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Remuneration outcomes for 2024
The following pages set out details of the remuneration received by Directors
for the financial year ending 31 December 2024. Prior year figures have also been
shown. Audited sections of the report have been identified.
The Directors\u2019 remuneration in 2024 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
2024
1,260
75
28
1,363
2,343
10,196(A)
12,539
13,902
2023
1,235
99
27
1,361
3,525
8,273(B)
11,798
13,159
A.Value based on share price and exchange rate on vest date of 10 March 2025 of US $80.95 (\u00a362.81) and includes \u00a3682,000
cash payment in respect of dividend equivalents to be paid on the vested Shares. Around \u00a34,176,000 of the vest value is
attributable to share price appreciation.
B.Restated from \u00a37,396,000 in last year\u2019s single figure table to reflect actual share price on vesting date of US $70.92
(\u00a355.70)
on 15 March 2024 applied to 138,201 vested Shares and \u00a3574,000 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 \u00a31,241,440 to \u00a31,266,269
effective from 1\u00a0April 2024. This increase was lower than the merit increase
provided to the wider GB workforce of 3.5%.
Taxable benefits
During the year, Damian Gammell received the following main benefits: car
allowance (\u00a314,000), financial planning allowance (\u00a310,000), schooling allowance
(\u00a325,000 net) and family private medical coverage (\u00a34,000).
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 12,500 people across the organisation participate in the annual bonus
(around 38% of our total workforce). Around two thirds of our employees
participate in annual variable remuneration plans in total, including the annual
bonus, sales incentive plans (around 20% of our people), and local incentive plans
(around 25% of our people).\u00a0
Overview of CCEP\u2019s annual bonus design
The 2024 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.
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)
2024 annual bonus outcome \u2013 BPF
As set out in the Statement from the Remuneration Committee Chairman on
page 132, overall performance in 2024 has been solid. This has been reflected in
the annual bonus outcome, with performance for all three financial measures
being within the target range.
Performance targets
Performance outcomes
Measure
Weighting
Threshold
(0.25x multiplier)
Target
(1x multiplier)
Maximum
(2x multiplier)
Actual outcome
Multiplier
achieved
Operating
profit(A)
50%
\u20ac2,602m
\u20ac2,727m
\u20ac2,852m
\u20ac2,727m
1.00x
Revenue(B)
30%
\u20ac20,601m
\u20ac21,437m
\u20ac21,823m
\u20ac21,042m
0.65x
Operating
free cash
flow (C)
20%
\u20ac2,384m
\u20ac2,563m
\u20ac2,743m
\u20ac2,729m
1.93x
Total
100%
1.08x
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.
2024 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 2024 within a very challenging external environment. He delivered strongly
against his specific individual objectives outlined in the table to the right, but also
led the business strongly across all areas despite macro and geopolitical
challenges. This has resulted not only in strong business performance but
delivered record levels of employee engagement in what continues to be a more
diverse organisation. Taking all relevant factors into account the Board
determined that his IPF should be set at 1.15x for the year.
Further details of some of the specific objectives achieved, which link to our
strategic pillars (great brands, great people, great execution, done sustainably),
are included in the table below:
2024 objectives
Performance delivered
Strategic
objective
Grow sparkling volume
share versus 2023
\u2022 Delivery of increased volume share, value
share and absolute volume
\"GB_New.gif\"
Succession and
development plans
\u2022 Development and approval of long-term
succession plans for ELT and their direct
reports, including internal successors filling
two roles on the ELT in 2024
\"GP_New.gif\"
Indonesia transformation
and integration of
Philippines
\u2022 Delivery of transformation ahead of plan in
Indonesia. Successful integration of the
Philippines with delivery of strong annual
performance exceeding budgets
\"GE_New.gif\"
Sustainability
\u2022 Development and approval of next iteration
of GHG reduction plan to 2030
\"DS_New.gif\"
Link to strategy
\"GB_New.gif\"
Great
brands
\"GP_New.gif\"
Great
people
\"GE_New.gif\"
Great
execution
\"DS_New.gif\"
Done
sustainably
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 2024. Prior year figures are
also shown.
2024 (\u00a3\u2019000)
2023 (\u00a3\u2019000)
Individual
Base
fee
Chairman/
Committee
fees
Taxable
benefits (C)
Total
fees
Base
fee
Chairman/
Committee
fees
Taxable
benefits (C)
Total
fees
Sol Daurella
597
32
2
631
582
30
7
619
Manolo Arroyo
87
32
2
121
85
30
1
116
Guillaume Bacuvier(A)
87
10
1
98
-
-
-
-
John Bryant
87
54
12
153
85
53
8
146
Jos\u00e9 Ignacio
Comenge
87
16
7
110
85
16
12
113
Nathalie Gaveau
87
32
2
121
85
25
9
119
\u00c1lvaro G\u00f3mez-Tr\u00e9nor
Aguilar
87
0
8
95
85
0
13
98
Mary Harris(B)
87
32
11
130
51
19
14
84
Thomas H. Johnson
120
52
10
182
117
48
16
181
Dagmar Kollmann
87
52
13
152
85
52
12
149
Alfonso L\u00edbano
Daurella
87
16
1
104
85
16
5
106
Nicolas Mirzayantz(B)
87
32
3
122
51
9
13
73
Mark Price
87
32
8
127
85
30
12
127
Nancy Quan(B)
87
16
8
111
51
9
8
68
Mario Rotllant Sol\u00e1
87
36
5
128
85
36
12
133
Dessi Temperley
87
37
11
135
85
37
7
129
A. Appointed to the Board on 1 January 2024.
B. Appointed to the Board on 24 May 2023.
C. 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 2025
The Committee annually reviews the incentive structure for senior management,
including the measures and targets, to ensure they do not raise environmental,
social and governance risks by inadvertently motivating irresponsible behaviour.
Base salary
Damian Gammell will receive a 2.0% salary increase effective 1 April 2025. This is
aligned with the average merit increase provided to the wider GB workforce of
2.0%.
Individual
2024 salary
2025 salary
(effective from 1 April)
% increase
Damian Gammell
\u00a31,266,269
\u00a31,291,594
2.0%
Taxable benefits
No significant changes to the provision of benefits are proposed for 2025.
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 2025,
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 136.
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 2025, 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
\"GB_New.gif\"
\u2022 Competitiveness targets as agreed with the Board
\"GP_New.gif\"
\u2022 Operational targets relating to our markets
\"GE_New.gif\"
\u2022 Long range planning for digital tools and AI
\"DS_New.gif\"
Link to strategy
\"GB_New.gif\"
Great
brands
\"GP_New.gif\"
Great
people
\"GE_New.gif\"
Great
execution
\"DS_New.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 17
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
2024
2023
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
55
82
137
77
81
158
Other employee benefit
liabilities
\u2014
35
35
\u2014
33
33
Total non-current employee
benefit liabilities
55
117
172
77
114
191
Defined benefit plans
The Group sponsors a number of defined benefit pension plans in Belgium,
France, Germany, Great Britain, Luxembourg, Norway, Australia and Indonesia. As
part of the Acquisition, the Group assumed the liabilities related to defined
benefit plans available in the Philippines. 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, which totalled \u20ac242 million as at 31\u00a0December\u00a02024 and
\u20ac260 million as at 31\u00a0December\u00a02023.
A full actuarial valuation of the GB Scheme occurs on a triennial basis by a
qualified external actuary, which is used as the basis for 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\u00a02024 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: 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
2024
2023
2022
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
19
19
\u2014
14
14
\u2014
18
18
Past service
(credit)/cost
(5)
2
(3)
\u2014
(7)
(7)
\u2014
(2)
(2)
Net interest cost/
(income)
4
(1)
3
(1)
(1)
(2)
(2)
1
(1)
Administrative
expenses
\u2014
1
1
\u2014
1
1
\u2014
1
1
Total cost
(1)
21
20
(1)
7
6
(2)
18
16
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
2024
2023
2022
GB
Rest of
world
Total
GB
Rest of
world
Total
GB
Rest of
world
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Actuarial (gain)/loss
on\u00a0defined benefit
obligation arising
during the period
(151)
(24)
(175)
39
32
71
(712)
(125)
(837)
Return on plan
assets less/
(greater) than
discount rate
139
(25)
114
65
(28)
37
808
74
882
Net charge to other
comprehensive
income
(12)
(49)
(61)
104
4
108
96
(51)
45
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
2024
2023
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
1,008
548
1,556
937
529
1,466
Service cost
\u2014
19
19
\u2014
14
14
Past service (credit)/cost
(5)
2
(3)
\u2014
(7)
(7)
Interest costs on defined
benefit obligation
46
18
64
45
15
60
Plan participants\u2019 contributions
\u2014
31
31
\u2014
36
36
Actuarial (gain)/loss \u2013
experience
(1)
(3)
(4)
21
9
30
Actuarial (gain)/loss \u2013
demographic assumptions
(1)
\u2014
(1)
(13)
\u2014
(13)
Actuarial (gain)/loss \u2013 financial
assumptions
(149)
(21)
(170)
31
23
54
Benefit payments
(33)
(73)
(106)
(33)
(70)
(103)
Administrative expenses
\u2014
1
1
\u2014
1
1
Acquisition of CCBPI
\u2014
72
72
\u2014
\u2014
\u2014
Currency translation
adjustments
44
2
46
20
(2)
18
Benefit obligation at end of plan
year
909
596
1,505
1,008
548
1,556
Year ended 31 December
2024
2023
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
931
601
1,532
952
572
1,524
Interest income on plan assets
42
19
61
46
16
62
Return on plan assets (less)/
greater than discount rate
(139)
25
(114)
(65)
28
(37)
Plan participants\u2019 contributions
\u2014
31
31
\u2014
36
36
Employer contributions
11
29
40
11
21
32
Benefit payments
(33)
(73)
(106)
(33)
(70)
(103)
Acquisition of CCBPI
\u2014
57
57
\u2014
\u2014
\u2014
Currency translation adjustment
42
1
43
20
(2)
18
Fair value of plan assets at end
of plan year
854
690
1,544
931
601
1,532
Timing of benefit payments
The weighted average duration of the defined benefit plan obligation as at
31\u00a0December\u00a02024 is\u00a015 years, including 16 years for the GB Scheme. The
weighted average duration of the defined benefit plan obligation as at
31\u00a0December\u00a02023 was 15 years, including 16 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
2024
2023
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
(909)
(596)
(1,505)
(1,008)
(548)
(1,556)
Fair value of assets
854
690
1,544
931
601
1,532
Net benefit status:
(55)
94
39
(77)
53
(24)
Retirement benefit surplus
( Note 27 )
\u2014
176
176
\u2014
134
134
Retirement benefit obligation
(55)
(82)
(137)
(77)
(81)
(158)
The surplus for 2024 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
2024
2023
GB
Rest of
world
Average
GB
Rest of
world
Average
Financial assumptions
%
%
%
%
%
%
Discount rate
5.5
4.2
5.0
4.5
3.6
4.2
Rate of compensation increase
N/A
3.9
3.9
N/A
3.6
3.6
Rate of price inflation
3.1
2.1
2.8
3.1
2.3
2.9
Year ended 31 December
2024
2023
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
19.9
21.0
21.4
19.8
21.0
Female
24.0
23.2
23.8
23.9
23.2
23.7
Retiring 15 years after the end
of the reporting period
Male
22.3
20.9
21.9
22.3
20.0
21.7
Female
25.1
24.0
24.8
25.0
23.5
24.6
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 2024
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%
(7.2)
(4.2)
(6.0)
7.8
4.6
6.5
Rate of compensation
increase (A)
0.5%
N/A
2.1
0.8
N/A
(2.0)
(0.8)
Rate of price inflation
0.5%
5.6
1.5
4.0
(5.0)
(1.4)
(3.6)
Mortality rates
1 year
2.6
1.6
2.2
(2.6)
(1.6)
(2.2)
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)
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 2024
Year ended 31 December 2023
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)
193
\u2014
193
\u2014
\u2014
154
\u2014
154
\u2014
\u2014
Fixed income securities:(B)
Corporate bonds and notes
229
127
102
\u2014
\u2014
211
117
94
\u2014
\u2014
Government bonds(C)
348
628
75
(355)
\u2014
335
770
41
(476)
\u2014
Cash and other short-term investments(D)
38
22
16
\u2014
\u2014
25
19
6
\u2014
\u2014
Other investments:
Real estate funds(E)
219
22
26
164
7
255
21
26
208
\u2014
Insurance contracts(F)
436
\u2014
\u2014
242
194
463
\u2014
\u2014
260
203
Investment funds(G)
77
\u2014
\u2014
\u2014
77
77
\u2014
\u2014
\u2014
77
Derivatives(H)
4
2
\u2014
2
\u2014
12
7
\u2014
5
\u2014
Total
1,544
801
412
53
278
1,532
934
321
(3)
280
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 \u20ac40 million, \u20ac32 million and \u20ac32 million
during the years ended 31\u00a0December\u00a02024, 31\u00a0December\u00a02023 and
31\u00a0December\u00a02022, respectively. Included within the 2024 contribution
is\u00a0\u20ac11\u00a0million relating to the Partnership agreement. The Group expects to make
contributions of \u20ac39 million for\u00a0the full year ending 31\u00a0December\u00a02025.
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 \u20ac7 million and
\u20ac8 million as at 31\u00a0December\u00a02024 and\u00a031\u00a0December\u00a02023, respectively, and is
included within the Current portion of employee benefit liabilities. The\u00a0non-
current portion of\u00a0these liabilities totalled \u20ac35 million and \u20ac33 million as at
31\u00a0December\u00a02024 and 31\u00a0December\u00a02023, 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 \u20ac88 million for the year ended 31\u00a0December\u00a02024,
\u20ac81 million for the year ended 31\u00a0December\u00a02023 and \u20ac79 million for the year
ended 31\u00a0December 2022.
Staff costs
Staff costs included within the income statement were as follows:
Year ended 31 December
2024
2023
2022
Employee costs
\u20ac million
\u20ac million
\u20ac million
Wages and salaries
1,993
1,841
1,769
Social security costs
367
339
316
Pension and other employee benefits
264
253
233
Total employee costs
2,624
2,433
2,318
Directors\u2019 remuneration information is disclosed in the Directors\u2019 remuneration
report.
The average number of persons employed by the Group (including Directors) for
the periods presented were as\u00a0follows:
2024
2023
2022
No. in thousands
No. in thousands
No. in thousands
Commercial
13.0
11.6
12.5
Supply chain
23.9
17.1
16.6
Support functions
4.4
4.1
4.0
Total average staff employed
41.3
32.8
33.1
The increase in the average staff employed in 2024 was primarily attributable to
the Acquisition.
Other non-current assets
The following table summarises the Group\u2019s other non-current assets as at the
dates presented:
Year ended 31 December
2024
2023
Other non-current assets
\u20ac million
\u20ac million
Retirement benefit surplus (Note 17 )
176
134
Investments
54
39
Other
167
122
Total other non-current assets
397
295
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"concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-598": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f-599": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:EUR" } }, "f-600": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f-601": { "value": "7000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f-602": { "value": "7000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-603": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-604": { "value": "7000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-605": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-606": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f-607": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:EUR" } }, "f-608": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f-609": { "value": "911000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f-610": { "value": "911000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-611": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-612": { "value": "911000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-613": { "value": "5000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f-614": { "value": "307000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "f-615": { "value": "287000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:EUR" } }, "f-616": { "value": "-912000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "f-617": { "value": "8802000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f-618": { "value": "8489000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-619": { "value": "496000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-620": { "value": "8985000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-621": { "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.
On 23 February 2024, the Group together with Aboitiz Equity Ventures Inc. (AEV)
jointly acquired 100% of Coca-Cola Beverages Philippines, Inc. (CCBPI)
(the Acquisition), a wholly owned subsidiary of The Coca-Cola Company (TCCC).
Refer to Note 4 for further details about the acquisition of CCBPI.
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, NASDAQ
Global Select Market, London Stock Exchange and 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\u00a02024 were approved and\u00a0signed by Damian\u00a0Gammell,
Chief\u00a0Executive\u00a0Officer, on 21 March 2025 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 European Sustainability Reporting Standards (ESRS) and Task
Force on Climate-related Financial Disclosures (TCFD), included in 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 at 31\u00a0December\u00a02024 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 7) as well as the carrying value and useful lives of property, plant
and equipment (refer to Note 8). As the pace and effectiveness of a global
transition to a low-carbon economy evolve, including the development of
government policies aiming to address the risks arising from climate change, 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.
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 2024, as described below under accounting
policies.
\u2022 They are presented in euro, which is also the Parent Company\u2019s functional
currency, and all values are rounded to\u00a0the nearest euro million except where
otherwise indicated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-622": { "value": "
General information and basis of preparation
The consolidated financial statements of the Group for the year ended
31\u00a0December\u00a02024 were approved and\u00a0signed by Damian\u00a0Gammell,
Chief\u00a0Executive\u00a0Officer, on 21 March 2025 having been duly authorised to do so by
the Board of\u00a0Directors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-623": { "value": "Coca-Cola Europacific Partners plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-624": { "value": "Coca-Cola Europacific Partners plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-625": { "value": "Western Europe and the Asia Pacific region", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-626": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-627": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-628": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-629": { "value": "Pemberton House, Bakers Road, Uxbridge, UB8 1EZ, United Kingdom", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-630": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-631": { "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 2024, as described below under accounting
policies.
\u2022 They are presented in euro, 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 152).
Basis of consolidation
The consolidated financial statements comprise the financial statements of the
Group and its subsidiaries. All subsidiaries have accounting years ending
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.
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 comprised 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
Closing as at 31 December
2024
2023
2022
2024
2023
British pound
1.18
1.15
1.17
1.21
1.15
US dollar
0.92
0.92
0.95
0.96
0.90
Norwegian krone
0.09
0.09
0.10
0.08
0.09
Swedish krona
0.09
0.09
0.09
0.09
0.09
Icelandic krona
0.01
0.01
0.01
0.01
0.01
Australian dollar
0.61
0.61
0.66
0.60
0.61
Indonesian rupiah(A)
0.06
0.06
0.06
0.06
0.06
New Zealand dollar
0.56
0.57
0.60
0.54
0.57
Papua New Guinean kina
0.24
0.26
0.27
0.24
0.24
Philippine peso(B)
0.02
n/a
n/a
0.02
n/a
A. Indonesian rupiah is shown as 1,000 IDR versus 1 euro.
B. For the year ended 31\u00a0December\u00a02024, the Philippine peso average rate is calculated as the average from 23 February 2024
to 31\u00a0December\u00a02024.
Reporting periods
In these consolidated financial statements, the Group is reporting the financial
results for the years ended 31\u00a0December\u00a02024, 31\u00a0December\u00a02023 and
31\u00a0December\u00a02022.
The following table summarises the number of selling days for the years ended
31\u00a0December\u00a02024, 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022 (based on a
standard five day selling week):
First half
Second half
Full year
2024
130
132
262
2023
130
130
260
2022
130
130
260
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-632": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-633": { "value": "
Basis of preparation
They have been prepared on a going concern basis (refer to the \u201cGoing concern\u201d
paragraph on page 152).
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-634": { "value": "
Basis of consolidation
The consolidated financial statements comprise the financial statements of the
Group and its subsidiaries. All subsidiaries have accounting years ending
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-637": { "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.
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 comprised 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
Closing as at 31 December
2024
2023
2022
2024
2023
British pound
1.18
1.15
1.17
1.21
1.15
US dollar
0.92
0.92
0.95
0.96
0.90
Norwegian krone
0.09
0.09
0.10
0.08
0.09
Swedish krona
0.09
0.09
0.09
0.09
0.09
Icelandic krona
0.01
0.01
0.01
0.01
0.01
Australian dollar
0.61
0.61
0.66
0.60
0.61
Indonesian rupiah(A)
0.06
0.06
0.06
0.06
0.06
New Zealand dollar
0.56
0.57
0.60
0.54
0.57
Papua New Guinean kina
0.24
0.26
0.27
0.24
0.24
Philippine peso(B)
0.02
n/a
n/a
0.02
n/a
A. Indonesian rupiah is shown as 1,000 IDR versus 1 euro.
B. For the year ended 31\u00a0December\u00a02024, the Philippine peso average rate is calculated as the average from 23 February 2024
to 31\u00a0December\u00a02024.
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
customer marketing 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.
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 amendments for the first time in the year
ended 31\u00a0December\u00a02024:
Amendments to IFRS 16 \u2013 Lease Liability in a Sale and Leaseback
The amendments to IFRS 16 specify the requirements that a seller-lessee uses
in measuring the lease liability arising in a sale and leaseback transaction, to
ensure the seller-lessee does not recognise any amount of the gain or loss that
relates to the right of use it retains.\u00a0
The amendments had no impact on the consolidated financial statements of the
Group.\u00a0
Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current and Non-
current Liabilities with Covenants
The amendments to IAS 1 specify the requirements for classifying liabilities as
current or non-current. They also clarify:
\u2022 what is meant by a right to defer settlement
\u2022 that a right to defer must exist at the end of the reporting period
\u2022 that the classification is unaffected by the likelihood that an entity will exercise
its deferral right
\u2022 that only if an embedded derivative in a convertible liability is itself an equity
instrument, would the terms of a liability not impact its classification.
In addition, an entity is required to disclose when a liability arising from a loan
agreement is classified as non-current and the entity\u2019s right to defer settlement
is contingent on compliance with future covenants within 12 months.
These amendments had no impact on the consolidated financial statements of
the Group.
Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7
The amendments to IAS 7 \u201cStatement of Cash Flows\u201d and IFRS 7 \u201dFinancial
Instruments: Disclosures\u201d clarify the characteristics of supplier finance
arrangements and require enhanced disclosure of such arrangements. The
disclosure requirements in the amendments are intended to assist users of
financial information in understanding the effects arising from supplier finance
arrangements on the entity\u2019s liabilities, cash flows and exposure to liquidity risk.
As a result of the adoption of these amendments, the Group has provided
additional disclosures concerning its supplier finance arrangements (refer to
Note 16 for further details).
The Group has not early adopted any standards and amendments to accounting
standards that have been issued but are not yet effective. The Group\u2019s
assessment of the impact of these standards and amendments is set out below:
Amendments to IAS 21 \u2013 Lack of Exchangeability (effective for annual periods beginning on
or after 1 January 2025)
In August 2023, the IASB amended IAS 21 to assist entities in the determination
whether a currency is exchangeable into another currency, and which spot
exchange rate to use when it is not. The amendments also require disclosures
that enable the users of financial information to understand how the currency
not being exchangeable to another currency affects, or is expected to affect the
entity\u2019s financial operations, financial position and cash flows.
The Group does not expect these amendments to have a material impact on its
operations or consolidated financial statements.
Amendments to IFRS 9 and IFRS 7 \u2013 Classification and Measurement of Financial
Instruments (effective for annual periods beginning on or after 1 January 2026)
On 30 May 2024, the IASB issued targeted amendments to IFRS 9 and IFRS 7 to
respond to recent questions arising in practice, and to include new requirements
not only for financial institutions but also for corporate entities.
These amendments:
\u2022 clarify the date of recognition and derecognition of some financial assets and
liabilities, with a new exception for some financial liabilities settled through an
electronic cash transfer system
\u2022 clarify and add further guidance for assessing whether a financial asset meets
the solely payments of principle and interest (SPPI) criterion
\u2022 add new disclosures for certain instruments with contractual terms that can
change cash flows (such as some financial instruments with features linked to
the achievement of environmental, social and governance targets)
\u2022 update the disclosures for equity instruments designated at fair value through
other comprehensive income (FVOCI).
The Group does not expect these amendments to have a material impact on its
operations or consolidated financial statements.
Amendments to IFRS 9 and IFRS 7 \u2013 Contracts Referencing Nature-dependent Electricity
(effective for annual periods beginning on or after 1 January 2026)
In December 2024, the IASB issued Contracts Referencing Nature-dependent
Electricity (Amendments to IFRS 9 and IFRS 7). These amendments:
\u2022 clarify the application of the \u201cown-use\u201d requirements
\u2022 permit hedge accounting if these contracts are used as hedging instruments
\u2022 introduce new disclosure requirements to enable investors to understand the
effects of these contracts on an entity\u2019s financial performance and cash flows.
The clarifications regarding the \u201cown-use\u201d requirements must be applied
retrospectively, but the guidance permitting the hedge accounting have to be
applied prospectively to new hedging relations designated on or after the date of
initial application.
The Group does not expect these amendments to have a material impact on its
operations or consolidated financial statements.
IFRS 18 \u2013 Presentation and Disclosures in Financial Statements (effective for annual periods
beginning on or after 1 January 2027)
In April 2024, the IASB issued IFRS 18, which replaces IAS 1 \u201cPresentation of
Financial Statements\u201d. IFRS 18 introduces new requirements for presentation
within the income statement, including specified totals and subtotals. Further,
entities are required to classify all income and expenses within the income
statement into one of five categories: operating, investing, financing, income
taxes and discontinued operations.
It also requires disclosure of management-defined performance measures,
subtotals of income and expenses, and includes new requirements for
aggregation and disaggregation of financial information.
In addition, narrow-scope amendments have been made to IAS 7 \u201cStatement of
Cash Flows\u201d, which include changing the starting point for determining the cash
flows from operations under the indirect method, from \u201cprofit or loss\u201d to
\u201coperating profit or loss\u201d and removing the optionality around classification of
cash flows from dividends and interest.
Even though IFRS 18 will not affect the recognition or measurement of items in
the financial statements, its impacts on presentation and disclosure are
expected to be pervasive. The Group is currently assessing the relevant effects
arising from the application of the new standard to the Group\u2019s consolidated
financial statements.\u00a0
IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures (effective for annual
periods beginning on or after 1 January 2027)
Issued in May 2024, IFRS 19 allows for certain eligible subsidiaries of parent
entities that report under IFRS Accounting Standards to apply reduced
disclosure requirements.
The Group does not expect this standard to have an impact on its operations or
consolidated financial statements.
Earnings per share
Basic earnings per share is calculated by dividing profit after taxes by the
weighted average number of Shares in issue during the period, after deducting
the weighted average number of treasury shares held. 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.
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 an initial term of 10 years and may be
renewed for successive terms of 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\u00a0December\u00a02024,
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.
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.
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 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. 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 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.
Investment property
Investment property consists of land and buildings held primarily for earning
rental income, capital appreciation or both. These properties are not used by the
Group in the ordinary course of business. The Group applies the cost model for
measuring investment property. Under the cost model, investment property is
initially recognised at cost. Subsequently, it is depreciated on a straight-line basis
over the assigned useful life (consistent with owner-occupied property).
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.
Investment property is derecognised when it has been disposed of or when it is
permanently withdrawn from use and no further economic benefit is expected
from its disposal. The difference between the net disposal proceeds and the
carrying amount of the asset is recognised in the Group\u2019s consolidated income
statement in the period of derecognition.
Transfers are made to (or from) investment property when there is a change in
use.
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. 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. 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.
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 28 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\u00a02024 and
31\u00a0December\u00a02023.
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 measured 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 of
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.
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.
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 speculative purposes, and all
hedge ratios are on a 1 :1 basis. At the inception of a hedge transaction, the Group
documents the relationship between the hedging instrument and the hedged
item, as well as its risk management objective and strategy for undertaking the
hedge transaction.
This process includes linking the derivative financial instrument designated as a
hedging instrument to the specific asset, liability, firm commitment or forecasted
transaction. Refer to Note 28 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 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, and does
not 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 exchange 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 Group also designates foreign currency contracts as fair value hedges to
mitigate foreign currency exchange risk.
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 assumed 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.
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 on historical customer experience, the programme\u2019s
contractual terms and the amounts expected to be settled with customers.
Supplier finance arrangements
The Group engages in supplier finance arrangements facilitated by various banks,
pursuant to which, its suppliers may elect to receive early payments of their
invoices from a bank. Under the arrangements, the bank agrees to pay amounts
due to participating suppliers with respect to invoices owed by the Group, and
the Group repays the bank at a later date. Participation in these arrangements is
at suppliers\u2019 own discretion. If suppliers elect to receive early payments, they
pay a fee to the respective bank, to which the Group is not party. The primary
purpose of these arrangements is to streamline payment processing and allow
willing suppliers to receive early payments from the bank before the invoice due
date. Payment terms with suppliers have not been renegotiated in conjunction
with these arrangements.
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.
Dividends
Dividends are recognised on the date that the shareholder\u2019s right to receive
payment is established. In respect of interim dividends, this is generally the date
when the dividend is paid.
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.
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.
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 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.
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 19 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 26 years and 2 to 9 years,
respectively.
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.
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 need 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 sell.
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
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,
therefore 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:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-635": { "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.
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 comprised 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
Closing as at 31 December
2024
2023
2022
2024
2023
British pound
1.18
1.15
1.17
1.21
1.15
US dollar
0.92
0.92
0.95
0.96
0.90
Norwegian krone
0.09
0.09
0.10
0.08
0.09
Swedish krona
0.09
0.09
0.09
0.09
0.09
Icelandic krona
0.01
0.01
0.01
0.01
0.01
Australian dollar
0.61
0.61
0.66
0.60
0.61
Indonesian rupiah(A)
0.06
0.06
0.06
0.06
0.06
New Zealand dollar
0.56
0.57
0.60
0.54
0.57
Papua New Guinean kina
0.24
0.26
0.27
0.24
0.24
Philippine peso(B)
0.02
n/a
n/a
0.02
n/a
A. Indonesian rupiah is shown as 1,000 IDR versus 1 euro.
B. For the year ended 31\u00a0December\u00a02024, the Philippine peso average rate is calculated as the average from 23 February 2024
to 31\u00a0December\u00a02024.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-636": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-639": { "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
customer marketing 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.
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 amendments for the first time in the year
ended 31\u00a0December\u00a02024:
Amendments to IFRS 16 \u2013 Lease Liability in a Sale and Leaseback
The amendments to IFRS 16 specify the requirements that a seller-lessee uses
in measuring the lease liability arising in a sale and leaseback transaction, to
ensure the seller-lessee does not recognise any amount of the gain or loss that
relates to the right of use it retains.\u00a0
The amendments had no impact on the consolidated financial statements of the
Group.\u00a0
Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current and Non-
current Liabilities with Covenants
The amendments to IAS 1 specify the requirements for classifying liabilities as
current or non-current. They also clarify:
\u2022 what is meant by a right to defer settlement
\u2022 that a right to defer must exist at the end of the reporting period
\u2022 that the classification is unaffected by the likelihood that an entity will exercise
its deferral right
\u2022 that only if an embedded derivative in a convertible liability is itself an equity
instrument, would the terms of a liability not impact its classification.
In addition, an entity is required to disclose when a liability arising from a loan
agreement is classified as non-current and the entity\u2019s right to defer settlement
is contingent on compliance with future covenants within 12 months.
These amendments had no impact on the consolidated financial statements of
the Group.
Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7
The amendments to IAS 7 \u201cStatement of Cash Flows\u201d and IFRS 7 \u201dFinancial
Instruments: Disclosures\u201d clarify the characteristics of supplier finance
arrangements and require enhanced disclosure of such arrangements. The
disclosure requirements in the amendments are intended to assist users of
financial information in understanding the effects arising from supplier finance
arrangements on the entity\u2019s liabilities, cash flows and exposure to liquidity risk.
As a result of the adoption of these amendments, the Group has provided
additional disclosures concerning its supplier finance arrangements (refer to
Note 16 for further details).
The Group has not early adopted any standards and amendments to accounting
standards that have been issued but are not yet effective. The Group\u2019s
assessment of the impact of these standards and amendments is set out below:
Amendments to IAS 21 \u2013 Lack of Exchangeability (effective for annual periods beginning on
or after 1 January 2025)
In August 2023, the IASB amended IAS 21 to assist entities in the determination
whether a currency is exchangeable into another currency, and which spot
exchange rate to use when it is not. The amendments also require disclosures
that enable the users of financial information to understand how the currency
not being exchangeable to another currency affects, or is expected to affect the
entity\u2019s financial operations, financial position and cash flows.
The Group does not expect these amendments to have a material impact on its
operations or consolidated financial statements.
Amendments to IFRS 9 and IFRS 7 \u2013 Classification and Measurement of Financial
Instruments (effective for annual periods beginning on or after 1 January 2026)
On 30 May 2024, the IASB issued targeted amendments to IFRS 9 and IFRS 7 to
respond to recent questions arising in practice, and to include new requirements
not only for financial institutions but also for corporate entities.
These amendments:
\u2022 clarify the date of recognition and derecognition of some financial assets and
liabilities, with a new exception for some financial liabilities settled through an
electronic cash transfer system
\u2022 clarify and add further guidance for assessing whether a financial asset meets
the solely payments of principle and interest (SPPI) criterion
\u2022 add new disclosures for certain instruments with contractual terms that can
change cash flows (such as some financial instruments with features linked to
the achievement of environmental, social and governance targets)
\u2022 update the disclosures for equity instruments designated at fair value through
other comprehensive income (FVOCI).
The Group does not expect these amendments to have a material impact on its
operations or consolidated financial statements.
Amendments to IFRS 9 and IFRS 7 \u2013 Contracts Referencing Nature-dependent Electricity
(effective for annual periods beginning on or after 1 January 2026)
In December 2024, the IASB issued Contracts Referencing Nature-dependent
Electricity (Amendments to IFRS 9 and IFRS 7). These amendments:
\u2022 clarify the application of the \u201cown-use\u201d requirements
\u2022 permit hedge accounting if these contracts are used as hedging instruments
\u2022 introduce new disclosure requirements to enable investors to understand the
effects of these contracts on an entity\u2019s financial performance and cash flows.
The clarifications regarding the \u201cown-use\u201d requirements must be applied
retrospectively, but the guidance permitting the hedge accounting have to be
applied prospectively to new hedging relations designated on or after the date of
initial application.
The Group does not expect these amendments to have a material impact on its
operations or consolidated financial statements.
IFRS 18 \u2013 Presentation and Disclosures in Financial Statements (effective for annual periods
beginning on or after 1 January 2027)
In April 2024, the IASB issued IFRS 18, which replaces IAS 1 \u201cPresentation of
Financial Statements\u201d. IFRS 18 introduces new requirements for presentation
within the income statement, including specified totals and subtotals. Further,
entities are required to classify all income and expenses within the income
statement into one of five categories: operating, investing, financing, income
taxes and discontinued operations.
It also requires disclosure of management-defined performance measures,
subtotals of income and expenses, and includes new requirements for
aggregation and disaggregation of financial information.
In addition, narrow-scope amendments have been made to IAS 7 \u201cStatement of
Cash Flows\u201d, which include changing the starting point for determining the cash
flows from operations under the indirect method, from \u201cprofit or loss\u201d to
\u201coperating profit or loss\u201d and removing the optionality around classification of
cash flows from dividends and interest.
Even though IFRS 18 will not affect the recognition or measurement of items in
the financial statements, its impacts on presentation and disclosure are
expected to be pervasive. The Group is currently assessing the relevant effects
arising from the application of the new standard to the Group\u2019s consolidated
financial statements.\u00a0
IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures (effective for annual
periods beginning on or after 1 January 2027)
Issued in May 2024, IFRS 19 allows for certain eligible subsidiaries of parent
entities that report under IFRS Accounting Standards to apply reduced
disclosure requirements.
The Group does not expect this standard to have an impact on its operations or
consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-638": { "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
customer marketing 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.
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 amendments for the first time in the year
ended 31\u00a0December\u00a02024:
Amendments to IFRS 16 \u2013 Lease Liability in a Sale and Leaseback
The amendments to IFRS 16 specify the requirements that a seller-lessee uses
in measuring the lease liability arising in a sale and leaseback transaction, to
ensure the seller-lessee does not recognise any amount of the gain or loss that
relates to the right of use it retains.\u00a0
The amendments had no impact on the consolidated financial statements of the
Group.\u00a0
Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current and Non-
current Liabilities with Covenants
The amendments to IAS 1 specify the requirements for classifying liabilities as
current or non-current. They also clarify:
\u2022 what is meant by a right to defer settlement
\u2022 that a right to defer must exist at the end of the reporting period
\u2022 that the classification is unaffected by the likelihood that an entity will exercise
its deferral right
\u2022 that only if an embedded derivative in a convertible liability is itself an equity
instrument, would the terms of a liability not impact its classification.
In addition, an entity is required to disclose when a liability arising from a loan
agreement is classified as non-current and the entity\u2019s right to defer settlement
is contingent on compliance with future covenants within 12 months.
These amendments had no impact on the consolidated financial statements of
the Group.
Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7
The amendments to IAS 7 \u201cStatement of Cash Flows\u201d and IFRS 7 \u201dFinancial
Instruments: Disclosures\u201d clarify the characteristics of supplier finance
arrangements and require enhanced disclosure of such arrangements. The
disclosure requirements in the amendments are intended to assist users of
financial information in understanding the effects arising from supplier finance
arrangements on the entity\u2019s liabilities, cash flows and exposure to liquidity risk.
As a result of the adoption of these amendments, the Group has provided
additional disclosures concerning its supplier finance arrangements (refer to
Note 16 for further details).
The Group has not early adopted any standards and amendments to accounting
standards that have been issued but are not yet effective. The Group\u2019s
assessment of the impact of these standards and amendments is set out below:
Amendments to IAS 21 \u2013 Lack of Exchangeability (effective for annual periods beginning on
or after 1 January 2025)
In August 2023, the IASB amended IAS 21 to assist entities in the determination
whether a currency is exchangeable into another currency, and which spot
exchange rate to use when it is not. The amendments also require disclosures
that enable the users of financial information to understand how the currency
not being exchangeable to another currency affects, or is expected to affect the
entity\u2019s financial operations, financial position and cash flows.
The Group does not expect these amendments to have a material impact on its
operations or consolidated financial statements.
Amendments to IFRS 9 and IFRS 7 \u2013 Classification and Measurement of Financial
Instruments (effective for annual periods beginning on or after 1 January 2026)
On 30 May 2024, the IASB issued targeted amendments to IFRS 9 and IFRS 7 to
respond to recent questions arising in practice, and to include new requirements
not only for financial institutions but also for corporate entities.
These amendments:
\u2022 clarify the date of recognition and derecognition of some financial assets and
liabilities, with a new exception for some financial liabilities settled through an
electronic cash transfer system
\u2022 clarify and add further guidance for assessing whether a financial asset meets
the solely payments of principle and interest (SPPI) criterion
\u2022 add new disclosures for certain instruments with contractual terms that can
change cash flows (such as some financial instruments with features linked to
the achievement of environmental, social and governance targets)
\u2022 update the disclosures for equity instruments designated at fair value through
other comprehensive income (FVOCI).
The Group does not expect these amendments to have a material impact on its
operations or consolidated financial statements.
Amendments to IFRS 9 and IFRS 7 \u2013 Contracts Referencing Nature-dependent Electricity
(effective for annual periods beginning on or after 1 January 2026)
In December 2024, the IASB issued Contracts Referencing Nature-dependent
Electricity (Amendments to IFRS 9 and IFRS 7). These amendments:
\u2022 clarify the application of the \u201cown-use\u201d requirements
\u2022 permit hedge accounting if these contracts are used as hedging instruments
\u2022 introduce new disclosure requirements to enable investors to understand the
effects of these contracts on an entity\u2019s financial performance and cash flows.
The clarifications regarding the \u201cown-use\u201d requirements must be applied
retrospectively, but the guidance permitting the hedge accounting have to be
applied prospectively to new hedging relations designated on or after the date of
initial application.
The Group does not expect these amendments to have a material impact on its
operations or consolidated financial statements.
IFRS 18 \u2013 Presentation and Disclosures in Financial Statements (effective for annual periods
beginning on or after 1 January 2027)
In April 2024, the IASB issued IFRS 18, which replaces IAS 1 \u201cPresentation of
Financial Statements\u201d. IFRS 18 introduces new requirements for presentation
within the income statement, including specified totals and subtotals. Further,
entities are required to classify all income and expenses within the income
statement into one of five categories: operating, investing, financing, income
taxes and discontinued operations.
It also requires disclosure of management-defined performance measures,
subtotals of income and expenses, and includes new requirements for
aggregation and disaggregation of financial information.
In addition, narrow-scope amendments have been made to IAS 7 \u201cStatement of
Cash Flows\u201d, which include changing the starting point for determining the cash
flows from operations under the indirect method, from \u201cprofit or loss\u201d to
\u201coperating profit or loss\u201d and removing the optionality around classification of
cash flows from dividends and interest.
Even though IFRS 18 will not affect the recognition or measurement of items in
the financial statements, its impacts on presentation and disclosure are
expected to be pervasive. The Group is currently assessing the relevant effects
arising from the application of the new standard to the Group\u2019s consolidated
financial statements.\u00a0
IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures (effective for annual
periods beginning on or after 1 January 2027)
Issued in May 2024, IFRS 19 allows for certain eligible subsidiaries of parent
entities that report under IFRS Accounting Standards to apply reduced
disclosure requirements.
The Group does not expect this standard to have an impact on its operations or
consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-641": { "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
customer marketing 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.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-640": { "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
customer marketing 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-642": { "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 7 for\u00a0further details on the judgement regarding the lives of bottling
agreements.
Significant estimates
Impairment of indefinite lived intangible assets and goodwill
Determining whether goodwill and intangible assets with indefinite lives are
impaired, requires an estimation of the value in use or the fair value less costs to
sell of the cash generating unit (CGU) to which the goodwill and/or intangible
assets have 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 7 for the sensitivity analysis of the
assumptions used in the impairment analysis of goodwill and intangible assets
with indefinite lives.
Deductions from revenue and sales incentives
The Group participates in various promotional programmes with customers
designed to increase the sale of products. Among the programmes are
arrangements under which rebates, refunds, price concessions or similar items
can be earned by customers for attaining agreed upon sales levels, or for
participating in specific marketing programmes. Those promotional programmes
do\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 on historical customer experience, the programme\u2019s
contractual terms and the amounts expected to be settled with customers.
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 16
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 22 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, rate of
compensation increases, inflation rate and mortality rates. Refer to Note 17 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 an initial term of 10 years and may be
renewed for successive terms of 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\u00a0December\u00a02024,
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 on historical customer experience, the programme\u2019s
contractual terms and the amounts expected to be settled with customers.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-643": { "value": "
Note 4
Business combinations
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), a wholly
owned subsidiary of TCCC.
The Acquisition was effected through the establishment of a special purpose
vehicle, CCEP Aboitiz Beverages Philippines, Inc. (CABPI), which is owned and
funded 60% by CCEP and 40% by AEV, commensurate with the effective 60:40
ownership structure of CCBPI.
On 23 February 2024, CABPI acquired 100% of the beneficial ownership of
CCBPI for a total consideration of US$1.68\u00a0billion (\u20ac1.54\u00a0billion), all of which was
settled in cash upon completion. CABPI is determined to have economic
substance and is identified as the accounting acquirer of CCBPI.
CCBPI is the authorised bottler and distributor of TCCC\u2019s beverage brands in the
Philippines. The Acquisition is a further step for the Group to create a more
diverse footprint within its existing Australia, Pacific and Indonesia business
segment. The transaction is aligned with the Group\u2019s aim of driving sustainable
growth through diversification and building scale.
The transaction is being accounted for under IFRS 3 \u201cBusiness Combinations\u201d,
using the acquisition method. The accounting for the Acquisition is complete at
the end of the current reporting period. Measurement period adjustments to
provisional amounts previously disclosed are immaterial.
The following table details the euro equivalent consideration and the fair values
of assets acquired and liabilities assumed:
Total
\u20ac million
Intangible assets
478
Property, plant and equipment
1,084
Investment property
46
Other non-current assets
56
Inventories
228
Amounts receivable from related parties
25
Trade accounts receivable
75
Other current assets
47
Cash and cash equivalents
19
Borrowings, less current portion
(6)
Employee benefit liabilities
(15)
Non-current provisions
(29)
Non-current tax liabilities
(6)
Deferred tax liabilities
(170)
Other non-current liabilities
(21)
Current portion of borrowings
(63)
Current provisions
(29)
Current tax liabilities
(23)
Amounts payable to related parties
(55)
Trade and other payables
(372)
Net identifiable assets acquired
1,269
Non-controlling interest
(2)
Goodwill
276
Fair value of consideration
1,543
Intangible assets include both indefinite lived and finite lived intangible assets.
Indefinite lived intangible assets consist of the bottling agreement with TCCC
(\u20ac440\u00a0million), which provides the Company with the exclusive rights to prepare,
package, distribute and sell TCCC branded products in the territory in which it
operates. Finite lived intangible assets are comprised primarily of customer
relationships.
The bottling agreement with TCCC and customer relationships have been valued
using a multi-period excess earnings model, whereby the value of a specific
intangible asset is estimated from the excess earnings after fair returns on all
other assets employed have been deducted from the business\u2019s after-tax
operating earnings.
Goodwill of \u20ac276\u00a0million has been recognised in connection with the Acquisition,
representing the excess of consideration transferred over the fair values of the
net identifiable assets acquired.
The goodwill is attributable to new growth opportunities, workforce and synergies
of the combined business operations, and it is not expected to be deductible for
tax purposes.
Property, plant and equipment has been valued using a variety of valuation
techniques and considering the highest and best use of each asset. These
techniques include capitalisation of comparable net market income, depreciated
replacement cost and market approach. Included within property, plant and
equipment are right of use assets which have been valued at \u20ac8\u00a0million. A
corresponding lease liability of \u20ac11\u00a0million is included within Borrowings.
The fair value of acquired trade accounts receivable, net is \u20ac75\u00a0million. The gross
contractual amount related to these receivables is \u20ac84\u00a0million, of which
\u20ac9\u00a0million is expected to be uncollectable.
From the effective date of the Acquisition, CCBPI contributed revenue of
\u20ac1.7\u00a0billion and profit before tax of \u20ac85\u00a0million to the Group for the year ended
31\u00a0December\u00a02024. If the Acquisition had taken place at the beginning of the
year, adjusted comparable revenue and profit before tax for CCEP for the year
ended 31\u00a0December\u00a02024 would have been \u20ac20.7\u00a0billion and \u20ac2.5 billion,
respectively.
Deal and integration costs of \u20ac14\u00a0million are included in administrative expenses
in the consolidated income statement for the year ended 31\u00a0December\u00a02024.
Cash payments for deal and integration costs are included in operating cash
flows in the consolidated statement of cash flows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-645": { "value": "
Note 5
Segment information
Description of segment and principal activities
Following the acquisition of CCBPI, the Group re-evaluated its segment reporting
under IFRS 8 \u201cOperating Segments\u201d. The Group continues to derive 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
acquisition of CCBPI has broadened the Group\u2019s geographic footprint which now
includes the Philippines, within its existing API business segment, from now on
renamed APS (Australia, Pacific & South East Asia). 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
2024
2023
2022
Europe
APS
Total
Europe
APS
Total
Europe
APS
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Revenue
14,971
5,467
20,438
14,553
3,749
18,302
13,529
3,791
17,320
Comparable
operating\u00a0profit (A)
2,015
648
2,663
1,888
485
2,373
1,670
468
2,138
Items impacting
comparability(B)
(531)
(34)
(52)
Reported operating
profit
2,132
2,339
2,086
Total finance costs,
net
(187)
(120)
(114)
Non-operating items
(9)
(16)
(15)
Reported profit
before\u00a0tax
1,936
2,203
1,957
A. Comparable operating profit includes comparable depreciation and amortisation of \u20ac596 million and \u20ac265 million for
Europe and APS, respectively, for the year ended 31\u00a0December\u00a02024. Comparable depreciation and amortisation charges
for the year ended 31\u00a0December\u00a02023 totalled \u20ac558 million and \u20ac196 million for Europe and APS, respectively. Comparable
depreciation and amortisation charges for the year ended 31\u00a0December\u00a02022 totalled \u20ac549 million and \u20ac223 million for\u00a0
Europe and APS, respectively.
B. Items impacting the comparability of period over period financial performance for 2024 primarily include restructuring
charges of \u20ac264\u00a0million (refer to Note 19), \u20ac14\u00a0million of deal and integration costs related to the Acquisition (refer to
Note 4), impairment charges of \u20ac189\u00a0million mainly related to the Group\u2019s Indonesia CGU (refer to Note 7) and accelerated
amortisation charges of \u20ac55\u00a0million (refer to Note 7). Items impacting the comparability of period over period financial
performance for 2023 primarily include restructuring charges of \u20ac94\u00a0million (refer to Note 19) and accelerated
amortisation charges of \u20ac27\u00a0million (refer to Note 7), partially offset by \u20ac18\u00a0million of royalty income arising from the
ownership of certain mineral rights in Australia (refer to Note 25), considerations of \u20ac35\u00a0million received relating to the sale
of the sub-strata and associated mineral rights in Australia (refer to Note 25) and gains of \u20ac54\u00a0million mainly attributable to
the sale of property in Germany (refer to Note 25). Items impacting the comparability for 2022 included restructuring
charges of \u20ac163 million (refer to Note 19), partially offset by \u20ac96 million of other income arising from the favourable court
ruling pertaining to the ownership of certain mineral rights in Australia (refer to Note 25) and net insurance recoveries
received of \u20ac11 million 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\u00a02024, 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022.
Revenue by geography
The following table summarises revenue from external customers by geography,
which is based on the origin of the sale, for the periods presented:
Year ended 31 December
Revenue:
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Iberia(A)
3,398
3,325
3,034
Great Britain
3,327
3,235
3,088
Germany
3,179
3,018
2,682
France (B)
2,322
2,321
2,089
Belgium/Luxembourg
1,070
1,078
1,042
Netherlands
785
718
682
Sweden
410
398
421
Norway
398
376
404
Iceland
82
84
87
Total Europe
14,971
14,553
13,529
Australia
2,475
2,385
2,339
Philippines
1,652
\u2014
\u2014
New Zealand and Pacific Islands
694
679
649
Indonesia
403
458
556
Papua New Guinea
243
227
247
Total APS
5,467
3,749
3,791
Total CCEP
20,438
18,302
17,320
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, deferred
tax assets and post-employment benefit assets, by geography as at the dates
presented:
Year ended 31 December
Assets:
2024
2023
\u20ac million
\u20ac million
Iberia(A)
6,478
6,455
Germany
3,089
3,162
Great Britain
2,616
2,523
France (B)
1,002
940
Belgium/Luxembourg
563
623
Netherlands
433
439
Sweden
337
349
Norway
212
225
Iceland
40
38
Other unallocated
442
360
Total Europe
15,212
15,114
Australia
4,822
5,065
Philippines
2,008
\u2014
New Zealand and Pacific Islands
1,603
1,687
Papua New Guinea
297
298
Indonesia
222
384
Total APS
8,952
7,434
Total CCEP
24,164
22,548
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-644": { "value": "
Note 5
Segment information
The following table provides a reconciliation between reportable segment
operating profit and consolidated profit before tax:
Year ended 31 December
2024
2023
2022
Europe
APS
Total
Europe
APS
Total
Europe
APS
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Revenue
14,971
5,467
20,438
14,553
3,749
18,302
13,529
3,791
17,320
Comparable
operating\u00a0profit (A)
2,015
648
2,663
1,888
485
2,373
1,670
468
2,138
Items impacting
comparability(B)
(531)
(34)
(52)
Reported operating
profit
2,132
2,339
2,086
Total finance costs,
net
(187)
(120)
(114)
Non-operating items
(9)
(16)
(15)
Reported profit
before\u00a0tax
1,936
2,203
1,957
A. Comparable operating profit includes comparable depreciation and amortisation of \u20ac596 million and \u20ac265 million for
Europe and APS, respectively, for the year ended 31\u00a0December\u00a02024. Comparable depreciation and amortisation charges
for the year ended 31\u00a0December\u00a02023 totalled \u20ac558 million and \u20ac196 million for Europe and APS, respectively. Comparable
depreciation and amortisation charges for the year ended 31\u00a0December\u00a02022 totalled \u20ac549 million and \u20ac223 million for\u00a0
Europe and APS, respectively.
B. Items impacting the comparability of period over period financial performance for 2024 primarily include restructuring
charges of \u20ac264\u00a0million (refer to Note 19), \u20ac14\u00a0million of deal and integration costs related to the Acquisition (refer to
Note 4), impairment charges of \u20ac189\u00a0million mainly related to the Group\u2019s Indonesia CGU (refer to Note 7) and accelerated
amortisation charges of \u20ac55\u00a0million (refer to Note 7). Items impacting the comparability of period over period financial
performance for 2023 primarily include restructuring charges of \u20ac94\u00a0million (refer to Note 19) and accelerated
amortisation charges of \u20ac27\u00a0million (refer to Note 7), partially offset by \u20ac18\u00a0million of royalty income arising from the
ownership of certain mineral rights in Australia (refer to Note 25), considerations of \u20ac35\u00a0million received relating to the sale
of the sub-strata and associated mineral rights in Australia (refer to Note 25) and gains of \u20ac54\u00a0million mainly attributable to
the sale of property in Germany (refer to Note 25). Items impacting the comparability for 2022 included restructuring
charges of \u20ac163 million (refer to Note 19), partially offset by \u20ac96 million of other income arising from the favourable court
ruling pertaining to the ownership of certain mineral rights in Australia (refer to Note 25) and net insurance recoveries
received of \u20ac11 million 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, for the periods presented:
Year ended 31 December
Revenue:
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Iberia(A)
3,398
3,325
3,034
Great Britain
3,327
3,235
3,088
Germany
3,179
3,018
2,682
France (B)
2,322
2,321
2,089
Belgium/Luxembourg
1,070
1,078
1,042
Netherlands
785
718
682
Sweden
410
398
421
Norway
398
376
404
Iceland
82
84
87
Total Europe
14,971
14,553
13,529
Australia
2,475
2,385
2,339
Philippines
1,652
\u2014
\u2014
New Zealand and Pacific Islands
694
679
649
Indonesia
403
458
556
Papua New Guinea
243
227
247
Total APS
5,467
3,749
3,791
Total CCEP
20,438
18,302
17,320
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-646": { "value": "
Note 6
Earnings per share
Basic earnings per share is calculated by dividing profit after taxes by the
weighted average number of Shares in issue during the period, after deducting
the weighted average number of treasury shares held. 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
2024
2023
2022
Profit after taxes attributable to equity
shareholders (\u20ac\u00a0million)
1,418
1,669
1,508
Basic weighted average number of Shares
in\u00a0issue (A) (million)
460
459
457
Effect of dilutive potential Shares(B)
(million)
1
\u2014
1
Diluted weighted average number of
Shares in issue(A) (million)
461
459
458
Basic earnings per share(C) (\u20ac)
3.08
3.64
3.30
Diluted earnings per share(C) (\u20ac)
3.08
3.63
3.29
A. As at 31\u00a0December\u00a02024, 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022, the Group had 460,947,057, 459,200,818 and
457,106,453\u00a0Shares, respectively, in issue. As at 31\u00a0December\u00a02024 the Group held 92,564 Shares that were acquired in the
market by Coca-Cola Europacific Partners plc Employee Benefit Trust (see Note 18), classified as treasury shares for
accounting purposes. The Shares held by the trust are excluded from the calculation of basic and diluted earnings per
share. The Group did not hold any treasury shares as at 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022, respectively.
B. For the years ended 31\u00a0December\u00a02024, 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022, no outstanding 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-647": { "value": "
Earnings per share
Basic earnings per share is calculated by dividing profit after taxes by the
weighted average number of Shares in issue during the period, after deducting
the weighted average number of treasury shares held. 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-650": { "value": "
Note 7
Intangible assets and goodwill
Intangible assets with indefinite lives
Intangible assets with indefinite lives acquired through business combination
transactions are measured at fair value at the date of acquisition. These assets
are not subject to amortisation but\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 an initial term of 10 years and may be
renewed for successive terms of 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\u00a0December\u00a02024,
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.
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 ten years. Amortisation
expense for capitalised software is included within administrative expenses and
was \u20ac107 million, \u20ac94 million and \u20ac83 million for the years ended
31\u00a0December\u00a02024, 31\u00a0December 2023 and 31\u00a0December\u00a02022, 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 useful life between
17 and 20 years. Amortisation expense for these assets is included within
administrative expenses and was \u20ac12 million, \u20ac10 million and \u20ac10 million for the
years ended 31\u00a0December\u00a02024, 31\u00a0December\u00a02023 and 31 December 2022,
respectively.
Non-TCCC franchise intangible
In connection with the acquisition of Coca-Cola Amatil Limited in 2021, 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 APS territories. The non-TCCC
bottling arrangements were recorded at fair value at the acquisition date and
were initially amortised over an expected 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 to
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 life of the intangible assets effective from the
second half of 2023, resulting in an accelerated amortisation charge of
\u20ac55\u00a0million recognised for the year ending 31\u00a0December\u00a02024 (2023: \u20ac27\u00a0million).
As at 31\u00a0December\u00a02024, finite lived intangible assets of \u20ac30\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 amounting to \u20ac63 million, \u20ac35 million and \u20ac8 million for the years
ended 31\u00a0December\u00a02024, 31\u00a0December 2023 and 31 December 2022,
respectively.
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 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
Acquisition of CCBPI
440
\u2014
\u2014
38
\u2014
\u2014
478
276
Additions
\u2014
\u2014
74
\u2014
\u2014
124
198
\u2014
Disposals
\u2014
(10)
(35)
\u2014
\u2014
\u2014
(45)
\u2014
Transfers and reclassifications
\u2014
\u2014
45
\u2014
\u2014
(50)
(5)
\u2014
Currency translation adjustments
(51)
\u2014
2
(2)
(4)
4
(51)
(73)
As at 31 December 2024
12,147
22
806
230
138
172
13,515
4,717
Accumulated amortisation and impairment:
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
Amortisation expense
\u2014
\u2014
(107)
(12)
(63)
\u2014
(182)
\u2014
Disposals
\u2014
10
35
\u2014
\u2014
\u2014
45
\u2014
Impairment
(67)
(10)
(4)
\u2014
\u2014
(2)
(83)
(30)
Currency translation adjustments
\u2014
\u2014
(5)
1
3
\u2014
(1)
\u2014
As at 31 December 2024
(67)
\u2014
(507)
(82)
(108)
(2)
(766)
(30)
Net book value:
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
As at 31 December 2024
12,080
22
299
148
30
170
12,749
4,687
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 has recognised fair values for the indefinite lived intangible assets and
goodwill related to the Acquisition, representing the Group\u2019s Philippines CGU.
Should operating results or macroeconomic assumptions deteriorate versus
those utilised in calculating the fair values of these assets as of the acquisition
date, an impairment of goodwill and the acquired assets could result in the
future.
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\u00a02024, the Group had other
CGUs with total indefinite lived intangible assets of \u20ac1,222 million
(2023: \u20ac1,349 million) and goodwill of\u00a0\u20ac260 million (2023: \u20ac370 million).
Year ended 31 December
2024
2023
Cash generating unit
Indefinite lived
intangible assets
Goodwill
Indefinite lived
intangible assets
Goodwill
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Iberia
4,289
1,275
4,289
1,275
Australia
2,510
1,412
2,596
1,397
Great Britain
1,760
198
1,680
200
Germany
1,060
748
1,060
748
Pacific(A)
821
518
816
524
Philippines
440
276
\u2014
\u2014
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, over the
medium to long term, 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 based on the
Group\u2019s strategic business plan. Cash flows for the terminal year and beyond
were projected using an inflation-based long-term terminal growth rate
between 2.0% 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.
2024
2023
Pre-tax
discount rate
Pre-tax
discount rate
Cash generating unit
%
%
Iberia
9.3
9.3
Australia
11.3
11.1
Great Britain
9.3
9.8
Germany
10.1
10.1
Pacific(A)
11.3
11.2
Philippines
13.9
\u2014
A. Pacific refers to New Zealand and Pacific Islands.
The Group\u2019s Iberia, Australia, Great Britain, Germany and Philippines 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 2024 impairment analysis was
approximately 12% of total carrying value. The Group estimates that a 1.0%
reduction in the terminal growth rate or a 0.7% increase in the discount rate, each
in isolation, would eliminate existing headroom in Pacific.
Impairment of Feral brand
During 2024, the Group recognised \u20ac10 million of impairment in relation to the
Feral brand and subsequently sold it in September 2024.
Impairment of Indonesia CGU
As disclosed in its consolidated financial statements for the year ended
31\u00a0December\u00a02023, the Group estimated that reasonably possible changes in the
value in use growth rate or in the discount rate, each in isolation, would eliminate
existing headroom in the Indonesia CGU. During the second half of 2024,
Indonesia experienced worsening business performance primarily driven by the
continued geopolitical situation in the Middle East.
As at 31\u00a0December\u00a02024, the Group\u2019s annual impairment test resulted in an
impairment of \u20ac175 million, as the recoverable amount was lower than the
carrying amount of the CGU. The recoverable amount was determined based on
value in use assumptions updated with management\u2019s best estimate of
expected future cash flows, reflecting the persistent geopolitical uncertainty.
The impairment loss reduced the carrying amount of goodwill allocated to the
CGU to zero. The remaining impairment charge was allocated pro rata to the
property, plant and equipment and intangible assets included in the carrying
value of the CGU.
An impairment loss of \u20ac54 million, \u20ac6 million and \u20ac115 million was included in the
consolidated income statement in cost of sales, selling and distribution
expenses and administrative expenses, respectively, and under APS for
segmental allocation purposes.
The following table sets out key assumptions used in the impairment assessment
of the Indonesia CGU:
2024
2023
%
%
Pre-tax discount rate
13.5
12.2
Terminal growth rate
2.5
1.6
As at 31\u00a0December\u00a02024, the recoverable amount of the Indonesia CGU was
\u20ac182\u00a0million and represents its value in use.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-649": { "value": "
Note 7
Intangible assets and goodwill
Intangible assets with indefinite lives
Intangible assets with indefinite lives acquired through business combination
transactions are measured at fair value at the date of acquisition. These assets
are not subject to amortisation but\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 an initial term of 10 years and may be
renewed for successive terms of 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\u00a0December\u00a02024,
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.
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 ten years. Amortisation
expense for capitalised software is included within administrative expenses and
was \u20ac107 million, \u20ac94 million and \u20ac83 million for the years ended
31\u00a0December\u00a02024, 31\u00a0December 2023 and 31\u00a0December\u00a02022, 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 useful life between
17 and 20 years. Amortisation expense for these assets is included within
administrative expenses and was \u20ac12 million, \u20ac10 million and \u20ac10 million for the
years ended 31\u00a0December\u00a02024, 31\u00a0December\u00a02023 and 31 December 2022,
respectively.
Non-TCCC franchise intangible
In connection with the acquisition of Coca-Cola Amatil Limited in 2021, 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 APS territories. The non-TCCC
bottling arrangements were recorded at fair value at the acquisition date and
were initially amortised over an expected 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 to
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 life of the intangible assets effective from the
second half of 2023, resulting in an accelerated amortisation charge of
\u20ac55\u00a0million recognised for the year ending 31\u00a0December\u00a02024 (2023: \u20ac27\u00a0million).
As at 31\u00a0December\u00a02024, finite lived intangible assets of \u20ac30\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 amounting to \u20ac63 million, \u20ac35 million and \u20ac8 million for the years
ended 31\u00a0December\u00a02024, 31\u00a0December 2023 and 31 December 2022,
respectively.
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 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
Acquisition of CCBPI
440
\u2014
\u2014
38
\u2014
\u2014
478
276
Additions
\u2014
\u2014
74
\u2014
\u2014
124
198
\u2014
Disposals
\u2014
(10)
(35)
\u2014
\u2014
\u2014
(45)
\u2014
Transfers and reclassifications
\u2014
\u2014
45
\u2014
\u2014
(50)
(5)
\u2014
Currency translation adjustments
(51)
\u2014
2
(2)
(4)
4
(51)
(73)
As at 31 December 2024
12,147
22
806
230
138
172
13,515
4,717
Accumulated amortisation and impairment:
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
Amortisation expense
\u2014
\u2014
(107)
(12)
(63)
\u2014
(182)
\u2014
Disposals
\u2014
10
35
\u2014
\u2014
\u2014
45
\u2014
Impairment
(67)
(10)
(4)
\u2014
\u2014
(2)
(83)
(30)
Currency translation adjustments
\u2014
\u2014
(5)
1
3
\u2014
(1)
\u2014
As at 31 December 2024
(67)
\u2014
(507)
(82)
(108)
(2)
(766)
(30)
Net book value:
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
As at 31 December 2024
12,080
22
299
148
30
170
12,749
4,687
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 has recognised fair values for the indefinite lived intangible assets and
goodwill related to the Acquisition, representing the Group\u2019s Philippines CGU.
Should operating results or macroeconomic assumptions deteriorate versus
those utilised in calculating the fair values of these assets as of the acquisition
date, an impairment of goodwill and the acquired assets could result in the
future.
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\u00a02024, the Group had other
CGUs with total indefinite lived intangible assets of \u20ac1,222 million
(2023: \u20ac1,349 million) and goodwill of\u00a0\u20ac260 million (2023: \u20ac370 million).
Year ended 31 December
2024
2023
Cash generating unit
Indefinite lived
intangible assets
Goodwill
Indefinite lived
intangible assets
Goodwill
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Iberia
4,289
1,275
4,289
1,275
Australia
2,510
1,412
2,596
1,397
Great Britain
1,760
198
1,680
200
Germany
1,060
748
1,060
748
Pacific(A)
821
518
816
524
Philippines
440
276
\u2014
\u2014
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, over the
medium to long term, 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 based on the
Group\u2019s strategic business plan. Cash flows for the terminal year and beyond
were projected using an inflation-based long-term terminal growth rate
between 2.0% 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.
2024
2023
Pre-tax
discount rate
Pre-tax
discount rate
Cash generating unit
%
%
Iberia
9.3
9.3
Australia
11.3
11.1
Great Britain
9.3
9.8
Germany
10.1
10.1
Pacific(A)
11.3
11.2
Philippines
13.9
\u2014
A. Pacific refers to New Zealand and Pacific Islands.
The Group\u2019s Iberia, Australia, Great Britain, Germany and Philippines 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 2024 impairment analysis was
approximately 12% of total carrying value. The Group estimates that a 1.0%
reduction in the terminal growth rate or a 0.7% increase in the discount rate, each
in isolation, would eliminate existing headroom in Pacific.
Impairment of Feral brand
During 2024, the Group recognised \u20ac10 million of impairment in relation to the
Feral brand and subsequently sold it in September 2024.
Impairment of Indonesia CGU
As disclosed in its consolidated financial statements for the year ended
31\u00a0December\u00a02023, the Group estimated that reasonably possible changes in the
value in use growth rate or in the discount rate, each in isolation, would eliminate
existing headroom in the Indonesia CGU. During the second half of 2024,
Indonesia experienced worsening business performance primarily driven by the
continued geopolitical situation in the Middle East.
As at 31\u00a0December\u00a02024, the Group\u2019s annual impairment test resulted in an
impairment of \u20ac175 million, as the recoverable amount was lower than the
carrying amount of the CGU. The recoverable amount was determined based on
value in use assumptions updated with management\u2019s best estimate of
expected future cash flows, reflecting the persistent geopolitical uncertainty.
The impairment loss reduced the carrying amount of goodwill allocated to the
CGU to zero. The remaining impairment charge was allocated pro rata to the
property, plant and equipment and intangible assets included in the carrying
value of the CGU.
An impairment loss of \u20ac54 million, \u20ac6 million and \u20ac115 million was included in the
consolidated income statement in cost of sales, selling and distribution
expenses and administrative expenses, respectively, and under APS for
segmental allocation purposes.
The following table sets out key assumptions used in the impairment assessment
of the Indonesia CGU:
2024
2023
%
%
Pre-tax discount rate
13.5
12.2
Terminal growth rate
2.5
1.6
As at 31\u00a0December\u00a02024, the recoverable amount of the Indonesia CGU was
\u20ac182\u00a0million and represents its value in use.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-648": { "value": "
Note 7
Intangible assets and goodwill
Intangible assets with indefinite lives
Intangible assets with indefinite lives acquired through business combination
transactions are measured at fair value at the date of acquisition. These assets
are not subject to amortisation but\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 an initial term of 10 years and may be
renewed for successive terms of 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\u00a0December\u00a02024,
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.
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 ten years. Amortisation
expense for capitalised software is included within administrative expenses and
was \u20ac107 million, \u20ac94 million and \u20ac83 million for the years ended
31\u00a0December\u00a02024, 31\u00a0December 2023 and 31\u00a0December\u00a02022, 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 useful life between
17 and 20 years. Amortisation expense for these assets is included within
administrative expenses and was \u20ac12 million, \u20ac10 million and \u20ac10 million for the
years ended 31\u00a0December\u00a02024, 31\u00a0December\u00a02023 and 31 December 2022,
respectively.
Non-TCCC franchise intangible
In connection with the acquisition of Coca-Cola Amatil Limited in 2021, 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 APS territories. The non-TCCC
bottling arrangements were recorded at fair value at the acquisition date and
were initially amortised over an expected 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 to
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 life of the intangible assets effective from the
second half of 2023, resulting in an accelerated amortisation charge of
\u20ac55\u00a0million recognised for the year ending 31\u00a0December\u00a02024 (2023: \u20ac27\u00a0million).
As at 31\u00a0December\u00a02024, finite lived intangible assets of \u20ac30\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 amounting to \u20ac63 million, \u20ac35 million and \u20ac8 million for the years
ended 31\u00a0December\u00a02024, 31\u00a0December 2023 and 31 December 2022,
respectively.
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 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
Acquisition of CCBPI
440
\u2014
\u2014
38
\u2014
\u2014
478
276
Additions
\u2014
\u2014
74
\u2014
\u2014
124
198
\u2014
Disposals
\u2014
(10)
(35)
\u2014
\u2014
\u2014
(45)
\u2014
Transfers and reclassifications
\u2014
\u2014
45
\u2014
\u2014
(50)
(5)
\u2014
Currency translation adjustments
(51)
\u2014
2
(2)
(4)
4
(51)
(73)
As at 31 December 2024
12,147
22
806
230
138
172
13,515
4,717
Accumulated amortisation and impairment:
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
Amortisation expense
\u2014
\u2014
(107)
(12)
(63)
\u2014
(182)
\u2014
Disposals
\u2014
10
35
\u2014
\u2014
\u2014
45
\u2014
Impairment
(67)
(10)
(4)
\u2014
\u2014
(2)
(83)
(30)
Currency translation adjustments
\u2014
\u2014
(5)
1
3
\u2014
(1)
\u2014
As at 31 December 2024
(67)
\u2014
(507)
(82)
(108)
(2)
(766)
(30)
Net book value:
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
As at 31 December 2024
12,080
22
299
148
30
170
12,749
4,687
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 has recognised fair values for the indefinite lived intangible assets and
goodwill related to the Acquisition, representing the Group\u2019s Philippines CGU.
Should operating results or macroeconomic assumptions deteriorate versus
those utilised in calculating the fair values of these assets as of the acquisition
date, an impairment of goodwill and the acquired assets could result in the
future.
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\u00a02024, the Group had other
CGUs with total indefinite lived intangible assets of \u20ac1,222 million
(2023: \u20ac1,349 million) and goodwill of\u00a0\u20ac260 million (2023: \u20ac370 million).
Year ended 31 December
2024
2023
Cash generating unit
Indefinite lived
intangible assets
Goodwill
Indefinite lived
intangible assets
Goodwill
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Iberia
4,289
1,275
4,289
1,275
Australia
2,510
1,412
2,596
1,397
Great Britain
1,760
198
1,680
200
Germany
1,060
748
1,060
748
Pacific(A)
821
518
816
524
Philippines
440
276
\u2014
\u2014
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, over the
medium to long term, 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 based on the
Group\u2019s strategic business plan. Cash flows for the terminal year and beyond
were projected using an inflation-based long-term terminal growth rate
between 2.0% 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.
2024
2023
Pre-tax
discount rate
Pre-tax
discount rate
Cash generating unit
%
%
Iberia
9.3
9.3
Australia
11.3
11.1
Great Britain
9.3
9.8
Germany
10.1
10.1
Pacific(A)
11.3
11.2
Philippines
13.9
\u2014
A. Pacific refers to New Zealand and Pacific Islands.
The Group\u2019s Iberia, Australia, Great Britain, Germany and Philippines 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 2024 impairment analysis was
approximately 12% of total carrying value. The Group estimates that a 1.0%
reduction in the terminal growth rate or a 0.7% increase in the discount rate, each
in isolation, would eliminate existing headroom in Pacific.
Impairment of Feral brand
During 2024, the Group recognised \u20ac10 million of impairment in relation to the
Feral brand and subsequently sold it in September 2024.
Impairment of Indonesia CGU
As disclosed in its consolidated financial statements for the year ended
31\u00a0December\u00a02023, the Group estimated that reasonably possible changes in the
value in use growth rate or in the discount rate, each in isolation, would eliminate
existing headroom in the Indonesia CGU. During the second half of 2024,
Indonesia experienced worsening business performance primarily driven by the
continued geopolitical situation in the Middle East.
As at 31\u00a0December\u00a02024, the Group\u2019s annual impairment test resulted in an
impairment of \u20ac175 million, as the recoverable amount was lower than the
carrying amount of the CGU. The recoverable amount was determined based on
value in use assumptions updated with management\u2019s best estimate of
expected future cash flows, reflecting the persistent geopolitical uncertainty.
The impairment loss reduced the carrying amount of goodwill allocated to the
CGU to zero. The remaining impairment charge was allocated pro rata to the
property, plant and equipment and intangible assets included in the carrying
value of the CGU.
An impairment loss of \u20ac54 million, \u20ac6 million and \u20ac115 million was included in the
consolidated income statement in cost of sales, selling and distribution
expenses and administrative expenses, respectively, and under APS for
segmental allocation purposes.
The following table sets out key assumptions used in the impairment assessment
of the Indonesia CGU:
2024
2023
%
%
Pre-tax discount rate
13.5
12.2
Terminal growth rate
2.5
1.6
As at 31\u00a0December\u00a02024, the recoverable amount of the Indonesia CGU was
\u20ac182\u00a0million and represents its value in use.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-652": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-651": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-654": { "value": "
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.
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.
Investment property
Investment property consists of land and buildings held primarily for earning
rental income, capital appreciation or both. These properties are not used by the
Group in the ordinary course of business. The Group applies the cost model for
measuring investment property. Under the cost model, investment property is
initially recognised at cost. Subsequently, it is depreciated on a straight-line basis
over the assigned useful life (consistent with owner-occupied property).
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.
Investment property is derecognised when it has been disposed of or when it is
permanently withdrawn from use and no further economic benefit is expected
from its disposal. The difference between the net disposal proceeds and the
carrying amount of the asset is recognised in the Group\u2019s consolidated income
statement in the period of derecognition.
Transfers are made to (or from) investment property when there is a change in
use.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-653": { "value": "
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.
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 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. 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 lives of the Group.
Investment property
Investment property consists of land and buildings held primarily for earning
rental income, capital appreciation or both. These properties are not used by the
Group in the ordinary course of business. The Group applies the cost model for
measuring investment property. Under the cost model, investment property is
initially recognised at cost. Subsequently, it is depreciated on a straight-line basis
over the assigned useful life (consistent with owner-occupied property).
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.
Investment property is derecognised when it has been disposed of or when it is
permanently withdrawn from use and no further economic benefit is expected
from its disposal. The difference between the net disposal proceeds and the
carrying amount of the asset is recognised in the Group\u2019s consolidated income
statement in the period of derecognition.
Transfers are made to (or from) investment property when there is a change in
use.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-655": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-656": { "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 Group has recognised fair values for the indefinite lived intangible assets and
goodwill related to the Acquisition, representing the Group\u2019s Philippines CGU.
Should operating results or macroeconomic assumptions deteriorate versus
those utilised in calculating the fair values of these assets as of the acquisition
date, an impairment of goodwill and the acquired assets could result in the
future.
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\u00a02024, the Group had other
CGUs with total indefinite lived intangible assets of \u20ac1,222 million
(2023: \u20ac1,349 million) and goodwill of\u00a0\u20ac260 million (2023: \u20ac370 million).
Year ended 31 December
2024
2023
Cash generating unit
Indefinite lived
intangible assets
Goodwill
Indefinite lived
intangible assets
Goodwill
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Iberia
4,289
1,275
4,289
1,275
Australia
2,510
1,412
2,596
1,397
Great Britain
1,760
198
1,680
200
Germany
1,060
748
1,060
748
Pacific(A)
821
518
816
524
Philippines
440
276
\u2014
\u2014
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, over the
medium to long term, 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 based on the
Group\u2019s strategic business plan. Cash flows for the terminal year and beyond
were projected using an inflation-based long-term terminal growth rate
between 2.0% 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.
2024
2023
Pre-tax
discount rate
Pre-tax
discount rate
Cash generating unit
%
%
Iberia
9.3
9.3
Australia
11.3
11.1
Great Britain
9.3
9.8
Germany
10.1
10.1
Pacific(A)
11.3
11.2
Philippines
13.9
\u2014
A. Pacific refers to New Zealand and Pacific Islands.
The Group\u2019s Iberia, Australia, Great Britain, Germany and Philippines 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 2024 impairment analysis was
approximately 12% of total carrying value. The Group estimates that a 1.0%
reduction in the terminal growth rate or a 0.7% increase in the discount rate, each
in isolation, would eliminate existing headroom in Pacific.
Impairment of Feral brand
During 2024, the Group recognised \u20ac10 million of impairment in relation to the
Feral brand and subsequently sold it in September 2024.
Impairment of Indonesia CGU
As disclosed in its consolidated financial statements for the year ended
31\u00a0December\u00a02023, the Group estimated that reasonably possible changes in the
value in use growth rate or in the discount rate, each in isolation, would eliminate
existing headroom in the Indonesia CGU. During the second half of 2024,
Indonesia experienced worsening business performance primarily driven by the
continued geopolitical situation in the Middle East.
As at 31\u00a0December\u00a02024, the Group\u2019s annual impairment test resulted in an
impairment of \u20ac175 million, as the recoverable amount was lower than the
carrying amount of the CGU. The recoverable amount was determined based on
value in use assumptions updated with management\u2019s best estimate of
expected future cash flows, reflecting the persistent geopolitical uncertainty.
The impairment loss reduced the carrying amount of goodwill allocated to the
CGU to zero. The remaining impairment charge was allocated pro rata to the
property, plant and equipment and intangible assets included in the carrying
value of the CGU.
An impairment loss of \u20ac54 million, \u20ac6 million and \u20ac115 million was included in the
consolidated income statement in cost of sales, selling and distribution
expenses and administrative expenses, respectively, and under APS for
segmental allocation purposes.
The following table sets out key assumptions used in the impairment assessment
of the Indonesia CGU:
2024
2023
%
%
Pre-tax discount rate
13.5
12.2
Terminal growth rate
2.5
1.6
As at 31\u00a0December\u00a02024, the recoverable amount of the Indonesia CGU was
\u20ac182\u00a0million and represents its value in use.
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 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. 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 lives of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-657": { "value": "
Note 8
Property, plant and equipment
Property, plant and equipment is recorded at cost, net of accumulated
depreciation and accumulated impairment losses, where cost is the amount of
cash or cash equivalents paid to acquire an asset at the time of its acquisition
or\u00a0construction. Major property additions, replacements and improvements are
capitalised, while maintenance and repairs that do not extend the useful life of
an asset or add new functionality are expensed as incurred. Land is not
depreciated, as it is considered to have an indefinite life. For all property, plant
and equipment, other than land, depreciation is recorded using the straight-line
method over the respective estimated useful lives as follows:
Useful life (years)
Category
Low
High
Buildings and improvements
10
40
Machinery, equipment and containers
3
20
Cold drink equipment
2
12
Vehicle fleet
3
12
Furniture and office equipment
3
10
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 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. 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 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 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
Acquisition of CCBPI
464
117
446
7
5
2
43
1,084
Additions
62
65
228
96
102
12
349
914
Disposals
(1)
(23)
(187)
(145)
(76)
(43)
\u2014
(475)
Transfers to assets held for sale
(16)
(12)
\u2014
\u2014
\u2014
\u2014
\u2014
(28)
Transfers to investment property
(33)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(33)
Transfers and reclassifications
1
70
181
69
2
19
(337)
5
Currency translation adjustments
(5)
1
21
(11)
1
(1)
(2)
4
As at 31 December 2024
1,129
2,804
4,575
1,177
383
184
442
10,694
Accumulated depreciation and impairment:
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)
Depreciation expense
\u2014
(149)
(396)
(111)
(69)
(26)
\u2014
(751)
Disposals
\u2014
22
180
140
71
42
\u2014
455
Impairment(A)
\u2014
(27)
(31)
(4)
\u2014
(2)
(12)
(76)
Transfers to assets held for sale
\u2014
6
\u2014
\u2014
\u2014
\u2014
\u2014
6
Transfers and reclassifications
\u2014
(1)
17
(14)
\u2014
(2)
\u2014
\u2014
Currency translation adjustments
\u2014
(4)
(17)
5
\u2014
1
\u2014
(15)
As at 31 December 2024
\u2014
(1,105)
(2,091)
(775)
(165)
(112)
(12)
(4,260)
Net book value:
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
As at 31 December 2024
1,129
1,699
2,484
402
218
72
430
6,434
(A) Amounts relate to the impairment of the Group\u2019s Indonesia cash generating unit and the impairment of the Feral brand, which was sold during the year ended 31 December 2024. Refer to Note 7 for further details.
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
2024
2023
\u20ac million
\u20ac million
Buildings and improvements
405
427
Vehicle fleet
206
171
Machinery, equipment and containers
80
81
Furniture and office equipment
\u2014
2
Total
691
681
Total additions to right of use assets during 2024 were \u20ac186 million
(2023: \u20ac192\u00a0million), of which \u20ac8\u00a0million was acquired as part of the Acquisition.
The following table summarises depreciation charges relating to right of use
assets for the periods presented:
Year ended 31 December
2024
2023
\u20ac million
\u20ac million
Buildings and improvements
66
67
Vehicle fleet
64
58
Machinery, equipment and containers
33
32
Furniture and office equipment
1
2
Total
164
159
During the years ended 31\u00a0December\u00a02024 and 31\u00a0December\u00a02023, the total
expense relating to low value and short-term leases was \u20ac29 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\u00a02024, the total value of lease extension and termination
options included within right of use assets was \u20ac26 million (2023: \u20ac17\u00a0million).
The Group incurred variable lease expenses of \u20ac129 million in 2024 (2023: \u20ac157 million),
primarily included in selling and distribution 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 the number of cases of
product delivered, number of trips and pallets.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-660": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-658": { "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 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. 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 lives of the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-661": { "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 assumed 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-659": { "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
2024
2023
\u20ac million
\u20ac million
Buildings and improvements
66
67
Vehicle fleet
64
58
Machinery, equipment and containers
33
32
Furniture and office equipment
1
2
Total
164
159
During the years ended 31\u00a0December\u00a02024 and 31\u00a0December\u00a02023, the total
expense relating to low value and short-term leases was \u20ac29 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\u00a02024, the total value of lease extension and termination
options included within right of use assets was \u20ac26 million (2023: \u20ac17\u00a0million).
The Group incurred variable lease expenses of \u20ac129 million in 2024 (2023: \u20ac157 million),
primarily included in selling and distribution 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 the number of cases of
product delivered, number of trips and pallets.
Note 19
Total operating costs
The following tables summarise the significant cost items by nature within
operating costs for\u00a0the years presented:
Year ended 31 December
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Transportation costs(A)
1,023
958
851
Employee benefits
1,189
1,116
1,110
Depreciation of property, plant and
equipment, excluding restructuring
252
236
246
Amortisation of intangible assets
1
6
7
Restructuring charges, including
accelerated depreciation (B)
2
\u2014
1
Impairment losses(C)
6
\u2014
\u2014
Other selling and distribution expenses
872
862
769
Total selling and distribution expenses
3,345
3,178
2,984
Transportation costs(A)
4
3
16
Employee benefits
615
608
544
Depreciation of property, plant and
equipment, excluding restructuring
86
93
99
Amortisation of intangible assets
179
130
94
Acquisition-related costs(D)
14
12
3
Restructuring charges, including
accelerated depreciation (B)
252
85
143
Impairment losses(C)
129
\u2014
\u2014
Other administrative expenses
455
379
351
Total administrative expenses
1,734
1,310
1,250
Total operating expenses
5,079
4,488
4,234
A. Transportation costs include warehousing and delivery costs to the final customer destination. They exclude depreciation
and amortisation.
B. See restructuring costs table.
C. Expenses recognised in relation to the impairment of the Group\u2019s Indonesia cash generating unit and the impairment of the
Feral brand, which was sold during the year ended 31 December 2024.
D. Costs associated with the acquisition and integration of CCBPI.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-662": { "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
2024
2023
\u20ac million
\u20ac million
Buildings and improvements
405
427
Vehicle fleet
206
171
Machinery, equipment and containers
80
81
Furniture and office equipment
\u2014
2
Total
691
681
Total additions to right of use assets during 2024 were \u20ac186 million
(2023: \u20ac192\u00a0million), of which \u20ac8\u00a0million was acquired as part of the Acquisition.
Note 15
Borrowings and leases
Borrowings
Borrowings are initially recognised at fair value, net of issuance costs incurred.
Borrowings assumed 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.
Borrowings outstanding
The following table summarises the carrying value of the Group\u2019s borrowings as
at the dates presented:
Year ended 31 December
2024
2023
\u20ac million
\u20ac million
Non-current:
Euro denominated bonds:
\u20ac350 million 2.375% Notes 2025
\u2014
349
\u20ac250 million 2.75% Notes 2026 (A)
247
245
\u20ac600 million 1.75% Notes 2026 (A)
593
588
\u20ac400 million 1.50% Notes 2027 (A)
387
381
\u20ac250\u00a0million 1.50% Notes 2027
256
258
\u20ac500 million 1.75% Notes 2028 (A)
484
478
\u20ac750 million 0.20% Notes 2028
746
745
\u20ac500 million 1.125% Notes 2029
497
496
\u20ac500 million 1.875% Notes 2030 (A)
485
482
\u20ac700 million 3.875%\u00a0 Notes 2030
695
694
\u20ac500 million 0.70% Notes 2031 (A)
485
482
\u20ac800 million 0.00% Notes 2025
\u2014
798
\u20ac700 million 0.50% Notes 2029
696
695
\u20ac600 million 3.250% Notes 2032(B)
594
\u2014
\u20ac1 billion 0.875% Notes 2033
992
991
\u20ac750\u00a0million 1.50% Notes 2041
746
746
Foreign currency bonds (swapped\u00a0into\u00a0euro)(C) :
US$500\u00a0million 1.50% Notes 2027
478
451
Year ended 31 December
2024
2023
\u20ac million
\u20ac million
Australian dollar denominated bonds:
A$30 million 4.166% Notes 2025
\u2014
19
A$20 million 4.25% Notes 2025
\u2014
13
A$30 million 4.125% Notes 2026
18
19
A$50 million 4.155% Notes 2028
32
33
A$133 million 2.45% Notes 2029
80
83
A$50 million 4.20% Notes 2031
33
34
A$187 million 4.20% Notes 2031
123
128
A$13 million 4.20% Notes 2031
9
9
Foreign currency bonds (swapped into Australian\u00a0dollar or New
Zealand dollar)(C) :
NOK1 billion 3.04% Notes 2028
87
92
NOK750 million 2.75% Notes 2030
65
68
US$50 million 2.6525% Notes 2030
48
45
JPY10 billion 4.15% Notes 2036 (A)
67
67
JPY12.3 billion 0.00% Notes 2037 (A)
63
65
PHP Term loan due 2034(D)
387
\u2014
Lease obligations
547
542
Total non-current borrowings
9,940
10,096
Year ended 31 December
2024
2023
\u20ac million
\u20ac million
Current:
Euro denominated bonds:
\u20ac800 million 0.00% Notes 2025
799
\u2014
\u20ac350 million 2.375% Notes 2025
351
\u2014
\u20ac500 million 1.125% Notes 2024 (E)
\u2014
500
Foreign currency bonds (swapped\u00a0into\u00a0euro)(C) :
US$650 million 0.80% Notes 2024(F)
\u2014
588
Australian dollar denominated bonds:
A$30 million 4.166% Notes 2025
19
\u2014
A$20 million 4.250% Notes 2025
12
\u2014
A$100 million 3.50% Notes 2024 (G)
\u2014
62
Philippine peso denominated loans:
PHP3.5 billion 6.00% Loan 2025(H)
16
\u2014
PHP2 billion 5.750% Loan 2025(I)
33
\u2014
Lease obligations
161
150
Total current borrowings
1,391
1,300
A. Bonds designated in full or partially in a fair value hedge relationship.
B. In September 2024, the Group issued \u20ac600 million 3.250% Notes due 2032.
C. Cross currency swaps are used by the Group to swap foreign currency bonds into the required local currency.
D. In February 2024, in connection with the Acquisition, the Group entered into a term loan facility agreement with the Bank of
Philippine Islands. A term loan facility in an aggregate amount of US$500 million was made available under the agreement
to be utilised in PHP. On 20 February 2024, the Group drew down a PHP23.5 billion (US$420 million) loan under the facility
with a maturity date of 20 February 2034. The vast majority of the balance (90% of the total principal amount) is repayable
in full upon maturity. In April 2024, the remaining undrawn portion of this facility was subsequently cancelled.
E. In May 2024, the Group repaid on maturity the outstanding amount related to the \u20ac500 million 1.125% Notes.
F. In May 2024, the Group repaid on maturity the outstanding amount related to the US$650 million 0.8% Notes.
G. In April 2024, the Group repaid on maturity A$100 million 3.5% Notes.
H. Included within the Group's borrowings as at 31\u00a0December\u00a02024 is a short-term loan denominated in PHP assumed as part
of the Acquisition. In August 2024 and November 2024, the Group repaid PHP500 million and PHP2 billion, respectively.
I. In December 2024, the Group entered into a short-term loan agreement with Metropolitan Bank and Trust Company and
drew down PHP2 billion payable in full upon maturity on 19 December 2025.
Borrowings are stated net of unamortised financing fees of \u20ac29 million and
\u20ac30 million, as at 31\u00a0December\u00a02024 and 31\u00a0December\u00a02023, respectively.
Interest expense recognised on lease liabilities totalled \u20ac21 million, \u20ac17 million
and \u20ac14 million in\u00a02024, 2023 and 2022, respectively.
Credit facilities
During 2024 , 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 2030 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\u00a02024 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)
Dividends
payable (B)
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
As at 1 January 2022
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)
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)
Current
portion
of\u00a0borrowings
Borrowings,
less current
portion
Interest
payable (B)
Derivatives
(assets)/
liabilities held
to hedge
borrowings (C)
Dividends
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
(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 translations
\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
Changes in short-term
borrowings (A)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
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)
Interest paid
(17)
\u2014
(165)
\u2014
\u2014
(182)
Dividends paid
\u2014
\u2014
\u2014
\u2014
(841)
(841)
Settlement of debt-related
cross currency swaps
\u2014
\u2014
\u2014
69
\u2014
69
Current
portion
of\u00a0borrowings
Borrowings,
less current
portion
Interest
payable (B)
Derivatives
(assets)/
liabilities held
to hedge
borrowings (C)
Dividends
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 translations
(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
Changes from financing cash flows
Acquisition of CCBPI
63
6
\u2014
\u2014
\u2014
69
Proceeds from third party
borrowings, net
32
976
\u2014
\u2014
\u2014
1,008
Changes in short-term
borrowings (A)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Repayments on third party
borrowings
(1,207)
\u2014
\u2014
\u2014
\u2014
(1,207)
Payment of principal on lease
obligations
(157)
\u2014
\u2014
\u2014
\u2014
(157)
Interest paid
(21)
\u2014
(228)
\u2014
\u2014
(249)
Dividends paid
\u2014
\u2014
\u2014
\u2014
(910)
(910)
Current
portion
of\u00a0borrowings
Borrowings,
less current
portion
Interest
payable (B)
Derivatives
(assets)/
liabilities held
to hedge
borrowings (C)
Dividends
payable (B)
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Settlement of debt-related
cross\u00a0 currency swaps
\u2014
\u2014
\u2014
66
\u2014
66
Other non-cash changes
Amortisation of discounts,
premium, issue costs and fair
value adjustments
(1)
7
\u2014
\u2014
\u2014
6
Other non-cash movements
53
135
243
\u2014
911
1,342
Movement as a result of fair
value hedges
\u2014
29
\u2014
\u2014
\u2014
29
Changes in fair values
\u2014
\u2014
\u2014
(59)
\u2014
(59)
Currency translations
33
(13)
\u2014
\u2014
\u2014
20
Reclassifications
1,296
(1,296)
\u2014
\u2014
\u2014
\u2014
Total changes
91
(156)
15
7
1
(42)
As at 31 December 2024
1,391
9,940
88
35
6
11,460
A. In 2024, changes in short-term borrowings include \u20ac10,074 million of newly issued and \u20ac10,074 million of repaid euro
commercial paper. In 2023, changes in short-term borrowings included \u20ac6,810 million and \u20ac6,810 million of newly issued
and repaid euro commercial paper, respectively. In 2022, changes in short-term borrowings included \u20ac2,464 million and
\u20ac2,749 million of newly issued and repaid euro 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 14.
Total cash outflows for leases were \u20ac178 million, \u20ac165 million and \u20ac167\u00a0million for
the years ended 31\u00a0December\u00a02024, 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022,
respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-663": { "value": "
Note 9
Investment property
Investment property consists of land and buildings held primarily for earning
rental income, capital appreciation or both. These properties are not used by the
Group in the ordinary course of business. The Group applies the cost model for
measuring investment property. Under the cost model, investment property is
initially recognised at cost. Subsequently, it is depreciated on a straight-line basis
over the assigned useful life (consistent with owner-occupied property).
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.
Investment property is derecognised when it has been disposed of or when it is
permanently withdrawn from use and no further economic benefit is expected
from its disposal. The difference between the net disposal proceeds and the
carrying amount of the asset is recognised in the Group\u2019s consolidated income
statement in the period of derecognition.
Transfers are made to (or from) investment property when there is a change in
use.
The following tables illustrate the net book value and the reconciliation of the
carrying amount of the Group\u2019s investment property as of 31\u00a0December\u00a02024:
Year ended 31 December
2024
2023
\u20ac million
\u20ac million
At cost
73
\u2014
Accumulated depreciations and impairment losses
\u2014
\u2014
Net book value
73
\u2014
Total
\u20ac million
Net book value as at 31\u00a0December\u00a02023
\u2014
Acquisition of CCBPI
46
Transfers from property, plant and equipment
33
Transfers to assets held for sale
(6)
Currency translation adjustments
\u2014
Net book value as at 31\u00a0December\u00a02024
73
As of 31\u00a0December\u00a02024 and 31\u00a0December\u00a02023, the carrying value of investment
property was \u20ac73 million and nil, respectively. The increase is primarily due to the
properties acquired as part of the CCBPI business combination transaction
(\u20ac46 million) and the transfer of some properties in Indonesia and Great Britain
from property, plant and equipment to investment property (\u20ac33 million).
No impairments were recognised during the year ended 31\u00a0December\u00a02024.
The fair value of the investment property as at 31\u00a0December\u00a02024 amounted to
approximately \u20ac86 million (31\u00a0December\u00a02023: nil). The fair value of investment
property was determined by external, independent property valuers, having the
appropriate recognised professional qualifications and recent experience in the
location and category of property being valued. The valuation was conducted in
accordance with the International Valuation Standards and is generally based on
the market approach. At the end of each reporting period, the Group updates its
assessment of the fair value of its investment property, taking into consideration
the most recent independent valuations. The best evidence of fair value is
current prices in an active market for similar properties. Where such information
is unavailable, the Group considers information from a variety of sources
including recent prices in less active markets for similar properties, adjusted to
reflect existing differences. The resulting fair value measurements for all assets
forming part of the Group\u2019s investment property have been categorised within
Level 3 of the fair value hierarchy.
The Group has no restrictions on the realisability of its investment property and
no contractual obligations to purchase, construct or develop investment
property or for repairs, maintenance and enhancements.
During the year ended 31\u00a0December\u00a02024, the Group did not hold any rental
income-generating investment property, and as such, no rental income has been
recognised in the Group\u2019s consolidated income statement. Direct operating
expenses (including repairs and maintenance but excluding depreciation
expense) arising from non-rental income-generating investment property
amounted to nil for 2024 (2023: nil; 2022: nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-664": { "value": "
Investment property
Investment property consists of land and buildings held primarily for earning
rental income, capital appreciation or both. These properties are not used by the
Group in the ordinary course of business. The Group applies the cost model for
measuring investment property. Under the cost model, investment property is
initially recognised at cost. Subsequently, it is depreciated on a straight-line basis
over the assigned useful life (consistent with owner-occupied property).
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.
Investment property is derecognised when it has been disposed of or when it is
permanently withdrawn from use and no further economic benefit is expected
from its disposal. The difference between the net disposal proceeds and the
carrying amount of the asset is recognised in the Group\u2019s consolidated income
statement in the period of derecognition.
Transfers are made to (or from) investment property when there is a change in
use.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-665": { "value": "
Note 10
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. 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. 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.
The following table summarises the inventory outstanding in the consolidated
statement of financial position as at the dates presented:
Year ended 31 December
2024
2023
\u20ac million
\u20ac million
Finished goods
839
750
Raw materials and supplies
585
449
Spare parts and other
184
157
Total inventories
1,608
1,356
Write downs of inventories totalled \u20ac67 million, \u20ac59 million and \u20ac41 million for the
years ended 31\u00a0December\u00a02024, 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022,
respectively. The majority of these write downs were included in cost of sales in
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-666": { "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. 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. 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-668": { "value": "
Note 11
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 28 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\u00a02024 and
31\u00a0December\u00a02023.
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
2024
2023
\u20ac million
\u20ac million
Trade accounts receivable, gross
2,622
2,601
Allowance for doubtful accounts
(58)
(54)
Total trade accounts receivable
2,564
2,547
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
2024
2023
\u20ac million
\u20ac million
Not past due
2,409
2,348
Past due 1 \u2013 30 days
91
142
Past due 31 \u2013 60 days
14
16
Past due 61 \u2013 90 days
12
7
Past due 91 \u2013 120 days
9
9
Past due 121+ days
29
25
Total trade accounts receivables
2,564
2,547
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 2022
(57)
Provision for impairment recognised during the year
(9)
Receivables written off during the year as uncollectable
9
Reversals
2
Currency translation adjustments
1
As at 31 December 2023
(54)
Provision for impairment recognised during the year
(11)
Receivables written off during the year as uncollectable
3
Reversals
4
Currency translation adjustments
\u2014
As at 31 December 2024
(58)
Note 12
Cash and cash equivalents and short-term investments
Cash and cash equivalents
Cash and cash equivalents are comprised of cash and short-term, highly liquid
financial instruments, including investments in money market funds, with maturity
dates of less than three months when acquired that are readily convertible to
cash and 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.\u00a0
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
2024
2023
\u20ac million
\u20ac million
Cash at banks and on hand
611
465
Short-term deposits and securities
952
954
Total cash and cash equivalents
1,563
1,419
Cash and cash equivalents are held in the following currencies as at the
dates presented:
Year ended 31 December
2024
2023
\u20ac million
\u20ac million
Euro
268
662
British pound
497
305
US dollar
51
64
Norwegian krone
57
58
Swedish krona
13
26
Australian dollar
358
118
Indonesian rupiah
123
48
Papua New Guinean kina
36
42
Philippine peso
25
\u2014
Other
135
96
Total cash and cash equivalents
1,563
1,419
Included within cash and cash equivalents as at 31\u00a0December\u00a02024 and
31\u00a0December\u00a02023 were Papua New Guinea cash assets of \u20ac36 million and \u20ac42
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.
As at 31\u00a0December\u00a02024, there were \u20ac10 million of cash and cash equivalents held
by the Group\u2019s Employee Benefit Trust (refer to Note 18). The funds can be solely
used for the purchases of CCEP shares to satisfy the Group\u2019s award requirements
under its current and future share-based compensation plans.
There were 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 measured 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 of
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\u00a02024, short-term investments were \u20ac150 million
(2023: \u20ac568 million), which included \u20ac18\u00a0million (2023: \u20ac33 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 \u20ac74\u00a0million, \u20ac58\u00a0million and \u20ac25\u00a0million for the
years ended 31\u00a0December\u00a02024, 31\u00a0December\u00a02023, and 31\u00a0December\u00a02022,
respectively. For the years ended 31\u00a0December\u00a02024 and 31\u00a0December\u00a02023, these
were considered as a major class of gross cash receipts from investing activities, and
have been presented as such in the Group\u2019s consolidated statement of cash flows
Note 14
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 speculative purposes, and all
hedge ratios are on a 1 :1 basis. At the inception of a hedge transaction, the Group
documents the relationship between the hedging instrument and the hedged
item, as well as its risk management objective and strategy for undertaking the
hedge transaction.
This process includes linking the derivative financial instrument designated as a
hedging instrument to the specific asset, liability, firm commitment or forecasted
transaction. Refer to Note 28 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 11 for trade accounts
receivable, Note 16 for trade and other payables, Note 15 for borrowings and
Note 21 for amounts receivable and payable with related parties.
Hedging instrument
Location \u2013 statement of\u00a0financial\u00a0position
Year ended 31 December
2024
2023
\u20ac million
\u20ac million
Assets:
Derivatives designated as
hedging instruments:
Commodity contracts
Non-current derivative
assets
9
38
Foreign currency contracts
Non-current derivative
assets
9
\u2014
Interest rate and cross
currency swaps
Non-current derivative
assets
80
62
Commodity contracts
Current derivative assets
52
94
Foreign currency contracts
Current derivative assets
50
20
Interest rate and cross
currency swaps
Current derivative assets
\u2014
47
Total assets
200
261
Liabilities:
Derivatives designated as
hedging instruments:
Commodity contracts
Non-current derivative
liabilities
46
30
Foreign currency contracts
Non-current derivative
liabilities
\u2014
2
Interest rate and cross
currency swaps
Non-current derivative
liabilities
115
137
Commodity contracts
Current derivative liabilities
37
58
Foreign currency contracts
Current derivative liabilities
8
36
Deal contingent forwards
Current derivative liabilities
\u2014
5
Total liabilities
206
268
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, and does
not 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
1,723
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
Foreign currency contracts
1,460
1,196
264
\u2014
\u2014
Interest rate and cross currency
swaps
696
\u2014
416
101
179
Commodity contracts
1,662
889
635
121
17
As at 31 December 2024
3,818
2,085
1,315
222
196
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 \u20ac0.7 billion as at 31\u00a0December\u00a02024, \u20ac1.3 billion as
at\u00a031\u00a0December\u00a02023 and \u20ac2.1 billion as at 31\u00a0December\u00a02022. The net notional
amount of the other outstanding foreign currency cash flow hedges was
\u20ac1.5 billion as at 31\u00a0December\u00a02024, \u20ac1.1 billion as at 31\u00a0December\u00a02023 and
\u20ac1.7 billion as at 31\u00a0December\u00a02022. The net notional amount of outstanding
commodity-related cash flow hedges was \u20ac1.7 billion as at 31\u00a0December\u00a02024,
\u20ac1.4 billion as at 31\u00a0December\u00a02023 and \u20ac1.4 billion as at 31\u00a0December\u00a02022.
Outstanding cash flow hedges as at 31\u00a0December\u00a02024 are expected to be
settled between 2025\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 18, 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 2022
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
Net fair value gains/(losses) recognised in OCI
41
(27)
8
22
Net (gains)/losses reclassified from OCI to
income statement or transferred to cost of
inventories (A)
5
(24)
(4)
(23)
Net losses transferred to goodwill\u00a0in connection
with the Acquisition
2
\u2014
\u2014
2
As at 31 December 2024
52
(16)
(4)
32
A. The amount includes a net of tax gain of\u00a0 \u20ac13 million and \u20ac83 million in 2024 and 2023 respectively 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
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Foreign currency
contracts
Cost of sales
\u2014
1
19
Commodity contracts
Cost of sales
\u2014
\u2014
83
Commodity contracts
Selling and
distribution
expenses
6
17
34
Interest rate and cross
currency swaps
Finance costs
4
10
13
Total
10
28
149
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 exchange 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 Group also designates foreign currency contracts as fair value hedges to
mitigate foreign currency exchange risk.
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 euro 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
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
Interest rate and cross currency
swaps
1,154
\u2014
500
225
429
Foreign currency contracts
13
13
\u2014
\u2014
\u2014
As at 31 December 2024
1,167
13
500
225
429
The net notional amount of outstanding interest rate and cross currency swaps
designated in a fair value hedge relationship with borrowings was \u20ac1,154 million as
at 31\u00a0December\u00a02024, \u20ac1,159 million as at\u00a031\u00a0December\u00a02023 and \u20ac1,165 million as
at 31\u00a0December\u00a02022.
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
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Interest rate and
cross currency swaps
Finance costs
(36)
(30)
2
Total
(36)
(30)
2
The carrying value of the hedged item recognised in borrowings as at
31\u00a0December\u00a02024 is \u20ac1,076 million (31\u00a0December\u00a02023: \u20ac1,051 million), which
includes accumulated amounts of fair value hedging adjustments of \u20ac74 million
reduction in borrowings (31\u00a0December\u00a02023: \u20ac106 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 \u20ac206 million of outstanding non-designated foreign currency hedges
related to hedging foreign currency exposure on intercompany loans as at
31\u00a0December\u00a02024. There were \u20ac215 million outstanding non-designated hedges
as at 31\u00a0December\u00a02023.
There were \u20ac33 million of outstanding non-designated commodity hedges\u00a0
entered into as part of a power purchase agreement as at 31\u00a0December\u00a02024
(31\u00a0December\u00a02023: nil). This agreement expires in 2035.
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
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Foreign currency
contracts(A)
Non-operating items
2
(5)
(5)
Commodity
contracts
Non-operating items
4
\u2014
\u2014
Total
6
(5)
(5)
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\u00a02024 or
31\u00a0December\u00a02023. 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 15
Borrowings and leases
Borrowings
Borrowings are initially recognised at fair value, net of issuance costs incurred.
Borrowings assumed 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.
Borrowings outstanding
The following table summarises the carrying value of the Group\u2019s borrowings as
at the dates presented:
Year ended 31 December
2024
2023
\u20ac million
\u20ac million
Non-current:
Euro denominated bonds:
\u20ac350 million 2.375% Notes 2025
\u2014
349
\u20ac250 million 2.75% Notes 2026 (A)
247
245
\u20ac600 million 1.75% Notes 2026 (A)
593
588
\u20ac400 million 1.50% Notes 2027 (A)
387
381
\u20ac250\u00a0million 1.50% Notes 2027
256
258
\u20ac500 million 1.75% Notes 2028 (A)
484
478
\u20ac750 million 0.20% Notes 2028
746
745
\u20ac500 million 1.125% Notes 2029
497
496
\u20ac500 million 1.875% Notes 2030 (A)
485
482
\u20ac700 million 3.875%\u00a0 Notes 2030
695
694
\u20ac500 million 0.70% Notes 2031 (A)
485
482
\u20ac800 million 0.00% Notes 2025
\u2014
798
\u20ac700 million 0.50% Notes 2029
696
695
\u20ac600 million 3.250% Notes 2032(B)
594
\u2014
\u20ac1 billion 0.875% Notes 2033
992
991
\u20ac750\u00a0million 1.50% Notes 2041
746
746
Foreign currency bonds (swapped\u00a0into\u00a0euro)(C) :
US$500\u00a0million 1.50% Notes 2027
478
451
Year ended 31 December
2024
2023
\u20ac million
\u20ac million
Australian dollar denominated bonds:
A$30 million 4.166% Notes 2025
\u2014
19
A$20 million 4.25% Notes 2025
\u2014
13
A$30 million 4.125% Notes 2026
18
19
A$50 million 4.155% Notes 2028
32
33
A$133 million 2.45% Notes 2029
80
83
A$50 million 4.20% Notes 2031
33
34
A$187 million 4.20% Notes 2031
123
128
A$13 million 4.20% Notes 2031
9
9
Foreign currency bonds (swapped into Australian\u00a0dollar or New
Zealand dollar)(C) :
NOK1 billion 3.04% Notes 2028
87
92
NOK750 million 2.75% Notes 2030
65
68
US$50 million 2.6525% Notes 2030
48
45
JPY10 billion 4.15% Notes 2036 (A)
67
67
JPY12.3 billion 0.00% Notes 2037 (A)
63
65
PHP Term loan due 2034(D)
387
\u2014
Lease obligations
547
542
Total non-current borrowings
9,940
10,096
Year ended 31 December
2024
2023
\u20ac million
\u20ac million
Current:
Euro denominated bonds:
\u20ac800 million 0.00% Notes 2025
799
\u2014
\u20ac350 million 2.375% Notes 2025
351
\u2014
\u20ac500 million 1.125% Notes 2024 (E)
\u2014
500
Foreign currency bonds (swapped\u00a0into\u00a0euro)(C) :
US$650 million 0.80% Notes 2024(F)
\u2014
588
Australian dollar denominated bonds:
A$30 million 4.166% Notes 2025
19
\u2014
A$20 million 4.250% Notes 2025
12
\u2014
A$100 million 3.50% Notes 2024 (G)
\u2014
62
Philippine peso denominated loans:
PHP3.5 billion 6.00% Loan 2025(H)
16
\u2014
PHP2 billion 5.750% Loan 2025(I)
33
\u2014
Lease obligations
161
150
Total current borrowings
1,391
1,300
A. Bonds designated in full or partially in a fair value hedge relationship.
B. In September 2024, the Group issued \u20ac600 million 3.250% Notes due 2032.
C. Cross currency swaps are used by the Group to swap foreign currency bonds into the required local currency.
D. In February 2024, in connection with the Acquisition, the Group entered into a term loan facility agreement with the Bank of
Philippine Islands. A term loan facility in an aggregate amount of US$500 million was made available under the agreement
to be utilised in PHP. On 20 February 2024, the Group drew down a PHP23.5 billion (US$420 million) loan under the facility
with a maturity date of 20 February 2034. The vast majority of the balance (90% of the total principal amount) is repayable
in full upon maturity. In April 2024, the remaining undrawn portion of this facility was subsequently cancelled.
E. In May 2024, the Group repaid on maturity the outstanding amount related to the \u20ac500 million 1.125% Notes.
F. In May 2024, the Group repaid on maturity the outstanding amount related to the US$650 million 0.8% Notes.
G. In April 2024, the Group repaid on maturity A$100 million 3.5% Notes.
H. Included within the Group's borrowings as at 31\u00a0December\u00a02024 is a short-term loan denominated in PHP assumed as part
of the Acquisition. In August 2024 and November 2024, the Group repaid PHP500 million and PHP2 billion, respectively.
I. In December 2024, the Group entered into a short-term loan agreement with Metropolitan Bank and Trust Company and
drew down PHP2 billion payable in full upon maturity on 19 December 2025.
Borrowings are stated net of unamortised financing fees of \u20ac29 million and
\u20ac30 million, as at 31\u00a0December\u00a02024 and 31\u00a0December\u00a02023, respectively.
Interest expense recognised on lease liabilities totalled \u20ac21 million, \u20ac17 million
and \u20ac14 million in\u00a02024, 2023 and 2022, respectively.
Credit facilities
During 2024 , 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 2030 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\u00a02024 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)
Dividends
payable (B)
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
As at 1 January 2022
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)
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)
Current
portion
of\u00a0borrowings
Borrowings,
less current
portion
Interest
payable (B)
Derivatives
(assets)/
liabilities held
to hedge
borrowings (C)
Dividends
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
(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 translations
\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
Changes in short-term
borrowings (A)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
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)
Interest paid
(17)
\u2014
(165)
\u2014
\u2014
(182)
Dividends paid
\u2014
\u2014
\u2014
\u2014
(841)
(841)
Settlement of debt-related
cross currency swaps
\u2014
\u2014
\u2014
69
\u2014
69
Current
portion
of\u00a0borrowings
Borrowings,
less current
portion
Interest
payable (B)
Derivatives
(assets)/
liabilities held
to hedge
borrowings (C)
Dividends
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 translations
(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
Changes from financing cash flows
Acquisition of CCBPI
63
6
\u2014
\u2014
\u2014
69
Proceeds from third party
borrowings, net
32
976
\u2014
\u2014
\u2014
1,008
Changes in short-term
borrowings (A)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Repayments on third party
borrowings
(1,207)
\u2014
\u2014
\u2014
\u2014
(1,207)
Payment of principal on lease
obligations
(157)
\u2014
\u2014
\u2014
\u2014
(157)
Interest paid
(21)
\u2014
(228)
\u2014
\u2014
(249)
Dividends paid
\u2014
\u2014
\u2014
\u2014
(910)
(910)
Current
portion
of\u00a0borrowings
Borrowings,
less current
portion
Interest
payable (B)
Derivatives
(assets)/
liabilities held
to hedge
borrowings (C)
Dividends
payable (B)
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Settlement of debt-related
cross\u00a0 currency swaps
\u2014
\u2014
\u2014
66
\u2014
66
Other non-cash changes
Amortisation of discounts,
premium, issue costs and fair
value adjustments
(1)
7
\u2014
\u2014
\u2014
6
Other non-cash movements
53
135
243
\u2014
911
1,342
Movement as a result of fair
value hedges
\u2014
29
\u2014
\u2014
\u2014
29
Changes in fair values
\u2014
\u2014
\u2014
(59)
\u2014
(59)
Currency translations
33
(13)
\u2014
\u2014
\u2014
20
Reclassifications
1,296
(1,296)
\u2014
\u2014
\u2014
\u2014
Total changes
91
(156)
15
7
1
(42)
As at 31 December 2024
1,391
9,940
88
35
6
11,460
A. In 2024, changes in short-term borrowings include \u20ac10,074 million of newly issued and \u20ac10,074 million of repaid euro
commercial paper. In 2023, changes in short-term borrowings included \u20ac6,810 million and \u20ac6,810 million of newly issued
and repaid euro commercial paper, respectively. In 2022, changes in short-term borrowings included \u20ac2,464 million and
\u20ac2,749 million of newly issued and repaid euro 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 14.
Total cash outflows for leases were \u20ac178 million, \u20ac165 million and \u20ac167\u00a0million for
the years ended 31\u00a0December\u00a02024, 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022,
respectively.
Note 16
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 on historical customer experience, the programme\u2019s
contractual terms and the amounts expected to be settled with customers. The
costs of these off-invoice customer marketing initiatives totalled \u20ac5.8 billion ,
\u20ac5.4 billion and \u20ac5.2 billion for 2024 , 2023 and 2022, respectively.
The following table summarises trade and other payables as at the dates
presented:
Year ended 31 December
2024
2023
\u20ac million
\u20ac million
Trade accounts payable
2,669
2,306
Accrued customer marketing costs
1,376
1,340
Accrued deposits
392
338
Accrued compensation and benefits
500
532
Accrued taxes(A)
389
280
Other accrued expenses
460
438
Total trade and other payables
5,786
5,234
A. This line item includes a payable of \u20ac61\u00a0million in 2024 and \u20ac59\u00a0million in 2023 to the Spanish tax authorities. Refer to Note
26 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
2024
2023
\u20ac million
\u20ac million
Amounts due from TCCC
76
101
Amounts payable to TCCC
320
229
The following table summarises the transactions with Cobega that impacted the
consolidated statement of financial position for the periods presented:
Year ended 31 December
2024
2023
\u20ac million
\u20ac million
Amounts due from Cobega
7
16
Amounts payable to Cobega
32
22
The following table summarises the balances with associates, joint ventures and
other related parties:
Year ended 31 December
2024
2023
\u20ac million
\u20ac million
Amounts due from associates
6
6
Amounts payable to associates
2
2
Amounts payable to joint ventures
9
7
Amounts payable to other related parties
10
10
Note 27
Other non-current assets
The following table summarises the Group\u2019s other non-current assets as at the
dates presented:
Year ended 31 December
2024
2023
Other non-current assets
\u20ac million
\u20ac million
Retirement benefit surplus (Note 17 )
176
134
Investments
54
39
Other
167
122
Total other non-current assets
397
295
Financial assets at fair value through other comprehensive income relate to
equity investments. These investments are not held for trading purposes,
therefore 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
2024
2023
Investments
\u20ac million
\u20ac million
Investments accounted using equity method
40
35
Financial assets at fair value through other comprehensive
income(A)
14
4
Total investments
54
39
A. Investments amounting to approximately \u20ac10 million were acquired in 2024, \u20ac4 million of which were obtained as part of
the Acquisition.
Note 28
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 exchange risk and other price risk such as commodity
price risk. Market risk affects outstanding borrowings, as well as derivative
financial instruments.
Interest rates
The Group is subject to interest rate risk for its outstanding borrowings.
To manage interest rate risk, the Group maintains a significant proportion of its
borrowings at fixed rates. Approximately 90% and 89% of the Group\u2019s interest
bearing borrowings were comprised of fixed rate borrowings at
31\u00a0December\u00a02024 and 31\u00a0December\u00a02023, respectively. The Group also
modifies its interest rate exposure through the use of interest rate swaps. As at
31\u00a0December\u00a02024 and 31\u00a0December\u00a02023, the notional value of the Group\u2019s
interest rate swaps was \u20ac1,060 million and \u20ac1,123\u00a0million, respectively.
If interest rates on the Group\u2019s floating rate debt were adjusted by 1% for the
years ended 31\u00a0December\u00a02024, 31\u00a0December 2023 and 31\u00a0December\u00a02022, the
Group\u2019s finance costs and pre-tax equity would change on an annual basis by
approximately \u20ac8 million, \u20ac9 million and \u20ac9 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 risk
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 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 dollar denominated borrowings.
This risk is managed by entering into cross currency swaps upon issuance
thereby mitigating the foreign currency exchange risk in its entirety.
The Group\u2019s main foreign currency exchange rate exposure relates to the change
in value of the euro and US dollar against other currencies. The following tables
demonstrate the sensitivity to a reasonably possible change in the euro and US
dollar exchange rates, with all other variables held constant. The impact on the
Group\u2019s profit before taxes is due to the changes in the fair value of the
monetary assets and liabilities denominated in currencies other than the
functional currencies in which they are measured. The impact on the Group\u2019s pre-
tax equity is due to changes in the fair value of foreign currency contracts
designated as cash flow hedges. The Group\u2019s exposure to foreign currency
changes for all other currencies is not material.
Year ended 31 December
Profit before taxes impact of non-functional foreign currency exchange
exposure
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
10% appreciation in the Euro
(9)
(8)
(8)
10% depreciation in the Euro
9
8
8
10% appreciation in the US dollar
(8)
2
(1)
10% depreciation in the US dollar
8
(2)
1
Year ended 31 December
Pre-tax equity impact of non-functional foreign currency exchange
exposure
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
10% appreciation in the Euro
(33)
(6)
(29)
10% depreciation in the Euro
33
6
29
10% appreciation in the US dollar
108
79
114
10% depreciation in the US dollar
(108)
(79)
(114)
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), natural
gas, power, 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 14 for more
information. Typically, up to 80% of\u00a0the anticipated commodity transaction
exposures for the next calendar year are hedged using a combination of\u00a0forward
and option\u00a0contracts executed with third parties.
The 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. The impact on the Group\u2019s
profit before taxes is immaterial as the vast majority of commodity derivatives
are designated as hedging instruments in cash flow hedges.
As at 31\u00a0December\u00a02024, there were \u20ac33\u00a0million (31\u00a0December\u00a02023: nil) of
outstanding non-designated commodity hedges (refer to Note 14 for further
details).
Year ended 31 December
2024
2023
2022
Commodity price risk
\u20ac million
\u20ac million
\u20ac million
10% increase in commodity prices equity gain
166
144
140
10% decrease in commodity prices equity loss
(166)
(144)
(140)
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
\u20ac18 million (2023:\u00a0\u20ac20 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
flows, 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 (2023: \u20ac1.80 billion) with a syndicate of 12 banks.
This credit facility matures in 2030 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\u00a02024, the Group had no amounts drawn under this credit facility.
The Group operates a sustainability-linked supply chain finance programme.
The facility is provided by a third party bank and\u00a0 helps our suppliers get paid
earlier than under contractual credit terms. Supplier balances under supply
chain finance facilities are disclosed in Note 16.
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\u00a02024
Trade and other payables
5,319
5,319
\u2014
\u2014
\u2014
Amounts payable to related
parties
373
373
\u2014
\u2014
\u2014
Borrowings
11,886
1,376
2,332
2,916
5,262
Derivatives
206
45
58
15
88
Lease liabilities
787
172
269
142
204
Total financial liabilities
18,571
7,285
2,659
3,073
5,554
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
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 13 for the presentation of fair values for each class of financial
assets and financial liabilities and\u00a0Note 14 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 Annual Report for disclosure of
strategic, commercial and operational risk relevant to the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-667": { "value": "
Note 11
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 28 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\u00a02024 and
31\u00a0December\u00a02023.
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
2024
2023
\u20ac million
\u20ac million
Trade accounts receivable, gross
2,622
2,601
Allowance for doubtful accounts
(58)
(54)
Total trade accounts receivable
2,564
2,547
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
2024
2023
\u20ac million
\u20ac million
Not past due
2,409
2,348
Past due 1 \u2013 30 days
91
142
Past due 31 \u2013 60 days
14
16
Past due 61 \u2013 90 days
12
7
Past due 91 \u2013 120 days
9
9
Past due 121+ days
29
25
Total trade accounts receivables
2,564
2,547
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 2022
(57)
Provision for impairment recognised during the year
(9)
Receivables written off during the year as uncollectable
9
Reversals
2
Currency translation adjustments
1
As at 31 December 2023
(54)
Provision for impairment recognised during the year
(11)
Receivables written off during the year as uncollectable
3
Reversals
4
Currency translation adjustments
\u2014
As at 31 December 2024
(58)
The following table summarises the transactions with TCCC that impacted the
consolidated statement of financial position for the periods presented:
Year ended 31 December
2024
2023
\u20ac million
\u20ac million
Amounts due from TCCC
76
101
Amounts payable to TCCC
320
229
The following table summarises the transactions with Cobega that impacted the
consolidated statement of financial position for the periods presented:
Year ended 31 December
2024
2023
\u20ac million
\u20ac million
Amounts due from Cobega
7
16
Amounts payable to Cobega
32
22
The following table summarises the balances with associates, joint ventures and
other related parties:
Year ended 31 December
2024
2023
\u20ac million
\u20ac million
Amounts due from associates
6
6
Amounts payable to associates
2
2
Amounts payable to joint ventures
9
7
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-669": { "value": "
Note 11
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\u00a02024 and
31\u00a0December\u00a02023.
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
2024
2023
\u20ac million
\u20ac million
Trade accounts receivable, gross
2,622
2,601
Allowance for doubtful accounts
(58)
(54)
Total trade accounts receivable
2,564
2,547
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 2022
(57)
Provision for impairment recognised during the year
(9)
Receivables written off during the year as uncollectable
9
Reversals
2
Currency translation adjustments
1
As at 31 December 2023
(54)
Provision for impairment recognised during the year
(11)
Receivables written off during the year as uncollectable
3
Reversals
4
Currency translation adjustments
\u2014
As at 31 December 2024
(58)
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-672": { "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 28 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\u00a02024 and
31\u00a0December\u00a02023.
Note 12
Cash and cash equivalents and short-term investments
Cash and cash equivalents
Cash and cash equivalents are comprised of cash and short-term, highly liquid
financial instruments, including investments in money market funds, with maturity
dates of less than three months when acquired that are readily convertible to
cash and 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.\u00a0
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 measured 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 of
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-671": { "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 28 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\u00a02024 and
31\u00a0December\u00a02023.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-670": { "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 28 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\u00a02024 and
31\u00a0December\u00a02023.
Cash and cash equivalents
Cash and cash equivalents are comprised of cash and short-term, highly liquid
financial instruments, including investments in money market funds, with maturity
dates of less than three months when acquired that are readily convertible to
cash and 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.\u00a0
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 measured 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 of
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 speculative purposes, and all
hedge ratios are on a 1 :1 basis. At the inception of a hedge transaction, the Group
documents the relationship between the hedging instrument and the hedged
item, as well as its risk management objective and strategy for undertaking the
hedge transaction.
This process includes linking the derivative financial instrument designated as a
hedging instrument to the specific asset, liability, firm commitment or forecasted
transaction. Refer to Note 28 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, and does
not 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 exchange 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 Group also designates foreign currency contracts as fair value hedges to
mitigate foreign currency exchange risk.
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 assumed 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.
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 .
Financial assets at fair value through other comprehensive income relate to
equity investments. These investments are not held for trading purposes,
therefore 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-673": { "value": "
Note 12
Cash and cash equivalents and short-term investments
Cash and cash equivalents
Cash and cash equivalents are comprised of cash and short-term, highly liquid
financial instruments, including investments in money market funds, with maturity
dates of less than three months when acquired that are readily convertible to
cash and 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.\u00a0
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
2024
2023
\u20ac million
\u20ac million
Cash at banks and on hand
611
465
Short-term deposits and securities
952
954
Total cash and cash equivalents
1,563
1,419
Cash and cash equivalents are held in the following currencies as at the
dates presented:
Year ended 31 December
2024
2023
\u20ac million
\u20ac million
Euro
268
662
British pound
497
305
US dollar
51
64
Norwegian krone
57
58
Swedish krona
13
26
Australian dollar
358
118
Indonesian rupiah
123
48
Papua New Guinean kina
36
42
Philippine peso
25
\u2014
Other
135
96
Total cash and cash equivalents
1,563
1,419
Included within cash and cash equivalents as at 31\u00a0December\u00a02024 and
31\u00a0December\u00a02023 were Papua New Guinea cash assets of \u20ac36 million and \u20ac42
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.
As at 31\u00a0December\u00a02024, there were \u20ac10 million of cash and cash equivalents held
by the Group\u2019s Employee Benefit Trust (refer to Note 18). The funds can be solely
used for the purchases of CCEP shares to satisfy the Group\u2019s award requirements
under its current and future share-based compensation plans.
There were no other material restrictions on the Group\u2019s cash and cash equivalents.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-674": { "value": "
Cash and cash equivalents
Cash and cash equivalents are comprised of cash and short-term, highly liquid
financial instruments, including investments in money market funds, with maturity
dates of less than three months when acquired that are readily convertible to
cash and 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-675": { "value": "
Cash and cash equivalents
Included within cash and cash equivalents as at 31\u00a0December\u00a02024 and
31\u00a0December\u00a02023 were Papua New Guinea cash assets of \u20ac36 million and \u20ac42
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.
As at 31\u00a0December\u00a02024, there were \u20ac10 million of cash and cash equivalents held
by the Group\u2019s Employee Benefit Trust (refer to Note 18). The funds can be solely
used for the purchases of CCEP shares to satisfy the Group\u2019s award requirements
under its current and future share-based compensation plans.
There were no other material restrictions on the Group\u2019s cash and cash equivalents.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-679": { "value": "
Note 13
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 following table provides the carrying amounts and fair values of the Group's
financial assets and liabilities, including their levels in the fair value hierarchy. It
does not include fair value information for financial assets and liabilities not
measured at fair value if the carrying amount is a reasonable approximation of
fair value.
As at 31 December 2024
Carrying
amount
Level 1
Level 2
Level 3
Total fair
value
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Financial assets measured at fair
value
Cash and cash equivalents (A)
241
241
\u2014
\u2014
241
Derivatives
Note 14
200
\u2014
200
\u2014
200
Equity investments at fair
value through other
comprehensive income
Note 27
14
\u2014
\u2014
14
14
Financial liabilities measured at
fair value
Derivatives
Note 14
206
\u2014
206
\u2014
206
Financial liabilities not measured
at fair value
Borrowings
Note 15
11,331
\u2014
10,680
\u2014
10,680
A. The amount is comprised of investments in money market funds which are classified as financial assets at fair value through profit or loss
as these do not meet the solely payments of principle and interest (SPPI) criterion.
As at 31 December 2023
Carrying
amount
Level 1
Level 2
Level 3
Total fair
value
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Financial assets measured at
fair value
Derivatives
Note 14
261
\u2014
261
\u2014
261
Equity investments at fair
value through other
comprehensive income
Note 27
4
\u2014
\u2014
4
4
Financial liabilities measured at
fair value
Derivatives
Note 14
268
\u2014
268
\u2014
268
Financial liabilities not
measured at fair value
Borrowings
Note 15
11,396
\u2014
10,580
\u2014
10,580
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, 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 15 for further details regarding the
Group\u2019s borrowings. 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 14 for further\u00a0details about
the Group\u2019s derivatives.
Assets valued using Level 3 techniques include \u20ac14 million (2023: \u20ac4 million)
relating to certain unlisted equity investments, which are immaterial both
individually and in the aggregate. Valuation techniques are specific to each
investment and involve the use of unobservable inputs. Changes in the equity
investments for the year ended 31\u00a0December\u00a02024 were attributable to additions
of equity investments of \u20ac10\u00a0million, \u20ac4\u00a0million of which resulted from the
Acquisition. Movements in the equity investments for the year ended
31\u00a0December\u00a02023 were driven by the purchase of additional investments
amounting to \u20ac2\u00a0million. No gains or losses have been recognised in other
comprehensive income for the years ended 31\u00a0December\u00a02024 and
31\u00a0December\u00a02023.
For the fair value measurement and categorisation of the Group\u2019s investment
property refer to Note 9.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-678": { "value": "
Note 13
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 following table provides the carrying amounts and fair values of the Group's
financial assets and liabilities, including their levels in the fair value hierarchy. It
does not include fair value information for financial assets and liabilities not
measured at fair value if the carrying amount is a reasonable approximation of
fair value.
As at 31 December 2024
Carrying
amount
Level 1
Level 2
Level 3
Total fair
value
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Financial assets measured at fair
value
Cash and cash equivalents (A)
241
241
\u2014
\u2014
241
Derivatives
Note 14
200
\u2014
200
\u2014
200
Equity investments at fair
value through other
comprehensive income
Note 27
14
\u2014
\u2014
14
14
Financial liabilities measured at
fair value
Derivatives
Note 14
206
\u2014
206
\u2014
206
Financial liabilities not measured
at fair value
Borrowings
Note 15
11,331
\u2014
10,680
\u2014
10,680
A. The amount is comprised of investments in money market funds which are classified as financial assets at fair value through profit or loss
as these do not meet the solely payments of principle and interest (SPPI) criterion.
As at 31 December 2023
Carrying
amount
Level 1
Level 2
Level 3
Total fair
value
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Financial assets measured at
fair value
Derivatives
Note 14
261
\u2014
261
\u2014
261
Equity investments at fair
value through other
comprehensive income
Note 27
4
\u2014
\u2014
4
4
Financial liabilities measured at
fair value
Derivatives
Note 14
268
\u2014
268
\u2014
268
Financial liabilities not
measured at fair value
Borrowings
Note 15
11,396
\u2014
10,580
\u2014
10,580
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, 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 15 for further details regarding the
Group\u2019s borrowings. 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 14 for further\u00a0details about
the Group\u2019s derivatives.
Assets valued using Level 3 techniques include \u20ac14 million (2023: \u20ac4 million)
relating to certain unlisted equity investments, which are immaterial both
individually and in the aggregate. Valuation techniques are specific to each
investment and involve the use of unobservable inputs. Changes in the equity
investments for the year ended 31\u00a0December\u00a02024 were attributable to additions
of equity investments of \u20ac10\u00a0million, \u20ac4\u00a0million of which resulted from the
Acquisition. Movements in the equity investments for the year ended
31\u00a0December\u00a02023 were driven by the purchase of additional investments
amounting to \u20ac2\u00a0million. No gains or losses have been recognised in other
comprehensive income for the years ended 31\u00a0December\u00a02024 and
31\u00a0December\u00a02023.
For the fair value measurement and categorisation of the Group\u2019s investment
property refer to Note 9.
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.
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 11 for trade accounts
receivable, Note 16 for trade and other payables, Note 15 for borrowings and
Note 21 for amounts receivable and payable with related parties.
Hedging instrument
Location \u2013 statement of\u00a0financial\u00a0position
Year ended 31 December
2024
2023
\u20ac million
\u20ac million
Assets:
Derivatives designated as
hedging instruments:
Commodity contracts
Non-current derivative
assets
9
38
Foreign currency contracts
Non-current derivative
assets
9
\u2014
Interest rate and cross
currency swaps
Non-current derivative
assets
80
62
Commodity contracts
Current derivative assets
52
94
Foreign currency contracts
Current derivative assets
50
20
Interest rate and cross
currency swaps
Current derivative assets
\u2014
47
Total assets
200
261
Liabilities:
Derivatives designated as
hedging instruments:
Commodity contracts
Non-current derivative
liabilities
46
30
Foreign currency contracts
Non-current derivative
liabilities
\u2014
2
Interest rate and cross
currency swaps
Non-current derivative
liabilities
115
137
Commodity contracts
Current derivative liabilities
37
58
Foreign currency contracts
Current derivative liabilities
8
36
Deal contingent forwards
Current derivative liabilities
\u2014
5
Total liabilities
206
268
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-677": { "value": "
Note 13
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 following table provides the carrying amounts and fair values of the Group's
financial assets and liabilities, including their levels in the fair value hierarchy. It
does not include fair value information for financial assets and liabilities not
measured at fair value if the carrying amount is a reasonable approximation of
fair value.
As at 31 December 2024
Carrying
amount
Level 1
Level 2
Level 3
Total fair
value
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Financial assets measured at fair
value
Cash and cash equivalents (A)
241
241
\u2014
\u2014
241
Derivatives
Note 14
200
\u2014
200
\u2014
200
Equity investments at fair
value through other
comprehensive income
Note 27
14
\u2014
\u2014
14
14
Financial liabilities measured at
fair value
Derivatives
Note 14
206
\u2014
206
\u2014
206
Financial liabilities not measured
at fair value
Borrowings
Note 15
11,331
\u2014
10,680
\u2014
10,680
A. The amount is comprised of investments in money market funds which are classified as financial assets at fair value through profit or loss
as these do not meet the solely payments of principle and interest (SPPI) criterion.
As at 31 December 2023
Carrying
amount
Level 1
Level 2
Level 3
Total fair
value
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Financial assets measured at
fair value
Derivatives
Note 14
261
\u2014
261
\u2014
261
Equity investments at fair
value through other
comprehensive income
Note 27
4
\u2014
\u2014
4
4
Financial liabilities measured at
fair value
Derivatives
Note 14
268
\u2014
268
\u2014
268
Financial liabilities not
measured at fair value
Borrowings
Note 15
11,396
\u2014
10,580
\u2014
10,580
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, 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 15 for further details regarding the
Group\u2019s borrowings. 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 14 for further\u00a0details about
the Group\u2019s derivatives.
Assets valued using Level 3 techniques include \u20ac14 million (2023: \u20ac4 million)
relating to certain unlisted equity investments, which are immaterial both
individually and in the aggregate. Valuation techniques are specific to each
investment and involve the use of unobservable inputs. Changes in the equity
investments for the year ended 31\u00a0December\u00a02024 were attributable to additions
of equity investments of \u20ac10\u00a0million, \u20ac4\u00a0million of which resulted from the
Acquisition. Movements in the equity investments for the year ended
31\u00a0December\u00a02023 were driven by the purchase of additional investments
amounting to \u20ac2\u00a0million. No gains or losses have been recognised in other
comprehensive income for the years ended 31\u00a0December\u00a02024 and
31\u00a0December\u00a02023.
For the fair value measurement and categorisation of the Group\u2019s investment
property refer to Note 9.
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.
Note 15
Borrowings and leases
Borrowings
Borrowings are initially recognised at fair value, net of issuance costs incurred.
Borrowings assumed 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.
Borrowings outstanding
The following table summarises the carrying value of the Group\u2019s borrowings as
at the dates presented:
Year ended 31 December
2024
2023
\u20ac million
\u20ac million
Non-current:
Euro denominated bonds:
\u20ac350 million 2.375% Notes 2025
\u2014
349
\u20ac250 million 2.75% Notes 2026 (A)
247
245
\u20ac600 million 1.75% Notes 2026 (A)
593
588
\u20ac400 million 1.50% Notes 2027 (A)
387
381
\u20ac250\u00a0million 1.50% Notes 2027
256
258
\u20ac500 million 1.75% Notes 2028 (A)
484
478
\u20ac750 million 0.20% Notes 2028
746
745
\u20ac500 million 1.125% Notes 2029
497
496
\u20ac500 million 1.875% Notes 2030 (A)
485
482
\u20ac700 million 3.875%\u00a0 Notes 2030
695
694
\u20ac500 million 0.70% Notes 2031 (A)
485
482
\u20ac800 million 0.00% Notes 2025
\u2014
798
\u20ac700 million 0.50% Notes 2029
696
695
\u20ac600 million 3.250% Notes 2032(B)
594
\u2014
\u20ac1 billion 0.875% Notes 2033
992
991
\u20ac750\u00a0million 1.50% Notes 2041
746
746
Foreign currency bonds (swapped\u00a0into\u00a0euro)(C) :
US$500\u00a0million 1.50% Notes 2027
478
451
Year ended 31 December
2024
2023
\u20ac million
\u20ac million
Australian dollar denominated bonds:
A$30 million 4.166% Notes 2025
\u2014
19
A$20 million 4.25% Notes 2025
\u2014
13
A$30 million 4.125% Notes 2026
18
19
A$50 million 4.155% Notes 2028
32
33
A$133 million 2.45% Notes 2029
80
83
A$50 million 4.20% Notes 2031
33
34
A$187 million 4.20% Notes 2031
123
128
A$13 million 4.20% Notes 2031
9
9
Foreign currency bonds (swapped into Australian\u00a0dollar or New
Zealand dollar)(C) :
NOK1 billion 3.04% Notes 2028
87
92
NOK750 million 2.75% Notes 2030
65
68
US$50 million 2.6525% Notes 2030
48
45
JPY10 billion 4.15% Notes 2036 (A)
67
67
JPY12.3 billion 0.00% Notes 2037 (A)
63
65
PHP Term loan due 2034(D)
387
\u2014
Lease obligations
547
542
Total non-current borrowings
9,940
10,096
Year ended 31 December
2024
2023
\u20ac million
\u20ac million
Current:
Euro denominated bonds:
\u20ac800 million 0.00% Notes 2025
799
\u2014
\u20ac350 million 2.375% Notes 2025
351
\u2014
\u20ac500 million 1.125% Notes 2024 (E)
\u2014
500
Foreign currency bonds (swapped\u00a0into\u00a0euro)(C) :
US$650 million 0.80% Notes 2024(F)
\u2014
588
Australian dollar denominated bonds:
A$30 million 4.166% Notes 2025
19
\u2014
A$20 million 4.250% Notes 2025
12
\u2014
A$100 million 3.50% Notes 2024 (G)
\u2014
62
Philippine peso denominated loans:
PHP3.5 billion 6.00% Loan 2025(H)
16
\u2014
PHP2 billion 5.750% Loan 2025(I)
33
\u2014
Lease obligations
161
150
Total current borrowings
1,391
1,300
A. Bonds designated in full or partially in a fair value hedge relationship.
B. In September 2024, the Group issued \u20ac600 million 3.250% Notes due 2032.
C. Cross currency swaps are used by the Group to swap foreign currency bonds into the required local currency.
D. In February 2024, in connection with the Acquisition, the Group entered into a term loan facility agreement with the Bank of
Philippine Islands. A term loan facility in an aggregate amount of US$500 million was made available under the agreement
to be utilised in PHP. On 20 February 2024, the Group drew down a PHP23.5 billion (US$420 million) loan under the facility
with a maturity date of 20 February 2034. The vast majority of the balance (90% of the total principal amount) is repayable
in full upon maturity. In April 2024, the remaining undrawn portion of this facility was subsequently cancelled.
E. In May 2024, the Group repaid on maturity the outstanding amount related to the \u20ac500 million 1.125% Notes.
F. In May 2024, the Group repaid on maturity the outstanding amount related to the US$650 million 0.8% Notes.
G. In April 2024, the Group repaid on maturity A$100 million 3.5% Notes.
H. Included within the Group's borrowings as at 31\u00a0December\u00a02024 is a short-term loan denominated in PHP assumed as part
of the Acquisition. In August 2024 and November 2024, the Group repaid PHP500 million and PHP2 billion, respectively.
I. In December 2024, the Group entered into a short-term loan agreement with Metropolitan Bank and Trust Company and
drew down PHP2 billion payable in full upon maturity on 19 December 2025.
Borrowings are stated net of unamortised financing fees of \u20ac29 million and
\u20ac30 million, as at 31\u00a0December\u00a02024 and 31\u00a0December\u00a02023, respectively.
Interest expense recognised on lease liabilities totalled \u20ac21 million, \u20ac17 million
and \u20ac14 million in\u00a02024, 2023 and 2022, respectively.
Credit facilities
During 2024 , 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 2030 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\u00a02024 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)
Dividends
payable (B)
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
As at 1 January 2022
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)
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)
Current
portion
of\u00a0borrowings
Borrowings,
less current
portion
Interest
payable (B)
Derivatives
(assets)/
liabilities held
to hedge
borrowings (C)
Dividends
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
(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 translations
\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
Changes in short-term
borrowings (A)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
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)
Interest paid
(17)
\u2014
(165)
\u2014
\u2014
(182)
Dividends paid
\u2014
\u2014
\u2014
\u2014
(841)
(841)
Settlement of debt-related
cross currency swaps
\u2014
\u2014
\u2014
69
\u2014
69
Current
portion
of\u00a0borrowings
Borrowings,
less current
portion
Interest
payable (B)
Derivatives
(assets)/
liabilities held
to hedge
borrowings (C)
Dividends
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 translations
(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
Changes from financing cash flows
Acquisition of CCBPI
63
6
\u2014
\u2014
\u2014
69
Proceeds from third party
borrowings, net
32
976
\u2014
\u2014
\u2014
1,008
Changes in short-term
borrowings (A)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Repayments on third party
borrowings
(1,207)
\u2014
\u2014
\u2014
\u2014
(1,207)
Payment of principal on lease
obligations
(157)
\u2014
\u2014
\u2014
\u2014
(157)
Interest paid
(21)
\u2014
(228)
\u2014
\u2014
(249)
Dividends paid
\u2014
\u2014
\u2014
\u2014
(910)
(910)
Current
portion
of\u00a0borrowings
Borrowings,
less current
portion
Interest
payable (B)
Derivatives
(assets)/
liabilities held
to hedge
borrowings (C)
Dividends
payable (B)
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Settlement of debt-related
cross\u00a0 currency swaps
\u2014
\u2014
\u2014
66
\u2014
66
Other non-cash changes
Amortisation of discounts,
premium, issue costs and fair
value adjustments
(1)
7
\u2014
\u2014
\u2014
6
Other non-cash movements
53
135
243
\u2014
911
1,342
Movement as a result of fair
value hedges
\u2014
29
\u2014
\u2014
\u2014
29
Changes in fair values
\u2014
\u2014
\u2014
(59)
\u2014
(59)
Currency translations
33
(13)
\u2014
\u2014
\u2014
20
Reclassifications
1,296
(1,296)
\u2014
\u2014
\u2014
\u2014
Total changes
91
(156)
15
7
1
(42)
As at 31 December 2024
1,391
9,940
88
35
6
11,460
A. In 2024, changes in short-term borrowings include \u20ac10,074 million of newly issued and \u20ac10,074 million of repaid euro
commercial paper. In 2023, changes in short-term borrowings included \u20ac6,810 million and \u20ac6,810 million of newly issued
and repaid euro commercial paper, respectively. In 2022, changes in short-term borrowings included \u20ac2,464 million and
\u20ac2,749 million of newly issued and repaid euro 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 14.
Total cash outflows for leases were \u20ac178 million, \u20ac165 million and \u20ac167\u00a0million for
the years ended 31\u00a0December\u00a02024, 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022,
respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-676": { "value": "
Note 13
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 following table provides the carrying amounts and fair values of the Group's
financial assets and liabilities, including their levels in the fair value hierarchy. It
does not include fair value information for financial assets and liabilities not
measured at fair value if the carrying amount is a reasonable approximation of
fair value.
As at 31 December 2024
Carrying
amount
Level 1
Level 2
Level 3
Total fair
value
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Financial assets measured at fair
value
Cash and cash equivalents (A)
241
241
\u2014
\u2014
241
Derivatives
Note 14
200
\u2014
200
\u2014
200
Equity investments at fair
value through other
comprehensive income
Note 27
14
\u2014
\u2014
14
14
Financial liabilities measured at
fair value
Derivatives
Note 14
206
\u2014
206
\u2014
206
Financial liabilities not measured
at fair value
Borrowings
Note 15
11,331
\u2014
10,680
\u2014
10,680
A. The amount is comprised of investments in money market funds which are classified as financial assets at fair value through profit or loss
as these do not meet the solely payments of principle and interest (SPPI) criterion.
As at 31 December 2023
Carrying
amount
Level 1
Level 2
Level 3
Total fair
value
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Financial assets measured at
fair value
Derivatives
Note 14
261
\u2014
261
\u2014
261
Equity investments at fair
value through other
comprehensive income
Note 27
4
\u2014
\u2014
4
4
Financial liabilities measured at
fair value
Derivatives
Note 14
268
\u2014
268
\u2014
268
Financial liabilities not
measured at fair value
Borrowings
Note 15
11,396
\u2014
10,580
\u2014
10,580
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, 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 15 for further details regarding the
Group\u2019s borrowings. 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 14 for further\u00a0details about
the Group\u2019s derivatives.
Assets valued using Level 3 techniques include \u20ac14 million (2023: \u20ac4 million)
relating to certain unlisted equity investments, which are immaterial both
individually and in the aggregate. Valuation techniques are specific to each
investment and involve the use of unobservable inputs. Changes in the equity
investments for the year ended 31\u00a0December\u00a02024 were attributable to additions
of equity investments of \u20ac10\u00a0million, \u20ac4\u00a0million of which resulted from the
Acquisition. Movements in the equity investments for the year ended
31\u00a0December\u00a02023 were driven by the purchase of additional investments
amounting to \u20ac2\u00a0million. No gains or losses have been recognised in other
comprehensive income for the years ended 31\u00a0December\u00a02024 and
31\u00a0December\u00a02023.
For the fair value measurement and categorisation of the Group\u2019s investment
property refer to Note 9.
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.
Note 14
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 speculative purposes, and all
hedge ratios are on a 1 :1 basis. At the inception of a hedge transaction, the Group
documents the relationship between the hedging instrument and the hedged
item, as well as its risk management objective and strategy for undertaking the
hedge transaction.
This process includes linking the derivative financial instrument designated as a
hedging instrument to the specific asset, liability, firm commitment or forecasted
transaction. Refer to Note 28 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 11 for trade accounts
receivable, Note 16 for trade and other payables, Note 15 for borrowings and
Note 21 for amounts receivable and payable with related parties.
Hedging instrument
Location \u2013 statement of\u00a0financial\u00a0position
Year ended 31 December
2024
2023
\u20ac million
\u20ac million
Assets:
Derivatives designated as
hedging instruments:
Commodity contracts
Non-current derivative
assets
9
38
Foreign currency contracts
Non-current derivative
assets
9
\u2014
Interest rate and cross
currency swaps
Non-current derivative
assets
80
62
Commodity contracts
Current derivative assets
52
94
Foreign currency contracts
Current derivative assets
50
20
Interest rate and cross
currency swaps
Current derivative assets
\u2014
47
Total assets
200
261
Liabilities:
Derivatives designated as
hedging instruments:
Commodity contracts
Non-current derivative
liabilities
46
30
Foreign currency contracts
Non-current derivative
liabilities
\u2014
2
Interest rate and cross
currency swaps
Non-current derivative
liabilities
115
137
Commodity contracts
Current derivative liabilities
37
58
Foreign currency contracts
Current derivative liabilities
8
36
Deal contingent forwards
Current derivative liabilities
\u2014
5
Total liabilities
206
268
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, and does
not 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
1,723
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
Foreign currency contracts
1,460
1,196
264
\u2014
\u2014
Interest rate and cross currency
swaps
696
\u2014
416
101
179
Commodity contracts
1,662
889
635
121
17
As at 31 December 2024
3,818
2,085
1,315
222
196
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 \u20ac0.7 billion as at 31\u00a0December\u00a02024, \u20ac1.3 billion as
at\u00a031\u00a0December\u00a02023 and \u20ac2.1 billion as at 31\u00a0December\u00a02022. The net notional
amount of the other outstanding foreign currency cash flow hedges was
\u20ac1.5 billion as at 31\u00a0December\u00a02024, \u20ac1.1 billion as at 31\u00a0December\u00a02023 and
\u20ac1.7 billion as at 31\u00a0December\u00a02022. The net notional amount of outstanding
commodity-related cash flow hedges was \u20ac1.7 billion as at 31\u00a0December\u00a02024,
\u20ac1.4 billion as at 31\u00a0December\u00a02023 and \u20ac1.4 billion as at 31\u00a0December\u00a02022.
Outstanding cash flow hedges as at 31\u00a0December\u00a02024 are expected to be
settled between 2025\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 18, 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 2022
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
Net fair value gains/(losses) recognised in OCI
41
(27)
8
22
Net (gains)/losses reclassified from OCI to
income statement or transferred to cost of
inventories (A)
5
(24)
(4)
(23)
Net losses transferred to goodwill\u00a0in connection
with the Acquisition
2
\u2014
\u2014
2
As at 31 December 2024
52
(16)
(4)
32
A. The amount includes a net of tax gain of\u00a0 \u20ac13 million and \u20ac83 million in 2024 and 2023 respectively 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
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Foreign currency
contracts
Cost of sales
\u2014
1
19
Commodity contracts
Cost of sales
\u2014
\u2014
83
Commodity contracts
Selling and
distribution
expenses
6
17
34
Interest rate and cross
currency swaps
Finance costs
4
10
13
Total
10
28
149
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 exchange 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 Group also designates foreign currency contracts as fair value hedges to
mitigate foreign currency exchange risk.
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 euro 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
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
Interest rate and cross currency
swaps
1,154
\u2014
500
225
429
Foreign currency contracts
13
13
\u2014
\u2014
\u2014
As at 31 December 2024
1,167
13
500
225
429
The net notional amount of outstanding interest rate and cross currency swaps
designated in a fair value hedge relationship with borrowings was \u20ac1,154 million as
at 31\u00a0December\u00a02024, \u20ac1,159 million as at\u00a031\u00a0December\u00a02023 and \u20ac1,165 million as
at 31\u00a0December\u00a02022.
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
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Interest rate and
cross currency swaps
Finance costs
(36)
(30)
2
Total
(36)
(30)
2
The carrying value of the hedged item recognised in borrowings as at
31\u00a0December\u00a02024 is \u20ac1,076 million (31\u00a0December\u00a02023: \u20ac1,051 million), which
includes accumulated amounts of fair value hedging adjustments of \u20ac74 million
reduction in borrowings (31\u00a0December\u00a02023: \u20ac106 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 \u20ac206 million of outstanding non-designated foreign currency hedges
related to hedging foreign currency exposure on intercompany loans as at
31\u00a0December\u00a02024. There were \u20ac215 million outstanding non-designated hedges
as at 31\u00a0December\u00a02023.
There were \u20ac33 million of outstanding non-designated commodity hedges\u00a0
entered into as part of a power purchase agreement as at 31\u00a0December\u00a02024
(31\u00a0December\u00a02023: nil). This agreement expires in 2035.
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
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Foreign currency
contracts(A)
Non-operating items
2
(5)
(5)
Commodity
contracts
Non-operating items
4
\u2014
\u2014
Total
6
(5)
(5)
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\u00a02024 or
31\u00a0December\u00a02023. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-680": { "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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-683": { "value": "
Note 14
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 speculative purposes, and all
hedge ratios are on a 1 :1 basis. At the inception of a hedge transaction, the Group
documents the relationship between the hedging instrument and the hedged
item, as well as its risk management objective and strategy for undertaking the
hedge transaction.
This process includes linking the derivative financial instrument designated as a
hedging instrument to the specific asset, liability, firm commitment or forecasted
transaction. Refer to Note 28 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 11 for trade accounts
receivable, Note 16 for trade and other payables, Note 15 for borrowings and
Note 21 for amounts receivable and payable with related parties.
Hedging instrument
Location \u2013 statement of\u00a0financial\u00a0position
Year ended 31 December
2024
2023
\u20ac million
\u20ac million
Assets:
Derivatives designated as
hedging instruments:
Commodity contracts
Non-current derivative
assets
9
38
Foreign currency contracts
Non-current derivative
assets
9
\u2014
Interest rate and cross
currency swaps
Non-current derivative
assets
80
62
Commodity contracts
Current derivative assets
52
94
Foreign currency contracts
Current derivative assets
50
20
Interest rate and cross
currency swaps
Current derivative assets
\u2014
47
Total assets
200
261
Liabilities:
Derivatives designated as
hedging instruments:
Commodity contracts
Non-current derivative
liabilities
46
30
Foreign currency contracts
Non-current derivative
liabilities
\u2014
2
Interest rate and cross
currency swaps
Non-current derivative
liabilities
115
137
Commodity contracts
Current derivative liabilities
37
58
Foreign currency contracts
Current derivative liabilities
8
36
Deal contingent forwards
Current derivative liabilities
\u2014
5
Total liabilities
206
268
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, and does
not 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
1,723
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
Foreign currency contracts
1,460
1,196
264
\u2014
\u2014
Interest rate and cross currency
swaps
696
\u2014
416
101
179
Commodity contracts
1,662
889
635
121
17
As at 31 December 2024
3,818
2,085
1,315
222
196
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 \u20ac0.7 billion as at 31\u00a0December\u00a02024, \u20ac1.3 billion as
at\u00a031\u00a0December\u00a02023 and \u20ac2.1 billion as at 31\u00a0December\u00a02022. The net notional
amount of the other outstanding foreign currency cash flow hedges was
\u20ac1.5 billion as at 31\u00a0December\u00a02024, \u20ac1.1 billion as at 31\u00a0December\u00a02023 and
\u20ac1.7 billion as at 31\u00a0December\u00a02022. The net notional amount of outstanding
commodity-related cash flow hedges was \u20ac1.7 billion as at 31\u00a0December\u00a02024,
\u20ac1.4 billion as at 31\u00a0December\u00a02023 and \u20ac1.4 billion as at 31\u00a0December\u00a02022.
Outstanding cash flow hedges as at 31\u00a0December\u00a02024 are expected to be
settled between 2025\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 18, 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 2022
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
Net fair value gains/(losses) recognised in OCI
41
(27)
8
22
Net (gains)/losses reclassified from OCI to
income statement or transferred to cost of
inventories (A)
5
(24)
(4)
(23)
Net losses transferred to goodwill\u00a0in connection
with the Acquisition
2
\u2014
\u2014
2
As at 31 December 2024
52
(16)
(4)
32
A. The amount includes a net of tax gain of\u00a0 \u20ac13 million and \u20ac83 million in 2024 and 2023 respectively 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
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Foreign currency
contracts
Cost of sales
\u2014
1
19
Commodity contracts
Cost of sales
\u2014
\u2014
83
Commodity contracts
Selling and
distribution
expenses
6
17
34
Interest rate and cross
currency swaps
Finance costs
4
10
13
Total
10
28
149
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 exchange 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 Group also designates foreign currency contracts as fair value hedges to
mitigate foreign currency exchange risk.
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 euro 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
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
Interest rate and cross currency
swaps
1,154
\u2014
500
225
429
Foreign currency contracts
13
13
\u2014
\u2014
\u2014
As at 31 December 2024
1,167
13
500
225
429
The net notional amount of outstanding interest rate and cross currency swaps
designated in a fair value hedge relationship with borrowings was \u20ac1,154 million as
at 31\u00a0December\u00a02024, \u20ac1,159 million as at\u00a031\u00a0December\u00a02023 and \u20ac1,165 million as
at 31\u00a0December\u00a02022.
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
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Interest rate and
cross currency swaps
Finance costs
(36)
(30)
2
Total
(36)
(30)
2
The carrying value of the hedged item recognised in borrowings as at
31\u00a0December\u00a02024 is \u20ac1,076 million (31\u00a0December\u00a02023: \u20ac1,051 million), which
includes accumulated amounts of fair value hedging adjustments of \u20ac74 million
reduction in borrowings (31\u00a0December\u00a02023: \u20ac106 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 \u20ac206 million of outstanding non-designated foreign currency hedges
related to hedging foreign currency exposure on intercompany loans as at
31\u00a0December\u00a02024. There were \u20ac215 million outstanding non-designated hedges
as at 31\u00a0December\u00a02023.
There were \u20ac33 million of outstanding non-designated commodity hedges\u00a0
entered into as part of a power purchase agreement as at 31\u00a0December\u00a02024
(31\u00a0December\u00a02023: nil). This agreement expires in 2035.
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
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Foreign currency
contracts(A)
Non-operating items
2
(5)
(5)
Commodity
contracts
Non-operating items
4
\u2014
\u2014
Total
6
(5)
(5)
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\u00a02024 or
31\u00a0December\u00a02023. 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 28
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 exchange risk and other price risk such as commodity
price risk. Market risk affects outstanding borrowings, as well as derivative
financial instruments.
Interest rates
The Group is subject to interest rate risk for its outstanding borrowings.
To manage interest rate risk, the Group maintains a significant proportion of its
borrowings at fixed rates. Approximately 90% and 89% of the Group\u2019s interest
bearing borrowings were comprised of fixed rate borrowings at
31\u00a0December\u00a02024 and 31\u00a0December\u00a02023, respectively. The Group also
modifies its interest rate exposure through the use of interest rate swaps. As at
31\u00a0December\u00a02024 and 31\u00a0December\u00a02023, the notional value of the Group\u2019s
interest rate swaps was \u20ac1,060 million and \u20ac1,123\u00a0million, respectively.
If interest rates on the Group\u2019s floating rate debt were adjusted by 1% for the
years ended 31\u00a0December\u00a02024, 31\u00a0December 2023 and 31\u00a0December\u00a02022, the
Group\u2019s finance costs and pre-tax equity would change on an annual basis by
approximately \u20ac8 million, \u20ac9 million and \u20ac9 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 risk
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 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 dollar denominated borrowings.
This risk is managed by entering into cross currency swaps upon issuance
thereby mitigating the foreign currency exchange risk in its entirety.
The Group\u2019s main foreign currency exchange rate exposure relates to the change
in value of the euro and US dollar against other currencies. The following tables
demonstrate the sensitivity to a reasonably possible change in the euro and US
dollar exchange rates, with all other variables held constant. The impact on the
Group\u2019s profit before taxes is due to the changes in the fair value of the
monetary assets and liabilities denominated in currencies other than the
functional currencies in which they are measured. The impact on the Group\u2019s pre-
tax equity is due to changes in the fair value of foreign currency contracts
designated as cash flow hedges. The Group\u2019s exposure to foreign currency
changes for all other currencies is not material.
Year ended 31 December
Profit before taxes impact of non-functional foreign currency exchange
exposure
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
10% appreciation in the Euro
(9)
(8)
(8)
10% depreciation in the Euro
9
8
8
10% appreciation in the US dollar
(8)
2
(1)
10% depreciation in the US dollar
8
(2)
1
Year ended 31 December
Pre-tax equity impact of non-functional foreign currency exchange
exposure
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
10% appreciation in the Euro
(33)
(6)
(29)
10% depreciation in the Euro
33
6
29
10% appreciation in the US dollar
108
79
114
10% depreciation in the US dollar
(108)
(79)
(114)
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), natural
gas, power, 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 14 for more
information. Typically, up to 80% of\u00a0the anticipated commodity transaction
exposures for the next calendar year are hedged using a combination of\u00a0forward
and option\u00a0contracts executed with third parties.
The 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. The impact on the Group\u2019s
profit before taxes is immaterial as the vast majority of commodity derivatives
are designated as hedging instruments in cash flow hedges.
As at 31\u00a0December\u00a02024, there were \u20ac33\u00a0million (31\u00a0December\u00a02023: nil) of
outstanding non-designated commodity hedges (refer to Note 14 for further
details).
Year ended 31 December
2024
2023
2022
Commodity price risk
\u20ac million
\u20ac million
\u20ac million
10% increase in commodity prices equity gain
166
144
140
10% decrease in commodity prices equity loss
(166)
(144)
(140)
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
\u20ac18 million (2023:\u00a0\u20ac20 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
flows, 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 (2023: \u20ac1.80 billion) with a syndicate of 12 banks.
This credit facility matures in 2030 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\u00a02024, the Group had no amounts drawn under this credit facility.
The Group operates a sustainability-linked supply chain finance programme.
The facility is provided by a third party bank and\u00a0 helps our suppliers get paid
earlier than under contractual credit terms. Supplier balances under supply
chain finance facilities are disclosed in Note 16.
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\u00a02024
Trade and other payables
5,319
5,319
\u2014
\u2014
\u2014
Amounts payable to related
parties
373
373
\u2014
\u2014
\u2014
Borrowings
11,886
1,376
2,332
2,916
5,262
Derivatives
206
45
58
15
88
Lease liabilities
787
172
269
142
204
Total financial liabilities
18,571
7,285
2,659
3,073
5,554
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
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 13 for the presentation of fair values for each class of financial
assets and financial liabilities and\u00a0Note 14 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 Annual Report for disclosure of
strategic, commercial and operational risk relevant to the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-684": { "value": "
Note 14
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
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Foreign currency
contracts
Cost of sales
\u2014
1
19
Commodity contracts
Cost of sales
\u2014
\u2014
83
Commodity contracts
Selling and
distribution
expenses
6
17
34
Interest rate and cross
currency swaps
Finance costs
4
10
13
Total
10
28
149
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
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Interest rate and
cross currency swaps
Finance costs
(36)
(30)
2
Total
(36)
(30)
2
Note 20
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
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Interest income (A)
85
65
67
Interest expense on external debt (A)
(242)
(162)
(162)
Other finance costs (B)
(30)
(23)
(19)
Total finance costs, net
(187)
(120)
(114)
A. Includes interest income and expense amounts, as applicable, on cross currency swaps and interest rate swaps. Cross
currency swaps and interest rate swaps income totalled \u20ac45 million, \u20ac47 million and \u20ac50 million in 2024, 2023 and 2022 ,
respectively. Cross currency swaps and interest rate swaps expense totalled \u20ac77 million, \u20ac67 million and \u20ac31 million in
2024, 2023 and 2022, respectively. Refer to Note 14 for further details.
B. Other finance costs principally include amortisation of the discount on external debt and interest on leases.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-682": { "value": "
Note 14
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
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Foreign currency
contracts
Cost of sales
\u2014
1
19
Commodity contracts
Cost of sales
\u2014
\u2014
83
Commodity contracts
Selling and
distribution
expenses
6
17
34
Interest rate and cross
currency swaps
Finance costs
4
10
13
Total
10
28
149
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
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Interest rate and
cross currency swaps
Finance costs
(36)
(30)
2
Total
(36)
(30)
2
Note 20
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
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Interest income (A)
85
65
67
Interest expense on external debt (A)
(242)
(162)
(162)
Other finance costs (B)
(30)
(23)
(19)
Total finance costs, net
(187)
(120)
(114)
A. Includes interest income and expense amounts, as applicable, on cross currency swaps and interest rate swaps. Cross
currency swaps and interest rate swaps income totalled \u20ac45 million, \u20ac47 million and \u20ac50 million in 2024, 2023 and 2022 ,
respectively. Cross currency swaps and interest rate swaps expense totalled \u20ac77 million, \u20ac67 million and \u20ac31 million in
2024, 2023 and 2022, respectively. Refer to Note 14 for further details.
B. Other finance costs principally include amortisation of the discount on external debt and interest on leases.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-681": { "value": "
Note 14
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
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Foreign currency
contracts
Cost of sales
\u2014
1
19
Commodity contracts
Cost of sales
\u2014
\u2014
83
Commodity contracts
Selling and
distribution
expenses
6
17
34
Interest rate and cross
currency swaps
Finance costs
4
10
13
Total
10
28
149
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
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Interest rate and
cross currency swaps
Finance costs
(36)
(30)
2
Total
(36)
(30)
2
Note 20
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
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Interest income (A)
85
65
67
Interest expense on external debt (A)
(242)
(162)
(162)
Other finance costs (B)
(30)
(23)
(19)
Total finance costs, net
(187)
(120)
(114)
A. Includes interest income and expense amounts, as applicable, on cross currency swaps and interest rate swaps. Cross
currency swaps and interest rate swaps income totalled \u20ac45 million, \u20ac47 million and \u20ac50 million in 2024, 2023 and 2022 ,
respectively. Cross currency swaps and interest rate swaps expense totalled \u20ac77 million, \u20ac67 million and \u20ac31 million in
2024, 2023 and 2022, respectively. Refer to Note 14 for further details.
B. Other finance costs principally include amortisation of the discount on external debt and interest on leases.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-685": { "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 speculative purposes, and all
hedge ratios are on a 1 :1 basis. At the inception of a hedge transaction, the Group
documents the relationship between the hedging instrument and the hedged
item, as well as its risk management objective and strategy for undertaking the
hedge transaction.
This process includes linking the derivative financial instrument designated as a
hedging instrument to the specific asset, liability, firm commitment or forecasted
transaction. Refer to Note 28 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, and does
not 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 exchange 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 Group also designates foreign currency contracts as fair value hedges to
mitigate foreign currency exchange risk.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-686": { "value": "
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:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-687": { "value": "
Borrowings
Borrowings are initially recognised at fair value, net of issuance costs incurred.
Borrowings assumed 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.
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 on historical customer experience, the programme\u2019s
contractual terms and the amounts expected to be settled with customers", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-688": { "value": "
Borrowings are initially recognised at fair value, net of issuance costs incurred.
Borrowings assumed 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-689": { "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)
Dividends
payable (B)
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
As at 1 January 2022
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)
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)
Current
portion
of\u00a0borrowings
Borrowings,
less current
portion
Interest
payable (B)
Derivatives
(assets)/
liabilities held
to hedge
borrowings (C)
Dividends
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
(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 translations
\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
Changes in short-term
borrowings (A)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
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)
Interest paid
(17)
\u2014
(165)
\u2014
\u2014
(182)
Dividends paid
\u2014
\u2014
\u2014
\u2014
(841)
(841)
Settlement of debt-related
cross currency swaps
\u2014
\u2014
\u2014
69
\u2014
69
Current
portion
of\u00a0borrowings
Borrowings,
less current
portion
Interest
payable (B)
Derivatives
(assets)/
liabilities held
to hedge
borrowings (C)
Dividends
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 translations
(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
Changes from financing cash flows
Acquisition of CCBPI
63
6
\u2014
\u2014
\u2014
69
Proceeds from third party
borrowings, net
32
976
\u2014
\u2014
\u2014
1,008
Changes in short-term
borrowings (A)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Repayments on third party
borrowings
(1,207)
\u2014
\u2014
\u2014
\u2014
(1,207)
Payment of principal on lease
obligations
(157)
\u2014
\u2014
\u2014
\u2014
(157)
Interest paid
(21)
\u2014
(228)
\u2014
\u2014
(249)
Dividends paid
\u2014
\u2014
\u2014
\u2014
(910)
(910)
Current
portion
of\u00a0borrowings
Borrowings,
less current
portion
Interest
payable (B)
Derivatives
(assets)/
liabilities held
to hedge
borrowings (C)
Dividends
payable (B)
Total
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
Settlement of debt-related
cross\u00a0 currency swaps
\u2014
\u2014
\u2014
66
\u2014
66
Other non-cash changes
Amortisation of discounts,
premium, issue costs and fair
value adjustments
(1)
7
\u2014
\u2014
\u2014
6
Other non-cash movements
53
135
243
\u2014
911
1,342
Movement as a result of fair
value hedges
\u2014
29
\u2014
\u2014
\u2014
29
Changes in fair values
\u2014
\u2014
\u2014
(59)
\u2014
(59)
Currency translations
33
(13)
\u2014
\u2014
\u2014
20
Reclassifications
1,296
(1,296)
\u2014
\u2014
\u2014
\u2014
Total changes
91
(156)
15
7
1
(42)
As at 31 December 2024
1,391
9,940
88
35
6
11,460
A. In 2024, changes in short-term borrowings include \u20ac10,074 million of newly issued and \u20ac10,074 million of repaid euro
commercial paper. In 2023, changes in short-term borrowings included \u20ac6,810 million and \u20ac6,810 million of newly issued
and repaid euro commercial paper, respectively. In 2022, changes in short-term borrowings included \u20ac2,464 million and
\u20ac2,749 million of newly issued and repaid euro 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 14.
Total cash outflows for leases were \u20ac178 million, \u20ac165 million and \u20ac167\u00a0million for
the years ended 31\u00a0December\u00a02024, 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022,
respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-691": { "value": "
Note 16
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 on historical customer experience, the programme\u2019s
contractual terms and the amounts expected to be settled with customers. The
costs of these off-invoice customer marketing initiatives totalled \u20ac5.8 billion ,
\u20ac5.4 billion and \u20ac5.2 billion for 2024 , 2023 and 2022, respectively.
The following table summarises trade and other payables as at the dates
presented:
Year ended 31 December
2024
2023
\u20ac million
\u20ac million
Trade accounts payable
2,669
2,306
Accrued customer marketing costs
1,376
1,340
Accrued deposits
392
338
Accrued compensation and benefits
500
532
Accrued taxes(A)
389
280
Other accrued expenses
460
438
Total trade and other payables
5,786
5,234
A. This line item includes a payable of \u20ac61\u00a0million in 2024 and \u20ac59\u00a0million in 2023 to the Spanish tax authorities. Refer to Note
26 for further details.
Supplier finance arrangements
The Group engages in supplier finance arrangements facilitated by various banks,
pursuant to which, its suppliers may elect to receive early payments of their
invoices from a bank. Under the arrangements, the bank agrees to pay amounts
due to participating suppliers with respect to invoices owed by the Group, and
the Group repays the bank at a later date. Participation in these arrangements is
at suppliers\u2019 own discretion. If suppliers elect to receive early payments, they
pay a fee to the respective bank, to which the Group is not party. The primary
purpose of these arrangements is to streamline payment processing and allow
willing suppliers to receive early payments from the bank before the invoice due
date. Payment terms with suppliers have not been renegotiated in conjunction
with these arrangements.
The Group does not derecognise the original liabilities to which supplier finance
arrangements apply because a legal release is not obtained, and the original
liabilities remain substantially unmodified upon entering into these arrangements.
From the perspective of the Group, the arrangements do not significantly extend
the payment terms beyond the normal terms agreed with other non-participating
suppliers. The Group incurs no additional fees or interest expense towards the
banks on the amounts due to the suppliers. As a result, the Group discloses the
amounts subject to the arrangements within trade and other payables. As of
31\u00a0December\u00a02024, all payables related to supplier finance arrangements are
classified as current.
Payments made to the banks are included in cash flows from operating activities
because they continue to be part of the Group\u2019s normal operating cycle and their
principal nature remains operating.
The following tables provide an overview of the carrying amount of the liabilities
part of a supplier financing arrangement as well as the range of common
payment due dates.
Year ended 31 December
2024
2023
\u20ac million
\u20ac million
Carrying amount of liabilities that are part of supplier financing
arrangements
Presented within trade accounts payable
764
622
\u00a0 of which suppliers have received payment
596
(A)
Year ended 31 December
2024
2023
Days after
Days after
Range of payment due dates
Liabilities that are part of an arrangement
45 - 135
(A)
Comparable liabilities that are not part of an arrangement
0 -\u00a0 135
(A)
A. The Group applied transitional relief available under Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7
and has not provided comparative information in the first year of adoption.
Following the Acquisition, the Group assumed \u20ac40 million of trade and other
payables, which were part of a supplier finance arrangement. There were no
other significant non-cash changes in the carrying amount of the trade payables
included in the Group\u2019s supplier finance arrangements.
Note 26
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
2024
2023
Other current assets
\u20ac million
\u20ac million
Prepayments
202
130
VAT receivables
44
40
Miscellaneous receivables
212
181
Total other current assets
458
351
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 VAT
payable of \u20ac57\u00a0million to the Spanish tax authorities within trade and other
payables, both inclusive of interest. As at 31 December 2024, the VAT receivable
balance of \u20ac25\u00a0million remains unchanged, while the VAT payable balance
increased to \u20ac61\u00a0million resulting from interests (as at 31 December 2023:
\u20ac59\u00a0million).
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. There was no VAT receivable outstanding for
periods 2017 onwards. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-690": { "value": "
Note 16
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 on historical customer experience, the programme\u2019s
contractual terms and the amounts expected to be settled with customers. The
costs of these off-invoice customer marketing initiatives totalled \u20ac5.8 billion ,
\u20ac5.4 billion and \u20ac5.2 billion for 2024 , 2023 and 2022, respectively.
The following table summarises trade and other payables as at the dates
presented:
Year ended 31 December
2024
2023
\u20ac million
\u20ac million
Trade accounts payable
2,669
2,306
Accrued customer marketing costs
1,376
1,340
Accrued deposits
392
338
Accrued compensation and benefits
500
532
Accrued taxes(A)
389
280
Other accrued expenses
460
438
Total trade and other payables
5,786
5,234
A. This line item includes a payable of \u20ac61\u00a0million in 2024 and \u20ac59\u00a0million in 2023 to the Spanish tax authorities. Refer to Note
26 for further details.
Supplier finance arrangements
The Group engages in supplier finance arrangements facilitated by various banks,
pursuant to which, its suppliers may elect to receive early payments of their
invoices from a bank. Under the arrangements, the bank agrees to pay amounts
due to participating suppliers with respect to invoices owed by the Group, and
the Group repays the bank at a later date. Participation in these arrangements is
at suppliers\u2019 own discretion. If suppliers elect to receive early payments, they
pay a fee to the respective bank, to which the Group is not party. The primary
purpose of these arrangements is to streamline payment processing and allow
willing suppliers to receive early payments from the bank before the invoice due
date. Payment terms with suppliers have not been renegotiated in conjunction
with these arrangements.
The Group does not derecognise the original liabilities to which supplier finance
arrangements apply because a legal release is not obtained, and the original
liabilities remain substantially unmodified upon entering into these arrangements.
From the perspective of the Group, the arrangements do not significantly extend
the payment terms beyond the normal terms agreed with other non-participating
suppliers. The Group incurs no additional fees or interest expense towards the
banks on the amounts due to the suppliers. As a result, the Group discloses the
amounts subject to the arrangements within trade and other payables. As of
31\u00a0December\u00a02024, all payables related to supplier finance arrangements are
classified as current.
Payments made to the banks are included in cash flows from operating activities
because they continue to be part of the Group\u2019s normal operating cycle and their
principal nature remains operating.
The following tables provide an overview of the carrying amount of the liabilities
part of a supplier financing arrangement as well as the range of common
payment due dates.
Year ended 31 December
2024
2023
\u20ac million
\u20ac million
Carrying amount of liabilities that are part of supplier financing
arrangements
Presented within trade accounts payable
764
622
\u00a0 of which suppliers have received payment
596
(A)
Year ended 31 December
2024
2023
Days after
Days after
Range of payment due dates
Liabilities that are part of an arrangement
45 - 135
(A)
Comparable liabilities that are not part of an arrangement
0 -\u00a0 135
(A)
A. The Group applied transitional relief available under Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7
and has not provided comparative information in the first year of adoption.
Following the Acquisition, the Group assumed \u20ac40 million of trade and other
payables, which were part of a supplier finance arrangement. There were no
other significant non-cash changes in the carrying amount of the trade payables
included in the Group\u2019s supplier finance arrangements.
The following table summarises the transactions with TCCC that impacted the
consolidated statement of financial position for the periods presented:
Year ended 31 December
2024
2023
\u20ac million
\u20ac million
Amounts due from TCCC
76
101
Amounts payable to TCCC
320
229
The following table summarises the transactions with Cobega that impacted the
consolidated statement of financial position for the periods presented:
Year ended 31 December
2024
2023
\u20ac million
\u20ac million
Amounts due from Cobega
7
16
Amounts payable to Cobega
32
22
The following table summarises the balances with associates, joint ventures and
other related parties:
Year ended 31 December
2024
2023
\u20ac million
\u20ac million
Amounts due from associates
6
6
Amounts payable to associates
2
2
Amounts payable to joint ventures
9
7
Amounts payable to other related parties
10
10
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-692": { "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 on historical customer experience, the programme\u2019s
contractual terms and the amounts expected to be settled with customers.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-693": { "value": "
Note 17
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-694": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-695": { "value": "
Note 18
Equity
Share capital
As at 31\u00a0December\u00a02024 , the Company has issued and fully paid 460,947,057
Shares (31\u00a0December\u00a02023: 459,200,818 Shares and 31\u00a0December\u00a02022:
457,106,453 Shares) with a nominal value of \u20ac0.01 per share. 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 2022
456
5
Issuances 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
Issuance of Shares
2
\u2014
Cancellation of Shares
\u2014
\u2014
As at 31 December 2024
461
5
The number of Shares increased in 2024 , 2023 and 2022 from the issue of
1,746,239 , 2,094,365 and 871,421 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 \u20ac31\u00a0million in 2024, \u20ac42 million in 2023 and \u20ac14 million in 2022.
Treasury shares
In December 2024, Coca-Cola Europacific Partners plc Employee Benefit Trust
(referred to as \u201cthe Trust\u201d) was established for the purpose of facilitating the
acquisition and distribution of CCEP Shares for the benefit of satisfying the
Group\u2019s share-based payments obligations under its existing and future share-
based compensation plans. The Trust\u2019s operations are included in the Group\u2019s
consolidated financial statements.
CCEP Shares acquired in the market and held by the Trust are classified as
treasury shares for accounting purposes. The book value of shares held is
deducted from retained earnings. As at 31\u00a0December\u00a02024, the total
consideration of the Shares acquired by the Trust of \u20ac7 million, including directly
attributable costs, was deducted from retained earnings. As at
31\u00a0December\u00a02024, the Trust held 92,564 Shares (31\u00a0December\u00a02023 and
31\u00a0December\u00a02022: nil) classified as treasury shares for accounting purposes. The
Shares held by the Trust are excluded from the calculation of earnings per share
(see Note 6).
Dividends are waived on all Shares held with this classification by the Trust.
Merger reserves
The consideration transferred in relation to previous business acquisitions (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
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Cash flow hedge reserve
32
31
104
Net investment hedge reserve
197
197
197
Foreign currency translation adjustment
reserve
(1,059)
(974)
(728)
Reserve related to the acquisition of non-
controlling interests
(79)
(79)
(79)
Other reserves(A)
(3)
2
(1)
Total other reserves
(912)
(823)
(507)
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\u00a02024 are included in the consolidated statement of comprehensive
income or directly within the consolidated statement of changes in equity.
Dividends
Dividends are recognised on the date that the shareholder\u2019s right to receive
payment is established. In respect of interim dividends, this is generally the date
when the dividend is paid.
Year ended 31 December
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
First half dividend(A)
340
308
256
Second half dividend(B)
567
533
507
Total dividend on ordinary shares\u00a0 paid
907
841
763
A. Dividend of \u20ac0.74 per Share was paid in first half of 2024. Dividend of \u20ac0.67 per Share was paid in first half of 2023.
Dividend of \u20ac0.56 per Share was paid in first half of 2022.
B. Dividend of \u20ac1.23 per Share was paid in second half of 2024. Dividend of \u20ac1.17 per Share was paid in second half of 2023.
Dividend of \u20ac1.12 per Share was paid in second half of 2022.
Additionally, dividends attributable to restricted stock units and performance
share units that are unvested at the period end date are accrued accordingly.
During 2024, an incremental dividend accrual of \u20ac4 million has been recognised
(2023: \u20ac3\u00a0million; 2022: \u20ac3 million). During 2024, the Group paid \u20ac3 million
(2023: \u20ac2 million; 2022: \u20ac1 million) of dividends related to vested within the period
restricted stock units and performance share units.
Non-controlling interests
As at 31\u00a0December\u00a02024, 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022, equity
attributable to non-controlling interest was \u20ac496\u00a0million, nil and nil, respectively.
A non-controlling interest (NCI) of \u20ac468\u00a0million has been recognised in
connection with Aboitiz Equity Ventures Inc. (AEV) 40% ownership of CCEP Aboitiz
Beverages Philippines, Inc. (CABPI), the accounting acquirer of CCBPI (refer to
Note 4 for further details). The Group measured the non-controlling interest in
CABPI based on their proportionate share of net assets. The Group recognises
changes in NCI based upon post-acquisition results of the year and movements
in reserves.
CABPI is the only subsidiary of the Group which has a material non-controlling
interest.
The following table summarises the financial information in relation to CABPI,
prior to intragroup eliminations:
CABPI
Year ended 31
December
2024
\u20ac million
NCI percentage
40%
Non-current assets
2,007
Current assets
464
Non-current liabilities
(621)
Current liabilities
(614)
Net assets
1,236
Net assets attributable to non-controlling interest
494
Revenue
1,652
Profit after taxes
64
Other comprehensive income
1
Comprehensive income for the period
65
Comprehensive income attributable to non-controlling interest
26
Net cash flows from operating activities
204
Net cash flows used in investing activities
(1,694)
Net cash flows from financing activities (dividends to NCI: nil)
1,521
Net increase in cash and cash equivalents
31
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-696": { "value": "
Share capital
As at 31\u00a0December\u00a02024 , the Company has issued and fully paid 460,947,057
Shares (31\u00a0December\u00a02023: 459,200,818 Shares and 31\u00a0December\u00a02022:
457,106,453 Shares) with a nominal value of \u20ac0.01 per share. 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 2022
456
5
Issuances 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
Issuance of Shares
2
\u2014
Cancellation of Shares
\u2014
\u2014
As at 31 December 2024
461
5
The number of Shares increased in 2024 , 2023 and 2022 from the issue of
1,746,239 , 2,094,365 and 871,421 Shares, respectively, following the exercise of
share-based payment awards.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-697": { "value": "
Share premium
The share premium account increased by cash received for the exercise of
options by \u20ac31\u00a0million in 2024, \u20ac42 million in 2023 and \u20ac14 million in 2022.
Treasury shares
In December 2024, Coca-Cola Europacific Partners plc Employee Benefit Trust
(referred to as \u201cthe Trust\u201d) was established for the purpose of facilitating the
acquisition and distribution of CCEP Shares for the benefit of satisfying the
Group\u2019s share-based payments obligations under its existing and future share-
based compensation plans. The Trust\u2019s operations are included in the Group\u2019s
consolidated financial statements.
CCEP Shares acquired in the market and held by the Trust are classified as
treasury shares for accounting purposes. The book value of shares held is
deducted from retained earnings. As at 31\u00a0December\u00a02024, the total
consideration of the Shares acquired by the Trust of \u20ac7 million, including directly
attributable costs, was deducted from retained earnings. As at
31\u00a0December\u00a02024, the Trust held 92,564 Shares (31\u00a0December\u00a02023 and
31\u00a0December\u00a02022: nil) classified as treasury shares for accounting purposes. The
Shares held by the Trust are excluded from the calculation of earnings per share
(see Note 6).
Dividends are waived on all Shares held with this classification by the Trust.
Merger reserves
The consideration transferred in relation to previous business acquisitions (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
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Cash flow hedge reserve
32
31
104
Net investment hedge reserve
197
197
197
Foreign currency translation adjustment
reserve
(1,059)
(974)
(728)
Reserve related to the acquisition of non-
controlling interests
(79)
(79)
(79)
Other reserves(A)
(3)
2
(1)
Total other reserves
(912)
(823)
(507)
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\u00a02024 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-698": { "value": "
Treasury shares
In December 2024, Coca-Cola Europacific Partners plc Employee Benefit Trust
(referred to as \u201cthe Trust\u201d) was established for the purpose of facilitating the
acquisition and distribution of CCEP Shares for the benefit of satisfying the
Group\u2019s share-based payments obligations under its existing and future share-
based compensation plans. The Trust\u2019s operations are included in the Group\u2019s
consolidated financial statements.
CCEP Shares acquired in the market and held by the Trust are classified as
treasury shares for accounting purposes. The book value of shares held is
deducted from retained earnings. As at 31\u00a0December\u00a02024, the total
consideration of the Shares acquired by the Trust of \u20ac7 million, including directly
attributable costs, was deducted from retained earnings. As at
31\u00a0December\u00a02024, the Trust held 92,564 Shares (31\u00a0December\u00a02023 and
31\u00a0December\u00a02022: nil) classified as treasury shares for accounting purposes. The
Shares held by the Trust are excluded from the calculation of earnings per share
(see Note 6).
Dividends are waived on all Shares held with this classification by the Trust.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-699": { "value": "7000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f-701": { "value": "
Dividends
Dividends are recognised on the date that the shareholder\u2019s right to receive
payment is established. In respect of interim dividends, this is generally the date
when the dividend is paid.
Year ended 31 December
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
First half dividend(A)
340
308
256
Second half dividend(B)
567
533
507
Total dividend on ordinary shares\u00a0 paid
907
841
763
A. Dividend of \u20ac0.74 per Share was paid in first half of 2024. Dividend of \u20ac0.67 per Share was paid in first half of 2023.
Dividend of \u20ac0.56 per Share was paid in first half of 2022.
B. Dividend of \u20ac1.23 per Share was paid in second half of 2024. Dividend of \u20ac1.17 per Share was paid in second half of 2023.
Dividend of \u20ac1.12 per Share was paid in second half of 2022.
Additionally, dividends attributable to restricted stock units and performance
share units that are unvested at the period end date are accrued accordingly.
During 2024, an incremental dividend accrual of \u20ac4 million has been recognised
(2023: \u20ac3\u00a0million; 2022: \u20ac3 million). During 2024, the Group paid \u20ac3 million
(2023: \u20ac2 million; 2022: \u20ac1 million) of dividends related to vested within the period
restricted stock units and performance share units.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-700": { "value": "
Dividends
Dividends are recognised on the date that the shareholder\u2019s right to receive
payment is established. In respect of interim dividends, this is generally the date
when the dividend is paid.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-702": { "value": "0.74", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2024-07-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-703": { "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-704": { "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-705": { "value": "1.23", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-07-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-706": { "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-707": { "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-708": { "value": "
Non-controlling interests
As at 31\u00a0December\u00a02024, 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022, equity
attributable to non-controlling interest was \u20ac496\u00a0million, nil and nil, respectively.
A non-controlling interest (NCI) of \u20ac468\u00a0million has been recognised in
connection with Aboitiz Equity Ventures Inc. (AEV) 40% ownership of CCEP Aboitiz
Beverages Philippines, Inc. (CABPI), the accounting acquirer of CCBPI (refer to
Note 4 for further details). The Group measured the non-controlling interest in
CABPI based on their proportionate share of net assets. The Group recognises
changes in NCI based upon post-acquisition results of the year and movements
in reserves.
CABPI is the only subsidiary of the Group which has a material non-controlling
interest.
The following table summarises the financial information in relation to CABPI,
prior to intragroup eliminations:
CABPI
Year ended 31
December
2024
\u20ac million
NCI percentage
40%
Non-current assets
2,007
Current assets
464
Non-current liabilities
(621)
Current liabilities
(614)
Net assets
1,236
Net assets attributable to non-controlling interest
494
Revenue
1,652
Profit after taxes
64
Other comprehensive income
1
Comprehensive income for the period
65
Comprehensive income attributable to non-controlling interest
26
Net cash flows from operating activities
204
Net cash flows used in investing activities
(1,694)
Net cash flows from financing activities (dividends to NCI: nil)
1,521
Net increase in cash and cash equivalents
31
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-709": { "value": "468000000.0", "decimals": -6, "dimensions": { "concept": "ccep:NonControllingInterestEstablishedInConnectionWithTheAcquisition", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f-714": { "value": "
Note 19
Total operating costs
The following tables summarise the significant cost items by nature within
operating costs for\u00a0the years presented:
Year ended 31 December
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Transportation costs(A)
1,023
958
851
Employee benefits
1,189
1,116
1,110
Depreciation of property, plant and
equipment, excluding restructuring
252
236
246
Amortisation of intangible assets
1
6
7
Restructuring charges, including
accelerated depreciation (B)
2
\u2014
1
Impairment losses(C)
6
\u2014
\u2014
Other selling and distribution expenses
872
862
769
Total selling and distribution expenses
3,345
3,178
2,984
Transportation costs(A)
4
3
16
Employee benefits
615
608
544
Depreciation of property, plant and
equipment, excluding restructuring
86
93
99
Amortisation of intangible assets
179
130
94
Acquisition-related costs(D)
14
12
3
Restructuring charges, including
accelerated depreciation (B)
252
85
143
Impairment losses(C)
129
\u2014
\u2014
Other administrative expenses
455
379
351
Total administrative expenses
1,734
1,310
1,250
Total operating expenses
5,079
4,488
4,234
A. Transportation costs include warehousing and delivery costs to the final customer destination. They exclude depreciation
and amortisation.
B. See restructuring costs table.
C. Expenses recognised in relation to the impairment of the Group\u2019s Indonesia cash generating unit and the impairment of the
Feral brand, which was sold during the year ended 31 December 2024.
D. Costs associated with the acquisition and integration of CCBPI.
Year ended 31 December
2024
2023
2022
Restructuring costs
\u20ac million
\u20ac million
\u20ac million
Increase in provision for restructuring
programmes ( Note 24)
219
78
115
Amount of provision unused (Note 24 )
(9)
(10)
(8)
Accelerated depreciation and non-cash
costs
29
11
44
Other cash costs (A)
25
15
12
Total restructuring costs
264
94
163
Restructuring costs by function:
Cost of sales
10
9
19
Selling and distribution expenses
2
\u2014
1
Administrative expenses
252
85
143
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.
In November 2022, the Group announced a new efficiency programme to be
delivered by the end of 2028. This programme focuses 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.
During 2024, as part of this efficiency programme, the Group announced
restructuring proposals resulting in \u20ac264\u00a0million of recognised costs primarily
related to expected severance payments. The most notable announcement took
place on 1 October 2024 relating to restructuring initiatives implemented in
Germany, more specifically, the closure of a production facility in Cologne, as well
as planned changes and optimisations in the logistical network resulting in the
closure of several logistical sites. These initiatives attributed a total restructuring
expense of \u20ac108\u00a0million, mainly comprised of expected severance payments. The
rest of the restructuring spend is attributable to various initiatives implemented
across different markets aiming to enhance efficiency and productivity.
Note 24
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 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
Acquisition of CCBPI
3
\u2014
55
58
Charged/(credited) to profit or
loss:
Additional provisions
recognised
219
1
10
230
Unused amounts reversed
(9)
\u2014
(1)
(10)
Utilised during the period
(80)
\u2014
(8)
(88)
Translation
1
\u2014
\u2014
1
As at 31 December 2024
250
16
84
350
Non-current
59
16
29
104
Current
191
\u2014
55
246
As at 31 December 2024
250
16
84
350
A. Other provisions primarily relate to property tax assessment provisions and legal reserves, and are not considered
material to the consolidated financial statements.\u00a0
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 19 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 26 years and 2 to 9 years,
respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-713": { "value": "
Note 19
Total operating costs
The following tables summarise the significant cost items by nature within
operating costs for\u00a0the years presented:
Year ended 31 December
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Transportation costs(A)
1,023
958
851
Employee benefits
1,189
1,116
1,110
Depreciation of property, plant and
equipment, excluding restructuring
252
236
246
Amortisation of intangible assets
1
6
7
Restructuring charges, including
accelerated depreciation (B)
2
\u2014
1
Impairment losses(C)
6
\u2014
\u2014
Other selling and distribution expenses
872
862
769
Total selling and distribution expenses
3,345
3,178
2,984
Transportation costs(A)
4
3
16
Employee benefits
615
608
544
Depreciation of property, plant and
equipment, excluding restructuring
86
93
99
Amortisation of intangible assets
179
130
94
Acquisition-related costs(D)
14
12
3
Restructuring charges, including
accelerated depreciation (B)
252
85
143
Impairment losses(C)
129
\u2014
\u2014
Other administrative expenses
455
379
351
Total administrative expenses
1,734
1,310
1,250
Total operating expenses
5,079
4,488
4,234
A. Transportation costs include warehousing and delivery costs to the final customer destination. They exclude depreciation
and amortisation.
B. See restructuring costs table.
C. Expenses recognised in relation to the impairment of the Group\u2019s Indonesia cash generating unit and the impairment of the
Feral brand, which was sold during the year ended 31 December 2024.
D. Costs associated with the acquisition and integration of CCBPI.
Year ended 31 December
2024
2023
2022
Restructuring costs
\u20ac million
\u20ac million
\u20ac million
Increase in provision for restructuring
programmes ( Note 24)
219
78
115
Amount of provision unused (Note 24 )
(9)
(10)
(8)
Accelerated depreciation and non-cash
costs
29
11
44
Other cash costs (A)
25
15
12
Total restructuring costs
264
94
163
Restructuring costs by function:
Cost of sales
10
9
19
Selling and distribution expenses
2
\u2014
1
Administrative expenses
252
85
143
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.
In November 2022, the Group announced a new efficiency programme to be
delivered by the end of 2028. This programme focuses 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.
During 2024, as part of this efficiency programme, the Group announced
restructuring proposals resulting in \u20ac264\u00a0million of recognised costs primarily
related to expected severance payments. The most notable announcement took
place on 1 October 2024 relating to restructuring initiatives implemented in
Germany, more specifically, the closure of a production facility in Cologne, as well
as planned changes and optimisations in the logistical network resulting in the
closure of several logistical sites. These initiatives attributed a total restructuring
expense of \u20ac108\u00a0million, mainly comprised of expected severance payments. The
rest of the restructuring spend is attributable to various initiatives implemented
across different markets aiming to enhance efficiency and productivity.
Staff costs
Staff costs included within the income statement were as follows:
Year ended 31 December
2024
2023
2022
Employee costs
\u20ac million
\u20ac million
\u20ac million
Wages and salaries
1,993
1,841
1,769
Social security costs
367
339
316
Pension and other employee benefits
264
253
233
Total employee costs
2,624
2,433
2,318
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
2024
2023
2022
\u20ac thousand
\u20ac thousand
\u20ac thousand
Audit of Parent Company and consolidated
financial statements (A)
4,672
3,759
3,136
Audit of the Company\u2019s subsidiaries
7,151
6,269
6,248
Total audit
11,823
10,028
9,384
Audit-related assurance services (B)
1,067
1,019
1,002
Other assurance services(C)
1,540
717
213
Total audit and audit-related assurance
services
14,430
11,764
10,599
All other services
4
36
47
Total non-audit or non-audit-related assurance
services
4
36
47
Total audit and all other fees
14,434
11,800
10,646
A. The year on year increase in the audit fee is primarily attributed to the Acquisition.
B. Includes professional fees for interim reviews, reporting on internal financial controls and issuance of comfort letters for
debt issuances.
C. The year on year increase is primarily attributed to the procedures performed on the sustainability statement in 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-712": { "value": "
Note 19
Total operating costs
The following tables summarise the significant cost items by nature within
operating costs for\u00a0the years presented:
Year ended 31 December
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Transportation costs(A)
1,023
958
851
Employee benefits
1,189
1,116
1,110
Depreciation of property, plant and
equipment, excluding restructuring
252
236
246
Amortisation of intangible assets
1
6
7
Restructuring charges, including
accelerated depreciation (B)
2
\u2014
1
Impairment losses(C)
6
\u2014
\u2014
Other selling and distribution expenses
872
862
769
Total selling and distribution expenses
3,345
3,178
2,984
Transportation costs(A)
4
3
16
Employee benefits
615
608
544
Depreciation of property, plant and
equipment, excluding restructuring
86
93
99
Amortisation of intangible assets
179
130
94
Acquisition-related costs(D)
14
12
3
Restructuring charges, including
accelerated depreciation (B)
252
85
143
Impairment losses(C)
129
\u2014
\u2014
Other administrative expenses
455
379
351
Total administrative expenses
1,734
1,310
1,250
Total operating expenses
5,079
4,488
4,234
A. Transportation costs include warehousing and delivery costs to the final customer destination. They exclude depreciation
and amortisation.
B. See restructuring costs table.
C. Expenses recognised in relation to the impairment of the Group\u2019s Indonesia cash generating unit and the impairment of the
Feral brand, which was sold during the year ended 31 December 2024.
D. Costs associated with the acquisition and integration of CCBPI.
Year ended 31 December
2024
2023
2022
Restructuring costs
\u20ac million
\u20ac million
\u20ac million
Increase in provision for restructuring
programmes ( Note 24)
219
78
115
Amount of provision unused (Note 24 )
(9)
(10)
(8)
Accelerated depreciation and non-cash
costs
29
11
44
Other cash costs (A)
25
15
12
Total restructuring costs
264
94
163
Restructuring costs by function:
Cost of sales
10
9
19
Selling and distribution expenses
2
\u2014
1
Administrative expenses
252
85
143
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.
In November 2022, the Group announced a new efficiency programme to be
delivered by the end of 2028. This programme focuses 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.
During 2024, as part of this efficiency programme, the Group announced
restructuring proposals resulting in \u20ac264\u00a0million of recognised costs primarily
related to expected severance payments. The most notable announcement took
place on 1 October 2024 relating to restructuring initiatives implemented in
Germany, more specifically, the closure of a production facility in Cologne, as well
as planned changes and optimisations in the logistical network resulting in the
closure of several logistical sites. These initiatives attributed a total restructuring
expense of \u20ac108\u00a0million, mainly comprised of expected severance payments. The
rest of the restructuring spend is attributable to various initiatives implemented
across different markets aiming to enhance efficiency and productivity.
Staff costs
Staff costs included within the income statement were as follows:
Year ended 31 December
2024
2023
2022
Employee costs
\u20ac million
\u20ac million
\u20ac million
Wages and salaries
1,993
1,841
1,769
Social security costs
367
339
316
Pension and other employee benefits
264
253
233
Total employee costs
2,624
2,433
2,318
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
2024
2023
2022
\u20ac thousand
\u20ac thousand
\u20ac thousand
Audit of Parent Company and consolidated
financial statements (A)
4,672
3,759
3,136
Audit of the Company\u2019s subsidiaries
7,151
6,269
6,248
Total audit
11,823
10,028
9,384
Audit-related assurance services (B)
1,067
1,019
1,002
Other assurance services(C)
1,540
717
213
Total audit and audit-related assurance
services
14,430
11,764
10,599
All other services
4
36
47
Total non-audit or non-audit-related assurance
services
4
36
47
Total audit and all other fees
14,434
11,800
10,646
A. The year on year increase in the audit fee is primarily attributed to the Acquisition.
B. Includes professional fees for interim reviews, reporting on internal financial controls and issuance of comfort letters for
debt issuances.
C. The year on year increase is primarily attributed to the procedures performed on the sustainability statement in 2024.
Note 25
Other income
Other income for the year ended 31\u00a0December\u00a02024 totalled nil
( 31\u00a0December\u00a02023 : \u20ac107\u00a0million; 31\u00a0December\u00a02022 : \u20ac96\u00a0million).
The balance for the year ended 31 December 2023 was 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-711": { "value": "
Note 19
Total operating costs
The following tables summarise the significant cost items by nature within
operating costs for\u00a0the years presented:
Year ended 31 December
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Transportation costs(A)
1,023
958
851
Employee benefits
1,189
1,116
1,110
Depreciation of property, plant and
equipment, excluding restructuring
252
236
246
Amortisation of intangible assets
1
6
7
Restructuring charges, including
accelerated depreciation (B)
2
\u2014
1
Impairment losses(C)
6
\u2014
\u2014
Other selling and distribution expenses
872
862
769
Total selling and distribution expenses
3,345
3,178
2,984
Transportation costs(A)
4
3
16
Employee benefits
615
608
544
Depreciation of property, plant and
equipment, excluding restructuring
86
93
99
Amortisation of intangible assets
179
130
94
Acquisition-related costs(D)
14
12
3
Restructuring charges, including
accelerated depreciation (B)
252
85
143
Impairment losses(C)
129
\u2014
\u2014
Other administrative expenses
455
379
351
Total administrative expenses
1,734
1,310
1,250
Total operating expenses
5,079
4,488
4,234
A. Transportation costs include warehousing and delivery costs to the final customer destination. They exclude depreciation
and amortisation.
B. See restructuring costs table.
C. Expenses recognised in relation to the impairment of the Group\u2019s Indonesia cash generating unit and the impairment of the
Feral brand, which was sold during the year ended 31 December 2024.
D. Costs associated with the acquisition and integration of CCBPI.
Year ended 31 December
2024
2023
2022
Restructuring costs
\u20ac million
\u20ac million
\u20ac million
Increase in provision for restructuring
programmes ( Note 24)
219
78
115
Amount of provision unused (Note 24 )
(9)
(10)
(8)
Accelerated depreciation and non-cash
costs
29
11
44
Other cash costs (A)
25
15
12
Total restructuring costs
264
94
163
Restructuring costs by function:
Cost of sales
10
9
19
Selling and distribution expenses
2
\u2014
1
Administrative expenses
252
85
143
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.
In November 2022, the Group announced a new efficiency programme to be
delivered by the end of 2028. This programme focuses 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.
During 2024, as part of this efficiency programme, the Group announced
restructuring proposals resulting in \u20ac264\u00a0million of recognised costs primarily
related to expected severance payments. The most notable announcement took
place on 1 October 2024 relating to restructuring initiatives implemented in
Germany, more specifically, the closure of a production facility in Cologne, as well
as planned changes and optimisations in the logistical network resulting in the
closure of several logistical sites. These initiatives attributed a total restructuring
expense of \u20ac108\u00a0million, mainly comprised of expected severance payments. The
rest of the restructuring spend is attributable to various initiatives implemented
across different markets aiming to enhance efficiency and productivity.
Staff costs
Staff costs included within the income statement were as follows:
Year ended 31 December
2024
2023
2022
Employee costs
\u20ac million
\u20ac million
\u20ac million
Wages and salaries
1,993
1,841
1,769
Social security costs
367
339
316
Pension and other employee benefits
264
253
233
Total employee costs
2,624
2,433
2,318
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
2024
2023
2022
\u20ac thousand
\u20ac thousand
\u20ac thousand
Audit of Parent Company and consolidated
financial statements (A)
4,672
3,759
3,136
Audit of the Company\u2019s subsidiaries
7,151
6,269
6,248
Total audit
11,823
10,028
9,384
Audit-related assurance services (B)
1,067
1,019
1,002
Other assurance services(C)
1,540
717
213
Total audit and audit-related assurance
services
14,430
11,764
10,599
All other services
4
36
47
Total non-audit or non-audit-related assurance
services
4
36
47
Total audit and all other fees
14,434
11,800
10,646
A. The year on year increase in the audit fee is primarily attributed to the Acquisition.
B. Includes professional fees for interim reviews, reporting on internal financial controls and issuance of comfort letters for
debt issuances.
C. The year on year increase is primarily attributed to the procedures performed on the sustainability statement in 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-710": { "value": "
Note 19
Total operating costs
The following tables summarise the significant cost items by nature within
operating costs for\u00a0the years presented:
Year ended 31 December
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Transportation costs(A)
1,023
958
851
Employee benefits
1,189
1,116
1,110
Depreciation of property, plant and
equipment, excluding restructuring
252
236
246
Amortisation of intangible assets
1
6
7
Restructuring charges, including
accelerated depreciation (B)
2
\u2014
1
Impairment losses(C)
6
\u2014
\u2014
Other selling and distribution expenses
872
862
769
Total selling and distribution expenses
3,345
3,178
2,984
Transportation costs(A)
4
3
16
Employee benefits
615
608
544
Depreciation of property, plant and
equipment, excluding restructuring
86
93
99
Amortisation of intangible assets
179
130
94
Acquisition-related costs(D)
14
12
3
Restructuring charges, including
accelerated depreciation (B)
252
85
143
Impairment losses(C)
129
\u2014
\u2014
Other administrative expenses
455
379
351
Total administrative expenses
1,734
1,310
1,250
Total operating expenses
5,079
4,488
4,234
A. Transportation costs include warehousing and delivery costs to the final customer destination. They exclude depreciation
and amortisation.
B. See restructuring costs table.
C. Expenses recognised in relation to the impairment of the Group\u2019s Indonesia cash generating unit and the impairment of the
Feral brand, which was sold during the year ended 31 December 2024.
D. Costs associated with the acquisition and integration of CCBPI.
Year ended 31 December
2024
2023
2022
Restructuring costs
\u20ac million
\u20ac million
\u20ac million
Increase in provision for restructuring
programmes ( Note 24)
219
78
115
Amount of provision unused (Note 24 )
(9)
(10)
(8)
Accelerated depreciation and non-cash
costs
29
11
44
Other cash costs (A)
25
15
12
Total restructuring costs
264
94
163
Restructuring costs by function:
Cost of sales
10
9
19
Selling and distribution expenses
2
\u2014
1
Administrative expenses
252
85
143
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.
In November 2022, the Group announced a new efficiency programme to be
delivered by the end of 2028. This programme focuses 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.
During 2024, as part of this efficiency programme, the Group announced
restructuring proposals resulting in \u20ac264\u00a0million of recognised costs primarily
related to expected severance payments. The most notable announcement took
place on 1 October 2024 relating to restructuring initiatives implemented in
Germany, more specifically, the closure of a production facility in Cologne, as well
as planned changes and optimisations in the logistical network resulting in the
closure of several logistical sites. These initiatives attributed a total restructuring
expense of \u20ac108\u00a0million, mainly comprised of expected severance payments. The
rest of the restructuring spend is attributable to various initiatives implemented
across different markets aiming to enhance efficiency and productivity.
Staff costs
Staff costs included within the income statement were as follows:
Year ended 31 December
2024
2023
2022
Employee costs
\u20ac million
\u20ac million
\u20ac million
Wages and salaries
1,993
1,841
1,769
Social security costs
367
339
316
Pension and other employee benefits
264
253
233
Total employee costs
2,624
2,433
2,318
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
2024
2023
2022
\u20ac thousand
\u20ac thousand
\u20ac thousand
Audit of Parent Company and consolidated
financial statements (A)
4,672
3,759
3,136
Audit of the Company\u2019s subsidiaries
7,151
6,269
6,248
Total audit
11,823
10,028
9,384
Audit-related assurance services (B)
1,067
1,019
1,002
Other assurance services(C)
1,540
717
213
Total audit and audit-related assurance
services
14,430
11,764
10,599
All other services
4
36
47
Total non-audit or non-audit-related assurance
services
4
36
47
Total audit and all other fees
14,434
11,800
10,646
A. The year on year increase in the audit fee is primarily attributed to the Acquisition.
B. Includes professional fees for interim reviews, reporting on internal financial controls and issuance of comfort letters for
debt issuances.
C. The year on year increase is primarily attributed to the procedures performed on the sustainability statement in 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-715": { "value": "
Staff costs
The average number of persons employed by the Group (including Directors) for
the periods presented were as\u00a0follows:
2024
2023
2022
No. in thousands
No. in thousands
No. in thousands
Commercial
13.0
11.6
12.5
Supply chain
23.9
17.1
16.6
Support functions
4.4
4.1
4.0
Total average staff employed
41.3
32.8
33.1
The increase in the average staff employed in 2024 was primarily attributable to
the Acquisition.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-716": { "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
2024
2023
2022
\u20ac thousand
\u20ac thousand
\u20ac thousand
Audit of Parent Company and consolidated
financial statements (A)
4,672
3,759
3,136
Audit of the Company\u2019s subsidiaries
7,151
6,269
6,248
Total audit
11,823
10,028
9,384
Audit-related assurance services (B)
1,067
1,019
1,002
Other assurance services(C)
1,540
717
213
Total audit and audit-related assurance
services
14,430
11,764
10,599
All other services
4
36
47
Total non-audit or non-audit-related assurance
services
4
36
47
Total audit and all other fees
14,434
11,800
10,646
A. The year on year increase in the audit fee is primarily attributed to the Acquisition.
B. Includes professional fees for interim reviews, reporting on internal financial controls and issuance of comfort letters for
debt issuances.
C. The year on year increase is primarily attributed to the procedures performed on the sustainability statement in 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-719": { "value": "
Note 20
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
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Interest income (A)
85
65
67
Interest expense on external debt (A)
(242)
(162)
(162)
Other finance costs (B)
(30)
(23)
(19)
Total finance costs, net
(187)
(120)
(114)
A. Includes interest income and expense amounts, as applicable, on cross currency swaps and interest rate swaps. Cross
currency swaps and interest rate swaps income totalled \u20ac45 million, \u20ac47 million and \u20ac50 million in 2024, 2023 and 2022 ,
respectively. Cross currency swaps and interest rate swaps expense totalled \u20ac77 million, \u20ac67 million and \u20ac31 million in
2024, 2023 and 2022, respectively. Refer to Note 14 for further details.
B. Other finance costs principally include amortisation of the discount on external debt and interest on leases.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-718": { "value": "
Note 20
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
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Interest income (A)
85
65
67
Interest expense on external debt (A)
(242)
(162)
(162)
Other finance costs (B)
(30)
(23)
(19)
Total finance costs, net
(187)
(120)
(114)
A. Includes interest income and expense amounts, as applicable, on cross currency swaps and interest rate swaps. Cross
currency swaps and interest rate swaps income totalled \u20ac45 million, \u20ac47 million and \u20ac50 million in 2024, 2023 and 2022 ,
respectively. Cross currency swaps and interest rate swaps expense totalled \u20ac77 million, \u20ac67 million and \u20ac31 million in
2024, 2023 and 2022, respectively. Refer to Note 14 for further details.
B. Other finance costs principally include amortisation of the discount on external debt and interest on leases.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-717": { "value": "
Note 20
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
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Interest income (A)
85
65
67
Interest expense on external debt (A)
(242)
(162)
(162)
Other finance costs (B)
(30)
(23)
(19)
Total finance costs, net
(187)
(120)
(114)
A. Includes interest income and expense amounts, as applicable, on cross currency swaps and interest rate swaps. Cross
currency swaps and interest rate swaps income totalled \u20ac45 million, \u20ac47 million and \u20ac50 million in 2024, 2023 and 2022 ,
respectively. Cross currency swaps and interest rate swaps expense totalled \u20ac77 million, \u20ac67 million and \u20ac31 million in
2024, 2023 and 2022, respectively. Refer to Note 14 for further details.
B. Other finance costs principally include amortisation of the discount on external debt and interest on leases.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-722": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-721": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-720": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-723": { "value": "
Note 21
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 has significant influence over the Group, as defined by IAS 24 \u201cRelated
Party Disclosures\u201d. As at 31\u00a0December\u00a02024, 19.08% of the total outstanding
Shares of 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 agreements with TCCC in each territory are for an initial
term of 10 years and may be renewed for successive terms of 10 years.
Additionally, two\u00a0of the Group\u2019s 17 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 APS 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
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Amounts affecting revenue (A)
149
140
117
Amounts affecting cost of sales (B)
(4,427)
(3,964)
(3,805)
Amounts affecting operating expenses (C)
4
25
19
Amounts affecting finance costs, net(D)
2
4
\u2014
Total net amount affecting
the\u00a0consolidated\u00a0income\u00a0statement
(4,272)
(3,795)
(3,669)
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
2024
2023
\u20ac million
\u20ac million
Amounts due from TCCC
76
101
Amounts payable to TCCC
320
229
Acquisition of Coca-Cola Beverages Philippines, Inc. (CCBPI)
On 23 February 2024, the joint acquisition of CCBPI was successfully
consummated for a total consideration of US$1.68\u00a0billion (\u20ac1.54\u00a0billion), all of
which was settled in cash upon completion. The Group\u2019s share of the total
consideration was US$1.0\u00a0billion (\u20ac930\u00a0million), commensurate with the effective
60:40 ownership structure of CCBPI. The transaction has been accounted for
under IFRS 3 \u201cBusiness Combinations\u201d, using the acquisition method of
accounting. Refer to Note 4 for further detail on the acquisition of CCBPI.
Refer to Note 24 for details regarding commitments made to TCCC.
Terms and conditions of transactions with TCCC
Outstanding balances on transactions with TCCC are unsecured, interest free
and generally settled in cash. Receivables from TCCC are considered to be fully
recoverable.
Transactions with Cobega companies
Cobega, S.A. (Cobega) has significant influence over the Group, as defined by IAS
24 \u201cRelated Party Disclosures\u201d. As at 31\u00a0December\u00a02024, 20.71% of the total
outstanding Shares of the Group were indirectly owned by Cobega through its
ownership interest in Olive Partners, S.A. Additionally, five of the Group\u2019s
17 Directors, including the Chairman, are nominated by Olive\u00a0Partners, three of
whom are affiliated with Cobega.
The principal transactions with Cobega are for the purchase of packaging
materials and maintenance services for vending machines. The following table
summarises the transactions with Cobega that directly impacted the
consolidated income statement for the years presented:
Year ended 31 December
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Amounts affecting revenue (A)
1
1
2
Amounts affecting cost of sales (B)
(67)
(69)
(76)
Amounts affecting operating expenses (C)
(12)
(18)
(17)
Total net amount affecting
the\u00a0consolidated\u00a0income\u00a0statement
(78)
(86)
(91)
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
2024
2023
\u20ac million
\u20ac million
Amounts due from Cobega
7
16
Amounts payable to Cobega
32
22
In December 2024, the Group purchased from Cobega property located in Bilbao,
Spain, for a total consideration of \u20ac15 million, inclusive of relevant taxes.
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. As a result of the
Acquisition, the Group obtained an associate investment in a recycling facility in
the Philippines.
Other related parties include coordinators of container deposit schemes in
certain Australian states over which significant influence is held.
Following the Acquisition, there are two post-employment benefit plan entities
(Coca-Cola Bottlers Philippines, Inc. Retirement Plan and Coca-Cola Bottlers
Business Service, Inc. Retirement Plan) that are considered related parties to the
Group. During 2024, the Group made contributions to the retirement plans
amounting to \u20ac14 million.
The following table summarises the transactions with associates, joint ventures
and other related parties:
Year ended 31 December
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Net amounts affecting consolidated
income statement \u2013 associates (A)
(66)
(68)
(73)
Net amounts affecting consolidated
income statement \u2013 joint ventures (A),(B)
(56)
(28)
(9)
Net amounts affecting consolidated
income statement \u2013 other related parties (A)
(86)
(85)
(85)
Total net amount affecting
the\u00a0consolidated\u00a0income statement
(208)
(181)
(167)
A. Amounts relate to container deposit scheme charges.
B. Amounts 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
2024
2023
\u20ac million
\u20ac million
Amounts due from associates
6
6
Amounts payable to associates
2
2
Amounts payable to joint ventures
9
7
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 30 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
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Salaries and other short-term employee
benefits(A)
33
31
30
Share-based payments
9
20
15
Termination benefits
7
\u2014
\u2014
Total
49
51
45
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-724": { "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. As a result of the
Acquisition, the Group obtained an associate investment in a recycling facility in
the Philippines.
Other related parties include coordinators of container deposit schemes in
certain Australian states over which significant influence is held.
Following the Acquisition, there are two post-employment benefit plan entities
(Coca-Cola Bottlers Philippines, Inc. Retirement Plan and Coca-Cola Bottlers
Business Service, Inc. Retirement Plan) that are considered related parties to the
Group. During 2024, the Group made contributions to the retirement plans
amounting to \u20ac14 million.
The following table summarises the transactions with associates, joint ventures
and other related parties:
Year ended 31 December
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Net amounts affecting consolidated
income statement \u2013 associates (A)
(66)
(68)
(73)
Net amounts affecting consolidated
income statement \u2013 joint ventures (A),(B)
(56)
(28)
(9)
Net amounts affecting consolidated
income statement \u2013 other related parties (A)
(86)
(85)
(85)
Total net amount affecting
the\u00a0consolidated\u00a0income statement
(208)
(181)
(167)
A. Amounts relate to container deposit scheme charges.
B. Amounts 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
2024
2023
\u20ac million
\u20ac million
Amounts due from associates
6
6
Amounts payable to associates
2
2
Amounts payable to joint ventures
9
7
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 30 for a listing of associates, joint ventures and other related
parties.
Note 30
Group companies
In accordance with section 409 of the Companies Act 2006, a full list of the Group\u2019s subsidiaries, partnerships, associates, joint ventures and other undertakings as
at 31\u00a0December\u00a02024 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)(I)
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
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
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
Name
Country of incorporation
% equity
interest
Registered address
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 Aboitiz Beverages Philippines, Inc.
Philippines
60%
NAC Tower, 32nd Street, Bonifacio Global City, Taguig City, 1634, Philippines
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 (APS) Limited
United Kingdom
100%(A)(D)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP Holdings (Australia) Pty Ltd
Australia
100%(A)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
CCEP Holdings Norge AS
Norway
100%
Robsrudskogen 5, L\u00f8renskog, 1470, Norway
CCEP Holdings Sverige AB
Sweden
100%
Dryckesv\u00e4gen 2 C, 136 87, Haninge, Sweden
CCEP Holdings UK Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP\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 Economy Systems Pty Ltd
Australia
50%
Maddocks, Angel Place, Level 27, 123 Pitt Street, Sydney NSW 2000, Australia
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 Beverages Philippines, Inc.
Philippines
60%(R)
28th Floor, Six/NEO Building, 5th Avenue corner 26th Street, Bonifacio Global City, Taguig
City, 1634, Philippines
Coca-Cola Bottlers Business Service Inc. Retirement Plan
Philippines
\u2014%(Q)
2nd Floor, Annex Building, 10 Obrero Street, Bagumbayan, Quezon City, 1103, Philippines
Coca-Cola Bottlers Philippines, Inc. Retirement plan
Philippines
\u2014%(Q)
20th Floor, San Miguel Properties Centre 7, St. Francis Street, Ortigas Center,
Mandaluyong City, Philippines
Coca-Cola Europacific Partners (CDE Aust) Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners (Fiji) Pte Limited
Fiji
100%
Lot 1, Ratu Dovi Road, Laucala Beach Estate, NASINU, Fiji
Name
Country of incorporation
% equity
interest
Registered address
Coca-Cola Europacific Partners (Holdings) Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners (Initial LP) Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners (Scotland) Limited
United Kingdom
100%
52 Milton Road, College Milton, East Kilbride, Scotland, G74 5DJ, United Kingdom
Coca-Cola Europacific Partners API Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners Australia Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners Belgium SRL/BV
Belgium
100%
Chauss\u00e9e de Mons 1424, 1070 Brussels, Belgium
Coca-Cola Europacific Partners Deutschland GmbH
Germany
100%(F)
Stralauer Allee 4, 10245, Berlin, Germany
Coca-Cola Europacific Partners France SAS
France
100%(G)
9 chemin de Bretagne, 92784, Issy-les-Moulineaux, France
Coca-Cola Europacific Partners Great Britain Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners Holdings Great Britain Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners Holdings NZ Limited
New Zealand
100%
The Oasis, 19 Carbine Road, Mount Wellington, Auckland, 1060, New Zealand
Coca-Cola Europacific Partners Holdings US, Inc.
United States
100%(A)(D)
Corporation Trust Center, 1209 Orange Street, Wilmington DE, USA
Coca-Cola Europacific Partners Iberia, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta, 28042, Madrid, Spain
Coca-Cola Europacific Partners Investments (Singapore) Pte. Ltd.
Singapore
100%
80 Robinson Road, #02-00, 068898, Singapore
Coca-Cola Europacific Partners \u00cdsland ehf.
Iceland
100%
Studlahals 1, 110, Reykjavik, Iceland
Coca-Cola Europacific Partners Luxembourg s\u00e0rl
Luxembourg
100%
2, Rue des Joncs, L-1818, Howald, Luxembourg
Coca-Cola Europacific Partners Nederland B.V.
Netherlands
100%
Marten Meesweg 25 J, 3068 AV, Rotterdam, Netherlands
Coca-Cola Europacific Partners New Zealand Limited
New Zealand
100%
The Oasis, 19 Carbine Road, Mount Wellington, Auckland, 1060, New Zealand
Coca-Cola Europacific Partners Norge AS
Norway
100%
Robsrudskogen 5, L\u00f8renskog, 1470, Norway
Coca-Cola Europacific Partners Papua New Guinea Limited
Papua New Guinea
100%
Section 23, Allotment 14, Milfordhaven Road, LAE, Morobe Province, 411, Papua New Guinea
Coca-Cola Europacific Partners Pension Scheme Trustees Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners plc Employee Benefit Trust
Jersey (Channel
Islands)
\u2014%(S)
Computershare Trustees (Jersey) Limited, 13 Castle Street, St Helier, JE1 1ES, Jersey
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
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
Name
Country of incorporation
% equity
interest
Registered address
Coca-Cola Foundation Philippines, Inc.
Philippines
30%
25th Floor Net Lima Building, 5th Avenue corner 26th Street, Bonifacio Global City, Taguig
City, 1634, Philippines
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
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
Cosmos Bottling Corporation
Philippines
60%
28th Floor, Six/NEO Building, 5th Avenue corner 26th Street, Bonifacio Global City, Taguig
City, 1634, Philippines
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
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
Ionech Limited
United Kingdom
15.3%
6th Floor, Manfield House, 1 Southampton Street, London, England, WC2R 0LR
Kollex GmbH
Germany
20%
Kottbusser Damm 25-26, 10967, Berlin, Germany
Lusobega, S.L.
Spain
100%
C/ Ibaiz\u00e1bal, 57, 48960, Bizkaia, Galdakao, Spain
Luzviminda Land Holdings, Inc.
Philippines
24%
28th Floor, Six/NEO Building, 5th Avenue corner 26th Street, Bonifacio Global City, Taguig
City, 1634, Philippines
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
Name
Country of incorporation
% equity
interest
Registered address
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
PETValue Philippines Corporation
Philippines
18%
Wilkins Plant, CM Delos Reyes, Gateway Business Park, Brgy. Javalera, General Trias,
Cavite, Philippines
Philippine Bottlers, Inc.
Philippines
60%
28th Floor, Six/NEO Building, 5th Avenue corner 26th Street, Bonifacio Global City, Taguig
City, 1634, Philippines
PT Amandina Bumi Nusantara
Indonesia
50%
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
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
VicReturn Limited
Australia
\u2014%(M)
HWL Ebsworth Lawyers, Level 8, 447 Collins Street, Melbourne VIC 3000, Australia
Name
Country of incorporation
% equity
interest
Registered address
WA Return Recycle Renew Ltd
Australia
\u2014%(L)
Unit 2, 1 Centro Avenue, Subiaco WA 6008, Australia
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)(I)
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. 2% 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.
Q. Registered defined benefit plan entity.
R. Name is changed to Coca-Cola Europacific Aboitiz Philippines, Inc. effective 13 January 2025.
S. Employee Benefit Trust established for the purpose of facilitating the acquisition and distribution of CCEP Shares for the
benefit of satisfying the Group\u2019s share-based payments obligations under its existing and future share-based
compensation plans.
Note 31
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\u00a02024.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-725": { "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
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Salaries and other short-term employee
benefits(A)
33
31
30
Share-based payments
9
20
15
Termination benefits
7
\u2014
\u2014
Total
49
51
45
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-727": { "value": "
Note 22
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.
2024, 2023 and 2022 results
The following table summarises the major components of income tax expense
for the periods presented:
Year ended 31 December
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Current tax:
Current tax charge
596
555
460
Adjustment in respect of current tax from
prior\u00a0periods
(38)
(10)
(37)
Total current tax
558
545
423
Deferred tax:
Relating to the origination and reversal of
temporary\u00a0differences
(71)
11
35
Adjustment in respect of deferred income
tax from prior\u00a0periods
2
(22)
(22)
Relating to changes in tax rates or the
imposition of new\u00a0taxes
3
\u2014
\u2014
Total deferred tax
(66)
(11)
13
Income tax charge per
the\u00a0consolidated\u00a0income\u00a0statement
492
534
436
The following table summarises the taxes on items recognised in other
comprehensive income and directly within equity for the periods presented:
Year ended 31 December
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Taxes charged/(credited) to OCI:
Deferred tax on net gain/loss on
revaluation of\u00a0cash\u00a0flow hedges and
other reserves
\u2014
11
(20)
Deferred tax on net gain/loss on pension
plan\u00a0remeasurements
16
(43)
(11)
Current tax on net gain/loss on pension
plan remeasurements
\u2014
8
\u2014
Total taxes charged/(credited) to OCI
16
(24)
(31)
Taxes charged/(credited) to equity:
Deferred tax charge/(credit): cash flow
hedges
(7)
(31)
\u2014
Deferred tax charge/(credit): share-based
compensation
\u2014
(1)
(2)
Current tax charge/(credit): share-based
compensation
\u2014
\u2014
(8)
Total taxes charged/(credited) to equity
(7)
(32)
(10)
The effective tax rate was 25.4%, 24.2% and 22.3% for the years ended
31\u00a0December\u00a02024, 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022, 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
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Accounting profit before tax
from\u00a0continuing\u00a0operations
1,936
2,203
1,957
Tax expense at the UK statutory rate
484
518
371
Taxation of foreign operations, net(A)
28
43
115
Non-deductible expense items for tax
purposes
16
15
2
Rate and law change impact, net(B)
3
\u2014
\u2014
Deferred taxes not recognised
(3)
(10)
7
Adjustment in respect of prior periods(C)
(36)
(32)
(59)
Total provision for income taxes
492
534
436
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 25%\u00a0(2023:\u00a023.5%;\u00a02022:\u00a019%).
B. In 2024, New Zealand enacted a law change that removed tax depreciation from commercial properties from 1 April 2024.
The Group recognised a deferred tax expense of \u20ac3 million to reflect the impact of this change.
C. The prior year adjustment is principally due to the reassessment of our uncertain tax positions and release of tax reserves
that are no longer required due to expiration of statute of limitations.\u00a0
Deferred income taxes
The following table summarises the movements in the carrying amounts of deferred tax liabilities and assets by significant component during the periods presented:
Franchise and\u00a0other
intangible assets
Property, plant\u00a0
and equipment
Financial assets and
liabilities
Tax
losses
Employee and\u00a0retiree
benefit accruals
Tax
credits
Other,
net
Total,
net
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
As at 31 December 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
Amount charged/(credited) to income statement
(excluding effect of tax rate changes)
(27)
(25)
1
(9)
4
\u2014
(13)
(69)
Effect of tax rate changes on income statement
\u2014
3
\u2014
\u2014
\u2014
\u2014
\u2014
3
Amounts charged/(credited) directly to OCI
\u2014
\u2014
\u2014
\u2014
16
\u2014
\u2014
16
Amount charged/(credited) to equity
\u2014
\u2014
(7)
\u2014
\u2014
\u2014
\u2014
(7)
Acquired through business combinations
116
143
(69)
\u2014
(10)
\u2014
(10)
170
Balance sheet reclassifications
8
3
(1)
\u2014
\u2014
\u2014
(10)
\u2014
Effect of movements in foreign exchange
(10)
1
(1)
\u2014
\u2014
\u2014
(6)
(16)
As at 31 December 2024
3,278
373
(69)
(20)
(70)
(24)
6
3,474
Analysed as follows:
As at 31 December
2023
As at 31 December
2024
Deferred tax asset
(1)
(24)
Deferred tax liability
3,378
3,498
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
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Gross
amount
Tax
effected
Gross
amount
Tax
effected
Gross
amount
Tax
effected
Tax losses expiring:
Within 10 years
4
1
\u2014
\u2014
\u2014
\u2014
Beyond 10 years
3
1
3
1
3
1
No time limit
1,261
253
1,391
264
1,657
288
1,268
255
1,394
265
1,660
289
Tax credits expiring:
Within 10 years
60
60
57
57
58
58
Beyond 10 years
33
33
35
35
43
43
93
93
92
92
101
101
Deductible temporary differences
No time limit
12
3
17
4
79
20
12
3
17
4
79
20
Total
1,373
351
1,503
361
1,840
410
As at 31 December 2024, no deferred tax liability has been recognised in respect
of \u20ac271 million (2023: \u20ac244 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\u00a02024, \u20ac267\u00a0million
(31\u00a0December\u00a02023: \u20ac175\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 12 May 2023, the International Accounting Standards Board (IASB) issued
International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to
IAS 12 (\u201cthe Amendments\u201d). The Amendments introduce a mandatory temporary
exception from the recognition and disclosure of deferred taxes arising from the
implementation of the OECD\u2019s Pillar Two Model Rules.
Pillar Two legislation was enacted in the UK on 11 July 2023, under Finance (No 2)
Act 2023, and was effective from 1 January 2024.
The Group has applied the exception under the IAS 12 amendment to recognising
and disclosing information about deferred tax assets and liabilities related to top
up tax in preparing its consolidated financial statements as at 31\u00a0December\u00a02024.
The Group is in scope of the Pillar Two tax legislation and is subject to top up tax
in relation to its operations in a few countries. No material liability has been
recognised in the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-726": { "value": "
Note 22
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.
2024, 2023 and 2022 results
The following table summarises the major components of income tax expense
for the periods presented:
Year ended 31 December
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Current tax:
Current tax charge
596
555
460
Adjustment in respect of current tax from
prior\u00a0periods
(38)
(10)
(37)
Total current tax
558
545
423
Deferred tax:
Relating to the origination and reversal of
temporary\u00a0differences
(71)
11
35
Adjustment in respect of deferred income
tax from prior\u00a0periods
2
(22)
(22)
Relating to changes in tax rates or the
imposition of new\u00a0taxes
3
\u2014
\u2014
Total deferred tax
(66)
(11)
13
Income tax charge per
the\u00a0consolidated\u00a0income\u00a0statement
492
534
436
The following table summarises the taxes on items recognised in other
comprehensive income and directly within equity for the periods presented:
Year ended 31 December
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Taxes charged/(credited) to OCI:
Deferred tax on net gain/loss on
revaluation of\u00a0cash\u00a0flow hedges and
other reserves
\u2014
11
(20)
Deferred tax on net gain/loss on pension
plan\u00a0remeasurements
16
(43)
(11)
Current tax on net gain/loss on pension
plan remeasurements
\u2014
8
\u2014
Total taxes charged/(credited) to OCI
16
(24)
(31)
Taxes charged/(credited) to equity:
Deferred tax charge/(credit): cash flow
hedges
(7)
(31)
\u2014
Deferred tax charge/(credit): share-based
compensation
\u2014
(1)
(2)
Current tax charge/(credit): share-based
compensation
\u2014
\u2014
(8)
Total taxes charged/(credited) to equity
(7)
(32)
(10)
The effective tax rate was 25.4%, 24.2% and 22.3% for the years ended
31\u00a0December\u00a02024, 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022, 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
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Accounting profit before tax
from\u00a0continuing\u00a0operations
1,936
2,203
1,957
Tax expense at the UK statutory rate
484
518
371
Taxation of foreign operations, net(A)
28
43
115
Non-deductible expense items for tax
purposes
16
15
2
Rate and law change impact, net(B)
3
\u2014
\u2014
Deferred taxes not recognised
(3)
(10)
7
Adjustment in respect of prior periods(C)
(36)
(32)
(59)
Total provision for income taxes
492
534
436
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 25%\u00a0(2023:\u00a023.5%;\u00a02022:\u00a019%).
B. In 2024, New Zealand enacted a law change that removed tax depreciation from commercial properties from 1 April 2024.
The Group recognised a deferred tax expense of \u20ac3 million to reflect the impact of this change.
C. The prior year adjustment is principally due to the reassessment of our uncertain tax positions and release of tax reserves
that are no longer required due to expiration of statute of limitations.\u00a0
Deferred income taxes
The following table summarises the movements in the carrying amounts of deferred tax liabilities and assets by significant component during the periods presented:
Franchise and\u00a0other
intangible assets
Property, plant\u00a0
and equipment
Financial assets and
liabilities
Tax
losses
Employee and\u00a0retiree
benefit accruals
Tax
credits
Other,
net
Total,
net
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
\u20ac million
As at 31 December 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
Amount charged/(credited) to income statement
(excluding effect of tax rate changes)
(27)
(25)
1
(9)
4
\u2014
(13)
(69)
Effect of tax rate changes on income statement
\u2014
3
\u2014
\u2014
\u2014
\u2014
\u2014
3
Amounts charged/(credited) directly to OCI
\u2014
\u2014
\u2014
\u2014
16
\u2014
\u2014
16
Amount charged/(credited) to equity
\u2014
\u2014
(7)
\u2014
\u2014
\u2014
\u2014
(7)
Acquired through business combinations
116
143
(69)
\u2014
(10)
\u2014
(10)
170
Balance sheet reclassifications
8
3
(1)
\u2014
\u2014
\u2014
(10)
\u2014
Effect of movements in foreign exchange
(10)
1
(1)
\u2014
\u2014
\u2014
(6)
(16)
As at 31 December 2024
3,278
373
(69)
(20)
(70)
(24)
6
3,474
Analysed as follows:
As at 31 December
2023
As at 31 December
2024
Deferred tax asset
(1)
(24)
Deferred tax liability
3,378
3,498
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
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
Gross
amount
Tax
effected
Gross
amount
Tax
effected
Gross
amount
Tax
effected
Tax losses expiring:
Within 10 years
4
1
\u2014
\u2014
\u2014
\u2014
Beyond 10 years
3
1
3
1
3
1
No time limit
1,261
253
1,391
264
1,657
288
1,268
255
1,394
265
1,660
289
Tax credits expiring:
Within 10 years
60
60
57
57
58
58
Beyond 10 years
33
33
35
35
43
43
93
93
92
92
101
101
Deductible temporary differences
No time limit
12
3
17
4
79
20
12
3
17
4
79
20
Total
1,373
351
1,503
361
1,840
410
As at 31 December 2024, no deferred tax liability has been recognised in respect
of \u20ac271 million (2023: \u20ac244 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\u00a02024, \u20ac267\u00a0million
(31\u00a0December\u00a02023: \u20ac175\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 12 May 2023, the International Accounting Standards Board (IASB) issued
International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to
IAS 12 (\u201cthe Amendments\u201d). The Amendments introduce a mandatory temporary
exception from the recognition and disclosure of deferred taxes arising from the
implementation of the OECD\u2019s Pillar Two Model Rules.
Pillar Two legislation was enacted in the UK on 11 July 2023, under Finance (No 2)
Act 2023, and was effective from 1 January 2024.
The Group has applied the exception under the IAS 12 amendment to recognising
and disclosing information about deferred tax assets and liabilities related to top
up tax in preparing its consolidated financial statements as at 31\u00a0December\u00a02024.
The Group is in scope of the Pillar Two tax legislation and is subject to top up tax
in relation to its operations in a few countries. No material liability has been
recognised in the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-728": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-729": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-730": { "value": "
Note 23
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 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\u00a02024 , 31\u00a0December\u00a02023 and
31\u00a0December\u00a02022, compensation expense related to our share-based payment
plans totalled \u20ac45 million, \u20ac57 million and \u20ac33 million, respectively. The expense
arising from equity-settled share-based payment transactions was \u20ac42 million
for the year ended 31\u00a0December\u00a02024 (2023: \u20ac54 million; 2022: \u20ac33 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\u00a02024, 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022.
All options outstanding as at 31\u00a0December\u00a02024, 31\u00a0December\u00a02023
and\u00a031\u00a0December\u00a02022 were\u00a0valued and had exercise prices in US dollars.
The following table summarises our share option activity for the periods
presented:
2024
2023
2022
Shares
Average
exercise price
Shares
Average
exercise price
Shares
Average
exercise price
thousands
US$
thousands
US$
thousands
US$
Outstanding at
beginning of year
920
37.42
2,272
35.30
2,758
34.19
Granted
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Exercised
(895)
37.39
(1,352)
33.86
(484)
29.00
Forfeited, expired
or cancelled
(1)
\u2014
\u2014
\u2014
(2)
23.21
Outstanding
at\u00a0end\u00a0of\u00a0year
24
39.00
920
37.42
2,272
35.30
Options exercisable
at\u00a0end of year
24
39.00
920
37.42
2,272
35.30
The weighted average Share price during the years ended 31\u00a0December\u00a02024,
31\u00a0December\u00a02023 and 31\u00a0December\u00a02022 was US$73.60, US$60.96 and US$51.21,
respectively.
The following table summarises the weighted average remaining life of options
outstanding for the periods presented:
2024
2023
2022
Range of exercise\u00a0prices
Options
outstanding
Weighted
average
remaining life
Options
outstanding
Weighted
average
remaining life
Options
outstanding
Weighted
average
remaining life
US$
thousands
years
thousands
years
thousands
years
25.01 to 40.00
24
0.85
920
1.60
2,272
2.20
Total
24
0.85
920
1.60
2,272
2.20
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 0.2 million, 0.1 million and 0.1 million unvested RSUs outstanding with a
weighted average grant date fair\u00a0value of US$59.31 , US$50.67 and US$42.74 as at
31\u00a0December\u00a02024, 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022, respectively.
PSU awards entitle the participant to the same benefits as RSUs. They generally
vest subject to continued employment for a period of 36 months and the
attainment of certain performance targets. There were 1.1 million, 2.1 million and
1.8 million of unvested PSUs, with weighted average grant date fair values of
US$54.19, US$48.95 and US$41.65 outstanding as at 31\u00a0December\u00a02024,
31\u00a0December\u00a02023 and 31\u00a0December\u00a02022, respectively.
The PSUs granted in 2024, 2023 and 2022 are subject to performance conditions
of absolute EPS and ROIC, each with a 42.5% weighting, and to a sustainability
metric, focused on the reduction of greenhouse gas emissions (CO2e) across our
entire value chain with a 15% weighting.
Key assumptions for grant date fair value
The following table summarises the weighted average grant date fair values
per unit:
Restricted stock units and performance share units
2024
2023
Grant date fair value \u2013 service conditions (US$)
67.60
59.21
Grant date fair value \u2013 service and performance conditions (US$)
67.77
59.23
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\u00a02024, 31\u00a0December\u00a02023 and 31\u00a0December\u00a02022 the Group
recognised a compensation expense related to the ESPP of \u20ac17 million,
\u20ac14\u00a0million and \u20ac3 million, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-731": { "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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-732": { "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 19 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 26 years and 2 to 9 years,
respectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-733": { "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 19 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 26 years and 2 to 9 years,
respectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-735": { "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 \u20ac850 million have been issued (2023: \u20ac1,127 million).
The Group was required to issue these guarantees to satisfy potential obligations
arising from such litigation. In addition, we\u00a0have approximately \u20ac42 million of
guarantees issued to third parties through the normal course of business
(2023: \u20ac37 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-734": { "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 \u20ac850 million have been issued (2023: \u20ac1,127 million).
The Group was required to issue these guarantees to satisfy potential obligations
arising from such litigation. In addition, we\u00a0have approximately \u20ac42 million of
guarantees issued to third parties through the normal course of business
(2023: \u20ac37 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\u00a02024 are disclosed herein but not accrued
for within the consolidated statement of financial position.
Purchase agreements
Total purchase commitments were \u20ac0.5 billion as at 31\u00a0December\u00a02024. 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.
During the year ended 31 December 2024, the Group made a commitment to
TCCC to invest \u20ac167\u00a0million with Microsoft for Azure cloud migration services over
a six years term. A further \u20ac25\u00a0million has been committed to Infosys, who will
act as a supporting partner. In addition, the Group committed to \u20ac113\u00a0million of
third party warehouse logistics investment in GB. A total of approximately
\u20ac50\u00a0million related to these commitments was paid during the year ended
31 December 2024. No material commitments were assumed as part of the
Acquisition.
In addition to these amounts, the Group has outstanding capital expenditure
purchase orders of approximately \u20ac195 million as at 31\u00a0December\u00a02024.
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\u00a02024, the Group had committed to a number of lease agreements
that have not yet commenced. The minimum lease payments for these lease
agreements totalled \u20ac55 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-736": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-737": { "value": "
Commitments
Commitments beyond 31\u00a0December\u00a02024 are disclosed herein but not accrued
for within the consolidated statement of financial position.
Purchase agreements
Total purchase commitments were \u20ac0.5 billion as at 31\u00a0December\u00a02024. 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.
During the year ended 31 December 2024, the Group made a commitment to
TCCC to invest \u20ac167\u00a0million with Microsoft for Azure cloud migration services over
a six years term. A further \u20ac25\u00a0million has been committed to Infosys, who will
act as a supporting partner. In addition, the Group committed to \u20ac113\u00a0million of
third party warehouse logistics investment in GB. A total of approximately
\u20ac50\u00a0million related to these commitments was paid during the year ended
31 December 2024. No material commitments were assumed as part of the
Acquisition.
In addition to these amounts, the Group has outstanding capital expenditure
purchase orders of approximately \u20ac195 million as at 31\u00a0December\u00a02024.
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\u00a02024, the Group had committed to a number of lease agreements
that have not yet commenced. The minimum lease payments for these lease
agreements totalled \u20ac55 million", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-738": { "value": "
Note 25
Other income
Other income for the year ended 31\u00a0December\u00a02024 totalled nil
( 31\u00a0December\u00a02023 : \u20ac107\u00a0million; 31\u00a0December\u00a02022 : \u20ac96\u00a0million).
The balance for the year ended 31 December 2023 was 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-740": { "value": "
Note 26
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
2024
2023
Other current assets
\u20ac million
\u20ac million
Prepayments
202
130
VAT receivables
44
40
Miscellaneous receivables
212
181
Total other current assets
458
351
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 VAT
payable of \u20ac57\u00a0million to the Spanish tax authorities within trade and other
payables, both inclusive of interest. As at 31 December 2024, the VAT receivable
balance of \u20ac25\u00a0million remains unchanged, while the VAT payable balance
increased to \u20ac61\u00a0million resulting from interests (as at 31 December 2023:
\u20ac59\u00a0million).
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. There was no VAT receivable outstanding for
periods 2017 onwards. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-739": { "value": "
Note 26
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
2024
2023
Other current assets
\u20ac million
\u20ac million
Prepayments
202
130
VAT receivables
44
40
Miscellaneous receivables
212
181
Total other current assets
458
351
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 VAT
payable of \u20ac57\u00a0million to the Spanish tax authorities within trade and other
payables, both inclusive of interest. As at 31 December 2024, the VAT receivable
balance of \u20ac25\u00a0million remains unchanged, while the VAT payable balance
increased to \u20ac61\u00a0million resulting from interests (as at 31 December 2023:
\u20ac59\u00a0million).
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. There was no VAT receivable outstanding for
periods 2017 onwards. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-741": { "value": "
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
2024
2023
Other current assets
\u20ac million
\u20ac million
Prepayments
202
130
VAT receivables
44
40
Miscellaneous receivables
212
181
Total other current assets
458
351
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 VAT
payable of \u20ac57\u00a0million to the Spanish tax authorities within trade and other
payables, both inclusive of interest. As at 31 December 2024, the VAT receivable
balance of \u20ac25\u00a0million remains unchanged, while the VAT payable balance
increased to \u20ac61\u00a0million resulting from interests (as at 31 December 2023:
\u20ac59\u00a0million).
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. There was no VAT receivable outstanding for
periods 2017 onwards. We believe that the Group will continue to be held neutral
in respect of the VAT dispute
Other non-current assets
The following table summarises the Group\u2019s other non-current assets as at the
dates presented:
Year ended 31 December
2024
2023
Other non-current assets
\u20ac million
\u20ac million
Retirement benefit surplus (Note 17 )
176
134
Investments
54
39
Other
167
122
Total other non-current assets
397
295
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-743": { "value": "
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 need 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 sell.
Once classified as held for sale, intangible assets and property, plant and
equipment are no longer amortised or depreciated, and any equity accounted
investee is no longer equity accounted.\u00a0
Assets classified as held for sale as at 31\u00a0December\u00a02024 and 31\u00a0December\u00a02023
totalled \u20ac46\u00a0million and \u20ac22 million, respectively. These assets primarily consist of
properties expected to be sold in the near future.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-742": { "value": "
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 need 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 sell.
Once classified as held for sale, intangible assets and property, plant and
equipment are no longer amortised or depreciated, and any equity accounted
investee is no longer equity accounted.\u00a0
Assets classified as held for sale as at 31\u00a0December\u00a02024 and 31\u00a0December\u00a02023
totalled \u20ac46\u00a0million and \u20ac22 million, respectively. These assets primarily consist of
properties expected to be sold in the near future.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-744": { "value": "
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 need 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 sell.
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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-746": { "value": "
Note 27
Other non-current assets
The following table summarises the Group\u2019s other non-current assets as at the
dates presented:
Year ended 31 December
2024
2023
Other non-current assets
\u20ac million
\u20ac million
Retirement benefit surplus (Note 17 )
176
134
Investments
54
39
Other
167
122
Total other non-current assets
397
295
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,
therefore 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
2024
2023
Investments
\u20ac million
\u20ac million
Investments accounted using equity method
40
35
Financial assets at fair value through other comprehensive
income(A)
14
4
Total investments
54
39
A. Investments amounting to approximately \u20ac10 million were acquired in 2024, \u20ac4 million of which were obtained as part of
the Acquisition.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-745": { "value": "
Note 27
Other non-current assets
The following table summarises the Group\u2019s other non-current assets as at the
dates presented:
Year ended 31 December
2024
2023
Other non-current assets
\u20ac million
\u20ac million
Retirement benefit surplus (Note 17 )
176
134
Investments
54
39
Other
167
122
Total other non-current assets
397
295
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,
therefore 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
2024
2023
Investments
\u20ac million
\u20ac million
Investments accounted using equity method
40
35
Financial assets at fair value through other comprehensive
income(A)
14
4
Total investments
54
39
A. Investments amounting to approximately \u20ac10 million were acquired in 2024, \u20ac4 million of which were obtained as part of
the Acquisition.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-748": { "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
2024
2023
Other non-current assets
\u20ac million
\u20ac million
Retirement benefit surplus (Note 17 )
176
134
Investments
54
39
Other
167
122
Total other non-current assets
397
295
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,
therefore 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
2024
2023
Investments
\u20ac million
\u20ac million
Investments accounted using equity method
40
35
Financial assets at fair value through other comprehensive
income(A)
14
4
Total investments
54
39
A. Investments amounting to approximately \u20ac10 million were acquired in 2024, \u20ac4 million of which were obtained as part of
the Acquisition.
Note 30
Group companies
In accordance with section 409 of the Companies Act 2006, a full list of the Group\u2019s subsidiaries, partnerships, associates, joint ventures and other undertakings as
at 31\u00a0December\u00a02024 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)(I)
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
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
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
Name
Country of incorporation
% equity
interest
Registered address
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 Aboitiz Beverages Philippines, Inc.
Philippines
60%
NAC Tower, 32nd Street, Bonifacio Global City, Taguig City, 1634, Philippines
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 (APS) Limited
United Kingdom
100%(A)(D)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP Holdings (Australia) Pty Ltd
Australia
100%(A)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
CCEP Holdings Norge AS
Norway
100%
Robsrudskogen 5, L\u00f8renskog, 1470, Norway
CCEP Holdings Sverige AB
Sweden
100%
Dryckesv\u00e4gen 2 C, 136 87, Haninge, Sweden
CCEP Holdings UK Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP\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 Economy Systems Pty Ltd
Australia
50%
Maddocks, Angel Place, Level 27, 123 Pitt Street, Sydney NSW 2000, Australia
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 Beverages Philippines, Inc.
Philippines
60%(R)
28th Floor, Six/NEO Building, 5th Avenue corner 26th Street, Bonifacio Global City, Taguig
City, 1634, Philippines
Coca-Cola Bottlers Business Service Inc. Retirement Plan
Philippines
\u2014%(Q)
2nd Floor, Annex Building, 10 Obrero Street, Bagumbayan, Quezon City, 1103, Philippines
Coca-Cola Bottlers Philippines, Inc. Retirement plan
Philippines
\u2014%(Q)
20th Floor, San Miguel Properties Centre 7, St. Francis Street, Ortigas Center,
Mandaluyong City, Philippines
Coca-Cola Europacific Partners (CDE Aust) Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners (Fiji) Pte Limited
Fiji
100%
Lot 1, Ratu Dovi Road, Laucala Beach Estate, NASINU, Fiji
Name
Country of incorporation
% equity
interest
Registered address
Coca-Cola Europacific Partners (Holdings) Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners (Initial LP) Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners (Scotland) Limited
United Kingdom
100%
52 Milton Road, College Milton, East Kilbride, Scotland, G74 5DJ, United Kingdom
Coca-Cola Europacific Partners API Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners Australia Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners Belgium SRL/BV
Belgium
100%
Chauss\u00e9e de Mons 1424, 1070 Brussels, Belgium
Coca-Cola Europacific Partners Deutschland GmbH
Germany
100%(F)
Stralauer Allee 4, 10245, Berlin, Germany
Coca-Cola Europacific Partners France SAS
France
100%(G)
9 chemin de Bretagne, 92784, Issy-les-Moulineaux, France
Coca-Cola Europacific Partners Great Britain Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners Holdings Great Britain Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners Holdings NZ Limited
New Zealand
100%
The Oasis, 19 Carbine Road, Mount Wellington, Auckland, 1060, New Zealand
Coca-Cola Europacific Partners Holdings US, Inc.
United States
100%(A)(D)
Corporation Trust Center, 1209 Orange Street, Wilmington DE, USA
Coca-Cola Europacific Partners Iberia, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta, 28042, Madrid, Spain
Coca-Cola Europacific Partners Investments (Singapore) Pte. Ltd.
Singapore
100%
80 Robinson Road, #02-00, 068898, Singapore
Coca-Cola Europacific Partners \u00cdsland ehf.
Iceland
100%
Studlahals 1, 110, Reykjavik, Iceland
Coca-Cola Europacific Partners Luxembourg s\u00e0rl
Luxembourg
100%
2, Rue des Joncs, L-1818, Howald, Luxembourg
Coca-Cola Europacific Partners Nederland B.V.
Netherlands
100%
Marten Meesweg 25 J, 3068 AV, Rotterdam, Netherlands
Coca-Cola Europacific Partners New Zealand Limited
New Zealand
100%
The Oasis, 19 Carbine Road, Mount Wellington, Auckland, 1060, New Zealand
Coca-Cola Europacific Partners Norge AS
Norway
100%
Robsrudskogen 5, L\u00f8renskog, 1470, Norway
Coca-Cola Europacific Partners Papua New Guinea Limited
Papua New Guinea
100%
Section 23, Allotment 14, Milfordhaven Road, LAE, Morobe Province, 411, Papua New Guinea
Coca-Cola Europacific Partners Pension Scheme Trustees Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners plc Employee Benefit Trust
Jersey (Channel
Islands)
\u2014%(S)
Computershare Trustees (Jersey) Limited, 13 Castle Street, St Helier, JE1 1ES, Jersey
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
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
Name
Country of incorporation
% equity
interest
Registered address
Coca-Cola Foundation Philippines, Inc.
Philippines
30%
25th Floor Net Lima Building, 5th Avenue corner 26th Street, Bonifacio Global City, Taguig
City, 1634, Philippines
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
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
Cosmos Bottling Corporation
Philippines
60%
28th Floor, Six/NEO Building, 5th Avenue corner 26th Street, Bonifacio Global City, Taguig
City, 1634, Philippines
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
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
Ionech Limited
United Kingdom
15.3%
6th Floor, Manfield House, 1 Southampton Street, London, England, WC2R 0LR
Kollex GmbH
Germany
20%
Kottbusser Damm 25-26, 10967, Berlin, Germany
Lusobega, S.L.
Spain
100%
C/ Ibaiz\u00e1bal, 57, 48960, Bizkaia, Galdakao, Spain
Luzviminda Land Holdings, Inc.
Philippines
24%
28th Floor, Six/NEO Building, 5th Avenue corner 26th Street, Bonifacio Global City, Taguig
City, 1634, Philippines
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
Name
Country of incorporation
% equity
interest
Registered address
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
PETValue Philippines Corporation
Philippines
18%
Wilkins Plant, CM Delos Reyes, Gateway Business Park, Brgy. Javalera, General Trias,
Cavite, Philippines
Philippine Bottlers, Inc.
Philippines
60%
28th Floor, Six/NEO Building, 5th Avenue corner 26th Street, Bonifacio Global City, Taguig
City, 1634, Philippines
PT Amandina Bumi Nusantara
Indonesia
50%
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
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
VicReturn Limited
Australia
\u2014%(M)
HWL Ebsworth Lawyers, Level 8, 447 Collins Street, Melbourne VIC 3000, Australia
Name
Country of incorporation
% equity
interest
Registered address
WA Return Recycle Renew Ltd
Australia
\u2014%(L)
Unit 2, 1 Centro Avenue, Subiaco WA 6008, Australia
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)(I)
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. 2% 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.
Q. Registered defined benefit plan entity.
R. Name is changed to Coca-Cola Europacific Aboitiz Philippines, Inc. effective 13 January 2025.
S. Employee Benefit Trust established for the purpose of facilitating the acquisition and distribution of CCEP Shares for the
benefit of satisfying the Group\u2019s share-based payments obligations under its existing and future share-based
compensation plans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-747": { "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
2024
2023
Other non-current assets
\u20ac million
\u20ac million
Retirement benefit surplus (Note 17 )
176
134
Investments
54
39
Other
167
122
Total other non-current assets
397
295
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,
therefore 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
2024
2023
Investments
\u20ac million
\u20ac million
Investments accounted using equity method
40
35
Financial assets at fair value through other comprehensive
income(A)
14
4
Total investments
54
39
A. Investments amounting to approximately \u20ac10 million were acquired in 2024, \u20ac4 million of which were obtained as part of
the Acquisition.
Note 30
Group companies
In accordance with section 409 of the Companies Act 2006, a full list of the Group\u2019s subsidiaries, partnerships, associates, joint ventures and other undertakings as
at 31\u00a0December\u00a02024 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)(I)
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
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
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
Name
Country of incorporation
% equity
interest
Registered address
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 Aboitiz Beverages Philippines, Inc.
Philippines
60%
NAC Tower, 32nd Street, Bonifacio Global City, Taguig City, 1634, Philippines
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 (APS) Limited
United Kingdom
100%(A)(D)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP Holdings (Australia) Pty Ltd
Australia
100%(A)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
CCEP Holdings Norge AS
Norway
100%
Robsrudskogen 5, L\u00f8renskog, 1470, Norway
CCEP Holdings Sverige AB
Sweden
100%
Dryckesv\u00e4gen 2 C, 136 87, Haninge, Sweden
CCEP Holdings UK Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP\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 Economy Systems Pty Ltd
Australia
50%
Maddocks, Angel Place, Level 27, 123 Pitt Street, Sydney NSW 2000, Australia
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 Beverages Philippines, Inc.
Philippines
60%(R)
28th Floor, Six/NEO Building, 5th Avenue corner 26th Street, Bonifacio Global City, Taguig
City, 1634, Philippines
Coca-Cola Bottlers Business Service Inc. Retirement Plan
Philippines
\u2014%(Q)
2nd Floor, Annex Building, 10 Obrero Street, Bagumbayan, Quezon City, 1103, Philippines
Coca-Cola Bottlers Philippines, Inc. Retirement plan
Philippines
\u2014%(Q)
20th Floor, San Miguel Properties Centre 7, St. Francis Street, Ortigas Center,
Mandaluyong City, Philippines
Coca-Cola Europacific Partners (CDE Aust) Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners (Fiji) Pte Limited
Fiji
100%
Lot 1, Ratu Dovi Road, Laucala Beach Estate, NASINU, Fiji
Name
Country of incorporation
% equity
interest
Registered address
Coca-Cola Europacific Partners (Holdings) Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners (Initial LP) Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners (Scotland) Limited
United Kingdom
100%
52 Milton Road, College Milton, East Kilbride, Scotland, G74 5DJ, United Kingdom
Coca-Cola Europacific Partners API Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners Australia Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners Belgium SRL/BV
Belgium
100%
Chauss\u00e9e de Mons 1424, 1070 Brussels, Belgium
Coca-Cola Europacific Partners Deutschland GmbH
Germany
100%(F)
Stralauer Allee 4, 10245, Berlin, Germany
Coca-Cola Europacific Partners France SAS
France
100%(G)
9 chemin de Bretagne, 92784, Issy-les-Moulineaux, France
Coca-Cola Europacific Partners Great Britain Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners Holdings Great Britain Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners Holdings NZ Limited
New Zealand
100%
The Oasis, 19 Carbine Road, Mount Wellington, Auckland, 1060, New Zealand
Coca-Cola Europacific Partners Holdings US, Inc.
United States
100%(A)(D)
Corporation Trust Center, 1209 Orange Street, Wilmington DE, USA
Coca-Cola Europacific Partners Iberia, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta, 28042, Madrid, Spain
Coca-Cola Europacific Partners Investments (Singapore) Pte. Ltd.
Singapore
100%
80 Robinson Road, #02-00, 068898, Singapore
Coca-Cola Europacific Partners \u00cdsland ehf.
Iceland
100%
Studlahals 1, 110, Reykjavik, Iceland
Coca-Cola Europacific Partners Luxembourg s\u00e0rl
Luxembourg
100%
2, Rue des Joncs, L-1818, Howald, Luxembourg
Coca-Cola Europacific Partners Nederland B.V.
Netherlands
100%
Marten Meesweg 25 J, 3068 AV, Rotterdam, Netherlands
Coca-Cola Europacific Partners New Zealand Limited
New Zealand
100%
The Oasis, 19 Carbine Road, Mount Wellington, Auckland, 1060, New Zealand
Coca-Cola Europacific Partners Norge AS
Norway
100%
Robsrudskogen 5, L\u00f8renskog, 1470, Norway
Coca-Cola Europacific Partners Papua New Guinea Limited
Papua New Guinea
100%
Section 23, Allotment 14, Milfordhaven Road, LAE, Morobe Province, 411, Papua New Guinea
Coca-Cola Europacific Partners Pension Scheme Trustees Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners plc Employee Benefit Trust
Jersey (Channel
Islands)
\u2014%(S)
Computershare Trustees (Jersey) Limited, 13 Castle Street, St Helier, JE1 1ES, Jersey
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
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
Name
Country of incorporation
% equity
interest
Registered address
Coca-Cola Foundation Philippines, Inc.
Philippines
30%
25th Floor Net Lima Building, 5th Avenue corner 26th Street, Bonifacio Global City, Taguig
City, 1634, Philippines
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
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
Cosmos Bottling Corporation
Philippines
60%
28th Floor, Six/NEO Building, 5th Avenue corner 26th Street, Bonifacio Global City, Taguig
City, 1634, Philippines
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
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
Ionech Limited
United Kingdom
15.3%
6th Floor, Manfield House, 1 Southampton Street, London, England, WC2R 0LR
Kollex GmbH
Germany
20%
Kottbusser Damm 25-26, 10967, Berlin, Germany
Lusobega, S.L.
Spain
100%
C/ Ibaiz\u00e1bal, 57, 48960, Bizkaia, Galdakao, Spain
Luzviminda Land Holdings, Inc.
Philippines
24%
28th Floor, Six/NEO Building, 5th Avenue corner 26th Street, Bonifacio Global City, Taguig
City, 1634, Philippines
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
Name
Country of incorporation
% equity
interest
Registered address
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
PETValue Philippines Corporation
Philippines
18%
Wilkins Plant, CM Delos Reyes, Gateway Business Park, Brgy. Javalera, General Trias,
Cavite, Philippines
Philippine Bottlers, Inc.
Philippines
60%
28th Floor, Six/NEO Building, 5th Avenue corner 26th Street, Bonifacio Global City, Taguig
City, 1634, Philippines
PT Amandina Bumi Nusantara
Indonesia
50%
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
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
VicReturn Limited
Australia
\u2014%(M)
HWL Ebsworth Lawyers, Level 8, 447 Collins Street, Melbourne VIC 3000, Australia
Name
Country of incorporation
% equity
interest
Registered address
WA Return Recycle Renew Ltd
Australia
\u2014%(L)
Unit 2, 1 Centro Avenue, Subiaco WA 6008, Australia
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)(I)
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. 2% 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.
Q. Registered defined benefit plan entity.
R. Name is changed to Coca-Cola Europacific Aboitiz Philippines, Inc. effective 13 January 2025.
S. Employee Benefit Trust established for the purpose of facilitating the acquisition and distribution of CCEP Shares for the
benefit of satisfying the Group\u2019s share-based payments obligations under its existing and future share-based
compensation plans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-751": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-750": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-749": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-752": { "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 exchange risk and other price risk such as commodity
price risk. Market risk affects outstanding borrowings, as well as derivative
financial instruments.
Interest rates
The Group is subject to interest rate risk for its outstanding borrowings.
To manage interest rate risk, the Group maintains a significant proportion of its
borrowings at fixed rates. Approximately 90% and 89% of the Group\u2019s interest
bearing borrowings were comprised of fixed rate borrowings at
31\u00a0December\u00a02024 and 31\u00a0December\u00a02023, respectively. The Group also
modifies its interest rate exposure through the use of interest rate swaps. As at
31\u00a0December\u00a02024 and 31\u00a0December\u00a02023, the notional value of the Group\u2019s
interest rate swaps was \u20ac1,060 million and \u20ac1,123\u00a0million, respectively.
If interest rates on the Group\u2019s floating rate debt were adjusted by 1% for the
years ended 31\u00a0December\u00a02024, 31\u00a0December 2023 and 31\u00a0December\u00a02022, the
Group\u2019s finance costs and pre-tax equity would change on an annual basis by
approximately \u20ac8 million, \u20ac9 million and \u20ac9 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 risk
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 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 dollar denominated borrowings.
This risk is managed by entering into cross currency swaps upon issuance
thereby mitigating the foreign currency exchange risk in its entirety.
The Group\u2019s main foreign currency exchange rate exposure relates to the change
in value of the euro and US dollar against other currencies. The following tables
demonstrate the sensitivity to a reasonably possible change in the euro and US
dollar exchange rates, with all other variables held constant. The impact on the
Group\u2019s profit before taxes is due to the changes in the fair value of the
monetary assets and liabilities denominated in currencies other than the
functional currencies in which they are measured. The impact on the Group\u2019s pre-
tax equity is due to changes in the fair value of foreign currency contracts
designated as cash flow hedges. The Group\u2019s exposure to foreign currency
changes for all other currencies is not material.
Year ended 31 December
Profit before taxes impact of non-functional foreign currency exchange
exposure
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
10% appreciation in the Euro
(9)
(8)
(8)
10% depreciation in the Euro
9
8
8
10% appreciation in the US dollar
(8)
2
(1)
10% depreciation in the US dollar
8
(2)
1
Year ended 31 December
Pre-tax equity impact of non-functional foreign currency exchange
exposure
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
10% appreciation in the Euro
(33)
(6)
(29)
10% depreciation in the Euro
33
6
29
10% appreciation in the US dollar
108
79
114
10% depreciation in the US dollar
(108)
(79)
(114)
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), natural
gas, power, 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 14 for more
information. Typically, up to 80% of\u00a0the anticipated commodity transaction
exposures for the next calendar year are hedged using a combination of\u00a0forward
and option\u00a0contracts executed with third parties.
The 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. The impact on the Group\u2019s
profit before taxes is immaterial as the vast majority of commodity derivatives
are designated as hedging instruments in cash flow hedges.
As at 31\u00a0December\u00a02024, there were \u20ac33\u00a0million (31\u00a0December\u00a02023: nil) of
outstanding non-designated commodity hedges (refer to Note 14 for further
details).
Year ended 31 December
2024
2023
2022
Commodity price risk
\u20ac million
\u20ac million
\u20ac million
10% increase in commodity prices equity gain
166
144
140
10% decrease in commodity prices equity loss
(166)
(144)
(140)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-753": { "value": "
Currency exchange risk
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 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 dollar denominated borrowings.
This risk is managed by entering into cross currency swaps upon issuance
thereby mitigating the foreign currency exchange risk in its entirety.
The Group\u2019s main foreign currency exchange rate exposure relates to the change
in value of the euro and US dollar against other currencies. The following tables
demonstrate the sensitivity to a reasonably possible change in the euro and US
dollar exchange rates, with all other variables held constant. The impact on the
Group\u2019s profit before taxes is due to the changes in the fair value of the
monetary assets and liabilities denominated in currencies other than the
functional currencies in which they are measured. The impact on the Group\u2019s pre-
tax equity is due to changes in the fair value of foreign currency contracts
designated as cash flow hedges. The Group\u2019s exposure to foreign currency
changes for all other currencies is not material.
Year ended 31 December
Profit before taxes impact of non-functional foreign currency exchange
exposure
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
10% appreciation in the Euro
(9)
(8)
(8)
10% depreciation in the Euro
9
8
8
10% appreciation in the US dollar
(8)
2
(1)
10% depreciation in the US dollar
8
(2)
1
Year ended 31 December
Pre-tax equity impact of non-functional foreign currency exchange
exposure
2024
2023
2022
\u20ac million
\u20ac million
\u20ac million
10% appreciation in the Euro
(33)
(6)
(29)
10% depreciation in the Euro
33
6
29
10% appreciation in the US dollar
108
79
114
10% depreciation in the US dollar
(108)
(79)
(114)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-754": { "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
\u20ac18 million (2023:\u00a0\u20ac20 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-755": { "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
flows, 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 (2023: \u20ac1.80 billion) with a syndicate of 12 banks.
This credit facility matures in 2030 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\u00a02024, the Group had no amounts drawn under this credit facility.
The Group operates a sustainability-linked supply chain finance programme.
The facility is provided by a third party bank and\u00a0 helps our suppliers get paid
earlier than under contractual credit terms. Supplier balances under supply
chain finance facilities are disclosed in Note 16.
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\u00a02024
Trade and other payables
5,319
5,319
\u2014
\u2014
\u2014
Amounts payable to related
parties
373
373
\u2014
\u2014
\u2014
Borrowings
11,886
1,376
2,332
2,916
5,262
Derivatives
206
45
58
15
88
Lease liabilities
787
172
269
142
204
Total financial liabilities
18,571
7,285
2,659
3,073
5,554
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-756": { "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 13 for the presentation of fair values for each class of financial
assets and financial liabilities and\u00a0Note 14 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 Annual Report for disclosure of
strategic, commercial and operational risk relevant to the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-757": { "value": "
Note 29
Significant events after the reporting period
On 14 February 2025, the Group announced its intention to commence a share
buyback programme of up to \u20ac1 billion, to be completed over a 12 month period.
The initial tranche of the programme has commenced and is currently being
executed within the authority granted by the Annual General Meeting of
Shareholders (AGM) on 22 May 2024. Subject to requisite approvals being granted,
it will continue to operate under the authority granted by future general
meetings. All shares repurchased under the programme will be cancelled.
The share buyback programme may be suspended, modified, or discontinued at
any time, subject to compliance with applicable laws and regulations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-758": { "value": "
Note 30
Group companies
In accordance with section 409 of the Companies Act 2006, a full list of the Group\u2019s subsidiaries, partnerships, associates, joint ventures and other undertakings as
at 31\u00a0December\u00a02024 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)(I)
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
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
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
Name
Country of incorporation
% equity
interest
Registered address
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 Aboitiz Beverages Philippines, Inc.
Philippines
60%
NAC Tower, 32nd Street, Bonifacio Global City, Taguig City, 1634, Philippines
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 (APS) Limited
United Kingdom
100%(A)(D)
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP Holdings (Australia) Pty Ltd
Australia
100%(A)
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
CCEP Holdings Norge AS
Norway
100%
Robsrudskogen 5, L\u00f8renskog, 1470, Norway
CCEP Holdings Sverige AB
Sweden
100%
Dryckesv\u00e4gen 2 C, 136 87, Haninge, Sweden
CCEP Holdings UK Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
CCEP\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 Economy Systems Pty Ltd
Australia
50%
Maddocks, Angel Place, Level 27, 123 Pitt Street, Sydney NSW 2000, Australia
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 Beverages Philippines, Inc.
Philippines
60%(R)
28th Floor, Six/NEO Building, 5th Avenue corner 26th Street, Bonifacio Global City, Taguig
City, 1634, Philippines
Coca-Cola Bottlers Business Service Inc. Retirement Plan
Philippines
\u2014%(Q)
2nd Floor, Annex Building, 10 Obrero Street, Bagumbayan, Quezon City, 1103, Philippines
Coca-Cola Bottlers Philippines, Inc. Retirement plan
Philippines
\u2014%(Q)
20th Floor, San Miguel Properties Centre 7, St. Francis Street, Ortigas Center,
Mandaluyong City, Philippines
Coca-Cola Europacific Partners (CDE Aust) Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners (Fiji) Pte Limited
Fiji
100%
Lot 1, Ratu Dovi Road, Laucala Beach Estate, NASINU, Fiji
Name
Country of incorporation
% equity
interest
Registered address
Coca-Cola Europacific Partners (Holdings) Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners (Initial LP) Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners (Scotland) Limited
United Kingdom
100%
52 Milton Road, College Milton, East Kilbride, Scotland, G74 5DJ, United Kingdom
Coca-Cola Europacific Partners API Pty Ltd
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners Australia Pty Limited
Australia
100%
Level 13, 40 Mount Street, North Sydney NSW 2060, Australia
Coca-Cola Europacific Partners Belgium SRL/BV
Belgium
100%
Chauss\u00e9e de Mons 1424, 1070 Brussels, Belgium
Coca-Cola Europacific Partners Deutschland GmbH
Germany
100%(F)
Stralauer Allee 4, 10245, Berlin, Germany
Coca-Cola Europacific Partners France SAS
France
100%(G)
9 chemin de Bretagne, 92784, Issy-les-Moulineaux, France
Coca-Cola Europacific Partners Great Britain Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners Holdings Great Britain Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners Holdings NZ Limited
New Zealand
100%
The Oasis, 19 Carbine Road, Mount Wellington, Auckland, 1060, New Zealand
Coca-Cola Europacific Partners Holdings US, Inc.
United States
100%(A)(D)
Corporation Trust Center, 1209 Orange Street, Wilmington DE, USA
Coca-Cola Europacific Partners Iberia, S.L.U.
Spain
100%
C/ Ribera Del Loira 20-22, 2a Planta, 28042, Madrid, Spain
Coca-Cola Europacific Partners Investments (Singapore) Pte. Ltd.
Singapore
100%
80 Robinson Road, #02-00, 068898, Singapore
Coca-Cola Europacific Partners \u00cdsland ehf.
Iceland
100%
Studlahals 1, 110, Reykjavik, Iceland
Coca-Cola Europacific Partners Luxembourg s\u00e0rl
Luxembourg
100%
2, Rue des Joncs, L-1818, Howald, Luxembourg
Coca-Cola Europacific Partners Nederland B.V.
Netherlands
100%
Marten Meesweg 25 J, 3068 AV, Rotterdam, Netherlands
Coca-Cola Europacific Partners New Zealand Limited
New Zealand
100%
The Oasis, 19 Carbine Road, Mount Wellington, Auckland, 1060, New Zealand
Coca-Cola Europacific Partners Norge AS
Norway
100%
Robsrudskogen 5, L\u00f8renskog, 1470, Norway
Coca-Cola Europacific Partners Papua New Guinea Limited
Papua New Guinea
100%
Section 23, Allotment 14, Milfordhaven Road, LAE, Morobe Province, 411, Papua New Guinea
Coca-Cola Europacific Partners Pension Scheme Trustees Limited
United Kingdom
100%
Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom
Coca-Cola Europacific Partners plc Employee Benefit Trust
Jersey (Channel
Islands)
\u2014%(S)
Computershare Trustees (Jersey) Limited, 13 Castle Street, St Helier, JE1 1ES, Jersey
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
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
Name
Country of incorporation
% equity
interest
Registered address
Coca-Cola Foundation Philippines, Inc.
Philippines
30%
25th Floor Net Lima Building, 5th Avenue corner 26th Street, Bonifacio Global City, Taguig
City, 1634, Philippines
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
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
Cosmos Bottling Corporation
Philippines
60%
28th Floor, Six/NEO Building, 5th Avenue corner 26th Street, Bonifacio Global City, Taguig
City, 1634, Philippines
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
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
Ionech Limited
United Kingdom
15.3%
6th Floor, Manfield House, 1 Southampton Street, London, England, WC2R 0LR
Kollex GmbH
Germany
20%
Kottbusser Damm 25-26, 10967, Berlin, Germany
Lusobega, S.L.
Spain
100%
C/ Ibaiz\u00e1bal, 57, 48960, Bizkaia, Galdakao, Spain
Luzviminda Land Holdings, Inc.
Philippines
24%
28th Floor, Six/NEO Building, 5th Avenue corner 26th Street, Bonifacio Global City, Taguig
City, 1634, Philippines
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
Name
Country of incorporation
% equity
interest
Registered address
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
PETValue Philippines Corporation
Philippines
18%
Wilkins Plant, CM Delos Reyes, Gateway Business Park, Brgy. Javalera, General Trias,
Cavite, Philippines
Philippine Bottlers, Inc.
Philippines
60%
28th Floor, Six/NEO Building, 5th Avenue corner 26th Street, Bonifacio Global City, Taguig
City, 1634, Philippines
PT Amandina Bumi Nusantara
Indonesia
50%
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
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
VicReturn Limited
Australia
\u2014%(M)
HWL Ebsworth Lawyers, Level 8, 447 Collins Street, Melbourne VIC 3000, Australia
Name
Country of incorporation
% equity
interest
Registered address
WA Return Recycle Renew Ltd
Australia
\u2014%(L)
Unit 2, 1 Centro Avenue, Subiaco WA 6008, Australia
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)(I)
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. 2% 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.
Q. Registered defined benefit plan entity.
R. Name is changed to Coca-Cola Europacific Aboitiz Philippines, Inc. effective 13 January 2025.
S. Employee Benefit Trust established for the purpose of facilitating the acquisition and distribution of CCEP Shares for the
benefit of satisfying the Group\u2019s share-based payments obligations under its existing and future share-based
compensation plans.
Note 31
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\u00a02024.
Name
Registration number
CCEP Holdings (Australia) Limited
12982568
WIH UK Limited
10140214
Amalgamated Beverages Great Britain Limited
01994995
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300LTH67W4GWMRF57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }