Coca-Cola Europacific Partners (CCEP) 6-K 2 Sep 21 2021 Q2 Current report (foreign) Financial data

Cover

Cover	6 Months Ended
	Jul. 02, 2021
Cover [Abstract]
Document type	6-K
Document period end date	Jul. 2, 2021
Entity registrant name	COCA-COLA EUROPACIFIC PARTNERS PLC
Entity central index key	0001650107
Amendment flag	false
Current fiscal year end date	--12-31
Document fiscal year focus	2021
Document fiscal period focus	Q2

Condensed Consolidated Interim

Condensed Consolidated Interim Income Statement (Unaudited) - EUR (€) € in Millions	6 Months Ended
	Jul. 02, 2021	Jun. 26, 2020
Profit or loss [abstract]
Revenue	€ 5,918	€ 4,837
Cost of sales	(3,840)	(3,168)
Gross profit	2,078	1,669
Selling and distribution expenses	(1,033)	(961)
Administrative expenses	(525)	(440)
Operating profit	520	268
Finance income	14	17
Finance costs	(78)	(72)
Total finance costs, net	(64)	(55)
Non-operating items	(1)	(2)
Profit before taxes	455	211
Taxes	(209)	(85)
Profit after taxes	246	126
Profit attributable to shareholders	244	126
Profit attributable to non-controlling interests	€ 2	€ 0
Basic earnings per share (in EUR per share)	€ 0.54	€ 0.28
Diluted earnings per share (in EUR per share)	€ 0.53	€ 0.28

Condensed Consolidated Interi_2

Condensed Consolidated Interim Statement of Comprehensive Income (Unaudited) - EUR (€) € in Millions	6 Months Ended
	Jul. 02, 2021	Jun. 26, 2020
Statement of comprehensive income [abstract]
Profit after taxes	€ 246	€ 126
Foreign currency translations:
Pretax activity, net	58	(159)
Tax effect	0	0
Foreign currency translation, net of tax	58	(159)
Cash flow hedges:
Pretax activity, net	223	(54)
Tax effect	(48)	15
Cash flow hedges, net of tax	175	(39)
Other reserves:
Pretax activity, net	6	0
Tax effect	(1)	0
Other reserves, net of tax	5	0
Other comprehensive income that will be reclassified to profit or loss, net of tax	238	(198)
Pension plan adjustments:
Pretax activity, net	149	(162)
Tax effect	(24)	36
Pension plan adjustments, net of tax	125	(126)
Other comprehensive income that will not be reclassified to profit or loss, net of tax	125	(126)
Other comprehensive income/(loss) for the period, net of tax	363	(324)
Comprehensive income for the period	609	(198)
Comprehensive income attributable to shareholders	604	(198)
Comprehensive income attributable to non-controlling interests	€ 5	€ 0

Condensed Consolidated Interi_3

Condensed Consolidated Interim Statement of Financial Position (Unaudited) - EUR (€) € in Millions	Jul. 02, 2021	Dec. 31, 2020	Jun. 26, 2020
Non-current:
Intangible assets	€ 12,706	€ 8,414	€ 8,395
Goodwill	4,579	2,517	2,514
Property, plant and equipment	5,315	3,860	4,030
Non-current derivative assets	139	6	4
Deferred tax assets	22	27	10
Other non-current assets	399	337	313
Total non-current assets	23,160	15,161	15,266
Current:
Current derivative assets	121	40	9
Current tax assets	22	19	13
Inventories	1,236	681	795
Amounts receivable from related parties	109	150	95
Trade accounts receivable	2,457	1,439	1,776
Other current assets	241	224	216
Cash and cash equivalents	1,824	1,523	893
Total current assets	6,010	4,076	3,797
Total assets	29,170	19,237	19,063
Non-current:
Borrowings, less current portion	11,806	6,382	6,343
Employee benefit liabilities	156	283	350
Non-current provisions	56	83	54
Non-current derivative liabilities	63	15	34
Deferred tax liabilities	3,507	2,134	2,122
Non-current tax liabilities	128	131	261
Other non-current liabilities	38	44	45
Total non-current liabilities	15,754	9,072	9,209
Current:
Current portion of borrowings	1,752	805	762
Current portion of employee benefit liabilities	12	13	15
Current provisions	157	154	172
Current derivative liabilities	32	62	63
Current tax liabilities	230	171	81
Amounts payable to related parties	307	181	232
Trade and other payables	4,131	2,754	2,697
Total current liabilities	6,621	4,140	4,022
Total liabilities	22,375	13,212	13,231
EQUITY
Share capital	5	5	5
Share premium	210	192	184
Merger reserves	287	287	287
Other reserves	(386)	(537)	(647)
Retained earnings	6,454	6,078	6,003
Equity attributable to shareholders	6,570	6,025	5,832
Non-controlling interest	225	0	0
Total equity	6,795	6,025	5,832
Total equity and liabilities	€ 29,170	€ 19,237	€ 19,063

Condensed Consolidated Interi_4

Condensed Consolidated Interim Statement of Cash Flows (Unaudited) - EUR (€) € in Millions	6 Months Ended
	Jul. 02, 2021	Jun. 26, 2020
Cash flows from operating activities:
Profit before taxes	€ 455	€ 211
Adjustments to reconcile profit before tax to net cash flows from operating activities:
Depreciation	300	303
Amortisation of intangible assets	42	29
Share-based payment expense	4	0
Finance costs, net	64	55
Income taxes paid	(58)	(79)
Changes in assets and liabilities:
(Increase) in trade and other receivables	(384)	(144)
(Increase) in inventories	(144)	(83)
Increase in trade and other payables	503	41
Increase/(decrease) in net payable receivable from related parties	121	(5)
(Decrease)/increase in provisions	(23)	32
Change in other operating assets and liabilities	28	(7)
Net cash flows from operating activities	908	353
Cash flows from investing activities:
Acquisition of bottling operations, net of cash acquired	(5,145)	0
Purchases of property, plant and equipment	(115)	(241)
Purchases of capitalised software	(42)	(33)
Proceeds from sales of property, plant and equipment	20	35
Investments in equity instruments	0	(3)
Other investing activity, net	16	0
Net cash flows used in investing activities	(5,266)	(242)
Cash flows from financing activities:
Proceeds from borrowings, net	4,877	855
Proceeds from short-term borrowings	305	94
Repayments on third party borrowings	(468)	(227)
Payments of principal on lease obligations	(65)	(60)
Interest paid, net	(58)	(59)
Purchase of own shares under share buyback programme	0	(129)
Exercise of employee share options	18	6
Other financing activities, net	4	(1)
Net cash flows from financing activities	4,613	479
Net change in cash and cash equivalents	255	590
Net effect of currency exchange rate changes on cash and cash equivalents	46	(13)
Cash and cash equivalents at beginning of period	1,523	316
Cash and cash equivalents at end of period	€ 1,824	€ 893

Condensed Consolidated Interi_5

Condensed Consolidated Interim Statement of Changes in Equity Statement (Unaudited) - EUR (€) € in Millions	Total	Total	Share capital	Share premium	Merger reserves	Other reserves	Retained earnings	Non-controlling interest
Equity beginning balance at Dec. 31, 2019	€ 6,156	€ 6,156	€ 5	€ 178	€ 287	€ (449)	€ 6,135
Profit after taxes	126	126					126
Other comprehensive expense	(324)	(324)				(198)	(126)
Comprehensive income for the period	(198)	(198)				(198)	0
Issue of shares during the period	6	6		6
Share-based payment tax effects	(3)	(3)					(3)
Own shares purchased under share buyback programme	(129)	(129)					(129)
Equity ending balance at Jun. 26, 2020	5,832	5,832	5	184	287	(647)	6,003
Equity beginning balance at Dec. 31, 2020	6,025	6,025	5	192	287	(537)	6,078
Profit after taxes	246	244					244	€ 2
Other comprehensive expense	363	360				235	125	3
Comprehensive income for the period	609	604				235	369	5
Non-controlling interests recognised relating to business combination	220							220
Cash flow hedge gains transferred to goodwill relating to business combination	(84)	(84)				(84)
Issue of shares during the period	18	18		18
Equity-settled share-based payment expense	4	4					4
Share-based payment tax effects	3	3					3
Equity ending balance at Jul. 02, 2021	€ 6,795	€ 6,570	€ 5	€ 210	€ 287	€ (386)	€ 6,454	€ 225

GENERAL INFORMATION AND BASIS O

GENERAL INFORMATION AND BASIS OF PREPARATION	6 Months Ended
	Jul. 02, 2021
Corporate Information And Statement of IFRS Compliance [Abstract]
GENERAL INFORMATION AND BASIS OF PREPARATION	GENERAL INFORMATION AND BASIS OF PREPARATION On 10 May 2021, Coca-Cola European Partners plc acquired Coca-Cola Amatil Limited (CCL or API), and subsequently changed its name to Coca-Cola Europacific Partners plc (the Company, or Parent Company). 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. Refer to Note 2 for further details about the acquisition of API. The Company has ordinary shares with a nominal value of €0.01 per share (Shares). CCEP is a public company limited by shares, incorporated under the laws of England and Wales with the registered number in England of 09717350. The Group’s Shares are listed and traded on Euronext Amsterdam, the New York Stock Exchange, London Stock Exchange and on the Spanish Stock Exchanges. The address of the Company’s registered office is Pemberton House, Bakers Road, Uxbridge, UB8 1EZ, United Kingdom. These condensed consolidated interim financial statements do not constitute statutory accounts as defined by Section 434 of the Companies Act 2006. They have been reviewed but not audited by the Group’s auditor. The statutory accounts for the Company for the year ended 31 December 2020, which were prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), IFRS as adopted pursuant to Regulation (EC) No 1606/2002 as it applies within the European Union (EU) and in accordance with international accounting standards in conformity with the provisions of the UK Companies Act 2006, have been delivered to the Registrar of Companies. The auditor’s opinion on those accounts was unqualified and did not contain a statement made under section 498 (2) or (3) of the Companies Act 2006. Impact of COVID-19 pandemic The COVID-19 pandemic and related response measures have had and may continue to have an adverse effect on global economic conditions, as well as our business, results of operations, cash flows and financial condition. At this time, we cannot predict the degree to which, or the time period over which, our business will continue to be affected by COVID-19 and the related response measures. These impacts limit the comparability of these condensed consolidated interim financial statements with prior periods. In addition, as part of the preparation of these condensed consolidated interim financial statements, we have considered the impact of Covid-19 on our accounting policies and judgements and estimates. The key accounting impacts and considerations for the Group are included in the relevant notes herein. Basis of Preparation and Accounting Policies The condensed consolidated interim financial statements of the Group have been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting", as issued by the International Accounting Standards Board, UK adopted International Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority and should be read in conjunction with our 2020 Consolidated Financial Statements. The annual financial statements of the group for the year-ended 31 December 2021 will be prepared in accordance with IFRS as issued by the International Accounting Standards Board and UK adopted International Accounting Standards. The 2020 Consolidated Financial Statements include a full description of the Group’s accounting policies. The same accounting policies and methods of computation have been used as described in the 2020 Consolidated Financial Statements, with the exception of taxes on income. Taxes on income in interim periods are accrued using the tax rate that would be applicable to expected total annual profit or loss. During the period, we performed an interim review and revaluation of certain pension schemes and recorded a pension remeasurement adjustment, primarily relating to changes in certain financial assumptions for our GB Scheme. These changes resulted in a €129 million reduction to the employment benefit liability and a corresponding credit to Other Comprehensive Income. Several amendments and interpretations apply for the first time in 2021, but do not have a material impact on the condensed consolidated interim financial statements of the Group. Reporting periods Results are presented for the interim period from 1 January 2021 to 2 July 2021. The Group’s financial year ends on 31 December. For half-yearly reporting convenience, the first six month period closes on the Friday closest to the end of the interim calendar period. There were three more selling days in the six months ended 2 July 2021 versus the six months ended 26 June 2020, and there will be four fewer selling days in the second six months of 2021 versus the second six months of 2020 (based upon a standard five-day selling week). The following table summarises the number of selling days, for the years ended 31 December 2021 and 31 December 2020 (based on a standard five-day selling week): Half year Full year 2021 131 261 2020 128 262 Change 3 -1 Trading seasonality In addition to the impact of the COVID-19 pandemic outlined above, operating results for the first half of 2021 may not be indicative of the results expected for the year ended 31 December 2021 as sales of the Group’s products are seasonal. In Europe, the second and third quarters typically account for higher unit sales of the Group’s products than the first and fourth quarters. In the Group’s Asia Pacific territories, the fourth quarter would typically reflect higher sales volumes in the year. The seasonality of the Group’s sales volume, combined with the accounting for fixed costs such as depreciation, amortisation, rent and interest expense, impacts the Group’s results for the first half of the year. Additionally, year-over-year shifts in holidays, selling days and weather patterns can impact the Group’s results on an annual or half-yearly basis. Exchange rates The Group’s reporting currency is the Euro. CCEP translates the income statements of non-Euro functional currency subsidiary operations to the Euro at average exchange rates and the balance sheets at the closing exchange rate as at the end of the period. The principal exchange rates used for translation purposes in respect of one Euro were: Average for the period ended [1] Closing as at 2 July 2021 26 June 2020 2 July 2021 31 December 2020 26 June 2020 UK Sterling 1.15 1.15 1.16 1.11 1.10 US Dollar 0.83 0.91 0.84 0.81 0.89 Norwegian Krone 0.10 0.09 0.10 0.10 0.09 Swedish Krone 0.10 0.09 0.10 0.10 0.10 Icelandic Krone 0.01 0.01 0.01 0.01 0.01 Australian Dollar 0.64 n/a 0.63 n/a n/a Indonesian Rupiah [2] 0.06 n/a 0.06 n/a n/a New Zealand Dollar 0.59 n/a 0.59 n/a n/a Papua New Guinean Kina 0.24 n/a 0.24 n/a n/a [1] For current year period European rates and US dollar are calculated as average for the period 1 January 2021 to 2 July 2021. Asia Pacific rates are calculated as average for the period from 10 May 2021 to 2 July 2021. [2] Indonesian Rupiah is shown as 1000 IDR versus 1 EUR.

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	6 Months Ended
	Jul. 02, 2021
Disclosure of detailed information about business combination [abstract]
BUSINESS COMBINATIONS	BUSINESS COMBINATIONS API was one of the largest bottlers and distributors of ready to drink non-alcoholic and alcoholic beverages and coffee in the Asia Pacific region and was the authorised bottler and distributor of The Coca-Cola Company’s (TCCC) beverage brands in Australia, New Zealand and Pacific Islands, Indonesia and Papua New Guinea. In November 2020, CCEP and API entered into a binding Scheme Implementation Deed (the Scheme) for the acquisition of 69.2% of the entire existing issued share capital of API, which was held by shareholders other than TCCC. CCEP also entered into a Co-operation and Sale Deed with TCCC with respect to the acquisition of TCCC's 30.8% interest in API (the Co-operation agreement), conditional upon the implementation of the Scheme. During H1 2021, the required shareholder, regulatory and court approvals were obtained and on, 10 May 2021 the Company acquired 100% of the issued and outstanding shares of API (the Acquisition). Shareholders other than TCCC received A$13.32 per share in cash, totalling cash consideration paid of A$6,673 million. TCCC received A$9.39 and A$10.57 per share for 10.8% and 20%, respectively, of the remaining API shares held by TCCC. Cash consideration paid to TCCC was A$893 million and USD1,046 million. The fair value of the consideration transferred at the acquisition date was €5,752 million. The business combination is being accounted for under IFRS 3, “Business Combinations”, using the acquisition method, with CCEP considered as the accounting acquirer. The operations of the acquired businesses are extensive and complex, and the initial accounting for the Acquisition is provisional at the end of the current reporting period. The Company is in the process of finalising the fair values for certain acquired assets, including intangible assets, property, plant and equipment, right of use assets, and inventory. In addition, the Company is still gathering information about income taxes, deferred taxes, liabilities and provisions based on facts that existed as at the date of the Acquisition. Accordingly, the Company has recognised provisional amounts for these items. During the measurement period, which will not extend beyond 9 May 2022, the Company will adjust the provisional amounts recognised at the acquisition date to reflect new information obtained about facts and circumstances that existed as at the acquisition date that, if known, would have affected the measurement of the amounts recognised as at that date. The following table details the Euro equivalent consideration and provisional fair values of assets and liabilities acquired: € million Intangible assets 4,302 Property, plant and equipment 1,620 Non-current derivative assets 70 Deferred tax assets 5 Other non-current assets 56 Current derivative assets 24 Current tax assets 19 Inventories 457 Amounts receivable from related parties 34 Trade accounts receivable 603 Other current assets 54 Cash and cash equivalents 523 Borrowings, less current portion (1,253) Employee benefit liabilities (37) Non-current derivative liabilities (72) Deferred tax liabilities (1,228) Non-current tax liabilities (6) Current portion of borrowings (384) Current portion of employee benefit liabilities (45) Current provisions (9) Current derivative liabilities (35) Current tax liabilities (12) Amounts payable to related parties (77) Trade and other payables (804) Net identifiable assets acquired 3,805 Non-controlling interest (220) Cash flow hedge gains transferred to goodwill relating to business combination 84 Goodwill 2,083 Fair value of consideration 5,752 Intangible assets include both indefinite life and definite life intangible assets. Indefinite life intangible assets mainly include bottling agreements with TCCC, which provide the Company with the exclusive rights to prepare, package, distribute and sell TCCC branded products in the territories in which it operates. Definite life intangible assets include distribution agreements with other brand partners, customer relationships and capitalised software. Bottling agreements with TCCC, distribution agreements with other brand partners and customer relationships have been provisionally 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’s after-tax operating earnings. Brand assets have been provisionally valued based on a payment relief method, estimating the value of future foregone payments to a brand owner over the life of the asset by virtue of owning the asset. Capitalised software has been valued using a replacement cost approach, representing the current cost to replace the existing asset in its current state. Whilst the bottling agreements with TCCC contain no automatic right of renewal, the Company believes that the interdependent relationship with TCCC and the substantial cost and disruption to TCCC that would be caused by non-renewals ensures that these agreements will continue to be renewed and, therefore, are essentially perpetual. After evaluating the contractual provisions of the bottling agreements, the mutually beneficial relationship with TCCC and history of renewals, the Company has assigned indefinite lives to all such intangible assets. Refer to Note 5 for further details about the Company’s intangible assets and goodwill. Goodwill of €2,083 million has been recognised in connection with the Acquisition, representing the excess of consideration transferred over the provisional fair values of the net identifiable assets acquired and non-controlling interests, less the cash flow hedge gains of €84 million. The cash flow hedge gains relate to the deal contingent foreign currency forwards which were reclassified from the cash flow hedge reserves and included in goodwill upon settlement. 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 provisionally valued using a variety of valuation techniques depending on the local market and the highest and best use of each asset. These techniques include capitalisation of comparable net market income, depreciated replacement cost and sales comparison approach. Included within Property, plant and equipment are right of use assets which have been provisionally valued at €315 million. A corresponding lease liability of €310 million is included within Borrowings. Inventory has been provisionally valued based on estimated sales value less cost of disposal. The Company recorded a fair value adjustment to increase the carrying value of finished goods on hand at the time of the Acquisition by €48 million. This adjustment is included within cost of sales in the Condensed Consolidated Interim Income Statement for the six months ended 2 July 2021 as the inventory was sold during the period. The fair value of acquired trade accounts receivable, net is €603 million. The gross contractual amount related to these receivables is €618 million, of which €15 million is expected to be uncollectible. Included within Cash and cash equivalents at the acquisition date are Papua New Guinea cash assets of €79 million 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 2 July 2021, €82 million remains subject to these restrictions. At the acquisition date, the Group has elected to measure components of non-controlling interests in API at fair value. The fair value of non-controlling interests represents the fair value of TCCC’s 29.4% ownership interest in PT Coca-Cola Bottling Indonesia, plus non-controlling interests with respect to Paradise Beverages (Fiji) Group and Samoa Breweries Limited. Fair value has been derived primarily using applicable enterprise value based on discounted future cash flow projections. From acquisition, API contributed revenue of €533 million and profit before tax of €9 million to the Group for the period to 2 July 2021. If the Acquisition had taken place at the beginning of the year, pro forma revenue and profit before tax for CCEP for the six months ended 2 July 2021 would have been €7.0 billion and €478 million, respectively. Acquisition-related costs of €40 million and €3 million are included in administrative expenses and finance costs, respectively, in the Condensed Consolidated Interim Income Statement for the six months ended 2 July 2021. Cash payments for acquisition-related exceptional costs are included in operating cash flows in the Condensed Consolidated Interim Statement of Cash Flows.

OPERATING SEGMENTS

OPERATING SEGMENTS	6 Months Ended
	Jul. 02, 2021
Operating Segments [Abstract]
OPERATING SEGMENTS	OPERATING SEGMENTS Description of segments and principal activities Following the acquisition of API, the Group reevaluated its segment reporting under IFRS 8, “Operating Segments”. The Group continues to derive its revenues through a single business activity, which is making, moving and selling ready to drink beverages, primarily non-alcoholic beverages. The acquisition of API has broadened the Group’s geographic footprint which now includes Australia, New Zealand and Pacific Islands, Indonesia and Papua New Guinea. These territories collectively make up the Australia, Pacific and Indonesia (API) segment. Based on the governance structure of the Group, including decision making authority and oversight, the Group’s Board continues to be its Chief Operating Decision Maker (CODM), and the Group now has two operating segments, Europe, representing the pre-acquisition territories of CCEP, and API. The Board, as the CODM, 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. Six Months Ended 2 July 2021 Six Months Ended 26 June 2020 Europe API Total Europe API Total € million € million € million € million € million € million Revenue [1] 5,385 533 5,918 4,837 — 4,837 Operating profit (comparable) [1] 631 60 691 398 — 398 Including depreciation and amortisation (comparable) (285) (36) (321) (303) — (303) Items impacting comparability [2] (171) (130) Total reported operating profit 520 268 Total finance costs, net (64) (55) Non-operating items (1) (2) Profit before Tax 455 211 [1] If the acquisition of API had taken place at the beginning of the year, pro forma revenue and operating profit (comparable) for API for the six months ended 2 July 2021 would have been €1,589 million and €171 million, respectively. [2] Items affecting the comparability of period-over-period financial performance including restructuring charges, acquisition and integration related costs, inventory fair value step up related to acquisition accounting and impact of the closure of the GB defined benefit pension scheme. Refer to pages 1 and 7 for further detail. No single customer accounted for more than 10% of the Group’s revenue during the six months ended 2 July 2021 and 26 June 2020. Revenue by geography The following table summarises revenue from external customers by geography, which is based on the origin of the sale: Six Months Ended 2 July 2021 26 June 2020 Revenue € million € million Great Britain 1,192 1,026 Germany 1,091 1,014 Iberia [1] 1,069 917 France [2] 896 808 Belgium/Luxembourg 454 426 Netherlands 266 250 Norway 200 199 Sweden 179 162 Iceland 38 35 Australia 328 — New Zealand and Pacific Islands 85 — Indonesia and Papua New Guinea 120 — Total revenue 5,918 4,837 [1] Iberia refers to Spain, Portugal & Andorra. [2] France refers to continental France & Monaco.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jul. 02, 2021
Earnings per share [abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic earnings per share is calculated by dividing profit after taxes attributable to equity shareholders by the weighted average number of Shares in issue and outstanding during the period. Diluted earnings per share is calculated in a similar manner, but includes the effect of dilutive securities, principally share options, restricted stock units and performance share units. Share-based payment awards that are contingently issuable upon the achievement of specified market and/or performance conditions are included in the diluted earnings per share calculation based on the number of Shares that would be issuable if the end of the period was the end of the contingency period. The following table summarises basic and diluted earnings per share calculations for the periods presented: Six Months Ended 2 July 2021 26 June 2020 Profit after taxes attributable to equity shareholders (€ million) 244 126 Basic weighted average number of Shares in issue [1] (million) 455 455 Effect of dilutive potential Shares [2] (million) 2 2 Diluted weighted average number of Shares in issue [1] (million) 457 457 Basic earnings per share (€) 0.54 0.28 Diluted earnings per share (€) 0.53 0.28 [1] As at 2 July 2021 and 26 June 2020, the Group had 455,853,051 and 454,163,561 Shares, respectively, in issue and outstanding. [2] For the six months ended 2 July 2021 and 26 June 2020, there were no outstanding options to purchase Shares excluded from the diluted earnings per share calculation. The dilutive impact of the remaining options outstanding, unvested restricted stock units and unvested performance share units was included in the effect of dilutive securities.

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL	6 Months Ended
	Jul. 02, 2021
Intangible Assets [Abstract]
INTANGIBLE ASSETS AND GOODWILL	INTANGIBLE ASSETS AND GOODWILL The following table summarises the movement in net book value for intangible assets and goodwill during the six months ended 2 July 2021: Intangible assets Goodwill € million € million Net book value as at 31 December 2020 8,414 2,517 Acquisition of API 4,302 2,083 Additions 42 — Amortisation expense (42) — Currency translation adjustments (10) (21) Net book value as at 2 July 2021 12,706 4,579

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	6 Months Ended
	Jul. 02, 2021
Property, plant and equipment [abstract]
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT The following table summarises the movement in net book value for property, plant and equipment during the six months ended 2 July 2021: Total € million Net book value as at 31 December 2020 3,860 Acquisition of API 1,620 Additions 148 Disposals (22) Depreciation expense (300) Currency translation adjustments 9 Net book value as at 2 July 2021 [1] 5,315 [1] The net book value of property, plant and equipment includes right of use assets of €661 million, of which €315 million was acquired as part of the Acquisition.

FAIR VALUES AND FINANCIAL RISK

FAIR VALUES AND FINANCIAL RISK MANAGEMENT	6 Months Ended
	Jul. 02, 2021
Fair Value Measurement [Abstract]
FAIR VALUES AND FINANCIAL RISK MANAGEMENT	FAIR VALUES AND FINANCIAL RISK MANAGEMENT Fair Value Measurements All assets and liabilities for which fair value is measured or disclosed in the condensed consolidated interim financial statements are categorised in the fair value hierarchy as described in our 2020 Consolidated Financial Statements. The fair values of the Group’s cash and cash equivalents, 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’s borrowings are estimated based on borrowings with similar maturities and credit quality and current market interest rates. These are categorised in 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. The total fair value of borrowings as at 2 July 2021 and 31 December 2020, was €13.9 billion and €7.6 billion, respectively. This compared to the carrying value of total borrowings as at 2 July 2021 and 31 December 2020 of €13.6 billion and €7.2 billion, respectively. Refer to Note 8 for further details regarding the Group’s borrowings. The Group’s derivative assets and liabilities are carried at fair value, which is determined using a variety of valuation techniques, depending on the specific characteristics of the hedging instrument taking into account credit risk. The fair value of our derivative contracts (including forwards, options, cross-currency swaps and interest rate swaps) are determined using standard valuation models. The significant inputs used in these models are readily available in public markets or can be derived from observable market transactions and, therefore, the derivative contracts have been classified as Level 2. Inputs used in these standard valuation models include the applicable spot, forward, and discount rates. The standard valuation model for the option contracts also includes implied volatility, which is specific to individual options and is based on rates quoted from a widely used third-party resource. As at 2 July 2021 and 31 December 2020, the total value of derivative assets was €260 million and €46 million, respectively. As at 2 July 2021 and 31 December 2020, the total value of derivative liabilities was €95 million and €77 million, respectively. During the period, €139 million of gains have been recorded within Other Comprehensive Income, primarily related to increases in fair value on commodity related hedging instruments. For assets and liabilities that are recognised in the condensed consolidated interim financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation at the end of each reporting period. There have been no transfers between Level 1 and Level 2 during the periods presented. Financial Instruments Risk Management Objectives and Policies The Group’s 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 over the Group’s future cash flows. Such policies are developed and approved by the Group’s Treasury and Commodities Risk Committee through the authority provided to it by the Group’s Board of Directors. There have been no changes in the risk management policies since the year end.

BORROWINGS AND LEASES

BORROWINGS AND LEASES	6 Months Ended
	Jul. 02, 2021
Financial Instruments [Abstract]
BORROWINGS AND LEASES	BORROWINGS AND LEASES Borrowings Outstanding The following table summarises the Group’s borrowings as at the dates presented: 2 July 2021 31 December 2020 € million € million Non-current: Euro denominated bonds 8,643 6,113 Foreign currency bonds (swapped into Euro) [1] 1,674 — Australian dollar denominated bonds [2] 530 — Foreign currency bonds (swapped into Australian Dollar) [1,2] 436 — Lease obligations 523 269 Total non-current borrowings 11,806 6,382 Current: Commercial paper 305 — Euro denominated bonds 1,051 350 Foreign currency bonds (swapped into Euro) [1] — 359 Australian dollar denominated bonds [2] 242 — Foreign currency bonds (swapped into Australian Dollar) [1,2] 23 — Bank overdrafts 2 — Lease obligations 129 96 Total current borrowings 1,752 805 [1] Cross currency swaps are used by the Group to swap foreign currency bonds into the required local currency. [2] Included within the Group's borrowings as at 2 July 2021 are the bonds acquired as part of the acquisition of API. These bonds are either denominated in A$ or swapped back to A$ using cross currency swaps. During the period, and in connection with the Acquisition, the Group received net proceeds from new borrowings in the period of €4,877 million. The proceeds are included within Euro denominated bonds and Foreign currency bonds (swapped into Euro) as follows: €800 million 0% Notes due 2025, €700 million 0.5% Notes due 2029, €1,000 million 0.875% Notes due 2033, €750 million 1.5% Notes due 2041 and $850 million 0.5% Notes due 2023, $650 million 0.8% Notes due 2024, $500 million 1.5% Notes due 2027, respectively. Separately, during the period, the Group repaid prior to maturity the following Foreign currency bonds: $248 million 4.5% Notes due September 2021 and $192 million 3.25% Notes due August 2021. During the period, and in connection with the Acquisition, the amount available under the Group’s multi currency credit facility was increased from €1.5 billion to €1.95 billion. The facility was undrawn at 2 July 2021. The Group’s borrowings as at 2 July 2021 include borrowings issued by Coca-Cola Amatil Limited, Coca-Cola Amatil (NZ) Limited and Coca-Cola Amatil (Aust) Pty Ltd prior to the Acquisition. All borrowings issued by Coca-Cola Amatil Limited, Coca-Cola Amatil (NZ) Limited and Coca-Cola Amatil (Aust) Pty Ltd have been fully and unconditionally guaranteed on an unsecured basis by Coca-Cola Europacific Partners plc.

EQUITY

EQUITY	6 Months Ended
	Jul. 02, 2021
Share Capital, Reserves And Other Equity Interest [Abstract]
EQUITY	EQUITY Share Capital As at 2 July 2021, the Company had issued and fully paid 455,853,051 Shares. Shares in issue have one voting right each and no restrictions related to dividends or return of capital. The share capital increased during the six months ended 2 July 2021 from the issue of 1,207,541 Shares, following the exercise of share-based payment awards. Dividends No dividends were declared or paid in the first six months of both 2021 and 2020. Non-controlling interests As part of the Acquisition, non-controlling interests (NCI) of €220 million have been recognised at fair value at the acquisition date with respect to PT Coca-Cola Bottling Indonesia, Paradise Beverages (Fiji) Group and Samoa Breweries Limited, of which €216 million relates to TCCC’s 29.4% ownership interest in PT Coca-Cola Bottling Indonesia. The Group will record changes in NCI based upon post-Acquisition results for the year and movements in reserves.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jul. 02, 2021
Related Party [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS For the purpose of these condensed consolidated interim financial statements, transactions with related parties mainly comprise transactions between subsidiaries of the Group and the related parties of the Group. Transactions with The Coca-Cola Company (TCCC) During the period, CCEP entered into a Co-operation and Sale Deed with TCCC with respect to the acquisition of TCCC's 30.8% interest in API. Refer to Note 2 for further detail on the acquisition of API. TCCC exhibits significant influence over the Group, as defined by IAS 24, “Related Party Disclosures”. As at 2 July 2021, 19.3% of the total outstanding Shares in the Group were owned by European Refreshments, a wholly owned subsidiary of TCCC. The Group is a key bottler of TCCC products and has entered into bottling agreements with TCCC to sell, make and distribute products of TCCC in the Group’s territories. The Group purchases concentrate from TCCC and also receives marketing funding to help promote the sale of TCCC products. Bottling agreements with TCCC for each of the Group’s territories extend through 28 May 2026, with terms of 10 years, with each containing the right for the Group to request a 10-ear renewal. Additionally, two of the Group’s 17 Directors were nominated by TCCC, one of whom is also an employee of TCCC. The principal transactions with TCCC are for the purchase of concentrate, syrup and finished goods. The following table summarises the transactions with TCCC that directly impacted the Condensed Consolidated Interim Income Statement for the periods presented: Six Months Ended 2 July 2021 26 June 2020 € million € million Amounts affecting revenue [1] 22 22 Amounts affecting cost of sales [2] (1,438) (1,240) Amounts affecting operating expenses [3] 4 (2) Total net amount affecting the Consolidated Income Statement (1,412) (1,220) [1] Amounts principally relate to fountain syrup and packaged product sales. [2] Amounts principally relate to the purchase of concentrate, syrup, mineral water and juice as well as funding for marketing programmes. [3] Amounts principally relate to costs associated with new product development initiatives and support funding. The following table summarises the transactions with TCCC that impacted the Consolidated Statement of Financial Position as at the dates presented: 2 July 2021 31 December 2020 € million € million Amount due from TCCC 90 146 Amount payable to TCCC 282 167 As part of the Acquisition of API, non-controlling interests of €216 million have been recognised which relates to TCCC’s 29.4% ownership interest in PT Coca-Cola Bottling Indonesia (refer to Note 9). Transactions with Cobega companies Cobega exhibits significant influence over the Group, as defined by IAS 24, “Related Party Disclosures”. Cobega S.A. indirectly owned 36.4% of the total outstanding Shares of the Group as at 2 July 2021 through its ownership interest in Olive Partners S.A. Additionally, five of the Group’s 17 Directors, including the Chairman, were nominated by Olive Partners S.A., three of whom are affiliated with Cobega S.A. The principal transactions with Cobega are for the purchase of juice concentrate and packaging materials. The following table summarises the transactions with Cobega that directly impacted the Condensed Consolidated Interim Income Statement for the periods presented: Six Months Ended 2 July 2021 26 June 2020 € million € million Amounts affecting cost of sales [1] (21) (21) Amounts affecting operating expenses [2] (5) (4) Total net amount affecting the Consolidated Income Statement (26) (25) [1] Amounts principally relate to the purchase of packaging materials. [2] Amounts principally relate to certain costs associated with maintenance, repair services and rent. The following table summarises the transactions with Cobega that impacted the Consolidated Statement of Financial Position as at the dates presented: 2 July 2021 31 December 2020 € million € million Amount due from Cobega 5 4 Amount payable to Cobega 17 14 Transactions with Other Related Parties In connection with the Acquisition, a number of API investments in joint ventures, associates and other related parties were acquired. The fair value of these investments at acquisition date has been provisionally valued at €35 million and included within other non-current assets. The joint venture investments relate to interests in Australian Beer Company Pty Ltd, a manufacturer of alcoholic beverages, Container Exchange (Services) Pty Ltd, a service provider supporting the operation of container refund schemes in certain Australian states and Mahija Parahita Nusantara Foundation & PT Amandina Bumi Nusantara, a PET recycling plant in Indonesia. The associate investments relate to interests in Exchange for Change (NSW) Pty Ltd, Exchange for Change (ACT) Pty Ltd and Exchange for Change (Australia) Pty Ltd, scheme coordinators and a holding company of container deposit schemes in certain Australian states and territories. The other related parties relate to Container Exchange (Qld) Ltd and WA Return Recycle Renew Ltd, scheme coordinators of container despot schemes in certain Australian states over which significant influence is held. Charges in the period of €28 million relating to joint ventures, associates and other related parties were recorded in cost of sales and principally related to the purchase of finished product and container deposit scheme charges in Australia. A 45% ownership interest in each of Made (Aust) Pty Ltd, Made Manufacturing Pty Ltd and Made Brands Pty Ltd, included as part of the Acquisition, was sold during the period to the controlling shareholders for total cash consideration of €21 million. No gain or loss was recognised on the transaction. All transactions with these related parties are conducted under normal commercial terms and conditions. Receivable and payable balances at period end are unsecured and settlement occurs in cash.

TAXES

TAXES	6 Months Ended
	Jul. 02, 2021
Income Tax [Abstract]
TAXES	TAXES The same accounting policies and methods of computation have been applied as described in the 2020 Consolidated Financial Statements, with the exception of taxes on income. Taxes on income in interim periods are accrued using the tax rate that would be applicable to the expected total annual profit or loss. The effective tax rate (ETR) was 46% and 40% for the six months ended 2 July 2021 and 26 June 2020, respectively, and 28% for the year ended 31 December 2020. The ETR has been calculated by applying the weighted average annual ETR excluding discrete items of 22% and 24% to the profit before tax for the six months ended 2 July 2021 and 26 June 2020, respectively. The weighted average annual ETR includes utilisation of previously unrecognised losses and reassessment of uncertain tax positions. For the six months ended 2 July 2021, the effective tax rate includes a €118 million impact related to the revaluation of deferred tax liabilities due to an increase in the UK statutory income tax rate from 19% to 25% effective from 1 April 2023 that was enacted during the first half of 2021. The revaluation increased the tax rate by 26%. The following table summarises the major components of income tax expense for the periods presented: 2 July 2021 26 June 2020 € million € million Current income tax: Current income tax charge 125 74 Adjustment in respect of current income tax from prior periods (13) 5 Total current tax 112 79 Deferred tax: Relating to the origination and reversal of temporary differences (25) (24) Adjustment in respect of deferred income tax from prior periods 4 (7) Relating to changes in tax rates or the imposition of new taxes 118 37 Total deferred tax 97 6 Income tax charge per the Consolidated Income Statement 209 85 Tax Provisions The Group is routinely under audit by taxing authorities in the ordinary course of business. Due to their nature, such proceedings and tax matters involve inherent uncertainties including, but not limited to, court rulings, settlements between affected parties and/or governmental actions. The probability of outcome is assessed and accrued as a liability and/or disclosed, as appropriate. The Group maintains provisions for uncertain tax positions that it believes appropriately reflect its risk. As at 2 July 2021, €139 million of these provisions are included in current tax liabilities and the remainder is included in non-current tax liabilities. There has been no material change in tax provisions since 31 December 2020. 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’s provisions.When an uncertain tax liability is regarded as probable, it is measured on the basis of the Group’s best estimate. The Group has received tax assessments in certain jurisdictions for potential tax related to the Group’s purchases of concentrate. The value of the Group’s 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.

PROVISIONS, COMMITMENTS AND CON

PROVISIONS, COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jul. 02, 2021
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract]
PROVISIONS, COMMITMENTS AND CONTINGENCIES	PROVISIONS, COMMITMENTS AND CONTINGENCIES The following table summarises the movement of provisions for the periods presented: Restructuring Provision Other Provisions [1] Total € million € million € million Balance as at 31 December 2020 208 29 237 Acquisition of API 9 — 9 Charged/(credited) to profit or loss: Additional provisions recognised 73 3 76 Unused amounts reversed (9) — (9) Utilised during the period (102) — (102) Translation 1 1 2 Balance as at 2 July 2021 180 33 213 ______________________ [1] Other provisions primarily relate to decommissioning provisions, property tax assessment provisions and legal reserves. As part of the Accelerate Competitiveness programme, the Group announced further proposals during the first half of 2021, including certain productivity initiatives in Iberia. Restructuring charges of €50 million associated with these initiatives have been recorded during the six months ended 2 July 2021 related to expected severance costs. Commitments Other than additional commitments of €0.1 billion related to API, as at 2 July 2021, there have been no significant changes in the commitments of the Group since 31 December 2020. Refer to Note 22 of the 2020 Consolidated Financial Statements for further details about the Group’s commitments. Contingencies Other than disclosed below, there have been no significant changes in contingencies since 31 December 2020. Refer to Note 22 of the 2020 Consolidated Financial Statements for further details about the Group’s contingencies. In relation to API, on 24 July 2020, a subsidiary ‘Associated Products & Distribution Proprietary Limited’ (APD), was joined to proceedings in the Supreme Court of Queensland between a Glencore joint venture and the State of Queensland, whereby APD’s entitlement to royalties, from its sub-surface strata and associated mineral rights, has been challenged by the State of Queensland. Since 2014, the Group has received approximately €50 million in royalties. Since the proceedings commenced in 2020, royalty payments have been paid directly to court. The proceedings remain ongoing and the Group intends to defend the matter robustly.

EVENTS AFTER THE REPORTING PERI

EVENTS AFTER THE REPORTING PERIOD	6 Months Ended
	Jul. 02, 2021
Events After Reporting Period [Abstract]
EVENTS AFTER THE REPORTING PERIOD	EVENTS AFTER THE REPORTING PERIOD During July 2021, heavy rainfall and flash flooding in Belgium and Germany caused significant damage to our manufacturing facilities in Chaudfontaine and Bad Neuenahr. The Group has incurred, and expects to continue to incur, incremental costs related to these severe weather events as well as lost revenues from business interruption, particularly in Chaudfontaine. The Group’s insurance policies provide coverage for such events, and we are currently working with our insurer on the related claims. At this point, the Group does not expect the net impact of the flooding and related insurance claims to have a material impact on its financial position or results from operations.

GENERAL INFORMATION AND BASIS_2

GENERAL INFORMATION AND BASIS OF PREPARATION (Policies)	6 Months Ended
	Jul. 02, 2021
Corporate Information And Statement of IFRS Compliance [Abstract]
Basis of Preparation and Accounting Policies	Basis of Preparation and Accounting Policies The condensed consolidated interim financial statements of the Group have been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting", as issued by the International Accounting Standards Board, UK adopted International Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority and should be read in conjunction with our 2020 Consolidated Financial Statements. The annual financial statements of the group for the year-ended 31 December 2021 will be prepared in accordance with IFRS as issued by the International Accounting Standards Board and UK adopted International Accounting Standards. The 2020 Consolidated Financial Statements include a full description of the Group’s accounting policies. The same accounting policies and methods of computation have been used as described in the 2020 Consolidated Financial Statements, with the exception of taxes on income. Taxes on income in interim periods are accrued using the tax rate that would be applicable to expected total annual profit or loss. During the period, we performed an interim review and revaluation of certain pension schemes and recorded a pension remeasurement adjustment, primarily relating to changes in certain financial assumptions for our GB Scheme. These changes resulted in a €129 million reduction to the employment benefit liability and a corresponding credit to Other Comprehensive Income. Several amendments and interpretations apply for the first time in 2021, but do not have a material impact on the condensed consolidated interim financial statements of the Group.
Reporting periods	Reporting periods Results are presented for the interim period from 1 January 2021 to 2 July 2021. The Group’s financial year ends on 31 December. For half-yearly reporting convenience, the first six month period closes on the Friday closest to the end of the interim calendar period. There were three more selling days in the six months ended 2 July 2021 versus the six months ended 26 June 2020, and there will be four fewer selling days in the second six months of 2021 versus the second six months of 2020 (based upon a standard five-day selling week).
Trading seasonality	Trading seasonality In addition to the impact of the COVID-19 pandemic outlined above, operating results for the first half of 2021 may not be indicative of the results expected for the year ended 31 December 2021 as sales of the Group’s products are seasonal. In Europe, the second and third quarters typically account for higher unit sales of the Group’s products than the first and fourth quarters. In the Group’s Asia Pacific territories, the fourth quarter would typically reflect higher sales volumes in the year. The seasonality of the Group’s sales volume, combined with the accounting for fixed costs such as depreciation, amortisation, rent and interest expense, impacts the Group’s results for the first half of the year. Additionally, year-over-year shifts in holidays, selling days and weather patterns can impact the Group’s results on an annual or half-yearly basis.
Exchange rates	Exchange rates The Group’s reporting currency is the Euro. CCEP translates the income statements of non-Euro functional currency subsidiary operations to the Euro at average exchange rates and the balance sheets at the closing exchange rate as at the end of the period.

GENERAL INFORMATION AND BASIS_3

GENERAL INFORMATION AND BASIS OF PREPARATION (Tables)	6 Months Ended
	Jul. 02, 2021
Corporate Information And Statement of IFRS Compliance [Abstract]
Schedule of number of selling days by quarter	The following table summarises the number of selling days, for the years ended 31 December 2021 and 31 December 2020 (based on a standard five-day selling week): Half year Full year 2021 131 261 2020 128 262 Change 3 -1
Schedule of exchange rates	The principal exchange rates used for translation purposes in respect of one Euro were: Average for the period ended [1] Closing as at 2 July 2021 26 June 2020 2 July 2021 31 December 2020 26 June 2020 UK Sterling 1.15 1.15 1.16 1.11 1.10 US Dollar 0.83 0.91 0.84 0.81 0.89 Norwegian Krone 0.10 0.09 0.10 0.10 0.09 Swedish Krone 0.10 0.09 0.10 0.10 0.10 Icelandic Krone 0.01 0.01 0.01 0.01 0.01 Australian Dollar 0.64 n/a 0.63 n/a n/a Indonesian Rupiah [2] 0.06 n/a 0.06 n/a n/a New Zealand Dollar 0.59 n/a 0.59 n/a n/a Papua New Guinean Kina 0.24 n/a 0.24 n/a n/a [1] For current year period European rates and US dollar are calculated as average for the period 1 January 2021 to 2 July 2021. Asia Pacific rates are calculated as average for the period from 10 May 2021 to 2 July 2021. [2] Indonesian Rupiah is shown as 1000 IDR versus 1 EUR.

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	6 Months Ended
	Jul. 02, 2021
Disclosure of detailed information about business combination [abstract]
Schedule of net assets acquired	The following table details the Euro equivalent consideration and provisional fair values of assets and liabilities acquired: € million Intangible assets 4,302 Property, plant and equipment 1,620 Non-current derivative assets 70 Deferred tax assets 5 Other non-current assets 56 Current derivative assets 24 Current tax assets 19 Inventories 457 Amounts receivable from related parties 34 Trade accounts receivable 603 Other current assets 54 Cash and cash equivalents 523 Borrowings, less current portion (1,253) Employee benefit liabilities (37) Non-current derivative liabilities (72) Deferred tax liabilities (1,228) Non-current tax liabilities (6) Current portion of borrowings (384) Current portion of employee benefit liabilities (45) Current provisions (9) Current derivative liabilities (35) Current tax liabilities (12) Amounts payable to related parties (77) Trade and other payables (804) Net identifiable assets acquired 3,805 Non-controlling interest (220) Cash flow hedge gains transferred to goodwill relating to business combination 84 Goodwill 2,083 Fair value of consideration 5,752

OPERATING SEGMENT (Tables)

OPERATING SEGMENT (Tables)	6 Months Ended
	Jul. 02, 2021
Operating Segments [Abstract]
Disclosure of operating segments	Six Months Ended 2 July 2021 Six Months Ended 26 June 2020 Europe API Total Europe API Total € million € million € million € million € million € million Revenue [1] 5,385 533 5,918 4,837 — 4,837 Operating profit (comparable) [1] 631 60 691 398 — 398 Including depreciation and amortisation (comparable) (285) (36) (321) (303) — (303) Items impacting comparability [2] (171) (130) Total reported operating profit 520 268 Total finance costs, net (64) (55) Non-operating items (1) (2) Profit before Tax 455 211 [1] If the acquisition of API had taken place at the beginning of the year, pro forma revenue and operating profit (comparable) for API for the six months ended 2 July 2021 would have been €1,589 million and €171 million, respectively. [2] Items affecting the comparability of period-over-period financial performance including restructuring charges, acquisition and integration related costs, inventory fair value step up related to acquisition accounting and impact of the closure of the GB defined benefit pension scheme. Refer to pages 1 and 7 for further detail. The following table summarises revenue from external customers by geography, which is based on the origin of the sale: Six Months Ended 2 July 2021 26 June 2020 Revenue € million € million Great Britain 1,192 1,026 Germany 1,091 1,014 Iberia [1] 1,069 917 France [2] 896 808 Belgium/Luxembourg 454 426 Netherlands 266 250 Norway 200 199 Sweden 179 162 Iceland 38 35 Australia 328 — New Zealand and Pacific Islands 85 — Indonesia and Papua New Guinea 120 — Total revenue 5,918 4,837 [1] Iberia refers to Spain, Portugal & Andorra. [2] France refers to continental France & Monaco.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jul. 02, 2021
Earnings per share [abstract]
Earnings per share	The following table summarises basic and diluted earnings per share calculations for the periods presented: Six Months Ended 2 July 2021 26 June 2020 Profit after taxes attributable to equity shareholders (€ million) 244 126 Basic weighted average number of Shares in issue [1] (million) 455 455 Effect of dilutive potential Shares [2] (million) 2 2 Diluted weighted average number of Shares in issue [1] (million) 457 457 Basic earnings per share (€) 0.54 0.28 Diluted earnings per share (€) 0.53 0.28 [1] As at 2 July 2021 and 26 June 2020, the Group had 455,853,051 and 454,163,561 Shares, respectively, in issue and outstanding. [2] For the six months ended 2 July 2021 and 26 June 2020, there were no outstanding options to purchase Shares excluded from the diluted earnings per share calculation. The dilutive impact of the remaining options outstanding, unvested restricted stock units and unvested performance share units was included in the effect of dilutive securities.

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL (Tables)	6 Months Ended
	Jul. 02, 2021
Intangible Assets [Abstract]
Summary of carrying amounts of intangible assets and goodwill	The following table summarises the movement in net book value for intangible assets and goodwill during the six months ended 2 July 2021: Intangible assets Goodwill € million € million Net book value as at 31 December 2020 8,414 2,517 Acquisition of API 4,302 2,083 Additions 42 — Amortisation expense (42) — Currency translation adjustments (10) (21) Net book value as at 2 July 2021 12,706 4,579

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	6 Months Ended
	Jul. 02, 2021
Property, plant and equipment [abstract]
Disclosure of detailed information about property, plant and equipment	The following table summarises the movement in net book value for property, plant and equipment during the six months ended 2 July 2021: Total € million Net book value as at 31 December 2020 3,860 Acquisition of API 1,620 Additions 148 Disposals (22) Depreciation expense (300) Currency translation adjustments 9 Net book value as at 2 July 2021 [1] 5,315 [1] The net book value of property, plant and equipment includes right of use assets of €661 million, of which €315 million was acquired as part of the Acquisition.

BORROWINGS AND LEASES (Tables)

BORROWINGS AND LEASES (Tables)	6 Months Ended
	Jul. 02, 2021
Financial Instruments [Abstract]
Disclosure of borrowings	The following table summarises the Group’s borrowings as at the dates presented: 2 July 2021 31 December 2020 € million € million Non-current: Euro denominated bonds 8,643 6,113 Foreign currency bonds (swapped into Euro) [1] 1,674 — Australian dollar denominated bonds [2] 530 — Foreign currency bonds (swapped into Australian Dollar) [1,2] 436 — Lease obligations 523 269 Total non-current borrowings 11,806 6,382 Current: Commercial paper 305 — Euro denominated bonds 1,051 350 Foreign currency bonds (swapped into Euro) [1] — 359 Australian dollar denominated bonds [2] 242 — Foreign currency bonds (swapped into Australian Dollar) [1,2] 23 — Bank overdrafts 2 — Lease obligations 129 96 Total current borrowings 1,752 805 [1] Cross currency swaps are used by the Group to swap foreign currency bonds into the required local currency. [2] Included within the Group's borrowings as at 2 July 2021 are the bonds acquired as part of the acquisition of API. These bonds are either denominated in A$ or swapped back to A$ using cross currency swaps.

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jul. 02, 2021
Related Party [Abstract]
Disclosure of transactions between related parties	The following table summarises the transactions with TCCC that directly impacted the Condensed Consolidated Interim Income Statement for the periods presented: Six Months Ended 2 July 2021 26 June 2020 € million € million Amounts affecting revenue [1] 22 22 Amounts affecting cost of sales [2] (1,438) (1,240) Amounts affecting operating expenses [3] 4 (2) Total net amount affecting the Consolidated Income Statement (1,412) (1,220) [1] Amounts principally relate to fountain syrup and packaged product sales. [2] Amounts principally relate to the purchase of concentrate, syrup, mineral water and juice as well as funding for marketing programmes. [3] Amounts principally relate to costs associated with new product development initiatives and support funding. The following table summarises the transactions with TCCC that impacted the Consolidated Statement of Financial Position as at the dates presented: 2 July 2021 31 December 2020 € million € million Amount due from TCCC 90 146 Amount payable to TCCC 282 167 Six Months Ended 2 July 2021 26 June 2020 € million € million Amounts affecting cost of sales [1] (21) (21) Amounts affecting operating expenses [2] (5) (4) Total net amount affecting the Consolidated Income Statement (26) (25) [1] Amounts principally relate to the purchase of packaging materials. [2] Amounts principally relate to certain costs associated with maintenance, repair services and rent. The following table summarises the transactions with Cobega that impacted the Consolidated Statement of Financial Position as at the dates presented: 2 July 2021 31 December 2020 € million € million Amount due from Cobega 5 4 Amount payable to Cobega 17 14

TAXES (Tables)

TAXES (Tables)	6 Months Ended
	Jul. 02, 2021
Income Tax [Abstract]
Disclosure of income tax expense	The following table summarises the major components of income tax expense for the periods presented: 2 July 2021 26 June 2020 € million € million Current income tax: Current income tax charge 125 74 Adjustment in respect of current income tax from prior periods (13) 5 Total current tax 112 79 Deferred tax: Relating to the origination and reversal of temporary differences (25) (24) Adjustment in respect of deferred income tax from prior periods 4 (7) Relating to changes in tax rates or the imposition of new taxes 118 37 Total deferred tax 97 6 Income tax charge per the Consolidated Income Statement 209 85

PROVISIONS, COMMITMENTS AND C_2

PROVISIONS, COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jul. 02, 2021
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract]
Disclosure of provisions	The following table summarises the movement of provisions for the periods presented: Restructuring Provision Other Provisions [1] Total € million € million € million Balance as at 31 December 2020 208 29 237 Acquisition of API 9 — 9 Charged/(credited) to profit or loss: Additional provisions recognised 73 3 76 Unused amounts reversed (9) — (9) Utilised during the period (102) — (102) Translation 1 1 2 Balance as at 2 July 2021 180 33 213 ______________________ [1] Other provisions primarily relate to decommissioning provisions, property tax assessment provisions and legal reserves.

GENERAL INFORMATION AND BASIS_4

GENERAL INFORMATION AND BASIS OF PREPARATION - Narrative (Details) € / shares in Units, € in Millions	6 Months Ended			12 Months Ended
	Dec. 31, 2021day	Jul. 02, 2021EUR (€)day€ / shares	Jun. 26, 2020day	Dec. 31, 2021day	Jul. 02, 2021day€ / shares	Dec. 31, 2020day
Disclosure of changes in reporting period [Line Items]
Revaluation of certain pension schemes, actuarial gain from changes in certain financial assumptions | €		€ (129)
Change in number of selling days in period		3			3
Number of days in selling week		5 days
Number of selling days in period		131	128			262
Forecast
Disclosure of changes in reporting period [Line Items]
Change in number of selling days in period	4			(1)
Number of selling days in period				261
Ordinary shares
Disclosure of changes in reporting period [Line Items]
Par value per share (in EUR per share) | € / shares		€ 0.01			€ 0.01

GENERAL INFORMATION AND BASIS_5

GENERAL INFORMATION AND BASIS OF PREPARATION - Schedule of Number of Selling Days (Details) - day	6 Months Ended			12 Months Ended
	Dec. 31, 2021	Jul. 02, 2021	Jun. 26, 2020	Dec. 31, 2021	Jul. 02, 2021	Dec. 31, 2020
Disclosure of changes in reporting period [Line Items]
Number of days in selling week		5 days
Number of selling days in period		131	128			262
Change		3			3
Forecast
Disclosure of changes in reporting period [Line Items]
Number of selling days in period				261
Change	4			(1)

GENERAL INFORMATION AND BASIS_6

GENERAL INFORMATION AND BASIS OF PREPARATION - Exchange Rates (Details)	6 Months Ended
	Jul. 02, 2021	Jun. 26, 2020	Dec. 31, 2020
UK Sterling
Disclosure of Exchange Rates [Line Items]
Average foreign exchange rate	1.15	1.15
Closing foreign exchange rate	1.16	1.10	1.11
US Dollar
Disclosure of Exchange Rates [Line Items]
Average foreign exchange rate	0.83	0.91
Closing foreign exchange rate	0.84	0.89	0.81
Norwegian Krone
Disclosure of Exchange Rates [Line Items]
Average foreign exchange rate	0.10	0.09
Closing foreign exchange rate	0.10	0.09	0.10
Swedish Krone
Disclosure of Exchange Rates [Line Items]
Average foreign exchange rate	0.10	0.09
Closing foreign exchange rate	0.10	0.10	0.10
Icelandic Krone
Disclosure of Exchange Rates [Line Items]
Average foreign exchange rate	0.01	0.01
Closing foreign exchange rate	0.01	0.01	0.01
Australian Dollar
Disclosure of Exchange Rates [Line Items]
Average foreign exchange rate	0.64
Closing foreign exchange rate	0.63
Indonesian Rupiah
Disclosure of Exchange Rates [Line Items]
Average foreign exchange rate	0.06
Closing foreign exchange rate	0.06
New Zealand Dollar
Disclosure of Exchange Rates [Line Items]
Average foreign exchange rate	0.59
Closing foreign exchange rate	0.59
Papua New Guinean Kina
Disclosure of Exchange Rates [Line Items]
Average foreign exchange rate	0.24
Closing foreign exchange rate	0.24

BUSINESS COMBINATIONS - Narrati

BUSINESS COMBINATIONS - Narrative (Details) $ / shares in Units, € in Millions, K in Millions, $ in Millions, $ in Millions	May 10, 2021EUR (€)	Nov. 30, 2020	Jul. 02, 2021EUR (€)	Jul. 02, 2021EUR (€)	Jul. 02, 2021PGK (K)	May 10, 2021AUD ($)$ / shares	May 10, 2021USD ($)	May 10, 2021EUR (€)	May 10, 2021PGK (K)
Disclosure of detailed information about business combination [line items]
Fair value of consideration								€ 5,752
Coca-Cola Amatil Limited
Disclosure of detailed information about business combination [line items]
Proportion of ownership interest in subsidiary	100.00%
Fair value of consideration								5,752
Goodwill								2,083
Cash flow hedge gains transferred to goodwill relating to business combination	€ 84
Right-of-use assets acquired								315
Lease liability acquired								310
Gain on remeasuring to fair value before business combination	€ 48
Trade accounts receivable								603
Gross trade receivables acquired								618
Allowance for expected credit losses, trade receivables acquired								15
Cash and cash equivalents								€ 523	K 79
Restricted cash and cash equivalents | K					K 82
Revenue of acquiree since acquisition date			€ 533
Profit (loss) of acquiree since acquisition date			€ 9
Revenue of combined entity as if combination occurred at beginning of period				€ 7,000
Profit (loss) of combined entity as if combination occurred at beginning of period				478
Coca-Cola Amatil Limited | Administrative expenses
Disclosure of detailed information about business combination [line items]
Acquisition-related costs for transaction recognised separately from acquisition of assets and assumption of liabilities in business combination				40
Coca-Cola Amatil Limited | Finance costs
Disclosure of detailed information about business combination [line items]
Acquisition-related costs for transaction recognised separately from acquisition of assets and assumption of liabilities in business combination				€ 3
Coca-Cola Amatil Limited | Shareholders of Coca-Cola Amatil Limited
Disclosure of detailed information about business combination [line items]
Cash consideration (in AUD per share) | $ / shares						$ 13.32
Cash transferred | $						$ 6,673
Coca-Cola Amatil Limited | The Coca-Cola Company | Agreed consideration, acquisition 1
Disclosure of detailed information about business combination [line items]
Proportion of ownership interests held by non-controlling interests	10.80%
Cash consideration (in AUD per share) | $ / shares						$ 9.39
Cash transferred | $						$ 893
Coca-Cola Amatil Limited | The Coca-Cola Company | Agreed consideration, acquisition 2
Disclosure of detailed information about business combination [line items]
Proportion of ownership interests held by non-controlling interests	20.00%
Cash consideration (in AUD per share) | $ / shares						$ 10.57
Cash transferred | $							$ 1,046
Coca-Cola Amatil Limited | Coca-Cola Amatil Limited
Disclosure of detailed information about business combination [line items]
Proportion of ownership interest in subsidiary		69.20%
Coca-Cola Amatil Limited | The Coca-Cola Company
Disclosure of detailed information about business combination [line items]
Proportion of ownership interests held by non-controlling interests		30.80%
Coca-Cola Amatil Limited | The Coca-Cola Company | PT Coca-Cola Bottling Indonesia
Disclosure of detailed information about business combination [line items]
Proportion of ownership interests held by non-controlling interests	29.40%

BUSINESS COMBINATIONS - Schedul

BUSINESS COMBINATIONS - Schedule of Net Assets Acquired (Details) - May 10, 2021 € in Millions, K in Millions	EUR (€)	PGK (K)
Disclosure of detailed information about business combination [line items]
Fair value of consideration	€ 5,752
Coca-Cola Amatil Limited
Disclosure of detailed information about business combination [line items]
Intangible assets	4,302
Property, plant and equipment	1,620
Non-current derivative assets	70
Deferred tax assets	5
Other non-current assets	56
Current derivative assets	24
Current tax assets	19
Inventories	457
Amounts receivable from related parties	34
Trade accounts receivable	603
Other current assets	54
Cash and cash equivalents	523	K 79
Borrowings, less current portion	(1,253)
Employee benefit liabilities	(37)
Non-current derivative liabilities	(72)
Deferred tax liabilities	(1,228)
Non-current tax liabilities	(6)
Current portion of borrowings	(384)
Current portion of employee benefit liabilities	(45)
Current provisions	(9)
Current derivative liabilities	(35)
Current tax liabilities	(12)
Amounts payable to related parties	(77)
Trade and other payables	(804)
Net identifiable assets acquired	3,805
Non-controlling interest	(220)
Cash flow hedge gains transferred to goodwill relating to business combination	84
Goodwill	2,083
Fair value of consideration	€ 5,752

OPERATING SEGMENTS - Schedule o

OPERATING SEGMENTS - Schedule of Operating Results per Geographic Segment (Details) € in Thousands	6 Months Ended
	Jul. 02, 2021EUR (€)segment	Jun. 26, 2020EUR (€)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Number of operating segments | segment	2
Revenue	€ 5,918,000	€ 4,837,000
Operating profit (comparable)	691,000	398,000
Including depreciation and amortisation (comparable)	(321,000)	(303,000)
Items impacting comparability	(171,000)	(130,000)
Operating profit	520,000	268,000
Total finance costs, net	(64,000)	(55,000)
Non-operating items	(1,000)	(2,000)
Profit before taxes	455,000	211,000
Europe
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	5,385,000	4,837,000
Operating profit (comparable)	631,000	398,000
Including depreciation and amortisation (comparable)	(285,000)	(303,000)
API
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	533,000	0
Operating profit (comparable)	60,000	0
Including depreciation and amortisation (comparable)	(36,000)	€ 0
API | Coca-Cola Amatil Limited
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue of acquired entity as if acquisition occurred at beginning of period	1,589,000
Operating profit (comparable) of acquired entity as if acquisition occurred at beginning of period	€ 171,000

OPERATING SEGMENTS - Schedule_2

OPERATING SEGMENTS - Schedule of Revenue by Geography (Details) - EUR (€) € in Millions	6 Months Ended
	Jul. 02, 2021	Jun. 26, 2020
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	€ 5,918	€ 4,837
Great Britain
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	1,192	1,026
Germany
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	1,091	1,014
Iberia
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	1,069	917
France
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	896	808
Belgium/Luxembourg
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	454	426
Netherlands
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	266	250
Norway
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	200	199
Sweden
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	179	162
Iceland
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	38	35
Australia
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	328	0
New Zealand and Pacific Islands
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	85	0
Indonesia and Papua New Guinea
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	€ 120	€ 0

EARNINGS PER SHARE - Summary of

EARNINGS PER SHARE - Summary of Basic and Diluted Earnings Per Ordinary Share (Details) - EUR (€) € / shares in Units, € in Millions	6 Months Ended
	Jul. 02, 2021	Jun. 26, 2020
Disclosure of classes of share capital [line items]
Profit attributable to shareholders	€ 244	€ 126
Profit after taxes	€ 246	€ 126
Basic weighted average number of ordinary Shares in issue (million) (in shares)	455,000,000	455,000,000
Effect of dilutive potential Shares (million) (in shares)	2,000,000	2,000,000
Adjusted weighted average number of ordinary shares outstanding	457,000,000	457,000,000
Basic earnings per share (in EUR per share)	€ 0.54	€ 0.28
Diluted earnings per share (in EUR per share)	€ 0.53	€ 0.28
Number of shares issued and fully paid (in shares)	455,853,051	454,163,561
Number of shares outstanding (in shares)	455,853,051	454,163,561
Antidilutive options excluded from diluted earnings per share share (in shares)	0	0
Retained earnings
Disclosure of classes of share capital [line items]
Profit after taxes	€ 244	€ 126

INTANGIBLE ASSETS AND GOODWIL_2

INTANGIBLE ASSETS AND GOODWILL - Summary of the Carrying Amounts of Intangible Assets and Goodwill (Details) - EUR (€) € in Millions	6 Months Ended	12 Months Ended
	Jul. 02, 2021	Dec. 31, 2020
Iberia cash-generating unit
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Percent by which unit's recoverable amount exceeds its carrying amount		25.00%
Intangible assets
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Balance at beginning of period	€ 8,414
Acquisition of API	4,302
Additions	42
Amortisation expense	(42)
Currency translation adjustments	(10)
Balance at end of period	12,706	€ 8,414
Goodwill
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Balance at beginning of period	2,517
Acquisition of API	2,083
Additions	0
Amortisation expense	0
Currency translation adjustments	(21)
Balance at end of period	€ 4,579	€ 2,517

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Summary of Movement (Details) - EUR (€) € in Millions	6 Months Ended
	Jul. 02, 2021	May 10, 2021
Disclosure of detailed information about property, plant and equipment [line items]
Net book value as at 31 December 2020	€ 3,860
Acquisition of API	1,620
Additions	148
Disposals	(22)
Depreciation expense	(300)
Currency translation adjustments	9
Net book value as at 2 July 2021	5,315
Coca-Cola Amatil Limited
Disclosure of detailed information about property, plant and equipment [line items]
Right-of-use assets acquired		€ 315
Right-of-use assets
Disclosure of detailed information about property, plant and equipment [line items]
Net book value as at 2 July 2021	€ 661

FAIR VALUES AND FINANCIAL RIS_2

FAIR VALUES AND FINANCIAL RISK MANAGEMENT - Narrative (Details) - EUR (€) € in Millions	6 Months Ended
	Jul. 02, 2021	Dec. 31, 2020	Jun. 26, 2020
Disclosure of fair value measurement of assets [line items]
Borrowings	€ 13,600	€ 7,200
Total assets	29,170	19,237	€ 19,063
Liabilities	22,375	13,212	€ 13,231
Gains on cash flow hedges	139
Level 2 | Fair value
Disclosure of fair value measurement of assets [line items]
Borrowings	13,900	7,600
Level 2 | Recurring | Derivative liability
Disclosure of fair value measurement of assets [line items]
Liabilities	95	77
Level 2 | Recurring | Derivative asset
Disclosure of fair value measurement of assets [line items]
Total assets	€ 260	€ 46

BORROWINGS AND LEASES - Schedul

BORROWINGS AND LEASES - Schedule of Borrowings Outstanding (Details) - EUR (€) € in Millions	Jul. 02, 2021	Dec. 31, 2020	Jun. 26, 2020
Disclosure of detailed information about borrowings [line items]
Total non-current borrowings	€ 11,806	€ 6,382	€ 6,343
Total current borrowings	1,752	805	€ 762
Euro denominated bonds
Disclosure of detailed information about borrowings [line items]
Total non-current borrowings	8,643	6,113
Total current borrowings	1,051	350
Foreign currency bonds (swapped into Euro)
Disclosure of detailed information about borrowings [line items]
Total non-current borrowings	1,674	0
Total current borrowings	0	359
Australian dollar denominated bonds
Disclosure of detailed information about borrowings [line items]
Total non-current borrowings	530	0
Total current borrowings	242	0
Foreign currency bonds (swapped into Australian Dollar)
Disclosure of detailed information about borrowings [line items]
Total non-current borrowings	436	0
Total current borrowings	23	0
Lease obligations
Disclosure of detailed information about borrowings [line items]
Total non-current borrowings	523	269
Commercial paper
Disclosure of detailed information about borrowings [line items]
Total current borrowings	305	0
Bank overdrafts
Disclosure of detailed information about borrowings [line items]
Total current borrowings	2	0
Lease obligations
Disclosure of detailed information about borrowings [line items]
Total current borrowings	€ 129	€ 96

BORROWINGS AND LEASES - Narrati

BORROWINGS AND LEASES - Narrative (Details) $ in Millions	6 Months Ended
	Jul. 02, 2021EUR (€)	Jul. 02, 2021USD ($)	Jun. 26, 2020EUR (€)	Jul. 02, 2021USD ($)	Dec. 31, 2020EUR (€)
Disclosure of detailed information about borrowings [line items]
Proceeds from borrowings, net	€ 4,877,000,000		€ 855,000,000
0% notes due 2025
Disclosure of detailed information about borrowings [line items]
Notional amount	€ 800,000,000
Borrowings, interest rate	0.00%			0.00%
0.5% notes due 2029
Disclosure of detailed information about borrowings [line items]
Notional amount	€ 700,000,000
Borrowings, interest rate	0.50%			0.50%
0.875% notes due 2023
Disclosure of detailed information about borrowings [line items]
Notional amount	€ 1,000,000,000
Borrowings, interest rate	0.875%			0.875%
1.5% notes due 2041
Disclosure of detailed information about borrowings [line items]
Notional amount	€ 750,000,000
Borrowings, interest rate	1.50%			1.50%
0.5% notes due 2023
Disclosure of detailed information about borrowings [line items]
Notional amount | $				$ 850
Borrowings, interest rate	0.50%			0.50%
0.8% notes due 2024
Disclosure of detailed information about borrowings [line items]
Notional amount | $				$ 650
Borrowings, interest rate	0.80%			0.80%
1.5% notes due 2027
Disclosure of detailed information about borrowings [line items]
Notional amount | $				$ 500
Borrowings, interest rate	1.50%			1.50%
4.5% notes due 2021
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	4.50%			4.50%
Repayments of borrowings, classified as financing activities | $		$ 248
3.25% notes Due 2021
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	3.25%			3.25%
Repayments of borrowings, classified as financing activities | $		$ 192
Multi-currency Credit Facility
Disclosure of detailed information about borrowings [line items]
Borrowing facilities, maximum borrowing capacity	€ 1,950,000,000				€ 1,500,000,000

EQUITY - Narrative (Details)

EQUITY - Narrative (Details) € in Millions	May 10, 2021	Nov. 30, 2020	Jul. 02, 2021EUR (€)sharesvote	Jun. 26, 2020EUR (€)shares	Dec. 31, 2020EUR (€)
Disclosure of classes of share capital [line items]
Number of shares issued and fully paid (in shares) | shares			455,853,051	454,163,561
Number of shares outstanding (in shares) | shares			455,853,051	454,163,561
Dividends declared or paid			€ 0	€ 0
Non-controlling interests recognised relating to business combination			220
Non-controlling interest			225	€ 0	€ 0
Non-controlling interest
Disclosure of classes of share capital [line items]
Non-controlling interests recognised relating to business combination			220
Coca-Cola Amatil Limited | The Coca-Cola Company
Disclosure of classes of share capital [line items]
Proportion of ownership interests held by non-controlling interests		30.80%
PT Coca-Cola Bottling Indonesia | The Coca-Cola Company | Non-controlling interest
Disclosure of classes of share capital [line items]
Non-controlling interest			€ 216
PT Coca-Cola Bottling Indonesia | Paradise Beverages (Fiji) Group
Disclosure of classes of share capital [line items]
Proportion of ownership interests held by non-controlling interests	9.90%
PT Coca-Cola Bottling Indonesia | Samoa Breweries Limited
Disclosure of classes of share capital [line items]
Proportion of ownership interests held by non-controlling interests			6.10%
PT Coca-Cola Bottling Indonesia | Coca-Cola Amatil Limited | The Coca-Cola Company
Disclosure of classes of share capital [line items]
Proportion of ownership interests held by non-controlling interests	29.40%
Ordinary shares
Disclosure of classes of share capital [line items]
Number of votes per share in issue | vote			1
Number of shares issued (in shares) | shares			1,207,541

RELATED PARTY TRANSACTIONS - Na

RELATED PARTY TRANSACTIONS - Narrative (Details) € in Millions	Jun. 30, 2021EUR (€)	May 10, 2021EUR (€)	Nov. 30, 2020	Jul. 02, 2021EUR (€)director	Jun. 26, 2020EUR (€)	Dec. 31, 2020EUR (€)
Disclosure of transactions between related parties [line items]
Number of members of board of directors | director				17
Non-controlling interest				€ 225	€ 0	€ 0
Other related parties
Disclosure of transactions between related parties [line items]
Amounts affecting cost of sales				€ 28
Other related parties | Made Group
Disclosure of transactions between related parties [line items]
Proportion of ownership interest in investments	45.00%
Consideration received	€ 21
TCCC | Entities with joint control or significant influence over entity
Disclosure of transactions between related parties [line items]
Percentage ownership				19.30%
Number of members of board of directors | director				2
Amounts affecting cost of sales				€ 1,438	1,240
TCCC | Entities with joint control or significant influence over entity | Franchise intangible
Disclosure of transactions between related parties [line items]
Agreement term				10 years
Renewal term				10 years
Cobega Companies | Entities with joint control or significant influence over entity
Disclosure of transactions between related parties [line items]
Percentage ownership				36.40%
Number of members of board of directors | director				5
Amounts affecting cost of sales				€ 21	€ 21
The Coca-Cola Company | PT Coca-Cola Bottling Indonesia | Non-controlling interest
Disclosure of transactions between related parties [line items]
Non-controlling interest				€ 216
Coca-Cola Amatil Limited
Disclosure of transactions between related parties [line items]
Investments recognised as of acquisition date		€ 35
Coca-Cola Amatil Limited | The Coca-Cola Company
Disclosure of transactions between related parties [line items]
Proportion of ownership interests held by non-controlling interests			30.80%
Coca-Cola Amatil Limited | The Coca-Cola Company | PT Coca-Cola Bottling Indonesia
Disclosure of transactions between related parties [line items]
Proportion of ownership interests held by non-controlling interests		29.40%

RELATED PARTY TRANSACTIONS - Sc

RELATED PARTY TRANSACTIONS - Schedule of Transactions with TCCC (Details) - TCCC - Entities with joint control or significant influence over entity - EUR (€) € in Millions	6 Months Ended
	Jul. 02, 2021	Jun. 26, 2020	Dec. 31, 2020
Disclosure of transactions between related parties [line items]
Amounts affecting revenue	€ 22	€ 22
Amounts affecting cost of sales	(1,438)	(1,240)
Amounts affecting operating expenses	4	(2)
Total net amount affecting the Consolidated Income Statement	(1,412)	€ (1,220)
Amount due from TCCC	90		€ 146
Amount payable to TCCC	€ 282		€ 167

RELATED PARTY TRANSACTIONS - _2

RELATED PARTY TRANSACTIONS - Schedule of Transactions with Cobega Companies (Details) - Cobega Companies - Entities with joint control or significant influence over entity - EUR (€) € in Millions	6 Months Ended
	Jul. 02, 2021	Jun. 26, 2020	Dec. 31, 2020
Disclosure of transactions between related parties [line items]
Amounts affecting cost of sales	€ (21)	€ (21)
Amounts affecting operating expenses	(5)	(4)
Total net amount affecting the Consolidated Income Statement	(26)	€ (25)
Amount due from Cobega	5		€ 4
Amount payable to Cobega	€ 17		€ 14

TAXES - Narrative (Details)

TAXES - Narrative (Details) - EUR (€) € in Millions	6 Months Ended		12 Months Ended
	Jul. 02, 2021	Jun. 26, 2020	Dec. 31, 2020	Dec. 31, 2019
Income Tax [Abstract]
Effective tax rate	46.00%	40.00%	28.00%	28.00%
Discrete items excluded from average effective tax rate	22.00%	24.00%
Relating to changes in tax rates or the imposition of new taxes	€ 118	€ 37
Tax rate effect from change in tax rate	26.00%
Current tax liabilities, audit provision	€ 139

TAXES - Components of Income Ta

TAXES - Components of Income Tax (Details) - EUR (€) € in Millions	6 Months Ended
	Jul. 02, 2021	Jun. 26, 2020
Current income tax:
Current income tax charge	€ 125	€ 74
Adjustment in respect of current income tax from prior periods	(13)	5
Total current tax	112	79
Deferred tax:
Relating to the origination and reversal of temporary differences	(25)	(24)
Adjustment in respect of deferred income tax from prior periods	4	(7)
Relating to changes in tax rates or the imposition of new taxes	118	37
Total deferred tax	97	6
Income tax charge per the Consolidated Income Statement	€ 209	€ 85

PROVISIONS, COMMITMENTS AND C_3

PROVISIONS, COMMITMENTS AND CONTINGENCIES - Disclosure of Provisions (Details) € in Millions	6 Months Ended	90 Months Ended
	Jul. 02, 2021EUR (€)	Jul. 02, 2021EUR (€)
Reconciliation of changes in other provisions [abstract]
Beginning balance	€ 237
Acquisition of API	9
Charged/(credited) to profit or loss:
Additional provisions recognised	76
Unused amounts reversed	(9)
Utilised during the period	(102)
Translation	2
Ending balance	213	€ 213
Coal
Charged/(credited) to profit or loss:
Royalty income		50
Coca-Cola Amatil Limited
Charged/(credited) to profit or loss:
Commitments assumed as part of business combination	100	100
Iberia
Charged/(credited) to profit or loss:
Restructuring charge	50
Restructuring Provision
Reconciliation of changes in other provisions [abstract]
Beginning balance	208
Acquisition of API	9
Charged/(credited) to profit or loss:
Additional provisions recognised	73
Unused amounts reversed	(9)
Utilised during the period	(102)
Translation	1
Ending balance	180	180
Other Provisions
Reconciliation of changes in other provisions [abstract]
Beginning balance	29
Acquisition of API	0
Charged/(credited) to profit or loss:
Additional provisions recognised	3
Unused amounts reversed	0
Utilised during the period	0
Translation	1
Ending balance	€ 33	€ 33