Coca-Cola Europacific Partners (CCEP) 6-K 4 Aug 22 2022 Q2 Current report (foreign) Financial data

Cover

Cover	6 Months Ended
	Jul. 01, 2022
Cover [Abstract]
Document type	6-K
Document period end date	Jul. 01, 2022
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	2022
Document fiscal period focus	Q2

Condensed Consolidated Interim

Condensed Consolidated Interim Income Statement (Unaudited) - EUR (€) € in Millions	6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021
Profit or loss [abstract]
Revenue	€ 8,280	€ 5,918
Cost of sales	(5,288)	(3,840)
Gross profit	2,992	2,078
Selling and distribution expenses	(1,410)	(1,033)
Administrative expenses	(615)	(525)
Operating profit	967	520
Finance income	30	14
Finance costs	(93)	(78)
Total finance costs, net	(63)	(64)
Non-operating items	(6)	(1)
Profit before taxes	898	455
Taxes	(223)	(209)
Profit after taxes	675	246
Profit attributable to shareholders	667	244
Profit attributable to non-controlling interests	€ 8	€ 2
Basic earnings per share (in EUR per share)	€ 1.46	€ 0.54
Diluted earnings per share (in EUR per share)	€ 1.46	€ 0.53

Condensed Consolidated Interi_2

Condensed Consolidated Interim Statement of Comprehensive Income (Unaudited) - EUR (€) € in Millions	6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021
Statement of comprehensive income [abstract]
Profit after taxes	€ 675	€ 246
Foreign currency translations:
Pretax activity, net	98	58
Tax effect	0	0
Foreign currency translation, net of tax	98	58
Cash flow hedges:
Pretax activity, net	8	223
Tax effect	(3)	(48)
Cash flow hedges, net of tax	5	175
Other reserves:
Pretax activity, net	(2)	6
Tax effect	0	(1)
Other reserves, net of tax	(2)	5
Other comprehensive income that will be reclassified to profit or loss, net of tax	101	238
Pension plan remeasurements:
Pretax activity, net	53	149
Tax effect	(16)	(24)
Pension plan adjustments, net of tax	37	125
Other comprehensive income that will not be reclassified to profit or loss, net of tax	37	125
Other comprehensive income/(loss) for the period, net of tax	138	363
Total comprehensive income	813	609
Comprehensive income attributable to shareholders	798	604
Comprehensive income attributable to non-controlling interests	€ 15	€ 5

Condensed Consolidated Interi_3

Condensed Consolidated Interim Statement of Financial Position (Unaudited) - EUR (€) € in Millions	Jul. 01, 2022	Dec. 31, 2021
Non-current:
Intangible assets	€ 12,677	€ 12,639
Goodwill	4,668	4,623
Property, plant and equipment	5,164	5,248
Non-current derivative assets	265	226
Deferred tax assets	26	60
Other non-current assets	576	534
Total non-current assets	23,376	23,330
Current:
Current derivative assets	308	150
Current tax assets	31	46
Inventories	1,410	1,157
Amounts receivable from related parties	77	143
Trade accounts receivable	2,753	2,305
Other current assets	275	271
Assets held for sale	66	223
Short term investments	239	58
Cash and cash equivalents	1,819	1,407
Total current assets	6,978	5,760
Total assets	30,354	29,090
Non-current:
Borrowings, less current portion	11,065	11,790
Employee benefit liabilities	122	138
Non-current provisions	86	48
Non-current derivative liabilities	134	47
Deferred tax liabilities	3,604	3,617
Non-current tax liabilities	106	110
Other non-current liabilities	38	37
Total non-current liabilities	15,155	15,787
Current:
Current portion of borrowings	1,577	1,350
Current portion of employee benefit liabilities	9	10
Current provisions	106	86
Current derivative liabilities	68	19
Current tax liabilities	242	181
Amounts payable to related parties	339	210
Trade and other payables	5,075	4,237
Total current liabilities	7,416	6,093
Total liabilities	22,571	21,880
EQUITY
Share capital	5	5
Share premium	225	220
Merger reserves	287	287
Other reserves	(62)	(156)
Retained earnings	7,136	6,677
Equity attributable to shareholders	7,591	7,033
Non-controlling interest	192	177
Total equity	7,783	7,210
Total equity and liabilities	€ 30,354	€ 29,090

Condensed Consolidated Interi_4

Condensed Consolidated Interim Statement of Cash Flows (Unaudited) - EUR (€) € in Millions	6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021
Cash flows from operating activities:
Profit before taxes	€ 898	€ 455
Adjustments to reconcile profit before tax to net cash flows from operating activities:
Depreciation	336	300
Amortisation of intangible assets	50	42
Share-based payment expense	12	4
Finance costs, net	63	64
Income taxes paid	(162)	(58)
Changes in assets and liabilities, net of acquisition amounts:
(Increase) in trade and other receivables	(429)	(384)
(Increase) in inventories	(245)	(144)
Increase in trade and other payables	936	503
Increase in net payable receivable from related parties	180	121
Increase/(decrease) in provisions	59	(23)
Change in other operating assets and liabilities	(45)	28
Net cash flows from operating activities	1,653	908
Cash flows from investing activities:
Acquisition of bottling operations, net of cash acquired	0	(5,401)	[1]
Purchases of property, plant and equipment	(178)	(115)
Purchases of capitalised software	(22)	(42)
Proceeds from sales of property, plant and equipment	6	20
Proceeds from sales of intangible assets	143	0
Investments in equity instruments	(2)	0
Proceeds from the sale of equity instruments	13	0
Net proceeds/(payments) of short term investments	(181)	118	[1]
Other investing activity, net	(1)	16
Net cash flows used in investing activities	(222)	(5,404)	[1]
Cash flows from financing activities:
Proceeds from borrowings, net	0	4,877
Changes in short-term borrowings	237	305
Repayments on third party borrowings	(834)	(468)
Payments of principal on lease obligations	(80)	(65)
Interest paid, net	(98)	(58)
Dividends paid	(256)	0
Exercise of employee share options	5	18
Other financing activities, net	(8)	4
Net cash flows (used in)/from financing activities	(1,034)	4,613
Net change in cash and cash equivalents	397	117	[1]
Net effect of currency exchange rate changes on cash and cash equivalents	15	46
Cash and cash equivalents at beginning of period	1,407	1,523
Cash and cash equivalents at end of period	€ 1,819	€ 1,686	[1]
[1]*Comparative information has been reclassified in connection with the acquisition of CCL. Refer to Note 1.

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, 2020	€ 6,025	€ 6,025	€ 5	€ 192	€ 287	€ (537)	€ 6,078	€ 0
Profit after taxes	246	244					244	2
Other comprehensive income	363	360				235	125	3
Total comprehensive income	609	604				235	369	5
Non-controlling interests recognised relating to business combination	220	0						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
Equity beginning balance at Dec. 31, 2021	7,210	7,033	5	220	287	(156)	6,677	177
Profit after taxes	675	667					667	8
Other comprehensive income	138	131				94	37	7
Total comprehensive income	813	798				94	704	15
Issue of shares during the period	5	5		5
Equity-settled share-based payment expense	12	12					12
Dividends	(257)	(257)					(257)
Equity ending balance at Jul. 01, 2022	€ 7,783	€ 7,591	€ 5	€ 225	€ 287	€ (62)	€ 7,136	€ 192

GENERAL INFORMATION AND BASIS O

GENERAL INFORMATION AND BASIS OF PREPARATION	6 Months Ended
	Jul. 01, 2022
Corporate Information And Statement of IFRS Compliance [Abstract]
GENERAL INFORMATION AND BASIS OF PREPARATION	GENERAL INFORMATION AND BASIS OF PREPARATION Coca-Cola Europacific Partners plc (the Company) and its subsidiaries (together CCEP, or the Group) are a leading consumer goods group in Western Europe and the Asia Pacific region, making, selling and distributing an extensive range of primarily non-alcoholic ready to drink beverages. The Company has ordinary shares with a nominal value of €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 NASDAQ Global Select Market, 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 2021, which were prepared in accordance with U.K. adopted International Accounting Standards, International Financial Reporting Standards (IFRS) as adopted by the European Union and International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB), 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. 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, the U.K. adopted International Accounting Standard 34, "Interim Financial Reporting" and the Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority and should be read in conjunction with our 2021 consolidated financial statements. The annual financial statements of the Group for the year-ended 31 December 2022 will be prepared in accordance with U.K. adopted International Accounting Standards, International Financial Reporting Standards (IFRS) as adopted by the European Union and International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB). The accounting policies applied in these interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s consolidated financial statements as at and for the year ended 31 December 2021. The policy for recognising income taxes in the interim period is consistent with that applied in previous interim periods and is described in Note 11. Several amendments and interpretations apply for the first time in 2022, but do not have a material impact on the condensed consolidated interim financial statements of the Group. As disclosed in the notes to the Group’s consolidated financial statements as at and for the year ended 31 December 2021 (refer to Note 4 “Business combinations”), short term time deposits and treasury bills with maturities of greater than three months and less than one year acquired as part of the CCL acquisition have been reclassified and presented as short term investments. The impact on the comparative condensed consolidated interim statement of cash flows for the six months ended 2 July 2021 was a net reduction in cash flows from investing activities of €138 million (including net proceeds from short term investments of €118 million) and a reduction in cash and cash equivalents of €138 million. There was a corresponding increase in short term investments of €138 million as at 2 July 2021. Reporting periods Results are presented for the interim period from 1 January 2022 to 1 July 2022. 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 was one less selling day in the six months ended 1 July 2022 versus the six months ended 2 July 2021, and there will be equal selling days in the second six months of 2022 versus the second six months of 2021 (based upon a standard five-day selling week). The following table summarises the number of selling days, for the years ended 31 December 2022 and 31 December 2021 (based on a standard five-day selling week): Half year Full year 2022 130 260 2021 131 261 Change -1 -1 Comparability The COVID-19 pandemic and related response measures have had and may continue to have an adverse effect on global economic conditions, as well as our business, results of operations, cash flows and financial condition. At this time, we cannot predict the degree to which, or the time period over which, our business will continue to be affected by COVID-19 and the related response measures. These impacts limit the comparability of these condensed consolidated interim financial statements with prior periods. In addition, operating results for the first half of 2022 may not be indicative of the results expected for the year ended 31 December 2022 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 six month period ended Closing as at 1 July 2022 2 July 2021 [1] 1 July 2022 31 December 2021 UK Sterling 1.19 1.15 1.17 1.19 US Dollar 0.91 0.83 0.96 0.88 Norwegian Krone 0.10 0.10 0.10 0.10 Swedish Krone 0.10 0.10 0.09 0.10 Icelandic Krone 0.01 0.01 0.01 0.01 Australian Dollar 0.66 0.64 0.66 0.64 Indonesian Rupiah [2] 0.06 0.06 0.06 0.06 New Zealand Dollar 0.61 0.59 0.60 0.60 Papua New Guinean Kina 0.26 0.24 0.27 0.25 [1] For the previous year period 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. 01, 2022
Disclosure of detailed information about business combination [abstract]
BUSINESS COMBINATIONS	BUSINESS COMBINATIONS On 10 May 2021, the Company acquired 100% of the issued and outstanding shares of API (the Acquisition). 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. Details surrounding this business combination transaction, including the provisional fair values of assets and liabilities acquired, were disclosed in Note 4 of the Group’s annual consolidated financial statements for the year ended 31 December 2021. The valuation exercise was completed during the first half of 2022. Subsequent changes to the provisional amounts previously disclosed are immaterial.

OPERATING SEGMENTS

OPERATING SEGMENTS	6 Months Ended
	Jul. 01, 2022
Operating Segments [Abstract]
OPERATING SEGMENTS	OPERATING SEGMENTS Description of segments and principal activities The Group derives its revenues through a single business activity, which is making, selling and distributing an extensive range of primarily non-alcoholic ready to drink beverages. The Group’s Board continues to be its Chief Operating Decision Maker (CODM), which allocates resources and evaluates performance of its operating segments based on volume, revenue and comparable operating profit. Comparable operating profit excludes items impacting the comparability of period over period financial performance. Six Months Ended 1 July 2022 Six Months Ended 2 July 2021 Europe API Total Europe API Total € million € million € million € million € million € million Revenue 6,451 1,829 8,280 5,385 533 5,918 Comparable operating profit [1] 825 226 1,051 631 60 691 Items impacting comparability [2] (84) (171) Reported operating profit 967 520 Total finance costs, net (63) (64) Non-operating items (6) (1) Reported profit before tax 898 455 [1] Comparable operating profit includes comparable depreciation and amortisation of €273 million and €114 million for Europe and API respectively, for the six months ended 1 July 2022. Comparable depreciation and amortisation charges for the six months ended 2 July 2021 totalled €285 million and €36 million, for Europe and API respectively. [2] Items impacting the comparability of period-over-period financial performance for 2022 primarily include restructuring charges of €95 million, partially offset by net insurance recoveries received of €12 million arising from the July 2021 flooding events. Items impacting the comparability for 2021 included restructuring charges of €92 million, acquisition and integration related costs of €40 million, inventory fair value step up related to acquisition accounting of €48 million and a positive impact of the closure of the GB defined benefit pension scheme of €9 million. No single customer accounted for more than 10% of the Group’s revenue during the six months ended 1 July 2022 and 2 July 2021. 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 1 July 2022 2 July 2021 Revenue € million € million Great Britain 1,463 1,192 Germany 1,296 1,091 Iberia [1] 1,371 1,069 France [2] 1,017 896 Belgium/Luxembourg 511 454 Netherlands 329 266 Norway 208 200 Sweden 213 179 Iceland 43 38 Total Europe 6,451 5,385 Australia 1,102 328 New Zealand and Pacific Islands 302 85 Indonesia and Papua New Guinea 425 120 Total API 1,829 533 Total CCEP 8,280 5,918 [1] Iberia refers to Spain, Portugal & Andorra. [2] France refers to continental France & Monaco.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jul. 01, 2022
Earnings per share [abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic earnings per share is calculated by dividing profit after taxes by the weighted average number of Shares in issue and outstanding during the period. Diluted earnings per share is calculated in a similar manner, but includes the effect of dilutive securities, principally share options, restricted stock units and performance share units. Share-based payment awards that are contingently issuable upon the achievement of specified market and/or performance conditions are included in the diluted earnings per share calculation based on the number of Shares that would be issuable if the end of the period was the end of the contingency period. The following table summarises basic and diluted earnings per share calculations for the periods presented: Six Months Ended 1 July 2022 2 July 2021 Profit after taxes attributable to equity shareholders (€ million) 667 244 Basic weighted average number of Shares in issue [1] (million) 457 455 Effect of dilutive potential Shares [2] (million) 1 2 Diluted weighted average number of Shares in issue [1] (million) 458 457 Basic earnings per share (€) 1.46 0.54 Diluted earnings per share (€) 1.46 0.53 [1] As at 1 July 2022 and 2 July 2021, the Group had 456,789,240 and 455,853,051 Shares, respectively, in issue and outstanding. [2] For the six months ended 1 July 2022 and 2 July 2021, 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. 01, 2022
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 1 July 2022: Intangible assets Goodwill € million € million Net book value as at 31 December 2021 12,639 4,623 Additions 22 — Amortisation expense (50) — Disposals (1) — Transfers and reclassifications 14 (1) Currency translation adjustments 53 46 Net book value as at 1 July 2022 12,677 4,668

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	6 Months Ended
	Jul. 01, 2022
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 1 July 2022: Total € million Net book value as at 31 December 2021 5,248 Additions 251 Disposals (9) Depreciation expense (336) Transfers and reclassifications (19) Currency translation adjustments 29 Net book value as at 1 July 2022 [1] 5,164

FAIR VALUES AND FINANCIAL RISK

FAIR VALUES AND FINANCIAL RISK MANAGEMENT	6 Months Ended
	Jul. 01, 2022
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 2021 consolidated financial statements. The fair values of the Group’s cash and cash equivalents, short term investments, trade accounts receivable, amounts receivable from related parties, trade and other payables, and amounts payable to related parties approximate their carrying amounts due to their short-term nature. The fair values of the Group’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 1 July 2022 and 31 December 2021, was €11.6 billion and €13.3 billion, respectively. This compared to the carrying value of total borrowings as at 1 July 2022 and 31 December 2021 of €12.6 billion and €13.1 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 1 July 2022 and 31 December 2021, the total value of derivative assets was €573 million and €376 million, respectively. As at 1 July 2022 and 31 December 2021, the total value of derivative liabilities was €202 million and €66 million, respectively. During the period, €8 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 levels 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. 01, 2022
Financial Instruments [Abstract]
BORROWINGS AND LEASES	BORROWINGS AND LEASES Borrowings Outstanding The following table summarises the carrying value of the Group’s borrowings as at the dates presented: 1 July 2022 31 December 2021 € million € million Non-current: Euro denominated bonds 8,572 8,646 Foreign currency bonds (swapped into Euro) [1] 1,103 1,757 Australian dollar denominated bonds 442 432 Foreign currency bonds (swapped into Australian Dollar or New Zealand Dollar) [1] 428 446 Lease obligations 520 509 Total non-current borrowings 11,065 11,790 Current: Euro denominated bonds [2] — 700 Foreign currency bonds (swapped into Euro) [1] 817 — Australian dollar denominated bonds [3] 103 230 Euro commercial paper 522 285 Bank overdrafts — 1 Lease obligations 135 134 Total current borrowings 1,577 1,350 [1] Cross currency swaps are used by the Group to swap foreign currency bonds into the required local currency. [2] In January 2022 the Group repaid prior to maturity €700 million of outstanding Euro denominated bonds (€700 million 0.75% Notes 2022) due in February 2022. [3] In March 2022, the Group repaid on maturity €134 million of outstanding Australian dollar denominated bonds (A$200 million 3.3750% Notes 2022). These were acquired as part of the API acquisition.

EQUITY

EQUITY	6 Months Ended
	Jul. 01, 2022
Share Capital, Reserves And Other Equity Interest [Abstract]
EQUITY	EQUITY Share Capital As at 1 July 2022, the Company had issued and fully paid 456,789,240 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 1 July 2022 from the issue of 554,208 Shares, following the exercise of share-based payment awards. Dividends During the first six months of 2022, the Board declared a first half dividend of €0.56 per share, which was paid on 26 May 2022. No dividends were declared or paid in the first six months of 2021. Non-controlling interests

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jul. 01, 2022
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) 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 1 July 2022 2 July 2021 € million € million Amounts affecting revenue [1] 51 22 Amounts affecting cost of sales [2] (1,910) (1,438) Amounts affecting operating expenses [3] 1 4 Total net amount affecting the consolidated income statement (1,858) (1,412) [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: 1 July 2022 31 December 2021 € million € million Amount due from TCCC 68 135 Amount payable to TCCC 305 189 In February 2022, the Group entered into asset sale arrangements with TCCC pursuant to which, the Group agreed to sell certain non-alcoholic ready to drink beverage brands, predominantly available in Australia and New Zealand, which were acquired as part of the business combination transaction consummated on 10 May 2021, for a total consideration approximating €182 million. The sale price approximated the fair value of the brands assessed at the acquisition date. These brands were classified as assets held for sale in our consolidated statement of financial position as at 31 December 2021 . During the first half of 2022, the Group partially completed the asset sale transaction and expects to finalize the remaining portion during the second half of the year. The Group has also entered into commercial agreements with TCCC to facilitate ongoing manufacturing, distributing and/or selling activities pertaining to these brands. The brands which are yet to be sold to TCCC, amount to €40 million and are classified as assets held for sale in our condensed consolidated interim statement of financial position as at 1 July 2022. Transactions with Cobega companies 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 1 July 2022 2 July 2021 € million € million Amounts affecting revenues [1] 2 — Amounts affecting cost of sales [2] (32) (21) Amounts affecting operating expenses [3] (8) (5) Total net amount affecting the consolidated income statement (38) (26) [1] Amounts principally relate to packaged product sales. [2] Amounts principally relate to the purchase of packaging materials. [3] 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: 1 July 2022 31 December 2021 € million € million Amount due from Cobega 5 2 Amount payable to Cobega 27 19 Transactions with Other Related Parties For the six months ended 1 July 2022 and 2 July 2021 the Group recognised charges in cost of sales of €83 million and €28 million, respectively, in connection with transactions that have been entered into with joint ventures, associates and other related parties predominantly for the purchase of finished products as well as container deposit scheme charges in Australia. Transactions with joint ventures, associates and other related parties that impacted the condensed consolidated interim statement of financial position as at 1 July 2022 include €4 million in amounts receivable from related parties and €7 million in amounts payable to related parties respectively. As at 31 December 2021 amounts receivable from related parties and amounts payable to related parties included €6 million and €2 million respectively related to transactions with joint ventures, associates and other related parties.

TAXES

TAXES	6 Months Ended
	Jul. 01, 2022
Income Tax [Abstract]
TAXES	TAXES 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 25% and 46% for the six months ended 1 July 2022 and 2 July 2021, respectively, and 29% for the year ended 31 December 2021. The ETR has been calculated by applying the weighted average annual ETR, excluding discrete items, of 25% and 22% to the profit before tax for the six months ended 1 July 2022 and 2 July 2021, respectively. The ETR of 25% which is higher than statutory UK rate reflects the impact of having operations outside the UK which are taxed at rates other than the statutory UK rate of 19%. The following table summarises the major components of income tax expense for the periods presented: 1 July 2022 2 July 2021 € million € million Current income tax: Current income tax charge 228 125 Adjustment in respect of current income tax from prior periods 8 (13) Total current tax 236 112 Deferred tax: Relating to the origination and reversal of temporary differences (4) (25) Adjustment in respect of deferred income tax from prior periods (9) 4 Relating to changes in tax rates or the imposition of new taxes — 118 Total deferred tax (13) 97 Income tax charge per the consolidated income statement 223 209 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 uncertainty related to these tax matters that it believes appropriately reflect its risk. As at 1 July 2022, €154 million of these provisions is 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 2021. 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

PROVISIONS, COMMITMENTS AND CON

PROVISIONS, COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jul. 01, 2022
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 2021 103 31 134 Charged/(credited) to profit or loss: Additional provisions recognised 97 3 100 Unused amounts reversed (4) (2) (6) Utilised during the period (36) — (36) Balance as at 1 July 2022 160 32 192 ______________________ [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 2022, including the transformation of the full service vending operations and related initiatives in Germany. Restructuring charges of approximately €81 million associated with these initiatives have been recorded during the six months ended 1 July 2022 primarily related to expected severance costs. Commitments There have been no significant changes in the commitments of the Group since 31 December 2021. Refer to Note 23 of the 2021 consolidated financial statements for further details about the Group’s commitments. Contingencies There have been no significant changes in contingencies since 31 December 2021. Refer to Note 23 of the 2021 consolidated financial statements for further details about the Group’s contingencies. On 24 July 2020, a CCEP 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 and through to 24 July 2020, CCEP has received and recognised approximately €50 million in royalties. Effective the commencement of the proceedings, royalties have been paid directly to court and/or state government, which amounted to approximately €33 million as at 1 July 2022 and have not been recognised by the Group. If the Group is able to successfully defend the claim, it will be entitled to the past and future royalty payments arising from the ownership of the mineral rights. 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. 01, 2022
Events After Reporting Period [Abstract]
EVENTS AFTER THE REPORTING PERIOD	EVENTS AFTER THE REPORTING PERIOD In connection with the ongoing dispute in Spain regarding the refund of historical VAT amounts, €218 million of VAT receivable and related interest is classified within Other non-current assets as at 1 July 2022. On 29 July 2022, the Arbitration Board provided a ruling which, based on our current interpretation, indicates the regional tax authorities of Bizkaia (Basque Region) as responsible for refunding CCEP. As at the time of issuance of these condensed consolidated interim financial statements, there is uncertainty on the timing of the refund and we consider that the non-current classification remains appropriate. We believe it remains a certainty that the amount due will be refunded to CCEP.

GENERAL INFORMATION AND BASIS_2

GENERAL INFORMATION AND BASIS OF PREPARATION (Policies)	6 Months Ended
	Jul. 01, 2022
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, the U.K. adopted International Accounting Standard 34, "Interim Financial Reporting" and the Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority and should be read in conjunction with our 2021 consolidated financial statements. The annual financial statements of the Group for the year-ended 31 December 2022 will be prepared in accordance with U.K. adopted International Accounting Standards, International Financial Reporting Standards (IFRS) as adopted by the European Union and International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB). The accounting policies applied in these interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s consolidated financial statements as at and for the year ended 31 December 2021. The policy for recognising income taxes in the interim period is consistent with that applied in previous interim periods and is described in Note 11. Several amendments and interpretations apply for the first time in 2022, but do not have a material impact on the condensed consolidated interim financial statements of the Group. As disclosed in the notes to the Group’s consolidated financial statements as at and for the year ended 31 December 2021 (refer to Note 4 “Business combinations”), short term time deposits and treasury bills with maturities of greater than three months and less than one year acquired as part of the CCL acquisition have been reclassified and presented as short term investments. The impact on the comparative condensed consolidated interim statement of cash flows for the six months ended 2 July 2021 was a net reduction in cash flows from investing activities of €138 million (including net proceeds from short term investments of €118 million) and a reduction in cash and cash equivalents of €138 million. There was a corresponding increase in short term investments of €138 million as at 2 July 2021.
Reporting periods	Reporting periods Results are presented for the interim period from 1 January 2022 to 1 July 2022. 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 was one less selling day in the six months ended 1 July 2022 versus the six months ended 2 July 2021, and there will be equal selling days in the second six months of 2022 versus the second six months of 2021 (based upon a standard five-day selling week).
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. 01, 2022
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 2022 and 31 December 2021 (based on a standard five-day selling week): Half year Full year 2022 130 260 2021 131 261 Change -1 -1
Schedule of exchange rates	The principal exchange rates used for translation purposes in respect of one Euro were: Average for the six month period ended Closing as at 1 July 2022 2 July 2021 [1] 1 July 2022 31 December 2021 UK Sterling 1.19 1.15 1.17 1.19 US Dollar 0.91 0.83 0.96 0.88 Norwegian Krone 0.10 0.10 0.10 0.10 Swedish Krone 0.10 0.10 0.09 0.10 Icelandic Krone 0.01 0.01 0.01 0.01 Australian Dollar 0.66 0.64 0.66 0.64 Indonesian Rupiah [2] 0.06 0.06 0.06 0.06 New Zealand Dollar 0.61 0.59 0.60 0.60 Papua New Guinean Kina 0.26 0.24 0.27 0.25 [1] For the previous year period 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.

OPERATING SEGMENT (Tables)

OPERATING SEGMENT (Tables)	6 Months Ended
	Jul. 01, 2022
Operating Segments [Abstract]
Disclosure of operating segments	Six Months Ended 1 July 2022 Six Months Ended 2 July 2021 Europe API Total Europe API Total € million € million € million € million € million € million Revenue 6,451 1,829 8,280 5,385 533 5,918 Comparable operating profit [1] 825 226 1,051 631 60 691 Items impacting comparability [2] (84) (171) Reported operating profit 967 520 Total finance costs, net (63) (64) Non-operating items (6) (1) Reported profit before tax 898 455 [1] Comparable operating profit includes comparable depreciation and amortisation of €273 million and €114 million for Europe and API respectively, for the six months ended 1 July 2022. Comparable depreciation and amortisation charges for the six months ended 2 July 2021 totalled €285 million and €36 million, for Europe and API respectively. [2] Items impacting the comparability of period-over-period financial performance for 2022 primarily include restructuring charges of €95 million, partially offset by net insurance recoveries received of €12 million arising from the July 2021 flooding events. Items impacting the comparability for 2021 included restructuring charges of €92 million, acquisition and integration related costs of €40 million, inventory fair value step up related to acquisition accounting of €48 million and a positive impact of the closure of the GB defined benefit pension scheme of €9 million. The following table summarises revenue from external customers by geography, which is based on the origin of the sale: Six Months Ended 1 July 2022 2 July 2021 Revenue € million € million Great Britain 1,463 1,192 Germany 1,296 1,091 Iberia [1] 1,371 1,069 France [2] 1,017 896 Belgium/Luxembourg 511 454 Netherlands 329 266 Norway 208 200 Sweden 213 179 Iceland 43 38 Total Europe 6,451 5,385 Australia 1,102 328 New Zealand and Pacific Islands 302 85 Indonesia and Papua New Guinea 425 120 Total API 1,829 533 Total CCEP 8,280 5,918 [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. 01, 2022
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 1 July 2022 2 July 2021 Profit after taxes attributable to equity shareholders (€ million) 667 244 Basic weighted average number of Shares in issue [1] (million) 457 455 Effect of dilutive potential Shares [2] (million) 1 2 Diluted weighted average number of Shares in issue [1] (million) 458 457 Basic earnings per share (€) 1.46 0.54 Diluted earnings per share (€) 1.46 0.53 [1] As at 1 July 2022 and 2 July 2021, the Group had 456,789,240 and 455,853,051 Shares, respectively, in issue and outstanding. [2] For the six months ended 1 July 2022 and 2 July 2021, 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. 01, 2022
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 1 July 2022: Intangible assets Goodwill € million € million Net book value as at 31 December 2021 12,639 4,623 Additions 22 — Amortisation expense (50) — Disposals (1) — Transfers and reclassifications 14 (1) Currency translation adjustments 53 46 Net book value as at 1 July 2022 12,677 4,668

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	6 Months Ended
	Jul. 01, 2022
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 1 July 2022: Total € million Net book value as at 31 December 2021 5,248 Additions 251 Disposals (9) Depreciation expense (336) Transfers and reclassifications (19) Currency translation adjustments 29 Net book value as at 1 July 2022 [1] 5,164

BORROWINGS AND LEASES (Tables)

BORROWINGS AND LEASES (Tables)	6 Months Ended
	Jul. 01, 2022
Financial Instruments [Abstract]
Disclosure of borrowings	The following table summarises the carrying value of the Group’s borrowings as at the dates presented: 1 July 2022 31 December 2021 € million € million Non-current: Euro denominated bonds 8,572 8,646 Foreign currency bonds (swapped into Euro) [1] 1,103 1,757 Australian dollar denominated bonds 442 432 Foreign currency bonds (swapped into Australian Dollar or New Zealand Dollar) [1] 428 446 Lease obligations 520 509 Total non-current borrowings 11,065 11,790 Current: Euro denominated bonds [2] — 700 Foreign currency bonds (swapped into Euro) [1] 817 — Australian dollar denominated bonds [3] 103 230 Euro commercial paper 522 285 Bank overdrafts — 1 Lease obligations 135 134 Total current borrowings 1,577 1,350 [1] Cross currency swaps are used by the Group to swap foreign currency bonds into the required local currency. [2] In January 2022 the Group repaid prior to maturity €700 million of outstanding Euro denominated bonds (€700 million 0.75% Notes 2022) due in February 2022. [3] In March 2022, the Group repaid on maturity €134 million of outstanding Australian dollar denominated bonds (A$200 million 3.3750% Notes 2022). These were acquired as part of the API acquisition.

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jul. 01, 2022
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 1 July 2022 2 July 2021 € million € million Amounts affecting revenue [1] 51 22 Amounts affecting cost of sales [2] (1,910) (1,438) Amounts affecting operating expenses [3] 1 4 Total net amount affecting the consolidated income statement (1,858) (1,412) [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: 1 July 2022 31 December 2021 € million € million Amount due from TCCC 68 135 Amount payable to TCCC 305 189 Six Months Ended 1 July 2022 2 July 2021 € million € million Amounts affecting revenues [1] 2 — Amounts affecting cost of sales [2] (32) (21) Amounts affecting operating expenses [3] (8) (5) Total net amount affecting the consolidated income statement (38) (26) [1] Amounts principally relate to packaged product sales. [2] Amounts principally relate to the purchase of packaging materials. [3] 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: 1 July 2022 31 December 2021 € million € million Amount due from Cobega 5 2 Amount payable to Cobega 27 19

TAXES (Tables)

TAXES (Tables)	6 Months Ended
	Jul. 01, 2022
Income Tax [Abstract]
Disclosure of income tax expense	The following table summarises the major components of income tax expense for the periods presented: 1 July 2022 2 July 2021 € million € million Current income tax: Current income tax charge 228 125 Adjustment in respect of current income tax from prior periods 8 (13) Total current tax 236 112 Deferred tax: Relating to the origination and reversal of temporary differences (4) (25) Adjustment in respect of deferred income tax from prior periods (9) 4 Relating to changes in tax rates or the imposition of new taxes — 118 Total deferred tax (13) 97 Income tax charge per the consolidated income statement 223 209

PROVISIONS, COMMITMENTS AND C_2

PROVISIONS, COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jul. 01, 2022
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 2021 103 31 134 Charged/(credited) to profit or loss: Additional provisions recognised 97 3 100 Unused amounts reversed (4) (2) (6) Utilised during the period (36) — (36) Balance as at 1 July 2022 160 32 192 ______________________ [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) - EUR (€) € / shares in Units, € in Millions		6 Months Ended
	Jul. 02, 2021	Jul. 01, 2022	Jul. 02, 2021
Disclosure of changes in reporting period [Line Items]
Cash flows from (used in) investing activities		€ (222)	€ (5,404)	[1]
Increase in cash and cash equivalents before effect of exchange rate changes		(397)	(117)	[1]
Increase in short-term deposits and investments		€ 181	(118)	[1]
Number of days in selling week		5 days
Short term time deposits and treasury bills
Disclosure of changes in reporting period [Line Items]
Cash flows from (used in) investing activities			138
Increase in cash and cash equivalents before effect of exchange rate changes			€ 138
Increase in short-term deposits and investments	€ 118
Increase in short-term investments	€ 138
Ordinary shares
Disclosure of changes in reporting period [Line Items]
Par value per share (in EUR per share)		€ 0.01
[1]*Comparative information has been reclassified in connection with the acquisition of CCL. Refer to Note 1.

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
	Jul. 01, 2022	Jul. 02, 2021	Dec. 31, 2022	Jul. 01, 2022	Dec. 31, 2021
Disclosure of changes in reporting period [Line Items]
Number of days in selling week	5 days
Number of selling days in period	130	131			261
Change				(1)
Forecast
Disclosure of changes in reporting period [Line Items]
Number of selling days in period			260
Change			(1)

GENERAL INFORMATION AND BASIS_6

GENERAL INFORMATION AND BASIS OF PREPARATION - Exchange Rates (Details)	6 Months Ended
	Jul. 01, 2022 IDR (Rp)	Jul. 02, 2021	Dec. 31, 2021
UK Sterling
Disclosure of Exchange Rates [Line Items]
Average foreign exchange rate	1.19	1.15
Closing foreign exchange rate	1.17		1.19
US Dollar
Disclosure of Exchange Rates [Line Items]
Average foreign exchange rate	0.91	0.83
Closing foreign exchange rate	0.96		0.88
Norwegian Krone
Disclosure of Exchange Rates [Line Items]
Average foreign exchange rate	0.10	0.10
Closing foreign exchange rate	0.10		0.10
Swedish Krone
Disclosure of Exchange Rates [Line Items]
Average foreign exchange rate	0.10	0.10
Closing foreign exchange rate	0.09		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
Australian Dollar
Disclosure of Exchange Rates [Line Items]
Average foreign exchange rate	0.66	0.64
Closing foreign exchange rate	0.66		0.64
Indonesian Rupiah
Disclosure of Exchange Rates [Line Items]
Average foreign exchange rate	0.06	0.06
Closing foreign exchange rate	0.06		0.06
Foreign exchange rate, amount of currency obtained in exchange	Rp 1,000
New Zealand Dollar
Disclosure of Exchange Rates [Line Items]
Average foreign exchange rate	0.61	0.59
Closing foreign exchange rate	0.60		0.60
Papua New Guinean Kina
Disclosure of Exchange Rates [Line Items]
Average foreign exchange rate	0.26	0.24
Closing foreign exchange rate	0.27		0.25

BUSINESS COMBINATIONS - Narrati

BUSINESS COMBINATIONS - Narrative (Details)	May 10, 2021
Coca-Cola Amatil Limited
Disclosure of detailed information about business combination [line items]
Proportion of ownership interest in subsidiary	100%

OPERATING SEGMENTS - Schedule o

OPERATING SEGMENTS - Schedule of Operating Results per Geographic Segment (Details) - EUR (€) € in Millions		6 Months Ended
	May 10, 2021	Jul. 01, 2022	Jul. 02, 2021
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue		€ 8,280	€ 5,918
Comparable operating profit		1,051	691
Items impacting comparability		(84)	(171)
Operating profit		967	520
Total finance costs, net		(63)	(64)
Non-operating items		(6)	(1)
Profit before taxes		898	455
Cost (benefit) of restructuring		(95)	(92)
Income from reimbursements under insurance policies		12
GB Defined Benefit Pension Scheme
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net Gains (Losses) Arising From Incremental Contributions And Past Service Cost Gains (Losses) From Settlements, Defined Benefit Plans			9
Coca-Cola Amatil Limited
Disclosure of disaggregation of revenue from contracts with customers [line items]
Gain on remeasuring to fair value before business combination	€ 48
Coca-Cola Amatil Limited | Administrative expenses
Disclosure of disaggregation of revenue from contracts with customers [line items]
Acquisition-related costs for transaction recognised separately from acquisition of assets and assumption of liabilities in business combination			(40)
Europe
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue		6,451	5,385
Comparable operating profit		825	631
Including depreciation and amortisation (comparable)		273	(285)
API
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue		1,829	533
Comparable operating profit		226	60
Including depreciation and amortisation (comparable)		€ 114	€ (36)

OPERATING SEGMENTS - Schedule_2

OPERATING SEGMENTS - Schedule of Revenue by Geography (Details) - EUR (€) € in Millions	6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	€ 8,280	€ 5,918
Great Britain
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	1,463	1,192
Germany
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	1,296	1,091
Iberia
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	1,371	1,069
France
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	1,017	896
Belgium/Luxembourg
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	511	454
Netherlands
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	329	266
Norway
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	208	200
Sweden
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	213	179
Iceland
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	43	38
Total Europe
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	6,451	5,385
Australia
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	1,102	328
New Zealand and Pacific Islands
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	302	85
Indonesia and Papua New Guinea
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	425	120
Total API
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from contracts with customers	€ 1,829	€ 533

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. 01, 2022	Jul. 02, 2021
Disclosure of classes of share capital [line items]
Profit attributable to shareholders	€ 667	€ 244
Basic weighted average number of ordinary Shares in issue (million) (in shares)	457,000,000	455,000,000
Effect of dilutive potential Shares (million) (in shares)	1,000,000	2,000,000
Adjusted weighted average number of ordinary shares outstanding	458,000,000	457,000,000
Basic earnings per share (in EUR per share)	€ 1.46	€ 0.54
Diluted earnings per share (in EUR per share)	€ 1.46	€ 0.53
Number of shares issued and fully paid (in shares)	456,789,240	455,853,051
Number of shares outstanding (in shares)	456,789,240	455,853,051
Antidilutive options excluded from diluted earnings per share share (in shares)	0	0

INTANGIBLE ASSETS AND GOODWIL_2

INTANGIBLE ASSETS AND GOODWILL - Summary of the Carrying Amounts of Intangible Assets and Goodwill (Details) € in Millions	6 Months Ended
	Jul. 01, 2022 EUR (€)
Intangible assets
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Balance at beginning of period	€ 12,639
Additions	22
Amortisation expense	(50)
Disposals	(1)
Transfers and reclassifications	14
Currency translation adjustments	53
Balance at end of period	12,677
Goodwill
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Balance at beginning of period	4,623
Additions	0
Amortisation expense	0
Disposals	0
Transfers and reclassifications	(1)
Currency translation adjustments	46
Balance at end of period	€ 4,668

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Summary of Movement (Details) € in Millions	6 Months Ended
	Jul. 01, 2022 EUR (€)
Disclosure of detailed information about property, plant and equipment [line items]
Net book value as at 31 December 2021	€ 5,248
Additions	251
Disposals	(9)
Depreciation expense	(336)
Transfers and reclassifications	(19)
Currency translation adjustments	29
Net book value as at 2 July 2021	5,164
Right-of-use assets
Disclosure of detailed information about property, plant and equipment [line items]
Net book value as at 2 July 2021	€ 663

FAIR VALUES AND FINANCIAL RIS_2

FAIR VALUES AND FINANCIAL RISK MANAGEMENT - Narrative (Details) - EUR (€) € in Millions	6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Dec. 31, 2021
Disclosure of fair value measurement of assets [line items]
Borrowings	€ 12,600		€ 13,100
Total assets	30,354		29,090
Liabilities	22,571		21,880
Pretax activity, net	8	€ 223
Level 2 | Fair value
Disclosure of fair value measurement of assets [line items]
Borrowings	11,600		13,300
Level 2 | Recurring | Derivative liability
Disclosure of fair value measurement of assets [line items]
Liabilities	202		66
Level 2 | Recurring | Derivative asset
Disclosure of fair value measurement of assets [line items]
Total assets	€ 573		€ 376

BORROWINGS AND LEASES - Schedul

BORROWINGS AND LEASES - Schedule of Borrowings Outstanding (Details) € in Millions, $ in Millions	1 Months Ended
	Mar. 31, 2022 EUR (€)	Jan. 31, 2022 EUR (€)	Jul. 01, 2022 EUR (€)	Mar. 31, 2022 AUD ($)	Dec. 31, 2021 EUR (€)
Non-current:
Total non-current borrowings			€ 11,065		€ 11,790
Current:
Total current borrowings			1,577		1,350
Euro denominated bonds
Non-current:
Total non-current borrowings			8,572		8,646
Current:
Total current borrowings			0		700
Foreign currency bonds (swapped into Euro)
Non-current:
Total non-current borrowings			1,103		1,757
Current:
Total current borrowings			817		0
Australian dollar denominated bonds
Non-current:
Total non-current borrowings			442		432
Current:
Total current borrowings			103		230
Foreign currency bonds (swapped into Australian Dollar)
Non-current:
Total non-current borrowings			428		446
Lease obligations
Non-current:
Total non-current borrowings			520		509
Euro commercial paper
Current:
Total current borrowings			522		285
Bank overdrafts
Current:
Total current borrowings			0		1
Lease obligations
Current:
Total current borrowings			€ 135		€ 134
0.75 Percent Notes Due 2022
Current:
Repayments of borrowings, classified as financing activities		€ 700
Notional amount		€ 700
Borrowings, interest rate			0.75%
3.45 Percent Notes Due 2022
Current:
Repayments of borrowings, classified as financing activities	€ 134
Notional amount | $				$ 200
Borrowings, interest rate				3.375%

BORROWINGS AND LEASES - Narrati

BORROWINGS AND LEASES - Narrative (Details) - Euro denominated bonds - Interest rate swap contract [member] - Fair value hedges [member] - EUR (€) € in Millions	6 Months Ended
	Jul. 02, 2021	Jul. 01, 2022
Disclosure of detailed information about borrowings [line items]
Notional amount		€ 1,000
Gains (losses) on hedged item attributable to hedged risk, fair value hedges	€ 77

EQUITY - Narrative (Details)

EQUITY - Narrative (Details) € / shares in Units, € in Millions		6 Months Ended
	May 26, 2022 € / shares	Jul. 01, 2022 EUR (€) shares vote	Jul. 02, 2021 EUR (€) shares	Dec. 31, 2021 EUR (€)	Dec. 31, 2020 EUR (€)
Disclosure of classes of share capital [line items]
Number of shares outstanding (in shares) | shares		456,789,240	455,853,051
Number of shares issued and fully paid (in shares) | shares		456,789,240	455,853,051
Dividend rate (in euros per share) | € / shares	€ 0.56
Dividends declared or paid | €			€ 0
Equity | €		€ 7,783	6,795	€ 7,210	€ 6,025
PT Coca-Cola Bottling Indonesia | The Coca-Cola Company
Disclosure of classes of share capital [line items]
Proportion of ownership interests held by non-controlling interests		29.40%
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%
Non-controlling interest
Disclosure of classes of share capital [line items]
Equity | €		€ 192	€ 225	€ 177	€ 0
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		554,208

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. 01, 2022	Jul. 02, 2021	Dec. 31, 2021
Disclosure of transactions between related parties [line items]
Amounts affecting revenue	€ 51	€ 22
Amounts affecting cost of sales	(1,910)	(1,438)
Amounts affecting operating expenses	1	4
Total net amount affecting the consolidated income statement	(1,858)	€ (1,412)
Amounts receivable, related party transactions	68		€ 135
Amounts payable, related party transactions	€ 305		€ 189

RELATED PARTY TRANSACTIONS - Na

RELATED PARTY TRANSACTIONS - Narrative (Details) - EUR (€) € in Millions	6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Dec. 31, 2021	May 10, 2021
Disclosure of transactions between related parties [line items]
Assets held for sale	€ 66		€ 223
Entities with joint control or significant influence over entity | TCCC
Disclosure of transactions between related parties [line items]
Consideration receivable, asset sale agreement				€ 182
Assets held for sale	40
Amounts affecting cost of sales	1,910	€ 1,438
Amounts receivable, related party transactions	68		135
Amounts payable, related party transactions	(305)		(189)
Entities with joint control or significant influence over entity | Cobega Companies
Disclosure of transactions between related parties [line items]
Amounts affecting cost of sales	32	21
Amounts receivable, related party transactions	5		2
Amounts payable, related party transactions	(27)		(19)
Other related parties
Disclosure of transactions between related parties [line items]
Amounts affecting cost of sales	83	€ 28
Joint ventures, associates and other related parties
Disclosure of transactions between related parties [line items]
Amounts receivable, related party transactions	4		6
Amounts payable, related party transactions	€ (7)		€ (2)

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. 01, 2022	Jul. 02, 2021	Dec. 31, 2021
Disclosure of transactions between related parties [line items]
Amounts affecting revenue	€ 2	€ 0
Amounts affecting cost of sales	(32)	(21)
Amounts affecting operating expenses	(8)	(5)
Total net amount affecting the consolidated income statement	(38)	€ (26)
Amounts receivable, related party transactions	5		€ 2
Amounts payable, related party transactions	€ 27		€ 19

TAXES - Narrative (Details)

TAXES - Narrative (Details) - EUR (€) € in Millions	6 Months Ended		12 Months Ended
	Jul. 01, 2022	Jul. 02, 2021	Dec. 31, 2021
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Average effective tax rate	(25.00%)	(46.00%)	(29.00%)
Discrete items excluded from average effective tax rate	25%	22%
Current tax liabilities, audit provision	€ 154

TAXES - Components of Income Ta

TAXES - Components of Income Tax (Details) - EUR (€) € in Millions	6 Months Ended
	Jul. 01, 2022	Jul. 02, 2021
Current income tax:
Current income tax charge	€ 228	€ 125
Adjustment in respect of current income tax from prior periods	8	(13)
Total current tax	236	112
Deferred tax:
Relating to the origination and reversal of temporary differences	(4)	(25)
Adjustment in respect of deferred income tax from prior periods	(9)	4
Relating to changes in tax rates or the imposition of new taxes	0	118
Total deferred tax	(13)	97
Income tax charge per the consolidated income statement	€ 223	€ 209

PROVISIONS, COMMITMENTS AND C_3

PROVISIONS, COMMITMENTS AND CONTINGENCIES - Disclosure of Provisions (Details) € in Millions	6 Months Ended
	Jul. 01, 2022 EUR (€)
Reconciliation of changes in other provisions [abstract]
Beginning balance	€ 134
Charged/(credited) to profit or loss:
Additional provisions recognised	100
Unused amounts reversed	(6)
Utilised during the period	(36)
Ending balance	192
Restructuring Provision
Reconciliation of changes in other provisions [abstract]
Beginning balance	103
Charged/(credited) to profit or loss:
Additional provisions recognised	97
Unused amounts reversed	(4)
Utilised during the period	(36)
Ending balance	160
Other Provisions
Reconciliation of changes in other provisions [abstract]
Beginning balance	31
Charged/(credited) to profit or loss:
Additional provisions recognised	3
Unused amounts reversed	(2)
Utilised during the period	0
Ending balance	€ 32

PROVISIONS, COMMITMENTS AND C_4

PROVISIONS, COMMITMENTS AND CONTINGENCIES - Narrative (Details) - EUR (€) € in Millions	6 Months Ended	90 Months Ended
	Jul. 01, 2022	Jul. 02, 2021
Coal
Disclosure of other provisions [line items]
Royalty income		€ 50
Mineral rights | Glencore VS the State of Queensland
Disclosure of other provisions [line items]
Estimated financial effect of contingent assets	€ 33
Iberia
Disclosure of other provisions [line items]
Restructuring charge	€ 81

EVENTS AFTER THE REPORTING PE_2

EVENTS AFTER THE REPORTING PERIOD (Details) € in Millions	Jul. 29, 2022 EUR (€)
Ruling over VAT receivable with Spain | Tax authorities of Bizkaia, Spain
Disclosure of non-adjusting events after reporting period [line items]
Non-current value added tax receivables	€ 218