Other unallocated
360
271
Total Europe
15,114
14,796
Australia
5,065
5,281
New Zealand and Pacific Islands
1,687
1,755
Indonesia and Papua New Guinea
682
726
Total API
7,434
7,762
Total CCEP
22,548
22,558
(A) Iberia refers to Spain, Portugal and Andorra.
(B) France refers to continental France and Monaco.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-615": { "value": "
Note 4
Segment information
The following table provides a reconciliation between reportable segment
operating profit and consolidated profit before tax:
Year ended 31 December
2023
2022
2021
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
14,553
3,749
18,302
13,529
3,791
17,320
11,584
2,179
13,763
Comparable
operating\u00a0profit(A)
1,888
485
2,373
1,670
468
2,138
1,500
272
1,772
Items impacting
comparability (B)
(34)
(52)
(256)
Reported operating
profit
2,339
2,086
1,516
Total finance costs,
net
(120)
(114)
(129)
Non-operating
items
(16)
(15)
(5)
Reported profit
before\u00a0tax
2,203
1,957
1,382
(A) Comparable operating profit includes comparable depreciation and amortisation of \u20ac558 million and \u20ac196 million for Europe and
API respectively, for the year ended 31\u00a0December\u00a02023. Comparable depreciation and amortisation charges for the year ended
31\u00a0December\u00a02022 totalled \u20ac549 million and \u20ac223 million for Europe and API respectively. Comparable depreciation and
amortisation charges for the year ended 31\u00a0December\u00a02021 totalled \u20ac564 million and \u20ac162 million for\u00a0 Europe and API respectively.
(B) Items impacting the comparability of period over period financial performance for 2023 primarily include restructuring charges of
\u20ac94 million (refer to Note 17) and accelerated amortisation charges of \u20ac27\u00a0million (refer to Note 6), partially offset by \u20ac18\u00a0million
of royalty income arising from the ownership of certain mineral rights in Australia (refer to Note 23), considerations of \u20ac35\u00a0million
received relating to the sale of the sub-strata and associated mineral rights in Australia (refer to Note 23) and gains of \u20ac54\u00a0million
mainly attributable to the sale of property in Germany (refer to Note 23). Items impacting the comparability for 2022 included
restructuring charges of \u20ac163\u00a0million (refer to Note 17), partially offset by \u20ac96\u00a0million of other income arising from the favourable
court ruling pertaining to the ownership of certain mineral rights in Australia (refer to Note 23) and net insurance recoveries
received of \u20ac11\u00a0million arising from the July 2021 flooding events.
Revenue by geography
The following table summarises revenue from external customers by geography,
which is based on the origin of the sale:
Year ended 31 December
2023
2022
2021
Revenue:
\u20ac million
\u20ac million
\u20ac million
Iberia(A)
3,325
3,034
2,495
Germany
3,018
2,682
2,335
Great Britain
3,235
3,088
2,613
France(B)
2,321
2,089
1,813
Belgium/Luxembourg
1,078
1,042
926
Netherlands
718
682
557
Norway
376
404
391
Sweden
398
421
375
Iceland
84
87
79
Total Europe
14,553
13,529
11,584
Australia
2,385
2,339
1,359
New Zealand and Pacific Islands
679
649
377
Indonesia and Papua New Guinea
685
803
443
Total API
3,749
3,791
2,179
Total CCEP
18,302
17,320
13,763
(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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-616": { "value": "
Note 5
Earnings per share
Basic earnings per share is calculated by dividing profit after taxes by the
weighted average number of Shares in issue and outstanding during the
period. Diluted earnings per share is calculated in a similar manner, but includes
the effect of dilutive securities, principally share options, restricted stock units
and performance share units. Share-based payment awards that are contingently
issuable upon the achievement of 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
2023
2022
2021
Profit after taxes attributable to equity
shareholders (\u20ac\u00a0million)
1,669
1,508
982
Basic weighted average number of Shares
in\u00a0issue (A) (million)
459
457
456
Effect of dilutive potential Shares(B) (million)
\u2014
1
1
Diluted weighted average number of Shares
in issue (A) (million)
459
458
457
Basic earnings per share(C) (\u20ac)
3.64
3.30
2.15
Diluted earnings per share(C) (\u20ac)
3.63
3.29
2.15
(A) As at 31\u00a0December\u00a02023, 31\u00a0December\u00a02022 and 31\u00a0December\u00a02021, the Group had 459,200,818, 457,106,453 and
456,235,032\u00a0Shares, respectively, in issue and outstanding.
(B) For the years ended 31\u00a0December\u00a02023, 31\u00a0December\u00a02022 and 31\u00a0December\u00a02021 , 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.
(C) Basic and diluted earnings per share are calculated prior to rounding.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-619": { "value": "
Note 6
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\u00a0are 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\u00a0assessment of indefinite
lives is also reviewed annually.
TCCC franchise intangible assets
The Group\u2019s bottling agreements with TCCC contain performance
requirements and convey the rights to distribute and sell products within
specified territories. The agreements in each territory are for initial terms of
10 years that can be renewed for another 10 years. 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 the bottling agreements as at 31 December 2023,
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 19
for details surrounding the subsequent sale of certain non-alcoholic ready to drink
brands to TCCC, which was completed in tranches.
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 \u20ac94 million, \u20ac83
million and \u20ac75 million for the years ended 31\u00a0December\u00a02023, 31\u00a0December 2022
and 31\u00a0December\u00a02021, 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, \u20ac10 million and \u20ac9 million for the years ended
31\u00a0December\u00a02023, 31\u00a0December\u00a02022 and 31 December 2021, respectively.
Non-TCCC franchise intangible
In connection with the Acquisition, the Group acquired certain bottling
agreements with non-TCCC distribution partners, mainly Beam Suntory, which
contain performance requirements and convey the rights to distribute and sell
products within specified API territories. The non-TCCC bottling arrangements
were recorded at fair value at the acquisition date and were initially amortised
over an expected economic useful life of 20 years. On 2 August 2023, the Group
announced that CCEP and Beam Suntory will discontinue their relationship
effective 1 July 2025 (Australia) and 1 January 2026 (New Zealand). CCEP will
remain the exclusive manufacturing, sales and distribution partner for Beam
Suntory in Australia and New Zealand through the end of the current contractual
terms set to expire on 30 June 2025 and 31 December 2025, respectively. The
discontinuance of the relationship triggered a change in the assigned useful
economic life of the intangible assets effective from the second half of 2023,
resulting in an accelerated amortisation charge of \u20ac27\u00a0million recognised for the
year ending 31 December 2023. As at 31 December 2023, finite-lived intangible
assets of \u20ac94\u00a0million were reflected in the consolidated statement of financial
position related to the Beam Suntory distribution rights, primarily attributable to
those available in Australia. Total amortisation expense for these assets is
recognised within administrative expenses and totalled \u20ac35 million, \u20ac8 million and
\u20ac5 million for the years ended 31\u00a0December\u00a02023, 31\u00a0December 2022 and 31
December 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 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
Additions
\u2014
\u2014
64
\u2014
\u2014
92
156
\u2014
Disposals
\u2014
\u2014
(27)
\u2014
\u2014
\u2014
(27)
\u2014
Transfers and reclassifications
\u2014
\u2014
63
\u2014
\u2014
(65)
(2)
\u2014
Currency translation adjustments
(116)
(7)
(1)
(1)
(6)
(2)
(133)
(86)
As at 31 December 2023
11,758
32
720
194
142
94
12,940
4,514
Accumulated amortisation:
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
Amortisation expense
\u2014
\u2014
(94)
(10)
(35)
\u2014
(139)
\u2014
Disposals
\u2014
\u2014
27
\u2014
\u2014
\u2014
27
\u2014
Currency translation adjustments
\u2014
7
1
\u2014
\u2014
\u2014
8
\u2014
As at 31 December 2023
\u2014
\u2014
(426)
(71)
(48)
\u2014
(545)
\u2014
Net book value:
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
As at 31 December 2023
11,758
32
294
123
94
94
12,395
4,514
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\u00a02023, the Group had other
CGUs with total indefinite lived intangible assets of \u20ac1,349 million (2022: \u20ac1,369 million)
and goodwill of\u00a0\u20ac370 million (2022: \u20ac380 million).
Year ended 31 December
2023
2022
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
2,596
1,397
2,690
1,450
Great Britain
1,680
200
1,646
200
Germany
1,060
748
1,060
748
Pacific(A)
816
524
849
547
(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 by 2040. The key assumptions used in projecting these cash
flows were as follows:
\u2022 Growth 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 1.6% and 4.5%.
\u2022 Discount 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.
2023
2022
Pre-tax
discount rate
Pre-tax
discount rate
Cash generating unit
%
%
Iberia
9.3
8.7
Australia
11.1
9.1
Great Britain
9.8
9.3
Germany
10.1
7.9
Pacific(A)
11.2
9.7
(A) Pacific refers to New Zealand and Pacific Islands.
The Group did not record any impairment charges as a result of the tests
conducted in 2023 and 2022.
The Group\u2019s Iberia, Australia, Great Britain and Germany CGUs have substantial
headroom when comparing the value in use calculation of the CGU versus the
CGU\u2019s total carrying value.
For the Group\u2019s Pacific CGU, the headroom in the 2023 impairment analysis was
approximately 11% of total carrying value. The Group estimates that a 0.9%
reduction in the terminal growth rate or a 0.7% increase in the discount rate, each
in isolation, would eliminate existing headroom in Pacific.
For the Group\u2019s Indonesia CGU, the headroom in the 2023 impairment analysis was
approximately 11% of total carrying value. The indefinite lived intangible assets and
goodwill equalled \u20ac143 million in total and the pre-tax discount rate used in the
test was 12.2%. The Group estimates that a 1.2% reduction in the terminal growth
rate or a 0.8% increase in the discount rate, each in isolation, would eliminate
existing headroom in Indonesia.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-618": { "value": "
Note 6
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\u00a0are 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\u00a0assessment of indefinite
lives is also reviewed annually.
TCCC franchise intangible assets
The Group\u2019s bottling agreements with TCCC contain performance
requirements and convey the rights to distribute and sell products within
specified territories. The agreements in each territory are for initial terms of
10 years that can be renewed for another 10 years. 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 the bottling agreements as at 31 December 2023,
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 19
for details surrounding the subsequent sale of certain non-alcoholic ready to drink
brands to TCCC, which was completed in tranches.
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 \u20ac94 million, \u20ac83
million and \u20ac75 million for the years ended 31\u00a0December\u00a02023, 31\u00a0December 2022
and 31\u00a0December\u00a02021, 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, \u20ac10 million and \u20ac9 million for the years ended
31\u00a0December\u00a02023, 31\u00a0December\u00a02022 and 31 December 2021, respectively.
Non-TCCC franchise intangible
In connection with the Acquisition, the Group acquired certain bottling
agreements with non-TCCC distribution partners, mainly Beam Suntory, which
contain performance requirements and convey the rights to distribute and sell
products within specified API territories. The non-TCCC bottling arrangements
were recorded at fair value at the acquisition date and were initially amortised
over an expected economic useful life of 20 years. On 2 August 2023, the Group
announced that CCEP and Beam Suntory will discontinue their relationship
effective 1 July 2025 (Australia) and 1 January 2026 (New Zealand). CCEP will
remain the exclusive manufacturing, sales and distribution partner for Beam
Suntory in Australia and New Zealand through the end of the current contractual
terms set to expire on 30 June 2025 and 31 December 2025, respectively. The
discontinuance of the relationship triggered a change in the assigned useful
economic life of the intangible assets effective from the second half of 2023,
resulting in an accelerated amortisation charge of \u20ac27\u00a0million recognised for the
year ending 31 December 2023. As at 31 December 2023, finite-lived intangible
assets of \u20ac94\u00a0million were reflected in the consolidated statement of financial
position related to the Beam Suntory distribution rights, primarily attributable to
those available in Australia. Total amortisation expense for these assets is
recognised within administrative expenses and totalled \u20ac35 million, \u20ac8 million and
\u20ac5 million for the years ended 31\u00a0December\u00a02023, 31\u00a0December 2022 and 31
December 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 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
Additions
\u2014
\u2014
64
\u2014
\u2014
92
156
\u2014
Disposals
\u2014
\u2014
(27)
\u2014
\u2014
\u2014
(27)
\u2014
Transfers and reclassifications
\u2014
\u2014
63
\u2014
\u2014
(65)
(2)
\u2014
Currency translation adjustments
(116)
(7)
(1)
(1)
(6)
(2)
(133)
(86)
As at 31 December 2023
11,758
32
720
194
142
94
12,940
4,514
Accumulated amortisation:
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
Amortisation expense
\u2014
\u2014
(94)
(10)
(35)
\u2014
(139)
\u2014
Disposals
\u2014
\u2014
27
\u2014
\u2014
\u2014
27
\u2014
Currency translation adjustments
\u2014
7
1
\u2014
\u2014
\u2014
8
\u2014
As at 31 December 2023
\u2014
\u2014
(426)
(71)
(48)
\u2014
(545)
\u2014
Net book value:
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
As at 31 December 2023
11,758
32
294
123
94
94
12,395
4,514
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\u00a02023, the Group had other
CGUs with total indefinite lived intangible assets of \u20ac1,349 million (2022: \u20ac1,369 million)
and goodwill of\u00a0\u20ac370 million (2022: \u20ac380 million).
Year ended 31 December
2023
2022
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
2,596
1,397
2,690
1,450
Great Britain
1,680
200
1,646
200
Germany
1,060
748
1,060
748
Pacific(A)
816
524
849
547
(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 by 2040. The key assumptions used in projecting these cash
flows were as follows:
\u2022 Growth 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 1.6% and 4.5%.
\u2022 Discount 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.
2023
2022
Pre-tax
discount rate
Pre-tax
discount rate
Cash generating unit
%
%
Iberia
9.3
8.7
Australia
11.1
9.1
Great Britain
9.8
9.3
Germany
10.1
7.9
Pacific(A)
11.2
9.7
(A) Pacific refers to New Zealand and Pacific Islands.
The Group did not record any impairment charges as a result of the tests
conducted in 2023 and 2022.
The Group\u2019s Iberia, Australia, Great Britain and Germany CGUs have substantial
headroom when comparing the value in use calculation of the CGU versus the
CGU\u2019s total carrying value.
For the Group\u2019s Pacific CGU, the headroom in the 2023 impairment analysis was
approximately 11% of total carrying value. The Group estimates that a 0.9%
reduction in the terminal growth rate or a 0.7% increase in the discount rate, each
in isolation, would eliminate existing headroom in Pacific.
For the Group\u2019s Indonesia CGU, the headroom in the 2023 impairment analysis was
approximately 11% of total carrying value. The indefinite lived intangible assets and
goodwill equalled \u20ac143 million in total and the pre-tax discount rate used in the
test was 12.2%. The Group estimates that a 1.2% reduction in the terminal growth
rate or a 0.8% increase in the discount rate, each in isolation, would eliminate
existing headroom in Indonesia.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-617": { "value": "
Note 6
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\u00a0are 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\u00a0assessment of indefinite
lives is also reviewed annually.
TCCC franchise intangible assets
The Group\u2019s bottling agreements with TCCC contain performance
requirements and convey the rights to distribute and sell products within
specified territories. The agreements in each territory are for initial terms of
10 years that can be renewed for another 10 years. 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 the bottling agreements as at 31 December 2023,
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 19
for details surrounding the subsequent sale of certain non-alcoholic ready to drink
brands to TCCC, which was completed in tranches.
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 \u20ac94 million, \u20ac83
million and \u20ac75 million for the years ended 31\u00a0December\u00a02023, 31\u00a0December 2022
and 31\u00a0December\u00a02021, 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, \u20ac10 million and \u20ac9 million for the years ended
31\u00a0December\u00a02023, 31\u00a0December\u00a02022 and 31 December 2021, respectively.
Non-TCCC franchise intangible
In connection with the Acquisition, the Group acquired certain bottling
agreements with non-TCCC distribution partners, mainly Beam Suntory, which
contain performance requirements and convey the rights to distribute and sell
products within specified API territories. The non-TCCC bottling arrangements
were recorded at fair value at the acquisition date and were initially amortised
over an expected economic useful life of 20 years. On 2 August 2023, the Group
announced that CCEP and Beam Suntory will discontinue their relationship
effective 1 July 2025 (Australia) and 1 January 2026 (New Zealand). CCEP will
remain the exclusive manufacturing, sales and distribution partner for Beam
Suntory in Australia and New Zealand through the end of the current contractual
terms set to expire on 30 June 2025 and 31 December 2025, respectively. The
discontinuance of the relationship triggered a change in the assigned useful
economic life of the intangible assets effective from the second half of 2023,
resulting in an accelerated amortisation charge of \u20ac27\u00a0million recognised for the
year ending 31 December 2023. As at 31 December 2023, finite-lived intangible
assets of \u20ac94\u00a0million were reflected in the consolidated statement of financial
position related to the Beam Suntory distribution rights, primarily attributable to
those available in Australia. Total amortisation expense for these assets is
recognised within administrative expenses and totalled \u20ac35 million, \u20ac8 million and
\u20ac5 million for the years ended 31\u00a0December\u00a02023, 31\u00a0December 2022 and 31
December 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 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
Additions
\u2014
\u2014
64
\u2014
\u2014
92
156
\u2014
Disposals
\u2014
\u2014
(27)
\u2014
\u2014
\u2014
(27)
\u2014
Transfers and reclassifications
\u2014
\u2014
63
\u2014
\u2014
(65)
(2)
\u2014
Currency translation adjustments
(116)
(7)
(1)
(1)
(6)
(2)
(133)
(86)
As at 31 December 2023
11,758
32
720
194
142
94
12,940
4,514
Accumulated amortisation:
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
Amortisation expense
\u2014
\u2014
(94)
(10)
(35)
\u2014
(139)
\u2014
Disposals
\u2014
\u2014
27
\u2014
\u2014
\u2014
27
\u2014
Currency translation adjustments
\u2014
7
1
\u2014
\u2014
\u2014
8
\u2014
As at 31 December 2023
\u2014
\u2014
(426)
(71)
(48)
\u2014
(545)
\u2014
Net book value:
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
As at 31 December 2023
11,758
32
294
123
94
94
12,395
4,514
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\u00a02023, the Group had other
CGUs with total indefinite lived intangible assets of \u20ac1,349 million (2022: \u20ac1,369 million)
and goodwill of\u00a0\u20ac370 million (2022: \u20ac380 million).
Year ended 31 December
2023
2022
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
2,596
1,397
2,690
1,450
Great Britain
1,680
200
1,646
200
Germany
1,060
748
1,060
748
Pacific(A)
816
524
849
547
(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 by 2040. The key assumptions used in projecting these cash
flows were as follows:
\u2022 Growth 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 1.6% and 4.5%.
\u2022 Discount 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.
2023
2022
Pre-tax
discount rate
Pre-tax
discount rate
Cash generating unit
%
%
Iberia
9.3
8.7
Australia
11.1
9.1
Great Britain
9.8
9.3
Germany
10.1
7.9
Pacific(A)
11.2
9.7
(A) Pacific refers to New Zealand and Pacific Islands.
The Group did not record any impairment charges as a result of the tests
conducted in 2023 and 2022.
The Group\u2019s Iberia, Australia, Great Britain and Germany CGUs have substantial
headroom when comparing the value in use calculation of the CGU versus the
CGU\u2019s total carrying value.
For the Group\u2019s Pacific CGU, the headroom in the 2023 impairment analysis was
approximately 11% of total carrying value. The Group estimates that a 0.9%
reduction in the terminal growth rate or a 0.7% increase in the discount rate, each
in isolation, would eliminate existing headroom in Pacific.
For the Group\u2019s Indonesia CGU, the headroom in the 2023 impairment analysis was
approximately 11% of total carrying value. The indefinite lived intangible assets and
goodwill equalled \u20ac143 million in total and the pre-tax discount rate used in the
test was 12.2%. The Group estimates that a 1.2% reduction in the terminal growth
rate or a 0.8% increase in the discount rate, each in isolation, would eliminate
existing headroom in Indonesia.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-621": { "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\u00a0are 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\u00a0assessment 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-620": { "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\u00a0are 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\u00a0assessment 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-622": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-623": { "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\u00a02023, the Group had other
CGUs with total indefinite lived intangible assets of \u20ac1,349 million (2022: \u20ac1,369 million)
and goodwill of\u00a0\u20ac370 million (2022: \u20ac380 million).
Year ended 31 December
2023
2022
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
2,596
1,397
2,690
1,450
Great Britain
1,680
200
1,646
200
Germany
1,060
748
1,060
748
Pacific(A)
816
524
849
547
(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 by 2040. The key assumptions used in projecting these cash
flows were as follows:
\u2022 Growth 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 1.6% and 4.5%.
\u2022 Discount 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.
2023
2022
Pre-tax
discount rate
Pre-tax
discount rate
Cash generating unit
%
%
Iberia
9.3
8.7
Australia
11.1
9.1
Great Britain
9.8
9.3
Germany
10.1
7.9
Pacific(A)
11.2
9.7
(A) Pacific refers to New Zealand and Pacific Islands.
The Group did not record any impairment charges as a result of the tests
conducted in 2023 and 2022.
The Group\u2019s Iberia, Australia, Great Britain and Germany CGUs have substantial
headroom when comparing the value in use calculation of the CGU versus the
CGU\u2019s total carrying value.
For the Group\u2019s Pacific CGU, the headroom in the 2023 impairment analysis was
approximately 11% of total carrying value. The Group estimates that a 0.9%
reduction in the terminal growth rate or a 0.7% increase in the discount rate, each
in isolation, would eliminate existing headroom in Pacific.
For the Group\u2019s Indonesia CGU, the headroom in the 2023 impairment analysis was
approximately 11% of total carrying value. The indefinite lived intangible assets and
goodwill equalled \u20ac143 million in total and the pre-tax discount rate used in the
test was 12.2%. The Group estimates that a 1.2% reduction in the terminal growth
rate or a 0.8% increase in the discount rate, each in isolation, would eliminate
existing headroom in Indonesia.
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 an 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 more technologically
advanced assets, however, the significant majority of the Group\u2019s assets currently
in operation are likely to be substantially depreciated ahead of our Net Zero 2040
target, as set out in our Strategic Report on pages 37-40. In addition, the Group
continuously monitors the latest developments in 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-624": { "value": "
Note 7
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
Gains or losses arising on the disposal or retirement of an asset are determined as
the difference between the carrying amount of the asset and any proceeds from
its sale. Leasehold improvements are amortised using the straight-line method
over the shorter of the remaining lease term or the estimated useful life of the
improvement.
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 an 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 more technologically
advanced assets, however, the significant majority of the Group\u2019s assets currently
in operation are likely to be substantially depreciated ahead of our Net Zero 2040
target, as set out in our Strategic Report on pages 37-40. In addition, the Group
continuously monitors the latest developments in 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.
The Group leases land, office and warehouse property, computer hardware,
machinery and equipment, and vehicles under non-cancellable lease agreements,
most of which expire at various dates through to 2030. The Group includes right of
use assets within property, plant and equipment. Right of use assets are initially
measured at cost, comprising the initial measurement of the lease liability, plus any
direct costs and an estimate of asset retirement obligations, less lease incentives.
Subsequently, right of use assets are measured at cost, less accumulated
depreciation and any accumulated impairment losses. Depreciation is calculated
on a straight-line basis over the term of the lease.
The Group does not separate lease from non-lease components for each of its
lease categories, except for property leases. All low value leases with total
minimum lease payments under \u20ac5,000 and leases with a term less than 12 months
are expensed on a straight-line basis.\u00a0
Extension and termination options are included in a number of property and
equipment leases across the Group and are used to maximise operational flexibility
in terms of managing contracts. Extension options (or periods after termination
options) are only included in the lease term if the Group has an enforceable right
to extend or terminate the lease and is reasonably certain to do so.
The following table summarises the movement in net book value for property, plant and equipment for the periods\u00a0presented:
Land
Buildings and
improvements
Machinery,
equipment and
containers
Cold drink
equipment
Vehicle fleet
Furniture
and office
equipment
Assets under
construction
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Cost:
As at 31 December 2021
663
2,429
3,578
1,026
298
160
206
8,360
Additions
1
131
221
65
59
21
287
785
Disposals
(3)
(28)
(103)
(49)
(58)
(8)
\u2014
(249)
Assets held for sale
(29)
(26)
(8)
\u2014
\u2014
\u2014
\u2014
(63)
Transfers and reclassifications
27
37
75
36
2
8
(184)
1
Currency translation adjustments
(11)
(42)
(40)
32
(4)
(2)
(4)
(71)
As at 31 December 2022
648
2,501
3,723
1,110
297
179
305
8,763
Additions
20
71
271
73
101
9
344
889
Disposals
(1)
(44)
(214)
(47)
(51)
(3)
\u2014
(360)
Transfers and reclassifications
2
84
124
34
3
12
(259)
\u2014
Currency translation adjustments
(12)
(26)
(18)
(9)
(1)
(2)
(1)
(69)
As at 31 December 2023
657
2,586
3,886
1,161
349
195
389
9,223
Accumulated depreciation:
As at 31 December 2021
\u2014
(766)
(1,473)
(631)
(151)
(91)
\u2014
(3,112)
Depreciation expense
\u2014
(128)
(380)
(127)
(58)
(22)
\u2014
(715)
Disposals
\u2014
19
105
49
53
8
\u2014
234
Assets held for sale
\u2014
10
9
\u2014
\u2014
\u2014
\u2014
19
Transfers and reclassifications
\u2014
\u2014
3
(2)
\u2014
\u2014
\u2014
1
Currency translation adjustments
\u2014
22
(2)
(14)
3
2
\u2014
11
As at 31 December 2022
\u2014
(843)
(1,738)
(725)
(153)
(103)
\u2014
(3,562)
Depreciation expense
\u2014
(137)
(318)
(112)
(61)
(25)
\u2014
(653)
Disposals
\u2014
28
204
43
47
3
\u2014
325
Transfers and reclassifications
\u2014
\u2014
3
(1)
\u2014
\u2014
\u2014
2
Currency translation adjustments
\u2014
\u2014
5
4
\u2014
\u2014
\u2014
9
As at 31 December 2023
\u2014
(952)
(1,844)
(791)
(167)
(125)
\u2014
(3,879)
Net book value:
As at 31 December 2021
663
1,663
2,105
395
147
69
206
5,248
As at 31 December 2022
648
1,658
1,985
385
144
76
305
5,201
As at 31 December 2023
657
1,634
2,042
370
182
70
389
5,344
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
2023
2022
\u20ac million
\u20ac million
Buildings and improvements
427
465
Vehicle fleet
171
133
Machinery, equipment and containers
81
82
Furniture and office equipment
2
3
Total
681
683
Total additions to right of use assets during 2023 were \u20ac192 million
(2022: \u20ac208\u00a0million).
The following table summarises depreciation charges relating to right of use
assets for the periods presented:
Year ended 31 December
2023
2022
\u20ac million
\u20ac million
Buildings and improvements
67
63
Vehicle fleet
58
57
Machinery, equipment and containers
32
34
Furniture and office equipment
2
2
Total
159
156
During the years ended 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022, the total
expense relating to low value and short-term leases was \u20ac24 million and
\u20ac24\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\u00a02023, the total value of lease extension and termination options
included within right of use assets was \u20ac17 million (2022: \u20ac35\u00a0million).
The Group incurred variable lease expenses of \u20ac157 million in 2023 (2022: \u20ac153 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-627": { "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
Gains or losses arising on the disposal or retirement of an asset are determined as
the difference between the carrying amount of the asset and any proceeds from
its sale. Leasehold improvements are amortised using the straight-line method
over the shorter of the remaining lease term or the estimated useful life of the
improvement.
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 an 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 more technologically
advanced assets, however, the significant majority of the Group\u2019s assets currently
in operation are likely to be substantially depreciated ahead of our Net Zero 2040
target, as set out in our Strategic Report on pages 37-40. In addition, the Group
continuously monitors the latest developments in 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:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-629": { "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
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-628": { "value": "
Property, plant and equipment
The Group leases land, office and warehouse property, computer hardware,
machinery and equipment, and vehicles under non-cancellable lease agreements,
most of which expire at various dates through to 2030. The Group includes right of
use assets within property, plant and equipment. Right of use assets are initially
measured at cost, comprising the initial measurement of the lease liability, plus any
direct costs and an estimate of asset retirement obligations, less lease incentives.
Subsequently, right of use assets are measured at cost, less accumulated
depreciation and any accumulated impairment losses. Depreciation is calculated
on a straight-line basis over the term of the lease.
The Group does not separate lease from non-lease components for each of its
lease categories, except for property leases. All low value leases with total
minimum lease payments under \u20ac5,000 and leases with a term less than 12 months
are expensed on a straight-line basis.\u00a0
Extension and termination options are included in a number of property and
equipment leases across the Group and are used to maximise operational flexibility
in terms of managing contracts. Extension options (or periods after termination
options) are only included in the lease term if the Group has an enforceable right
to extend or terminate the lease and is reasonably certain to do so.
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 consolidated income statement.
Leases
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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-626": { "value": "
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 an 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 more technologically
advanced assets, however, the significant majority of the Group\u2019s assets currently
in operation are likely to be substantially depreciated ahead of our Net Zero 2040
target, as set out in our Strategic Report on pages 37-40. In addition, the Group
continuously monitors the latest developments in 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:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-625": { "value": "
Property, plant and equipment
The following table summarises depreciation charges relating to right of use
assets for the periods presented:
Year ended 31 December
2023
2022
\u20ac million
\u20ac million
Buildings and improvements
67
63
Vehicle fleet
58
57
Machinery, equipment and containers
32
34
Furniture and office equipment
2
2
Total
159
156
During the years ended 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022, the total
expense relating to low value and short-term leases was \u20ac24 million and
\u20ac24\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\u00a02023, the total value of lease extension and termination options
included within right of use assets was \u20ac17 million (2022: \u20ac35\u00a0million).
The Group incurred variable lease expenses of \u20ac157 million in 2023 (2022: \u20ac153 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 17
Total operating costs
The following tables summarise the significant cost items by nature within
operating costs for\u00a0the years presented:
Year ended 31 December
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Transportation costs(A)
958
851
631
Employee benefits
1,116
1,110
975
Depreciation of property, plant and
equipment, excluding restructuring
236
246
245
Amortisation of intangible assets
6
7
4
Restructuring charges, including
accelerated depreciation(B)
\u2014
1
45
Other selling and distribution expenses
862
769
596
Total selling and distribution expenses
3,178
2,984
2,496
Transportation costs(A)
3
16
2
Employee benefits
608
544
462
Depreciation of property, plant and
equipment, excluding restructuring
93
99
76
Amortisation of intangible assets
130
94
83
Acquisition related costs
12
3
49
Restructuring charges, including
accelerated depreciation(B)
85
143
91
Other administrative expenses
379
351
311
Total administrative expenses
1,310
1,250
1,074
Total operating expenses
4,488
4,234
3,570
(A) Transportation costs include warehousing and delivery costs to the final customer destination. They exclude depreciation and
amortisation.
(B) See restructuring costs table.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-630": { "value": "
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 an 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-631": { "value": "
The Group leases land, office and warehouse property, computer hardware,
machinery and equipment, and vehicles under non-cancellable lease agreements,
most of which expire at various dates through to 2030. The Group includes right of
use assets within property, plant and equipment. Right of use assets are initially
measured at cost, comprising the initial measurement of the lease liability, plus any
direct costs and an estimate of asset retirement obligations, less lease incentives.
Subsequently, right of use assets are measured at cost, less accumulated
depreciation and any accumulated impairment losses. Depreciation is calculated
on a straight-line basis over the term of the lease.
The Group does not separate lease from non-lease components for each of its
lease categories, except for property leases. All low value leases with total
minimum lease payments under \u20ac5,000 and leases with a term less than 12 months
are expensed on a straight-line basis.\u00a0
Extension and termination options are included in a number of property and
equipment leases across the Group and are used to maximise operational flexibility
in terms of managing contracts. Extension options (or periods after termination
options) are only included in the lease term if the Group has an enforceable right
to extend or terminate the lease and is reasonably certain to do so.
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
2023
2022
\u20ac million
\u20ac million
Buildings and improvements
427
465
Vehicle fleet
171
133
Machinery, equipment and containers
81
82
Furniture and office equipment
2
3
Total
681
683
Total additions to right of use assets during 2023 were \u20ac192 million
(2022: \u20ac208\u00a0million).
Note 13
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 consolidated income statement.
Leases
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
2023
2022
\u20ac million
\u20ac million
Non-current:
Euro denominated bonds:
\u20ac500 million 1.125% Notes 2024
\u2014
498
\u20ac350 million 2.375% Notes 2025
349
349
\u20ac250 million 2.75% Notes 2026(E)
245
240
\u20ac600 million 1.75% Notes 2026(E)
588
580
\u20ac400 million 1.50% Notes 2027(E)
381
370
\u20ac250\u00a0million 1.50% Notes 2027
258
259
\u20ac500 million 1.75% Notes 2028(E)
478
466
\u20ac750 million 0.20% Notes 2028
745
744
\u20ac500 million 1.125% Notes 2029
496
495
\u20ac500 million 1.875% Notes 2030(E)
482
472
\u20ac700 million 3.875%\u00a0 Notes 2030 (A)
694
\u2014
\u20ac500 million 0.70% Notes 2031(E)
482
473
\u20ac800 million 0.00% Notes 2025
798
798
\u20ac700 million 0.50% Notes 2029
695
695
\u20ac1,000 million 0.875% Notes 2033
991
991
\u20ac750\u00a0million 1.50% Notes 2041
746
746
Foreign currency bonds (swapped\u00a0into\u00a0euro)(F) :
US$650\u00a0million 0.80% Notes 2024
\u2014
608
US$500\u00a0million 1.50% Notes 2027
451
466
Year ended 31 December
2023
2022
\u20ac million
\u20ac million
Australian dollar denominated bonds:
A$100 million 3.50% Notes 2024
\u2014
66
A$30 million 4.166% Notes 2025
19
21
A$20 million 4.25% Notes 2025
13
14
A$30 million 4.125% Notes 2026
19
20
A$50 million 4.155% Notes 2028
33
35
A$133 million 2.45% Notes 2029
83
86
A$50 million 4.20% Notes 2031
34
36
A$187 million 4.20% Notes 2031
128
135
A$13 million 4.20% Notes 2031
9
9
Foreign currency bonds (swapped into Australian\u00a0dollar or
New Zealand dollar) (F) :
NOK1 billion 3.04% Notes 2028
92
99
NOK750 million 2.75% Notes 2030
68
73
US$50 million 2.6525% Notes 2030
45
47
JPY10 billion 4.15% Notes 2036(E)
67
74
JPY12.3 billion 1.06% Notes 2037 (E)
65
71
Lease obligations
542
535
Total non-current borrowings
10,096
10,571
Year ended 31 December
2023
2022
\u20ac million
\u20ac million
Current:
Euro denominated bonds:
\u20ac500 million 1.125% Notes 2024
500
\u2014
\u20ac350 million 2.625% Notes 2023(B)
\u2014
350
Foreign currency bonds (swapped\u00a0into\u00a0euro)(F) :
US$650 million 0.8% Notes due 2024
588
\u2014
US$850\u00a0million 0.50% Notes due 2023 (C)
\u2014
797
Australian dollar denominated bonds:
A$100 million\u00a0 3.5% Notes 2024
62
\u2014
Foreign currency bonds
(swapped into New Zealand dollar) (F) :
US$25 million 4.34% Notes 2023(D)
\u2014
24
US$25 million 4.34% Notes 2023(D)
\u2014
24
Lease obligations
150
141
Total current borrowings
1,300
1,336
(A) In December 2023, the Group issued \u20ac700 million 3.875% Notes 2030 in connection with the proposed acquisition of CCBPI. Refer
to Note 19 for further information concerning the proposed acquisition
(B) In November 2023, the Group repaid on maturity the outstanding amount related to the \u20ac350 million 2.625% Notes 2023.
(C) In May 2023, the Group repaid on maturity the outstanding amount related to the US$850\u00a0million 0.50% Notes due 2023.
(D) In October 2023, the Group repaid on maturity the outstanding amount related to US$25\u00a0million 4.34% Notes 2023 and
US$25\u00a0million 4.34% Notes 2023 assumed as part of the Acquisition.
(E) Bond designated in full or partially in a fair value hedge relationship.
(F) Cross currency swaps are used by the Group to swap foreign currency bonds into the required local currency.
Borrowings are stated net of unamortised financing fees of \u20ac30 million and \u20ac33
million, as at 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022, respectively.
Interest expense recognised on lease liabilities totalled \u20ac17 million, \u20ac14 million and
\u20ac10 million in\u00a02023, 2022 and 2021, respectively.
Credit facilities
During 2023, the amount available under the Group\u2019s multi currency credit facility
was \u20ac1.80\u00a0billion. This amount is available for borrowing with a syndicate
of\u00a012\u00a0banks. This credit facility matures in 2029 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 fulfil 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\u00a02023, the Group had no amounts drawn under this credit
facility.
Changes in liabilities arising 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
Interest
payable(B)
Derivatives
(assets)/
liabilities
held to
hedge
borrowings(C)
Dividend
payable(B)
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
As at 01 January 2021
805
6,382
57
\u2014
2
7,246
Acquisition of API
381
1,251
\u2014
16
\u2014
1,648
Changes from financing cash
flows
Proceeds from third party
borrowings, net
\u2014
4,877
\u2014
\u2014
\u2014
4,877
Changes in short-term
borrowings (A)
276
\u2014
\u2014
\u2014
\u2014
276
Repayments on third party
borrowings
(950)
\u2014
\u2014
\u2014
\u2014
(950)
Payment of principal on
lease obligations
(139)
\u2014
\u2014
\u2014
\u2014
(139)
Interest paid
(10)
\u2014
(87)
\u2014
\u2014
(97)
Dividends paid
\u2014
\u2014
\u2014
\u2014
(638)
(638)
Other non-cash changes
Amortisation of discount,
premium and issue costs
\u2014
(3)
\u2014
\u2014
\u2014
(3)
Other non-cash movements
39
83
108
\u2014
639
869
Movement as a result of fair
value hedges
6
9
\u2014
\u2014
\u2014
15
Changes in fair values
\u2014
\u2014
\u2014
(98)
\u2014
(98)
Currency translation
33
100
\u2014
(28)
\u2014
105
Reclassifications
909
(909)
\u2014
\u2014
\u2014
\u2014
Total changes
545
5,408
21
(110)
1
5,865
As at 31 December 2021
1,350
11,790
78
(110)
3
13,111
Changes from financing cash
flows
Changes in short-term
borrowings (A)
(285)
\u2014
\u2014
\u2014
\u2014
(285)
Repayments on third party
borrowings
(938)
\u2014
\u2014
\u2014
\u2014
(938)
Current
portion
of\u00a0borrowings
Borrowings,
less current
portion
Interest
payable(B)
Derivatives
(assets)/
liabilities
held to
hedge
borrowings(C)
Dividend
payable(B)
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Payment of principal on
lease obligations
(153)
\u2014
\u2014
\u2014
\u2014
(153)
Interest paid
(14)
\u2014
(116)
\u2014
\u2014
(130)
Dividends paid
\u2014
\u2014
\u2014
\u2014
(763)
(763)
Other financing activities
(1)
\u2014
\u2014
\u2014
\u2014
(1)
Other non-cash changes
Amortisation of discount,
premium and issue costs
(1)
4
\u2014
\u2014
\u2014
3
Other non-cash movements
34
171
112
\u2014
766
1,083
Movement as a result of fair
value hedges
11
(172)
\u2014
\u2014
\u2014
(161)
Changes in fair values
\u2014
\u2014
\u2014
45
\u2014
45
Currency translation
\u2014
111
\u2014
(18)
(2)
91
Reclassifications
1,333
(1,333)
\u2014
\u2014
\u2014
\u2014
Total changes
(14)
(1,219)
(4)
27
1
(1,209)
As at 31 December 2022
1,336
10,571
74
(83)
4
11,902
Changes from financing cash
flows
Proceeds from third party
borrowings, net
\u2014
694
\u2014
\u2014
\u2014
694
Repayments on third party
borrowings
(1,159)
\u2014
\u2014
\u2014
\u2014
(1,159)
Payment of principal on
lease obligations
(148)
\u2014
\u2014
\u2014
\u2014
(148)
Settlement of debt-related
cross-currency swaps
\u2014
\u2014
\u2014
69
\u2014
69
Interest paid
(17)
\u2014
(165)
\u2014
\u2014
(182)
Dividends paid
\u2014
\u2014
\u2014
\u2014
(841)
(841)
Current
portion
of\u00a0borrowings
Borrowings,
less current
portion
Interest
payable(B)
Derivatives
(assets)/
liabilities
held to
hedge
borrowings(C)
Dividend
payable(B)
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Other non-cash changes
Amortisation of discounts,
premium, issue costs and fair
value adjustments
\u2014
5
\u2014
\u2014
\u2014
5
Other non-cash movements
93
98
164
\u2014
844
1,199
Movement as a result of fair
value hedges
\u2014
40
\u2014
\u2014
\u2014
40
Changes in fair values
\u2014
\u2014
\u2014
25
\u2014
25
Currency translation
(40)
(77)
\u2014
17
(2)
(102)
Reclassifications
1,235
(1,235)
\u2014
\u2014
\u2014
\u2014
Total changes
(36)
(475)
(1)
111
1
(400)
As at 31 December 2023
1,300
10,096
73
28
5
11,502
(A) In 2023, changes in short-term borrowings include \u20ac6,810 million of newly issued and \u20ac6,810 million of repaid EUR commercial
paper. In 2022, changes in short-term borrowings included \u20ac2,464 million and \u20ac2,749 million of newly issued and repaid EUR
commercial paper, respectively.
(B) Interest payable and dividends payable balances are presented within the \u201cTrade and other payables\u201d line item in the Group\u2019s
consolidated statement of financial position.
(C) Interest rate and cross currency swaps used to hedge interest rate risk and currency fluctuations of non-functional currency
borrowings, refer to Note 12.
Total cash outflows for leases were \u20ac165 million, \u20ac167 million and \u20ac149\u00a0million for
the years ended 31\u00a0December\u00a02023, 31\u00a0December\u00a02022 and 31\u00a0December\u00a02021,
respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-632": { "value": "
Note 8
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. Cost of inventories also
includes the transfer from equity of gains and/or losses on qualified cash flow
hedges relating to inventory purchases. 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
2023
2022
\u20ac million
\u20ac million
Finished goods
750
777
Raw materials and supplies
449
452
Spare parts and other
157
151
Total inventories
1,356
1,380
Write downs of inventories totalled \u20ac59 million , \u20ac41 million and \u20ac41 million for the
years ended 31\u00a0December\u00a02023, 31\u00a0December\u00a02022 and 31\u00a0December\u00a02021,
respectively. The majority of t hese write downs were included in cost of sales on
the consolidated income statement. None of\u00a0these write downs of inventory were
subsequently reversed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-633": { "value": "
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. Cost of inventories also
includes the transfer from equity of gains and/or losses on qualified cash flow
hedges relating to inventory purchases. 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-635": { "value": "
Note 9
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 their transaction price and
subsequently measured at amortised cost less provision for impairment. Typically,
accounts receivable have terms of 30 to\u00a060 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 and 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 continued recession risk across our European territories, the Group
supplements 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\u00a02023 and
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
2023
2022
\u20ac million
\u20ac million
Trade accounts receivable, gross
2,601
2,523
Allowance for doubtful accounts
(54)
(57)
Total trade accounts receivable
2,547
2,466
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
2023
2022
\u20ac million
\u20ac million
Not past due
2,348
2,287
Past due 1 \u2013 30 days
142
102
Past due 31 \u2013 60 days
16
30
Past due 61 \u2013 90 days
7
15
Past due 91 \u2013 120 days
9
14
Past due 121+ days
25
18
Total
2,547
2,466
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 2021
(49)
Provision for impairment recognised during the year
(15)
Receivables written off during the year as uncollectable
5
Reversals
1
Currency translation adjustments
1
As at 31 December 2022
(57)
Provision for impairment recognised during the year
(9)
Receivables written off during the year as uncollectible
9
Reversals
2
Currency translation adjustments
1
As at 31 December 2023
(54)
Note 10
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
2023
2022
\u20ac million
\u20ac million
Cash at banks and on hand
465
491
Short-term deposits and securities
954
896
Total cash and cash equivalents
1,419
1,387
Cash and cash equivalents are held in the following currencies as at the
dates presented:
Year ended 31 December
2023
2022
\u20ac million
\u20ac million
Euro
662
477
British pound
305
190
US dollar
64
88
Norwegian krone
58
35
Swedish krona
26
21
Australian dollar
118
358
Indonesian rupiah
48
26
Papua New Guinean kina
42
102
Other
96
90
Total cash and cash equivalents
1,419
1,387
Included within cash and cash equivalents as at 31\u00a0December\u00a02023 and
31\u00a0December\u00a02022 are Papua New Guinea cash assets of \u20ac42 million
and \u20ac102 million respectively, denominated in local currency (kina).
Government-imposed currency controls impact the extent to which the
cash held in Papua New Guinea can be converted into foreign currency
and remitted for use elsewhere in the Group. There are no other material
restrictions on the Group\u2019s cash and cash equivalents.
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:
\u2022 the asset is held within a business model whose objective is to collect the
contractual cash flows; and
\u2022 the 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.
As at 31\u00a0December\u00a02023, short-term investments were \u20ac568 million (2022: \u20ac256
million), which included \u20ac33\u00a0million (2022: \u20ac49 million) denominated in Papua New
Guinea kina that are subject to government-imposed currency controls which
impact the extent to which these investments, upon maturity, can be converted
into foreign currency and remitted for use elsewhere in the Group.
Cash receipts arising from the interest earned on cash and cash equivalents and
short-term investments were \u20ac58 million, \u20ac25\u00a0million and \u20ac12\u00a0million for the years
ended 31\u00a0December\u00a02023, 31\u00a0December\u00a02022, and 31\u00a0December\u00a02021 respectively,
and in the current year considered a major class of gross cash receipts from
investing activities. Accordingly, these have been presented separately in the
Group\u2019s consolidated statement of cash flows in the current year.
The following table summarises the book value and fair value of the Group\u2019s
borrowings as at the dates presented:
Year ended 31 December
2023
2022
\u20ac million
\u20ac million
Fair value of borrowings
10,580
10,503
Book value of borrowings (Note 13 )
11,396
11,907
The following table summarises the fair value of the derivative assets and liabilities
as at the dates presented:
Year ended 31 December
2023
2022
\u20ac million
\u20ac million
Assets at fair value:
Derivatives (Note 12 )
261
448
Liabilities at fair value:
Derivatives (Note 12 )
268
263
Note 12
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 in
the consolidated statement of financial position. The Group does not use
derivative financial instruments for trading or specula tive 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 objectives. 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.
The following table summarises the fair value of the assets and liabilities related to
derivative financial instruments and the respective line items in which they were
recorded in the consolidated statement of financial position as at the dates
presented. All derivative instruments are classified as Level 2 within the fair value
hierarchy.
Discussion of the Group\u2019s other financial assets and liabilities is contained
elsewhere in these financial statements. Refer to Note 9 for trade accounts
receivable, Note 14 for trade and other payables, Note 13 for borrowings and Note
19 for amounts receivable and payable with related parties.
Hedging instrument
Location \u2013 statement
of\u00a0financial\u00a0position
Year ended 31 December
2023
2022
\u20ac million
\u20ac million
Assets:
Derivatives designated as
hedging instruments:
Commodity contracts
Non-current derivative assets
38
30
Foreign currency contracts
Non-current derivative assets
\u2014
4
Interest rate and cross
currency swaps
Non-current derivative assets
62
157
Commodity contracts
Current derivative assets
94
133
Foreign currency contracts
Current derivative assets
20
27
Interest rate and cross
currency swaps
Current derivative assets
47
97
Total assets
261
448
Liabilities:
Derivatives designated as
hedging instruments:
Commodity contracts
Non-current derivative
liabilities
30
6
Foreign currency contracts
Non-current derivative
liabilities
2
10
Interest rate and cross
currency swaps
Non-current derivative
liabilities
137
171
Commodity contracts
Current derivative liabilities
58
47
Foreign currency contracts
Current derivative liabilities
36
29
Deal contingent forwards
Current derivative liabilities
5
\u2014
Total liabilities
268
263
Cash flow hedges
The Group uses cash flow hedges to mitigate its exposure to variability in cash
flows attributable to currency fluctuations and commodity price fluctuations
associated with certain highly probable forecasted transactions, including
purchases of raw materials, finished goods and services denominated in
non-functional currencies, the receipts of interest as well as the payments
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 in the consolidated statement of
changes in equity. Any changes in the fair value of these cash flow hedges that are
the result of ineffectiveness are recognised immediately in the line item in 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. If the hedged cash flow
results in a subsequent recognition of a non-financial asset or liability, the gains
and/or losses accumulated in equity are included in the measurement of the cost
of the asset or liability. For other cash flow hedges, the amounts deferred in equity
are then recognised within the line item in 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.
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 euro 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
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
Deal contingent foreign currency
forwards
636
636
\u2014
\u2014
\u2014
Foreign currency contracts
1,105
980
125
\u2014
\u2014
Interest rate and cross currency
swaps
1,306
602
\u2014
520
184
Commodity contracts
1,441
829
588
9
15
As at 31 December 2023
4,488
3,047
713
529
199
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 \u20ac1.3 billion as at 31\u00a0December\u00a02023, \u20ac2.1\u00a0billion as
at\u00a031\u00a0December\u00a02022 and \u20ac2.2 billion as at 31\u00a0December\u00a02021. The net notional
amount of the other outstanding foreign currency cash flow hedges was
\u20ac1.1 billion as at 31\u00a0December\u00a02023, \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\u00a02023,
\u20ac1.4 billion as at 31\u00a0December\u00a02022 and \u20ac0.9 billion as at 31\u00a0December\u00a02021.
During 2023, the Group entered into deal-contingent foreign currency forwards
with a total notional amount of \u20ac636\u00a0million in order to mitigate the foreign
currency risk arising from the proposed acquisition of CCBPI. These instruments
were recorded as cash flow hedges. Refer to Note 19 for further information
concerning the proposed acquisition. As of 31\u00a0December\u00a02023, a loss of \u20ac5 million
is recognised in other comprehensive income related to changes in the fair value
of these instruments.
Outstanding cash flow hedges as at 31\u00a0December\u00a02023 are expected to be settled
between 2024\u00a0and 2036.
The following table provides a reconciliation by risk category of the net of tax
impacts on the cash flow hedge reserve disclosed in Note 16, resulting from cash
flow hedge accounting:
Foreign
currency
contracts
Commodity
contracts
Interest rate
and cross
currency
swaps
Total
Cash flow hedges
\u20ac million
\u20ac million
\u20ac million
\u20ac million
As at 1 January 2021
(1)
20
1
20
Net fair value gains/(losses) recognised in OCI
108
209
(16)
301
Net (gains)/losses reclassified from OCI to
income statement or transferred to cost of
inventories
3
(76)
(13)
(86)
Gains transferred to goodwill
(84)
\u2014
\u2014
(84)
As at 31 December 2021
26
153
(28)
151
Net fair value gains/(losses) recognised in OCI
13
43
46
102
Net (gains)/losses reclassified from OCI to
income statement or transferred to cost of
inventories
(19)
(117)
(13)
(149)
As at 31 December 2022
20
79
5
104
Net fair value gains/(losses) recognised in OCI
(26)
67
(3)
38
Net (gains)/losses reclassified from OCI to
income statement or transferred to cost of
inventories(A)
10
(111)
(10)
(111)
As at 31 December 2023
4
35
(8)
31
(A) The amount includes a net of tax gain of \u20ac83\u00a0million transferred from the cash flow hedge reserve to the cost of inventories.
The following table summarises the net of tax effect of the cash flow hedges in
the consolidated income statement for the periods presented:
Cash flow hedging instruments
Location \u2013 Income statement
Amount of gain/(loss) reclassified
from the cash flow hedge reserve into profit
Year ended 31 December
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Foreign currency
contracts
Cost of sales
1
19
(3)
Commodity contracts
Cost of sales
\u2014
83
74
Commodity contracts
Selling and
distribution expenses
17
34
2
Interest rate and cross
currency swaps
Finance costs
10
13
13
Total
28
149
86
Ineffectiveness associated with these cash flow hedges was not material during
any year presented within these financial statements.
Fair value hedges
The Group has designated certain cross currency swaps used to mitigate foreign
currency 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
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
Interest rate and cross currency swaps
1,159
\u2014
275
450
434
As at 31 December 2023
1,159
\u2014
275
450
434
The net notional amount of outstanding interest rate and cross currency swaps
designated in a fair value hedge relationship with borrowings was \u20ac1,159 million as
at 31\u00a0December\u00a02023, \u20ac1,165 million as at\u00a031\u00a0December\u00a02022 and \u20ac166 million as at
31\u00a0December\u00a02021.
The following table summarises the gains/(losses) recognised from the settlement
of fair value hedges within the consolidated income statement for the periods
presented:
Fair value hedges
Location \u2013 Income
statement
Year ended 31 December
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Interest rate and cross
currency swaps
Finance costs
(30)
2
(2)
Total
(30)
2
(2)
The carrying value of the hedged item recognised in borrowings as at
31\u00a0December\u00a02023 is \u20ac1,051 million (31\u00a0December\u00a02022: \u20ac1,019 million), which
includes accumulated amounts of fair value hedging adjustments of \u20ac106 million
reduction in borrowings (31\u00a0December\u00a02022: \u20ac146 million reduction in borrowings).
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 no qualifying hedged items such as 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 in the consolidated income statement that is
consistent with\u00a0the nature of the hedged\u00a0risk.
There were \u20ac215 million of outstanding non-designated foreign currency hedges
related to hedging foreign currency exposure on intercompany loans as at
31\u00a0December\u00a02023. There were \u20ac29 million outstanding non-designated hedges as
at 31\u00a0December\u00a02022.
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
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Foreign currency
contracts (A)
Non-operating items
(5)
(5)
\u2014
Total
(5)
(5)
\u2014
(A) The gain/(loss) recognised on these currency contracts is offset by the gain/(loss) recognised on the remeasurement of the underlying
hedged items; therefore, there is a minimal consolidated net effect in non-operating items on the consolidated income statement.
Net investment hedges
The Group had no net investment hedges in place as at 31\u00a0December\u00a02023 or
31\u00a0December\u00a02022; however, it continues to monitor its exposure to currency
exchange rates and may enter into future net investment hedges as\u00a0a result of
volatility in the functional currencies of certain of its subsidiaries.
Note 13
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 consolidated income statement.
Leases
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
2023
2022
\u20ac million
\u20ac million
Non-current:
Euro denominated bonds:
\u20ac500 million 1.125% Notes 2024
\u2014
498
\u20ac350 million 2.375% Notes 2025
349
349
\u20ac250 million 2.75% Notes 2026(E)
245
240
\u20ac600 million 1.75% Notes 2026(E)
588
580
\u20ac400 million 1.50% Notes 2027(E)
381
370
\u20ac250\u00a0million 1.50% Notes 2027
258
259
\u20ac500 million 1.75% Notes 2028(E)
478
466
\u20ac750 million 0.20% Notes 2028
745
744
\u20ac500 million 1.125% Notes 2029
496
495
\u20ac500 million 1.875% Notes 2030(E)
482
472
\u20ac700 million 3.875%\u00a0 Notes 2030 (A)
694
\u2014
\u20ac500 million 0.70% Notes 2031(E)
482
473
\u20ac800 million 0.00% Notes 2025
798
798
\u20ac700 million 0.50% Notes 2029
695
695
\u20ac1,000 million 0.875% Notes 2033
991
991
\u20ac750\u00a0million 1.50% Notes 2041
746
746
Foreign currency bonds (swapped\u00a0into\u00a0euro)(F) :
US$650\u00a0million 0.80% Notes 2024
\u2014
608
US$500\u00a0million 1.50% Notes 2027
451
466
Year ended 31 December
2023
2022
\u20ac million
\u20ac million
Australian dollar denominated bonds:
A$100 million 3.50% Notes 2024
\u2014
66
A$30 million 4.166% Notes 2025
19
21
A$20 million 4.25% Notes 2025
13
14
A$30 million 4.125% Notes 2026
19
20
A$50 million 4.155% Notes 2028
33
35
A$133 million 2.45% Notes 2029
83
86
A$50 million 4.20% Notes 2031
34
36
A$187 million 4.20% Notes 2031
128
135
A$13 million 4.20% Notes 2031
9
9
Foreign currency bonds (swapped into Australian\u00a0dollar or
New Zealand dollar) (F) :
NOK1 billion 3.04% Notes 2028
92
99
NOK750 million 2.75% Notes 2030
68
73
US$50 million 2.6525% Notes 2030
45
47
JPY10 billion 4.15% Notes 2036(E)
67
74
JPY12.3 billion 1.06% Notes 2037 (E)
65
71
Lease obligations
542
535
Total non-current borrowings
10,096
10,571
Year ended 31 December
2023
2022
\u20ac million
\u20ac million
Current:
Euro denominated bonds:
\u20ac500 million 1.125% Notes 2024
500
\u2014
\u20ac350 million 2.625% Notes 2023(B)
\u2014
350
Foreign currency bonds (swapped\u00a0into\u00a0euro)(F) :
US$650 million 0.8% Notes due 2024
588
\u2014
US$850\u00a0million 0.50% Notes due 2023 (C)
\u2014
797
Australian dollar denominated bonds:
A$100 million\u00a0 3.5% Notes 2024
62
\u2014
Foreign currency bonds
(swapped into New Zealand dollar) (F) :
US$25 million 4.34% Notes 2023(D)
\u2014
24
US$25 million 4.34% Notes 2023(D)
\u2014
24
Lease obligations
150
141
Total current borrowings
1,300
1,336
(A) In December 2023, the Group issued \u20ac700 million 3.875% Notes 2030 in connection with the proposed acquisition of CCBPI. Refer
to Note 19 for further information concerning the proposed acquisition
(B) In November 2023, the Group repaid on maturity the outstanding amount related to the \u20ac350 million 2.625% Notes 2023.
(C) In May 2023, the Group repaid on maturity the outstanding amount related to the US$850\u00a0million 0.50% Notes due 2023.
(D) In October 2023, the Group repaid on maturity the outstanding amount related to US$25\u00a0million 4.34% Notes 2023 and
US$25\u00a0million 4.34% Notes 2023 assumed as part of the Acquisition.
(E) Bond designated in full or partially in a fair value hedge relationship.
(F) Cross currency swaps are used by the Group to swap foreign currency bonds into the required local currency.
Borrowings are stated net of unamortised financing fees of \u20ac30 million and \u20ac33
million, as at 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022, respectively.
Interest expense recognised on lease liabilities totalled \u20ac17 million, \u20ac14 million and
\u20ac10 million in\u00a02023, 2022 and 2021, respectively.
Credit facilities
During 2023, the amount available under the Group\u2019s multi currency credit facility
was \u20ac1.80\u00a0billion. This amount is available for borrowing with a syndicate
of\u00a012\u00a0banks. This credit facility matures in 2029 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 fulfil 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\u00a02023, the Group had no amounts drawn under this credit
facility.
Changes in liabilities arising 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
Interest
payable(B)
Derivatives
(assets)/
liabilities
held to
hedge
borrowings(C)
Dividend
payable(B)
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
As at 01 January 2021
805
6,382
57
\u2014
2
7,246
Acquisition of API
381
1,251
\u2014
16
\u2014
1,648
Changes from financing cash
flows
Proceeds from third party
borrowings, net
\u2014
4,877
\u2014
\u2014
\u2014
4,877
Changes in short-term
borrowings (A)
276
\u2014
\u2014
\u2014
\u2014
276
Repayments on third party
borrowings
(950)
\u2014
\u2014
\u2014
\u2014
(950)
Payment of principal on
lease obligations
(139)
\u2014
\u2014
\u2014
\u2014
(139)
Interest paid
(10)
\u2014
(87)
\u2014
\u2014
(97)
Dividends paid
\u2014
\u2014
\u2014
\u2014
(638)
(638)
Other non-cash changes
Amortisation of discount,
premium and issue costs
\u2014
(3)
\u2014
\u2014
\u2014
(3)
Other non-cash movements
39
83
108
\u2014
639
869
Movement as a result of fair
value hedges
6
9
\u2014
\u2014
\u2014
15
Changes in fair values
\u2014
\u2014
\u2014
(98)
\u2014
(98)
Currency translation
33
100
\u2014
(28)
\u2014
105
Reclassifications
909
(909)
\u2014
\u2014
\u2014
\u2014
Total changes
545
5,408
21
(110)
1
5,865
As at 31 December 2021
1,350
11,790
78
(110)
3
13,111
Changes from financing cash
flows
Changes in short-term
borrowings (A)
(285)
\u2014
\u2014
\u2014
\u2014
(285)
Repayments on third party
borrowings
(938)
\u2014
\u2014
\u2014
\u2014
(938)
Current
portion
of\u00a0borrowings
Borrowings,
less current
portion
Interest
payable(B)
Derivatives
(assets)/
liabilities
held to
hedge
borrowings(C)
Dividend
payable(B)
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Payment of principal on
lease obligations
(153)
\u2014
\u2014
\u2014
\u2014
(153)
Interest paid
(14)
\u2014
(116)
\u2014
\u2014
(130)
Dividends paid
\u2014
\u2014
\u2014
\u2014
(763)
(763)
Other financing activities
(1)
\u2014
\u2014
\u2014
\u2014
(1)
Other non-cash changes
Amortisation of discount,
premium and issue costs
(1)
4
\u2014
\u2014
\u2014
3
Other non-cash movements
34
171
112
\u2014
766
1,083
Movement as a result of fair
value hedges
11
(172)
\u2014
\u2014
\u2014
(161)
Changes in fair values
\u2014
\u2014
\u2014
45
\u2014
45
Currency translation
\u2014
111
\u2014
(18)
(2)
91
Reclassifications
1,333
(1,333)
\u2014
\u2014
\u2014
\u2014
Total changes
(14)
(1,219)
(4)
27
1
(1,209)
As at 31 December 2022
1,336
10,571
74
(83)
4
11,902
Changes from financing cash
flows
Proceeds from third party
borrowings, net
\u2014
694
\u2014
\u2014
\u2014
694
Repayments on third party
borrowings
(1,159)
\u2014
\u2014
\u2014
\u2014
(1,159)
Payment of principal on
lease obligations
(148)
\u2014
\u2014
\u2014
\u2014
(148)
Settlement of debt-related
cross-currency swaps
\u2014
\u2014
\u2014
69
\u2014
69
Interest paid
(17)
\u2014
(165)
\u2014
\u2014
(182)
Dividends paid
\u2014
\u2014
\u2014
\u2014
(841)
(841)
Current
portion
of\u00a0borrowings
Borrowings,
less current
portion
Interest
payable(B)
Derivatives
(assets)/
liabilities
held to
hedge
borrowings(C)
Dividend
payable(B)
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Other non-cash changes
Amortisation of discounts,
premium, issue costs and fair
value adjustments
\u2014
5
\u2014
\u2014
\u2014
5
Other non-cash movements
93
98
164
\u2014
844
1,199
Movement as a result of fair
value hedges
\u2014
40
\u2014
\u2014
\u2014
40
Changes in fair values
\u2014
\u2014
\u2014
25
\u2014
25
Currency translation
(40)
(77)
\u2014
17
(2)
(102)
Reclassifications
1,235
(1,235)
\u2014
\u2014
\u2014
\u2014
Total changes
(36)
(475)
(1)
111
1
(400)
As at 31 December 2023
1,300
10,096
73
28
5
11,502
(A) In 2023, changes in short-term borrowings include \u20ac6,810 million of newly issued and \u20ac6,810 million of repaid EUR commercial
paper. In 2022, changes in short-term borrowings included \u20ac2,464 million and \u20ac2,749 million of newly issued and repaid EUR
commercial paper, respectively.
(B) Interest payable and dividends payable balances are presented within the \u201cTrade and other payables\u201d line item in the Group\u2019s
consolidated statement of financial position.
(C) Interest rate and cross currency swaps used to hedge interest rate risk and currency fluctuations of non-functional currency
borrowings, refer to Note 12.
Total cash outflows for leases were \u20ac165 million, \u20ac167 million and \u20ac149\u00a0million for
the years ended 31\u00a0December\u00a02023, 31\u00a0December\u00a02022 and 31\u00a0December\u00a02021,
respectively.
Note 14
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 70 to 80 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. The costs
of these off-invoice customer marketing costs totalled \u20ac5.4 billion, \u20ac5.2 billion and
\u20ac4.1 billion for 2023 , 2022 and 2021, respectively.
The following table summarises trade and other payables as at the dates
presented:
Year ended 31 December
2023
2022
\u20ac million
\u20ac million
Trade accounts payable(A)
2,306
2,221
Accrued customer marketing costs
1,340
1,348
Accrued deposits
338
288
Accrued compensation and benefits
532
500
Accrued taxes(B)
280
253
Other accrued expenses
438
442
Total trade and other payables
5,234
5,052
(A) Includes amounts of \u20ac622 million (2022: \u20ac212 million) which are part of a supply chain finance programme facilitated by the Group.
The programme permits suppliers to elect on an invoice by invoice basis to receive a discounted payment from the partner bank
earlier than the agreed payment terms with the Group. If a supplier makes this\u00a0election, the value and the due date of the invoice
payable by the Group remains unchanged.
(B) This line item includes a payable of \u20ac59\u00a0million in 2023 and \u20ac57\u00a0million in 2022 to the Spanish tax authorities. Refer to Note 24 for
further details.
The following table summarises the transactions with TCCC that impacted the
consolidated statement of financial position for the periods presented:
Year ended 31 December
2023
2022
\u20ac million
\u20ac million
Amounts due from TCCC
101
130
Amounts payable to TCCC
229
442
The following table summarises the transactions with Cobega that impacted the
consolidated statement of financial position for the periods presented:
Year ended 31 December
2023
2022
\u20ac million
\u20ac million
Amounts due from Cobega
16
3
Amounts payable to Cobega
22
24
The following table summarises the balances with associates, joint ventures and
other related parties:
Year ended 31 December
2023
2022
\u20ac million
\u20ac million
Amounts due from associates
6
6
Amounts payable to associates
2
9
Amounts payable to joint ventures
7
\u2014
Amounts payable to other related parties
10
10
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
2023
2022
Other non-current assets
\u20ac million
\u20ac million
Retirement benefit surplus (Note 15)
134
135
Investments
39
35
Other
122
82
Total other non-current assets
295
252
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
2023
2022
Investments
\u20ac million
\u20ac million
Investments accounted using equity method
35
33
Financial assets at fair value through other comprehensive
income
4
2
Total investments
39
35
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 89% and 90% of the Group\u2019s interest
bearing borrowings were comprised of fixed rate borrowings at
31\u00a0December\u00a02023 and 31\u00a0December\u00a02022, respectively. The Group also
modifies its interest rate exposure through the use of interest rate swaps. As at
31\u00a0December\u00a02023 and 31\u00a0December\u00a02022, the notional value of the Group\u2019s
interest rate swaps was \u20ac1,123 million and \u20ac1,146\u00a0million, respectively.
If interest rates on the Group\u2019s floating rate debt were adjusted by 1% for the years
ended 31\u00a0December\u00a02023, 31\u00a0December 2022 and 31\u00a0December\u00a02021, the Group\u2019s
finance costs and pre-tax equity would change on an annual basis by
approximately \u20ac9 million, \u20ac9 million and \u20ac7 million, respectively. This amount is
determined by calculating the effect of a hypothetical interest rate change on the
Group\u2019s floating rate debt.
Currency exchange rates
Foreign currency exchange risk can only arise on financial instruments that are
denominated in a currency other than the functional currency in which they are
measured. Translation-related risks are therefore not included in the assessment
of the Group\u2019s exposure to currency risks. Translation exposures arise from
financial and non-financial items held by the Group with a functional currency\u00a0
different from the Group\u2019s presentation currency (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. This risk is
managed by entering into cross currency swaps upon issuance thereby mitigating
all the foreign currency risk.
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.
The Group\u2019s main foreign currency exchange rate exposure relates to the change
in value of the euro against other currencies. The impact of a reasonably probable
movement such as 10% appreciation of the euro on the Group\u2019s pre-tax equity
would have led to a \u20ac6 million loss as at 31 December 2023 (31 December 2022:
\u20ac29 million loss; 31 December 2021: \u20ac11 million gain). A 10% weakening of the euro
would have led to an equal but opposite effect. The impact on the Group\u2019s pre-tax
equity is due to changes in the fair value of foreign currency hedges designated as
cash flow hedges.
During 2023, the Group entered into deal contingent foreign currency forwards
(refer to Note 12 for further details) in order to mitigate the foreign currency risk
arising from the proposed acquisition of CCBPI. A 10% appreciation of the euro as
at 31 December 2023 would have led to a \u20ac64 million loss impacting the Group\u2019s
pre-tax equity. A 10% weakening of the euro would have led to an equal but
opposite effect. There would be no impact on the Group\u2019s income statement as
these instruments are designated as cash flow hedges.
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.
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\u00a0commodity 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 12 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.
During the year ended 31\u00a0December\u00a02023, the Group implemented a new gas and
power hedging programme to manage its exposure to changes in commodity
prices in relation to its purchases of power and gas, by entering into financial swaps
designated in a cash flow hedge relationship. As at 31\u00a0December\u00a02023, the notional
value of the swaps was \u20ac89\u00a0million and amounts of \u20ac13\u00a0million and \u20ac52\u00a0million were
included in derivative assets and derivative liabilities, respectively (refer to Note
12).
The following table demonstrates the sensitivity to reasonably possible changes in
commodity prices at the reporting date, with all other variables held constant. The
impact on the Group\u2019s pre-tax equity is due to changes in the fair value of
commodity hedges designated as cash flow hedges. There is no impact on the
Group\u2019s income statement as all commodity derivatives are designated as
hedging instruments in cash flow hedges.
Year ended 31 December
2023
2022
2021
Commodity price risk
\u20ac million
\u20ac million
\u20ac million
10% increase in commodity prices equity gain
144
140
92
10% decrease in commodity prices equity loss
(144)
(140)
(92)
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\u00a0the carrying amount of the derivative. Included in trade and other payables is
\u20ac20 million (2022:\u00a0\u20ac25 million) related to collateral received from 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 initially recognised at their transaction price 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. A default on a
financial asset is when the counterparty fails to make contractual payments when
they fall due. 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\u00a0Group believes its operating cash flow, cash
on hand and available short- 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 \u20ac1.80 billion multi
currency credit facility (2022: \u20ac1.95 billion) with a syndicate of 12 banks. This credit
facility matures in 2029 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\u00a02023, the Group had no
amounts drawn under this credit facility.
In 2022, 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 14.
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\u00a02023
Trade and other payables
4,875
4,875
\u2014
\u2014
\u2014
Amounts payable to related
parties
270
270
\u2014
\u2014
\u2014
Borrowings
11,803
1,322
2,325
2,681
5,475
Derivatives
268
99
42
39
88
Lease liabilities
774
159
237
141
237
Total financial liabilities
17,990
6,725
2,604
2,861
5,800
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
Capital management
The primary objective of the Group\u2019s capital management is to ensure a strong
credit rating and\u00a0appropriate 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 downwards, 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 comparable EBITDA. Net debt is
calculated as borrowings adjusted for the fair value of hedging instruments and
other financial assets/liabilities related to borrowings, net of cash and cash
equivalents and short term investments. Comparable EBITDA is calculated as
EBITDA and\u00a0adjusted for items impacting comparability.
Refer to Note 11 for the presentation of fair values for each class of financial assets
and financial liabilities and\u00a0Note 12 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-634": { "value": "
Note 9
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 their transaction price and
subsequently measured at amortised cost less provision for impairment. Typically,
accounts receivable have terms of 30 to\u00a060 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 and 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 continued recession risk across our European territories, the Group
supplements 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\u00a02023 and
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
2023
2022
\u20ac million
\u20ac million
Trade accounts receivable, gross
2,601
2,523
Allowance for doubtful accounts
(54)
(57)
Total trade accounts receivable
2,547
2,466
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
2023
2022
\u20ac million
\u20ac million
Not past due
2,348
2,287
Past due 1 \u2013 30 days
142
102
Past due 31 \u2013 60 days
16
30
Past due 61 \u2013 90 days
7
15
Past due 91 \u2013 120 days
9
14
Past due 121+ days
25
18
Total
2,547
2,466
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 2021
(49)
Provision for impairment recognised during the year
(15)
Receivables written off during the year as uncollectable
5
Reversals
1
Currency translation adjustments
1
As at 31 December 2022
(57)
Provision for impairment recognised during the year
(9)
Receivables written off during the year as uncollectible
9
Reversals
2
Currency translation adjustments
1
As at 31 December 2023
(54)
The following table summarises the transactions with TCCC that impacted the
consolidated statement of financial position for the periods presented:
Year ended 31 December
2023
2022
\u20ac million
\u20ac million
Amounts due from TCCC
101
130
Amounts payable to TCCC
229
442
The following table summarises the transactions with Cobega that impacted the
consolidated statement of financial position for the periods presented:
Year ended 31 December
2023
2022
\u20ac million
\u20ac million
Amounts due from Cobega
16
3
Amounts payable to Cobega
22
24
The following table summarises the balances with associates, joint ventures and
other related parties:
Year ended 31 December
2023
2022
\u20ac million
\u20ac million
Amounts due from associates
6
6
Amounts payable to associates
2
9
Amounts payable to joint ventures
7
\u2014
Amounts payable to other related parties
10
10
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 initially recognised at their transaction price 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. A default on a
financial asset is when the counterparty fails to make contractual payments when
they fall due. 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:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-636": { "value": "
Note 9
Trade accounts receivable
As a result of continued recession risk across our European territories, the Group
supplements 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\u00a02023 and
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
2023
2022
\u20ac million
\u20ac million
Trade accounts receivable, gross
2,601
2,523
Allowance for doubtful accounts
(54)
(57)
Total trade accounts receivable
2,547
2,466
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 2021
(49)
Provision for impairment recognised during the year
(15)
Receivables written off during the year as uncollectable
5
Reversals
1
Currency translation adjustments
1
As at 31 December 2022
(57)
Provision for impairment recognised during the year
(9)
Receivables written off during the year as uncollectible
9
Reversals
2
Currency translation adjustments
1
As at 31 December 2023
(54)
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 initially recognised at their transaction price 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. A default on a
financial asset is when the counterparty fails to make contractual payments when
they fall due. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-639": { "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 their transaction price and
subsequently measured at amortised cost less provision for impairment. Typically,
accounts receivable have terms of 30 to\u00a060 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 and 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 continued recession risk across our European territories, the Group
supplements 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\u00a02023 and
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:
\u2022 the asset is held within a business model whose objective is to collect the
contractual cash flows; and
\u2022 the 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 in
the consolidated statement of financial position. The Group does not use
derivative financial instruments for trading or specula tive 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 objectives. 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 variability in cash
flows attributable to currency fluctuations and commodity price fluctuations
associated with certain highly probable forecasted transactions, including
purchases of raw materials, finished goods and services denominated in
non-functional currencies, the receipts of interest as well as the payments
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 in the consolidated statement of
changes in equity. Any changes in the fair value of these cash flow hedges that are
the result of ineffectiveness are recognised immediately in the line item in 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. If the hedged cash flow
results in a subsequent recognition of a non-financial asset or liability, the gains
and/or losses accumulated in equity are included in the measurement of the cost
of the asset or liability. For other cash flow hedges, the amounts deferred in equity
are then recognised within the line item in 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.
Fair value hedges
The Group has designated certain cross currency swaps used to mitigate foreign
currency 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 no qualifying hedged items such as 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 in 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 consolidated income statement.
Leases
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-638": { "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 their transaction price and
subsequently measured at amortised cost less provision for impairment. Typically,
accounts receivable have terms of 30 to\u00a060 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 and 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 continued recession risk across our European territories, the Group
supplements 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\u00a02023 and
31\u00a0December\u00a02022.
Note 10
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:
\u2022 the asset is held within a business model whose objective is to collect the
contractual cash flows; and
\u2022 the 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-637": { "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 their transaction price and
subsequently measured at amortised cost less provision for impairment. Typically,
accounts receivable have terms of 30 to\u00a060 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 and 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 continued recession risk across our European territories, the Group
supplements 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\u00a02023 and
31\u00a0December\u00a02022.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-640": { "value": "
Note 10
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
2023
2022
\u20ac million
\u20ac million
Cash at banks and on hand
465
491
Short-term deposits and securities
954
896
Total cash and cash equivalents
1,419
1,387
Cash and cash equivalents are held in the following currencies as at the
dates presented:
Year ended 31 December
2023
2022
\u20ac million
\u20ac million
Euro
662
477
British pound
305
190
US dollar
64
88
Norwegian krone
58
35
Swedish krona
26
21
Australian dollar
118
358
Indonesian rupiah
48
26
Papua New Guinean kina
42
102
Other
96
90
Total cash and cash equivalents
1,419
1,387
Included within cash and cash equivalents as at 31\u00a0December\u00a02023 and
31\u00a0December\u00a02022 are Papua New Guinea cash assets of \u20ac42 million
and \u20ac102 million respectively, denominated in local currency (kina).
Government-imposed currency controls impact the extent to which the
cash held in Papua New Guinea can be converted into foreign currency
and remitted for use elsewhere in the Group. There are no other material
restrictions on the Group\u2019s cash and cash equivalents.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-641": { "value": "
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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-642": { "value": "
Cash and cash equivalents
Included within cash and cash equivalents as at 31\u00a0December\u00a02023 and
31\u00a0December\u00a02022 are Papua New Guinea cash assets of \u20ac42 million
and \u20ac102 million respectively, denominated in local currency (kina).
Government-imposed currency controls impact the extent to which the
cash held in Papua New Guinea can be converted into foreign currency
and remitted for use elsewhere in the Group. There are no other material
restrictions on the Group\u2019s cash and cash equivalents.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-643": { "value": "
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:
\u2022 the asset is held within a business model whose objective is to collect the
contractual cash flows; and
\u2022 the 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHeldtomaturityInvestmentsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-644": { "value": "
Note 11
Fair values
Fair value measurements
All assets and liabilities for which fair value is measured or disclosed in the financial
statements are categorised within the fair value hierarchy. This is described as one
of the following, based on the lowest-level input that is significant to the fair value
measurement as a whole:
\u2022 Level 1 \u2013 Quoted prices in active markets for identical assets or liabilities.
\u2022 Level 2 \u2013 Observable inputs other than quoted prices included in Level 1. The
Group values assets and liabilities included in this level using dealer and broker
quotations, certain pricing models, bid prices, quoted prices for similar assets
and liabilities in active markets or other inputs that are observable or can be
corroborated by observable market data.
\u2022 Level 3 \u2013 Unobservable inputs that are supported by little or no market activity
and that are significant to the fair value of the assets or liabilities. This includes
certain pricing models, discounted cash flow methodologies and similar
techniques that use significant unobservable inputs.
The fair values of the Group\u2019s cash and cash equivalents, short-term investments,
trade accounts receivable, amounts receivable from related parties, trade and
other payables and amounts payable to related parties approximate their carrying
amounts due to their short-term nature.
The fair values of the Group\u2019s borrowings are estimated based on borrowings with
similar maturities and credit quality and current market interest rates. These are
categorised within Level 2 of the fair value hierarchy, as the Group uses certain
pricing models and quoted prices for similar liabilities in active markets in
assessing their fair values. Refer to Note 13 for further details regarding the
Group\u2019s borrowings.
The following table summarises the book value and fair value of the Group\u2019s
borrowings as at the dates presented:
Year ended 31 December
2023
2022
\u20ac million
\u20ac million
Fair value of borrowings
10,580
10,503
Book value of borrowings (Note 13 )
11,396
11,907
The Group\u2019s derivative assets and liabilities are carried at fair value both upon initial
recognition and subsequently. The fair value is determined using a\u00a0variety of
valuation techniques, depending on the specific characteristics of the hedging
instrument, taking into account credit risk. The fair value of the Group\u2019s 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\u00a0the
option contracts also includes implied volatility, which is specific to individual
options and\u00a0is based on rates quoted from a widely used third party resource.
Refer to Note 12 for further\u00a0details 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
2023
2022
\u20ac million
\u20ac million
Assets at fair value:
Derivatives (Note 12 )
261
448
Liabilities at fair value:
Derivatives (Note 12 )
268
263
For assets and liabilities that are recognised in the financial statements on a
recurring basis, the Group determines whether transfers have occurred between
levels in the hierarchy by reassessing categorisation at the end of each reporting
period. There have been no transfers between levels during the periods presented.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-647": { "value": "
Note 11
Fair values
The following table summarises the book value and fair value of the Group\u2019s
borrowings as at the dates presented:
Year ended 31 December
2023
2022
\u20ac million
\u20ac million
Fair value of borrowings
10,580
10,503
Book value of borrowings (Note 13 )
11,396
11,907
Note 13
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 consolidated income statement.
Leases
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
2023
2022
\u20ac million
\u20ac million
Non-current:
Euro denominated bonds:
\u20ac500 million 1.125% Notes 2024
\u2014
498
\u20ac350 million 2.375% Notes 2025
349
349
\u20ac250 million 2.75% Notes 2026(E)
245
240
\u20ac600 million 1.75% Notes 2026(E)
588
580
\u20ac400 million 1.50% Notes 2027(E)
381
370
\u20ac250\u00a0million 1.50% Notes 2027
258
259
\u20ac500 million 1.75% Notes 2028(E)
478
466
\u20ac750 million 0.20% Notes 2028
745
744
\u20ac500 million 1.125% Notes 2029
496
495
\u20ac500 million 1.875% Notes 2030(E)
482
472
\u20ac700 million 3.875%\u00a0 Notes 2030 (A)
694
\u2014
\u20ac500 million 0.70% Notes 2031(E)
482
473
\u20ac800 million 0.00% Notes 2025
798
798
\u20ac700 million 0.50% Notes 2029
695
695
\u20ac1,000 million 0.875% Notes 2033
991
991
\u20ac750\u00a0million 1.50% Notes 2041
746
746
Foreign currency bonds (swapped\u00a0into\u00a0euro)(F) :
US$650\u00a0million 0.80% Notes 2024
\u2014
608
US$500\u00a0million 1.50% Notes 2027
451
466
Year ended 31 December
2023
2022
\u20ac million
\u20ac million
Australian dollar denominated bonds:
A$100 million 3.50% Notes 2024
\u2014
66
A$30 million 4.166% Notes 2025
19
21
A$20 million 4.25% Notes 2025
13
14
A$30 million 4.125% Notes 2026
19
20
A$50 million 4.155% Notes 2028
33
35
A$133 million 2.45% Notes 2029
83
86
A$50 million 4.20% Notes 2031
34
36
A$187 million 4.20% Notes 2031
128
135
A$13 million 4.20% Notes 2031
9
9
Foreign currency bonds (swapped into Australian\u00a0dollar or
New Zealand dollar) (F) :
NOK1 billion 3.04% Notes 2028
92
99
NOK750 million 2.75% Notes 2030
68
73
US$50 million 2.6525% Notes 2030
45
47
JPY10 billion 4.15% Notes 2036(E)
67
74
JPY12.3 billion 1.06% Notes 2037 (E)
65
71
Lease obligations
542
535
Total non-current borrowings
10,096
10,571
Year ended 31 December
2023
2022
\u20ac million
\u20ac million
Current:
Euro denominated bonds:
\u20ac500 million 1.125% Notes 2024
500
\u2014
\u20ac350 million 2.625% Notes 2023(B)
\u2014
350
Foreign currency bonds (swapped\u00a0into\u00a0euro)(F) :
US$650 million 0.8% Notes due 2024
588
\u2014
US$850\u00a0million 0.50% Notes due 2023 (C)
\u2014
797
Australian dollar denominated bonds:
A$100 million\u00a0 3.5% Notes 2024
62
\u2014
Foreign currency bonds
(swapped into New Zealand dollar) (F) :
US$25 million 4.34% Notes 2023(D)
\u2014
24
US$25 million 4.34% Notes 2023(D)
\u2014
24
Lease obligations
150
141
Total current borrowings
1,300
1,336
(A) In December 2023, the Group issued \u20ac700 million 3.875% Notes 2030 in connection with the proposed acquisition of CCBPI. Refer
to Note 19 for further information concerning the proposed acquisition
(B) In November 2023, the Group repaid on maturity the outstanding amount related to the \u20ac350 million 2.625% Notes 2023.
(C) In May 2023, the Group repaid on maturity the outstanding amount related to the US$850\u00a0million 0.50% Notes due 2023.
(D) In October 2023, the Group repaid on maturity the outstanding amount related to US$25\u00a0million 4.34% Notes 2023 and
US$25\u00a0million 4.34% Notes 2023 assumed as part of the Acquisition.
(E) Bond designated in full or partially in a fair value hedge relationship.
(F) Cross currency swaps are used by the Group to swap foreign currency bonds into the required local currency.
Borrowings are stated net of unamortised financing fees of \u20ac30 million and \u20ac33
million, as at 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022, respectively.
Interest expense recognised on lease liabilities totalled \u20ac17 million, \u20ac14 million and
\u20ac10 million in\u00a02023, 2022 and 2021, respectively.
Credit facilities
During 2023, the amount available under the Group\u2019s multi currency credit facility
was \u20ac1.80\u00a0billion. This amount is available for borrowing with a syndicate
of\u00a012\u00a0banks. This credit facility matures in 2029 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 fulfil 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\u00a02023, the Group had no amounts drawn under this credit
facility.
Changes in liabilities arising 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
Interest
payable(B)
Derivatives
(assets)/
liabilities
held to
hedge
borrowings(C)
Dividend
payable(B)
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
As at 01 January 2021
805
6,382
57
\u2014
2
7,246
Acquisition of API
381
1,251
\u2014
16
\u2014
1,648
Changes from financing cash
flows
Proceeds from third party
borrowings, net
\u2014
4,877
\u2014
\u2014
\u2014
4,877
Changes in short-term
borrowings (A)
276
\u2014
\u2014
\u2014
\u2014
276
Repayments on third party
borrowings
(950)
\u2014
\u2014
\u2014
\u2014
(950)
Payment of principal on
lease obligations
(139)
\u2014
\u2014
\u2014
\u2014
(139)
Interest paid
(10)
\u2014
(87)
\u2014
\u2014
(97)
Dividends paid
\u2014
\u2014
\u2014
\u2014
(638)
(638)
Other non-cash changes
Amortisation of discount,
premium and issue costs
\u2014
(3)
\u2014
\u2014
\u2014
(3)
Other non-cash movements
39
83
108
\u2014
639
869
Movement as a result of fair
value hedges
6
9
\u2014
\u2014
\u2014
15
Changes in fair values
\u2014
\u2014
\u2014
(98)
\u2014
(98)
Currency translation
33
100
\u2014
(28)
\u2014
105
Reclassifications
909
(909)
\u2014
\u2014
\u2014
\u2014
Total changes
545
5,408
21
(110)
1
5,865
As at 31 December 2021
1,350
11,790
78
(110)
3
13,111
Changes from financing cash
flows
Changes in short-term
borrowings (A)
(285)
\u2014
\u2014
\u2014
\u2014
(285)
Repayments on third party
borrowings
(938)
\u2014
\u2014
\u2014
\u2014
(938)
Current
portion
of\u00a0borrowings
Borrowings,
less current
portion
Interest
payable(B)
Derivatives
(assets)/
liabilities
held to
hedge
borrowings(C)
Dividend
payable(B)
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Payment of principal on
lease obligations
(153)
\u2014
\u2014
\u2014
\u2014
(153)
Interest paid
(14)
\u2014
(116)
\u2014
\u2014
(130)
Dividends paid
\u2014
\u2014
\u2014
\u2014
(763)
(763)
Other financing activities
(1)
\u2014
\u2014
\u2014
\u2014
(1)
Other non-cash changes
Amortisation of discount,
premium and issue costs
(1)
4
\u2014
\u2014
\u2014
3
Other non-cash movements
34
171
112
\u2014
766
1,083
Movement as a result of fair
value hedges
11
(172)
\u2014
\u2014
\u2014
(161)
Changes in fair values
\u2014
\u2014
\u2014
45
\u2014
45
Currency translation
\u2014
111
\u2014
(18)
(2)
91
Reclassifications
1,333
(1,333)
\u2014
\u2014
\u2014
\u2014
Total changes
(14)
(1,219)
(4)
27
1
(1,209)
As at 31 December 2022
1,336
10,571
74
(83)
4
11,902
Changes from financing cash
flows
Proceeds from third party
borrowings, net
\u2014
694
\u2014
\u2014
\u2014
694
Repayments on third party
borrowings
(1,159)
\u2014
\u2014
\u2014
\u2014
(1,159)
Payment of principal on
lease obligations
(148)
\u2014
\u2014
\u2014
\u2014
(148)
Settlement of debt-related
cross-currency swaps
\u2014
\u2014
\u2014
69
\u2014
69
Interest paid
(17)
\u2014
(165)
\u2014
\u2014
(182)
Dividends paid
\u2014
\u2014
\u2014
\u2014
(841)
(841)
Current
portion
of\u00a0borrowings
Borrowings,
less current
portion
Interest
payable(B)
Derivatives
(assets)/
liabilities
held to
hedge
borrowings(C)
Dividend
payable(B)
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Other non-cash changes
Amortisation of discounts,
premium, issue costs and fair
value adjustments
\u2014
5
\u2014
\u2014
\u2014
5
Other non-cash movements
93
98
164
\u2014
844
1,199
Movement as a result of fair
value hedges
\u2014
40
\u2014
\u2014
\u2014
40
Changes in fair values
\u2014
\u2014
\u2014
25
\u2014
25
Currency translation
(40)
(77)
\u2014
17
(2)
(102)
Reclassifications
1,235
(1,235)
\u2014
\u2014
\u2014
\u2014
Total changes
(36)
(475)
(1)
111
1
(400)
As at 31 December 2023
1,300
10,096
73
28
5
11,502
(A) In 2023, changes in short-term borrowings include \u20ac6,810 million of newly issued and \u20ac6,810 million of repaid EUR commercial
paper. In 2022, changes in short-term borrowings included \u20ac2,464 million and \u20ac2,749 million of newly issued and repaid EUR
commercial paper, respectively.
(B) Interest payable and dividends payable balances are presented within the \u201cTrade and other payables\u201d line item in the Group\u2019s
consolidated statement of financial position.
(C) Interest rate and cross currency swaps used to hedge interest rate risk and currency fluctuations of non-functional currency
borrowings, refer to Note 12.
Total cash outflows for leases were \u20ac165 million, \u20ac167 million and \u20ac149\u00a0million for
the years ended 31\u00a0December\u00a02023, 31\u00a0December\u00a02022 and 31\u00a0December\u00a02021,
respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-646": { "value": "
Note 11
Fair values
The following table summarises the fair value of the derivative assets and liabilities
as at the dates presented:
Year ended 31 December
2023
2022
\u20ac million
\u20ac million
Assets at fair value:
Derivatives (Note 12 )
261
448
Liabilities at fair value:
Derivatives (Note 12 )
268
263
Note 12
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 in
the consolidated statement of financial position. The Group does not use
derivative financial instruments for trading or specula tive 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 objectives. 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.
The following table summarises the fair value of the assets and liabilities related to
derivative financial instruments and the respective line items in which they were
recorded in the consolidated statement of financial position as at the dates
presented. All derivative instruments are classified as Level 2 within the fair value
hierarchy.
Discussion of the Group\u2019s other financial assets and liabilities is contained
elsewhere in these financial statements. Refer to Note 9 for trade accounts
receivable, Note 14 for trade and other payables, Note 13 for borrowings and Note
19 for amounts receivable and payable with related parties.
Hedging instrument
Location \u2013 statement
of\u00a0financial\u00a0position
Year ended 31 December
2023
2022
\u20ac million
\u20ac million
Assets:
Derivatives designated as
hedging instruments:
Commodity contracts
Non-current derivative assets
38
30
Foreign currency contracts
Non-current derivative assets
\u2014
4
Interest rate and cross
currency swaps
Non-current derivative assets
62
157
Commodity contracts
Current derivative assets
94
133
Foreign currency contracts
Current derivative assets
20
27
Interest rate and cross
currency swaps
Current derivative assets
47
97
Total assets
261
448
Liabilities:
Derivatives designated as
hedging instruments:
Commodity contracts
Non-current derivative
liabilities
30
6
Foreign currency contracts
Non-current derivative
liabilities
2
10
Interest rate and cross
currency swaps
Non-current derivative
liabilities
137
171
Commodity contracts
Current derivative liabilities
58
47
Foreign currency contracts
Current derivative liabilities
36
29
Deal contingent forwards
Current derivative liabilities
5
\u2014
Total liabilities
268
263
Cash flow hedges
The Group uses cash flow hedges to mitigate its exposure to variability in cash
flows attributable to currency fluctuations and commodity price fluctuations
associated with certain highly probable forecasted transactions, including
purchases of raw materials, finished goods and services denominated in
non-functional currencies, the receipts of interest as well as the payments
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 in the consolidated statement of
changes in equity. Any changes in the fair value of these cash flow hedges that are
the result of ineffectiveness are recognised immediately in the line item in 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. If the hedged cash flow
results in a subsequent recognition of a non-financial asset or liability, the gains
and/or losses accumulated in equity are included in the measurement of the cost
of the asset or liability. For other cash flow hedges, the amounts deferred in equity
are then recognised within the line item in 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.
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 euro 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
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
Deal contingent foreign currency
forwards
636
636
\u2014
\u2014
\u2014
Foreign currency contracts
1,105
980
125
\u2014
\u2014
Interest rate and cross currency
swaps
1,306
602
\u2014
520
184
Commodity contracts
1,441
829
588
9
15
As at 31 December 2023
4,488
3,047
713
529
199
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 \u20ac1.3 billion as at 31\u00a0December\u00a02023, \u20ac2.1\u00a0billion as
at\u00a031\u00a0December\u00a02022 and \u20ac2.2 billion as at 31\u00a0December\u00a02021. The net notional
amount of the other outstanding foreign currency cash flow hedges was
\u20ac1.1 billion as at 31\u00a0December\u00a02023, \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\u00a02023,
\u20ac1.4 billion as at 31\u00a0December\u00a02022 and \u20ac0.9 billion as at 31\u00a0December\u00a02021.
During 2023, the Group entered into deal-contingent foreign currency forwards
with a total notional amount of \u20ac636\u00a0million in order to mitigate the foreign
currency risk arising from the proposed acquisition of CCBPI. These instruments
were recorded as cash flow hedges. Refer to Note 19 for further information
concerning the proposed acquisition. As of 31\u00a0December\u00a02023, a loss of \u20ac5 million
is recognised in other comprehensive income related to changes in the fair value
of these instruments.
Outstanding cash flow hedges as at 31\u00a0December\u00a02023 are expected to be settled
between 2024\u00a0and 2036.
The following table provides a reconciliation by risk category of the net of tax
impacts on the cash flow hedge reserve disclosed in Note 16, resulting from cash
flow hedge accounting:
Foreign
currency
contracts
Commodity
contracts
Interest rate
and cross
currency
swaps
Total
Cash flow hedges
\u20ac million
\u20ac million
\u20ac million
\u20ac million
As at 1 January 2021
(1)
20
1
20
Net fair value gains/(losses) recognised in OCI
108
209
(16)
301
Net (gains)/losses reclassified from OCI to
income statement or transferred to cost of
inventories
3
(76)
(13)
(86)
Gains transferred to goodwill
(84)
\u2014
\u2014
(84)
As at 31 December 2021
26
153
(28)
151
Net fair value gains/(losses) recognised in OCI
13
43
46
102
Net (gains)/losses reclassified from OCI to
income statement or transferred to cost of
inventories
(19)
(117)
(13)
(149)
As at 31 December 2022
20
79
5
104
Net fair value gains/(losses) recognised in OCI
(26)
67
(3)
38
Net (gains)/losses reclassified from OCI to
income statement or transferred to cost of
inventories(A)
10
(111)
(10)
(111)
As at 31 December 2023
4
35
(8)
31
(A) The amount includes a net of tax gain of \u20ac83\u00a0million transferred from the cash flow hedge reserve to the cost of inventories.
The following table summarises the net of tax effect of the cash flow hedges in
the consolidated income statement for the periods presented:
Cash flow hedging instruments
Location \u2013 Income statement
Amount of gain/(loss) reclassified
from the cash flow hedge reserve into profit
Year ended 31 December
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Foreign currency
contracts
Cost of sales
1
19
(3)
Commodity contracts
Cost of sales
\u2014
83
74
Commodity contracts
Selling and
distribution expenses
17
34
2
Interest rate and cross
currency swaps
Finance costs
10
13
13
Total
28
149
86
Ineffectiveness associated with these cash flow hedges was not material during
any year presented within these financial statements.
Fair value hedges
The Group has designated certain cross currency swaps used to mitigate foreign
currency 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
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
Interest rate and cross currency swaps
1,159
\u2014
275
450
434
As at 31 December 2023
1,159
\u2014
275
450
434
The net notional amount of outstanding interest rate and cross currency swaps
designated in a fair value hedge relationship with borrowings was \u20ac1,159 million as
at 31\u00a0December\u00a02023, \u20ac1,165 million as at\u00a031\u00a0December\u00a02022 and \u20ac166 million as at
31\u00a0December\u00a02021.
The following table summarises the gains/(losses) recognised from the settlement
of fair value hedges within the consolidated income statement for the periods
presented:
Fair value hedges
Location \u2013 Income
statement
Year ended 31 December
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Interest rate and cross
currency swaps
Finance costs
(30)
2
(2)
Total
(30)
2
(2)
The carrying value of the hedged item recognised in borrowings as at
31\u00a0December\u00a02023 is \u20ac1,051 million (31\u00a0December\u00a02022: \u20ac1,019 million), which
includes accumulated amounts of fair value hedging adjustments of \u20ac106 million
reduction in borrowings (31\u00a0December\u00a02022: \u20ac146 million reduction in borrowings).
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 no qualifying hedged items such as 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 in the consolidated income statement that is
consistent with\u00a0the nature of the hedged\u00a0risk.
There were \u20ac215 million of outstanding non-designated foreign currency hedges
related to hedging foreign currency exposure on intercompany loans as at
31\u00a0December\u00a02023. There were \u20ac29 million outstanding non-designated hedges as
at 31\u00a0December\u00a02022.
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
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Foreign currency
contracts (A)
Non-operating items
(5)
(5)
\u2014
Total
(5)
(5)
\u2014
(A) The gain/(loss) recognised on these currency contracts is offset by the gain/(loss) recognised on the remeasurement of the underlying
hedged items; therefore, there is a minimal consolidated net effect in non-operating items on the consolidated income statement.
Net investment hedges
The Group had no net investment hedges in place as at 31\u00a0December\u00a02023 or
31\u00a0December\u00a02022; however, it continues to monitor its exposure to currency
exchange rates and may enter into future net investment hedges as\u00a0a result of
volatility in the functional currencies of certain of its subsidiaries.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-645": { "value": "
Note 11
Fair values
The following table summarises the book value and fair value of the Group\u2019s
borrowings as at the dates presented:
Year ended 31 December
2023
2022
\u20ac million
\u20ac million
Fair value of borrowings
10,580
10,503
Book value of borrowings (Note 13 )
11,396
11,907
The following table summarises the fair value of the derivative assets and liabilities
as at the dates presented:
Year ended 31 December
2023
2022
\u20ac million
\u20ac million
Assets at fair value:
Derivatives (Note 12 )
261
448
Liabilities at fair value:
Derivatives (Note 12 )
268
263
The following table summarises the fair value of the assets and liabilities related to
derivative financial instruments and the respective line items in which they were
recorded in the consolidated statement of financial position as at the dates
presented. All derivative instruments are classified as Level 2 within the fair value
hierarchy.
Discussion of the Group\u2019s other financial assets and liabilities is contained
elsewhere in these financial statements. Refer to Note 9 for trade accounts
receivable, Note 14 for trade and other payables, Note 13 for borrowings and Note
19 for amounts receivable and payable with related parties.
Hedging instrument
Location \u2013 statement
of\u00a0financial\u00a0position
Year ended 31 December
2023
2022
\u20ac million
\u20ac million
Assets:
Derivatives designated as
hedging instruments:
Commodity contracts
Non-current derivative assets
38
30
Foreign currency contracts
Non-current derivative assets
\u2014
4
Interest rate and cross
currency swaps
Non-current derivative assets
62
157
Commodity contracts
Current derivative assets
94
133
Foreign currency contracts
Current derivative assets
20
27
Interest rate and cross
currency swaps
Current derivative assets
47
97
Total assets
261
448
Liabilities:
Derivatives designated as
hedging instruments:
Commodity contracts
Non-current derivative
liabilities
30
6
Foreign currency contracts
Non-current derivative
liabilities
2
10
Interest rate and cross
currency swaps
Non-current derivative
liabilities
137
171
Commodity contracts
Current derivative liabilities
58
47
Foreign currency contracts
Current derivative liabilities
36
29
Deal contingent forwards
Current derivative liabilities
5
\u2014
Total liabilities
268
263
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-648": { "value": "
Fair value measurements
All assets and liabilities for which fair value is measured or disclosed in the financial
statements are categorised within the fair value hierarchy. This is described as one
of the following, based on the lowest-level input that is significant to the fair value
measurement as a whole:
\u2022 Level 1 \u2013 Quoted prices in active markets for identical assets or liabilities.
\u2022 Level 2 \u2013 Observable inputs other than quoted prices included in Level 1. The
Group values assets and liabilities included in this level using dealer and broker
quotations, certain pricing models, bid prices, quoted prices for similar assets
and liabilities in active markets or other inputs that are observable or can be
corroborated by observable market data.
\u2022 Level 3 \u2013 Unobservable inputs that are supported by little or no market activity
and that are significant to the fair value of the assets or liabilities. This includes
certain pricing models, discounted cash flow methodologies and similar
techniques that use significant unobservable inputs.
The fair values of the Group\u2019s cash and cash equivalents, short-term investments,
trade accounts receivable, amounts receivable from related parties, trade and
other payables and amounts payable to related parties approximate their carrying
amounts due to their short-term nature.
The fair values of the Group\u2019s borrowings are estimated based on borrowings with
similar maturities and credit quality and current market interest rates. These are
categorised within Level 2 of the fair value hierarchy, as the Group uses certain
pricing models and quoted prices for similar liabilities in active markets in
assessing their fair values. Refer to Note 13 for further details regarding the
Group\u2019s borrowings.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-650": { "value": "
Note 12
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 in
the consolidated statement of financial position. The Group does not use
derivative financial instruments for trading or specula tive 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 objectives. 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.
The following table summarises the fair value of the assets and liabilities related to
derivative financial instruments and the respective line items in which they were
recorded in the consolidated statement of financial position as at the dates
presented. All derivative instruments are classified as Level 2 within the fair value
hierarchy.
Discussion of the Group\u2019s other financial assets and liabilities is contained
elsewhere in these financial statements. Refer to Note 9 for trade accounts
receivable, Note 14 for trade and other payables, Note 13 for borrowings and Note
19 for amounts receivable and payable with related parties.
Hedging instrument
Location \u2013 statement
of\u00a0financial\u00a0position
Year ended 31 December
2023
2022
\u20ac million
\u20ac million
Assets:
Derivatives designated as
hedging instruments:
Commodity contracts
Non-current derivative assets
38
30
Foreign currency contracts
Non-current derivative assets
\u2014
4
Interest rate and cross
currency swaps
Non-current derivative assets
62
157
Commodity contracts
Current derivative assets
94
133
Foreign currency contracts
Current derivative assets
20
27
Interest rate and cross
currency swaps
Current derivative assets
47
97
Total assets
261
448
Liabilities:
Derivatives designated as
hedging instruments:
Commodity contracts
Non-current derivative
liabilities
30
6
Foreign currency contracts
Non-current derivative
liabilities
2
10
Interest rate and cross
currency swaps
Non-current derivative
liabilities
137
171
Commodity contracts
Current derivative liabilities
58
47
Foreign currency contracts
Current derivative liabilities
36
29
Deal contingent forwards
Current derivative liabilities
5
\u2014
Total liabilities
268
263
Cash flow hedges
The Group uses cash flow hedges to mitigate its exposure to variability in cash
flows attributable to currency fluctuations and commodity price fluctuations
associated with certain highly probable forecasted transactions, including
purchases of raw materials, finished goods and services denominated in
non-functional currencies, the receipts of interest as well as the payments
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 in the consolidated statement of
changes in equity. Any changes in the fair value of these cash flow hedges that are
the result of ineffectiveness are recognised immediately in the line item in 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. If the hedged cash flow
results in a subsequent recognition of a non-financial asset or liability, the gains
and/or losses accumulated in equity are included in the measurement of the cost
of the asset or liability. For other cash flow hedges, the amounts deferred in equity
are then recognised within the line item in 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.
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 euro 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
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
Deal contingent foreign currency
forwards
636
636
\u2014
\u2014
\u2014
Foreign currency contracts
1,105
980
125
\u2014
\u2014
Interest rate and cross currency
swaps
1,306
602
\u2014
520
184
Commodity contracts
1,441
829
588
9
15
As at 31 December 2023
4,488
3,047
713
529
199
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 \u20ac1.3 billion as at 31\u00a0December\u00a02023, \u20ac2.1\u00a0billion as
at\u00a031\u00a0December\u00a02022 and \u20ac2.2 billion as at 31\u00a0December\u00a02021. The net notional
amount of the other outstanding foreign currency cash flow hedges was
\u20ac1.1 billion as at 31\u00a0December\u00a02023, \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\u00a02023,
\u20ac1.4 billion as at 31\u00a0December\u00a02022 and \u20ac0.9 billion as at 31\u00a0December\u00a02021.
During 2023, the Group entered into deal-contingent foreign currency forwards
with a total notional amount of \u20ac636\u00a0million in order to mitigate the foreign
currency risk arising from the proposed acquisition of CCBPI. These instruments
were recorded as cash flow hedges. Refer to Note 19 for further information
concerning the proposed acquisition. As of 31\u00a0December\u00a02023, a loss of \u20ac5 million
is recognised in other comprehensive income related to changes in the fair value
of these instruments.
Outstanding cash flow hedges as at 31\u00a0December\u00a02023 are expected to be settled
between 2024\u00a0and 2036.
The following table provides a reconciliation by risk category of the net of tax
impacts on the cash flow hedge reserve disclosed in Note 16, resulting from cash
flow hedge accounting:
Foreign
currency
contracts
Commodity
contracts
Interest rate
and cross
currency
swaps
Total
Cash flow hedges
\u20ac million
\u20ac million
\u20ac million
\u20ac million
As at 1 January 2021
(1)
20
1
20
Net fair value gains/(losses) recognised in OCI
108
209
(16)
301
Net (gains)/losses reclassified from OCI to
income statement or transferred to cost of
inventories
3
(76)
(13)
(86)
Gains transferred to goodwill
(84)
\u2014
\u2014
(84)
As at 31 December 2021
26
153
(28)
151
Net fair value gains/(losses) recognised in OCI
13
43
46
102
Net (gains)/losses reclassified from OCI to
income statement or transferred to cost of
inventories
(19)
(117)
(13)
(149)
As at 31 December 2022
20
79
5
104
Net fair value gains/(losses) recognised in OCI
(26)
67
(3)
38
Net (gains)/losses reclassified from OCI to
income statement or transferred to cost of
inventories(A)
10
(111)
(10)
(111)
As at 31 December 2023
4
35
(8)
31
(A) The amount includes a net of tax gain of \u20ac83\u00a0million transferred from the cash flow hedge reserve to the cost of inventories.
The following table summarises the net of tax effect of the cash flow hedges in
the consolidated income statement for the periods presented:
Cash flow hedging instruments
Location \u2013 Income statement
Amount of gain/(loss) reclassified
from the cash flow hedge reserve into profit
Year ended 31 December
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Foreign currency
contracts
Cost of sales
1
19
(3)
Commodity contracts
Cost of sales
\u2014
83
74
Commodity contracts
Selling and
distribution expenses
17
34
2
Interest rate and cross
currency swaps
Finance costs
10
13
13
Total
28
149
86
Ineffectiveness associated with these cash flow hedges was not material during
any year presented within these financial statements.
Fair value hedges
The Group has designated certain cross currency swaps used to mitigate foreign
currency 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
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
Interest rate and cross currency swaps
1,159
\u2014
275
450
434
As at 31 December 2023
1,159
\u2014
275
450
434
The net notional amount of outstanding interest rate and cross currency swaps
designated in a fair value hedge relationship with borrowings was \u20ac1,159 million as
at 31\u00a0December\u00a02023, \u20ac1,165 million as at\u00a031\u00a0December\u00a02022 and \u20ac166 million as at
31\u00a0December\u00a02021.
The following table summarises the gains/(losses) recognised from the settlement
of fair value hedges within the consolidated income statement for the periods
presented:
Fair value hedges
Location \u2013 Income
statement
Year ended 31 December
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Interest rate and cross
currency swaps
Finance costs
(30)
2
(2)
Total
(30)
2
(2)
The carrying value of the hedged item recognised in borrowings as at
31\u00a0December\u00a02023 is \u20ac1,051 million (31\u00a0December\u00a02022: \u20ac1,019 million), which
includes accumulated amounts of fair value hedging adjustments of \u20ac106 million
reduction in borrowings (31\u00a0December\u00a02022: \u20ac146 million reduction in borrowings).
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 no qualifying hedged items such as 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 in the consolidated income statement that is
consistent with\u00a0the nature of the hedged\u00a0risk.
There were \u20ac215 million of outstanding non-designated foreign currency hedges
related to hedging foreign currency exposure on intercompany loans as at
31\u00a0December\u00a02023. There were \u20ac29 million outstanding non-designated hedges as
at 31\u00a0December\u00a02022.
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
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Foreign currency
contracts (A)
Non-operating items
(5)
(5)
\u2014
Total
(5)
(5)
\u2014
(A) The gain/(loss) recognised on these currency contracts is offset by the gain/(loss) recognised on the remeasurement of the underlying
hedged items; therefore, there is a minimal consolidated net effect in non-operating items on the consolidated income statement.
Net investment hedges
The Group had no net investment hedges in place as at 31\u00a0December\u00a02023 or
31\u00a0December\u00a02022; however, it continues to monitor its exposure to currency
exchange rates and may enter into future net investment hedges as\u00a0a result of
volatility in the functional currencies of certain of its subsidiaries.
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 89% and 90% of the Group\u2019s interest
bearing borrowings were comprised of fixed rate borrowings at
31\u00a0December\u00a02023 and 31\u00a0December\u00a02022, respectively. The Group also
modifies its interest rate exposure through the use of interest rate swaps. As at
31\u00a0December\u00a02023 and 31\u00a0December\u00a02022, the notional value of the Group\u2019s
interest rate swaps was \u20ac1,123 million and \u20ac1,146\u00a0million, respectively.
If interest rates on the Group\u2019s floating rate debt were adjusted by 1% for the years
ended 31\u00a0December\u00a02023, 31\u00a0December 2022 and 31\u00a0December\u00a02021, the Group\u2019s
finance costs and pre-tax equity would change on an annual basis by
approximately \u20ac9 million, \u20ac9 million and \u20ac7 million, respectively. This amount is
determined by calculating the effect of a hypothetical interest rate change on the
Group\u2019s floating rate debt.
Currency exchange rates
Foreign currency exchange risk can only arise on financial instruments that are
denominated in a currency other than the functional currency in which they are
measured. Translation-related risks are therefore not included in the assessment
of the Group\u2019s exposure to currency risks. Translation exposures arise from
financial and non-financial items held by the Group with a functional currency\u00a0
different from the Group\u2019s presentation currency (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. This risk is
managed by entering into cross currency swaps upon issuance thereby mitigating
all the foreign currency risk.
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.
The Group\u2019s main foreign currency exchange rate exposure relates to the change
in value of the euro against other currencies. The impact of a reasonably probable
movement such as 10% appreciation of the euro on the Group\u2019s pre-tax equity
would have led to a \u20ac6 million loss as at 31 December 2023 (31 December 2022:
\u20ac29 million loss; 31 December 2021: \u20ac11 million gain). A 10% weakening of the euro
would have led to an equal but opposite effect. The impact on the Group\u2019s pre-tax
equity is due to changes in the fair value of foreign currency hedges designated as
cash flow hedges.
During 2023, the Group entered into deal contingent foreign currency forwards
(refer to Note 12 for further details) in order to mitigate the foreign currency risk
arising from the proposed acquisition of CCBPI. A 10% appreciation of the euro as
at 31 December 2023 would have led to a \u20ac64 million loss impacting the Group\u2019s
pre-tax equity. A 10% weakening of the euro would have led to an equal but
opposite effect. There would be no impact on the Group\u2019s income statement as
these instruments are designated as cash flow hedges.
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.
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\u00a0commodity 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 12 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.
During the year ended 31\u00a0December\u00a02023, the Group implemented a new gas and
power hedging programme to manage its exposure to changes in commodity
prices in relation to its purchases of power and gas, by entering into financial swaps
designated in a cash flow hedge relationship. As at 31\u00a0December\u00a02023, the notional
value of the swaps was \u20ac89\u00a0million and amounts of \u20ac13\u00a0million and \u20ac52\u00a0million were
included in derivative assets and derivative liabilities, respectively (refer to Note
12).
The following table demonstrates the sensitivity to reasonably possible changes in
commodity prices at the reporting date, with all other variables held constant. The
impact on the Group\u2019s pre-tax equity is due to changes in the fair value of
commodity hedges designated as cash flow hedges. There is no impact on the
Group\u2019s income statement as all commodity derivatives are designated as
hedging instruments in cash flow hedges.
Year ended 31 December
2023
2022
2021
Commodity price risk
\u20ac million
\u20ac million
\u20ac million
10% increase in commodity prices equity gain
144
140
92
10% decrease in commodity prices equity loss
(144)
(140)
(92)
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\u00a0the carrying amount of the derivative. Included in trade and other payables is
\u20ac20 million (2022:\u00a0\u20ac25 million) related to collateral received from 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 initially recognised at their transaction price 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. A default on a
financial asset is when the counterparty fails to make contractual payments when
they fall due. 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\u00a0Group believes its operating cash flow, cash
on hand and available short- 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 \u20ac1.80 billion multi
currency credit facility (2022: \u20ac1.95 billion) with a syndicate of 12 banks. This credit
facility matures in 2029 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\u00a02023, the Group had no
amounts drawn under this credit facility.
In 2022, 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 14.
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\u00a02023
Trade and other payables
4,875
4,875
\u2014
\u2014
\u2014
Amounts payable to related
parties
270
270
\u2014
\u2014
\u2014
Borrowings
11,803
1,322
2,325
2,681
5,475
Derivatives
268
99
42
39
88
Lease liabilities
774
159
237
141
237
Total financial liabilities
17,990
6,725
2,604
2,861
5,800
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
Capital management
The primary objective of the Group\u2019s capital management is to ensure a strong
credit rating and\u00a0appropriate 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 downwards, 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 comparable EBITDA. Net debt is
calculated as borrowings adjusted for the fair value of hedging instruments and
other financial assets/liabilities related to borrowings, net of cash and cash
equivalents and short term investments. Comparable EBITDA is calculated as
EBITDA and\u00a0adjusted for items impacting comparability.
Refer to Note 11 for the presentation of fair values for each class of financial assets
and financial liabilities and\u00a0Note 12 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-652": { "value": "
Note 12
Hedging activities
The following table summarises the net of tax effect of the cash flow hedges in
the consolidated income statement for the periods presented:
Cash flow hedging instruments
Location \u2013 Income statement
Amount of gain/(loss) reclassified
from the cash flow hedge reserve into profit
Year ended 31 December
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Foreign currency
contracts
Cost of sales
1
19
(3)
Commodity contracts
Cost of sales
\u2014
83
74
Commodity contracts
Selling and
distribution expenses
17
34
2
Interest rate and cross
currency swaps
Finance costs
10
13
13
Total
28
149
86
Ineffectiveness associated with these cash flow hedges was not material during
any year presented within these financial statements.
The following table summarises the gains/(losses) recognised from the settlement
of fair value hedges within the consolidated income statement for the periods
presented:
Fair value hedges
Location \u2013 Income
statement
Year ended 31 December
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Interest rate and cross
currency swaps
Finance costs
(30)
2
(2)
Total
(30)
2
(2)
Note 18
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 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
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Interest income(A)
65
67
43
Interest expense on external debt(A)
(162)
(162)
(153)
Other finance costs(B)
(23)
(19)
(19)
Total finance costs, net
(120)
(114)
(129)
(A) Includes interest income and expense amounts, as applicable, on cross currency swaps and interest rate swaps. Cross currency
swap and interest rate swap income totalled \u20ac47 million, \u20ac50 million and \u20ac27 million in 2023, 2022 and 2021, respectively. Cross
currency swap and interest rate swap expense totalled \u20ac67 million, \u20ac31 million and \u20ac14 million in 2023, 2022 and 2021 , respectively.
Refer to Note 12 for further details.
(B) Other finance costs principally includes amortisation of the discount on external debt and interest on leases.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-651": { "value": "
Note 12
Hedging activities
The following table summarises the net of tax effect of the cash flow hedges in
the consolidated income statement for the periods presented:
Cash flow hedging instruments
Location \u2013 Income statement
Amount of gain/(loss) reclassified
from the cash flow hedge reserve into profit
Year ended 31 December
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Foreign currency
contracts
Cost of sales
1
19
(3)
Commodity contracts
Cost of sales
\u2014
83
74
Commodity contracts
Selling and
distribution expenses
17
34
2
Interest rate and cross
currency swaps
Finance costs
10
13
13
Total
28
149
86
Ineffectiveness associated with these cash flow hedges was not material during
any year presented within these financial statements.
The following table summarises the gains/(losses) recognised from the settlement
of fair value hedges within the consolidated income statement for the periods
presented:
Fair value hedges
Location \u2013 Income
statement
Year ended 31 December
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Interest rate and cross
currency swaps
Finance costs
(30)
2
(2)
Total
(30)
2
(2)
Note 18
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 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
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Interest income(A)
65
67
43
Interest expense on external debt(A)
(162)
(162)
(153)
Other finance costs(B)
(23)
(19)
(19)
Total finance costs, net
(120)
(114)
(129)
(A) Includes interest income and expense amounts, as applicable, on cross currency swaps and interest rate swaps. Cross currency
swap and interest rate swap income totalled \u20ac47 million, \u20ac50 million and \u20ac27 million in 2023, 2022 and 2021, respectively. Cross
currency swap and interest rate swap expense totalled \u20ac67 million, \u20ac31 million and \u20ac14 million in 2023, 2022 and 2021 , respectively.
Refer to Note 12 for further details.
(B) Other finance costs principally includes amortisation of the discount on external debt and interest on leases.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-649": { "value": "
Note 12
Hedging activities
The following table summarises the net of tax effect of the cash flow hedges in
the consolidated income statement for the periods presented:
Cash flow hedging instruments
Location \u2013 Income statement
Amount of gain/(loss) reclassified
from the cash flow hedge reserve into profit
Year ended 31 December
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Foreign currency
contracts
Cost of sales
1
19
(3)
Commodity contracts
Cost of sales
\u2014
83
74
Commodity contracts
Selling and
distribution expenses
17
34
2
Interest rate and cross
currency swaps
Finance costs
10
13
13
Total
28
149
86
Ineffectiveness associated with these cash flow hedges was not material during
any year presented within these financial statements.
The following table summarises the gains/(losses) recognised from the settlement
of fair value hedges within the consolidated income statement for the periods
presented:
Fair value hedges
Location \u2013 Income
statement
Year ended 31 December
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Interest rate and cross
currency swaps
Finance costs
(30)
2
(2)
Total
(30)
2
(2)
Note 18
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 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
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Interest income(A)
65
67
43
Interest expense on external debt(A)
(162)
(162)
(153)
Other finance costs(B)
(23)
(19)
(19)
Total finance costs, net
(120)
(114)
(129)
(A) Includes interest income and expense amounts, as applicable, on cross currency swaps and interest rate swaps. Cross currency
swap and interest rate swap income totalled \u20ac47 million, \u20ac50 million and \u20ac27 million in 2023, 2022 and 2021, respectively. Cross
currency swap and interest rate swap expense totalled \u20ac67 million, \u20ac31 million and \u20ac14 million in 2023, 2022 and 2021 , respectively.
Refer to Note 12 for further details.
(B) Other finance costs principally includes amortisation of the discount on external debt and interest on leases.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-653": { "value": "
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 in
the consolidated statement of financial position. The Group does not use
derivative financial instruments for trading or specula tive 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 objectives. 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 variability in cash
flows attributable to currency fluctuations and commodity price fluctuations
associated with certain highly probable forecasted transactions, including
purchases of raw materials, finished goods and services denominated in
non-functional currencies, the receipts of interest as well as the payments
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 in the consolidated statement of
changes in equity. Any changes in the fair value of these cash flow hedges that are
the result of ineffectiveness are recognised immediately in the line item in 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. If the hedged cash flow
results in a subsequent recognition of a non-financial asset or liability, the gains
and/or losses accumulated in equity are included in the measurement of the cost
of the asset or liability. For other cash flow hedges, the amounts deferred in equity
are then recognised within the line item in 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.
Fair value hedges
The Group has designated certain cross currency swaps used to mitigate foreign
currency 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 no qualifying hedged items such as 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 in the consolidated income statement that is
consistent with\u00a0the nature of the hedged\u00a0risk.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-654": { "value": "
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 consolidated income statement.
Leases
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
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 70 to 80 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:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-655": { "value": "
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 consolidated income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-656": { "value": "
Changes in liabilities arising 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
Interest
payable(B)
Derivatives
(assets)/
liabilities
held to
hedge
borrowings(C)
Dividend
payable(B)
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
As at 01 January 2021
805
6,382
57
\u2014
2
7,246
Acquisition of API
381
1,251
\u2014
16
\u2014
1,648
Changes from financing cash
flows
Proceeds from third party
borrowings, net
\u2014
4,877
\u2014
\u2014
\u2014
4,877
Changes in short-term
borrowings (A)
276
\u2014
\u2014
\u2014
\u2014
276
Repayments on third party
borrowings
(950)
\u2014
\u2014
\u2014
\u2014
(950)
Payment of principal on
lease obligations
(139)
\u2014
\u2014
\u2014
\u2014
(139)
Interest paid
(10)
\u2014
(87)
\u2014
\u2014
(97)
Dividends paid
\u2014
\u2014
\u2014
\u2014
(638)
(638)
Other non-cash changes
Amortisation of discount,
premium and issue costs
\u2014
(3)
\u2014
\u2014
\u2014
(3)
Other non-cash movements
39
83
108
\u2014
639
869
Movement as a result of fair
value hedges
6
9
\u2014
\u2014
\u2014
15
Changes in fair values
\u2014
\u2014
\u2014
(98)
\u2014
(98)
Currency translation
33
100
\u2014
(28)
\u2014
105
Reclassifications
909
(909)
\u2014
\u2014
\u2014
\u2014
Total changes
545
5,408
21
(110)
1
5,865
As at 31 December 2021
1,350
11,790
78
(110)
3
13,111
Changes from financing cash
flows
Changes in short-term
borrowings (A)
(285)
\u2014
\u2014
\u2014
\u2014
(285)
Repayments on third party
borrowings
(938)
\u2014
\u2014
\u2014
\u2014
(938)
Current
portion
of\u00a0borrowings
Borrowings,
less current
portion
Interest
payable(B)
Derivatives
(assets)/
liabilities
held to
hedge
borrowings(C)
Dividend
payable(B)
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Payment of principal on
lease obligations
(153)
\u2014
\u2014
\u2014
\u2014
(153)
Interest paid
(14)
\u2014
(116)
\u2014
\u2014
(130)
Dividends paid
\u2014
\u2014
\u2014
\u2014
(763)
(763)
Other financing activities
(1)
\u2014
\u2014
\u2014
\u2014
(1)
Other non-cash changes
Amortisation of discount,
premium and issue costs
(1)
4
\u2014
\u2014
\u2014
3
Other non-cash movements
34
171
112
\u2014
766
1,083
Movement as a result of fair
value hedges
11
(172)
\u2014
\u2014
\u2014
(161)
Changes in fair values
\u2014
\u2014
\u2014
45
\u2014
45
Currency translation
\u2014
111
\u2014
(18)
(2)
91
Reclassifications
1,333
(1,333)
\u2014
\u2014
\u2014
\u2014
Total changes
(14)
(1,219)
(4)
27
1
(1,209)
As at 31 December 2022
1,336
10,571
74
(83)
4
11,902
Changes from financing cash
flows
Proceeds from third party
borrowings, net
\u2014
694
\u2014
\u2014
\u2014
694
Repayments on third party
borrowings
(1,159)
\u2014
\u2014
\u2014
\u2014
(1,159)
Payment of principal on
lease obligations
(148)
\u2014
\u2014
\u2014
\u2014
(148)
Settlement of debt-related
cross-currency swaps
\u2014
\u2014
\u2014
69
\u2014
69
Interest paid
(17)
\u2014
(165)
\u2014
\u2014
(182)
Dividends paid
\u2014
\u2014
\u2014
\u2014
(841)
(841)
Current
portion
of\u00a0borrowings
Borrowings,
less current
portion
Interest
payable(B)
Derivatives
(assets)/
liabilities
held to
hedge
borrowings(C)
Dividend
payable(B)
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Other non-cash changes
Amortisation of discounts,
premium, issue costs and fair
value adjustments
\u2014
5
\u2014
\u2014
\u2014
5
Other non-cash movements
93
98
164
\u2014
844
1,199
Movement as a result of fair
value hedges
\u2014
40
\u2014
\u2014
\u2014
40
Changes in fair values
\u2014
\u2014
\u2014
25
\u2014
25
Currency translation
(40)
(77)
\u2014
17
(2)
(102)
Reclassifications
1,235
(1,235)
\u2014
\u2014
\u2014
\u2014
Total changes
(36)
(475)
(1)
111
1
(400)
As at 31 December 2023
1,300
10,096
73
28
5
11,502
(A) In 2023, changes in short-term borrowings include \u20ac6,810 million of newly issued and \u20ac6,810 million of repaid EUR commercial
paper. In 2022, changes in short-term borrowings included \u20ac2,464 million and \u20ac2,749 million of newly issued and repaid EUR
commercial paper, respectively.
(B) Interest payable and dividends payable balances are presented within the \u201cTrade and other payables\u201d line item in the Group\u2019s
consolidated statement of financial position.
(C) Interest rate and cross currency swaps used to hedge interest rate risk and currency fluctuations of non-functional currency
borrowings, refer to Note 12.
Total cash outflows for leases were \u20ac165 million, \u20ac167 million and \u20ac149\u00a0million for
the years ended 31\u00a0December\u00a02023, 31\u00a0December\u00a02022 and 31\u00a0December\u00a02021,
respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-657": { "value": "
Note 14
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 70 to 80 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. The costs
of these off-invoice customer marketing costs totalled \u20ac5.4 billion, \u20ac5.2 billion and
\u20ac4.1 billion for 2023 , 2022 and 2021, respectively.
The following table summarises trade and other payables as at the dates
presented:
Year ended 31 December
2023
2022
\u20ac million
\u20ac million
Trade accounts payable(A)
2,306
2,221
Accrued customer marketing costs
1,340
1,348
Accrued deposits
338
288
Accrued compensation and benefits
532
500
Accrued taxes(B)
280
253
Other accrued expenses
438
442
Total trade and other payables
5,234
5,052
(A) Includes amounts of \u20ac622 million (2022: \u20ac212 million) which are part of a supply chain finance programme facilitated by the Group.
The programme permits suppliers to elect on an invoice by invoice basis to receive a discounted payment from the partner bank
earlier than the agreed payment terms with the Group. If a supplier makes this\u00a0election, the value and the due date of the invoice
payable by the Group remains unchanged.
(B) This line item includes a payable of \u20ac59\u00a0million in 2023 and \u20ac57\u00a0million in 2022 to the Spanish tax authorities. Refer to Note 24 for
further details.
The following table summarises the transactions with TCCC that impacted the
consolidated statement of financial position for the periods presented:
Year ended 31 December
2023
2022
\u20ac million
\u20ac million
Amounts due from TCCC
101
130
Amounts payable to TCCC
229
442
The following table summarises the transactions with Cobega that impacted the
consolidated statement of financial position for the periods presented:
Year ended 31 December
2023
2022
\u20ac million
\u20ac million
Amounts due from Cobega
16
3
Amounts payable to Cobega
22
24
The following table summarises the balances with associates, joint ventures and
other related parties:
Year ended 31 December
2023
2022
\u20ac million
\u20ac million
Amounts due from associates
6
6
Amounts payable to associates
2
9
Amounts payable to joint ventures
7
\u2014
Amounts payable to other related parties
10
10
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-658": { "value": "
Note 14
Trade and other payables
The following table summarises trade and other payables as at the dates
presented:
Year ended 31 December
2023
2022
\u20ac million
\u20ac million
Trade accounts payable(A)
2,306
2,221
Accrued customer marketing costs
1,340
1,348
Accrued deposits
338
288
Accrued compensation and benefits
532
500
Accrued taxes(B)
280
253
Other accrued expenses
438
442
Total trade and other payables
5,234
5,052
(A) Includes amounts of \u20ac622 million (2022: \u20ac212 million) which are part of a supply chain finance programme facilitated by the Group.
The programme permits suppliers to elect on an invoice by invoice basis to receive a discounted payment from the partner bank
earlier than the agreed payment terms with the Group. If a supplier makes this\u00a0election, the value and the due date of the invoice
payable by the Group remains unchanged.
(B) This line item includes a payable of \u20ac59\u00a0million in 2023 and \u20ac57\u00a0million in 2022 to the Spanish tax authorities. Refer to Note 24 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
2023
2022
Other current assets
\u20ac million
\u20ac million
Prepayments
130
180
VAT receivables
40
41
Coal royalties(A)
\u2014
96
Miscellaneous receivables
181
162
Total other current assets
351
479
(A) As at 31 December 2022, the amount related 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.
VAT receivables
In 2014, a dispute arose between the Spanish tax authorities and the regional tax
authorities of Bizkaia (Basque Region) as to the responsibility for refunding VAT to
CCEP. Pertaining to the VAT assessment for years 2013 to 2016, the Group
recognised a VAT receivable of \u20ac214\u00a0million within other non-current assets, for
the year ended 31 December 2021. During 2022, the Group received \u20ac252\u00a0million,
inclusive of interest, from the regional tax authorities of Bizkaia following the
Arbitration Board ruling and recognised an additional VAT receivable of
\u20ac25\u00a0million from the Basque Region within Other current assets, and a payable of
\u20ac57\u00a0million to the Spanish tax authorities within Trade and other payables, both
inclusive of interest. As at 31 December 2023, the VAT receivable balance of
\u20ac25\u00a0million remains unchanged, while the VAT payable balance increased to
\u20ac59\u00a0million resulting from interests. The classification of both balances remains
unchanged.
Related to the same dispute between the Spanish tax authorities and the regional
tax authorities of Bizkaia (Basque Region), on 8 February 2023 the Group received
a proposed VAT assessment for years 2017 to 2019, approximating \u20ac250\u00a0million,
inclusive of interest. For the period under the proposed assessment, the VAT
refund was issued by the Spanish tax authorities. We believe 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-659": { "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 70 to 80 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-660": { "value": "
Note 15
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 are 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-661": { "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 are 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-662": { "value": "
Note 16
Equity
Share capital
As at 31\u00a0December\u00a02023 , the Company has issued and fully paid 459,200,818
Shares. Shares in issue have one voting right each and no restrictions related to
dividends or return of capital.
Number of\u00a0Shares
Share capital
millions
\u20ac million
As at 1 January 2021
455
5
Issuances 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
Issuance of Shares
2
\u2014
Cancellation of Shares
\u2014
\u2014
As at 31 December 2023
459
5
The number of Shares increased in 2023, 2022 and 2021 from the issue of 2,094,365 ,
871,421 and 1,589,522 Shares, respectively, following the exercise of share-based
payment awards.
Share premium
The share premium account increased by cash received for the exercise of options
by \u20ac42\u00a0million in 2023, \u20ac14 million in 2022 and \u20ac28 million in 2021.
Merger reserves
The consideration transferred to acquire CCIP and CCEG qualified for merger
relief under the Companies Act. As\u00a0such, the excess consideration transferred over
nominal value of \u20ac287 million was required to be excluded from the share
premium account and recorded to merger reserves.
Other reserves
The following table summarises the balances in other reserves (net of tax) as at
the dates presented:
Year ended 31 December
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Cash flow hedge reserve
31
104
151
Net investment hedge reserve
197
197
197
Foreign currency translation adjustment
reserve
(974)
(728)
(509)
Reserve related to the acquisition of non-
controlling interests
(79)
(79)
\u2014
Other reserves(A)
2
(1)
5
Total other reserves
(823)
(507)
(156)
(A) Other reserves relate 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\u00a02023 are included in the consolidated statement of comprehensive
income or directly within the consolidated statement of changes in equity.
Dividends
Dividends are recorded within the Group\u2019s consolidated financial statements in
the period in which they are paid.
Year ended 31 December
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
First half dividend(A)
308
256
\u2014
Second half dividend(B)
533
507
638
Total dividend on ordinary shares paid
841
763
638
(A) Dividend of \u20ac0.67 per Share was paid in first half of 2023.\u00a0 Dividend of \u20ac0.56 per Share was paid in first half of 2022.
(B) Dividend of \u20ac1.17 per Share was paid in second half of 2023.\u00a0 Dividend of \u20ac1.12 per Share was paid in second half of 2022.
A full year dividend of \u20ac1.40 per Share was paid in 2021.
Dividends attributable to restricted stock units and performance share units that
are unvested at the period end date are accrued accordingly. During 2023, an
incremental dividend accrual of \u20ac3 million has been recognised (2022: \u20ac3\u00a0million,
2021: \u20ac1 million).
Non-controlling interest
As at 31\u00a0December\u00a02023, 31\u00a0December\u00a02022 and 31\u00a0December\u00a02021, equity
attributable to non-controlling interest was nil, nil and \u20ac177\u00a0million, respectively.
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\u00a0million. The
acquisition completed in the first quarter of 2023, following the resolution of
customary conditions (refer to Note 19). As at 31\u00a0December\u00a02022, the non-
controlling interest was derecognised.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-663": { "value": "
Share capital
As at 31\u00a0December\u00a02023 , the Company has issued and fully paid 459,200,818
Shares. Shares in issue have one voting right each and no restrictions related to
dividends or return of capital.
Number of\u00a0Shares
Share capital
millions
\u20ac million
As at 1 January 2021
455
5
Issuances 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
Issuance of Shares
2
\u2014
Cancellation of Shares
\u2014
\u2014
As at 31 December 2023
459
5
The number of Shares increased in 2023, 2022 and 2021 from the issue of 2,094,365 ,
871,421 and 1,589,522 Shares, respectively, following the exercise of share-based
payment awards.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-664": { "value": "
Share premium
The share premium account increased by cash received for the exercise of options
by \u20ac42\u00a0million in 2023, \u20ac14 million in 2022 and \u20ac28 million in 2021.
Merger reserves
The consideration transferred to acquire CCIP and CCEG qualified for merger
relief under the Companies Act. As\u00a0such, the excess consideration transferred over
nominal value of \u20ac287 million was required to be excluded from the share
premium account and recorded to merger reserves.
Other reserves
The following table summarises the balances in other reserves (net of tax) as at
the dates presented:
Year ended 31 December
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Cash flow hedge reserve
31
104
151
Net investment hedge reserve
197
197
197
Foreign currency translation adjustment
reserve
(974)
(728)
(509)
Reserve related to the acquisition of non-
controlling interests
(79)
(79)
\u2014
Other reserves(A)
2
(1)
5
Total other reserves
(823)
(507)
(156)
(A) Other reserves relate 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\u00a02023 are included in the consolidated statement of comprehensive
income or directly within the consolidated statement of changes in equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-665": { "value": "
Dividends
Dividends are recorded within the Group\u2019s consolidated financial statements in
the period in which they are paid.
Year ended 31 December
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
First half dividend(A)
308
256
\u2014
Second half dividend(B)
533
507
638
Total dividend on ordinary shares paid
841
763
638
(A) Dividend of \u20ac0.67 per Share was paid in first half of 2023.\u00a0 Dividend of \u20ac0.56 per Share was paid in first half of 2022.
(B) Dividend of \u20ac1.17 per Share was paid in second half of 2023.\u00a0 Dividend of \u20ac1.12 per Share was paid in second half of 2022.
A full year dividend of \u20ac1.40 per Share was paid in 2021.
Dividends attributable to restricted stock units and performance share units that
are unvested at the period end date are accrued accordingly. During 2023, an
incremental dividend accrual of \u20ac3 million has been recognised (2022: \u20ac3\u00a0million,
2021: \u20ac1 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-666": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-667": { "value": "0.67", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2023-07-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-668": { "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-669": { "value": "1.17", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-07-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-670": { "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-671": { "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-672": { "value": "
Non-controlling interest
As at 31\u00a0December\u00a02023, 31\u00a0December\u00a02022 and 31\u00a0December\u00a02021, equity
attributable to non-controlling interest was nil, nil and \u20ac177\u00a0million, respectively.
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\u00a0million. The
acquisition completed in the first quarter of 2023, following the resolution of
customary conditions (refer to Note 19). As at 31\u00a0December\u00a02022, the non-
controlling interest was derecognised.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-677": { "value": "
Note 17
Total operating costs
The following tables summarise the significant cost items by nature within
operating costs for\u00a0the years presented:
Year ended 31 December
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Transportation costs(A)
958
851
631
Employee benefits
1,116
1,110
975
Depreciation of property, plant and
equipment, excluding restructuring
236
246
245
Amortisation of intangible assets
6
7
4
Restructuring charges, including
accelerated depreciation(B)
\u2014
1
45
Other selling and distribution expenses
862
769
596
Total selling and distribution expenses
3,178
2,984
2,496
Transportation costs(A)
3
16
2
Employee benefits
608
544
462
Depreciation of property, plant and
equipment, excluding restructuring
93
99
76
Amortisation of intangible assets
130
94
83
Acquisition related costs
12
3
49
Restructuring charges, including
accelerated depreciation(B)
85
143
91
Other administrative expenses
379
351
311
Total administrative expenses
1,310
1,250
1,074
Total operating expenses
4,488
4,234
3,570
(A) Transportation costs include warehousing and delivery costs to the final customer destination. They exclude depreciation and
amortisation.
(B) See restructuring costs table.
Year ended 31 December
2023
2022
2021
Restructuring costs
\u20ac million
\u20ac million
\u20ac million
Increase in provision for restructuring
programmes ( Note 22 )
78
115
93
Amount of provision unused (Note 22)
(10)
(8)
(13)
Accelerated depreciation and non-cash
costs
11
44
60
Other cash costs(A)
15
12
13
Total restructuring costs
94
163
153
Restructuring costs by function:
Cost of sales
9
19
17
Selling and distribution expenses
\u2014
1
45
Administrative expenses
85
143
91
(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 2023, as part of the continuation of this program, the Group announced
additional restructuring proposals. These initiatives resulted in \u20ac7\u00a0million of
restructuring charges primarily related to severance costs. As at
31\u00a0December\u00a02023, the programme is substantially complete.
In November 2022, the Group announced a new efficiency programme to be
delivered by the end of 2028. This programme focusses on further supply chain
efficiencies, leveraging global procurement and a more integrated shared service
centre model, all enabled by next generation technology including digital tools
and data and analytics.
In 2023, as part of this efficiency programme, the Group announced restructuring
proposals resulting in \u20ac82\u00a0million of recognised costs primarily related to expected
severance payments.
Note 22
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 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 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
Charged/(credited) to profit or
loss:
Additional provisions
recognised
78
1
24
103
Unused amounts reversed
(10)
(9)
(1)
(20)
Utilised during the period
(89)
(1)
(4)
(94)
Translation
\u2014
\u2014
\u2014
\u2014
As at 31 December 2023
116
15
28
159
Non-current
26
15
4
45
Current
90
\u2014
24
114
As at 31 December 2023
116
15
28
159
(A) Other provisions primarily relate to property tax assessment provisions and legal reserves, and are not considered material to the
consolidated financial statements.
Restructuring provision
Restructuring provisions are recognised only when the Group has a constructive
obligation, which\u00a0is 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\u00a0an 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\u00a0substantively complete.
Refer to Note 17 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\u00a0accordance with,
the EU Directive on Waste from 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:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-676": { "value": "
Note 17
Total operating costs
The following tables summarise the significant cost items by nature within
operating costs for\u00a0the years presented:
Year ended 31 December
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Transportation costs(A)
958
851
631
Employee benefits
1,116
1,110
975
Depreciation of property, plant and
equipment, excluding restructuring
236
246
245
Amortisation of intangible assets
6
7
4
Restructuring charges, including
accelerated depreciation(B)
\u2014
1
45
Other selling and distribution expenses
862
769
596
Total selling and distribution expenses
3,178
2,984
2,496
Transportation costs(A)
3
16
2
Employee benefits
608
544
462
Depreciation of property, plant and
equipment, excluding restructuring
93
99
76
Amortisation of intangible assets
130
94
83
Acquisition related costs
12
3
49
Restructuring charges, including
accelerated depreciation(B)
85
143
91
Other administrative expenses
379
351
311
Total administrative expenses
1,310
1,250
1,074
Total operating expenses
4,488
4,234
3,570
(A) Transportation costs include warehousing and delivery costs to the final customer destination. They exclude depreciation and
amortisation.
(B) See restructuring costs table.
Year ended 31 December
2023
2022
2021
Restructuring costs
\u20ac million
\u20ac million
\u20ac million
Increase in provision for restructuring
programmes ( Note 22 )
78
115
93
Amount of provision unused (Note 22)
(10)
(8)
(13)
Accelerated depreciation and non-cash
costs
11
44
60
Other cash costs(A)
15
12
13
Total restructuring costs
94
163
153
Restructuring costs by function:
Cost of sales
9
19
17
Selling and distribution expenses
\u2014
1
45
Administrative expenses
85
143
91
(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 2023, as part of the continuation of this program, the Group announced
additional restructuring proposals. These initiatives resulted in \u20ac7\u00a0million of
restructuring charges primarily related to severance costs. As at
31\u00a0December\u00a02023, the programme is substantially complete.
In November 2022, the Group announced a new efficiency programme to be
delivered by the end of 2028. This programme focusses on further supply chain
efficiencies, leveraging global procurement and a more integrated shared service
centre model, all enabled by next generation technology including digital tools
and data and analytics.
In 2023, as part of this efficiency programme, the Group announced restructuring
proposals resulting in \u20ac82\u00a0million of recognised costs primarily related to expected
severance payments.
Staff costs
Staff costs included within the income statement were as follows:
Year ended 31 December
2023
2022
2021
Employee costs
\u20ac million
\u20ac million
\u20ac million
Wages and salaries
1,841
1,769
1,544
Social security costs
339
316
302
Pension and other employee benefits
253
233
170
Total employee costs
2,433
2,318
2,016
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
2023
2022
2021
\u20ac thousand
\u20ac thousand
\u20ac thousand
Audit of Parent Company and consolidated
financial statements (A)
3,759
3,136
4,751
Audit of the Company\u2019s subsidiaries
6,269
6,248
5,493
Total audit
10,028
9,384
10,244
Audit-related assurance services(B)
1,019
1,002
1,234
Other assurance services
717
213
313
Total audit and audit-related assurance
services
11,764
10,599
11,791
All other services(C)
36
47
35
Total non-audit or non-audit-related
assurance services
36
47
35
Total audit and all other fees
11,800
10,646
11,826
(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
attested engagements.
(C) Represents fees for all other allowable services.
Note 23
Other income
Other income for the year ended 31\u00a0December\u00a02023 totalled \u20ac107\u00a0million
(31\u00a0December\u00a02022: \u20ac96\u00a0million, 31\u00a0December\u00a02021: nil). The balance is primarily
attributable to the following activities.
The Group recognised \u20ac18\u00a0million of royalty income arising from the ownership of
mineral rights in Queensland, Australia (2022: \u20ac96\u00a0million). On 7 March 2023, the
Group entered into an agreement to sell the sub-strata and associated mineral
rights. Upon regulatory approval, the transaction was consummated in April 2023.
The total consideration approximated \u20ac35\u00a0million.
The Group recognised a gain of \u20ac54\u00a0million related to the sales of properties,
mainly attributable to the sale of property in Germany completed on 7 July 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-675": { "value": "
Note 17
Total operating costs
The following tables summarise the significant cost items by nature within
operating costs for\u00a0the years presented:
Year ended 31 December
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Transportation costs(A)
958
851
631
Employee benefits
1,116
1,110
975
Depreciation of property, plant and
equipment, excluding restructuring
236
246
245
Amortisation of intangible assets
6
7
4
Restructuring charges, including
accelerated depreciation(B)
\u2014
1
45
Other selling and distribution expenses
862
769
596
Total selling and distribution expenses
3,178
2,984
2,496
Transportation costs(A)
3
16
2
Employee benefits
608
544
462
Depreciation of property, plant and
equipment, excluding restructuring
93
99
76
Amortisation of intangible assets
130
94
83
Acquisition related costs
12
3
49
Restructuring charges, including
accelerated depreciation(B)
85
143
91
Other administrative expenses
379
351
311
Total administrative expenses
1,310
1,250
1,074
Total operating expenses
4,488
4,234
3,570
(A) Transportation costs include warehousing and delivery costs to the final customer destination. They exclude depreciation and
amortisation.
(B) See restructuring costs table.
Year ended 31 December
2023
2022
2021
Restructuring costs
\u20ac million
\u20ac million
\u20ac million
Increase in provision for restructuring
programmes ( Note 22 )
78
115
93
Amount of provision unused (Note 22)
(10)
(8)
(13)
Accelerated depreciation and non-cash
costs
11
44
60
Other cash costs(A)
15
12
13
Total restructuring costs
94
163
153
Restructuring costs by function:
Cost of sales
9
19
17
Selling and distribution expenses
\u2014
1
45
Administrative expenses
85
143
91
(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 2023, as part of the continuation of this program, the Group announced
additional restructuring proposals. These initiatives resulted in \u20ac7\u00a0million of
restructuring charges primarily related to severance costs. As at
31\u00a0December\u00a02023, the programme is substantially complete.
In November 2022, the Group announced a new efficiency programme to be
delivered by the end of 2028. This programme focusses on further supply chain
efficiencies, leveraging global procurement and a more integrated shared service
centre model, all enabled by next generation technology including digital tools
and data and analytics.
In 2023, as part of this efficiency programme, the Group announced restructuring
proposals resulting in \u20ac82\u00a0million of recognised costs primarily related to expected
severance payments.
Staff costs
Staff costs included within the income statement were as follows:
Year ended 31 December
2023
2022
2021
Employee costs
\u20ac million
\u20ac million
\u20ac million
Wages and salaries
1,841
1,769
1,544
Social security costs
339
316
302
Pension and other employee benefits
253
233
170
Total employee costs
2,433
2,318
2,016
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
2023
2022
2021
\u20ac thousand
\u20ac thousand
\u20ac thousand
Audit of Parent Company and consolidated
financial statements (A)
3,759
3,136
4,751
Audit of the Company\u2019s subsidiaries
6,269
6,248
5,493
Total audit
10,028
9,384
10,244
Audit-related assurance services(B)
1,019
1,002
1,234
Other assurance services
717
213
313
Total audit and audit-related assurance
services
11,764
10,599
11,791
All other services(C)
36
47
35
Total non-audit or non-audit-related
assurance services
36
47
35
Total audit and all other fees
11,800
10,646
11,826
(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
attested engagements.
(C) Represents fees for all other allowable services.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-674": { "value": "
Note 17
Total operating costs
The following tables summarise the significant cost items by nature within
operating costs for\u00a0the years presented:
Year ended 31 December
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Transportation costs(A)
958
851
631
Employee benefits
1,116
1,110
975
Depreciation of property, plant and
equipment, excluding restructuring
236
246
245
Amortisation of intangible assets
6
7
4
Restructuring charges, including
accelerated depreciation(B)
\u2014
1
45
Other selling and distribution expenses
862
769
596
Total selling and distribution expenses
3,178
2,984
2,496
Transportation costs(A)
3
16
2
Employee benefits
608
544
462
Depreciation of property, plant and
equipment, excluding restructuring
93
99
76
Amortisation of intangible assets
130
94
83
Acquisition related costs
12
3
49
Restructuring charges, including
accelerated depreciation(B)
85
143
91
Other administrative expenses
379
351
311
Total administrative expenses
1,310
1,250
1,074
Total operating expenses
4,488
4,234
3,570
(A) Transportation costs include warehousing and delivery costs to the final customer destination. They exclude depreciation and
amortisation.
(B) See restructuring costs table.
Year ended 31 December
2023
2022
2021
Restructuring costs
\u20ac million
\u20ac million
\u20ac million
Increase in provision for restructuring
programmes ( Note 22 )
78
115
93
Amount of provision unused (Note 22)
(10)
(8)
(13)
Accelerated depreciation and non-cash
costs
11
44
60
Other cash costs(A)
15
12
13
Total restructuring costs
94
163
153
Restructuring costs by function:
Cost of sales
9
19
17
Selling and distribution expenses
\u2014
1
45
Administrative expenses
85
143
91
(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 2023, as part of the continuation of this program, the Group announced
additional restructuring proposals. These initiatives resulted in \u20ac7\u00a0million of
restructuring charges primarily related to severance costs. As at
31\u00a0December\u00a02023, the programme is substantially complete.
In November 2022, the Group announced a new efficiency programme to be
delivered by the end of 2028. This programme focusses on further supply chain
efficiencies, leveraging global procurement and a more integrated shared service
centre model, all enabled by next generation technology including digital tools
and data and analytics.
In 2023, as part of this efficiency programme, the Group announced restructuring
proposals resulting in \u20ac82\u00a0million of recognised costs primarily related to expected
severance payments.
Staff costs
Staff costs included within the income statement were as follows:
Year ended 31 December
2023
2022
2021
Employee costs
\u20ac million
\u20ac million
\u20ac million
Wages and salaries
1,841
1,769
1,544
Social security costs
339
316
302
Pension and other employee benefits
253
233
170
Total employee costs
2,433
2,318
2,016
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
2023
2022
2021
\u20ac thousand
\u20ac thousand
\u20ac thousand
Audit of Parent Company and consolidated
financial statements (A)
3,759
3,136
4,751
Audit of the Company\u2019s subsidiaries
6,269
6,248
5,493
Total audit
10,028
9,384
10,244
Audit-related assurance services(B)
1,019
1,002
1,234
Other assurance services
717
213
313
Total audit and audit-related assurance
services
11,764
10,599
11,791
All other services(C)
36
47
35
Total non-audit or non-audit-related
assurance services
36
47
35
Total audit and all other fees
11,800
10,646
11,826
(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
attested engagements.
(C) Represents fees for all other allowable services.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-673": { "value": "
Note 17
Total operating costs
The following tables summarise the significant cost items by nature within
operating costs for\u00a0the years presented:
Year ended 31 December
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Transportation costs(A)
958
851
631
Employee benefits
1,116
1,110
975
Depreciation of property, plant and
equipment, excluding restructuring
236
246
245
Amortisation of intangible assets
6
7
4
Restructuring charges, including
accelerated depreciation(B)
\u2014
1
45
Other selling and distribution expenses
862
769
596
Total selling and distribution expenses
3,178
2,984
2,496
Transportation costs(A)
3
16
2
Employee benefits
608
544
462
Depreciation of property, plant and
equipment, excluding restructuring
93
99
76
Amortisation of intangible assets
130
94
83
Acquisition related costs
12
3
49
Restructuring charges, including
accelerated depreciation(B)
85
143
91
Other administrative expenses
379
351
311
Total administrative expenses
1,310
1,250
1,074
Total operating expenses
4,488
4,234
3,570
(A) Transportation costs include warehousing and delivery costs to the final customer destination. They exclude depreciation and
amortisation.
(B) See restructuring costs table.
Year ended 31 December
2023
2022
2021
Restructuring costs
\u20ac million
\u20ac million
\u20ac million
Increase in provision for restructuring
programmes ( Note 22 )
78
115
93
Amount of provision unused (Note 22)
(10)
(8)
(13)
Accelerated depreciation and non-cash
costs
11
44
60
Other cash costs(A)
15
12
13
Total restructuring costs
94
163
153
Restructuring costs by function:
Cost of sales
9
19
17
Selling and distribution expenses
\u2014
1
45
Administrative expenses
85
143
91
(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 2023, as part of the continuation of this program, the Group announced
additional restructuring proposals. These initiatives resulted in \u20ac7\u00a0million of
restructuring charges primarily related to severance costs. As at
31\u00a0December\u00a02023, the programme is substantially complete.
In November 2022, the Group announced a new efficiency programme to be
delivered by the end of 2028. This programme focusses on further supply chain
efficiencies, leveraging global procurement and a more integrated shared service
centre model, all enabled by next generation technology including digital tools
and data and analytics.
In 2023, as part of this efficiency programme, the Group announced restructuring
proposals resulting in \u20ac82\u00a0million of recognised costs primarily related to expected
severance payments.
Staff costs
Staff costs included within the income statement were as follows:
Year ended 31 December
2023
2022
2021
Employee costs
\u20ac million
\u20ac million
\u20ac million
Wages and salaries
1,841
1,769
1,544
Social security costs
339
316
302
Pension and other employee benefits
253
233
170
Total employee costs
2,433
2,318
2,016
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
2023
2022
2021
\u20ac thousand
\u20ac thousand
\u20ac thousand
Audit of Parent Company and consolidated
financial statements (A)
3,759
3,136
4,751
Audit of the Company\u2019s subsidiaries
6,269
6,248
5,493
Total audit
10,028
9,384
10,244
Audit-related assurance services(B)
1,019
1,002
1,234
Other assurance services
717
213
313
Total audit and audit-related assurance
services
11,764
10,599
11,791
All other services(C)
36
47
35
Total non-audit or non-audit-related
assurance services
36
47
35
Total audit and all other fees
11,800
10,646
11,826
(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
attested engagements.
(C) Represents fees for all other allowable services.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-678": { "value": "
Staff costs
The average number of persons employed by the Group (including Directors) for
the periods presented were as\u00a0follows:
2023
2022
2021
No. in thousands
No. in thousands
No. in thousands
Commercial
11.6
12.5
10.9
Supply chain
17.1
16.6
14.9
Support functions
4.1
4.0
3.9
Total average staff employed
32.8
33.1
29.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-679": { "value": "
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
2023
2022
2021
\u20ac thousand
\u20ac thousand
\u20ac thousand
Audit of Parent Company and consolidated
financial statements (A)
3,759
3,136
4,751
Audit of the Company\u2019s subsidiaries
6,269
6,248
5,493
Total audit
10,028
9,384
10,244
Audit-related assurance services(B)
1,019
1,002
1,234
Other assurance services
717
213
313
Total audit and audit-related assurance
services
11,764
10,599
11,791
All other services(C)
36
47
35
Total non-audit or non-audit-related
assurance services
36
47
35
Total audit and all other fees
11,800
10,646
11,826
(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
attested engagements.
(C) Represents fees for all other allowable services.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-682": { "value": "
Note 18
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 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
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Interest income(A)
65
67
43
Interest expense on external debt(A)
(162)
(162)
(153)
Other finance costs(B)
(23)
(19)
(19)
Total finance costs, net
(120)
(114)
(129)
(A) Includes interest income and expense amounts, as applicable, on cross currency swaps and interest rate swaps. Cross currency
swap and interest rate swap income totalled \u20ac47 million, \u20ac50 million and \u20ac27 million in 2023, 2022 and 2021, respectively. Cross
currency swap and interest rate swap expense totalled \u20ac67 million, \u20ac31 million and \u20ac14 million in 2023, 2022 and 2021 , respectively.
Refer to Note 12 for further details.
(B) Other finance costs principally includes amortisation of the discount on external debt and interest on leases.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-681": { "value": "
Note 18
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 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
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Interest income(A)
65
67
43
Interest expense on external debt(A)
(162)
(162)
(153)
Other finance costs(B)
(23)
(19)
(19)
Total finance costs, net
(120)
(114)
(129)
(A) Includes interest income and expense amounts, as applicable, on cross currency swaps and interest rate swaps. Cross currency
swap and interest rate swap income totalled \u20ac47 million, \u20ac50 million and \u20ac27 million in 2023, 2022 and 2021, respectively. Cross
currency swap and interest rate swap expense totalled \u20ac67 million, \u20ac31 million and \u20ac14 million in 2023, 2022 and 2021 , respectively.
Refer to Note 12 for further details.
(B) Other finance costs principally includes amortisation of the discount on external debt and interest on leases.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-680": { "value": "
Note 18
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 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
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Interest income(A)
65
67
43
Interest expense on external debt(A)
(162)
(162)
(153)
Other finance costs(B)
(23)
(19)
(19)
Total finance costs, net
(120)
(114)
(129)
(A) Includes interest income and expense amounts, as applicable, on cross currency swaps and interest rate swaps. Cross currency
swap and interest rate swap income totalled \u20ac47 million, \u20ac50 million and \u20ac27 million in 2023, 2022 and 2021, respectively. Cross
currency swap and interest rate swap expense totalled \u20ac67 million, \u20ac31 million and \u20ac14 million in 2023, 2022 and 2021 , respectively.
Refer to Note 12 for further details.
(B) Other finance costs principally includes amortisation of the discount on external debt and interest on leases.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-685": { "value": "
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 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-684": { "value": "
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 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-683": { "value": "
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 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-686": { "value": "
Note 19
Related party transactions
For the purpose of these consolidated financial statements, transactions with
related parties mainly comprise transactions between subsidiaries of the Group
and the related parties of the Group.
Transactions with entities with significant influence over the Group
Transactions with TCCC
TCCC exerts significant influence over the Group, as defined by IAS 24 \u201cRelated
Party Disclosures\u201d. As at 31\u00a0December\u00a02023, 19.20% of the total outstanding Shares
in the Group were owned by European Refreshments, a\u00a0wholly owned subsidiary
of TCCC. The Group is a key bottler of TCCC products and has entered into
bottling agreements with TCCC to make, sell and distribute products of TCCC
within the Group\u2019s territories. The Group purchases concentrate from TCCC and
also receives marketing funding to help promote the sale of TCCC products.
The\u00a0Group\u2019s\u00a0 agreements with TCCC in each territory are for 10-year terms and
each contains the\u00a0right for the Group to request a 10-year renewal. The existing
bottling agreements expire no\u00a0earlier than 1 September 2025. Additionally, two\u00a0of
the Group\u2019s seventeen Directors are nominated by\u00a0TCCC.
The Group and TCCC engage in a variety of marketing programmes to promote
the sale of TCCC products in territories in which the Group operates. The Group
and TCCC operate under an incidence based concentrate pricing model and
funding programme across most territories, the terms of which are tied to the
bottling agreements. In certain API territories, the Group operates under a fixed
price model with marketing rebates and support.
TCCC makes discretionary marketing contributions under shared marketing
agreements to CCEP\u2019s operating subsidiaries. Amounts to be paid to the Group by
TCCC under the programmes are generally determined annually and are
periodically reassessed as the programmes progress. Under the bottling
agreements, TCCC is under no obligation to participate in the programmes or
continue past levels of funding in the future. The amounts paid and terms of
similar programmes with other franchises may differ.
Marketing support funding programmes granted to the Group provide financial
support principally based on product sales or on the completion of stated
requirements and are intended to offset a portion of the costs of the
programmes.
Payments from TCCC for marketing programmes to promote the sale of
products are classified as a reduction in cost of sales, unless the presumption that
the payment is a reduction in the price of the franchisors\u2019 products can be
overcome. Payments for marketing programmes are recognised as product is
sold.
The following table summarises the transactions with TCCC that directly impacted
the consolidated income statement for the years presented:
Year ended 31 December
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Amounts affecting revenue(A)
140
117
50
Amounts affecting cost of sales(B)
(3,964)
(3,805)
(3,056)
Amounts affecting operating expenses(C)
25
19
9
Amounts affecting finance costs, net(D)
4
\u2014
\u2014
Total net amount affecting
the\u00a0consolidated\u00a0income\u00a0statement
(3,795)
(3,669)
(2,997)
(A) Amounts principally relate to fountain syrup and packaged product sales.
(B) Amounts principally relate to the purchase of concentrate, syrup, mineral water and juice, as well as funding for marketing
programmes.
(C) Amounts principally relate to certain costs associated with new product development initiatives and reimbursement of certain
marketing expenses.
(D) Amounts relate to bank fees recharges for bank guarantees.
The following table summarises the transactions with TCCC that impacted the
consolidated statement of financial position for the periods presented:
Year ended 31 December
2023
2022
\u20ac million
\u20ac million
Amounts due from TCCC
101
130
Amounts payable to TCCC
229
442
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. As at
31\u00a0December\u00a02022, we recognised a redemption liability equalling the
consideration amount, which was reflected within the amounts payable to related
parties line of our consolidated statement of financial position. The acquisition
completed on 15 February 2023, following the resolution of customary conditions.
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. During
the first half of 2022, the Group partially completed the asset sale transaction and
classified the remaining brands as assets held for sale in our consolidated
statement of financial position as at 31\u00a0December\u00a02022. The remaining portion of
the asset sale transaction was finalised during 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.
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.
Proposed acquisition of Coca-Cola Beverages Philippines, Inc. (CCBPI)
In November 2023, the Group together with Aboitiz Equity Ventures Inc. (AEV)
entered into a definitive agreement with The Coca-Cola Company (TCCC) to
jointly acquire 100% of CCBPI, a wholly owned subsidiary of TCCC, for an estimated
total consideration of US$1.8\u00a0billion on a debt-free, cash-free basis. The proposed
acquisition reflects a 60:40 ownership structure between CCEP and AEV. The
parties also agreed that if any currently unforeseen events lead AEV to terminate
its participation in the proposed acquisition, at the election of TCCC, CCEP may
acquire 60% or 100% of CCBPI. The transaction, which is subject to a number of
customary closing conditions, including the receipt of regulatory approval, is
expected to complete during the first quarter of 2024 (refer to Note 27 for
further details).
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\u00a02023, 20.80% 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 seventeen
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
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Amounts affecting revenue(A)
1
2
1
Amounts affecting cost of sales(B)
(69)
(76)
(49)
Amounts affecting operating expenses(C)
(18)
(17)
(11)
Total net amount affecting
the\u00a0consolidated\u00a0income\u00a0statement
(86)
(91)
(59)
(A) Amounts principally relate to packaged product sales.
(B) Amounts principally relate to the purchase of packaging materials and concentrate.
(C) Amounts principally relate to maintenance and repair services and transportation.
The following table summarises the transactions with Cobega that impacted the
consolidated statement of financial position for the periods presented:
Year ended 31 December
2023
2022
\u20ac million
\u20ac million
Amounts due from Cobega
16
3
Amounts payable to Cobega
22
24
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 service provider supporting the
operation of container refund schemes in certain Australian states, a PET recycling
plant in Indonesia and a manufacturer of alcoholic beverages (divested during the
first half of 2022).
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
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Net amounts affecting consolidated
income statement \u2013 associates (A)
(68)
(73)
(49)
Net amounts affecting consolidated
income statement \u2013 joint ventures (B)
(28)
(9)
(9)
Net amounts affecting consolidated
income statement \u2013 other related parties (A)
(85)
(85)
(52)
Total net amount affecting
the\u00a0consolidated\u00a0income statement
(181)
(167)
(110)
(A) Amounts principally relate to container deposit scheme charges in Australia.
(B) Amounts principally relate to the purchase of certain raw materials.
The following table summarises the balances with associates, joint ventures and
other related parties:
Year ended 31 December
2023
2022
\u20ac million
\u20ac million
Amounts due from associates
6
6
Amounts payable to associates
2
9
Amounts payable to joint ventures
7
\u2014
Amounts payable to other related parties
10
10
Terms and conditions of transactions with associates, joint ventures and other
related parties
Outstanding balances on transactions are unsecured, interest free and generally
settled in cash. Receivables are considered to be fully recoverable.
Refer to Note 28 for a listing of associates, joint ventures and other related parties.
Transactions with key management personnel
Key management personnel are the members of the Board of Directors and the
members of the Executive Leadership Team. The following table summarises the
total remuneration paid or accrued during the reporting period related to key
management personnel:
Year ended 31 December
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Salaries and other short-term employee
benefits (A)
31
30
22
Share-based payments
20
15
7
Total
51
45
29
(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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-687": { "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. As at
31\u00a0December\u00a02022, we recognised a redemption liability equalling the
consideration amount, which was reflected within the amounts payable to related
parties line of our consolidated statement of financial position. The acquisition
completed on 15 February 2023, following the resolution of customary conditions.
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. During
the first half of 2022, the Group partially completed the asset sale transaction and
classified the remaining brands as assets held for sale in our consolidated
statement of financial position as at 31\u00a0December\u00a02022. The remaining portion of
the asset sale transaction was finalised during 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.
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 a 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
A ssets classified as held for sale as at 31\u00a0December\u00a02023 totalled \u20ac22\u00a0million and are
comprised of properties expected to be sold in the near future.
Assets classified as held for sale as at 31\u00a0December\u00a02022 totalled \u20ac94 million and
were predominantly comprised of \u20ac40\u00a0million related to certain non-alcoholic
ready to drink brands that were sold to TCCC (refer to Note 19 for further details),
as well as \u20ac29\u00a0million related to a sale of property in Germany (refer to Note 23 for
further details).
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-688": { "value": "
Other related parties
Transactions with associates, joint ventures and other related parties
Joint venture investments relate to interests in a service provider supporting the
operation of container refund schemes in certain Australian states, a PET recycling
plant in Indonesia and a manufacturer of alcoholic beverages (divested during the
first half of 2022).
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
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Net amounts affecting consolidated
income statement \u2013 associates (A)
(68)
(73)
(49)
Net amounts affecting consolidated
income statement \u2013 joint ventures (B)
(28)
(9)
(9)
Net amounts affecting consolidated
income statement \u2013 other related parties (A)
(85)
(85)
(52)
Total net amount affecting
the\u00a0consolidated\u00a0income statement
(181)
(167)
(110)
(A) Amounts principally relate to container deposit scheme charges in Australia.
(B) Amounts principally relate to the purchase of certain raw materials.
The following table summarises the balances with associates, joint ventures and
other related parties:
Year ended 31 December
2023
2022
\u20ac million
\u20ac million
Amounts due from associates
6
6
Amounts payable to associates
2
9
Amounts payable to joint ventures
7
\u2014
Amounts payable to other related parties
10
10
Terms and conditions of transactions with associates, joint ventures and other
related parties
Outstanding balances on transactions are unsecured, interest free and generally
settled in cash. Receivables are considered to be fully recoverable.
Refer to Note 28 for a listing of associates, joint ventures and other related parties.
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\u00a02023 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%(O)
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
Name
Country of incorporation
% equity
interest
Registered address
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
BNI B.V.
Netherlands
100%
Marten Meesweg 25 J, 3068 AV, Rotterdam, Netherlands
BNII Inc.
Philippines
100%(G)
V&A Law Center, 11th Ave Cor 39th St., Bonifacio Global City, Fort Bonifacio, 1634 Taguig City
NCR, Fourth District, Philippines
BNI (Finance) B.V.
Netherlands
100%
Marten Meesweg 25 J, 3068 AV, Rotterdam, Netherlands
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
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%
3 Dublin Landings, North Wall Quay, Dublin, D01 C4E0, 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
Name
Country of incorporation
% equity
interest
Registered address
CCEP\u00a0Scottish\u00a0Limited\u00a0Partnership
United Kingdom
100%(P)
52 Milton Road, College Milton, East Kilbride, Scotland, G74 5DJ, 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
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%
Charlotte House, Charlemont Street, Saint Kevin's, Dublin, D02 NV26
Cobega Embotellador, S.L.U.
Spain
100%
Avda Paisos Catalans, 32, 08950, Esplugues de Llobregat, Spain
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
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%
2 Donka Ushlinova Street, Garitage Park, Office Building 4, floor 6, Sofia, 1766, Bulgaria
Name
Country of incorporation
% equity
interest
Registered address
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%(N)
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, LLC
United States
100%
Corporation Trust Center, 1209 Orange Street, Wilmington 19801, Delaware, USA
Coca-Cola Europacific Partners US II, LLC
United States
100%
Corporation Trust Center, 1209 Orange Street, Wilmington 19801, Delaware, 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%(L)
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%(L)
Level 17, 100 Creek Street, Brisbane QLD 4000, Australia
Circular Economy Systems Pty Ltd
Australia
50%
Maddocks, Angel Place, Level 27, 123 Pitt Street, Sydney NSW 2000, Australia
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 (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
Ionech Limited
United Kingdom
14.8%
6th Floor, Manfield House, 1 Southampton Street, London, England, WC2R 0LR
Name
Country of incorporation
% equity
interest
Registered address
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%(L)
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
100%(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
100%
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
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
Name
Country of incorporation
% equity
interest
Registered address
Sale Proprietary Co 6 Pty Ltd
Australia
100%(D)
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 Breweries Limited (SBL)
Samoa
100%
Vaitele Industrial Zone, Vaitele Tai, Faleata Sisifo, Samoa
TasRecycle Limited
Australia
\u2014%(M)
Level 9, 85 Macquarie Street, Hobart TAS 7000, Australia
VicRecycle Limited
Australia
\u2014%(M)
HWL Ebsworth Lawyers, Level 8, 447 Collins Street, Melbourne VIC 3000, Australia
WA Return Recycle Renew Ltd
Australia
\u2014%(L)
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%
3 Dublin Landings, North Wall Quay, Dublin, D01 C4E0, 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) 100% equity interest directly held by Coca-Cola Europacific Partners plc.
(B) Class A and B ordinary shares.
(C) Series A, B, C and D shares.
(D) Including preference shares issued to the Group.
(E) 38.3% equity interest directly held by Coca-Cola Europacific Partners plc (100% of A ordinary shares in issue).
(F) 10% equity interest directly held by Coca-Cola Europacific Partners plc.
(G) Group shareholding of 99.99% or greater.
(H) Class A and B shares. The Group holds 49% of Class B shares.
(I) In liquidation.
(J) Class A and F shares.
(K) Includes ordinary shares and B Class shares.
(L) Company limited by guarantee. CCEP is a member along with one other member.
(M) Company limited by guarantee. CCEP is a member along with two other members.
(N) Class A, B and C ordinary shares.
(O) Includes redeemable preference shares and discretionary dividend shares issued to the Group.
(P) Limited partnership.
Note 29
Subsidiaries exempt from audit
The following UK subsidiaries will take advantage of the audit exemption set out
within section 479A of the Companies Act 2006 for the year ended
31\u00a0December\u00a02023.
Name
Registration number
CCEP Holdings (Australia) Limited
12982568
WIH UK Limited
10140214
Amalgamated Beverages Great Britain Limited
01994995
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-689": { "value": "
Transactions with key management personnel
Key management personnel are the members of the Board of Directors and the
members of the Executive Leadership Team. The following table summarises the
total remuneration paid or accrued during the reporting period related to key
management personnel:
Year ended 31 December
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Salaries and other short-term employee
benefits (A)
31
30
22
Share-based payments
20
15
7
Total
51
45
29
(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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-691": { "value": "
Note 20
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:
\u2022 When 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, unless it gives rise to equal taxable and deductible temporary
differences; or
\u2022 In 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:
\u2022 When 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, unless it gives rise to equal taxable
and deductible temporary differences; or
\u2022 In 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.
2023, 2022 and 2021 results
The following table summarises the major components of income tax expense for
the periods presented:
Year ended 31 December
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Current tax:
Current tax charge
555
460
323
Adjustment in respect of current tax
from prior\u00a0periods
(10)
(37)
(53)
Total current tax
545
423
270
Deferred tax:
Relating to the origination and reversal of
temporary\u00a0differences
11
35
6
Adjustment in respect of deferred
income tax from prior\u00a0periods
(22)
(22)
(9)
Relating to changes in tax rates or the
imposition of new\u00a0taxes
\u2014
\u2014
127
Total deferred tax
(11)
13
124
Income tax charge per
the\u00a0consolidated\u00a0income\u00a0statement
534
436
394
The following table summarises the taxes on items recognised in other
comprehensive income (OCI) and directly within equity for the periods presented:
Year ended 31 December
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Taxes charged/(credited) to OCI:
Deferred tax on net gain/loss on
revaluation of\u00a0cash\u00a0flow hedges
11
(20)
63
Deferred tax on net gain/loss on pension
plan\u00a0remeasurements
(43)
(11)
63
Current tax on net gain/loss on pension
plan remeasurements
8
\u2014
1
Total taxes charged/(credited) to OCI
(24)
(31)
127
Taxes charged/(credited) to equity:
Deferred tax charge/(credit): cash flow
hedges
(31)
\u2014
\u2014
Deferred tax charge/(credit): share-
based compensation
(1)
(2)
(3)
Current tax charge/(credit): share-based
compensation
\u2014
(8)
\u2014
Total taxes charged/(credited) to equity
(32)
(10)
(3)
The effective tax rate was 24.2%, 22.3% and 28.5% for the years ended
31\u00a0December\u00a02023, 31\u00a0December\u00a02022 and 31\u00a0December\u00a02021, 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
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Accounting profit before tax
from\u00a0continuing\u00a0operations
2,203
1,957
1,382
Tax expense at the UK statutory rate
518
371
262
Taxation of foreign operations, net(A)
43
115
72
Non-deductible expense items for tax
purposes
15
2
2
Rate and law change impact, net(B)(C)(D)
\u2014
\u2014
127
Deferred taxes not recognised
(10)
7
(7)
Adjustment in respect of prior periods(E)
(32)
(59)
(62)
Total provision for income taxes
534
436
394
(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 23.5%\u00a0(2022:\u00a019%,\u00a02021:\u00a019%).
(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 release of tax reserves that are no longer required and tax audit settlements.\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 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
Amount charged/(credited) to income statement
(excluding effect of tax rate changes)
(14)
2
11
\u2014
(15)
(12)
17
(11)
Amounts charged/(credited) directly to OCI
\u2014
\u2014
11
\u2014
(43)
\u2014
\u2014
(32)
Amount charged/(credited) to equity
\u2014
\u2014
(31)
\u2014
(1)
\u2014
\u2014
(32)
Balance sheet reclassifications
\u2014
10
\u2014
\u2014
\u2014
\u2014
(10)
\u2014
Effect of movements in foreign exchange
(49)
\u2014
\u2014
\u2014
2
\u2014
7
(40)
As at 31 December 2023
3,191
248
8
(11)
(80)
(24)
45
3,377
Analysed as follows:
As at 31 December
2022
As at 31 December
2023
Deferred tax asset
(21)
(1)
Deferred tax liability
3,513
3,378
Unrecognised tax items
The utilisation of tax losses and temporary differences carried forward, for which
no deferred tax\u00a0asset 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
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Gross
amount
Tax
effected
Gross
amount
Tax
effected
Gross
amount
Tax
effected
Tax losses expiring:
Beyond 10 years
3
1
3
1
\u2014
\u2014
No time limit
1,391
264
1,657
288
1,803
310
1,394
265
1,660
289
1,803
310
Tax credits expiring:
Within 10 years
57
57
58
58
100
100
Beyond 10 years
35
35
43
43
45
45
92
92
101
101
145
145
Deductible temporary differences
No time limit
17
4
79
20
53
11
17
4
79
20
53
11
Total
1,503
361
1,840
410
2,001
466
As at 31 December 2023, no deferred tax liability has been recognised in respect of
\u20ac244 million (2022: \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\u00a0probability 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\u00a02023, \u20ac175\u00a0million
(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. When an uncertain tax liability is regarded as probable, it is
measured on the basis of the Group\u2019s best estimate.
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.
Global minimum top-up tax
On 11 July 2023, the Finance (No.2) Act 2023 was enacted in the United Kingdom,
introducing a global minimum effective tax rate of 15%. The legislation
implements a domestic top-up tax and a multinational top-up tax effective for
accounting periods starting on or after 31\u00a0December\u00a02023.\u00a0
The Group expects to be subject to the top-up tax in relation to its operations in a
few countries. However, since the newly enacted tax legislation in the United
Kingdom is only effective from 1 January 2024, there is no current tax impact for
the year ended 31\u00a0December\u00a02023.
The Group has applied a temporary mandatory relief from recognising and
disclosing information about deferred tax assets and liabilities in relation to top-
up tax and accounts for it as a current tax when it is incurred.
If the top-up tax had applied in 2023, the additional tax expense relating to the
Group\u2019s operations for the year ended 31\u00a0December\u00a02023 would be immaterial.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-690": { "value": "
Note 20
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:
\u2022 When 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, unless it gives rise to equal taxable and deductible temporary
differences; or
\u2022 In 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:
\u2022 When 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, unless it gives rise to equal taxable
and deductible temporary differences; or
\u2022 In 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.
2023, 2022 and 2021 results
The following table summarises the major components of income tax expense for
the periods presented:
Year ended 31 December
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Current tax:
Current tax charge
555
460
323
Adjustment in respect of current tax
from prior\u00a0periods
(10)
(37)
(53)
Total current tax
545
423
270
Deferred tax:
Relating to the origination and reversal of
temporary\u00a0differences
11
35
6
Adjustment in respect of deferred
income tax from prior\u00a0periods
(22)
(22)
(9)
Relating to changes in tax rates or the
imposition of new\u00a0taxes
\u2014
\u2014
127
Total deferred tax
(11)
13
124
Income tax charge per
the\u00a0consolidated\u00a0income\u00a0statement
534
436
394
The following table summarises the taxes on items recognised in other
comprehensive income (OCI) and directly within equity for the periods presented:
Year ended 31 December
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Taxes charged/(credited) to OCI:
Deferred tax on net gain/loss on
revaluation of\u00a0cash\u00a0flow hedges
11
(20)
63
Deferred tax on net gain/loss on pension
plan\u00a0remeasurements
(43)
(11)
63
Current tax on net gain/loss on pension
plan remeasurements
8
\u2014
1
Total taxes charged/(credited) to OCI
(24)
(31)
127
Taxes charged/(credited) to equity:
Deferred tax charge/(credit): cash flow
hedges
(31)
\u2014
\u2014
Deferred tax charge/(credit): share-
based compensation
(1)
(2)
(3)
Current tax charge/(credit): share-based
compensation
\u2014
(8)
\u2014
Total taxes charged/(credited) to equity
(32)
(10)
(3)
The effective tax rate was 24.2%, 22.3% and 28.5% for the years ended
31\u00a0December\u00a02023, 31\u00a0December\u00a02022 and 31\u00a0December\u00a02021, 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
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Accounting profit before tax
from\u00a0continuing\u00a0operations
2,203
1,957
1,382
Tax expense at the UK statutory rate
518
371
262
Taxation of foreign operations, net(A)
43
115
72
Non-deductible expense items for tax
purposes
15
2
2
Rate and law change impact, net(B)(C)(D)
\u2014
\u2014
127
Deferred taxes not recognised
(10)
7
(7)
Adjustment in respect of prior periods(E)
(32)
(59)
(62)
Total provision for income taxes
534
436
394
(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 23.5%\u00a0(2022:\u00a019%,\u00a02021:\u00a019%).
(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 release of tax reserves that are no longer required and tax audit settlements.\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 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
Amount charged/(credited) to income statement
(excluding effect of tax rate changes)
(14)
2
11
\u2014
(15)
(12)
17
(11)
Amounts charged/(credited) directly to OCI
\u2014
\u2014
11
\u2014
(43)
\u2014
\u2014
(32)
Amount charged/(credited) to equity
\u2014
\u2014
(31)
\u2014
(1)
\u2014
\u2014
(32)
Balance sheet reclassifications
\u2014
10
\u2014
\u2014
\u2014
\u2014
(10)
\u2014
Effect of movements in foreign exchange
(49)
\u2014
\u2014
\u2014
2
\u2014
7
(40)
As at 31 December 2023
3,191
248
8
(11)
(80)
(24)
45
3,377
Analysed as follows:
As at 31 December
2022
As at 31 December
2023
Deferred tax asset
(21)
(1)
Deferred tax liability
3,513
3,378
Unrecognised tax items
The utilisation of tax losses and temporary differences carried forward, for which
no deferred tax\u00a0asset 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
2023
2022
2021
\u20ac million
\u20ac million
\u20ac million
Gross
amount
Tax
effected
Gross
amount
Tax
effected
Gross
amount
Tax
effected
Tax losses expiring:
Beyond 10 years
3
1
3
1
\u2014
\u2014
No time limit
1,391
264
1,657
288
1,803
310
1,394
265
1,660
289
1,803
310
Tax credits expiring:
Within 10 years
57
57
58
58
100
100
Beyond 10 years
35
35
43
43
45
45
92
92
101
101
145
145
Deductible temporary differences
No time limit
17
4
79
20
53
11
17
4
79
20
53
11
Total
1,503
361
1,840
410
2,001
466
As at 31 December 2023, no deferred tax liability has been recognised in respect of
\u20ac244 million (2022: \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\u00a0probability 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\u00a02023, \u20ac175\u00a0million
(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. When an uncertain tax liability is regarded as probable, it is
measured on the basis of the Group\u2019s best estimate.
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.
Global minimum top-up tax
On 11 July 2023, the Finance (No.2) Act 2023 was enacted in the United Kingdom,
introducing a global minimum effective tax rate of 15%. The legislation
implements a domestic top-up tax and a multinational top-up tax effective for
accounting periods starting on or after 31\u00a0December\u00a02023.\u00a0
The Group expects to be subject to the top-up tax in relation to its operations in a
few countries. However, since the newly enacted tax legislation in the United
Kingdom is only effective from 1 January 2024, there is no current tax impact for
the year ended 31\u00a0December\u00a02023.
The Group has applied a temporary mandatory relief from recognising and
disclosing information about deferred tax assets and liabilities in relation to top-
up tax and accounts for it as a current tax when it is incurred.
If the top-up tax had applied in 2023, the additional tax expense relating to the
Group\u2019s operations for the year ended 31\u00a0December\u00a02023 would be immaterial.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-692": { "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:
\u2022 When 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, unless it gives rise to equal taxable and deductible temporary
differences; or
\u2022 In 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:
\u2022 When 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, unless it gives rise to equal taxable
and deductible temporary differences; or
\u2022 In 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-693": { "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:
\u2022 When 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, unless it gives rise to equal taxable and deductible temporary
differences; or
\u2022 In 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:
\u2022 When 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, unless it gives rise to equal taxable
and deductible temporary differences; or
\u2022 In 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-694": { "value": "
Note 21
Share-based payment plans
The Group has an established Share options plan and a Long-Term Incentive Plan
(LTIP) for 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 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 when 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\u00a02023, 31\u00a0December\u00a02022 and
31\u00a0December\u00a02021, compensation expense related to our share-based payment
plans totalled \u20ac57 million , \u20ac33 million and \u20ac17 million, respectively. The expense
arising from equity-settled share-based payment transactions was \u20ac54 million
for the year ended 31 December 2023 (2022: \u20ac33 million; 2021: \u20ac16 million).
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\u00a02023, 31\u00a0December\u00a02022 and 31\u00a0December\u00a02021. All options
outstanding as at 31\u00a0December\u00a02023, 31\u00a0December\u00a02022 and\u00a031\u00a0December\u00a02021
were\u00a0valued and had exercise prices in US dollars.
The following table summarises our share option activity for the periods
presented:
2023
2022
2021
Shares
Average
exercise
price
Shares
Average
exercise
price
Shares
Average
exercise
price
thousands
US$
thousands
US$
thousands
US$
Outstanding at
beginning of year
2,272
35.30
2,758
34.19
4,051
31.68
Granted
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Exercised
(1,352)
33.86
(484)
29.00
(1,290)
26.33
Forfeited, expired
or cancelled
\u2014
\u2014
(2)
23.21
(3)
19.68
Outstanding
at\u00a0end\u00a0of\u00a0year
920
37.42
2,272
35.30
2,758
34.19
Options exercisable
at\u00a0end of year
920
37.42
2,272
35.30
2,758
34.19
The weighted average Share price during the years ended 31\u00a0December\u00a02023,
31\u00a0December\u00a02022 and 31\u00a0December\u00a02021 was US$60.96, US$51.21 and US$55.68,
respectively.
The following table summarises the weighted average remaining life of options
outstanding for the periods presented:
2023
2022
2021
Range of
exercise\u00a0prices
Options
outstanding
Weighted
average
remaining life
Options
outstanding
Weighted
average
remaining life
Options
outstanding
Weighted
average
remaining life
US$
thousands
years
thousands
years
thousands
years
15.01 to 25.00
\u2014
0
\u2014
0
151
0.85
25.01 to 40.00
920
1.60
2,272
2.20
2,607
3.04
Total
920
1.60
2,272
2.20
2,758
2.92
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 0.1 million unvested RSUs outstanding with a
weighted average grant date fair\u00a0value of US$50.67, US$42.74 and US$43.29 as at
31\u00a0December\u00a02023, 31\u00a0December\u00a02022 and 31\u00a0December 2021, 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 2.1 million, 1.8 million and
1.3 million of unvested PSUs, with weighted average grant date fair values of
US$48.95, US$41.65 and US$43.07 outstanding as at 31\u00a0December\u00a02023,
31\u00a0December\u00a02022 and 31\u00a0December\u00a02021, respectively.
The PSUs granted in 2023, 2022 and 2021 are subject to performance conditions of
absolute EPS and ROIC, each with a 42.5% weighting, and to a sustainability metric,
focused on the reduction of greenhouse gas emissions (CO2e) across our entire
value chain with a 15% weighting.
Key assumptions for grant date fair value
The following table summarises the weighted average grant date fair values
per unit:
Restricted stock units and performance share units
2023
2022
Grant date fair value \u2013 service conditions (US$)
59.21
45.43
Grant date fair value \u2013 service and performance conditions (US$)
59.23
45.44
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 dividend rights and voting rights. During the years ended 31\u00a0December\u00a02023
and 31\u00a0December\u00a02022, the Group recognised a compensation expense related to
the ESPP of \u20ac14 million and \u20ac3\u00a0million, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-695": { "value": "
Share-based payment plans
The Group has an established Share options plan and a Long-Term Incentive Plan
(LTIP) for 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 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 when 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-696": { "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 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\u00a0is 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\u00a0an 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\u00a0substantively complete.
Refer to Note 17 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\u00a0accordance with,
the EU Directive on Waste from 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-697": { "value": "
Restructuring provision
Restructuring provisions are recognised only when the Group has a constructive
obligation, which\u00a0is 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\u00a0an 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\u00a0substantively complete.
Refer to Note 17 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\u00a0accordance with,
the EU Directive on Waste from 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-699": { "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.
Guarantees
In connection with ongoing litigation and tax matters in certain territories,
guarantees of approximately \u20ac1,127 million have been issued (2022: \u20ac646 million).
The Group was required to issue these guarantees to satisfy potential obligations
arising from such litigation. In addition, we\u00a0have approximately \u20ac37 million of
guarantees issued to third parties through the normal course of business
(2022: \u20ac29 million). 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\u00a02023 are disclosed herein but not accrued
for within the consolidated statement of financial position.
Purchase agreements
Total purchase commitments were \u20ac0.2 billion as at 31\u00a0December\u00a02023. 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
\u20ac165 million as at 31\u00a0December\u00a02023. 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\u00a02023, 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.
Proposed Acquisition of Coca-Cola Beverages Philippines, Inc. (CCBPI)
In November 2023, the Group together with Aboitiz Equity Ventures Inc. (AEV)
entered into a definitive agreement with The Coca-Cola Company (TCCC) to jointly
acquire 100% of Coca-Cola Beverages Philippines, Inc. (CCBPI) (refer to Note 19\u00a0 and
Note 27 for further details).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-698": { "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.
Guarantees
In connection with ongoing litigation and tax matters in certain territories,
guarantees of approximately \u20ac1,127 million have been issued (2022: \u20ac646 million).
The Group was required to issue these guarantees to satisfy potential obligations
arising from such litigation. In addition, we\u00a0have approximately \u20ac37 million of
guarantees issued to third parties through the normal course of business
(2022: \u20ac29 million). 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-700": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-701": { "value": "
Commitments
Commitments beyond 31\u00a0December\u00a02023 are disclosed herein but not accrued
for within the consolidated statement of financial position.
Purchase agreements
Total purchase commitments were \u20ac0.2 billion as at 31\u00a0December\u00a02023. 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
\u20ac165 million as at 31\u00a0December\u00a02023. 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\u00a02023, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-702": { "value": "
Note 23
Other income
Other income for the year ended 31\u00a0December\u00a02023 totalled \u20ac107\u00a0million
(31\u00a0December\u00a02022: \u20ac96\u00a0million, 31\u00a0December\u00a02021: nil). The balance is primarily
attributable to the following activities.
The Group recognised \u20ac18\u00a0million of royalty income arising from the ownership of
mineral rights in Queensland, Australia (2022: \u20ac96\u00a0million). On 7 March 2023, the
Group entered into an agreement to sell the sub-strata and associated mineral
rights. Upon regulatory approval, the transaction was consummated in April 2023.
The total consideration approximated \u20ac35\u00a0million.
The Group recognised a gain of \u20ac54\u00a0million related to the sales of properties,
mainly attributable to the sale of property in Germany completed on 7 July 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-704": { "value": "
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
2023
2022
Other current assets
\u20ac million
\u20ac million
Prepayments
130
180
VAT receivables
40
41
Coal royalties(A)
\u2014
96
Miscellaneous receivables
181
162
Total other current assets
351
479
(A) As at 31 December 2022, the amount related 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.
VAT receivables
In 2014, a dispute arose between the Spanish tax authorities and the regional tax
authorities of Bizkaia (Basque Region) as to the responsibility for refunding VAT to
CCEP. Pertaining to the VAT assessment for years 2013 to 2016, the Group
recognised a VAT receivable of \u20ac214\u00a0million within other non-current assets, for
the year ended 31 December 2021. During 2022, the Group received \u20ac252\u00a0million,
inclusive of interest, from the regional tax authorities of Bizkaia following the
Arbitration Board ruling and recognised an additional VAT receivable of
\u20ac25\u00a0million from the Basque Region within Other current assets, and a payable of
\u20ac57\u00a0million to the Spanish tax authorities within Trade and other payables, both
inclusive of interest. As at 31 December 2023, the VAT receivable balance of
\u20ac25\u00a0million remains unchanged, while the VAT payable balance increased to
\u20ac59\u00a0million resulting from interests. The classification of both balances remains
unchanged.
Related to the same dispute between the Spanish tax authorities and the regional
tax authorities of Bizkaia (Basque Region), on 8 February 2023 the Group received
a proposed VAT assessment for years 2017 to 2019, approximating \u20ac250\u00a0million,
inclusive of interest. For the period under the proposed assessment, the VAT
refund was issued by the Spanish tax authorities. We believe that the Group will
continue to be held neutral in respect of the VAT dispute.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-703": { "value": "
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
2023
2022
Other current assets
\u20ac million
\u20ac million
Prepayments
130
180
VAT receivables
40
41
Coal royalties(A)
\u2014
96
Miscellaneous receivables
181
162
Total other current assets
351
479
(A) As at 31 December 2022, the amount related 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.
VAT receivables
In 2014, a dispute arose between the Spanish tax authorities and the regional tax
authorities of Bizkaia (Basque Region) as to the responsibility for refunding VAT to
CCEP. Pertaining to the VAT assessment for years 2013 to 2016, the Group
recognised a VAT receivable of \u20ac214\u00a0million within other non-current assets, for
the year ended 31 December 2021. During 2022, the Group received \u20ac252\u00a0million,
inclusive of interest, from the regional tax authorities of Bizkaia following the
Arbitration Board ruling and recognised an additional VAT receivable of
\u20ac25\u00a0million from the Basque Region within Other current assets, and a payable of
\u20ac57\u00a0million to the Spanish tax authorities within Trade and other payables, both
inclusive of interest. As at 31 December 2023, the VAT receivable balance of
\u20ac25\u00a0million remains unchanged, while the VAT payable balance increased to
\u20ac59\u00a0million resulting from interests. The classification of both balances remains
unchanged.
Related to the same dispute between the Spanish tax authorities and the regional
tax authorities of Bizkaia (Basque Region), on 8 February 2023 the Group received
a proposed VAT assessment for years 2017 to 2019, approximating \u20ac250\u00a0million,
inclusive of interest. For the period under the proposed assessment, the VAT
refund was issued by the Spanish tax authorities. We believe that the Group will
continue to be held neutral in respect of the VAT dispute.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-706": { "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
2023
2022
Other non-current assets
\u20ac million
\u20ac million
Retirement benefit surplus (Note 15)
134
135
Investments
39
35
Other
122
82
Total other non-current assets
295
252
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
2023
2022
Investments
\u20ac million
\u20ac million
Investments accounted using equity method
35
33
Financial assets at fair value through other comprehensive
income
4
2
Total investments
39
35
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-705": { "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
2023
2022
Other non-current assets
\u20ac million
\u20ac million
Retirement benefit surplus (Note 15)
134
135
Investments
39
35
Other
122
82
Total other non-current assets
295
252
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
2023
2022
Investments
\u20ac million
\u20ac million
Investments accounted using equity method
35
33
Financial assets at fair value through other comprehensive
income
4
2
Total investments
39
35
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-708": { "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
2023
2022
Other non-current assets
\u20ac million
\u20ac million
Retirement benefit surplus (Note 15)
134
135
Investments
39
35
Other
122
82
Total other non-current assets
295
252
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
2023
2022
Investments
\u20ac million
\u20ac million
Investments accounted using equity method
35
33
Financial assets at fair value through other comprehensive
income
4
2
Total investments
39
35
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\u00a02023 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%(O)
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
Name
Country of incorporation
% equity
interest
Registered address
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
BNI B.V.
Netherlands
100%
Marten Meesweg 25 J, 3068 AV, Rotterdam, Netherlands
BNII Inc.
Philippines
100%(G)
V&A Law Center, 11th Ave Cor 39th St., Bonifacio Global City, Fort Bonifacio, 1634 Taguig City
NCR, Fourth District, Philippines
BNI (Finance) B.V.
Netherlands
100%
Marten Meesweg 25 J, 3068 AV, Rotterdam, Netherlands
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
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%
3 Dublin Landings, North Wall Quay, Dublin, D01 C4E0, 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
Name
Country of incorporation
% equity
interest
Registered address
CCEP\u00a0Scottish\u00a0Limited\u00a0Partnership
United Kingdom
100%(P)
52 Milton Road, College Milton, East Kilbride, Scotland, G74 5DJ, 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
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%
Charlotte House, Charlemont Street, Saint Kevin's, Dublin, D02 NV26
Cobega Embotellador, S.L.U.
Spain
100%
Avda Paisos Catalans, 32, 08950, Esplugues de Llobregat, Spain
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
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%
2 Donka Ushlinova Street, Garitage Park, Office Building 4, floor 6, Sofia, 1766, Bulgaria
Name
Country of incorporation
% equity
interest
Registered address
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%(N)
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, LLC
United States
100%
Corporation Trust Center, 1209 Orange Street, Wilmington 19801, Delaware, USA
Coca-Cola Europacific Partners US II, LLC
United States
100%
Corporation Trust Center, 1209 Orange Street, Wilmington 19801, Delaware, 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%(L)
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%(L)
Level 17, 100 Creek Street, Brisbane QLD 4000, Australia
Circular Economy Systems Pty Ltd
Australia
50%
Maddocks, Angel Place, Level 27, 123 Pitt Street, Sydney NSW 2000, Australia
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 (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
Ionech Limited
United Kingdom
14.8%
6th Floor, Manfield House, 1 Southampton Street, London, England, WC2R 0LR
Name
Country of incorporation
% equity
interest
Registered address
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%(L)
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
100%(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
100%
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
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
Name
Country of incorporation
% equity
interest
Registered address
Sale Proprietary Co 6 Pty Ltd
Australia
100%(D)
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 Breweries Limited (SBL)
Samoa
100%
Vaitele Industrial Zone, Vaitele Tai, Faleata Sisifo, Samoa
TasRecycle Limited
Australia
\u2014%(M)
Level 9, 85 Macquarie Street, Hobart TAS 7000, Australia
VicRecycle Limited
Australia
\u2014%(M)
HWL Ebsworth Lawyers, Level 8, 447 Collins Street, Melbourne VIC 3000, Australia
WA Return Recycle Renew Ltd
Australia
\u2014%(L)
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%
3 Dublin Landings, North Wall Quay, Dublin, D01 C4E0, 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) 100% equity interest directly held by Coca-Cola Europacific Partners plc.
(B) Class A and B ordinary shares.
(C) Series A, B, C and D shares.
(D) Including preference shares issued to the Group.
(E) 38.3% equity interest directly held by Coca-Cola Europacific Partners plc (100% of A ordinary shares in issue).
(F) 10% equity interest directly held by Coca-Cola Europacific Partners plc.
(G) Group shareholding of 99.99% or greater.
(H) Class A and B shares. The Group holds 49% of Class B shares.
(I) In liquidation.
(J) Class A and F shares.
(K) Includes ordinary shares and B Class shares.
(L) Company limited by guarantee. CCEP is a member along with one other member.
(M) Company limited by guarantee. CCEP is a member along with two other members.
(N) Class A, B and C ordinary shares.
(O) Includes redeemable preference shares and discretionary dividend shares issued to the Group.
(P) Limited partnership.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-707": { "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
2023
2022
Other non-current assets
\u20ac million
\u20ac million
Retirement benefit surplus (Note 15)
134
135
Investments
39
35
Other
122
82
Total other non-current assets
295
252
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
2023
2022
Investments
\u20ac million
\u20ac million
Investments accounted using equity method
35
33
Financial assets at fair value through other comprehensive
income
4
2
Total investments
39
35
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\u00a02023 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%(O)
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
Name
Country of incorporation
% equity
interest
Registered address
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
BNI B.V.
Netherlands
100%
Marten Meesweg 25 J, 3068 AV, Rotterdam, Netherlands
BNII Inc.
Philippines
100%(G)
V&A Law Center, 11th Ave Cor 39th St., Bonifacio Global City, Fort Bonifacio, 1634 Taguig City
NCR, Fourth District, Philippines
BNI (Finance) B.V.
Netherlands
100%
Marten Meesweg 25 J, 3068 AV, Rotterdam, Netherlands
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
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%
3 Dublin Landings, North Wall Quay, Dublin, D01 C4E0, 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
Name
Country of incorporation
% equity
interest
Registered address
CCEP\u00a0Scottish\u00a0Limited\u00a0Partnership
United Kingdom
100%(P)
52 Milton Road, College Milton, East Kilbride, Scotland, G74 5DJ, 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
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%
Charlotte House, Charlemont Street, Saint Kevin's, Dublin, D02 NV26
Cobega Embotellador, S.L.U.
Spain
100%
Avda Paisos Catalans, 32, 08950, Esplugues de Llobregat, Spain
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
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%
2 Donka Ushlinova Street, Garitage Park, Office Building 4, floor 6, Sofia, 1766, Bulgaria
Name
Country of incorporation
% equity
interest
Registered address
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%(N)
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, LLC
United States
100%
Corporation Trust Center, 1209 Orange Street, Wilmington 19801, Delaware, USA
Coca-Cola Europacific Partners US II, LLC
United States
100%
Corporation Trust Center, 1209 Orange Street, Wilmington 19801, Delaware, 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%(L)
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%(L)
Level 17, 100 Creek Street, Brisbane QLD 4000, Australia
Circular Economy Systems Pty Ltd
Australia
50%
Maddocks, Angel Place, Level 27, 123 Pitt Street, Sydney NSW 2000, Australia
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 (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
Ionech Limited
United Kingdom
14.8%
6th Floor, Manfield House, 1 Southampton Street, London, England, WC2R 0LR
Name
Country of incorporation
% equity
interest
Registered address
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%(L)
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
100%(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
100%
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
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
Name
Country of incorporation
% equity
interest
Registered address
Sale Proprietary Co 6 Pty Ltd
Australia
100%(D)
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 Breweries Limited (SBL)
Samoa
100%
Vaitele Industrial Zone, Vaitele Tai, Faleata Sisifo, Samoa
TasRecycle Limited
Australia
\u2014%(M)
Level 9, 85 Macquarie Street, Hobart TAS 7000, Australia
VicRecycle Limited
Australia
\u2014%(M)
HWL Ebsworth Lawyers, Level 8, 447 Collins Street, Melbourne VIC 3000, Australia
WA Return Recycle Renew Ltd
Australia
\u2014%(L)
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%
3 Dublin Landings, North Wall Quay, Dublin, D01 C4E0, 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) 100% equity interest directly held by Coca-Cola Europacific Partners plc.
(B) Class A and B ordinary shares.
(C) Series A, B, C and D shares.
(D) Including preference shares issued to the Group.
(E) 38.3% equity interest directly held by Coca-Cola Europacific Partners plc (100% of A ordinary shares in issue).
(F) 10% equity interest directly held by Coca-Cola Europacific Partners plc.
(G) Group shareholding of 99.99% or greater.
(H) Class A and B shares. The Group holds 49% of Class B shares.
(I) In liquidation.
(J) Class A and F shares.
(K) Includes ordinary shares and B Class shares.
(L) Company limited by guarantee. CCEP is a member along with one other member.
(M) Company limited by guarantee. CCEP is a member along with two other members.
(N) Class A, B and C ordinary shares.
(O) Includes redeemable preference shares and discretionary dividend shares issued to the Group.
(P) Limited partnership.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-711": { "value": "
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:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-710": { "value": "
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:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-709": { "value": "
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:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-712": { "value": "
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 89% and 90% of the Group\u2019s interest
bearing borrowings were comprised of fixed rate borrowings at
31\u00a0December\u00a02023 and 31\u00a0December\u00a02022, respectively. The Group also
modifies its interest rate exposure through the use of interest rate swaps. As at
31\u00a0December\u00a02023 and 31\u00a0December\u00a02022, the notional value of the Group\u2019s
interest rate swaps was \u20ac1,123 million and \u20ac1,146\u00a0million, respectively.
If interest rates on the Group\u2019s floating rate debt were adjusted by 1% for the years
ended 31\u00a0December\u00a02023, 31\u00a0December 2022 and 31\u00a0December\u00a02021, the Group\u2019s
finance costs and pre-tax equity would change on an annual basis by
approximately \u20ac9 million, \u20ac9 million and \u20ac7 million, respectively. This amount is
determined by calculating the effect of a hypothetical interest rate change on the
Group\u2019s floating rate debt.
Currency exchange rates
Foreign currency exchange risk can only arise on financial instruments that are
denominated in a currency other than the functional currency in which they are
measured. Translation-related risks are therefore not included in the assessment
of the Group\u2019s exposure to currency risks. Translation exposures arise from
financial and non-financial items held by the Group with a functional currency\u00a0
different from the Group\u2019s presentation currency (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. This risk is
managed by entering into cross currency swaps upon issuance thereby mitigating
all the foreign currency risk.
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.
The Group\u2019s main foreign currency exchange rate exposure relates to the change
in value of the euro against other currencies. The impact of a reasonably probable
movement such as 10% appreciation of the euro on the Group\u2019s pre-tax equity
would have led to a \u20ac6 million loss as at 31 December 2023 (31 December 2022:
\u20ac29 million loss; 31 December 2021: \u20ac11 million gain). A 10% weakening of the euro
would have led to an equal but opposite effect. The impact on the Group\u2019s pre-tax
equity is due to changes in the fair value of foreign currency hedges designated as
cash flow hedges.
During 2023, the Group entered into deal contingent foreign currency forwards
(refer to Note 12 for further details) in order to mitigate the foreign currency risk
arising from the proposed acquisition of CCBPI. A 10% appreciation of the euro as
at 31 December 2023 would have led to a \u20ac64 million loss impacting the Group\u2019s
pre-tax equity. A 10% weakening of the euro would have led to an equal but
opposite effect. There would be no impact on the Group\u2019s income statement as
these instruments are designated as cash flow hedges.
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.
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\u00a0commodity 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 12 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.
During the year ended 31\u00a0December\u00a02023, the Group implemented a new gas and
power hedging programme to manage its exposure to changes in commodity
prices in relation to its purchases of power and gas, by entering into financial swaps
designated in a cash flow hedge relationship. As at 31\u00a0December\u00a02023, the notional
value of the swaps was \u20ac89\u00a0million and amounts of \u20ac13\u00a0million and \u20ac52\u00a0million were
included in derivative assets and derivative liabilities, respectively (refer to Note
12).
The following table demonstrates the sensitivity to reasonably possible changes in
commodity prices at the reporting date, with all other variables held constant. The
impact on the Group\u2019s pre-tax equity is due to changes in the fair value of
commodity hedges designated as cash flow hedges. There is no impact on the
Group\u2019s income statement as all commodity derivatives are designated as
hedging instruments in cash flow hedges.
Year ended 31 December
2023
2022
2021
Commodity price risk
\u20ac million
\u20ac million
\u20ac million
10% increase in commodity prices equity gain
144
140
92
10% decrease in commodity prices equity loss
(144)
(140)
(92)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-713": { "value": "
Currency exchange rates
Foreign currency exchange risk can only arise on financial instruments that are
denominated in a currency other than the functional currency in which they are
measured. Translation-related risks are therefore not included in the assessment
of the Group\u2019s exposure to currency risks. Translation exposures arise from
financial and non-financial items held by the Group with a functional currency\u00a0
different from the Group\u2019s presentation currency (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. This risk is
managed by entering into cross currency swaps upon issuance thereby mitigating
all the foreign currency risk.
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.
The Group\u2019s main foreign currency exchange rate exposure relates to the change
in value of the euro against other currencies. The impact of a reasonably probable
movement such as 10% appreciation of the euro on the Group\u2019s pre-tax equity
would have led to a \u20ac6 million loss as at 31 December 2023 (31 December 2022:
\u20ac29 million loss; 31 December 2021: \u20ac11 million gain). A 10% weakening of the euro
would have led to an equal but opposite effect. The impact on the Group\u2019s pre-tax
equity is due to changes in the fair value of foreign currency hedges designated as
cash flow hedges.
During 2023, the Group entered into deal contingent foreign currency forwards
(refer to Note 12 for further details) in order to mitigate the foreign currency risk
arising from the proposed acquisition of CCBPI. A 10% appreciation of the euro as
at 31 December 2023 would have led to a \u20ac64 million loss impacting the Group\u2019s
pre-tax equity. A 10% weakening of the euro would have led to an equal but
opposite effect. There would be no impact on the Group\u2019s income statement as
these instruments are designated as cash flow hedges.
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-714": { "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\u00a0the carrying amount of the derivative. Included in trade and other payables is
\u20ac20 million (2022:\u00a0\u20ac25 million) related to collateral received from 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 initially recognised at their transaction price 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. A default on a
financial asset is when the counterparty fails to make contractual payments when
they fall due. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-715": { "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\u00a0Group believes its operating cash flow, cash
on hand and available short- 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 \u20ac1.80 billion multi
currency credit facility (2022: \u20ac1.95 billion) with a syndicate of 12 banks. This credit
facility matures in 2029 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\u00a02023, the Group had no
amounts drawn under this credit facility.
In 2022, 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 14.
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\u00a02023
Trade and other payables
4,875
4,875
\u2014
\u2014
\u2014
Amounts payable to related
parties
270
270
\u2014
\u2014
\u2014
Borrowings
11,803
1,322
2,325
2,681
5,475
Derivatives
268
99
42
39
88
Lease liabilities
774
159
237
141
237
Total financial liabilities
17,990
6,725
2,604
2,861
5,800
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-716": { "value": "
Capital management
The primary objective of the Group\u2019s capital management is to ensure a strong
credit rating and\u00a0appropriate 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 downwards, 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 comparable EBITDA. Net debt is
calculated as borrowings adjusted for the fair value of hedging instruments and
other financial assets/liabilities related to borrowings, net of cash and cash
equivalents and short term investments. Comparable EBITDA is calculated as
EBITDA and\u00a0adjusted for items impacting comparability.
Refer to Note 11 for the presentation of fair values for each class of financial assets
and financial liabilities and\u00a0Note 12 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-717": { "value": "
Note 27
Significant events after the reporting period
On 14 February 2024, in connection with the acquisition of Coca-Cola Beverages
Philippines, Inc. CCBPI, the Group entered into a term loan facility agreement with
the Bank of the Philippine Islands. A term loan facility in an aggregate amount of
US$500\u00a0million is made available under the agreement to be utilised in Philippine
Peso (PHP), which has been defined as the base currency. On 20 February 2024,
the Group drew down a PHP23.5\u00a0billion (US$420\u00a0million) loan under the facility
with a maturity date of 20 February 2034. The vast majority of the balance (90% of
the total principal amount of the loan) is repayable in full upon maturity.
On 23 February 2024, the joint acquisition of Coca-Cola Beverages Philippines, Inc.
CCBPI was successfully consummated for a total consideration of US$1.68\u00a0billion
(\u20ac1.55\u00a0billion), all of which was settled in cash upon completion. The Group paid
US$1.0\u00a0billion (\u20ac930\u00a0million) of the total consideration, commensurate with the
effective 60:40 ownership structure of CCBPI. The transaction is going to be
accounted for under IFRS 3 \u201cBusiness Combinations\u201d, using the acquisition method
of accounting. The Group has commenced the purchase price allocation
procedures related to the assets acquired and liabilities assumed, which as of the
date of this filing remain incomplete.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-718": { "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\u00a02023 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%(O)
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
Name
Country of incorporation
% equity
interest
Registered address
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
BNI B.V.
Netherlands
100%
Marten Meesweg 25 J, 3068 AV, Rotterdam, Netherlands
BNII Inc.
Philippines
100%(G)
V&A Law Center, 11th Ave Cor 39th St., Bonifacio Global City, Fort Bonifacio, 1634 Taguig City
NCR, Fourth District, Philippines
BNI (Finance) B.V.
Netherlands
100%
Marten Meesweg 25 J, 3068 AV, Rotterdam, Netherlands
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
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%
3 Dublin Landings, North Wall Quay, Dublin, D01 C4E0, 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
Name
Country of incorporation
% equity
interest
Registered address
CCEP\u00a0Scottish\u00a0Limited\u00a0Partnership
United Kingdom
100%(P)
52 Milton Road, College Milton, East Kilbride, Scotland, G74 5DJ, 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
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%
Charlotte House, Charlemont Street, Saint Kevin's, Dublin, D02 NV26
Cobega Embotellador, S.L.U.
Spain
100%
Avda Paisos Catalans, 32, 08950, Esplugues de Llobregat, Spain
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
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%
2 Donka Ushlinova Street, Garitage Park, Office Building 4, floor 6, Sofia, 1766, Bulgaria
Name
Country of incorporation
% equity
interest
Registered address
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%(N)
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, LLC
United States
100%
Corporation Trust Center, 1209 Orange Street, Wilmington 19801, Delaware, USA
Coca-Cola Europacific Partners US II, LLC
United States
100%
Corporation Trust Center, 1209 Orange Street, Wilmington 19801, Delaware, 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%(L)
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%(L)
Level 17, 100 Creek Street, Brisbane QLD 4000, Australia
Circular Economy Systems Pty Ltd
Australia
50%
Maddocks, Angel Place, Level 27, 123 Pitt Street, Sydney NSW 2000, Australia
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 (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
Ionech Limited
United Kingdom
14.8%
6th Floor, Manfield House, 1 Southampton Street, London, England, WC2R 0LR
Name
Country of incorporation
% equity
interest
Registered address
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%(L)
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
100%(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
100%
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
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
Name
Country of incorporation
% equity
interest
Registered address
Sale Proprietary Co 6 Pty Ltd
Australia
100%(D)
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 Breweries Limited (SBL)
Samoa
100%
Vaitele Industrial Zone, Vaitele Tai, Faleata Sisifo, Samoa
TasRecycle Limited
Australia
\u2014%(M)
Level 9, 85 Macquarie Street, Hobart TAS 7000, Australia
VicRecycle Limited
Australia
\u2014%(M)
HWL Ebsworth Lawyers, Level 8, 447 Collins Street, Melbourne VIC 3000, Australia
WA Return Recycle Renew Ltd
Australia
\u2014%(L)
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%
3 Dublin Landings, North Wall Quay, Dublin, D01 C4E0, 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) 100% equity interest directly held by Coca-Cola Europacific Partners plc.
(B) Class A and B ordinary shares.
(C) Series A, B, C and D shares.
(D) Including preference shares issued to the Group.
(E) 38.3% equity interest directly held by Coca-Cola Europacific Partners plc (100% of A ordinary shares in issue).
(F) 10% equity interest directly held by Coca-Cola Europacific Partners plc.
(G) Group shareholding of 99.99% or greater.
(H) Class A and B shares. The Group holds 49% of Class B shares.
(I) In liquidation.
(J) Class A and F shares.
(K) Includes ordinary shares and B Class shares.
(L) Company limited by guarantee. CCEP is a member along with one other member.
(M) Company limited by guarantee. CCEP is a member along with two other members.
(N) Class A, B and C ordinary shares.
(O) Includes redeemable preference shares and discretionary dividend shares issued to the Group.
(P) Limited partnership.
Note 29
Subsidiaries exempt from audit
The following UK subsidiaries will take advantage of the audit exemption set out
within section 479A of the Companies Act 2006 for the year ended
31\u00a0December\u00a02023.
Name
Registration number
CCEP Holdings (Australia) Limited
12982568
WIH UK Limited
10140214
Amalgamated Beverages Great Britain Limited
01994995
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