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Bottling company Coca-Cola European Partners reported a fall in annual profit on lower volumes, driven by the impact of the COVID-19 pandemic and some customer disruption as a result of its planned pricing strategy.
For the year ended 31 December, pre-tax profit more than halved to €685 million from €1.45 billion year-on-year as revenue slipped to €10.61 billion from €12.0 billion.
Volumes of sparking drinks including Coca-Cola and flavours, mixers & energy were down 7% year-on-year, while stills were down 27% for the year.
Revenue per unit case fell 1.5% with positive momentum in Q1 and Q3 offset by weakness in Q2 and Q4, reflecting the varying extent of restrictions during the year, the company said.
The full-year dividend of €0.85 per share, announced at Q3, representing a 50% annualised dividend payout ratio, was in line with its dividend policy, the company said.
The company said it was unable to provide FY21 outlook guidance, citing on-going COVID-19 uncertainty.
At 8:45am: (LON:CCEP) share price was 0p at 33.55p