Cover
Cover | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Document type | 20-F |
Document registration statement | false |
Document annual report | true |
Document period end date | Dec. 31, 2022 |
Current fiscal year end date | --12-31 |
Document transition report | false |
Document shell company report | false |
Entity file number | 1-37791 |
Entity registrant name | COCA-COLA EUROPACIFIC PARTNERS PLC |
Entity incorporation, state or country code | X0 |
Entity address, address line one | Pemberton House, Bakers Road |
Entity address, city or town | Uxbridge |
Entity address, postal zip code | UB8 1EZ |
Entity address, country | GB |
Title of 12(b) security | Ordinary Shares, nominal value €0.01 each |
Entity common stock, shares outstanding (in shares) | 457,106,453 |
Entity well-known seasoned issuer | Yes |
Entity voluntary filers | No |
Entity current reporting status | Yes |
Entity interactive data current | Yes |
Entity filer category | Large Accelerated Filer |
Entity emerging growth company | false |
ICFR auditor attestation flag | true |
Document accounting standard | International Financial Reporting Standards |
Entity shell company | false |
Entity central index key | 0001650107 |
Amendment flag | false |
Document fiscal year focus | 2022 |
Document fiscal period focus | FY |
No trading symbol flag | true |
Business Contact | |
Document Information [Line Items] | |
Entity address, address line one | Pemberton House, Bakers Road |
Entity address, city or town | Uxbridge |
Entity address, postal zip code | UB8 1EZ |
Entity address, country | GB |
Contact personnel name | Clare Wardle |
City area code | 44 |
Local phone number | (0)1895 231 313 |
Contact personnel email address | secretariat@ccep.com |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor name | Ernst & Young LLP |
Auditor location | London, United Kingdom |
Auditor firm ID | 1438 |
CONSOLIDATED INCOME STATEMENT
CONSOLIDATED INCOME STATEMENT - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Profit or loss [abstract] | |||
Revenue | € 17,320 | € 13,763 | € 10,606 |
Cost of sales | (11,096) | (8,677) | (6,871) |
Gross profit | 6,224 | 5,086 | 3,735 |
Selling and distribution expenses | (2,984) | (2,496) | (1,939) |
Administrative expenses | (1,250) | (1,074) | (983) |
Other income | 96 | 0 | 0 |
Operating profit | 2,086 | 1,516 | 813 |
Finance income | 67 | 43 | 33 |
Finance costs | (181) | (172) | (144) |
Total finance costs, net | (114) | (129) | (111) |
Non-operating items | (15) | (5) | (7) |
Profit before taxes | 1,957 | 1,382 | 695 |
Taxes | (436) | (394) | (197) |
Profit after taxes | 1,521 | 988 | 498 |
Profit attributable to shareholders | 1,508 | 982 | 498 |
Profit attributable to non-controlling interests | € 13 | € 6 | € 0 |
Basic earnings per share (in EUR per share) | € 3.30 | € 2.15 | € 1.09 |
Diluted earnings per share (in EUR per share) | € 3.29 | € 2.15 | € 1.09 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of comprehensive income [abstract] | |||
Profit after taxes | € 1,521 | € 988 | € 498 |
Foreign currency translations: | |||
Pretax activity, net | (205) | 260 | (125) |
Tax effect | 0 | 0 | 0 |
Foreign currency translation, net of tax | (205) | 260 | (125) |
Cash flow hedges: | |||
Pretax activity, net | (64) | 277 | 33 |
Tax effect | 17 | (63) | 4 |
Cash flow hedges, net of tax | (47) | 214 | 37 |
Other reserves: | |||
Pretax activity, net | (9) | 7 | 0 |
Tax effect | 3 | (1) | 0 |
Other reserves, net of tax | (6) | 6 | 0 |
Items that may be subsequently reclassified to the income statement | (258) | 480 | (88) |
Pension plan remeasurements: | |||
Pretax activity, net | (45) | 301 | (71) |
Tax effect | 11 | (63) | 16 |
Pension plan remeasurements, net of tax | (34) | 238 | (55) |
Items that will not be subsequently reclassified to the income statement | (34) | 238 | (55) |
Other comprehensive income/(loss) for the period, net of tax | (292) | 718 | (143) |
Comprehensive income for the period | 1,229 | 1,706 | 355 |
Comprehensive income attributable to shareholders | 1,202 | 1,684 | 355 |
Comprehensive income attributable to non-controlling interests | € 27 | € 22 | € 0 |
CONSOLIDATED STATEMENT OF FINAN
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Non-current: | ||
Intangible assets | € 12,505 | € 12,639 |
Goodwill | 4,600 | 4,623 |
Property, plant and equipment | 5,201 | 5,248 |
Non-current derivative assets | 191 | 226 |
Deferred tax assets | 21 | 60 |
Other non-current assets | 252 | 534 |
Total non-current assets | 22,770 | 23,330 |
Current: | ||
Current derivative assets | 257 | 150 |
Current tax assets | 85 | 46 |
Inventories | 1,380 | 1,157 |
Amounts receivable from related parties | 139 | 143 |
Trade accounts receivable | 2,466 | 2,305 |
Other current assets | 479 | 271 |
Assets held for sale | 94 | 223 |
Short-term investments | 256 | 58 |
Cash and cash equivalents | 1,387 | 1,407 |
Total current assets | 6,543 | 5,760 |
Total assets | 29,313 | 29,090 |
Non-current: | ||
Borrowings, less current portion | 10,571 | 11,790 |
Employee benefit liabilities | 108 | 138 |
Non-current provisions | 55 | 48 |
Non-current derivative liabilities | 187 | 47 |
Deferred tax liabilities | 3,513 | 3,617 |
Non-current tax liabilities | 82 | 110 |
Other non-current liabilities | 37 | 37 |
Total non-current liabilities | 14,553 | 15,787 |
Current: | ||
Current portion of borrowings | 1,336 | 1,350 |
Current portion of employee benefit liabilities | 8 | 10 |
Current provisions | 115 | 86 |
Current derivative liabilities | 76 | 19 |
Current tax liabilities | 241 | 181 |
Amounts payable to related parties | 485 | 210 |
Trade and other payables | 5,052 | 4,237 |
Total current liabilities | 7,313 | 6,093 |
Total liabilities | 21,866 | 21,880 |
EQUITY | ||
Share capital | 5 | 5 |
Share premium | 234 | 220 |
Merger reserves | 287 | 287 |
Other reserves | (507) | (156) |
Retained earnings | 7,428 | 6,677 |
Equity attributable to shareholders | 7,447 | 7,033 |
Non-controlling interest | 0 | 177 |
Total equity | 7,447 | 7,210 |
Total equity and liabilities | € 29,313 | € 29,090 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Cash flows from operating activities: | ||||
Profit before taxes | € 1,957 | € 1,382 | € 695 | |
Adjustments to reconcile profit before tax to net cash flows from operating activities: | ||||
Depreciation | 715 | 693 | 665 | |
Amortisation of intangible assets | 101 | 89 | 62 | |
Share-based payment expense | 33 | 16 | 14 | |
Finance costs, net | 114 | 129 | 111 | |
Income taxes paid | (415) | (306) | (273) | |
Changes in assets and liabilities: | ||||
(Increase)/decrease in trade and other receivables | (282) | (242) | 208 | |
(Increase)/decrease in inventories | (244) | (1) | 34 | |
Increase in trade and other payables | 885 | 507 | 53 | |
(Decrease)/increase in net payable receivable from related parties | (15) | 8 | (112) | |
Increase/(decrease) in provisions | 37 | (116) | 43 | |
Change in other operating assets and liabilities | [1] | 46 | (42) | (10) |
Net cash flows from operating activities | 2,932 | 2,117 | 1,490 | |
Cash flows from investing activities: | ||||
Acquisition of bottling operations, net of cash acquired | 0 | (5,401) | 0 | |
Purchases of property, plant and equipment | (500) | (349) | (348) | |
Purchases of capitalised software | (103) | (97) | (60) | |
Proceeds from sales of property, plant and equipment | 11 | 25 | 49 | |
Proceeds from sales of intangible assets | 143 | 0 | 0 | |
Net proceeds/(payments) of short-term investments | (207) | 198 | 0 | |
Investments in equity instruments | (2) | (4) | (11) | |
Proceeds from sale of equity instruments | 13 | 25 | 0 | |
Other investing activity, net | 0 | (2) | 0 | |
Net cash flows used in investing activities | (645) | (5,605) | (370) | |
Cash flows from financing activities: | ||||
Proceeds from borrowings, net | 0 | 4,877 | 1,598 | |
Changes in short-term borrowings | (285) | 276 | (221) | |
Repayments on third party borrowings | (938) | (950) | (569) | |
Payments of principal on lease obligations | (153) | (139) | (116) | |
Interest paid, net | (130) | (97) | (91) | |
Dividends paid | (763) | (638) | (386) | |
Purchase of own shares under share buyback programme | 0 | 0 | (129) | |
Exercise of employee share options | 13 | 28 | 14 | |
Transactions with non-controlling interests | 0 | (73) | 0 | |
Other financing activities, net | (20) | 5 | 0 | |
Net cash flows (used in)/from financing activities | (2,276) | 3,289 | 100 | |
Net change in cash and cash equivalents | 11 | (199) | 1,220 | |
Net effect of currency exchange rate changes on cash and cash equivalents | (31) | 83 | (13) | |
Cash and cash equivalents at beginning of period | 1,407 | 1,523 | 316 | |
Cash and cash equivalents at end of period | € 1,387 | € 1,407 | € 1,523 | |
[1]Amounts include €252 million in cash proceeds received in December 2022 from the regional tax authorities in Bizkaia (Basque region) in connection with an ongoing dispute regarding historical VAT amounts related to the period 2013-2016. Refer to Note 25 for additional information. |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - EUR (€) € in Millions | Total | Total | Share capital | Share premium | Merger reserves | Other reserves | Retained earnings | Non-controlling interest |
Beginning balance at Dec. 31, 2019 | € 6,156 | € 6,156 | € 5 | € 178 | € 287 | € (449) | € 6,135 | € 0 |
Profit after taxes | 498 | 498 | 498 | |||||
Other comprehensive income/(loss) | (143) | (143) | (88) | (55) | ||||
Total comprehensive income/(loss) | 355 | 355 | (88) | 443 | ||||
Issue of shares during the year | 14 | 14 | 14 | |||||
Equity-settled share-based payment expense | 14 | 14 | 14 | |||||
Share-based payment tax effects | 2 | 2 | 2 | |||||
Dividends | (387) | (387) | (387) | |||||
Own shares purchased under share buyback programme | (129) | (129) | (129) | |||||
Closing balance at Dec. 31, 2020 | 6,025 | 6,025 | 5 | 192 | 287 | (537) | 6,078 | 0 |
Profit after taxes | 988 | 982 | 982 | 6 | ||||
Other comprehensive income/(loss) | 718 | 702 | 465 | 237 | 16 | |||
Total comprehensive income/(loss) | 1,706 | 1,684 | 465 | 1,219 | 22 | |||
Non-controlling interests recognised relating to business combination | 228 | 0 | 228 | |||||
Transactions with non-controlling interests | (73) | 0 | (73) | |||||
Cash flow hedge gains transferred to goodwill relating to business combination | (84) | (84) | (84) | |||||
Issue of shares during the year | 28 | 28 | 28 | |||||
Equity-settled share-based payment expense | 16 | 16 | 16 | |||||
Share-based payment tax effects | 3 | 3 | 3 | |||||
Dividends | (639) | (639) | (639) | |||||
Closing balance at Dec. 31, 2021 | 7,210 | 7,033 | 5 | 220 | 287 | (156) | 6,677 | 177 |
Profit after taxes | 1,521 | 1,508 | 1,508 | 13 | ||||
Other comprehensive income/(loss) | (292) | (306) | (272) | (34) | 14 | |||
Total comprehensive income/(loss) | 1,229 | 1,202 | (272) | 1,474 | 27 | |||
Non-controlling interests recognised relating to business combination | (283) | (79) | (79) | (204) | ||||
Issue of shares during the year | 14 | 14 | 14 | |||||
Equity-settled share-based payment expense | 33 | 33 | 33 | |||||
Share-based payment tax effects | 10 | 10 | 10 | |||||
Dividends | (766) | (766) | (766) | |||||
Closing balance at Dec. 31, 2022 | € 7,447 | € 7,447 | € 5 | € 234 | € 287 | € (507) | € 7,428 | € 0 |
CONSOLIDATED STATEMENT OF CAS_2
CONSOLIDATED STATEMENT OF CASH FLOWS - Parenthetical (Details) € in Millions | 12 Months Ended |
Dec. 31, 2022 EUR (€) | |
Spanish tax authorities | |
Disclosure of Cash and Cash Equivalents by Currency [Line Items] | |
Value added tax paid (refund) | € 252 |
General information and basis o
General information and basis of preparation | 12 Months Ended |
Dec. 31, 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 9717350. 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. The consolidated financial statements of the Group for the year ended 31 December 2022 were approved and signed by Damian Gammell, Chief Executive Officer on 17 March 2023 having been duly authorised to do so by the Board of Directors. Impact of climate change As part of the preparation of these consolidated financial statements, we have considered the impact of climate change risks on the current valuation of the Group’s assets and liabilities, particularly in the context of the risks and scenarios identified in the Task Force on Climate-related Financial Disclosures (TCFD) on pages 28-37 of the Strategic Report. There has been no material impact on the financial reporting judgements and estimates arising from our considerations and as a result, the valuation of the Group’s assets and liabilities as of 31 December 2022 have not been affected. Our considerations were specifically focused on the impact of climate change risks on the projected cash flows used in the impairment assessment of our indefinite lived intangible assets and goodwill (refer to Note 7) as well as the carrying value and useful economic lives of property, plant and equipment (refer to Note 8). As the pace and effectiveness of a global transition to a low-carbon economy evolve, including the development of government policies aiming to address the risks arising from climate change, we will continue to monitor and assess the relevant implications on the valuation of the Group’s assets and liabilities that could arise in future years. Basis of preparation These consolidated financial statements of the Group reflect the following: • They have been prepared in accordance with UK adopted International Accounting Standards, International Financial Reporting Standards (IFRS) as adopted by the European Union and International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB). • They have been prepared under the historical cost convention, except for certain items measured at fair value. Those accounting policies have been applied consistently in all periods, except for the adoption of new standards and amendments as of 1 January 2022, as described below under accounting policies. • They are presented in euros, which is also the Parent Company’s functional currency, and all values are rounded to the nearest euro million except where otherwise indicated. • They have been prepared on a going concern basis (refer to the “Going concern” paragraph on page 143). Basis of consolidation The consolidated financial statements comprise the financial statements of the Group and its subsidiaries. All subsidiaries have accounting years ended 31 December and apply consistent accounting policies for the purpose of the consolidated financial statements. Subsidiary undertakings are consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through the Group’s power to direct the activities of the entity. All intercompany accounts and transactions are eliminated on consolidation. Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% to 50% of voting rights. Investments in associates are accounted for using the equity method of accounting, after initially being recognised at cost. The Group treats transactions with non-controlling interests that do not result in a loss of control as equity transactions. When the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and any other components of equity, while any resulting gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost. The financial results presented herein for the period from 1 January 2021 through to the acquisition of CCL (the Acquisition) effective 10 May 2021 refer to Coca-Cola European Partners plc (Legacy CCEP) and its consolidated subsidiaries. The periods from the Acquisition to 31 December 2021 and for the year ended 31 December 2022 refer to the combined financial results of CCEP. Foreign currency The individual financial statements of each subsidiary are presented in the currency of the primary economic environment in which the subsidiary operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position of each subsidiary are expressed in euros. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are remeasured to the functional currency of the entity at the rate of exchange in effect at the statement of financial position date with the resulting gain or loss recorded in the consolidated income statement. The consolidated income statement includes non-operating items which are primarily made up of remeasurement gains and losses related to currency exchange rate fluctuations on financing transactions denominated in a currency other than the subsidiary’s functional currency. Non-operating items are shown on a net basis and reflect the impact of any derivative instruments utilised to hedge the foreign currency movements of the underlying financing transactions. The assets and liabilities of the Group's foreign operations are translated from local currencies to the euro reporting currency at currency exchange rates in effect at the end of each reporting period. Revenues and expenses are translated at average monthly currency exchange rates, with average rates being a reasonable approximation of the rates prevailing on the transaction dates. Gains and losses from translation are included in other comprehensive income. On disposal of a foreign operation, accumulated exchange differences are recognised as a component of the gain or loss on disposal. The principal exchange rates used for translation purposes in respect of one euro were: Average for the year ended 31 December (A) Closing as at 31 December 2022 2021 2020 2022 2021 British pound 1.17 1.16 1.13 1.13 1.19 US dollar 0.95 0.85 0.88 0.94 0.88 Norwegian krone 0.10 0.10 0.09 0.10 0.10 Swedish krone 0.09 0.10 0.10 0.09 0.10 Icelandic krone 0.01 0.01 0.01 0.01 0.01 Australian dollar 0.66 0.63 n/a 0.64 0.64 Indonesian rupiah (B) 0.06 0.06 n/a 0.06 0.06 New Zealand dollar 0.60 0.60 n/a 0.60 0.60 Papua New Guinean kina 0.27 0.24 n/a 0.27 0.25 (A) For the year ended 31 December 2021, the rates for the Asia Pacific region are calculated as average for the period from 10 May 2021 to 31 December 2021. (B) Indonesian rupiah is shown as 1000 IDR versus 1 EUR. Reporting periods In these consolidated financial statements, the Group is reporting the financial results for the years ended 31 December 2022, 31 December 2021 and 31 December 2020. There was one less selling day in the six months ended 1 July 2022 versus the six months ended 2 July 2021, and there were 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, 31 December 2021 and 31 December 2020 (based on a standard five day selling week): First Half Second Half Full Year 2022 130 130 260 2021 131 130 261 2020 128 134 262 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 consolidated financial statements with prior periods. In addition, 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 reported results for the first and second halves of the year. Additionally, year over year shifts in holidays, selling days and weather patterns can impact the Group’s results on an annual or half yearly basis. |
Accounting policies
Accounting policies | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of changes in accounting policies, accounting estimates and errors [Abstract] | |
Accounting policies | Accounting policies IFRS 15 “Revenue recognition and deductions from revenue” The Group derives its revenues by making, selling and distributing ready to drink beverages. The revenue from the sale of products is recognised at the point in time at which control passes to a customer, typically when products are delivered to a customer. A receivable is recognised by the Group at the point in time at which the right to consideration becomes unconditional. The Group uses various promotional programmes under which rebates, refunds, price concessions or similar items can be earned by customers for attaining agreed upon sales levels or for participating in specific marketing programmes. Those promotional programmes do not give rise to a separate performance obligation. Where the consideration the Group is entitled to varies because of such programmes, it is deemed to be variable consideration. The related accruals are recognised as a deduction from revenue and are not considered distinct from the sale of products to the customer. Variable consideration is only included to the extent that it is highly probable that the inclusion will not result in a significant revenue reversal in the future normal commercial terms. Financing elements are not deemed present in our contracts with customers as the sales are made with credit terms not exceeding normal commercial terms. Taxes on sugared soft drinks, excise taxes and taxes on packaging are recorded on a gross basis (i.e. included in revenue) where the Group is the principal in the arrangement. Value added taxes are recorded on a net basis (i.e. excluded from revenue). The Group assesses these taxes and duties on a jurisdiction by jurisdiction basis to conclude on the appropriate accounting treatment. The rest of the accounting policies applied by the Group are included in the relevant notes herein. New and amended standards and interpretation The Group has applied the following amendments for the first time in the year ended 31 December 2022. Onerous contracts – Costs of fulfilling a contract – Amendments to IAS 37 The amendments clarify that when assessing whether a contract is onerous, an entity needs to include costs that relate directly to a contract capturing both the incremental costs of fulfilling a contract as well as an allocation of other costs directly related to contract activities. These amendments had no impact on the consolidated financial statements of the Group. Property, plant and equipment: proceeds before intended use – Amendments to IAS 16 The amendments prohibit an entity from deducting from the cost of an item of property, plant and equipment (PP&E) any proceeds received from selling items produced while the entity is preparing the asset for its intended use. Instead, an entity recognises the proceeds from selling such items, and the costs of producing those items, in profit or loss. These amendments had no impact on the consolidated financial statements of the Group as there were no sales of such items. IFRS 9 Financial instruments – Fees in the ‘10 per cent’ test for derecognition of financial liabilities The pronouncement clarifies which fees should be included in the 10% test for derecognition of financial liabilities. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other’s behalf. The pronouncement had no impact on the consolidated financial statements of the Group as there were no modifications to the Group’s financial instruments during the period. Reference to the Conceptual Framework – Amendments to IFRS 3 Minor amendments were made to IFRS 3 Business Combinations to update the reference to the Conceptual Framework for Financial Reporting and to add an exception for the recognition of liabilities and contingent liabilities within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets or IFRIC 21 Levies, if incurred separately. The exception requires entities to apply the criteria under IAS 37 or IFRIC 21, respectively, instead of the Conceptual Framework, to determine whether a present obligation exists at the acquisition date. The amendments also confirms that contingent assets should not be recognised at the acquisition date. These amendments had no impact on the consolidated financial statements of the Group as there were no acquisitions taking place during the period. The Group has not early adopted any other standards, interpretations or amendments that have been issued but are not yet effective. These standards, interpretations or amendments are not expected to have a material impact to the Group in the current or future periods and on foreseeable future transactions. |
Significant judgements and esti
Significant judgements and estimates | 12 Months Ended |
Dec. 31, 2022 | |
Significant Judgements and Estimates [Abstract] | |
Significant judgements and estimates | Significant judgements and estimates In preparing these consolidated financial statements, management has made judgements and estimates that affect the application of the Group’s accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively. The significant judgements made in applying the Group’s accounting policies were applied consistently across the annual periods. The significant judgements and key sources of estimation uncertainty that have a significant effect on the amounts recognised in these financial statements are outlined below. Significant judgements Intangible assets and goodwill The Group has assigned indefinite lives to its bottling agreements with TCCC. This judgement has been made after evaluating the contractual provisions of the bottling agreements, the Group’s mutually beneficial relationship with TCCC and the history of renewals for bottling agreements. Refer to Note 7 for further details on the judgement regarding the lives of bottling agreements. Significant estimates Impairment of indefinite lived intangible assets and goodwill Determining whether goodwill and intangible assets with indefinite lives are impaired requires an estimation of the value in use or the fair value less costs to sell of the cash generating unit (CGU) to which the goodwill or intangible asset has been allocated. The value in use calculation requires management’s estimation of the future cash flows expected to arise from the CGU, including the impact of COVID-19 and climate-related risks. Refer to Note 7 for the sensitivity analysis of the assumptions used in the impairment analysis of goodwill and intangible assets with indefinite lives. Deductions from revenue and sales incentives The Group participates in various promotional programmes with customers designed to increase the sale of products. Among the programmes are arrangements under which rebates, refunds, price concessions or similar items can be earned by customers for attaining agreed upon sales levels, or for participating in specific marketing programmes. Those promotional programmes do not give rise to a separate performance obligation. Where the consideration the Group is entitled to varies because of such programmes, the amount payable is deemed to be variable consideration. Management makes estimates on an ongoing basis for each individual promotion to assess the value of the variable consideration based upon historical customer experience, expected customer performance and/or estimated sales volumes. The related accruals are recognised as a deduction from revenue and are not considered distinct from the sale of products to the customer. Refer to Note 15 for further details. Income tax The Group is subject to income taxes in numerous jurisdictions and there are many transactions for which the ultimate tax determination cannot be assessed with certainty in the ordinary course of business. The Group recognises a provision for situations that might arise in the foreseeable future based on an assessment of the probabilities as to whether additional taxes will be due. In addition, the Group is involved in various legal proceedings and tax matters. Where an outflow of funds is believed to be probable and a reliable estimate of the outcome of the dispute can be made, management provides for its best estimate of the liability. Where the final outcome on these matters is different from the amounts that were initially recorded, such differences impact the tax provision in the period in which such determination is made. These estimates are subject to potential change over time as new facts emerge and each circumstance progresses. The evaluation of deferred tax asset recoverability requires estimates to be made regarding the availability of future taxable income in the jurisdiction giving rise to the deferred tax asset. Refer to Note 21 for further details regarding income taxes. Defined benefit plans The determination of pension benefit costs and obligations are estimated based on assumptions determined with the assistance of external actuarial advice. The key assumptions impacting the valuations are the discount rate, salary rate of inflation and mortality rates. Refer to Note 16 for further details about the Group’s defined benefit pension plan costs and obligations. |
Business combinations
Business combinations | 12 Months Ended |
Dec. 31, 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. 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. |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of operating segments [abstract] | |
Segment information | Segment information Description of segment and principal activities The Group derives its revenues through a single business activity, which is making, selling and distributing an extensive range of primarily non-alcoholic ready to drink beverages. The Group’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. The following table provides a reconciliation between reportable segment operating profit and consolidated profit before tax: Year ended 31 December 2022 2021 2020 Europe API Total Europe API Total Europe API Total € million € million € million € million € million € million € million € million € million Revenue 13,529 3,791 17,320 11,584 2,179 13,763 10,606 — 10,606 Comparable operating profit (A) 1,670 468 2,138 1,500 272 1,772 1,194 — 1,194 Items impacting comparability (B) (52) (256) (381) Reported operating profit 2,086 1,516 813 Total finance costs, net (114) (129) (111) Non-operating items (15) (5) (7) Reported profit before tax 1,957 1,382 695 (A) Comparable operating profit includes comparable depreciation and amortisation of €549 million and €223 million for Europe and API respectively, for the year ended 31 December 2022. Comparable depreciation and amortisation charges for the year ended 31 December 2021 totalled €564 million and €162 million for Europe and API respectively. Comparable depreciation and amortisation charges for the year ended 31 December 2020 totalled €606 million for Europe. (B) Items impacting the comparability of period over period financial performance for 2022 primarily include restructuring charges of €163 million (refer to Note 18), partially offset by €96 million of other income arising from the favourable court ruling pertaining to the ownership of certain mineral rights in Australia (refer to Note 23) and net insurance recoveries received of €11 million arising from the July 2021 flooding events. Items impacting the comparability for 2021 included restructuring charges of €153 million (refer to Note 18), acquisition and integration-related costs of €49 million, and the inventory fair value step up related to acquisition accounting of €48 million (refer to Note 4). Items affecting the comparability for 2020 include restructuring charges of €368 million (refer to Note 18). No single customer accounted for more than 10% of the Group’s revenue during the years ended 31 December 2022, 31 December 2021 and 31 December 2020. Revenue by geography The following table summarises revenue from external customers by geography, which is based on the origin of the sale: Year ended 31 December 2022 2021 2020 Revenue: € million € million € million Iberia (A) 3,034 2,495 2,173 Germany 2,682 2,335 2,270 Great Britain 3,088 2,613 2,203 France (B) 2,089 1,813 1,709 Belgium/Luxembourg 1,042 926 892 Netherlands 682 557 529 Norway 404 391 423 Sweden 421 375 337 Iceland 87 79 70 Total Europe 13,529 11,584 10,606 Australia 2,339 1,359 — New Zealand and Pacific Islands 649 377 — Indonesia and Papua New Guinea 803 443 — Total API 3,791 2,179 — Total CCEP 17,320 13,763 10,606 (A) Iberia refers to Spain, Portugal and Andorra. (B) France refers to continental France and Monaco. Assets by geography Assets are allocated based on operations and physical location. The following table summarises non-current assets, other than financial instruments and deferred tax assets, by geography: Year ended 31 December 2022 2021 Assets: € million € million Iberia (A) 6,401 6,644 Germany 3,091 3,077 Great Britain 2,469 2,680 France (B) 896 887 Belgium/Luxembourg 613 600 Netherlands 428 432 Sweden 349 379 Norway 242 247 Iceland 36 34 Other unallocated 271 245 Total Europe 14,796 15,225 Australia 5,281 5,356 New Zealand and Pacific Islands 1,755 1,751 Indonesia and Papua New Guinea 726 712 Total API 7,762 7,819 Total CCEP 22,558 23,044 (A) Iberia refers to Spain, Portugal and Andorra. (B) France refers to continental France and Monaco. |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 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 years presented: Year ended 31 December 2022 2021 2020 Profit after taxes attributable to equity shareholders (€ million) 1,508 982 498 Basic weighted average number of Shares in issue (A) (million) 457 456 455 Effect of dilutive potential Shares (B) (million) 1 1 1 Diluted weighted average number of Shares in issue (A) (million) 458 457 456 Basic earnings per share (€) 3.30 2.15 1.09 Diluted earnings per share (€) 3.29 2.15 1.09 (A) As at 31 December 2022, 31 December 2021 and 31 December 2020 the Group had 457,106,453, 456,235,032 and 454,645,510 Shares, respectively, in issue and outstanding. (B) For the years ended 31 December 2022, 31 December 2021 and 31 December 2020, no options to purchase Shares were excluded from the diluted earnings per share calculation. The dilutive impact of all outstanding options, unvested restricted stock units and unvested performance share units was included in the effect of dilutive securities. |
Intangible assets and goodwill
Intangible assets and goodwill | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets and goodwill [abstract] | |
Intangible assets and goodwill | Intangible assets and goodwill Intangible assets with indefinite lives Intangible assets with indefinite lives acquired through business combination transactions are measured at fair value at the date of acquisition. These assets are not subject to amortisation but are tested for impairment annually at the CGU level or more frequently if facts and circumstances indicate an impairment may exist. In addition to the annual impairment test, the assessment of indefinite lives is also reviewed annually. TCCC franchise intangible assets The Group’s bottling agreements contain performance requirements and convey the rights to distribute and sell products within specified territories. The Group’s agreements with TCCC in each territory are for terms of 10 year and each contain the right for the Group to request a 10 year renewal. The existing bottling agreements expire no earlier than 1 September 2025. While these agreements contain no automatic right of renewal beyond that date, the Group believes that its interdependent relationship with TCCC and the substantial cost and disruption to TCCC that would be caused by non-renewal ensure that these agreements will continue to be renewed and, therefore, are essentially perpetual. The Group has never had a bottling agreement with TCCC terminated due to non-performance of the terms of the agreement or due to a decision by TCCC to terminate an agreement at the expiration of a term. After evaluating the contractual provisions of bottling agreements, the Group’s mutually beneficial relationship with TCCC and history of renewals, indefinite lives have been assigned to all of the Group’s TCCC bottling agreements. Brands In connection with the Acquisition, the Group acquired a portfolio of brands, predominantly comprised of certain non-alcoholic ready to drink beverages distributed and sold in Australia and New Zealand. These are considered to have an indefinite life, given the strength and durability of the brands. Refer to Note 20 and Note 24 for details surrounding the sale of certain non-alcoholic ready to drink brands, which was partially completed during the current period. Goodwill Goodwill is initially measured as the excess of the total consideration transferred over the amount recognised for net identifiable assets acquired and liabilities assumed in a business combination. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the gain is recognised in the consolidated income statement as a bargain purchase. Goodwill is not subject to amortisation. It is tested annually for impairment at the CGU level or more frequently if events or changes in circumstances indicate that it might be impaired. Goodwill acquired in a business combination is allocated to the CGU that is expected to benefit from the synergies of the combination irrespective of whether a CGU is part of the business combination. Intangible assets with finite lives Intangible assets with finite lives are measured at cost of acquisition or production and are amortised using the straight-line method over their respective estimated useful lives. Finite lived intangible assets are assessed for impairment whenever there is an indication that they may be impaired. The amortisation period and method are reviewed annually. Internally generated software The Group capitalises certain development costs associated with internally developed software, including external direct costs of materials and services, and payroll costs for employees devoting time to a software project and any such software acquired as part of a business combination. Development expenditure is recognised as an intangible asset only after its technical feasibility and commercial viability can be demonstrated. When capitalised software is not integral to related hardware it is treated as an intangible asset; otherwise it is included within property, plant and equipment. The estimated useful life of capitalised software is predominantly between five Customer relationships The Group has acquired certain customer relationships in connection with business combinations. These customer relationships are recorded at fair value on the date of acquisition, and amortised over an estimated economic useful life of 20 years. Amortisation expense for these assets is included within administrative expenses and was €10 million, €9 million and Non-TCCC franchise intangible In connection with the Acquisition, the Group acquired certain bottling agreements with non-TCCC distribution partners which contain performance requirements and convey the rights to distribute and sell products within specified API territories. The non-TCCC bottling arrangements are recorded at fair value at the acquisition date and amortised over an expected economic useful life of 20 years. Amortisation expense for these assets is recognised within administrative expenses and totalled €8 million and €5 million for the years ended 31 December 2022 and 31 December 2021, respectively. Balances and movements in intangible assets and goodwill The following table summarises the movements in the carrying amounts of intangible assets and goodwill for the periods presented: TCCC franchise Brands Software Customer relationships Non-TCCC franchise intangible Assets under construction Total intangibles Goodwill € million € million € million € million € million € million € million € million Cost: As at 31 December 2020 8,078 — 382 161 — 69 8,690 2,517 Acquisition of CCL 3,822 211 55 37 149 11 4,285 2,097 Additions — — 65 — — 40 105 — Disposals — — (23) — — — (23) — Transfers and reclassifications — — 74 — — (74) — — Assets held for sale — (189) — — — — (189) — Currency translation adjustments 108 — 18 (1) — 1 126 9 As at 31 December 2021 12,008 22 571 197 149 47 12,994 4,623 Additions — — 40 1 — 63 104 — Disposals — — (27) — — (1) (28) — Transfers and reclassifications — 11 39 — — (38) 12 — Currency translation adjustments (134) 6 (2) (3) (1) (2) (136) (23) As at 31 December 2022 11,874 39 621 195 148 69 12,946 4,600 Accumulated amortisation: As at 31 December 2020 — — (233) (43) — — (276) — Amortisation expense — — (75) (9) (5) — (89) — Disposals — — 20 — — — 20 — Currency translation adjustments — — (9) (1) — — (10) — As at 31 December 2021 — — (297) (53) (5) — (355) — Amortisation expense — — (83) (10) (8) — (101) — Disposals — — 22 — — — 22 — Currency translation adjustments — (7) (2) 2 — — (7) — As at 31 December 2022 — (7) (360) (61) (13) — (441) — Net book value: As at 31 December 2020 8,078 — 149 118 — 69 8,414 2,517 As at 31 December 2021 12,008 22 274 144 144 47 12,639 4,623 As at 31 December 2022 11,874 32 261 134 135 69 12,505 4,600 Impairment of indefinite lived intangible assets and goodwill Each CGU is tested for impairment annually in the fourth quarter or whenever there is an indication of impairment. The recoverable amount of each CGU is normally determined through a value in use calculation. To determine value in use for a CGU, estimated future cash flows are discounted to their present values using a pre-tax discount rate reflective of the current market conditions and risks specific to each CGU. If the carrying value of a CGU exceeds its recoverable amount, the carrying value of the CGU is reduced to its recoverable amount and impairment charges are recognised immediately within the consolidated income statement. Impairment charges other than those related to goodwill may be reversed in future periods if a subsequent test indicates that the recoverable amount has increased. Such recoveries may not exceed a CGU’s original carrying value less any depreciation that would have been recognised if no impairment charges were previously recorded. The Group’s CGUs are based on geography and generally represent the individual territories in which the Group operates. For the purposes of allocating intangibles, each indefinite lived intangible asset is allocated to the geographic region to which the agreement relates and goodwill is allocated to each of the CGUs expected to benefit from a business combination, irrespective of whether other assets and liabilities of the acquired businesses are assigned to the CGUs. The following table identifies the carrying value of goodwill and indefinite lived intangible assets attributable to each significant CGU of the Group. In addition to the significant CGUs of the Group, as at 31 December 2022 the Group had other CGUs with total indefinite-lived intangible assets of €1,369 million and goodwill of €380 million. Year ended 31 December 2022 2021 Indefinite lived intangible assets Goodwill Indefinite lived intangible assets Goodwill Cash generating unit € million € million € million € million Iberia 4,289 1,275 4,289 1,275 Australia 2,690 1,450 2,698 1,459 Great Britain 1,646 200 1,740 200 Germany 1,060 748 1,060 748 Pacific (A) 849 547 863 556 (A) Pacific refers to New Zealand and Pacific Islands. The recoverable amount of each CGU was determined through a value in use calculation, which uses cash flow projections for a five year period. These projections reflect the impact of climate change on our business as well as the mitigating actions and strategies we are undertaking to support our commitment to reach Net Zero emissions by 2040. The key assumptions used in projecting these cash flows were as follows: • Growth rate and operating margins: Cash flows were projected over four years based on the Group’s strategic business plan. Cash flows for the fifth year and beyond were projected using an inflation-based long-term terminal growth rate between 2.0% and 4.5%. • Discount rate: A weighted average cost of capital was applied specific to each CGU as a hurdle rate to discount cash flows. The discount rates represent the current market assessment of the risks specific to each CGU, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The following table summarises the pre-tax discount rate attributable to each significant CGU. 2022 2021 Pre-tax Pre-tax Cash generating unit % % Iberia 8.7 9.3 Australia 9.1 — Great Britain 9.3 9.9 Germany 7.9 9.3 Pacific 9.7 — The Group did not record any impairment charges as a result of the tests conducted in 2022 and 2021. The Group’s Great Britain, Germany, Iberia and Australia CGUs have substantial headroom when comparing the value in use calculation of the CGU versus the CGU’s carrying value. For the Group’s Pacific CGU, the headroom in the 2022 impairment analysis was approximately 15% of carrying value. The Group estimates that a 1.0% reduction in the terminal growth rate or a 0.8% increase in the discount rate, each in isolation, would eliminate existing headroom in Pacific. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, plant and equipment [abstract] | |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment is recorded at cost, net of accumulated depreciation and accumulated impairment losses, where cost is the amount of cash or cash equivalents paid to acquire an asset at the time of its acquisition or construction. Major property additions, replacements and improvements are capitalised, while maintenance and repairs that do not extend the useful life of an asset or add new functionality are expensed as incurred. Land is not depreciated, as it is considered to have an indefinite life. For all property, plant and equipment, other than land, depreciation is recorded using the straight-line method over the respective estimated useful lives as follows: Useful life (years) Category Low High Buildings and improvements 10 40 Machinery, equipment and containers 3 20 Cold drink equipment 2 12 Vehicle fleet 3 12 Furniture and office equipment 3 10 Gains or losses arising on the disposal or retirement of an asset are determined as the difference between the carrying amount of the asset and any proceeds from its sale. Leasehold improvements are amortised using the straight-line method over the shorter of the remaining lease term or the estimated useful life of the improvement. The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, an impairment test is performed to estimate the potential loss of value that may reduce the recoverable amount of the asset to below its carrying amount. Any impairment loss is recognised within the consolidated income statement by the amount which the carrying amount exceeds the recoverable amount. Useful lives and residual amounts are reviewed annually and adjustments are made prospectively as required. For property, plant and equipment, the Group assesses annually whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If such indication exists, a previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognised and only up to the recoverable amount or the original carrying amount net of depreciation that would have been incurred had no impairment losses been recognised. The transition to a low-carbon economy may impact the carrying value and remaining useful economic lives of the Group’s property, plant and equipment. The Group continues to invest in more efficient, cleaner and technologically advanced assets, however, the significant majority of the Group’s current assets are likely to be substantially depreciated ahead of our 2040 Net Zero emission commitments, as set out in our Strategic Report on pages 38-41. In addition, the Group continuously monitors the latest developments in the government legislation in relation to climate-related risks. Currently, no legislation has been passed that will materially impact the carrying value and remaining useful economic lives of the Group. The Group leases land, office and warehouse property, computer hardware, machinery and equipment and vehicles under non-cancellable lease agreements, most of which expire at various dates through to 2030. Since the adoption of IFRS 16, “Leases”, effective 1 January 2019, the Group includes right of use assets within property, plant and equipment. Right of use assets are initially measured at cost, comprising the initial measurement of the lease liability, plus any direct costs and an estimate of asset retirement obligations, less lease incentives. Subsequently, right of use assets are measured at cost, less accumulated depreciation and any accumulated impairment losses. Depreciation is calculated on a straight-line basis over the term of the lease. The Group does not separate lease from non-lease components for each of its lease categories, except for property leases. All low value leases with total minimum lease payments under €5,000 and leases with a term less than 12 months are expensed on a straight-line basis. Extension and termination options are included in a number of property and equipment leases across the Group and are used to maximise operational flexibility in terms of managing contracts. Extension options (or periods after termination options) are only included in the lease term if the Group has an enforceable right to extend or terminate the lease and is reasonably certain to do so. The following table summarises the movement in net book value for property, plant and equipment for the periods presented: Land Buildings and improvements Machinery, equipment and containers Cold drink equipment Vehicle fleet Furniture Assets under construction Total € million € million € million € million € million € million € million € million Cost: As at 31 December 2020 317 1,846 2,975 1,155 283 144 125 6,845 Acquisition of CCL 339 492 529 108 7 15 78 1,568 Additions 2 41 119 50 62 10 195 479 Disposals (3) (28) (218) (319) (54) (16) 1 (637) Transfers and reclassifications (A) — 47 129 11 1 5 (197) (4) Currency translation adjustments 8 31 44 21 (1) 2 4 109 As at 31 December 2021 663 2,429 3,578 1,026 298 160 206 8,360 Additions 1 131 221 65 59 21 287 785 Disposals (3) (28) (103) (49) (58) (8) — (249) Assets held for sale (29) (26) (8) — — — — (63) Transfers and reclassifications 27 37 75 36 2 8 (184) 1 Currency translation adjustments (11) (42) (40) 32 (4) (2) (4) (71) As at 31 December 2022 648 2,501 3,723 1,110 297 179 305 8,763 Accumulated depreciation: As at 31 December 2020 — (651) (1,337) (772) (141) (84) — (2,985) Depreciation expense — (123) (326) (163) (61) (20) — (693) Disposals — 17 208 319 51 15 — 610 Currency translation adjustments — (9) (18) (15) — (2) — (44) As at 31 December 2021 — (766) (1,473) (631) (151) (91) — (3,112) Depreciation expense — (128) (380) (127) (58) (22) — (715) Disposals — 19 105 49 53 8 — 234 Assets held for sale — 10 9 — — — — 19 Transfers and reclassifications — — 3 (2) — — — 1 Currency translation adjustments — 22 (2) (14) 3 2 — 11 As at 31 December 2022 — (843) (1,738) (725) (153) (103) — (3,562) Net book value: As at 31 December 2020 317 1,195 1,638 383 142 60 125 3,860 As at 31 December 2021 663 1,663 2,105 395 147 69 206 5,248 As at 31 December 2022 648 1,658 1,985 385 144 76 305 5,201 (A) Includes €4 million related to assets held for sale for the year ended 31 December 2021. Right of use assets The following table summarises the net book value of right of use assets included within property, plant and equipment: Year ended 31 December 2022 2021 € million € million Buildings and improvements 465 438 Vehicle fleet 133 135 Machinery, equipment and containers 82 71 Furniture and office equipment 3 5 Total 683 649 Total additions to right of use assets during 2022 were €208 million (2021: €120 million). The following table summarises depreciation charges relating to right of use assets for the periods presented: Year ended 31 December 2022 2021 € million € million Buildings and improvements 63 56 Vehicle fleet 57 59 Machinery, equipment and containers 34 22 Furniture and office equipment 2 2 Total 156 139 During the years ended 31 December 2022 and 31 December 2021, the total expense relating to low value and short-term leases was €24 million and €16 million, respectively, which is primarily included in administrative expenses. The Group does not have any residual value guarantees in relation to its leases. As at 31 December 2022 the total value of lease extension and termination options included within right of use assets was €35 million (2021: €16 million). |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventories [Abstract] | |
Inventories | Inventories Inventories are valued at the lower of cost or net realisable value and cost is determined using the first-in, first-out (FIFO) method. Inventories consist of raw materials, supplies (primarily including concentrate, other ingredients and packaging) and finished goods, which also include direct labour, indirect production and overhead costs. Cost includes all costs incurred to bring inventories to their present location and condition. Spare parts, classified and accounted as inventories, are recorded as assets at the time of purchase and are expensed as utilised. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs necessary to complete and sell the inventory. The following table summarises the inventory outstanding in the consolidated statement of financial position as at the dates presented: Year ended 31 December 2022 2021 € million € million Finished goods 777 635 Raw materials and supplies 452 375 Spare parts and other 151 147 Total inventories 1,380 1,157 Write downs of inventories totalled €41 million, €41 million and €29 million for the years ended 31 December 2022, 31 December 2021 and 31 December 2020, respectively. The majority of these write downs were included in cost of sales on the consolidated income statement. None of these write downs of inventory were subsequently reversed. |
Trade accounts receivable
Trade accounts receivable | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other receivables [abstract] | |
Trade accounts receivable | Trade accounts receivable The Group sells its products to retailers, wholesalers and other customers and extends credit, generally without requiring collateral, based on an evaluation of the customer’s financial condition. While the Group has a concentration of credit risk in the retail sector, this risk is mitigated due to the diverse nature of the customers the Group serves, including, but not limited to, their type, geographic location, size and beverage channel. Trade accounts receivable are initially recognised at fair value and subsequently measured at amortised cost less provision for impairment. Typically, accounts receivable have terms of 30 to 60 days and do not bear interest. The Group applies an expected credit loss reserve methodology to assess possible impairments. Balances are considered for impairment on an individual basis rather than by reference to the extent that they become overdue. The Group considers factors such as delinquency in payment, financial difficulties, payment history of the debtor as well as certain forward-looking macroeconomic indicators. The carrying amount of trade accounts receivable is reduced through the use of an allowance account and the amount of the loss is recognised in the consolidated income statement. Credit insurance on a portion of the accounts receivable balance is also carried. Refer to Note 26 for further details on credit risk management. As a result of increased recession risk across our European territories, the Group supplemented its existing credit loss reserve methodology to include an incremental loss allowance for those receivable balances that were deemed to be higher risk in the current environment. The incremental allowance is included within allowance for doubtful accounts below, as at 31 December 2022. The following table summarises the trade accounts receivable outstanding in the consolidated statement of financial position as at the dates presented: Year ended 31 December 2022 2021 € million € million Trade accounts receivable, gross 2,523 2,354 Allowance for doubtful accounts (57) (49) Total trade accounts receivable 2,466 2,305 The following table summarises the ageing of trade accounts receivable, net of allowance for doubtful accounts, in the consolidated statement of financial position as at the dates presented: Year ended 31 December 2022 2021 € million € million Not past due 2,287 2,172 Past due 1 – 30 days 102 88 Past due 31 – 60 days 30 18 Past due 61 – 90 days 15 9 Past due 91 – 120 days 14 3 Past due 121+ days 18 15 Total 2,466 2,305 The following table summarises the change in the allowance for doubtful accounts for the periods presented: Allowance for doubtful accounts € million As at 31 December 2020 (39) Provision for impairment recognised during the year (13) Receivables written off during the year as uncollectible 3 As at 31 December 2021 (49) Provision for impairment recognised during the year (15) Receivables written off during the year as uncollectible 5 Reversals 1 Currency translation adjustments 1 As at 31 December 2022 (57) |
Cash and cash equivalents and s
Cash and cash equivalents and short term investments | 12 Months Ended |
Dec. 31, 2022 | |
Cash and cash equivalents [abstract] | |
Cash and cash equivalents and short term investments | Cash and cash equivalents and short-term investments Cash and cash equivalents Cash and cash equivalents include cash and short-term, highly liquid financial instruments with maturity dates of less than three months when acquired that are readily convertible to cash and which are subject to an insignificant risk of changes in value. Counterparties and instruments used to hold the Group’s cash and cash equivalents are continually assessed, with a focus on preservation of capital and liquidity. The following table summarises the cash and cash equivalents outstanding in the consolidated statement of financial position as at the dates presented: Year ended 31 December 2022 2021 € million € million Cash at banks and on hand 491 708 Short-term deposits and securities 896 699 Total cash and cash equivalents 1,387 1,407 Cash and cash equivalents are held in the following currencies as at the dates presented: Year ended 31 December 2022 2021 € million € million Euro 477 524 British pound 190 337 US dollar 88 74 Norwegian krone 35 64 Swedish krona 21 31 Australian dollar 358 234 Indonesian rupiah 26 41 Papua New Guinean kina 102 45 Other 90 57 Total cash and cash equivalents 1,387 1,407 Included within Cash and cash equivalents as at 31 December 2022 and 31 December 2021 are Papua New Guinea cash assets of €102 million and €45 million respectively, denominated in local currency (Kina). Government-imposed currency controls impact the extent to which the cash held in Papua New Guinea can be converted into foreign currency and remitted for use elsewhere in the Group. There are no other material restrictions on the Group’s cash and cash equivalents. Short-term investments Short-term investments are financial assets that are initially recognised at fair value and subsequently measured at amortised cost. The Group classifies its financial assets as at amortised cost only if both of the following criteria are met: • the asset is held within a business model whose objective is to collect the contractual cash flows; and • the contractual terms give rise to cash flows that are solely payments for principal and interest. The short-term investment balance is comprised of time deposits and treasury bills, with maturity dates of greater than three months and less than one year when acquired, which do not meet the definition of cash and cash equivalents, and are expected to be held until maturity. These are highly liquid investments and due to their short-term nature, their carrying amount is not significantly different from the fair values. |
Fair values
Fair values | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Measurement [Abstract] | |
Fair values | Fair values Fair value measurements All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy. This is described as one of the following, based on the lowest level input that is significant to the fair value measurement as a whole: • Level 1 – Quoted prices in active markets for identical assets or liabilities. • Level 2 – Observable inputs other than quoted prices included in Level 1. The Group values assets and liabilities included in this level using dealer and broker quotations, certain pricing models, bid prices, quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data. • Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The fair values of the Group’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 within Level 2 of the fair value hierarchy as the Group uses certain pricing models and quoted prices for similar liabilities in active markets in assessing their fair values. Refer to Note 14 for further details regarding the Group’s borrowings. The following table summarises the book value and fair value of the Group’s borrowings as at the dates presented: Year ended 31 December 2022 2021 € million € million Fair value of borrowings 10,503 13,316 Book value of borrowings (Note 14) 11,907 13,140 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 its derivative contracts (including forwards, options, futures, cross currency swaps and interest rate swaps) is determined using standard valuation models. The significant inputs used in these models are readily available in public markets or can be derived from observable market transactions and, therefore, the derivative contracts have been classified as Level 2. Inputs used in these standard valuation models include the applicable spot, forward and discount rates. The standard valuation model for 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. Refer to Note 13 for further details about the Group’s derivatives. The following table summarises the fair value of the derivative assets and liabilities as at the dates presented: Year ended 31 December 2022 2021 € million € million Assets at fair value: Derivatives (Note 13) 448 376 Liabilities at fair value: Derivatives (Note 13) 263 66 For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation at the end of each reporting period. There have been no transfers between levels during the periods presented. |
Hedging activities
Hedging activities | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments [Abstract] | |
Hedging activities | Hedging activities Derivative financial instruments The Group utilises derivative financial instruments to mitigate its exposure to certain market risks associated with its ongoing operations. The primary risks that it seeks to manage through the use of derivative financial instruments include currency exchange risk, commodity price risk and interest rate risk. All derivative financial instrument assets and liabilities are recorded at fair value on the consolidated statement of financial position. The Group does not use derivative financial instruments for trading or speculative purposes and all hedge ratios are on a 1:1 basis. At the inception of a hedge transaction, the Group documents the relationship between the hedging instrument and the hedged item, as well as its risk management objective and strategy for undertaking the hedge transaction. This process includes linking the derivative financial instrument designated as a hedging instrument to the specific asset, liability, firm commitment or forecasted transaction. Refer to Note 26 for further details about the Group’s risk management strategy and objective. Both at the hedge inception and on an ongoing basis, the Group assesses and documents whether the derivative financial instrument used in the hedging transaction is highly effective in maintaining the risk management objectives. Where critical terms match, the Group uses a qualitative assessment to ensure initial and ongoing effectiveness criteria. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity is retained in equity until the forecasted transaction occurs. If the hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in equity is transferred to the income statement. While certain derivative financial instruments are designated as hedging instruments, the Group may also enter into derivative financial instruments that are designed to hedge a risk but are not designated as hedging instruments (referred to as an economic hedge or a non-designated hedge). The decision regarding whether or not to designate a hedge for hedge accounting is made by management considering the size, purpose and tenure of the hedge, as well as the anticipated ability to achieve and maintain the Group’s risk management objective. The Group is exposed to counterparty credit risk on all of its derivative financial instruments. It has established and maintained strict counterparty credit guidelines and enters into hedges only with financial institutions that are investment grade or better. It continuously monitors counterparty credit risk and utilises numerous counterparties to minimise its exposure to potential defaults. The following table summarises the fair value of the assets and liabilities related to derivative financial instruments and the respective line items in which they were recorded in the consolidated statement of financial position as at the dates presented. All derivative instruments are classified as Level 2 within the fair value hierarchy. Discussion of the Group’s other financial assets and liabilities is contained elsewhere in these financial statements. Refer to Note 10 for trade accounts receivable, Note 15 for trade and other payables, Note 14 for borrowings and Note 20 for amounts receivable and payable with related parties. Hedging instrument Location – statement of financial position Year ended 31 December 2022 2021 € million € million Assets: Derivatives designated as hedging instruments: Commodity contracts Non-current derivative assets 30 75 Foreign currency contracts Non-current derivative assets 4 3 Interest rate and cross currency swaps Non-current derivative assets 157 148 Commodity contracts Current derivative assets 133 128 Foreign currency contracts Current derivative assets 27 16 Interest rate and cross currency swaps Current derivative assets 97 6 Total assets 448 376 Liabilities: Derivatives designated as hedging instruments: Commodity contracts Non-current derivative liabilities 6 3 Foreign currency contracts Non-current derivative liabilities 10 — Interest rate and cross currency swaps Non-current derivative liabilities 171 44 Commodity contracts Current derivative liabilities 47 5 Foreign currency contracts Current derivative liabilities 29 14 Total liabilities 263 66 Cash flow hedges The Group uses cash flow hedges to mitigate its exposure to changes in cash flows attributable to currency fluctuations and commodity price fluctuations associated with certain forecasted transactions, including purchases of raw materials, finished goods and services denominated in non-functional currencies, the receipt of interest and principal on intercompany loans denominated in non-functional currencies and the payment of interest and principal on debt issuances in non-functional currencies. Effective changes in the fair value of these cash flow hedging instruments are recognised as a component of other reserves on the consolidated statement of financial position. The effective changes are then recognised within the line item on the consolidated income statement that is consistent with the nature of the underlying hedged item in the period that the forecasted purchases or payments impact earnings. Any changes in the fair value of these cash flow hedges that are the result of ineffectiveness are recognised immediately in the line item on the consolidated income statement that is consistent with the nature of the underlying hedged item. Historically, the Group has not experienced, nor does it expect to experience, material hedge ineffectiveness with the value of the hedged instrument equalling that of the hedged item. The net notional amount of outstanding interest rate and cross currency swaps used to hedge interest rate risk and currency fluctuations of non-functional currency borrowings was €2.1 billion as at 31 December 2022 and €2.2 billion as at 31 December 2021. The net notional amount of the other outstanding currency-related cash flow hedges was €1.7 billion as at 31 December 2022 and €1.1 billion as at 31 December 2021. The net notional amount of outstanding commodity-related cash flow hedges was €1.4 billion as at 31 December 2022 and €0.9 billion as at 31 December 2021. Outstanding cash flow hedges as at 31 December 2022 are expected to settle and affect profit or loss between 2023 and 2036. The following table summarises the Group’s outstanding cash flow hedges by risk category as at the dates presented (all contracts denominated in a foreign currency have been converted into euros using the respective year end spot rate): Notional maturity profile Total Less than 1 year 1 to 3 years 3 to 5 years Over 5 years Cash flow hedges € million € million € million € million € million Deal contingent foreign currency forwards 3,000 3,000 — — — Foreign currency contracts 310 174 136 — — Interest rate and cross currency swaps 396 396 — — — Commodity contracts 677 403 274 — — As at 31 December 2020 4,383 3,973 410 — — Foreign currency contracts 1,074 912 162 — — Interest rate and cross currency swaps 2,225 144 1,365 — 716 Commodity contracts 922 566 356 — — As at 31 December 2021 4,221 1,622 1,883 — 716 Foreign currency contracts 1,723 1,292 431 — — Interest rate and cross currency swaps 2,079 760 604 416 299 Commodity contracts 1,397 834 563 — — As at 31 December 2022 5,199 2,886 1,598 416 299 The Group recognised within other comprehensive income net gains of €3 million, €125 million and €25 million for the years ended 31 December 2022, 31 December 2021 and 31 December 2020, respectively, related to changes in the fair values of outstanding cash flow hedges. The amount of ineffectiveness associated with these cash flow hedges was not material during any year presented within these financial statements. During 2021, the Group entered into deal contingent foreign currency forwards with a total notional amount of €5.6 billion in order to mitigate the foreign currency risk arising from the Acquisition. These instruments were recorded as cash flow hedges, and on completion of the Acquisition, gains of €84 million were reclassified to goodwill. The following table summarises the net of tax effect for cash flow hedges for the periods presented within the consolidated income statement: Cash flow hedging instruments Location – Income statement Amount of gain/(loss) reclassified Year ended 31 December 2022 2021 2020 € million € million € million Foreign currency contracts Cost of sales 19 (3) 1 Commodity contracts Cost of sales 83 74 (33) Commodity contracts Selling and distribution expenses 34 2 (3) Interest rate and cross currency swaps (A) Finance costs (86) (78) 23 Total 50 (5) (12) (A) The gain/(loss) recognised on these currency contracts is offset by the gain/(loss) recognised on the remeasurement of the underlying debt instruments; therefore, there is a minimal consolidated net effect in non-operating items on the consolidated income statement. Fair value hedges The Group has designated certain cross currency swaps used to mitigate FX risk and interest rate risk on foreign currency borrowings as fair value hedges. There is an economic relationship between the hedged item and the hedging instrument as the terms of the cross currency swap contracts match the terms of the fixed rate borrowings. The Group has established a hedge ratio of 1:1 for the hedging relationship. The following table summarises the Group’s outstanding fair value hedges by risk category as at the dates presented (all contracts denominated in a foreign currency have been converted into euros using the respective year end spot rate): Less than 1 year 1 to 3 years 3 to 5 years Over 5 years Fair value hedges Total € million € million € million € million As at 31 December 2020 — — — — — Interest rate and cross currency swaps 166 — — — 166 As at 31 December 2021 166 — — — 166 Interest rate and cross currency swaps 1,165 — — 500 665 As at 31 December 2022 1,165 — — 500 665 The following table summarises the gains/(losses) recognised from fair value hedges that settled for the periods presented within the consolidated income statement: Fair value hedges Location – Income statement Year ended 31 December 2022 2021 2020 € million € million € million Interest rate and cross currency swaps Finance costs 2 (2) — Total 2 (2) — The carrying value of the hedged item recognised in borrowings is €1,019 million Non-designated hedges The Group periodically enters into derivative instruments that are designed to hedge various risks but are not designated as hedging instruments. At times, it enters into other short-term non-designated hedges to mitigate its exposure to changes in cash flows attributable to currency fluctuations associated with short-term intercompany loans and certain cash equivalents denominated in non-functional currencies. Changes in the fair value of outstanding non-designated hedges are recognised each reporting period in the line item on the consolidated income statement that is consistent with the nature of the hedged risk. There were €29 million outstanding non-designated foreign currency hedges, hedging intercompany loans as at 31 December 2022. There were €59 million outstanding non-designated hedges as at 31 December 2021. The following table summarises the gains/(losses) recognised from non-designated derivative financial instruments in the consolidated income statement for the years presented. Non-designated hedging instruments Location – Income statement Year ended 31 December 2022 2021 2020 € million € million € million Commodity contracts Selling and distribution expenses — — (12) Foreign currency contracts (A) Non-operating items (5) — (4) Total (5) — (16) (A) The gain/(loss) recognised on these currency contracts is offset by the gain/(loss) recognised on the remeasurement of the underlying hedged items; therefore, there is a minimal consolidated net effect in non-operating items on the consolidated income statement. Net investment hedges The Group had no net investment hedges in place as at 31 December 2022 or 31 December 2021, however it continues to monitor its exposure to currency exchange rates and may enter into future net investment hedges as a result of volatility in the functional currencies of certain of its subsidiaries. |
Borrowings and leases
Borrowings and leases | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments [Abstract] | |
Borrowings and leases | Borrowings and leases Borrowings Borrowings are initially recognised at fair value, net of issuance costs incurred. Borrowings acquired by the Group as part of the Acquisition have been recognised at fair value at the acquisition date. After initial recognition, borrowings are subsequently measured at amortised cost using the effective interest rate method. Amortisation of transaction costs, fair value adjustments made on acquisition, premiums and discounts are recognised as part of finance costs within the consolidated income statement. Leases Since the adoption of IFRS 16, “Leases”, effective 1 January 2019, lease liabilities are included within borrowings in our consolidated statement of financial position. The lease liability is measured at the present value of lease payments, discounted using the Group’s incremental borrowing rate (IBR). The lease term comprises the non-cancellable period of the contract, together with periods covered by an option to extend the lease whenever the Group is reasonably certain to exercise that option and has an enforceable right to do so. Subsequently, the lease liability is measured by increasing the carrying amount to reflect interest on the lease liability and reducing it by lease payments made. Borrowings outstanding The following table summarises the carrying value of the Group’s borrowings as at the dates presented: Year ended 31 December 2022 2021 € million € million Non-current: Euro denominated bonds: €350 million 2.625% Notes 2023 — 349 €500 million 1.125% Notes 2024 498 497 €350 million 2.375% Notes 2025 349 348 €250 million 2.75% Notes 2026 (E) 240 249 €600 million 1.75% Notes 2026 (E) 580 594 €400 million 1.50% Notes 2027 (E) 370 397 €250 million 1.50% Notes 2027 259 261 €500 million 1.75% Notes 2028 (E) 466 495 €750 million 0.20% Notes 2028 744 743 €500 million 1.125% Notes 2029 495 494 €500 million 1.875% Notes 2030 (E) 472 496 €500 million 0.70% Notes 2031 (E) 473 496 €800 million 0.00% Notes 2025 798 797 €700 million 0.50% Notes 2029 695 694 €1,000 million 0.875% Notes 2033 991 990 €750 million 1.50% Notes 2041 746 746 Foreign currency bonds (swapped into euro) (D) : US$850 million 0.50% Notes 2023 — 747 US$650 million 0.80% Notes 2024 608 571 US$500 million 1.50% Notes 2027 466 439 Year ended 31 December 2022 2021 € million € million Australian dollar denominated bonds: A$100 million 3.50% Notes 2024 66 68 A$30 million 4.166% Notes 2025 21 21 A$20 million 4.25% Notes 2025 14 14 A$30 million 4.125% Notes 2026 20 21 A$50 million 4.155% Notes 2028 35 36 A$133 million 2.45% Notes 2029 86 87 A$50 million 4.20% Notes 2031 36 37 A$187 million 4.20% Notes 2031 135 138 A$13 million 4.20% Notes 2031 9 10 Foreign currency bonds (swapped into Australian dollar or New Zealand dollar) (D) : US$25 million 4.34% Notes 2023 — 23 US$25 million 4.34% Notes 2023 — 23 NOK1 billion 3.04% Notes 2028 99 105 NOK750 million 2.75% Notes 2030 73 77 US$50 million 2.653% Notes 2030 47 45 JPY10 billion 4.15% Notes 2036 (E) 74 90 JPY12.3 billion 1.06% Notes 2037 (E) 71 83 Lease obligations 535 509 Total non-current borrowings 10,571 11,790 Year ended 31 December 2022 2021 € million € million Current: Euro denominated bonds: €350 million 2.625% Notes 2023 350 — €700 million 0.75% Notes 2022 (A) — 700 Foreign currency bonds (swapped into euro) (D) : US$850 million 0.50% Notes due 2023 797 — Australian dollar denominated bonds: A$200 million 3.375% Notes 2022 (B) — 129 A$30 million 5.06% Notes 2022 (C) — 20 A$125 million 3.125% Notes 2022 (C) — 81 Foreign currency bonds (swapped into New Zealand dollar) (D) : US$25 million 4.34% Notes 2023 24 — US$25 million 4.34% Notes 2023 24 — EUR commercial paper — 285 Bank overdraft — 1 Lease obligations 141 134 Total current borrowings 1,336 1,350 (A) In January 2022, the Group repaid prior to maturity the outstanding amount related to the €700 million 0.75% Notes due in February 2022. (B) In March 2022, the Group repaid on maturity the outstanding amount related to the A$200 million 3.375% Notes 2022 acquired as part of the Acquisition. (C) In July 2022, the Group repaid on maturity the outstanding amounts related to the A$30 million 5.06% Notes 2022 and A$125 million 3.125% Notes 2022 acquired as part of the Acquisition. (D) Cross currency swaps are used by the Group to swap foreign currency bonds into the required local currency. (E) Bond designated in full or partially in a fair value hedge relationship. During the year, the Group entered into interest rate swaps with notional value of €1 billion, which were designated in a fair value hedge relationship with euro denominated bonds. As at 31 December 2022, fair value adjustments in respect of those interest rate swaps are €(130) million, included within non-current borrowings. Borrowings are stated net of unamortised financing fees of €33 million and €42 million, as at 31 December 2022 and 31 December 2021, respectively. Interest expense recognised on lease liabilities totalled €14 million, €10 million and €4 million in 2022, 2021 and 2020, respectively. Credit facilities During 2022, the amount available under the Group’s multi currency credit facility was €1.95 billion. This amount is available for borrowing with a syndicate of 13 banks. This credit facility matures in 2025 and is for general corporate purposes and supporting the Group’s working capital needs. Based on information currently available, there is no indication that the financial institutions participating in this facility would be unable to fulfill their commitments to the Group as at the date of these consolidated financial statements. The Group’s current credit facility contains no financial covenants that would impact its liquidity or access to capital. As at 31 December 2022, the Group had no amounts drawn under this credit facility. Cash flows from financing activities The following table provides a reconciliation of movements of liabilities to cash flows arising from financing activities: Current portion of borrowings Borrowings, less current portion Total € million € million € million As at 31 December 2020 805 6,382 7,187 Acquisition of CCL 381 1,251 1,632 Changes from financing cash flows Proceeds from third party borrowings, net — 4,877 4,877 Changes in short-term borrowings (B) 276 — 276 Repayments on third party borrowings (A) (950) — (950) Payment of principal and interest on lease obligations (149) — (149) Other non-cash changes Amortisation of discount, premium and issue costs — (3) (3) Lease additions and other non-cash movements 39 83 122 Movement as a result of fair value hedges 6 9 15 Currency translation 33 100 133 Reclassifications 909 (909) — Total changes 545 5,408 5,953 Current portion of borrowings Borrowings, less current portion Total € million € million € million As at 31 December 2021 1,350 11,790 13,140 Changes from financing cash flows Changes in short-term borrowings (B) (285) — (285) Repayments on third party borrowings (938) — (938) Payment of principal and interest on lease obligations (167) — (167) Other financing activities (1) — (1) Other non-cash changes Amortisation of discounts, premium, issue costs and fair value adjustments (1) 4 3 Lease additions and other non-cash movements 34 171 205 Movement as a result of fair value hedges 11 (172) (161) Currency translation — 111 111 Reclassifications 1,333 (1,333) — Total changes (14) (1,219) (1,233) As at 31 December 2022 1,336 10,571 11,907 (A) This line item includes the impact of the cross currency swap hedge from USD to EUR. (B) In 2022, changes in short-term borrowings include €2,464 million of newly issued and €2,749 million of repaid EUR commercial paper. In 2021, changes in short-term borrowings included €700 million and €424 million of newly issued and repaid EUR commercial paper, respectively. Cash flows from financing activities includes €32 million, €27 million and €24 million of cash received related to income on a cross currency swap for 2022, 2021 and 2020, respectively. Total cash outflows for leases were €167 million, €149 million and €120 million for the years ended 31 December 2022, 31 December 2021 and 31 December 2020, respectively. |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other payables [abstract] | |
Trade and other payables | Trade and other payables Trade and other payables represent liabilities for goods and services provided to the Group prior to the end of the reporting period, which are unpaid. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method. Trade payables are non-interest bearing and are normally settled between 60 to 70 days. The Group participates in various programmes and arrangements with customers designed to increase the sale of our products. The costs of these programmes are recorded as deductions from revenue. Among the programmes are arrangements under which allowances can be earned by customers for attaining agreed upon sales levels or for participating in specific marketing programmes. When these allowances are paid in arrears, the Group accrues the estimated amount to be paid based upon historical customer experience, the programme’s contractual terms, expected customer performance and/or estimated sales volume. The costs of these off-invoice customer marketing costs totalled €5.2 billion, €4.1 billion and €3.2 billion for 2022, 2021 and 2020, respectively. The following table summarises trade and other payables as at the dates presented: Year ended 31 December 2022 2021 € million € million Trade accounts payable (A) 2,221 1,691 Accrued customer marketing costs 1,348 1,160 Accrued deposits 288 264 Accrued compensation and benefits 500 482 Accrued taxes (B) 253 220 Other accrued expenses 442 420 Total trade and other payables 5,052 4,237 (A) Includes amounts of €212 million (2021: €266 million) which are part of a supply chain finance programme facilitated by the Group. The programme permits suppliers to elect on an invoice by invoice basis to receive a discounted payment from the partner bank earlier than the agreed payment terms with the Group. If a supplier makes this election, the value and the due date of the invoice payable by the Group remains unchanged. |
Post-employment benefits
Post-employment benefits | 12 Months Ended |
Dec. 31, 2022 | |
Employee Benefits [Abstract] | |
Post-employment benefits | Post-employment benefits The cost of providing benefits is determined using the projected unit credit method with actuarial valuations being carried out at the end of each annual reporting period. All remeasurements of the defined benefit obligation, such as actuarial gains and losses and return on plan assets, are recognised directly in other comprehensive income. Remeasurements recognised in other comprehensive income are reflected immediately in retained earnings and are not reclassified to profit or loss. Service cost is presented within cost of sales, selling and distribution expenses and administrative expenses in the consolidated income statement. Past service cost is recognised immediately within cost of sales, selling and distribution expenses and administrative expenses in the consolidated income statement. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. Net interest cost is presented within finance costs or finance income, as applicable, in the consolidated income statement. The defined benefit obligation recognised in the consolidated statement of financial position represents the present value of the estimated future cash outflows, using interest rates of high quality corporate bonds which have terms to maturity approximating the terms of the related liability. The Group recognises termination benefits at the earlier of the following dates: (1) when the Group can no longer withdraw the offer of those benefits and (2) when the Group recognises costs for restructuring that is within the scope of IAS 37, “Provisions, Contingent Liabilities and Contingent Assets” and involves the payment of termination benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Termination benefits are payable whenever an employee’s employment is terminated before the normal retirement date or whenever an employee accepts voluntary redundancy in exchange for those benefits. The following table summarises our non-current employee benefit liabilities as at the dates presented: Year ended 31 December 2022 2021 GB Rest of world Total GB Rest of world Total € million € million € million € million € million € million Retirement benefit obligation — 77 77 — 103 103 Other employee benefit liabilities — 31 31 — 35 35 Total non-current employee benefit liabilities — 108 108 — 138 138 Defined benefit plans The Group sponsors a number of defined benefit pension plans in Belgium, France, Germany, Great Britain, Luxembourg, Norway, Australia and Indonesia. The majority of the defined benefit plans are either career average, final salary or hybrid plans, and operate on a funded basis with assets held in external funds. The Group’s Great Britain plan (GB Scheme) is the most significant. The GB Scheme’s defined benefit obligation includes benefits for current employees, former employees and current pensioners. The level of benefits provided (funded final salary pension) depends on the member’s length of service and salary at retirement age. Part of the pension may be exchanged for a tax free cash lump sum. The GB Scheme was closed to new members with effect from 1 October 2005 and is administered by a board of trustees, which is legally separate from the Group. The board of trustees is composed of representatives of both the employer and employees. The board of trustees is required by law to act in the interest of all relevant beneficiaries and is responsible for the investment policy with regard to the assets plus the day to day administration of the benefits. On 8 October 2020, the Group announced a proposal to close the GB Scheme to future accrual, which was implemented on 31 March 2021. The affected employees were offered to enrol in the Group’s defined contribution scheme (DC scheme). Subsequent to the implementation of the closure of the GB Scheme, the members moved from active to deferred status, with future indexation of deferred pensions before retirement measured by reference to the consumer price index (CPI). A full actuarial valuation of the GB Scheme occurs on a triennial basis by a qualified external actuary, which is used as the basis of determining the Group’s future contributions to the plan. The latest triennial valuation was carried out as at 5 April 2022 and has been updated to 31 December 2022 to reflect our defined benefit obligation, for known events and changes in market conditions as allowed under IAS 19, “Employee Benefits”. Risks The Group’s defined benefit pension schemes expose the Group to a number of risks, including: • Asset volatility – the plan liabilities are calculated using a discount rate set with reference to corporate bond yields; if assets underperform this yield, a deficit would occur. Some of our plans hold a significant proportion of growth assets (equities and property) which, though expected to outperform corporate bonds in the long term, create volatility and risk in the short term. The allocation to growth assets is monitored to ensure it remains appropriate given each scheme’s long-term objectives. • Changes in bond yields – a decrease in corporate bond yields will increase the defined benefit liability, although this will be partially offset by an increase in the value of the plan’s bond holdings. • Inflation risk – a significant proportion of our benefit obligations are linked to inflation and higher inflation will lead to higher liabilities (although, in most cases, caps on the level of inflationary increases are in place to protect against extreme inflation). The majority of the assets are either unaffected by or only loosely correlated with inflation, meaning that an increase in inflation will also increase the deficit. • Life expectancy – the majority of our plans have an obligation to provide benefits for the life of the member, so increases in life expectancy will result in an increase in the defined benefit liabilities. Benefit costs The following table summarises the expense related to pension plans recognised in the consolidated income statement for the years presented: Year ended 31 December 2022 2021 2020 GB Rest of world Total GB Rest of world Total GB Rest of world Total € million € million € million € million € million € million € million € million € million Service cost — 18 18 10 16 26 37 15 52 Past service (A) — (2) (2) (29) 6 (23) — — — Net interest (income)/cost (2) 1 (1) 1 1 2 1 1 2 Administrative expenses — 1 1 1 1 2 2 — 2 Total cost (2) 18 16 (17) 24 7 40 16 56 (A) Predominantly comprised of the impact of a plan amendment arising from legislative changes in respect of the minimum retirement age in Indonesia. Other comprehensive income The following table summarises the changes in other comprehensive income related to our pension plans for the years presented: Year ended 31 December 2022 2021 2020 GB Rest of world Total GB Rest of world Total GB Rest of world Total € million € million € million € million € million € million € million € million € million Actuarial (gain)/loss on defined benefit obligation arising during the period (712) (125) (837) (60) (6) (66) 159 1 160 Return on plan assets less/(greater) than discount rate 808 74 882 (177) (58) (235) (72) (17) (89) Net charge to other comprehensive income 96 (51) 45 (237) (64) (301) 87 (16) 71 Benefit obligation and fair value of plan assets The following table summarises the changes in the pension plan benefit obligation and the fair value of plan assets for the periods presented: Year ended 31 December 2022 2021 GB Rest of world Total GB Rest of world Total € million € million € million € million € million € million Reconciliation of benefit obligation: Benefit obligation at beginning 1,739 674 2,413 1,733 607 2,340 Service cost — 18 18 10 16 26 Past service (credit)/cost — (2) (2) (29) 6 (23) Interest costs on defined benefit obligation 32 7 39 31 5 36 Plan participants contribution — 28 28 — 59 59 Actuarial loss/(gain) – experience 26 7 33 1 1 2 Actuarial loss/(gain) – demographic assumptions 2 — 2 (1) (1) (2) Actuarial (gain)/loss – financial assumptions (740) (132) (872) (60) (6) (66) Benefit payments (57) (72) (129) (69) (81) (150) Administrative expenses — 1 1 1 1 2 Acquisition of CCL — — — — 66 66 Currency translation adjustments (65) — (65) 122 1 123 Benefit obligation at end of plan year 937 529 1,466 1,739 674 2,413 Reconciliation of fair value Fair value of plan assets at beginning of plan year 1,840 664 2,504 1,568 564 2,132 Interest income on plan assets 34 6 40 30 4 34 Return on plan assets (less)/greater than discount rate (808) (74) (882) 177 58 235 Plan participants contributions — 28 28 — 59 59 Employer contributions 11 21 32 19 20 39 Benefit payments (57) (72) (129) (69) (81) (150) Acquisition of CCL — — — — 40 40 Currency translation adjustment (68) (1) (69) 115 — 115 Fair value of plan assets at end 952 572 1,524 1,840 664 2,504 Timing of benefit payments The weighted average duration of the defined benefit plan obligation as at 31 December 2022 is 16 years, including 17 years for the GB Scheme. The weighted average duration of the defined benefit plan obligation as at 31 December 2021 was 20 years, including 22 years for the GB Scheme. Retirement benefit status The following table summarises the retirement benefit status of pension plans as at the dates presented: Year ended 31 December 2022 2021 GB Rest of world Total GB Rest of world Total € million € million € million € million € million € million Net benefit status: Present value of obligation (937) (529) (1,466) (1,739) (674) (2,413) Fair value of assets 952 572 1,524 1,840 664 2,504 Net benefit status: 15 43 58 101 (10) 91 Retirement benefit surplus (Note 25) 15 120 135 101 93 194 Retirement benefit obligation — (77) (77) — (103) (103) The surplus for 2022 is primarily related to the defined benefit plans in Germany and Belgium as well as the GB Scheme. The surplus is recognised on the balance sheet on the basis that the Group is entitled to a refund of any remaining assets once all members have left the plan. Actuarial assumptions The following tables summarise the weighted average actuarial assumptions used to determine the benefit obligations of pension plans as at the dates presented: Year ended 31 December 2022 2021 GB Rest of world Average GB Rest of world Average Financial assumptions % % % % % % Discount rate 4.8 4.0 4.5 1.9 1.4 1.8 Rate of compensation increase N/A 3.6 3.6 N/A 3.2 3.2 Rate of price inflation 3.3 2.4 3.0 3.4 2.1 3.1 Year ended 31 December 2022 2021 Demographic assumptions (A) GB Rest of world Average GB Rest of world Average Retiring at the end Male 21.9 19.8 21.3 21.9 24.3 22.4 Female 24.4 23.1 24.0 24.4 27.7 25.0 Retiring 15 years after the end Male 22.8 20.0 22.1 22.8 25.4 23.3 Female 25.5 23.5 24.9 25.5 28.5 26.1 (A) These assumptions translate into an average life expectancy in years, post-retirement, for an employee retiring at age 65. The following tables summarise the sensitivity of the defined benefit obligation to changes in the weighted average principal assumptions for the periods presented: Year ended 31 December 2022 Change in assumption Impact on defined benefit obligation (%) Increase in assumption Decrease in assumption Principal assumptions GB Rest of world Average GB Rest of world Average Discount rate 0.5 % (7.9) (4.0) (6.5) 8.6 4.4 7.1 Rate of compensation increase (A) 0.5 % N/A 1.6 0.6 N/A (1.4) (0.5) Rate of price inflation 0.5 % 3.9 3.1 3.6 (3.8) (2.9) (3.4) Mortality rates 1 year 3.0 1.7 2.5 (2.8) (1.7) (2.4) Year ended 31 December 2021 Change in assumption Impact on defined benefit obligation (%) Increase in assumption Decrease in assumption Principal assumptions GB Rest of world Average GB Rest of world Average Discount rate 0.5 % (9.9) (4.8) (8.5) 11.4 5.3 9.7 Rate of compensation increase (A) 0.5 % N/A 1.7 0.5 N/A (1.5) (0.4) Rate of price inflation 0.5 % 7.8 3.8 6.7 (6.8) (3.5) (5.9) Mortality rates 1 year 4.0 2.1 3.5 (4.0) (2.1) (3.4) (A) The compensation increase assumption is no longer applicable to the valuation of the defined benefit obligation associated with the GB Scheme in light of the plan closure effective 31 March 2021. The sensitivity analyses have been determined based on a method that extrapolates the impact on the defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period. The sensitivity analyses are based on a change in a significant assumption, keeping all other assumptions constant. The sensitivity analyses may not be representative of an actual change in the defined benefit obligation as it is unlikely that changes in assumptions would occur in isolation of one another. Pension plan assets There are formal investment policies for the assets associated with our pension plans. Policy objectives include: (1) maximising long-term return at acceptable risk levels; (2) diversifying among asset classes, if appropriate, and among investment managers; and (3) establishing relevant risk parameters within each asset class. Investment policies reflect the unique circumstances of the respective plans and include requirements designed to mitigate risk, including quality and diversification standards. Asset allocation targets are based on periodic asset liability and/or risk budgeting study results, which help determine the appropriate investment strategies for acceptable risk levels. The investment policies permit variances from the targets within certain parameters. The following table summarises pension plan assets measured at fair value as at the dates presented: Year ended 31 December 2022 Year ended 31 December 2021 Total Investments quoted in active markets Unquoted investments Total Investments quoted in active markets Unquoted investments GB Rest of world GB Rest of world GB Rest of world GB Rest of world € million € million € million € million € million € million € million € million € million € million Equity securities (A) 185 — 185 — — 221 — 221 — — Fixed income securities: (B) Corporate bonds and notes 56 — 56 — — 54 — 54 — — Government bonds (C) 692 1,131 28 (467) — 1,506 1,476 30 — — Cash and other short-term investments (D) 28 23 5 — — 6 1 5 — — Other investments: Real estate funds (E) 274 43 15 216 — 346 — 39 306 1 Insurance contracts (F) 207 — — — 207 240 — — — 240 Investment funds (G) 76 — 5 — 71 73 — — — 73 Derivatives (H) 6 5 — 1 — 58 — — 57 1 Total 1,524 1,202 294 (250) 278 2,504 1,477 349 363 315 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [abstract] | |
Equity | Equity Share capital As at 31 December 2022, the Company has issued and fully paid 457,106,453 Shares. Shares in issue have one voting right each and no restrictions related to dividends or return of capital. Number of Shares Share capital millions € million As at 1 January 2020 456 5 Issuances of Shares 2 — Cancellation of Shares (3) — As at 31 December 2020 455 5 Issuance of Shares 1 — Cancellation of Shares — — As at 31 December 2021 456 5 Issuance of Shares 1 — Cancellation of Shares — — As at 31 December 2022 457 5 The number of Shares increased in 2022, 2021 and 2020 from the issue of 871,421, 1,589,522 and 1,310,833 Shares, respectively, following the exercise of share-based payment awards. In connection with the Company’s share buyback programmes 3,065,200 shares were cancelled in 2020. No shares were repurchased in 2022 and 2021. Share premium The share premium account increased by cash received for the exercise of options by €14 million in 2022, €28 million in 2021 and €14 million in 2020. Merger reserves The consideration transferred to acquire CCIP and CCEG qualified for merger relief under the Companies Act. As such, the excess consideration transferred over nominal value of €287 million was required to be excluded from the share premium account and recorded to merger reserves. Other reserves The following table summarises the balances in other reserves (net of tax) as at the dates presented: Year ended 31 December 2022 2021 2020 € million € million € million Cash flow hedge reserve 104 151 20 Net investment hedge reserve 197 197 197 Foreign currency translation adjustment reserve (728) (509) (754) Reserve related to the acquisition of non-controlling interests (79) — — Other reserves (A) (1) 5 — Total other reserves (507) (156) (537) (A) Other reserves relates to cost of hedging which represents forward point on spot designations, time value of options and currency basis. Movements, including the tax effects, in these accounts through to 31 December 2022 are included in the consolidated statement of comprehensive income. Dividends Dividends are recorded within the Group’s consolidated financial statements in the period in which they are paid. Year ended 31 December 2022 2021 2020 € million € million € million First half dividend (A) 256 — — Second half dividend (B) 507 638 386 Total dividend on ordinary shares paid 763 638 386 (A) Dividend of €0.56 per Share was paid in first half of 2022. (B) Dividend of €1.12 per Share was paid in second half of 2022. A full year dividend of €1.40 per Share and €0.85 per Share were paid in 2021 and 2020, respectively. Dividends attributable to restricted stock units and performance share units that are unvested at the period end date are accrued accordingly. During 2022, an incremental dividend accrual of €3 million has been recognised (2021: €1 million, 2020: €1 million). Non-controlling interest In December 2022, the Group entered into a share purchase agreement (SPA) with TCCC to acquire the remaining 29.4% ownership interest of its subsidiary, PT Coca-Cola Bottling Indonesia, for a total consideration of €282 million. The acquisition is expected to be completed in the first quarter of 2023, following the resolution of customary conditions (refer to Note 27 for further details). As at 31 December 2022, the non-controlling interest of €205 million has been derecognised, other reserves have been decreased by €77 million and a redemption liability of €282 million has been recorded within the Amounts payable to related parties line of our consolidated statement of financial position. As at 31 December 2021, equity attributable to non-controlling interest was €177 million representing 29.4% of PT Coca-Cola Bottling Indonesia held by TCCC and 6.1% of Samoa Breweries Limited held by numerous investors. |
Total operating costs
Total operating costs | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
Total operating costs | Total operating costs The following tables summarise the significant cost items by nature within operating costs for the years presented: Year ended 31 December 2022 2021 2020 € million € million € million Transportation costs (A) 851 631 447 Employee benefits 1,110 975 788 Depreciation of property, plant and equipment, excluding restructuring 246 245 219 Amortisation of intangible assets 7 4 1 Restructuring charges, including accelerated depreciation (B) 1 45 58 Other selling and distribution expenses 769 596 426 Total selling and distribution expenses 2,984 2,496 1,939 Transportation costs (A) 16 2 2 Employee benefits 544 462 353 Depreciation of property, plant and equipment, excluding restructuring 99 76 45 Amortisation of intangible assets 94 83 53 Acquisition related costs 3 49 11 Restructuring charges, including accelerated depreciation (B) 143 91 248 Other administrative expenses 351 311 271 Total administrative expenses 1,250 1,074 983 Total operating expenses 4,234 3,570 2,922 (A) Transportation costs include warehousing and delivery costs to the final customer destination. They exclude depreciation and amortisation. (B) See restructuring costs on page 192. Year ended 31 December 2022 2021 2020 (B) Restructuring costs € million € million € million Increase in provision for restructuring programmes (Note 23) 115 93 242 Amount of provision unused (Note 23) (8) (13) (7) Accelerated depreciation and non-cash costs 44 60 121 Other cash costs (A) 12 13 12 Total restructuring costs 163 153 368 Restructuring costs by function: Cost of sales 19 17 62 Selling and distribution expenses 1 45 58 Administrative expenses 143 91 248 (A) Other cash costs primarily relate to professional fees, which include consultancy costs, legal fees and other costs directly associated with restructuring. Restructuring costs charged in arriving at operating profit for the years presented include restructuring costs arising under the following programmes and initiatives: Accelerate Competitiveness In October 2020, the Group announced a number of proposals aimed at improving productivity through the use of technology enabled solutions. Included in these proposals was the closure of certain production facilities, including Liederbach and Sodenthaler in Germany and Malaga in Iberia. These proposals continue the focus on network optimisation and site rationalisation of the Group, with the majority of the impacted activities to be transferred within our network of facilities in each respective territory. The proposals are also expected to impact a number of functions across the Group, including business process technology, customer service, sales and marketing, and finance as the Group seeks to reduce complexity, improve efficiency and increase the use of technology. In 2022, as part of the continuation of this programme, the Group announced additional restructuring proposals, mainly related to the transformation of the full service vending operations and related initiatives in Germany. These initiatives resulted in €82 million of restructuring charges primarily related to expected severance costs. During the year ended 31 December 2022, the Group incurred total restructuring charges related to this programme of €145 million, primarily made up of expected severance costs and accelerated depreciation. Staff costs Staff costs included within the income statement were as follows: Year ended 31 December 2022 2021 2020 Employee costs € million € million € million Wages and salaries 1,769 1,544 1,253 Social security costs 316 302 283 Pension and other employee benefits 233 170 119 Total employee costs 2,318 2,016 1,655 Directors’ remuneration information is disclosed in the Directors’ remuneration report. The average number of persons employed by the Group (including Directors) for the periods presented were as follows: 2022 2021 2020 No. in thousands No. in thousands No. in thousands Commercial 12.5 10.9 7.3 Supply chain 16.6 14.9 12.4 Support functions 4.0 3.9 2.5 Total average staff employed 33.1 29.7 22.2 Auditor’s remuneration Audit and other fees charged in the income statement concerning the statutory auditor of the consolidated financial statements, Ernst & Young LLP, were as follows: Year ended 31 December 2022 2021 2020 € thousand € thousand € thousand Audit of Parent Company and consolidated financial statements (A) 3,136 4,751 3,149 Audit of the Company’s subsidiaries 6,248 5,493 3,046 Total audit 9,384 10,244 6,195 Audit-related assurance services (B) 1,002 1,234 909 Other assurance services 213 313 279 Total audit and audit-related assurance services 10,599 11,791 7,383 All other services (C) 47 35 30 Total non-audit or non-audit-related assurance services 47 35 30 Total audit and all other fees 10,646 11,826 7,413 (A) Fees in respect of the audit of the accounts of the Company, including the Group's consolidated financial statements. (B) Includes professional fees for interim reviews, reporting on internal financial controls, services related to the transactions entered into with TCCC, issuance of comfort letters for debt issuances, regulatory inspections, certain accounting consultations and other attest engagements. (C) Represents fees for all other allowable services. |
Finance costs
Finance costs | 12 Months Ended |
Dec. 31, 2022 | |
Borrowing costs [abstract] | |
Finance costs | Finance costs Finance costs are recognised in the consolidated income statement in the period in which they are incurred, with the exception of general and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. Borrowing costs are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. All other borrowing costs are recognised within the consolidated income statement in the period in which they are incurred based upon the effective interest rate method. Interest income is recognised using the effective interest rate method. The following table summarises net finance costs for the years presented: Year ended 31 December 2022 2021 2020 € million € million € million Interest income (A) 67 43 33 Interest expense on external debt (A) (162) (153) (132) Other finance costs (B) (19) (19) (12) Total finance costs, net (114) (129) (111) (A) Includes interest income and expense amounts, as applicable, on cross currency swaps and interest rate swaps. Cross currency swap and interest rate swap income totalled €50 million, €27 million and €24 million in 2022, 2021 and 2020, respectively. Cross currency swap and interest rate swap expense totalled €31 million, €14 million and €12 million in 2022, 2021 and 2020, respectively. Refer to Note 13 for further details. (B) Other finance costs principally includes amortisation of the discount on external debt and interest on leases. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party [Abstract] | |
Related party transactions | Related party transactions For the purpose of these consolidated financial statements, transactions with related parties mainly comprise transactions between subsidiaries of the Group and the related parties of the Group. Transactions with entities with significant influence over the Group Transactions with TCCC TCCC exerts significant influence over the Group, as defined by IAS 24, “Related Party Disclosures”. As at 31 December 2022, 19.24% 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 make, sell and distribute products of TCCC within the Group’s territories. The Group purchases concentrate from TCCC and also receives marketing funding to help promote the sale of TCCC products. The Group’s agreements with TCCC in each territory are for 10 year terms and each contains the right for the Group to request a 10 year renewal. The existing bottling agreements expire no earlier than 1 September 2025. Additionally, two of the Group’s 17 Directors are nominated by TCCC. The Group and TCCC engage in a variety of marketing programmes to promote the sale of TCCC products in territories in which the Group operates. The Group and TCCC operate under an incidence based concentrate pricing model and funding programme across most territories, the terms of which are tied to the bottling agreements. In certain API territories, the Group operates under a fixed price model with marketing rebates and support. TCCC makes discretionary marketing contributions under shared marketing agreements to CCEP’s operating subsidiaries. Amounts to be paid to the Group by TCCC under the programmes are generally determined annually and are periodically reassessed as the programmes progress. Under the bottling agreements, TCCC is under no obligation to participate in the programmes or continue past levels of funding in the future. The amounts paid and terms of similar programmes with other franchises may differ. Marketing support funding programmes granted to the Group provide financial support principally based on product sales or on the completion of stated requirements and are intended to offset a portion of the costs of the programmes. Payments from TCCC for marketing programmes to promote the sale of products are classified as a reduction in cost of sales, unless the presumption that the payment is a reduction in the price of the franchisors’ products can be overcome. Payments for marketing programmes are recognised as product is sold. The following table summarises the transactions with TCCC that directly impacted the consolidated income statement for the years presented: Year ended 31 December 2022 2021 2020 € million € million € million Amounts affecting revenue (A) 117 50 50 Amounts affecting cost of sales (B) (3,805) (3,056) (2,555) Amounts affecting operating expenses (C) 19 9 8 Total net amount affecting the consolidated income statement (3,669) (2,997) (2,497) (A) Amounts principally relate to fountain syrup and packaged product sales. (B) Amounts principally relate to the purchase of concentrate, syrup, mineral water and juice, as well as funding for marketing programmes. (C) Amounts principally relate to certain costs associated with new product development initiatives and reimbursement of certain marketing expenses. The following table summarises the transactions with TCCC that impacted the consolidated statement of financial position for the periods presented: Year ended 31 December 2022 2021 € million € million Amounts due from TCCC 130 135 Amounts payable to TCCC 442 189 In December 2022, the Group entered into a share purchase agreement (SPA) with TCCC to acquire the remaining 29.4% ownership interest of its subsidiary, PT Coca-Cola Bottling Indonesia, for a total consideration of €282 million. The acquisition is expected to be completed in the first quarter of 2023, following the resolution of customary conditions (refer to Note 27 for further details). As at 31 December, we have recognised a redemption liability equalling the consideration amount, which is reflected within the amounts payable to related parties line of our consolidated statement of financial position . 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 finalise the remaining portion during 2023. The remaining part of the transaction was initially expected to be finalised by the end of 2022, however, due to certain administrative procedures required to be performed, the completion was extended to the first half of 2023. The Group has also entered into commercial agreements with TCCC to facilitate ongoing manufacturing, distributing and/or selling activities pertaining to these brands. The consideration relating to the brands which are yet to be sold to TCCC amounts to €40 million and those brands are classified as assets held for sale in our consolidated statement of financial position as at 31 December 2022. Terms and conditions of transactions with TCCC Outstanding balances on transactions with TCCC are unsecured, interest free and generally settled in cash. Receivables from TCCC are considered to be fully recoverable. Transactions with Cobega companies Cobega, S.A. (Cobega) exhibits significant influence over the Group, as defined by IAS 24, “Related Party Disclosures”. As at 31 December 2022, 20.87% of the total outstanding Shares in the Group were indirectly owned by Cobega through its ownership interest in Olive Partners, S.A. Additionally, five of the Group’s 17 Directors, including the Chairman, are nominated by Olive Partners, three of whom are affiliated with Cobega. The principal transactions with Cobega are for the purchase of packaging materials and maintenance services for vending machines. The following table summarises the transactions with Cobega that directly impacted the consolidated income statement for the years presented: Year ended 31 December 2022 2021 2020 € million € million € million Amounts affecting revenue (A) 2 1 1 Amounts affecting cost of sales (B) (76) (49) (43) Amounts affecting operating expenses (C) (17) (11) (8) Total net amount affecting the consolidated income statement (91) (59) (50) (A) Amounts principally relate to packaged product sales. (B) Amounts principally relate to the purchase of packaging materials and concentrate. (C) Amounts principally relate to maintenance and repair services and transportation. The following table summarises the transactions with Cobega that impacted the consolidated statement of financial position for the periods presented: Year ended 31 December 2022 2021 € million € million Amounts due from Cobega 3 2 Amounts payable to Cobega 24 19 Terms and conditions of transactions with Cobega Outstanding balances on transactions with Cobega are unsecured, interest free and generally settled in cash. Receivables from Cobega are considered to be fully recoverable. Other related parties Transactions with associates, joint ventures and other related parties Joint venture investments relate to interests in a manufacturer of alcoholic beverages (divested during the first half of 2022), a service provider supporting the operation of container refund schemes in certain Australian states and a PET recycling plant in Indonesia. Associate investments relate to interests in deposit scheme coordinators and a holding company of container deposit schemes in certain Australian states and territories. Associate investments also include the Group’s equity interests in early stage development companies as part of CCEP Ventures. Other related parties include coordinators of container deposit schemes in certain Australian states over which significant influence is held. The following table summarises the transactions with associates, joint ventures and other related parties: Year ended 31 December 2022 2021 2020 € million € million € million Net amounts affecting consolidated income statement – associates (A) (73) (49) — Net amounts affecting consolidated income statement – joint ventures (B) (9) (9) — Net amounts affecting consolidated income statement – other related parties (A) (85) (52) — Total net amount affecting the consolidated income statement (167) (110) — (A) Amounts principally relate to container deposit scheme charges in Australia. (B) Amounts principally relate to the purchase of finished products and resin. The following table summarises the balances with associates, joint ventures and other related parties: Year ended 31 December 2022 2021 € million € million Amounts due from associates 6 6 Amounts payable to associates 9 — Amounts payable to joint ventures — 2 Amounts payable to other related parties 10 — Terms and conditions of transactions with associates, joint ventures and other related parties Outstanding balances on transactions are unsecured, interest free and generally settled in cash. Receivables are considered to be fully recoverable. Refer to Note 28 for a listing of associates, joint ventures and other related parties. Transactions with key management personnel Key management personnel are the members of the Board of Directors and the members of the Executive Leadership Team. The following table summarises the total remuneration paid or accrued during the reporting period related to key management personnel: Year ended 31 December 2022 2021 2020 € million € million € million Salaries and other short-term employee benefits (A) 30 22 20 Post-employment benefits — — 1 Share-based payments 15 7 6 Termination benefits — — 5 Total 45 29 32 (A) Short-term employee benefits include wages, salaries and social security contributions, paid annual leave and paid sick leave, paid bonuses and non-monetary benefits. The Group did not have any loans with key management personnel and was not party to any other transactions with key management personnel during the periods presented. |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax [Abstract] | |
Income taxes | Income taxes Current tax Current tax for the period includes amounts expected to be payable on taxable income in the period together with any adjustments to taxes payable in respect of previous periods, and is determined based on the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities. Deferred tax Deferred tax is determined by identifying the temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax for the period includes origination and reversal of temporary differences, remeasurements of deferred tax balances and adjustments in respect of prior periods. Deferred tax liabilities are recognised for all taxable temporary differences, except: • When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; or • In respect of taxable temporary differences associated with investments in subsidiaries, branches and associates and interests in joint ventures, when the timing of the reversal of the temporary differences can be controlled by the Group and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognised for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilised, except: • When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; or • In respect of deductible temporary differences associated with investments in subsidiaries, branches and associates and interests in joint ventures, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred taxes relate to the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. Income tax is recognised in the consolidated income statement. Income tax is recognised in other comprehensive income or directly in equity to the extent that it relates to items recognised in other comprehensive income or in equity. 2022, 2021 and 2020 results The following table summarises the major components of income tax expense for the periods presented: Year ended 31 December 2022 2021 2020 € million € million € million Current tax: Current tax charge 460 323 230 Adjustment in respect of current tax from prior periods (37) (53) 3 Total current tax 423 270 233 Deferred tax: Relating to the origination and reversal of temporary differences 35 6 (73) Adjustment in respect of deferred income tax from prior periods (22) (9) (6) Relating to changes in tax rates or the imposition of new taxes — 127 43 Total deferred tax 13 124 (36) Income tax charge per the consolidated income statement 436 394 197 The following table summarises the taxes on items recognised in other comprehensive income (OCI) and directly within equity for the periods presented: Year ended 31 December 2022 2021 2020 € million € million € million Taxes charged/(credited) to OCI: Deferred tax on net gain/loss on revaluation of cash flow hedges (20) 63 (4) Deferred tax on net gain/loss on pension plan remeasurements (11) 63 (16) Current tax on net gain/loss on pension plan remeasurements — 1 — Total taxes charged/(credited) to OCI (31) 127 (20) Taxes charged/(credited) to equity: Deferred tax charge/(credit): share-based compensation (2) (3) 1 Current tax charge/(credit): share-based compensation (8) — (3) Total taxes charged/(credited) to equity (10) (3) (2) The effective tax rate was 22.3%, 28.5% and 28.3% for the years ended 31 December 2022, 31 December 2021 and 31 December 2020, respectively. The parent company of the Group is a UK company. Accordingly, the following tables provide reconciliations of the Group’s income tax expense at the UK statutory tax rate to the actual income tax expense for the periods presented: Year ended 31 December 2022 2021 2020 € million € million € million Accounting profit before tax from continuing operations 1,957 1,382 695 Tax expense at the UK statutory rate 371 262 132 Taxation of foreign operations, net (A) 115 72 23 Non-deductible expense items for tax purposes 2 2 6 Rate and law change impact, net (B)(C)(D) — 127 43 Deferred taxes not recognised 7 (7) (4) Adjustment in respect of prior periods (E) (59) (62) (3) Total provision for income taxes 436 394 197 (A) This reflects the impact, net of income tax contingencies, of having operations outside the UK, which are taxed at rates other than the statutory UK rate of 19% (2021: 19%, 2020: 19%). In prior periods, this included the benefit of some income being fully or partially exempt from income taxes due to various operating and financing activities. (B) In 2021, the UK enacted a law change that increased its tax rate to 25% with effect from 1 April 2023. The Group recognised a deferred tax expense of €123 million to reflect the impact of this change. (C) In 2021, the Netherlands enacted a law change that increased its tax rate to 25.8% with effect from 1 January 2022. The Group recognised a deferred tax expense of €2 million to reflect the impact of this change. (D) In 2021, Indonesia enacted a law change that retained its tax rate of 22% with effect from 1 January 2022, reversing a previously enacted decrease to 20%. The Group recognised a deferred tax expense of €2 million to reflect the impact of this change. (E) The prior year adjustment is principally due to the reassessment of our uncertain tax positions and release of tax reserves that are no longer required primarily due to expiration of statute of limitations. Deferred income taxes The following table summarises the movements in the carrying amounts of deferred tax liabilities and assets by significant component during the periods presented: Franchise and other intangible assets Property, plant Financial assets and liabilities Tax Employee and retiree Tax Other, Total, € million € million € million € million € million € million € million € million As at 31 December 2020 1,982 187 (6) (6) (89) (10) 49 2,107 Amount charged/(credited) to income statement 1 2 (1) (4) 8 (2) (7) (3) Effect of tax rate changes on income statement 106 8 1 — 12 — — 127 Amounts charged/(credited) directly to OCI — — 63 — 63 — — 126 Amount charged/(credited) to equity — — — — (3) — — (3) Acquired through business combinations 1,174 51 (19) (4) (6) — (20) 1,176 Effect of movements in foreign exchange 22 3 (2) — 1 — 3 27 As at 31 December 2021 3,285 251 36 (14) (14) (12) 25 3,557 Amount charged/(credited) to income statement (4) (11) 5 7 5 — 11 13 Amounts charged/(credited) directly to OCI — — (20) — (11) — — (31) Amount charged/(credited) to equity — — — — (2) — — (2) Acquired through business combinations (4) 2 — — — — — (2) Balance sheet reclassifications (1) (2) (1) (4) — — 4 (4) Effect of movements in foreign exchange (22) (4) (3) — (1) — (9) (39) As at 31 December 2022 3,254 236 17 (11) (23) (12) 31 3,492 Analysed as follows: Deferred tax asset (21) Deferred tax liability 3,513 This net deferred tax liability includes a net liability of €1,174 million related to the 2021 Acquisition, a €36 million liability arising on assets capitalised under IFRS but expensed for tax, and a €22 million liability related to purchase accounting on earlier transactions in an acquired entity. Unrecognised tax items The utilisation of tax losses and temporary differences carried forward, for which no deferred tax asset is currently recognised, is subject to the resolution of tax authority enquiries and the achievement of positive income in periods which are beyond the Group’s current business plan, and therefore this utilisation is uncertain. The gross and tax effected amounts including expiry dates, where applicable, of unrecognised losses, tax credits and deductible temporary differences available for carry forward are as follows: Year ended 31 December 2022 2021 2020 € million € million € million Gross amount Tax effected Gross amount Tax effected Gross amount Tax effected Tax losses expiring: Within 10 years — — — — 7 2 Beyond 10 years 3 1 — — — — No time limit 1,799 330 1,803 310 1,802 278 1,802 331 1,803 310 1,809 280 Tax credits expiring: Within 10 years 58 58 100 100 122 122 Beyond 10 years 43 43 45 45 47 47 No time limit — — — — — — 101 101 145 145 169 169 Deductible temporary differences No time limit 79 20 53 11 65 14 79 20 53 11 65 14 Total 1,982 452 2,001 466 2,043 463 As at 31 December 2022, no deferred tax liability has been recognised in respect of €309 million of unremitted earnings in subsidiaries, associates and joint ventures. Tax provisions The Group is routinely under audit by tax authorities in the ordinary course of business. Due to their nature, such proceedings and tax matters involve inherent uncertainties including, but not limited to, court rulings, settlements between affected parties and/or governmental actions. The probability of outcome is assessed and accrued as a liability and/or disclosed, as appropriate. The Group maintains provisions for uncertainty relating to these tax matters that it believes appropriately reflect its risk. As at 31 December 2022, €122 million of these provisions is included in current tax liabilities and the remainder is included in non-current tax liabilities. The Group reviews the adequacy of these provisions at the end of each reporting period and adjusts them based on changing facts and circumstances. Due to the uncertainty associated with tax matters, it is possible that at some future date, liabilities resulting from audits or litigation could vary significantly from the Group’s provisions. 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. |
Share-based payment plans
Share-based payment plans | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangements [Abstract] | |
Share-based payment plans | Share-based payment plans The Group has an established Share options plan and a Long-Term Incentive Plan (LTIP) to certain executive and management level employees that provide for granting restricted stock units, some with performance and/or market conditions. These awards are designed to align the interests of executives and management with the interests of shareholders. During 2022, the Group launched a new global Employee Share Purchase Plan (ESPP), which gives the employees the opportunity to purchase CCEP Shares on a regular basis and become a shareholder, promoting an ownership culture. Under the ESPP, participating employees are granted matching Shares given that certain vesting and non-vesting conditions are met. The Group recognises compensation expense equal to the grant date fair value for all During the years ended 31 December 2022, 31 December 2021 and 31 December 2020, compensation expense related to our share-based payment plans totalled €33 million, €17 million and €14 million, respectively. Share options Share options: (1) are granted with exercise prices equal to or greater than the fair value of the Group’s stock on the date of grant, (2) generally vest in three annual tranches over a period of The following table summarises our share option activity for the periods presented: 2022 2021 2020 Shares Average exercise price Shares Average exercise price Shares Average exercise price thousands US$ thousands US$ thousands US$ Outstanding at beginning of year 2,758 34.19 4,051 31.68 4,815 29.80 Granted — — — — — — Exercised (484) 29.00 (1,290) 26.33 (761) 19.79 Forfeited, expired or cancelled (2) 23.21 (3) 19.68 (3) 31.97 Outstanding at end of year 2,272 35.30 2,758 34.19 4,051 31.68 Options exercisable at end of year 2,272 35.30 2,758 34.19 4,051 31.68 The weighted average Share price during the years ended 31 December 2022, 31 December 2021 and 31 December 2020 was US$51.21, US$55.68 and US$42.71, respectively. The following table summarises the weighted average remaining life of options outstanding for the periods presented: 2022 2021 2020 Range of exercise prices Options Weighted Options Weighted Options Weighted US$ thousands years thousands years thousands years 15.01 to 25.00 — 0 151 0.85 931 1.75 25.01 to 40.00 2,272 2.20 2,607 3.04 3,120 3.85 Total 2,272 2.20 2,758 2.92 4,051 3.37 Restricted Stock Units (RSUs) and Performance Share Units (PSUs) RSU awards entitle the participant to accrue dividends, which are paid in cash only if the RSUs vest. They do not have voting rights. Upon vesting, the participant is granted one Share for each RSU. They generally vest subject to continued employment for a period of 36 months. Unvested RSUs are restricted as to disposition and subject to forfeiture. There were 0.1 million, 0.1 million and 0.2 million unvested RSUs outstanding with a weighted average grant date fair value of US$42.74, US$43.29 and US$41.77 as at 31 December 2022, 31 December 2021 and 31 December 2020, respectively. PSU awards entitle the participant to the same benefits as RSUs. They generally vest subject to continued employment for a period of 36 months and the attainment of certain performance targets. There were 1.8 million, 1.3 million and 1.1 million of unvested PSUs with weighted average grant date fair values of US$41.65, US$43.07 and US$40.45 outstanding as at 31 December 2022, 31 December 2021 and 31 December 2020, respectively. The PSUs granted in 2022, 2021 and 2020 are subject to performance conditions of absolute EPS and ROIC, each with a 42.5% weighting and to a sustainability metric, focused on the reduction of greenhouse gas emissions (CO 2 e) across our entire value chain with a 15% weighting. Key assumptions for grant date fair value The following table summarises the weighted average grant date fair values per unit: Restricted stock units and performance share units 2022 2021 Grant date fair value – service conditions (US$) 45.43 47.77 Grant date fair value – service and performance conditions (US$) 45.44 47.68 Employee share purchase plan Through the ESPP, employees are able to contribute on a regular basis up to a maximum amount deducted from their salary for the purpose of purchasing CCEP Shares. Every quarter, for each purchased share, CCEP awards participating employees matching Shares at the same time. Participating employees become owners of the matching Shares 12 months after the award, as long as they remain in employment and do not sell the related purchased Shares during this period. Participants have all the rights of a shareholder in respect of their purchased Shares and matching Shares (once they are fully owned by the employees), including in respect of dividend rights and voting rights. During the year ended 31 December 2022, the Group recognised a compensation expense of €3 million related to the newly launched ESPP . |
Provisions, contingencies and c
Provisions, contingencies and commitments | 12 Months Ended |
Dec. 31, 2022 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Provisions, contingencies and commitments | Provisions, contingencies and commitments Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When some or all of a provision is expected to be reimbursed, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the consolidated income statement, net of any reimbursement. Asset retirement obligations are estimated at the inception of a lease or contract, for which a liability is recognised. A corresponding asset is also created and depreciated. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost. Provisions The following table summarises the movement in each class of provision for the periods presented: Restructuring provision Decommissioning provision Other provisions (A) Total € million € million € million € million As at 31 December 2020 208 15 14 237 Acquisition of CCL 9 — — 9 Charged/(credited) to profit or loss: Additional provisions recognised 93 6 5 104 Unused amounts reversed (13) — (2) (15) Utilised during the period (192) (1) (6) (199) Translation (2) — — (2) As at 31 December 2021 103 20 11 134 Charged/(credited) to profit or loss: Additional provisions recognised 115 7 2 124 Unused amounts reversed (8) (2) (3) (13) Utilised during the period (74) (1) (1) (76) Translation 1 — — 1 As at 31 December 2022 137 24 9 170 Non-current 26 24 5 55 Current 111 — 4 115 As at 31 December 2022 137 24 9 170 (A) Other provisions primarily relate to property tax assessment provisions and legal reserves, and are not considered material to the consolidated financial statements. Restructuring provision Restructuring provisions are recognised only when the Group has a constructive obligation, which is when a detailed formal plan identifies the business or part of the business concerned, the location and number of employees affected, a detailed estimate of the associated costs and an appropriate timeline, and the employees affected have been notified of the plan’s main features. These provisions are expected to be resolved by the time the related programme is substantively complete. Refer to Note 18 for further details regarding our restructuring programmes. Decommissioning provisions Decommissioning liabilities relate to contractual or legal obligations to pay for asset retirement costs. The liabilities represent both the reinstatement obligations when the Group is contractually obligated to pay for the cost of retiring leased buildings and the costs for collection, treatment, reuse, recovery and environmentally sound disposal of cold drink equipment. Specific to cold drink equipment obligations, the Group is subject to, and operates in accordance with, the EU Directive on Waste Electrical and Electronic Equipment (WEEE). Under the WEEE, companies that put electrical and electronic equipment (such as cold drink equipment) on the EU market are responsible for the costs of collection, treatment, recovery and disposal of their own products. Where applicable, the WEEE provision estimate is calculated using assumptions including disposal cost per unit, average equipment age and the inflation rate, to determine the appropriate accrual amount. The period over which the decommissioning liabilities on leased buildings and cold drink equipment will be settled ranges from 1 to 30 years and 2 to 9 years, respectively. Contingencies Legal proceedings and tax matters The Group is involved in various legal proceedings and tax matters and is routinely under audit by tax authorities in the ordinary course of business. Due to their nature, such legal proceedings and tax matters involve inherent uncertainties including, but not limited to, court rulings, settlements between affected parties and/or governmental actions. The probability of loss for such contingencies is assessed and accrued as a liability and/or disclosed, as appropriate. 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 and have not been recognised by the Group. In November 2022, the Group was granted a favourable court ruling confirming its entitlement to the past and future royalty payments arising from the ownership of the mineral rights. In December 2022, the Group recognised approximately €96 million of royalty income related to historical payments as well as the entitlement for the fourth quarter of 2022. This amount is reflected as “Other Income” in our consolidated income statement for the year ended 31 December 2022. As at 31 December 2022 the Group is exploring various opportunities in respect of a potential divestment of the mineral rights. Refer to Note 27 for further details. Guarantees In connection with ongoing litigation and tax matters in certain territories, guarantees of approximately €646 million have been issued (2021: €340 million). The Group was required to issue these guarantees to satisfy potential obligations arising from such litigation. In addition, we have approximately €29 million of guarantees issued to third parties through the normal course of business (2021: €35 million). The guarantees have various terms and the amounts represent the maximum potential future payments that we could be required to make under the guarantees. No significant additional liabilities in the accompanying consolidated financial statements are expected to arise from guarantees issued. Commitments Commitments beyond 31 December 2022 are disclosed herein but not accrued for within the consolidated statement of financial position. Purchase agreements Total purchase commitments were €0.1 billion as at 31 December 2022. This amount represents non-cancellable purchase agreements with various suppliers that are enforceable and legally binding, and that specify a fixed or minimum quantity that we must purchase. All purchases made under these agreements have standard quality and performance criteria. In addition to these amounts, the Group has outstanding capital expenditure purchase orders of approximately €109 million as at 31 December 2022. The Group also has other purchase orders raised in the ordinary course of business which are settled in a reasonably short period of time. Lease agreements As at 31 December 2022, the Group had committed to a number of lease agreements that have not yet commenced. The minimum lease payments for these lease agreements totalled €23 million. |
Other current assets and assets
Other current assets and assets held for sale | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other current assets and assets held for sale | Other current assets and assets held for sale Other current assets The following table summarises the Group’s other current assets as at the dates presented: Year ended 31 December 2022 2021 Other current assets € million € million Prepayments 180 101 VAT receivables (A) 41 16 Coal royalties (B) 96 — Miscellaneous receivables 162 154 Total other current assets 479 271 (A) This line item includes a receivable of €25 million from the Basque Region. Refer to Note 25 for further details. (B) Amount relates to the royalty income recognised in connection with a favourable court ruling pertaining to the ownership of certain mineral rights in Australia. Refer to Note 23 for further detail. Assets held for sale Non-current assets, or disposal groups comprising assets and liabilities, are classified as held for sale if it is highly probable that they would be recovered through sale rather than continuous use. In order for a sale to be considered highly probable, all of the following criteria needs to be met: management is committed to a plan to sell the assets, an active programme to locate a buyer and complete the plan has been initiated, the assets are actively marketed at reasonable price, and the sale is expected to be completed within one year from the date of classification. Such assets, or disposal groups, are generally measured at the lower of their carrying amount and fair value less cost to sale. Once classified as held for sale, intangible assets and property, plant and equipment are no longer amortised or depreciated, and any equity accounted investee is no longer equity accounted. Assets classified as held for sale as at 31 December 2022 totalled €94 million and are predominantly comprised of €40 million related to certain non-alcoholic ready to drink beverage brands, which are to be sold to TCCC (See Note 20 for further details), as well as €29 million related to a sale of property in Germany. The Group expects to complete these transactions during the first half of 2023. Assets classified as held for sale as at 31 December 2021 totalled €223 million and were predominantly comprised of certain non-alcoholic ready to drink brands that were acquired as part of the Acquisition. Other non-current assets The following table summarises the Group’s other non-current assets as at the dates presented: Year ended 31 December 2022 2021 Other non-current assets € million € million VAT receivables — 214 Retirement benefit surplus (Note 16) 135 194 Investments 35 40 Other 82 86 Total other non-current assets 252 534 VAT receivables As at 31 December 2021, the Group had a VAT receivable of €214 million, included within other non-current assets, relating to a dispute that began in 2014 between the Spanish tax authorities and the regional tax authorities of Bizkaia (Basque Region) as to the responsibility for refunding VAT to CCEP for years 2013 to 2016. Under relevant tax laws in Spain, conflicts between jurisdictions are ruled by a special Arbitration Board and the refund of the VAT is mandated following the resolution of the issue at the Arbitration Board. As a result of the Arbitration Board ruling issued in July 2022, €252 million, inclusive of interest, was received in December from the regional tax authorities of Bizkaia. As at 31 December 2022, in connection with the dispute and the ruling, the Group has an additional VAT receivable of €25 million from the Basque Region included within Other current assets, and a payable of €57 million to the Spanish tax authorities included within Trade and other payables, both inclusive of interest. We believe it remains a certainty that the Group will continue to be held neutral in respect of the VAT dispute. Investments Joint ventures are undertakings in which the Group has an interest and which are jointly controlled by the Group and one or more other parties. Associates are undertakings where the Group has an investment in which it does not have control or joint control but can exercise significant influence. Interests in joint ventures and associates are accounted for using the equity method and are stated in the consolidated balance sheet at cost, adjusted for the movement in the Group’s share of their net assets and liabilities. The Group’s share of the profit or loss after tax of joint ventures and associates is included in the Group’s consolidated income statement as non-operating items. Where the Group’s share of losses exceeds its interest in the equity accounted investee, the carrying amount of the investment is reduced to zero and the recognition of further losses is discontinued, except to the extent that the Group has an obligation to make payments on behalf of the investee. Financial assets at fair value through other comprehensive income relate to equity investments. These investments are not held for trading purposes and hence the Group has opted to recognise fair value movements through other comprehensive income. There have been no significant changes in fair value of these investments during the period. The following table summarises the Group’s carrying value of investments as at the dates presented: Year ended 31 December 2022 2021 Investments € million € million Investments accounted using equity method 33 35 Financial assets at fair value through other comprehensive income 2 5 Total investments 35 40 |
Other current assets
Other current assets | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other current assets and assets held for sale | Other current assets and assets held for sale Other current assets The following table summarises the Group’s other current assets as at the dates presented: Year ended 31 December 2022 2021 Other current assets € million € million Prepayments 180 101 VAT receivables (A) 41 16 Coal royalties (B) 96 — Miscellaneous receivables 162 154 Total other current assets 479 271 (A) This line item includes a receivable of €25 million from the Basque Region. Refer to Note 25 for further details. (B) Amount relates to the royalty income recognised in connection with a favourable court ruling pertaining to the ownership of certain mineral rights in Australia. Refer to Note 23 for further detail. Assets held for sale Non-current assets, or disposal groups comprising assets and liabilities, are classified as held for sale if it is highly probable that they would be recovered through sale rather than continuous use. In order for a sale to be considered highly probable, all of the following criteria needs to be met: management is committed to a plan to sell the assets, an active programme to locate a buyer and complete the plan has been initiated, the assets are actively marketed at reasonable price, and the sale is expected to be completed within one year from the date of classification. Such assets, or disposal groups, are generally measured at the lower of their carrying amount and fair value less cost to sale. Once classified as held for sale, intangible assets and property, plant and equipment are no longer amortised or depreciated, and any equity accounted investee is no longer equity accounted. Assets classified as held for sale as at 31 December 2022 totalled €94 million and are predominantly comprised of €40 million related to certain non-alcoholic ready to drink beverage brands, which are to be sold to TCCC (See Note 20 for further details), as well as €29 million related to a sale of property in Germany. The Group expects to complete these transactions during the first half of 2023. Assets classified as held for sale as at 31 December 2021 totalled €223 million and were predominantly comprised of certain non-alcoholic ready to drink brands that were acquired as part of the Acquisition. Other non-current assets The following table summarises the Group’s other non-current assets as at the dates presented: Year ended 31 December 2022 2021 Other non-current assets € million € million VAT receivables — 214 Retirement benefit surplus (Note 16) 135 194 Investments 35 40 Other 82 86 Total other non-current assets 252 534 VAT receivables As at 31 December 2021, the Group had a VAT receivable of €214 million, included within other non-current assets, relating to a dispute that began in 2014 between the Spanish tax authorities and the regional tax authorities of Bizkaia (Basque Region) as to the responsibility for refunding VAT to CCEP for years 2013 to 2016. Under relevant tax laws in Spain, conflicts between jurisdictions are ruled by a special Arbitration Board and the refund of the VAT is mandated following the resolution of the issue at the Arbitration Board. As a result of the Arbitration Board ruling issued in July 2022, €252 million, inclusive of interest, was received in December from the regional tax authorities of Bizkaia. As at 31 December 2022, in connection with the dispute and the ruling, the Group has an additional VAT receivable of €25 million from the Basque Region included within Other current assets, and a payable of €57 million to the Spanish tax authorities included within Trade and other payables, both inclusive of interest. We believe it remains a certainty that the Group will continue to be held neutral in respect of the VAT dispute. Investments Joint ventures are undertakings in which the Group has an interest and which are jointly controlled by the Group and one or more other parties. Associates are undertakings where the Group has an investment in which it does not have control or joint control but can exercise significant influence. Interests in joint ventures and associates are accounted for using the equity method and are stated in the consolidated balance sheet at cost, adjusted for the movement in the Group’s share of their net assets and liabilities. The Group’s share of the profit or loss after tax of joint ventures and associates is included in the Group’s consolidated income statement as non-operating items. Where the Group’s share of losses exceeds its interest in the equity accounted investee, the carrying amount of the investment is reduced to zero and the recognition of further losses is discontinued, except to the extent that the Group has an obligation to make payments on behalf of the investee. Financial assets at fair value through other comprehensive income relate to equity investments. These investments are not held for trading purposes and hence the Group has opted to recognise fair value movements through other comprehensive income. There have been no significant changes in fair value of these investments during the period. The following table summarises the Group’s carrying value of investments as at the dates presented: Year ended 31 December 2022 2021 Investments € million € million Investments accounted using equity method 33 35 Financial assets at fair value through other comprehensive income 2 5 Total investments 35 40 |
Financial risk management
Financial risk management | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments [Abstract] | |
Financial risk management | Financial risk management Financial risk factors, 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 on the Group’s future cash flows. Such policies are developed and approved by the Group’s treasury and commodities risk committee, through the authority delegated to it by the Board. Market risk Market risk represents the risk that the fair value of future cash flows of a financial instrument will fluctuate due to changes in market prices and includes interest rate risk, currency risk and other price risk such as commodity price risk. Market risk affects outstanding borrowings, as well as derivative financial instruments. Interest rates The Group is subject to interest rate risk for its outstanding borrowings. To manage interest rate risk, the Group maintains a significant proportion of its borrowings at fixed rates. Approximately 90% and 95% of the Group’s interest bearing borrowings were comprised of fixed rate borrowings at 31 December 2022 and 31 December 2021, respectively. As part of the Acquisition, the Group acquired interest rate swaps used to hedge its interest rate risk associated with CCL-related borrowings. As at 31 December 2022 and 31 December 2021 the notional value of the Group’s interest rate swaps was €1,146 million and €291 million, respectively. If interest rates on the Group’s floating rate debt were adjusted by 1% for the years ended 31 December 2022, 31 December 2021 and 31 December 2020, the Group’s finance costs and pre-tax equity would change on an annual basis by approximately €9 million, €7 million and €2 million, respectively. This amount is determined by calculating the effect of a hypothetical interest rate change on the Group’s floating rate debt. This estimate does not include the effects of other actions to mitigate this risk or changes in the Group’s financial structure. Currency exchange rates The Group’s exposure to the risk of changes in currency exchange rates relates primarily to its operating activities denominated in currencies other than the functional currency, the euro. To manage currency exchange risk arising from future commercial transactions and recognised monetary assets and liabilities, foreign currency forward and option contracts with external third parties are used. Typically, up to 80% of anticipated cash flow exposures in each major foreign currency for the next calendar year are hedged using a combination of forward and option contracts with third parties. The Group is also exposed to the risk of changes in currency exchange rates between US dollar and euro relating to its US denominated borrowings. The following table demonstrates the sensitivity of the Group’s profit before income taxes and pre-tax equity as a result of changes in the value of outstanding debt instruments due to reasonable movements in the US dollar against the euro, with all other variables held constant. This does not take into account the effects of derivative instruments used to manage exposure to this risk. Movements in foreign currencies related to the Group’s other financial instruments do not have a material impact on profit before income taxes or pre-tax equity. The Group also has borrowing denominated in Australian dollars that are not swapped into euro and are converted as part of the currency translation of the net assets of API, and as such, movements in exchange rates would not impact profit. Change in currency rate € strengthens against US$ € weakens against US$ Effect on profit before tax and pre-tax equity % € million € million Year ended 31 December 2022 10 197 (197) Year ended 31 December 2021 10 176 (176) Year ended 31 December 2020 10 33 (36) Commodity price risk The competitive marketplace in which the Group operates may limit its ability to recover increased costs through higher prices. As such, the Group is subject to market risk with respect to commodity price fluctuations, principally related to its purchases of aluminium, PET (plastic, including recycled PET, LDPE), ethylene, sugar and vehicle fuel. When possible, exposure to this risk is managed primarily through the use of supplier pricing agreements, which enable the Group to establish the purchase price for certain commodities. Certain suppliers restrict the Group’s ability to hedge prices through supplier agreements. As a result, commodity hedging programmes are entered into and generally designated as hedging instruments. Refer to Note 13 for more information. Typically, up to 80% of the anticipated commodity transaction exposures for the next calendar year are hedged using a combination of forward and option contracts executed with third parties. The Group estimates that a 10% change in the market price of these commodities over the current market prices would affect operating profit during the next 12 months by approximately €150 million (2021: €116 million, 2020: €47 million). This does not take into account the effects of derivative instruments used to manage exposure to this risk or pricing agreements in place. Credit risk The Group is exposed to counterparty credit risk on all of its derivative financial instruments. Strict counterparty credit guidelines are maintained and only financial institutions that are investment grade or better are acceptable counterparties. Counterparty credit risk is continuously monitored and numerous counterparties are used to minimise exposure to potential defaults. Where required, collateral is paid between the counterparties to minimise counterparty risk. The maximum credit risk exposure for each derivative financial instrument is the carrying amount of the derivative. Included in trade and other payables is €25 million (2021: €46 million) related to collateral received from counterparties and included in other current assets is nil (2021: €4 million) related to collateral paid to counterparties. Credit is extended in the form of payment terms for trade to customers of the Group, consisting of retailers, wholesalers and other customers, generally without requiring collateral, based on an evaluation of the customer’s financial condition. While the Group has a concentration of credit risk in the retail sector, this risk is mitigated due to the diverse nature of the customers the Group serves, including, but not limited to, their type, geographic location, size and beverage channel. Depending on the risk profile of certain customers, we may also seek bank guarantees. Collections of receivables are dependent on each individual customer’s financial condition and sales adjustments granted. Trade accounts receivable are carried at net realisable value. Typically, accounts receivable have terms of 30 to 60 days and do not bear interest. Exposure to losses on receivables is monitored, and balances are adjusted for expected credit losses. Expected credit losses are determined by: (1) evaluating the ageing of receivables; (2) analysing the history of adjustments; and (3) reviewing high risk customers. Credit insurance on a portion of the accounts receivable balance is also carried. Liquidity risk Liquidity risk is actively managed to ensure that the Group has sufficient funds to satisfy its commitments. The Group’s sources of capital include, but are not limited to, cash flows from operations, public and private issuances of debt and equity securities and bank borrowings. The Group believes its operating cash flow, cash on hand and available short-term and long-term capital resources are sufficient to fund its working capital requirements, scheduled borrowing payments, interest payments, capital expenditures, benefit plan contributions, income tax obligations and dividends to its shareholders. Counterparties and instruments used to hold cash and cash equivalents are continuously assessed, with a focus on preservation of capital and liquidity. Based on information currently available, the Group does not believe it is at significant risk of default by its counterparties. The Group has amounts available for borrowing under a €1.95 billion multi currency credit facility (2021: €1.95 billion) with a syndicate of 13 banks. This credit facility matures in 2025 and is for general corporate purposes, including serving as a backstop to its commercial paper programme and supporting the Group’s working capital needs. Based on information currently available, the Group has no indication that the financial institutions participating in this facility would be unable to fulfil their commitments as at the date of these financial statements. The current credit facility contains no financial covenants that would impact the Group’s liquidity or access to capital. As at 31 December 2022, the Group had no amounts drawn under this credit facility. During the year the Group implemented a new sustainability-linked supply chain finance programme. The facility is provided by a third party bank and will help our suppliers get paid earlier than under contractual credit terms. Supplier balances under supply chain finance facilities are disclosed in Note 15. The following table analyses the Group’s non-derivative financial liabilities and net settled derivative financial liabilities into relevant maturity groupings based on the remaining period at the statement of financial position date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows: Total Less than 1 year 1 to 3 years 3 to 5 years More than 5 years Financial liabilities € million € million € million € million € million 31 December 2022 Trade and other payables 4,714 4,714 — — — Amounts payable to related parties 485 485 — — — Borrowings 12,314 1,336 2,597 2,179 6,202 Derivatives 263 76 17 51 119 Lease liabilities 752 149 217 129 257 Total financial liabilities 18,528 6,760 2,831 2,359 6,578 31 December 2021 Trade and other payables 3,933 3,933 — — — Amounts payable to related parties 210 210 — — — Borrowings 13,599 1,369 2,551 2,274 7,405 Derivatives 66 19 4 15 28 Lease liabilities 714 145 208 111 250 Total financial liabilities 18,522 5,676 2,763 2,400 7,683 Capital management The primary objective of the Group’s capital management is to ensure a strong credit rating and appropriate capital ratios are maintained to support the Group’s business and maximise shareholder value. The Group’s credit ratings are periodically reviewed by rating agencies. Currently, the Group’s long-term ratings from Moody’s and Fitch are Baa1 and BBB+, respectively. Changes in the operating results, cash flows or financial position could impact the ratings assigned by the various rating agencies. The credit rating can be materially influenced by a number of factors including, but not limited to, acquisitions, investment decisions, capital management activities of TCCC and/or changes in the credit rating of TCCC. Should the credit ratings be adjusted downward, the Group may incur higher costs to borrow, which could have a material impact on the financial condition and results of operations. The capital structure is managed and, as appropriate, adjustments are made in light of changes in economic conditions and the Group’s financial policy. The Group monitors its operating performance in the context of targeted financial leverage by comparing the ratio of net debt with adjusted EBITDA. Net debt is calculated as being the net of cash and cash equivalents, short-term investments, borrowings, fair value of hedging instruments related to borrowings and financial assets/liabilities related to borrowings. Adjusted EBITDA is calculated as EBITDA and adjusted for items impacting comparability. Refer to Note 12 for the presentation of fair values for each class of financial assets and financial liabilities and Note 13 for an outline of how the Group utilises derivative financial instruments to mitigate its exposure to certain market risks associated with its ongoing operations. Refer to the Strategic Report included within this Integrated Report for disclosure of strategic, commercial and operational risk relevant to the Group. |
Significant events after the re
Significant events after the reporting period | 12 Months Ended |
Dec. 31, 2022 | |
Events After Reporting Period [Abstract] | |
Significant events after the reporting period | Significant events after the reporting period In January 2023, the Group extended the maturity date of the revolving credit facility from August 2025 to January 2028. The size of the facility remains unchanged at €1.95 billion. On 15 February 2023, the Group completed the acquisition of the remaining 29.4% ownership interest of its subsidiary, PT Coca-Cola Bottling Indonesia, for a total consideration of On 8 February 2023, the Group received a proposed VAT assessment for years 2017 to 2019, approximating €250 million, inclusive of interest, in relation to a dispute between the Spanish tax authorities and the regional tax authorities of Bizkaia (Basque Region) regarding the responsibility for ultimately refunding VAT to the Group. For the period under the proposed assessment, the VAT refund was issued by the Spanish tax authorities. In July 2022, the Arbitration Board ruled that the regional tax authorities of Bizkaia were responsible for refunding the VAT to the Group for years 2013 and 2016 (refer to Note 25 for additional details). We believe that the Group will continue to be held neutral in respect of the VAT dispute. On 7 March 2023, the Group entered into an agreement to sell sub-strata and associated mineral rights in Queensland, Australia. Subject to regulatory approval, the transaction is expected to complete in the first half of 2023. The financial effects of the transaction will not be material for the Group. |
Group companies
Group companies | 12 Months Ended |
Dec. 31, 2022 | |
Interest In Other Entities [Abstract] | |
Group companies | Group companies In accordance with section 409 of the Companies Act 2006, a full list of the Company’s subsidiaries, partnerships, associates, joint ventures and joint arrangements as at 31 December 2022 is disclosed below, along with the country of incorporation, the registered address and the effective percentage of equity owned at that date. Unless otherwise stated, each entity has a share capital comprising a single class of ordinary shares and is wholly owned and indirectly held by CCEP. Name Country of incorporation % equity interest Registered address Agua De La Vega Del Codorno, S.L.U. Spain 100% C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain Aguas De Cospeito, S.L.U. Spain 100% Crta. Pino km. 1 - 2, 27377, Cospeito (Lugo), Spain Aguas De Santolin, S.L.U. Spain 100% C/ Real, s/n 09246, Quintanaurria , Burgos , Spain Aguas Del Maestrazgo, S.L.U. Spain 100% C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain Aguas Del Toscal, S.A.U. Spain 100% Ctra. de la Pasadilla, km, 3-35250, ingenio (Gran Canaria), Spain Aguas Vilas Del Turbon, S.L.U. Spain 100% C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain Aitonomi AG Switzerland 15% Bruderhausstrasse 10, CH-6372 Ennetmoos, Switzerland Amalgamated Beverages Great Britain Limited United Kingdom 100% (D) Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom Apand Pty Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Associated Products & Distribution Proprietary Australia 100% (D) Level 13, 40 Mount Street, North Sydney NSW 2060, Australia BBH Investment Ireland Limited Ireland 100% 6th Floor, 2 Grand Canal Square, Dublin 2, Ireland Bebidas Gaseosas Del Noroeste, S.L.U. Spain 100% Avda. Alcalde Alfonso Molina , S/N-15007, (A Coruna), Spain Beganet, S.L.U. Spain 100% Avda Paisos Catalans, 32, 08950 , Esplugues de Llobregat, Spain Beverage Bottlers (NQ) Pty Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Beverage Bottlers (QLD) Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Birtingahúsið ehf. Iceland 34.5% Laugavegur 174, 105, Reykjavík, Iceland BL Bottling Holdings UK Limited United Kingdom 100% Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom Bottling Great Britain Limited United Kingdom 100% (D) Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom Bottling Holding France SAS France 100% 9 chemin de Bretagne , 92784, Issy-les-Moulineaux, France Bottling Holdings (Luxembourg) SARL Luxembourg 100% 2, Rue des Joncs, L-1818, Howald, Luxembourg Bottling Holdings (Netherlands) B.V. Netherlands 100% Marten Meesweg 25 J, 3068 AV ROTTERDAM, Netherlands Bottling Holdings Europe Limited United Kingdom 100% (B)(E) Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom Name Country of incorporation % equity interest Registered address Brewcorp Pty Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Brewhouse Investments Pty Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia C - C Bottlers Limited Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Can Recycling (S.A.) Pty. Ltd. Australia 100% (B) Level 13, 40 Mount Street, North Sydney NSW 2060, Australia CC Digital GmbH Germany 50% Stralauer Allee 4, 10245, Berlin, Germany CC Erfrischungsgetränke Oldenburg Verwaltungs GmbH Germany 100% (I) Stralauer Allee 4, 10245, Berlin, Germany CC Iberian Partners Gestion S.L. Spain 100% C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain CC Verpackungsgesellschaft mit beschraenkter Haftung Germany 100% Schieferstrasse 20, 06126, Halle (Saale), Germany CCA Bayswater Pty Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia CCEP Australia Pty Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia CCEP Finance (Australia) Limited United Kingdom 100% (A) Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom CCEP Finance (Ireland) Designated Activity Company Ireland 100% 6th Floor, 2 Grand Canal Square, Dublin 2, Ireland CCEP Group Services Limited United Kingdom 100% Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom CCEP Holdings (Australia) Limited United Kingdom 100% (A)(D) Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom CCEP Holdings (Australia) Pty Ltd Australia 100% (A) Level 13, 40 Mount Street, North Sydney NSW 2060, Australia CCEP Holdings Norge AS Norway 100% Robsrudskogen 5, Lørenskog, 1470, Norway CCEP Holdings Sverige AB Sweden 100% Dryckesvägen 2 C, 136 87, Haninge, Sweden CCEP Holdings UK Limited United Kingdom 100% Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom CCEP Ventures Australia Pty Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia CCEP Ventures Europe Limited United Kingdom 100% (A) Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom CCEP Ventures UK Limited United Kingdom 100% (A) Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom CCEP Scottish Limited Partnership United Kingdom 100% 52 Milton Road, East Kilbride, Glasgow, Scotland, G74 5DJ CCIP Soporte, S.L.U. Spain 100% C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain Circular Plastics Australia (PET) Holdings Pty Ltd Australia 16.67% Building 3, 658 Church Street, Cremorne VIC 3121, Australia Classic Brand (Europe) Designated Activity Company Ireland 100% 4th Floor, 25-28 Adelaide Road, Dublin 2, D02 RY98, Ireland Cobega Embotellador, S.L.U. Spain 100% Avda Paisos Catalans, 32, 08950 , Esplugues de Llobregat, Spain Coca-Cola Amatil (UK) Limited United Kingdom 100% (L) 1 Bartholomew Lane, London, EC2N 2AX, United Kingdom Coca-Cola Europacific Partners (CDE Aust) Pty Limited Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Coca-Cola Europacific Partners (Fiji) Pte Limited Fiji 100% Lot 1, Ratu Dovi Road, Laucala Beach Estate, NASINU, Fiji Name Country of incorporation % equity interest Registered address Coca-Cola Europacific Partners (Holdings) Pty Limited Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Coca-Cola Europacific Partners (Initial LP) Limited United Kingdom 100% Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom Coca-Cola Europacific Partners (Scotland) Limited United Kingdom 100% 52 Milton Road, College Milton, East Kilbride, Scotland, G74 5DJ, United Kingdom Coca-Cola Europacific Partners API Pty Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Coca-Cola Europacific Partners Australia Pty Limited Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Coca-Cola Europacific Partners Belgium SRL/BV Belgium 100% Chaussée de Mons 1424, 1070 Brussels, Belgium Coca-Cola Europacific Partners Deutschland GmbH Germany 100% (F) Stralauer Allee 4, 10245, Berlin, Germany Coca-Cola Europacific Partners France SAS France 100% (G) 9 chemin de Bretagne , 92784, Issy-les-Moulineaux, France Coca-Cola Europacific Partners Great Britain Limited United Kingdom 100% Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom Coca-Cola Europacific Partners Holdings Great Britain Limited United Kingdom 100% Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom Coca-Cola Europacific Partners Holdings NZ Limited New Zealand 100% The Oasis, 19 Carbine Road, Mount Wellington, Auckland, 1060, New Zealand Coca-Cola Europacific Partners Holdings US, Inc. United States 100% (A)(D) Corporation Trust Center, 1209 Orange Street, Wilmington DE, USA Coca-Cola Europacific Partners Iberia, S.L.U. Spain 100% C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain Coca-Cola Europacific Partners Investments (Singapore) Pte. Ltd. Singapore 100% 80 Robinson Road, #02-00, 068898, Singapore Coca-Cola Europacific Partners Ísland ehf. Iceland 100% Studlahals 1, 110, Reykjavik, Iceland Coca-Cola Europacific Partners Luxembourg sàrl Luxembourg 100% 2, Rue des Joncs, L-1818, Howald, Luxembourg Coca-Cola Europacific Partners Nederland B.V. Netherlands 100% Marten Meesweg 25 J, 3068 AV ROTTERDAM, Netherlands Coca-Cola Europacific Partners New Zealand Limited New Zealand 100% The Oasis, 19 Carbine Road, Mount Wellington, Auckland, 1060, New Zealand Coca-Cola Europacific Partners Norge AS Norway 100% Robsrudskogen 5, Lørenskog, 1470, Norway Coca-Cola Europacific Partners Papua New Guinea Limited Papua New Guinea 100% Section 23, Allotment 14, Milfordhaven Road, LAE, Morobe Province, 411, Papua New Guinea Coca-Cola Europacific Partners Pension Scheme Trustees Limited United Kingdom 100% Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom Coca-Cola Europacific Partners Portugal Unipessoal LDA Portugal 100% Quinta da Salmoura - Cabanas-2925-362 Azeitão, Setúbal, Portugal Coca-Cola Europacific Partners Services Bulgaria EOOD Bulgaria 100% 48 Sitnyakovo Blvd. , Serdika Centre , Office Building, floor 5 , Sofia , 1505, Bulgaria Coca-Cola Europacific Partners Services Europe Limited United Kingdom 100% Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom Coca-Cola Europacific Partners Services SRL Belgium 100% (O) Chaussée de Mons 1424, 1070 Brussels, Belgium Coca-Cola Europacific Partners Sverige AB Sweden 100% 136 87, Haninge, Sweden Coca-Cola Europacific Partners US II, LLC United States 100% Corporation Trust Center, 1209 Orange Street, Wilmington 19801, Delaware, USA Name Country of incorporation % equity interest Registered address Coca-Cola Europacific Partners US, LLC United States 100% Corporation Trust Center, 1209 Orange Street, Wilmington 19801, USA Coca-Cola Europacific Partners Vanuatu Limited Vanuatu 100% 1st Floor, Govant Building, Kumul Highway, Port Vila, Vanuatu Coca-Cola Immobilier SCI France 100% (G) 9 chemin de Bretagne , 92784, Issy-les-Moulineaux, France Coca-Cola Production SAS France 100% Zone d' entreprises de Bergues , 59380, Commune de Socx, France Coca-Cola Australia Foundation Limited Australia —% (M) Level 13 , 40 Mount Street , North Sydney NSW 2060, Australia Compañía Asturiana De Bebidas Gaseosas, S.L.U. Spain 100% C/ Nava, 18- 3ª (Granda) Siero - 33006, Oviedo, Spain Compañía Castellana De Bebidas Gaseosas, S.L. Spain 100% C/ Ribera Del Loira 20-22, 2a Planta , 28042, (Madrid), Spain Compañía Levantina De Bebidas Gaseosas, S.L.U. Spain 100% Av. Real Monasterio de Sta. , Maria de Poblet , 3646930, Quart de Poblet , Spain Compañía Norteña De Bebidas Gaseosas, S.L.U. Spain 100% C/ Ibaizábal, 57 , Galdakao, 48960, Bizkaia, Spain Compañía Para La Comunicación De Bebidas Sin Alcohol, S.L.U. Spain 100% C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain Container Exchange (QLD) Limited Australia —% (M) Level 17, 100 Creek Street, Brisbane QLD 4000, Australia Container Exchange (Services) Pty Ltd Australia 50% Maddocks, Angel Place, Level 27, 123 Pitt Street, Sydney NSW 2000, Australia Conversia IT, S.L.U. Spain 100% C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain Crusta Fruit Juices Proprietary Limited Australia 100% (J) Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Developed System Logistics, S.L.U. Spain 100% Av. Henry Ford 25, Manzana 19, Complejo Pq.Ind.Juan , CARLOS I , 46220, Picassent , Valencia , Spain Endurvinnslan hf. Iceland 20% Knarravogur 4, 104 Reykjavik, Iceland Exchange for Change (ACT) Pty Ltd Australia 20% Building C, Suite 6, Level 1, 1 Homebush Bay Drive, Rhodes NSW 2138, Australia Exchange for Change (Australia) Pty Ltd Australia 20% Building C, Suite 6, Level 1, 1 Homebush Bay Drive, Rhodes NSW 2138, Australia Exchange for Change (NSW) Pty Ltd Australia 20% Building C, Suite 6, Level 1, 1 Homebush Bay Drive, Rhodes NSW 2138, Australia Feral Brewing Company Pty Ltd Australia 100% (K) Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Foodl B.V. Netherlands 33.3% HNK Utrecht West, V.02, Weg der Verenigde Naties 1, 3527 KT, Utrecht, Netherlands GR Bottling Holdings UK Limited United Kingdom 100% (A) Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom Infineo Recyclage SAS France 49% (H) Sainte Marie la Blanche , 21200, Dijon , France Innovative Tap Solutions Inc. United States 21.8% 300 Brookside Avenue, Ambler, PA 19002, USA Instelling voor Bedrijfspensioenvoorziening Coca-Cola Europacific Partners Belgium/Coca-Cola Europacific Partners Services – Bedienden-Arbeiders OFP Belgium 100% 1424 – B1070 Bergensesteenweg, Brussels, Belgium Instelling voor Bedrijfspensioenvoorziening Coca-Cola Europacific Partners Belgium/Coca-Cola Europacific Partners Services – Kaderleden OFP Belgium 100% 1424 – B1070 Bergensesteenweg, Brussels, Belgium Name Country of incorporation % equity interest Registered address Iparbal, 99 S.L. Spain 100% C/ Ibaizábal, 57, 48960, Bizkaia, Galdakao, Spain Iparsoft, 2004 S.L. Spain 100% C/ Ibaizábal, 57, 48960, Bizkaia, Galdakao, Spain Kollex GmbH Germany 20% Kottbusser Damm 25-26 , 10967, Berlin, Germany Lavit Holdings Inc United States 13.7% 27 West 20th Street, Suite 1004, New York NY 10011, USA Lusobega, S.L. Spain 100% C/ Ibaizábal, 57, 48960, Bizkaia, Galdakao, Spain Madrid Ecoplatform, S.L.U. Spain 100% C/Pedro Lara, 8 Pq. Tecnologico de Leganes , 28919, (Leganes), Spain Mahija Parahita Nusantara Foundation Indonesia —% (M) South Quarter Tower C, 22nd (P) Floor, Jalan R.A. Kartini, Kav.8, Cilandak Barat, Cilandak, South Jakarta , 12430, Indonesia Matila Nominees Pty. Limited Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Neverfail Bottled Water Co Pty Limited Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Neverfail SA Pty. Limited Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Neverfail Springwater (VIC) Pty Limited Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Neverfail Springwater Co Pty Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Neverfail Springwater Co. (QLD) Pty. Limited Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Neverfail Springwater Pty Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Neverfail WA Pty. Limited Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Pacbev Pty Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Paradise Beverages (Fiji) Pte Limited Fiji 100% 122-164 Foster Road, Walu Bay, Suva, Fiji PEÑA Umbria S.L.U. Spain 100% Av. Real Monasterio de Sta. , Maria de Poblet , 3646930, Quart de Poblet , Spain Perfect Fruit Company Pty Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia PT Amandina Bumi Nusantara Indonesia 35.31% South Quarter Tower C, 22nd (P) Floor, Jalan R.A. Kartini, Kav.8, Cilandak Barat, Cilandak, South Jakarta , 12430, Indonesia PT Coca-Cola Bottling Indonesia Indonesia 70.6% (C) South Quarter Tower C, 22nd (P) Floor, Jalan R.A. Kartini, Kav.8, Cilandak Barat, Cilandak, South Jakarta , 12430, Indonesia PT Coca-Cola Distribution Indonesia Indonesia 70.63% South Quarter Tower C, 22nd (P) Floor, Jalan R.A. Kartini, Kav.8, Cilandak Barat, Cilandak, South Jakarta , 12430, Indonesia Purna Pty. Ltd. Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Quenchy Crusta Sales Pty. Ltd. Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Real Oz Water Supply Co (QLD) Pty Limited Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Refrescos Envasados Del Sur, S.L.U. Spain 100% Autovía del Sur A-IV, km.528- 41309 , La Rinconada, Sevilla, Spain Refrige SGPS, Unipessoal, LDA Portugal 100% Quinta da Salmoura - Cabanas-2925-362 Azeitão, Setúbal, Portugal Roalba, S.L.U. Spain 100% C/ Ibaizábal, 57, 48960, Bizkaia, Galdakao, Spain Name Country of incorporation % equity interest Registered address Sale Proprietary Co 1 Pty Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Sale Proprietary Co 2 Pty Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Sale Proprietary Co 3 Pty Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Sale Proprietary Co 4 Pty Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Sale Proprietary Co 5 Pty Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Sale Proprietary Co 6 Pty Ltd Australia 100% (P) Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Sale Proprietary Co 7 Pty Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Samoa Breweries Limited Samoa 93.85% Vaitele Industrial Zone, Vaitele Tai, Faleata Sisifo, Samoa Solares y Edificios Norteños, S.L.U. Spain 100% C/ Ibaizábal, 57, 48960, Bizkaia, Galdakao, Spain Starstock Group Limited United Kingdom 28.05% 2nd Floor, 140, Fenchurch Street, London, England, EC3M 6BL, United Kingdom TasRecycle Limited Australia —% (N) Level 9, 85 Macquarie Street, Hobart TAS 7000, Australia VicRecycle Limited Australia —% (N) HWL Ebsworth Lawyers, Level 8, 447 Collins Street, Melbourne VIC 3000, Australia WA Return Recycle Renew Ltd Australia —% (M) Unit 2, 1 Centro Avenue, Subiaco WA 6008, Australia Wabi Portugal, Unipessoal LDA Portugal 100% Nº 16-A, Fracçao B, 5º Piso, Edificio Miraflores Premium Distrito: Lisboa Concelho: Oieras Freguesia: Algés, Linda-a-Velha e Cruz Quebrada-Dafundo 1495 190 Algés, Portugal WB Investment Ireland 2 Limited Ireland 100% 6th Floor, 2 Grand Canal Square, Dublin 2, Ireland WBH Holdings Luxembourg SCS Luxembourg 100% 2, Rue des Joncs, L-1818, Howald, Luxembourg WIH UK Limited United Kingdom 100% (A) Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom Wir Sind Coca-Cola GmbH Germany 100% Stralauer Allee 4, 10245, Berlin, Germany (A) 100% equity interest directly held by Coca-Cola Europacific Partners plc. (B) Class A and B ordinary shares. (C) Series A, B, and C shares. (D) Including preference shares issued to the Group. (E) 38.3% equity interest directly held by Coca-Cola Europacific Partners plc (100% of A ordinary shares in issue). (F) 10% equity interest directly held by Coca-Cola Europacific Partners plc. (G) Group shareholding of 99.99% or greater. (H) Class A and B shares. The Group holds 49% of Class B shares. (I) In liquidation. (J) Class A and F shares. (K) Includes ordinary shares and B Class shares. (L) Strike off action in process. (M) Company limited by guarantee. CCEP is a member along with one other member. (N) Company limited by guarantee. CCEP is a member along with two other members. (O) Class A, B and C ordinary shares. |
General information and basis_2
General information and basis of preparation (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Corporate Information And Statement of IFRS Compliance [Abstract] | |
Basis of preparation | Basis of preparation These consolidated financial statements of the Group reflect the following: • They have been prepared in accordance with UK adopted International Accounting Standards, International Financial Reporting Standards (IFRS) as adopted by the European Union and International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB). • They have been prepared under the historical cost convention, except for certain items measured at fair value. Those accounting policies have been applied consistently in all periods, except for the adoption of new standards and amendments as of 1 January 2022, as described below under accounting policies. • They are presented in euros, which is also the Parent Company’s functional currency, and all values are rounded to the nearest euro million except where otherwise indicated. • They have been prepared on a going concern basis (refer to the “Going concern” paragraph on page 143). |
Basis of consolidation | Basis of consolidation The consolidated financial statements comprise the financial statements of the Group and its subsidiaries. All subsidiaries have accounting years ended 31 December and apply consistent accounting policies for the purpose of the consolidated financial statements. Subsidiary undertakings are consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through the Group’s power to direct the activities of the entity. All intercompany accounts and transactions are eliminated on consolidation. Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% to 50% of voting rights. Investments in associates are accounted for using the equity method of accounting, after initially being recognised at cost. The Group treats transactions with non-controlling interests that do not result in a loss of control as equity transactions. When the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and any other components of equity, while any resulting gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost. The financial results presented herein for the period from 1 January 2021 through to the acquisition of CCL (the Acquisition) effective 10 May 2021 refer to Coca-Cola European Partners plc (Legacy CCEP) and its consolidated subsidiaries. The periods from the Acquisition to 31 December 2021 and for the year ended 31 December 2022 refer to the combined financial results of CCEP. |
Foreign currency | Foreign currency The individual financial statements of each subsidiary are presented in the currency of the primary economic environment in which the subsidiary operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position of each subsidiary are expressed in euros. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are remeasured to the functional currency of the entity at the rate of exchange in effect at the statement of financial position date with the resulting gain or loss recorded in the consolidated income statement. The consolidated income statement includes non-operating items which are primarily made up of remeasurement gains and losses related to currency exchange rate fluctuations on financing transactions denominated in a currency other than the subsidiary’s functional currency. Non-operating items are shown on a net basis and reflect the impact of any derivative instruments utilised to hedge the foreign currency movements of the underlying financing transactions. |
Function currency | Foreign currency The individual financial statements of each subsidiary are presented in the currency of the primary economic environment in which the subsidiary operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position of each subsidiary are expressed in euros. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are remeasured to the functional currency of the entity at the rate of exchange in effect at the statement of financial position date with the resulting gain or loss recorded in the consolidated income statement. The consolidated income statement includes non-operating items which are primarily made up of remeasurement gains and losses related to currency exchange rate fluctuations on financing transactions denominated in a currency other than the subsidiary’s functional currency. Non-operating items are shown on a net basis and reflect the impact of any derivative instruments utilised to hedge the foreign currency movements of the underlying financing transactions. |
Reporting periods | Reporting periods In these consolidated financial statements, the Group is reporting the financial results for the years ended 31 December 2022, 31 December 2021 and 31 December 2020. |
Comparability | 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 consolidated financial statements with prior periods. In addition, 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 reported results for the first and second halves of the year. Additionally, year over year shifts in holidays, selling days and weather patterns can impact the Group’s results on an annual or half yearly basis. |
IFRS 15 “Revenue recognition and deductions from revenue” | The Group derives its revenues by making, selling and distributing ready to drink beverages. The revenue from the sale of products is recognised at the point in time at which control passes to a customer, typically when products are delivered to a customer. A receivable is recognised by the Group at the point in time at which the right to consideration becomes unconditional. The Group uses various promotional programmes under which rebates, refunds, price concessions or similar items can be earned by customers for attaining agreed upon sales levels or for participating in specific marketing programmes. Those promotional programmes do not give rise to a separate performance obligation. Where the consideration the Group is entitled to varies because of such programmes, it is deemed to be variable consideration. The related accruals are recognised as a deduction from revenue and are not considered distinct from the sale of products to the customer. Variable consideration is only included to the extent that it is highly probable that the inclusion will not result in a significant revenue reversal in the future normal commercial terms. Financing elements are not deemed present in our contracts with customers as the sales are made with credit terms not exceeding normal commercial terms. Taxes on sugared soft drinks, excise taxes and taxes on packaging are recorded on a gross basis (i.e. included in revenue) where the Group is the principal in the arrangement. Value added taxes are recorded on a net basis (i.e. excluded from revenue). The Group assesses these taxes and duties on a jurisdiction by jurisdiction basis to conclude on the appropriate accounting treatment. |
New and amended standards and interpretation | Onerous contracts – Costs of fulfilling a contract – Amendments to IAS 37 The amendments clarify that when assessing whether a contract is onerous, an entity needs to include costs that relate directly to a contract capturing both the incremental costs of fulfilling a contract as well as an allocation of other costs directly related to contract activities. These amendments had no impact on the consolidated financial statements of the Group. Property, plant and equipment: proceeds before intended use – Amendments to IAS 16 The amendments prohibit an entity from deducting from the cost of an item of property, plant and equipment (PP&E) any proceeds received from selling items produced while the entity is preparing the asset for its intended use. Instead, an entity recognises the proceeds from selling such items, and the costs of producing those items, in profit or loss. These amendments had no impact on the consolidated financial statements of the Group as there were no sales of such items. IFRS 9 Financial instruments – Fees in the ‘10 per cent’ test for derecognition of financial liabilities The pronouncement clarifies which fees should be included in the 10% test for derecognition of financial liabilities. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other’s behalf. The pronouncement had no impact on the consolidated financial statements of the Group as there were no modifications to the Group’s financial instruments during the period. Reference to the Conceptual Framework – Amendments to IFRS 3 Minor amendments were made to IFRS 3 Business Combinations to update the reference to the Conceptual Framework for Financial Reporting and to add an exception for the recognition of liabilities and contingent liabilities within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets or IFRIC 21 Levies, if incurred separately. The exception requires entities to apply the criteria under IAS 37 or IFRIC 21, respectively, instead of the Conceptual Framework, to determine whether a present obligation exists at the acquisition date. The amendments also confirms that contingent assets should not be recognised at the acquisition date. These amendments had no impact on the consolidated financial statements of the Group as there were no acquisitions taking place during the period. The Group has not early adopted any other standards, interpretations or amendments that have been issued but are not yet effective. These standards, interpretations or amendments are not expected to have a material impact to the Group in the current or future periods and on foreseeable future transactions. |
Significant judgements and estimates | Significant judgements and estimates In preparing these consolidated financial statements, management has made judgements and estimates that affect the application of the Group’s accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively. The significant judgements made in applying the Group’s accounting policies were applied consistently across the annual periods. The significant judgements and key sources of estimation uncertainty that have a significant effect on the amounts recognised in these financial statements are outlined below. Significant judgements Intangible assets and goodwill The Group has assigned indefinite lives to its bottling agreements with TCCC. This judgement has been made after evaluating the contractual provisions of the bottling agreements, the Group’s mutually beneficial relationship with TCCC and the history of renewals for bottling agreements. Refer to Note 7 for further details on the judgement regarding the lives of bottling agreements. Significant estimates Impairment of indefinite lived intangible assets and goodwill Determining whether goodwill and intangible assets with indefinite lives are impaired requires an estimation of the value in use or the fair value less costs to sell of the cash generating unit (CGU) to which the goodwill or intangible asset has been allocated. The value in use calculation requires management’s estimation of the future cash flows expected to arise from the CGU, including the impact of COVID-19 and climate-related risks. Refer to Note 7 for the sensitivity analysis of the assumptions used in the impairment analysis of goodwill and intangible assets with indefinite lives. Deductions from revenue and sales incentives The Group participates in various promotional programmes with customers designed to increase the sale of products. Among the programmes are arrangements under which rebates, refunds, price concessions or similar items can be earned by customers for attaining agreed upon sales levels, or for participating in specific marketing programmes. Those promotional programmes do not give rise to a separate performance obligation. Where the consideration the Group is entitled to varies because of such programmes, the amount payable is deemed to be variable consideration. Management makes estimates on an ongoing basis for each individual promotion to assess the value of the variable consideration based upon historical customer experience, expected customer performance and/or estimated sales volumes. The related accruals are recognised as a deduction from revenue and are not considered distinct from the sale of products to the customer. Refer to Note 15 for further details. Income tax The Group is subject to income taxes in numerous jurisdictions and there are many transactions for which the ultimate tax determination cannot be assessed with certainty in the ordinary course of business. The Group recognises a provision for situations that might arise in the foreseeable future based on an assessment of the probabilities as to whether additional taxes will be due. In addition, the Group is involved in various legal proceedings and tax matters. Where an outflow of funds is believed to be probable and a reliable estimate of the outcome of the dispute can be made, management provides for its best estimate of the liability. Where the final outcome on these matters is different from the amounts that were initially recorded, such differences impact the tax provision in the period in which such determination is made. These estimates are subject to potential change over time as new facts emerge and each circumstance progresses. The evaluation of deferred tax asset recoverability requires estimates to be made regarding the availability of future taxable income in the jurisdiction giving rise to the deferred tax asset. Refer to Note 21 for further details regarding income taxes. Defined benefit plans The determination of pension benefit costs and obligations are estimated based on assumptions determined with the assistance of external actuarial advice. The key assumptions impacting the valuations are the discount rate, salary rate of inflation and mortality rates. Refer to Note 16 for further details about the Group’s defined benefit pension plan costs and obligations. |
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. |
Intangible assets and goodwill | Intangible assets with indefinite lives Intangible assets with indefinite lives acquired through business combination transactions are measured at fair value at the date of acquisition. These assets are not subject to amortisation but are tested for impairment annually at the CGU level or more frequently if facts and circumstances indicate an impairment may exist. In addition to the annual impairment test, the assessment of indefinite lives is also reviewed annually. TCCC franchise intangible assets The Group’s bottling agreements contain performance requirements and convey the rights to distribute and sell products within specified territories. The Group’s agreements with TCCC in each territory are for terms of 10 year and each contain the right for the Group to request a 10 year renewal. The existing bottling agreements expire no earlier than 1 September 2025. While these agreements contain no automatic right of renewal beyond that date, the Group believes that its interdependent relationship with TCCC and the substantial cost and disruption to TCCC that would be caused by non-renewal ensure that these agreements will continue to be renewed and, therefore, are essentially perpetual. The Group has never had a bottling agreement with TCCC terminated due to non-performance of the terms of the agreement or due to a decision by TCCC to terminate an agreement at the expiration of a term. After evaluating the contractual provisions of bottling agreements, the Group’s mutually beneficial relationship with TCCC and history of renewals, indefinite lives have been assigned to all of the Group’s TCCC bottling agreements. Brands In connection with the Acquisition, the Group acquired a portfolio of brands, predominantly comprised of certain non-alcoholic ready to drink beverages distributed and sold in Australia and New Zealand. These are considered to have an indefinite life, given the strength and durability of the brands. Refer to Note 20 and Note 24 for details surrounding the sale of certain non-alcoholic ready to drink brands, which was partially completed during the current period. Goodwill Goodwill is initially measured as the excess of the total consideration transferred over the amount recognised for net identifiable assets acquired and liabilities assumed in a business combination. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the gain is recognised in the consolidated income statement as a bargain purchase. Goodwill is not subject to amortisation. It is tested annually for impairment at the CGU level or more frequently if events or changes in circumstances indicate that it might be impaired. Goodwill acquired in a business combination is allocated to the CGU that is expected to benefit from the synergies of the combination irrespective of whether a CGU is part of the business combination. Intangible assets with finite lives Intangible assets with finite lives are measured at cost of acquisition or production and are amortised using the straight-line method over their respective estimated useful lives. Finite lived intangible assets are assessed for impairment whenever there is an indication that they may be impaired. The amortisation period and method are reviewed annually. Internally generated software five |
Property, plant and equipment | Property, plant and equipment is recorded at cost, net of accumulated depreciation and accumulated impairment losses, where cost is the amount of cash or cash equivalents paid to acquire an asset at the time of its acquisition or construction. Major property additions, replacements and improvements are capitalised, while maintenance and repairs that do not extend the useful life of an asset or add new functionality are expensed as incurred. Land is not depreciated, as it is considered to have an indefinite life.consolidated income statement by the amount which the carrying amount exceeds the recoverable amount. Useful lives and residual amounts are reviewed annually and adjustments are made prospectively as required. For property, plant and equipment, the Group assesses annually whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If such indication exists, a previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognised and only up to the recoverable amount or the original carrying amount net of depreciation that would have been incurred had no impairment losses been recognised. The transition to a low-carbon economy may impact the carrying value and remaining useful economic lives of the Group’s property, plant and equipment. The Group continues to invest in more efficient, cleaner and technologically advanced assets, however, the significant majority of the Group’s current assets are likely to be substantially depreciated ahead of our 2040 Net Zero emission commitments, as set out in our Strategic Report on pages 38-41. In addition, the Group continuously monitors the latest developments in the government legislation in relation to climate-related risks. Currently, no legislation has been passed that will materially impact the carrying value and remaining useful economic lives of the Group. The Group leases land, office and warehouse property, computer hardware, machinery and equipment and vehicles under non-cancellable lease agreements, most of which expire at various dates through to 2030. Since the adoption of IFRS 16, “Leases”, effective 1 January 2019, the Group includes right of use assets within property, plant and equipment. Right of use assets are initially measured at cost, comprising the initial measurement of the lease liability, plus any direct costs and an estimate of asset retirement obligations, less lease incentives. Subsequently, right of use assets are measured at cost, less accumulated depreciation and any accumulated impairment losses. Depreciation is calculated on a straight-line basis over the term of the lease. The Group does not separate lease from non-lease components for each of its lease categories, except for property leases. All low value leases with total minimum lease payments under €5,000 and leases with a term less than 12 months are expensed on a straight-line basis. |
Inventories | Inventories are valued at the lower of cost or net realisable value and cost is determined using the first-in, first-out (FIFO) method. Inventories consist of raw materials, supplies (primarily including concentrate, other ingredients and packaging) and finished goods, which also include direct labour, indirect production and overhead costs. Cost includes all costs incurred to bring inventories to their present location and condition. Spare parts, classified and accounted as inventories, are recorded as assets at the time of purchase and are expensed as utilised. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs necessary to complete and sell the inventory. |
Trade accounts receivable | The Group sells its products to retailers, wholesalers and other customers and extends credit, generally without requiring collateral, based on an evaluation of the customer’s financial condition. While the Group has a concentration of credit risk in the retail sector, this risk is mitigated due to the diverse nature of the customers the Group serves, including, but not limited to, their type, geographic location, size and beverage channel. Trade accounts receivable are initially recognised at fair value and subsequently measured at amortised cost less provision for impairment. Typically, accounts receivable have terms of 30 to 60 days and do not bear interest. The Group applies an expected credit loss reserve methodology to assess possible impairments. Balances are considered for impairment on an individual basis rather than by reference to the extent that they become overdue. The Group considers factors such as delinquency in payment, financial difficulties, payment history of the debtor as well as certain forward-looking macroeconomic indicators. The carrying amount of trade accounts receivable is reduced through the use of an allowance account and the amount of the loss is recognised in the consolidated income statement. Credit insurance on a portion of the accounts receivable balance is also carried. Refer to Note 26 for further details on credit risk management. |
Cash and cash equivalents | Cash and cash equivalentsCash and cash equivalents include cash and short-term, highly liquid financial instruments with maturity dates of less than three months when acquired that are readily convertible to cash and which are subject to an insignificant risk of changes in value. Counterparties and instruments used to hold the Group’s cash and cash equivalents are continually assessed, with a focus on preservation of capital and liquidity. |
Short term investments | Short-term investments are financial assets that are initially recognised at fair value and subsequently measured at amortised cost. The Group classifies its financial assets as at amortised cost only if both of the following criteria are met: • the asset is held within a business model whose objective is to collect the contractual cash flows; and • the contractual terms give rise to cash flows that are solely payments for principal and interest. The short-term investment balance is comprised of time deposits and treasury bills, with maturity dates of greater than three months and less than one year when acquired, which do not meet the definition of cash and cash equivalents, and are expected to be held until maturity. These are highly liquid investments and due to their short-term nature, their carrying amount is not significantly different from the fair values. |
Fair values | Fair value measurements All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy. This is described as one of the following, based on the lowest level input that is significant to the fair value measurement as a whole: • Level 1 – Quoted prices in active markets for identical assets or liabilities. • Level 2 – Observable inputs other than quoted prices included in Level 1. The Group values assets and liabilities included in this level using dealer and broker quotations, certain pricing models, bid prices, quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data. • Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The fair values of the Group’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. |
Borrowings | Borrowings Borrowings are initially recognised at fair value, net of issuance costs incurred. Borrowings acquired by the Group as part of the Acquisition have been recognised at fair value at the acquisition date. After initial recognition, borrowings are subsequently measured at amortised cost using the effective interest rate method. Amortisation of transaction costs, fair value adjustments made on acquisition, premiums and discounts are recognised as part of finance costs within the consolidated income statement. |
Trade and other payables | Trade and other payables represent liabilities for goods and services provided to the Group prior to the end of the reporting period, which are unpaid. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method. Trade payables are non-interest bearing and are normally settled between 60 to 70 days. |
General information and basis_3
General information and basis of preparation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Corporate Information And Statement of IFRS Compliance [Abstract] | |
Exchange rates used for translation of one Euro | The principal exchange rates used for translation purposes in respect of one euro were: Average for the year ended 31 December (A) Closing as at 31 December 2022 2021 2020 2022 2021 British pound 1.17 1.16 1.13 1.13 1.19 US dollar 0.95 0.85 0.88 0.94 0.88 Norwegian krone 0.10 0.10 0.09 0.10 0.10 Swedish krone 0.09 0.10 0.10 0.09 0.10 Icelandic krone 0.01 0.01 0.01 0.01 0.01 Australian dollar 0.66 0.63 n/a 0.64 0.64 Indonesian rupiah (B) 0.06 0.06 n/a 0.06 0.06 New Zealand dollar 0.60 0.60 n/a 0.60 0.60 Papua New Guinean kina 0.27 0.24 n/a 0.27 0.25 (A) For the year ended 31 December 2021, the rates for the Asia Pacific region are calculated as average for the period from 10 May 2021 to 31 December 2021. (B) Indonesian rupiah is shown as 1000 IDR versus 1 EUR. |
Number of selling days by quarter | The following table summarises the number of selling days for the years ended 31 December 2022, 31 December 2021 and 31 December 2020 (based on a standard five day selling week): First Half Second Half Full Year 2022 130 130 260 2021 131 130 261 2020 128 134 262 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of operating segments [abstract] | |
Disclosure of profit before tax | The following table provides a reconciliation between reportable segment operating profit and consolidated profit before tax: Year ended 31 December 2022 2021 2020 Europe API Total Europe API Total Europe API Total € million € million € million € million € million € million € million € million € million Revenue 13,529 3,791 17,320 11,584 2,179 13,763 10,606 — 10,606 Comparable operating profit (A) 1,670 468 2,138 1,500 272 1,772 1,194 — 1,194 Items impacting comparability (B) (52) (256) (381) Reported operating profit 2,086 1,516 813 Total finance costs, net (114) (129) (111) Non-operating items (15) (5) (7) Reported profit before tax 1,957 1,382 695 (A) Comparable operating profit includes comparable depreciation and amortisation of €549 million and €223 million for Europe and API respectively, for the year ended 31 December 2022. Comparable depreciation and amortisation charges for the year ended 31 December 2021 totalled €564 million and €162 million for Europe and API respectively. Comparable depreciation and amortisation charges for the year ended 31 December 2020 totalled €606 million for Europe. (B) Items impacting the comparability of period over period financial performance for 2022 primarily include restructuring charges of €163 million (refer to Note 18), partially offset by €96 million of other income arising from the favourable court ruling pertaining to the ownership of certain mineral rights in Australia (refer to Note 23) and net insurance recoveries received of €11 million arising from the July 2021 flooding events. Items impacting the comparability for 2021 included restructuring charges of €153 million (refer to Note 18), acquisition and integration-related costs of €49 million, and the inventory fair value step up related to acquisition accounting of €48 million (refer to Note 4). Items affecting the comparability for 2020 include restructuring charges of €368 million (refer to Note 18). |
Disclosure of geographical segments | The following table summarises revenue from external customers by geography, which is based on the origin of the sale: Year ended 31 December 2022 2021 2020 Revenue: € million € million € million Iberia (A) 3,034 2,495 2,173 Germany 2,682 2,335 2,270 Great Britain 3,088 2,613 2,203 France (B) 2,089 1,813 1,709 Belgium/Luxembourg 1,042 926 892 Netherlands 682 557 529 Norway 404 391 423 Sweden 421 375 337 Iceland 87 79 70 Total Europe 13,529 11,584 10,606 Australia 2,339 1,359 — New Zealand and Pacific Islands 649 377 — Indonesia and Papua New Guinea 803 443 — Total API 3,791 2,179 — Total CCEP 17,320 13,763 10,606 (A) Iberia refers to Spain, Portugal and Andorra. (B) France refers to continental France and Monaco. Assets are allocated based on operations and physical location. The following table summarises non-current assets, other than financial instruments and deferred tax assets, by geography: Year ended 31 December 2022 2021 Assets: € million € million Iberia (A) 6,401 6,644 Germany 3,091 3,077 Great Britain 2,469 2,680 France (B) 896 887 Belgium/Luxembourg 613 600 Netherlands 428 432 Sweden 349 379 Norway 242 247 Iceland 36 34 Other unallocated 271 245 Total Europe 14,796 15,225 Australia 5,281 5,356 New Zealand and Pacific Islands 1,755 1,751 Indonesia and Papua New Guinea 726 712 Total API 7,762 7,819 Total CCEP 22,558 23,044 (A) Iberia refers to Spain, Portugal and Andorra. (B) France refers to continental France and Monaco. |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share [abstract] | |
Earnings per share | The following table summarises basic and diluted earnings per share calculations for the years presented: Year ended 31 December 2022 2021 2020 Profit after taxes attributable to equity shareholders (€ million) 1,508 982 498 Basic weighted average number of Shares in issue (A) (million) 457 456 455 Effect of dilutive potential Shares (B) (million) 1 1 1 Diluted weighted average number of Shares in issue (A) (million) 458 457 456 Basic earnings per share (€) 3.30 2.15 1.09 Diluted earnings per share (€) 3.29 2.15 1.09 (A) As at 31 December 2022, 31 December 2021 and 31 December 2020 the Group had 457,106,453, 456,235,032 and 454,645,510 Shares, respectively, in issue and outstanding. (B) For the years ended 31 December 2022, 31 December 2021 and 31 December 2020, no options to purchase Shares were excluded from the diluted earnings per share calculation. The dilutive impact of all outstanding options, unvested restricted stock units and unvested performance share units was included in the effect of dilutive securities. |
Intangible assets and goodwill
Intangible assets and goodwill (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets and goodwill [abstract] | |
Summary of carrying amounts of intangible assets and goodwill | The following table summarises the movements in the carrying amounts of intangible assets and goodwill for the periods presented: TCCC franchise Brands Software Customer relationships Non-TCCC franchise intangible Assets under construction Total intangibles Goodwill € million € million € million € million € million € million € million € million Cost: As at 31 December 2020 8,078 — 382 161 — 69 8,690 2,517 Acquisition of CCL 3,822 211 55 37 149 11 4,285 2,097 Additions — — 65 — — 40 105 — Disposals — — (23) — — — (23) — Transfers and reclassifications — — 74 — — (74) — — Assets held for sale — (189) — — — — (189) — Currency translation adjustments 108 — 18 (1) — 1 126 9 As at 31 December 2021 12,008 22 571 197 149 47 12,994 4,623 Additions — — 40 1 — 63 104 — Disposals — — (27) — — (1) (28) — Transfers and reclassifications — 11 39 — — (38) 12 — Currency translation adjustments (134) 6 (2) (3) (1) (2) (136) (23) As at 31 December 2022 11,874 39 621 195 148 69 12,946 4,600 Accumulated amortisation: As at 31 December 2020 — — (233) (43) — — (276) — Amortisation expense — — (75) (9) (5) — (89) — Disposals — — 20 — — — 20 — Currency translation adjustments — — (9) (1) — — (10) — As at 31 December 2021 — — (297) (53) (5) — (355) — Amortisation expense — — (83) (10) (8) — (101) — Disposals — — 22 — — — 22 — Currency translation adjustments — (7) (2) 2 — — (7) — As at 31 December 2022 — (7) (360) (61) (13) — (441) — Net book value: As at 31 December 2020 8,078 — 149 118 — 69 8,414 2,517 As at 31 December 2021 12,008 22 274 144 144 47 12,639 4,623 As at 31 December 2022 11,874 32 261 134 135 69 12,505 4,600 |
Disclosure of information for cash-generating units | The following table identifies the carrying value of goodwill and indefinite lived intangible assets attributable to each significant CGU of the Group. In addition to the significant CGUs of the Group, as at 31 December 2022 the Group had other CGUs with total indefinite-lived intangible assets of €1,369 million and goodwill of €380 million. Year ended 31 December 2022 2021 Indefinite lived intangible assets Goodwill Indefinite lived intangible assets Goodwill Cash generating unit € million € million € million € million Iberia 4,289 1,275 4,289 1,275 Australia 2,690 1,450 2,698 1,459 Great Britain 1,646 200 1,740 200 Germany 1,060 748 1,060 748 Pacific (A) 849 547 863 556 (A) Pacific refers to New Zealand and Pacific Islands. The recoverable amount of each CGU was determined through a value in use calculation, which uses cash flow projections for a five year period. These projections reflect the impact of climate change on our business as well as the mitigating actions and strategies we are undertaking to support our commitment to reach Net Zero emissions by 2040. The key assumptions used in projecting these cash flows were as follows: • Growth rate and operating margins: Cash flows were projected over four years based on the Group’s strategic business plan. Cash flows for the fifth year and beyond were projected using an inflation-based long-term terminal growth rate between 2.0% and 4.5%. • Discount rate: A weighted average cost of capital was applied specific to each CGU as a hurdle rate to discount cash flows. The discount rates represent the current market assessment of the risks specific to each CGU, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The following table summarises the pre-tax discount rate attributable to each significant CGU. 2022 2021 Pre-tax Pre-tax Cash generating unit % % Iberia 8.7 9.3 Australia 9.1 — Great Britain 9.3 9.9 Germany 7.9 9.3 Pacific 9.7 — |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, plant and equipment [abstract] | |
Disclosure of detailed information about property, plant and equipment | For all property, plant and equipment, other than land, depreciation is recorded using the straight-line method over the respective estimated useful lives as follows: Useful life (years) Category Low High Buildings and improvements 10 40 Machinery, equipment and containers 3 20 Cold drink equipment 2 12 Vehicle fleet 3 12 Furniture and office equipment 3 10 The following table summarises the movement in net book value for property, plant and equipment for the periods presented: Land Buildings and improvements Machinery, equipment and containers Cold drink equipment Vehicle fleet Furniture Assets under construction Total € million € million € million € million € million € million € million € million Cost: As at 31 December 2020 317 1,846 2,975 1,155 283 144 125 6,845 Acquisition of CCL 339 492 529 108 7 15 78 1,568 Additions 2 41 119 50 62 10 195 479 Disposals (3) (28) (218) (319) (54) (16) 1 (637) Transfers and reclassifications (A) — 47 129 11 1 5 (197) (4) Currency translation adjustments 8 31 44 21 (1) 2 4 109 As at 31 December 2021 663 2,429 3,578 1,026 298 160 206 8,360 Additions 1 131 221 65 59 21 287 785 Disposals (3) (28) (103) (49) (58) (8) — (249) Assets held for sale (29) (26) (8) — — — — (63) Transfers and reclassifications 27 37 75 36 2 8 (184) 1 Currency translation adjustments (11) (42) (40) 32 (4) (2) (4) (71) As at 31 December 2022 648 2,501 3,723 1,110 297 179 305 8,763 Accumulated depreciation: As at 31 December 2020 — (651) (1,337) (772) (141) (84) — (2,985) Depreciation expense — (123) (326) (163) (61) (20) — (693) Disposals — 17 208 319 51 15 — 610 Currency translation adjustments — (9) (18) (15) — (2) — (44) As at 31 December 2021 — (766) (1,473) (631) (151) (91) — (3,112) Depreciation expense — (128) (380) (127) (58) (22) — (715) Disposals — 19 105 49 53 8 — 234 Assets held for sale — 10 9 — — — — 19 Transfers and reclassifications — — 3 (2) — — — 1 Currency translation adjustments — 22 (2) (14) 3 2 — 11 As at 31 December 2022 — (843) (1,738) (725) (153) (103) — (3,562) Net book value: As at 31 December 2020 317 1,195 1,638 383 142 60 125 3,860 As at 31 December 2021 663 1,663 2,105 395 147 69 206 5,248 As at 31 December 2022 648 1,658 1,985 385 144 76 305 5,201 |
Disclosure of right to use asset | The following table summarises the net book value of right of use assets included within property, plant and equipment: Year ended 31 December 2022 2021 € million € million Buildings and improvements 465 438 Vehicle fleet 133 135 Machinery, equipment and containers 82 71 Furniture and office equipment 3 5 Total 683 649 The following table summarises depreciation charges relating to right of use assets for the periods presented: Year ended 31 December 2022 2021 € million € million Buildings and improvements 63 56 Vehicle fleet 57 59 Machinery, equipment and containers 34 22 Furniture and office equipment 2 2 Total 156 139 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventories [Abstract] | |
Schedule of detailed information about inventories | The following table summarises the inventory outstanding in the consolidated statement of financial position as at the dates presented: Year ended 31 December 2022 2021 € million € million Finished goods 777 635 Raw materials and supplies 452 375 Spare parts and other 151 147 Total inventories 1,380 1,157 |
Trade accounts receivable (Tabl
Trade accounts receivable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other receivables [abstract] | |
Trade and other receivables | The following table summarises the trade accounts receivable outstanding in the consolidated statement of financial position as at the dates presented: Year ended 31 December 2022 2021 € million € million Trade accounts receivable, gross 2,523 2,354 Allowance for doubtful accounts (57) (49) Total trade accounts receivable 2,466 2,305 |
Disclosure of financial assets that are either past due or impaired | The following table summarises the ageing of trade accounts receivable, net of allowance for doubtful accounts, in the consolidated statement of financial position as at the dates presented: Year ended 31 December 2022 2021 € million € million Not past due 2,287 2,172 Past due 1 – 30 days 102 88 Past due 31 – 60 days 30 18 Past due 61 – 90 days 15 9 Past due 91 – 120 days 14 3 Past due 121+ days 18 15 Total 2,466 2,305 |
Disclosure of allowance for doubtful accounts | The following table summarises the change in the allowance for doubtful accounts for the periods presented: Allowance for doubtful accounts € million As at 31 December 2020 (39) Provision for impairment recognised during the year (13) Receivables written off during the year as uncollectible 3 As at 31 December 2021 (49) Provision for impairment recognised during the year (15) Receivables written off during the year as uncollectible 5 Reversals 1 Currency translation adjustments 1 As at 31 December 2022 (57) |
Cash and cash equivalents and_2
Cash and cash equivalents and short term investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash and cash equivalents [abstract] | |
Schedule of cash and cash equivalents | The following table summarises the cash and cash equivalents outstanding in the consolidated statement of financial position as at the dates presented: Year ended 31 December 2022 2021 € million € million Cash at banks and on hand 491 708 Short-term deposits and securities 896 699 Total cash and cash equivalents 1,387 1,407 Cash and cash equivalents are held in the following currencies as at the dates presented: Year ended 31 December 2022 2021 € million € million Euro 477 524 British pound 190 337 US dollar 88 74 Norwegian krone 35 64 Swedish krona 21 31 Australian dollar 358 234 Indonesian rupiah 26 41 Papua New Guinean kina 102 45 Other 90 57 Total cash and cash equivalents 1,387 1,407 |
Fair values (Tables)
Fair values (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Measurement [Abstract] | |
Disclosure of borrowings | The following table summarises the book value and fair value of the Group’s borrowings as at the dates presented: Year ended 31 December 2022 2021 € million € million Fair value of borrowings 10,503 13,316 Book value of borrowings (Note 14) 11,907 13,140 |
Disclosure of fair value measurement of liabilities | The following table summarises the fair value of the derivative assets and liabilities as at the dates presented: Year ended 31 December 2022 2021 € million € million Assets at fair value: Derivatives (Note 13) 448 376 Liabilities at fair value: Derivatives (Note 13) 263 66 |
Disclosure of fair value measurement of assets | The following table summarises the fair value of the derivative assets and liabilities as at the dates presented: Year ended 31 December 2022 2021 € million € million Assets at fair value: Derivatives (Note 13) 448 376 Liabilities at fair value: Derivatives (Note 13) 263 66 |
Hedging activities (Tables)
Hedging activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments [Abstract] | |
Disclosure of detailed information about hedging assets | Hedging instrument Location – statement of financial position Year ended 31 December 2022 2021 € million € million Assets: Derivatives designated as hedging instruments: Commodity contracts Non-current derivative assets 30 75 Foreign currency contracts Non-current derivative assets 4 3 Interest rate and cross currency swaps Non-current derivative assets 157 148 Commodity contracts Current derivative assets 133 128 Foreign currency contracts Current derivative assets 27 16 Interest rate and cross currency swaps Current derivative assets 97 6 Total assets 448 376 Liabilities: Derivatives designated as hedging instruments: Commodity contracts Non-current derivative liabilities 6 3 Foreign currency contracts Non-current derivative liabilities 10 — Interest rate and cross currency swaps Non-current derivative liabilities 171 44 Commodity contracts Current derivative liabilities 47 5 Foreign currency contracts Current derivative liabilities 29 14 Total liabilities 263 66 |
Disclosure of detailed information about hedging liabilities | Hedging instrument Location – statement of financial position Year ended 31 December 2022 2021 € million € million Assets: Derivatives designated as hedging instruments: Commodity contracts Non-current derivative assets 30 75 Foreign currency contracts Non-current derivative assets 4 3 Interest rate and cross currency swaps Non-current derivative assets 157 148 Commodity contracts Current derivative assets 133 128 Foreign currency contracts Current derivative assets 27 16 Interest rate and cross currency swaps Current derivative assets 97 6 Total assets 448 376 Liabilities: Derivatives designated as hedging instruments: Commodity contracts Non-current derivative liabilities 6 3 Foreign currency contracts Non-current derivative liabilities 10 — Interest rate and cross currency swaps Non-current derivative liabilities 171 44 Commodity contracts Current derivative liabilities 47 5 Foreign currency contracts Current derivative liabilities 29 14 Total liabilities 263 66 |
Disclosure of detailed information about hedging instruments | The following table summarises the Group’s outstanding cash flow hedges by risk category as at the dates presented (all contracts denominated in a foreign currency have been converted into euros using the respective year end spot rate): Notional maturity profile Total Less than 1 year 1 to 3 years 3 to 5 years Over 5 years Cash flow hedges € million € million € million € million € million Deal contingent foreign currency forwards 3,000 3,000 — — — Foreign currency contracts 310 174 136 — — Interest rate and cross currency swaps 396 396 — — — Commodity contracts 677 403 274 — — As at 31 December 2020 4,383 3,973 410 — — Foreign currency contracts 1,074 912 162 — — Interest rate and cross currency swaps 2,225 144 1,365 — 716 Commodity contracts 922 566 356 — — As at 31 December 2021 4,221 1,622 1,883 — 716 Foreign currency contracts 1,723 1,292 431 — — Interest rate and cross currency swaps 2,079 760 604 416 299 Commodity contracts 1,397 834 563 — — As at 31 December 2022 5,199 2,886 1,598 416 299 The following table summarises the Group’s outstanding fair value hedges by risk category as at the dates presented (all contracts denominated in a foreign currency have been converted into euros using the respective year end spot rate): Less than 1 year 1 to 3 years 3 to 5 years Over 5 years Fair value hedges Total € million € million € million € million As at 31 December 2020 — — — — — Interest rate and cross currency swaps 166 — — — 166 As at 31 December 2021 166 — — — 166 Interest rate and cross currency swaps 1,165 — — 500 665 As at 31 December 2022 1,165 — — 500 665 |
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting | The following table summarises the net of tax effect for cash flow hedges for the periods presented within the consolidated income statement: Cash flow hedging instruments Location – Income statement Amount of gain/(loss) reclassified Year ended 31 December 2022 2021 2020 € million € million € million Foreign currency contracts Cost of sales 19 (3) 1 Commodity contracts Cost of sales 83 74 (33) Commodity contracts Selling and distribution expenses 34 2 (3) Interest rate and cross currency swaps (A) Finance costs (86) (78) 23 Total 50 (5) (12) (A) The gain/(loss) recognised on these currency contracts is offset by the gain/(loss) recognised on the remeasurement of the underlying debt instruments; therefore, there is a minimal consolidated net effect in non-operating items on the consolidated income statement. The following table summarises the gains/(losses) recognised from fair value hedges that settled for the periods presented within the consolidated income statement: Fair value hedges Location – Income statement Year ended 31 December 2022 2021 2020 € million € million € million Interest rate and cross currency swaps Finance costs 2 (2) — Total 2 (2) — |
Disclosure of gains (losses) recognized from non-designated derivative financial instruments | The following table summarises the gains/(losses) recognised from non-designated derivative financial instruments in the consolidated income statement for the years presented. Non-designated hedging instruments Location – Income statement Year ended 31 December 2022 2021 2020 € million € million € million Commodity contracts Selling and distribution expenses — — (12) Foreign currency contracts (A) Non-operating items (5) — (4) Total (5) — (16) |
Borrowings and leases (Tables)
Borrowings and leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments [Abstract] | |
Disclosure of borrowings | The following table summarises the carrying value of the Group’s borrowings as at the dates presented: Year ended 31 December 2022 2021 € million € million Non-current: Euro denominated bonds: €350 million 2.625% Notes 2023 — 349 €500 million 1.125% Notes 2024 498 497 €350 million 2.375% Notes 2025 349 348 €250 million 2.75% Notes 2026 (E) 240 249 €600 million 1.75% Notes 2026 (E) 580 594 €400 million 1.50% Notes 2027 (E) 370 397 €250 million 1.50% Notes 2027 259 261 €500 million 1.75% Notes 2028 (E) 466 495 €750 million 0.20% Notes 2028 744 743 €500 million 1.125% Notes 2029 495 494 €500 million 1.875% Notes 2030 (E) 472 496 €500 million 0.70% Notes 2031 (E) 473 496 €800 million 0.00% Notes 2025 798 797 €700 million 0.50% Notes 2029 695 694 €1,000 million 0.875% Notes 2033 991 990 €750 million 1.50% Notes 2041 746 746 Foreign currency bonds (swapped into euro) (D) : US$850 million 0.50% Notes 2023 — 747 US$650 million 0.80% Notes 2024 608 571 US$500 million 1.50% Notes 2027 466 439 Year ended 31 December 2022 2021 € million € million Australian dollar denominated bonds: A$100 million 3.50% Notes 2024 66 68 A$30 million 4.166% Notes 2025 21 21 A$20 million 4.25% Notes 2025 14 14 A$30 million 4.125% Notes 2026 20 21 A$50 million 4.155% Notes 2028 35 36 A$133 million 2.45% Notes 2029 86 87 A$50 million 4.20% Notes 2031 36 37 A$187 million 4.20% Notes 2031 135 138 A$13 million 4.20% Notes 2031 9 10 Foreign currency bonds (swapped into Australian dollar or New Zealand dollar) (D) : US$25 million 4.34% Notes 2023 — 23 US$25 million 4.34% Notes 2023 — 23 NOK1 billion 3.04% Notes 2028 99 105 NOK750 million 2.75% Notes 2030 73 77 US$50 million 2.653% Notes 2030 47 45 JPY10 billion 4.15% Notes 2036 (E) 74 90 JPY12.3 billion 1.06% Notes 2037 (E) 71 83 Lease obligations 535 509 Total non-current borrowings 10,571 11,790 Year ended 31 December 2022 2021 € million € million Current: Euro denominated bonds: €350 million 2.625% Notes 2023 350 — €700 million 0.75% Notes 2022 (A) — 700 Foreign currency bonds (swapped into euro) (D) : US$850 million 0.50% Notes due 2023 797 — Australian dollar denominated bonds: A$200 million 3.375% Notes 2022 (B) — 129 A$30 million 5.06% Notes 2022 (C) — 20 A$125 million 3.125% Notes 2022 (C) — 81 Foreign currency bonds (swapped into New Zealand dollar) (D) : US$25 million 4.34% Notes 2023 24 — US$25 million 4.34% Notes 2023 24 — EUR commercial paper — 285 Bank overdraft — 1 Lease obligations 141 134 Total current borrowings 1,336 1,350 (A) In January 2022, the Group repaid prior to maturity the outstanding amount related to the €700 million 0.75% Notes due in February 2022. (B) In March 2022, the Group repaid on maturity the outstanding amount related to the A$200 million 3.375% Notes 2022 acquired as part of the Acquisition. (C) In July 2022, the Group repaid on maturity the outstanding amounts related to the A$30 million 5.06% Notes 2022 and A$125 million 3.125% Notes 2022 acquired as part of the Acquisition. (D) Cross currency swaps are used by the Group to swap foreign currency bonds into the required local currency. (E) Bond designated in full or partially in a fair value hedge relationship. During the year, the Group entered into interest rate swaps with notional value of €1 billion, which were designated in a fair value hedge relationship with euro denominated bonds. As at 31 December 2022, fair value adjustments in respect of those interest rate swaps are €(130) million, included within non-current borrowings. |
Disclosure of reconciliation of liabilities arising from financing activities | The following table provides a reconciliation of movements of liabilities to cash flows arising from financing activities: Current portion of borrowings Borrowings, less current portion Total € million € million € million As at 31 December 2020 805 6,382 7,187 Acquisition of CCL 381 1,251 1,632 Changes from financing cash flows Proceeds from third party borrowings, net — 4,877 4,877 Changes in short-term borrowings (B) 276 — 276 Repayments on third party borrowings (A) (950) — (950) Payment of principal and interest on lease obligations (149) — (149) Other non-cash changes Amortisation of discount, premium and issue costs — (3) (3) Lease additions and other non-cash movements 39 83 122 Movement as a result of fair value hedges 6 9 15 Currency translation 33 100 133 Reclassifications 909 (909) — Total changes 545 5,408 5,953 Current portion of borrowings Borrowings, less current portion Total € million € million € million As at 31 December 2021 1,350 11,790 13,140 Changes from financing cash flows Changes in short-term borrowings (B) (285) — (285) Repayments on third party borrowings (938) — (938) Payment of principal and interest on lease obligations (167) — (167) Other financing activities (1) — (1) Other non-cash changes Amortisation of discounts, premium, issue costs and fair value adjustments (1) 4 3 Lease additions and other non-cash movements 34 171 205 Movement as a result of fair value hedges 11 (172) (161) Currency translation — 111 111 Reclassifications 1,333 (1,333) — Total changes (14) (1,219) (1,233) As at 31 December 2022 1,336 10,571 11,907 (A) This line item includes the impact of the cross currency swap hedge from USD to EUR. (B) In 2022, changes in short-term borrowings include €2,464 million of newly issued and €2,749 million of repaid EUR commercial paper. In 2021, changes in short-term borrowings included €700 million and €424 million of newly issued and repaid EUR commercial paper, respectively. |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other payables [abstract] | |
Disclosure of trade and other payables | The following table summarises trade and other payables as at the dates presented: Year ended 31 December 2022 2021 € million € million Trade accounts payable (A) 2,221 1,691 Accrued customer marketing costs 1,348 1,160 Accrued deposits 288 264 Accrued compensation and benefits 500 482 Accrued taxes (B) 253 220 Other accrued expenses 442 420 Total trade and other payables 5,052 4,237 (A) Includes amounts of €212 million (2021: €266 million) which are part of a supply chain finance programme facilitated by the Group. The programme permits suppliers to elect on an invoice by invoice basis to receive a discounted payment from the partner bank earlier than the agreed payment terms with the Group. If a supplier makes this election, the value and the due date of the invoice payable by the Group remains unchanged. (B) This line item includes a payable of €57 million to the Spanish tax authorities. Refer to Note 25 for further details. |
Post-employment benefits (Table
Post-employment benefits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Employee Benefits [Abstract] | |
Disclosure of net employee benefit liability | The following table summarises our non-current employee benefit liabilities as at the dates presented: Year ended 31 December 2022 2021 GB Rest of world Total GB Rest of world Total € million € million € million € million € million € million Retirement benefit obligation — 77 77 — 103 103 Other employee benefit liabilities — 31 31 — 35 35 Total non-current employee benefit liabilities — 108 108 — 138 138 |
Disclosure of expense recognized in consolidated income statement | The following table summarises the expense related to pension plans recognised in the consolidated income statement for the years presented: Year ended 31 December 2022 2021 2020 GB Rest of world Total GB Rest of world Total GB Rest of world Total € million € million € million € million € million € million € million € million € million Service cost — 18 18 10 16 26 37 15 52 Past service (A) — (2) (2) (29) 6 (23) — — — Net interest (income)/cost (2) 1 (1) 1 1 2 1 1 2 Administrative expenses — 1 1 1 1 2 2 — 2 Total cost (2) 18 16 (17) 24 7 40 16 56 (A) Predominantly comprised of the impact of a plan amendment arising from legislative changes in respect of the minimum retirement age in Indonesia. |
Disclosure of changes in other comprehensive income | The following table summarises the changes in other comprehensive income related to our pension plans for the years presented: Year ended 31 December 2022 2021 2020 GB Rest of world Total GB Rest of world Total GB Rest of world Total € million € million € million € million € million € million € million € million € million Actuarial (gain)/loss on defined benefit obligation arising during the period (712) (125) (837) (60) (6) (66) 159 1 160 Return on plan assets less/(greater) than discount rate 808 74 882 (177) (58) (235) (72) (17) (89) Net charge to other comprehensive income 96 (51) 45 (237) (64) (301) 87 (16) 71 |
Disclosure of net defined benefit obligation | The following table summarises the changes in the pension plan benefit obligation and the fair value of plan assets for the periods presented: Year ended 31 December 2022 2021 GB Rest of world Total GB Rest of world Total € million € million € million € million € million € million Reconciliation of benefit obligation: Benefit obligation at beginning 1,739 674 2,413 1,733 607 2,340 Service cost — 18 18 10 16 26 Past service (credit)/cost — (2) (2) (29) 6 (23) Interest costs on defined benefit obligation 32 7 39 31 5 36 Plan participants contribution — 28 28 — 59 59 Actuarial loss/(gain) – experience 26 7 33 1 1 2 Actuarial loss/(gain) – demographic assumptions 2 — 2 (1) (1) (2) Actuarial (gain)/loss – financial assumptions (740) (132) (872) (60) (6) (66) Benefit payments (57) (72) (129) (69) (81) (150) Administrative expenses — 1 1 1 1 2 Acquisition of CCL — — — — 66 66 Currency translation adjustments (65) — (65) 122 1 123 Benefit obligation at end of plan year 937 529 1,466 1,739 674 2,413 Reconciliation of fair value Fair value of plan assets at beginning of plan year 1,840 664 2,504 1,568 564 2,132 Interest income on plan assets 34 6 40 30 4 34 Return on plan assets (less)/greater than discount rate (808) (74) (882) 177 58 235 Plan participants contributions — 28 28 — 59 59 Employer contributions 11 21 32 19 20 39 Benefit payments (57) (72) (129) (69) (81) (150) Acquisition of CCL — — — — 40 40 Currency translation adjustment (68) (1) (69) 115 — 115 Fair value of plan assets at end 952 572 1,524 1,840 664 2,504 |
Disclosure of defined benefit plans | The following table summarises the retirement benefit status of pension plans as at the dates presented: Year ended 31 December 2022 2021 GB Rest of world Total GB Rest of world Total € million € million € million € million € million € million Net benefit status: Present value of obligation (937) (529) (1,466) (1,739) (674) (2,413) Fair value of assets 952 572 1,524 1,840 664 2,504 Net benefit status: 15 43 58 101 (10) 91 Retirement benefit surplus (Note 25) 15 120 135 101 93 194 Retirement benefit obligation — (77) (77) — (103) (103) The following tables summarise the weighted average actuarial assumptions used to determine the benefit obligations of pension plans as at the dates presented: Year ended 31 December 2022 2021 GB Rest of world Average GB Rest of world Average Financial assumptions % % % % % % Discount rate 4.8 4.0 4.5 1.9 1.4 1.8 Rate of compensation increase N/A 3.6 3.6 N/A 3.2 3.2 Rate of price inflation 3.3 2.4 3.0 3.4 2.1 3.1 Year ended 31 December 2022 2021 Demographic assumptions (A) GB Rest of world Average GB Rest of world Average Retiring at the end Male 21.9 19.8 21.3 21.9 24.3 22.4 Female 24.4 23.1 24.0 24.4 27.7 25.0 Retiring 15 years after the end Male 22.8 20.0 22.1 22.8 25.4 23.3 Female 25.5 23.5 24.9 25.5 28.5 26.1 (A) These assumptions translate into an average life expectancy in years, post-retirement, for an employee retiring at age 65. |
Disclosure of sensitivity analysis for actuarial assumptions | The following tables summarise the sensitivity of the defined benefit obligation to changes in the weighted average principal assumptions for the periods presented: Year ended 31 December 2022 Change in assumption Impact on defined benefit obligation (%) Increase in assumption Decrease in assumption Principal assumptions GB Rest of world Average GB Rest of world Average Discount rate 0.5 % (7.9) (4.0) (6.5) 8.6 4.4 7.1 Rate of compensation increase (A) 0.5 % N/A 1.6 0.6 N/A (1.4) (0.5) Rate of price inflation 0.5 % 3.9 3.1 3.6 (3.8) (2.9) (3.4) Mortality rates 1 year 3.0 1.7 2.5 (2.8) (1.7) (2.4) Year ended 31 December 2021 Change in assumption Impact on defined benefit obligation (%) Increase in assumption Decrease in assumption Principal assumptions GB Rest of world Average GB Rest of world Average Discount rate 0.5 % (9.9) (4.8) (8.5) 11.4 5.3 9.7 Rate of compensation increase (A) 0.5 % N/A 1.7 0.5 N/A (1.5) (0.4) Rate of price inflation 0.5 % 7.8 3.8 6.7 (6.8) (3.5) (5.9) Mortality rates 1 year 4.0 2.1 3.5 (4.0) (2.1) (3.4) (A) The compensation increase assumption is no longer applicable to the valuation of the defined benefit obligation associated with the GB Scheme in light of the plan closure effective 31 March 2021. |
Disclosure of fair value of plan assets | The following table summarises pension plan assets measured at fair value as at the dates presented: Year ended 31 December 2022 Year ended 31 December 2021 Total Investments quoted in active markets Unquoted investments Total Investments quoted in active markets Unquoted investments GB Rest of world GB Rest of world GB Rest of world GB Rest of world € million € million € million € million € million € million € million € million € million € million Equity securities (A) 185 — 185 — — 221 — 221 — — Fixed income securities: (B) Corporate bonds and notes 56 — 56 — — 54 — 54 — — Government bonds (C) 692 1,131 28 (467) — 1,506 1,476 30 — — Cash and other short-term investments (D) 28 23 5 — — 6 1 5 — — Other investments: Real estate funds (E) 274 43 15 216 — 346 — 39 306 1 Insurance contracts (F) 207 — — — 207 240 — — — 240 Investment funds (G) 76 — 5 — 71 73 — — — 73 Derivatives (H) 6 5 — 1 — 58 — — 57 1 Total 1,524 1,202 294 (250) 278 2,504 1,477 349 363 315 (A) Equity securities are comprised of ordinary shares and investments in equity funds. Investments in ordinary shares are valued using quoted market prices multiplied by the number of shares owned. Investments in equity funds are valued at the net asset value per share, which is calculated predominantly based on the underlying quoted investments market price, multiplied by the number of shares held as of the measurement date. (B) The fair values of the fixed income securities are determined based on quoted market prices in active markets. Bonds are held mainly in the currency of the geography of the plan. (C) The unquoted amounts within this category relate to repurchase agreements (where the Scheme has sold government bonds with the agreement to repurchase at a fixed date and price). The commitment to repurchase the government bonds reduces the pension assets and are valued at the fair value based on the fixed repurchase price. The assets sold are reported at their fair value reflecting that the Scheme retains the risks and rewards of ownership of those assets. The asset portfolio of the GB Scheme was refined during 2022 by entering into repurchase agreement of government bonds in order to better match the Scheme liability and to offset the exposure to interests and inflation rates, whilst remaining invested in the assets of similar risk profile. (D) Cash and other short-term investments are valued at €1.00/unit, which approximates fair value. Amounts are generally invested in cash or interest bearing accounts. (E) The valuation of unquoted real estate funds is based on net assets value per share multiplied by the number of shares owned. For quoted real estate funds, the calculation is based on the underlying quoted investments market price, multiplied by the number of shares held as of the measurement date. (F) Insurance contracts exactly match the amount and timing of certain benefits, therefore the fair value of these insurance policies is deemed to be the present value of the related obligations. (G) Primarily includes investments in equity securities, fixed income securities and combinations of both. Fair values are sourced from broker quotes. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Disclosure of shares and share capital outstanding | As at 31 December 2022, the Company has issued and fully paid 457,106,453 Shares. Shares in issue have one voting right each and no restrictions related to dividends or return of capital. Number of Shares Share capital millions € million As at 1 January 2020 456 5 Issuances of Shares 2 — Cancellation of Shares (3) — As at 31 December 2020 455 5 Issuance of Shares 1 — Cancellation of Shares — — As at 31 December 2021 456 5 Issuance of Shares 1 — Cancellation of Shares — — As at 31 December 2022 457 5 |
Disclosure of other reserves within equity | The following table summarises the balances in other reserves (net of tax) as at the dates presented: Year ended 31 December 2022 2021 2020 € million € million € million Cash flow hedge reserve 104 151 20 Net investment hedge reserve 197 197 197 Foreign currency translation adjustment reserve (728) (509) (754) Reserve related to the acquisition of non-controlling interests (79) — — Other reserves (A) (1) 5 — Total other reserves (507) (156) (537) |
Disclosure of dividends | Year ended 31 December 2022 2021 2020 € million € million € million First half dividend (A) 256 — — Second half dividend (B) 507 638 386 Total dividend on ordinary shares paid 763 638 386 |
Total operating costs (Tables)
Total operating costs (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
Disclosure of detailed information about expenses | The following tables summarise the significant cost items by nature within operating costs for the years presented: Year ended 31 December 2022 2021 2020 € million € million € million Transportation costs (A) 851 631 447 Employee benefits 1,110 975 788 Depreciation of property, plant and equipment, excluding restructuring 246 245 219 Amortisation of intangible assets 7 4 1 Restructuring charges, including accelerated depreciation (B) 1 45 58 Other selling and distribution expenses 769 596 426 Total selling and distribution expenses 2,984 2,496 1,939 Transportation costs (A) 16 2 2 Employee benefits 544 462 353 Depreciation of property, plant and equipment, excluding restructuring 99 76 45 Amortisation of intangible assets 94 83 53 Acquisition related costs 3 49 11 Restructuring charges, including accelerated depreciation (B) 143 91 248 Other administrative expenses 351 311 271 Total administrative expenses 1,250 1,074 983 Total operating expenses 4,234 3,570 2,922 (A) Transportation costs include warehousing and delivery costs to the final customer destination. They exclude depreciation and amortisation. (B) See restructuring costs on page 192. Year ended 31 December 2022 2021 2020 (B) Restructuring costs € million € million € million Increase in provision for restructuring programmes (Note 23) 115 93 242 Amount of provision unused (Note 23) (8) (13) (7) Accelerated depreciation and non-cash costs 44 60 121 Other cash costs (A) 12 13 12 Total restructuring costs 163 153 368 Restructuring costs by function: Cost of sales 19 17 62 Selling and distribution expenses 1 45 58 Administrative expenses 143 91 248 (A) Other cash costs primarily relate to professional fees, which include consultancy costs, legal fees and other costs directly associated with restructuring. Staff costs included within the income statement were as follows: Year ended 31 December 2022 2021 2020 Employee costs € million € million € million Wages and salaries 1,769 1,544 1,253 Social security costs 316 302 283 Pension and other employee benefits 233 170 119 Total employee costs 2,318 2,016 1,655 The average number of persons employed by the Group (including Directors) for the periods presented were as follows: 2022 2021 2020 No. in thousands No. in thousands No. in thousands Commercial 12.5 10.9 7.3 Supply chain 16.6 14.9 12.4 Support functions 4.0 3.9 2.5 Total average staff employed 33.1 29.7 22.2 Audit and other fees charged in the income statement concerning the statutory auditor of the consolidated financial statements, Ernst & Young LLP, were as follows: Year ended 31 December 2022 2021 2020 € thousand € thousand € thousand Audit of Parent Company and consolidated financial statements (A) 3,136 4,751 3,149 Audit of the Company’s subsidiaries 6,248 5,493 3,046 Total audit 9,384 10,244 6,195 Audit-related assurance services (B) 1,002 1,234 909 Other assurance services 213 313 279 Total audit and audit-related assurance services 10,599 11,791 7,383 All other services (C) 47 35 30 Total non-audit or non-audit-related assurance services 47 35 30 Total audit and all other fees 10,646 11,826 7,413 (A) Fees in respect of the audit of the accounts of the Company, including the Group's consolidated financial statements. (B) Includes professional fees for interim reviews, reporting on internal financial controls, services related to the transactions entered into with TCCC, issuance of comfort letters for debt issuances, regulatory inspections, certain accounting consultations and other attest engagements. (C) Represents fees for all other allowable services. |
Finance costs (Tables)
Finance costs (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Borrowing costs [abstract] | |
Disclosure Of Detailed Information About Financial Income Cost | The following table summarises net finance costs for the years presented: Year ended 31 December 2022 2021 2020 € million € million € million Interest income (A) 67 43 33 Interest expense on external debt (A) (162) (153) (132) Other finance costs (B) (19) (19) (12) Total finance costs, net (114) (129) (111) (A) Includes interest income and expense amounts, as applicable, on cross currency swaps and interest rate swaps. Cross currency swap and interest rate swap income totalled €50 million, €27 million and €24 million in 2022, 2021 and 2020, respectively. Cross currency swap and interest rate swap expense totalled €31 million, €14 million and €12 million in 2022, 2021 and 2020, respectively. Refer to Note 13 for further details. (B) Other finance costs principally includes amortisation of the discount on external debt and interest on leases. |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party [Abstract] | |
Disclosure of transactions between related parties | The following table summarises the transactions with TCCC that directly impacted the consolidated income statement for the years presented: Year ended 31 December 2022 2021 2020 € million € million € million Amounts affecting revenue (A) 117 50 50 Amounts affecting cost of sales (B) (3,805) (3,056) (2,555) Amounts affecting operating expenses (C) 19 9 8 Total net amount affecting the consolidated income statement (3,669) (2,997) (2,497) (A) Amounts principally relate to fountain syrup and packaged product sales. (B) Amounts principally relate to the purchase of concentrate, syrup, mineral water and juice, as well as funding for marketing programmes. (C) Amounts principally relate to certain costs associated with new product development initiatives and reimbursement of certain marketing expenses. The following table summarises the transactions with TCCC that impacted the consolidated statement of financial position for the periods presented: Year ended 31 December 2022 2021 € million € million Amounts due from TCCC 130 135 Amounts payable to TCCC 442 189 Year ended 31 December 2022 2021 2020 € million € million € million Amounts affecting revenue (A) 2 1 1 Amounts affecting cost of sales (B) (76) (49) (43) Amounts affecting operating expenses (C) (17) (11) (8) Total net amount affecting the consolidated income statement (91) (59) (50) (A) Amounts principally relate to packaged product sales. (B) Amounts principally relate to the purchase of packaging materials and concentrate. (C) Amounts principally relate to maintenance and repair services and transportation. The following table summarises the transactions with Cobega that impacted the consolidated statement of financial position for the periods presented: Year ended 31 December 2022 2021 € million € million Amounts due from Cobega 3 2 Amounts payable to Cobega 24 19 The following table summarises the transactions with associates, joint ventures and other related parties: Year ended 31 December 2022 2021 2020 € million € million € million Net amounts affecting consolidated income statement – associates (A) (73) (49) — Net amounts affecting consolidated income statement – joint ventures (B) (9) (9) — Net amounts affecting consolidated income statement – other related parties (A) (85) (52) — Total net amount affecting the consolidated income statement (167) (110) — (A) Amounts principally relate to container deposit scheme charges in Australia. (B) Amounts principally relate to the purchase of finished products and resin. The following table summarises the balances with associates, joint ventures and other related parties: Year ended 31 December 2022 2021 € million € million Amounts due from associates 6 6 Amounts payable to associates 9 — Amounts payable to joint ventures — 2 Amounts payable to other related parties 10 — Year ended 31 December 2022 2021 2020 € million € million € million Salaries and other short-term employee benefits (A) 30 22 20 Post-employment benefits — — 1 Share-based payments 15 7 6 Termination benefits — — 5 Total 45 29 32 (A) Short-term employee benefits include wages, salaries and social security contributions, paid annual leave and paid sick leave, paid bonuses and non-monetary benefits. The Group did not have any loans with key management personnel and was not party to any other transactions with key management personnel during the periods presented. |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax [Abstract] | |
Disclosure of income expense | The following table summarises the major components of income tax expense for the periods presented: Year ended 31 December 2022 2021 2020 € million € million € million Current tax: Current tax charge 460 323 230 Adjustment in respect of current tax from prior periods (37) (53) 3 Total current tax 423 270 233 Deferred tax: Relating to the origination and reversal of temporary differences 35 6 (73) Adjustment in respect of deferred income tax from prior periods (22) (9) (6) Relating to changes in tax rates or the imposition of new taxes — 127 43 Total deferred tax 13 124 (36) Income tax charge per the consolidated income statement 436 394 197 |
Disclosure of income tax relating to components of other comprehensive income | The following table summarises the taxes on items recognised in other comprehensive income (OCI) and directly within equity for the periods presented: Year ended 31 December 2022 2021 2020 € million € million € million Taxes charged/(credited) to OCI: Deferred tax on net gain/loss on revaluation of cash flow hedges (20) 63 (4) Deferred tax on net gain/loss on pension plan remeasurements (11) 63 (16) Current tax on net gain/loss on pension plan remeasurements — 1 — Total taxes charged/(credited) to OCI (31) 127 (20) Taxes charged/(credited) to equity: Deferred tax charge/(credit): share-based compensation (2) (3) 1 Current tax charge/(credit): share-based compensation (8) — (3) Total taxes charged/(credited) to equity (10) (3) (2) |
Disclosure of effective income tax rate reconciliation | The parent company of the Group is a UK company. Accordingly, the following tables provide reconciliations of the Group’s income tax expense at the UK statutory tax rate to the actual income tax expense for the periods presented: Year ended 31 December 2022 2021 2020 € million € million € million Accounting profit before tax from continuing operations 1,957 1,382 695 Tax expense at the UK statutory rate 371 262 132 Taxation of foreign operations, net (A) 115 72 23 Non-deductible expense items for tax purposes 2 2 6 Rate and law change impact, net (B)(C)(D) — 127 43 Deferred taxes not recognised 7 (7) (4) Adjustment in respect of prior periods (E) (59) (62) (3) Total provision for income taxes 436 394 197 (A) This reflects the impact, net of income tax contingencies, of having operations outside the UK, which are taxed at rates other than the statutory UK rate of 19% (2021: 19%, 2020: 19%). In prior periods, this included the benefit of some income being fully or partially exempt from income taxes due to various operating and financing activities. (B) In 2021, the UK enacted a law change that increased its tax rate to 25% with effect from 1 April 2023. The Group recognised a deferred tax expense of €123 million to reflect the impact of this change. (C) In 2021, the Netherlands enacted a law change that increased its tax rate to 25.8% with effect from 1 January 2022. The Group recognised a deferred tax expense of €2 million to reflect the impact of this change. (D) In 2021, Indonesia enacted a law change that retained its tax rate of 22% with effect from 1 January 2022, reversing a previously enacted decrease to 20%. The Group recognised a deferred tax expense of €2 million to reflect the impact of this change. |
Disclosure of deferred tax liabilities and assets | The following table summarises the movements in the carrying amounts of deferred tax liabilities and assets by significant component during the periods presented: Franchise and other intangible assets Property, plant Financial assets and liabilities Tax Employee and retiree Tax Other, Total, € million € million € million € million € million € million € million € million As at 31 December 2020 1,982 187 (6) (6) (89) (10) 49 2,107 Amount charged/(credited) to income statement 1 2 (1) (4) 8 (2) (7) (3) Effect of tax rate changes on income statement 106 8 1 — 12 — — 127 Amounts charged/(credited) directly to OCI — — 63 — 63 — — 126 Amount charged/(credited) to equity — — — — (3) — — (3) Acquired through business combinations 1,174 51 (19) (4) (6) — (20) 1,176 Effect of movements in foreign exchange 22 3 (2) — 1 — 3 27 As at 31 December 2021 3,285 251 36 (14) (14) (12) 25 3,557 Amount charged/(credited) to income statement (4) (11) 5 7 5 — 11 13 Amounts charged/(credited) directly to OCI — — (20) — (11) — — (31) Amount charged/(credited) to equity — — — — (2) — — (2) Acquired through business combinations (4) 2 — — — — — (2) Balance sheet reclassifications (1) (2) (1) (4) — — 4 (4) Effect of movements in foreign exchange (22) (4) (3) — (1) — (9) (39) As at 31 December 2022 3,254 236 17 (11) (23) (12) 31 3,492 Analysed as follows: Deferred tax asset (21) Deferred tax liability 3,513 |
Disclosure of maturity of unrecognized tax losses, tax credits and deductible temporary differences | The gross and tax effected amounts including expiry dates, where applicable, of unrecognised losses, tax credits and deductible temporary differences available for carry forward are as follows: Year ended 31 December 2022 2021 2020 € million € million € million Gross amount Tax effected Gross amount Tax effected Gross amount Tax effected Tax losses expiring: Within 10 years — — — — 7 2 Beyond 10 years 3 1 — — — — No time limit 1,799 330 1,803 310 1,802 278 1,802 331 1,803 310 1,809 280 Tax credits expiring: Within 10 years 58 58 100 100 122 122 Beyond 10 years 43 43 45 45 47 47 No time limit — — — — — — 101 101 145 145 169 169 Deductible temporary differences No time limit 79 20 53 11 65 14 79 20 53 11 65 14 Total 1,982 452 2,001 466 2,043 463 As at 31 December 2022, no deferred tax liability has been recognised in respect of €309 million of unremitted earnings in subsidiaries, associates and joint ventures. |
Share-based payment plans (Tabl
Share-based payment plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangements [Abstract] | |
Disclosure of share option activity | The following table summarises our share option activity for the periods presented: 2022 2021 2020 Shares Average exercise price Shares Average exercise price Shares Average exercise price thousands US$ thousands US$ thousands US$ Outstanding at beginning of year 2,758 34.19 4,051 31.68 4,815 29.80 Granted — — — — — — Exercised (484) 29.00 (1,290) 26.33 (761) 19.79 Forfeited, expired or cancelled (2) 23.21 (3) 19.68 (3) 31.97 Outstanding at end of year 2,272 35.30 2,758 34.19 4,051 31.68 Options exercisable at end of year 2,272 35.30 2,758 34.19 4,051 31.68 |
Disclosure of range of exercise prices of outstanding share options | The following table summarises the weighted average remaining life of options outstanding for the periods presented: 2022 2021 2020 Range of exercise prices Options Weighted Options Weighted Options Weighted US$ thousands years thousands years thousands years 15.01 to 25.00 — 0 151 0.85 931 1.75 25.01 to 40.00 2,272 2.20 2,607 3.04 3,120 3.85 Total 2,272 2.20 2,758 2.92 4,051 3.37 |
Disclosure of weighted average grant-date fair value of units granted | The following table summarises the weighted average grant date fair values per unit: Restricted stock units and performance share units 2022 2021 Grant date fair value – service conditions (US$) 45.43 47.77 Grant date fair value – service and performance conditions (US$) 45.44 47.68 |
Provisions, contingencies and_2
Provisions, contingencies and commitments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Disclosure of provisions | The following table summarises the movement in each class of provision for the periods presented: Restructuring provision Decommissioning provision Other provisions (A) Total € million € million € million € million As at 31 December 2020 208 15 14 237 Acquisition of CCL 9 — — 9 Charged/(credited) to profit or loss: Additional provisions recognised 93 6 5 104 Unused amounts reversed (13) — (2) (15) Utilised during the period (192) (1) (6) (199) Translation (2) — — (2) As at 31 December 2021 103 20 11 134 Charged/(credited) to profit or loss: Additional provisions recognised 115 7 2 124 Unused amounts reversed (8) (2) (3) (13) Utilised during the period (74) (1) (1) (76) Translation 1 — — 1 As at 31 December 2022 137 24 9 170 Non-current 26 24 5 55 Current 111 — 4 115 As at 31 December 2022 137 24 9 170 (A) Other provisions primarily relate to property tax assessment provisions and legal reserves, and are not considered material to the consolidated financial statements. |
Other current assets and asse_2
Other current assets and assets held for sale (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Summary of other current assets | The following table summarises the Group’s other current assets as at the dates presented: Year ended 31 December 2022 2021 Other current assets € million € million Prepayments 180 101 VAT receivables (A) 41 16 Coal royalties (B) 96 — Miscellaneous receivables 162 154 Total other current assets 479 271 (A) This line item includes a receivable of €25 million from the Basque Region. Refer to Note 25 for further details. (B) Amount relates to the royalty income recognised in connection with a favourable court ruling pertaining to the ownership of certain mineral rights in Australia. Refer to Note 23 for further detail. |
Other non-current assets (Table
Other non-current assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Summary of other non-current assets | The following table summarises the Group’s other non-current assets as at the dates presented: Year ended 31 December 2022 2021 Other non-current assets € million € million VAT receivables — 214 Retirement benefit surplus (Note 16) 135 194 Investments 35 40 Other 82 86 Total other non-current assets 252 534 |
Summary of non-current investments | The following table summarises the Group’s carrying value of investments as at the dates presented: Year ended 31 December 2022 2021 Investments € million € million Investments accounted using equity method 33 35 Financial assets at fair value through other comprehensive income 2 5 Total investments 35 40 |
Financial risk management (Tabl
Financial risk management (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments [Abstract] | |
Sensitivity analysis for types of market risk | Change in currency rate € strengthens against US$ € weakens against US$ Effect on profit before tax and pre-tax equity % € million € million Year ended 31 December 2022 10 197 (197) Year ended 31 December 2021 10 176 (176) Year ended 31 December 2020 10 33 (36) |
Disclosure of maturity analysis for non-derivative financial liabilities | The amounts disclosed in the table are the contractual undiscounted cash flows: Total Less than 1 year 1 to 3 years 3 to 5 years More than 5 years Financial liabilities € million € million € million € million € million 31 December 2022 Trade and other payables 4,714 4,714 — — — Amounts payable to related parties 485 485 — — — Borrowings 12,314 1,336 2,597 2,179 6,202 Derivatives 263 76 17 51 119 Lease liabilities 752 149 217 129 257 Total financial liabilities 18,528 6,760 2,831 2,359 6,578 31 December 2021 Trade and other payables 3,933 3,933 — — — Amounts payable to related parties 210 210 — — — Borrowings 13,599 1,369 2,551 2,274 7,405 Derivatives 66 19 4 15 28 Lease liabilities 714 145 208 111 250 Total financial liabilities 18,522 5,676 2,763 2,400 7,683 |
Disclosure of maturity analysis for derivative financial liabilities | The amounts disclosed in the table are the contractual undiscounted cash flows: Total Less than 1 year 1 to 3 years 3 to 5 years More than 5 years Financial liabilities € million € million € million € million € million 31 December 2022 Trade and other payables 4,714 4,714 — — — Amounts payable to related parties 485 485 — — — Borrowings 12,314 1,336 2,597 2,179 6,202 Derivatives 263 76 17 51 119 Lease liabilities 752 149 217 129 257 Total financial liabilities 18,528 6,760 2,831 2,359 6,578 31 December 2021 Trade and other payables 3,933 3,933 — — — Amounts payable to related parties 210 210 — — — Borrowings 13,599 1,369 2,551 2,274 7,405 Derivatives 66 19 4 15 28 Lease liabilities 714 145 208 111 250 Total financial liabilities 18,522 5,676 2,763 2,400 7,683 |
Group companies (Tables)
Group companies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Interest In Other Entities [Abstract] | |
Disclosure of interests in other entities | Name Country of incorporation % equity interest Registered address Agua De La Vega Del Codorno, S.L.U. Spain 100% C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain Aguas De Cospeito, S.L.U. Spain 100% Crta. Pino km. 1 - 2, 27377, Cospeito (Lugo), Spain Aguas De Santolin, S.L.U. Spain 100% C/ Real, s/n 09246, Quintanaurria , Burgos , Spain Aguas Del Maestrazgo, S.L.U. Spain 100% C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain Aguas Del Toscal, S.A.U. Spain 100% Ctra. de la Pasadilla, km, 3-35250, ingenio (Gran Canaria), Spain Aguas Vilas Del Turbon, S.L.U. Spain 100% C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain Aitonomi AG Switzerland 15% Bruderhausstrasse 10, CH-6372 Ennetmoos, Switzerland Amalgamated Beverages Great Britain Limited United Kingdom 100% (D) Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom Apand Pty Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Associated Products & Distribution Proprietary Australia 100% (D) Level 13, 40 Mount Street, North Sydney NSW 2060, Australia BBH Investment Ireland Limited Ireland 100% 6th Floor, 2 Grand Canal Square, Dublin 2, Ireland Bebidas Gaseosas Del Noroeste, S.L.U. Spain 100% Avda. Alcalde Alfonso Molina , S/N-15007, (A Coruna), Spain Beganet, S.L.U. Spain 100% Avda Paisos Catalans, 32, 08950 , Esplugues de Llobregat, Spain Beverage Bottlers (NQ) Pty Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Beverage Bottlers (QLD) Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Birtingahúsið ehf. Iceland 34.5% Laugavegur 174, 105, Reykjavík, Iceland BL Bottling Holdings UK Limited United Kingdom 100% Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom Bottling Great Britain Limited United Kingdom 100% (D) Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom Bottling Holding France SAS France 100% 9 chemin de Bretagne , 92784, Issy-les-Moulineaux, France Bottling Holdings (Luxembourg) SARL Luxembourg 100% 2, Rue des Joncs, L-1818, Howald, Luxembourg Bottling Holdings (Netherlands) B.V. Netherlands 100% Marten Meesweg 25 J, 3068 AV ROTTERDAM, Netherlands Bottling Holdings Europe Limited United Kingdom 100% (B)(E) Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom Name Country of incorporation % equity interest Registered address Brewcorp Pty Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Brewhouse Investments Pty Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia C - C Bottlers Limited Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Can Recycling (S.A.) Pty. Ltd. Australia 100% (B) Level 13, 40 Mount Street, North Sydney NSW 2060, Australia CC Digital GmbH Germany 50% Stralauer Allee 4, 10245, Berlin, Germany CC Erfrischungsgetränke Oldenburg Verwaltungs GmbH Germany 100% (I) Stralauer Allee 4, 10245, Berlin, Germany CC Iberian Partners Gestion S.L. Spain 100% C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain CC Verpackungsgesellschaft mit beschraenkter Haftung Germany 100% Schieferstrasse 20, 06126, Halle (Saale), Germany CCA Bayswater Pty Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia CCEP Australia Pty Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia CCEP Finance (Australia) Limited United Kingdom 100% (A) Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom CCEP Finance (Ireland) Designated Activity Company Ireland 100% 6th Floor, 2 Grand Canal Square, Dublin 2, Ireland CCEP Group Services Limited United Kingdom 100% Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom CCEP Holdings (Australia) Limited United Kingdom 100% (A)(D) Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom CCEP Holdings (Australia) Pty Ltd Australia 100% (A) Level 13, 40 Mount Street, North Sydney NSW 2060, Australia CCEP Holdings Norge AS Norway 100% Robsrudskogen 5, Lørenskog, 1470, Norway CCEP Holdings Sverige AB Sweden 100% Dryckesvägen 2 C, 136 87, Haninge, Sweden CCEP Holdings UK Limited United Kingdom 100% Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom CCEP Ventures Australia Pty Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia CCEP Ventures Europe Limited United Kingdom 100% (A) Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom CCEP Ventures UK Limited United Kingdom 100% (A) Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom CCEP Scottish Limited Partnership United Kingdom 100% 52 Milton Road, East Kilbride, Glasgow, Scotland, G74 5DJ CCIP Soporte, S.L.U. Spain 100% C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain Circular Plastics Australia (PET) Holdings Pty Ltd Australia 16.67% Building 3, 658 Church Street, Cremorne VIC 3121, Australia Classic Brand (Europe) Designated Activity Company Ireland 100% 4th Floor, 25-28 Adelaide Road, Dublin 2, D02 RY98, Ireland Cobega Embotellador, S.L.U. Spain 100% Avda Paisos Catalans, 32, 08950 , Esplugues de Llobregat, Spain Coca-Cola Amatil (UK) Limited United Kingdom 100% (L) 1 Bartholomew Lane, London, EC2N 2AX, United Kingdom Coca-Cola Europacific Partners (CDE Aust) Pty Limited Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Coca-Cola Europacific Partners (Fiji) Pte Limited Fiji 100% Lot 1, Ratu Dovi Road, Laucala Beach Estate, NASINU, Fiji Name Country of incorporation % equity interest Registered address Coca-Cola Europacific Partners (Holdings) Pty Limited Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Coca-Cola Europacific Partners (Initial LP) Limited United Kingdom 100% Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom Coca-Cola Europacific Partners (Scotland) Limited United Kingdom 100% 52 Milton Road, College Milton, East Kilbride, Scotland, G74 5DJ, United Kingdom Coca-Cola Europacific Partners API Pty Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Coca-Cola Europacific Partners Australia Pty Limited Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Coca-Cola Europacific Partners Belgium SRL/BV Belgium 100% Chaussée de Mons 1424, 1070 Brussels, Belgium Coca-Cola Europacific Partners Deutschland GmbH Germany 100% (F) Stralauer Allee 4, 10245, Berlin, Germany Coca-Cola Europacific Partners France SAS France 100% (G) 9 chemin de Bretagne , 92784, Issy-les-Moulineaux, France Coca-Cola Europacific Partners Great Britain Limited United Kingdom 100% Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom Coca-Cola Europacific Partners Holdings Great Britain Limited United Kingdom 100% Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom Coca-Cola Europacific Partners Holdings NZ Limited New Zealand 100% The Oasis, 19 Carbine Road, Mount Wellington, Auckland, 1060, New Zealand Coca-Cola Europacific Partners Holdings US, Inc. United States 100% (A)(D) Corporation Trust Center, 1209 Orange Street, Wilmington DE, USA Coca-Cola Europacific Partners Iberia, S.L.U. Spain 100% C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain Coca-Cola Europacific Partners Investments (Singapore) Pte. Ltd. Singapore 100% 80 Robinson Road, #02-00, 068898, Singapore Coca-Cola Europacific Partners Ísland ehf. Iceland 100% Studlahals 1, 110, Reykjavik, Iceland Coca-Cola Europacific Partners Luxembourg sàrl Luxembourg 100% 2, Rue des Joncs, L-1818, Howald, Luxembourg Coca-Cola Europacific Partners Nederland B.V. Netherlands 100% Marten Meesweg 25 J, 3068 AV ROTTERDAM, Netherlands Coca-Cola Europacific Partners New Zealand Limited New Zealand 100% The Oasis, 19 Carbine Road, Mount Wellington, Auckland, 1060, New Zealand Coca-Cola Europacific Partners Norge AS Norway 100% Robsrudskogen 5, Lørenskog, 1470, Norway Coca-Cola Europacific Partners Papua New Guinea Limited Papua New Guinea 100% Section 23, Allotment 14, Milfordhaven Road, LAE, Morobe Province, 411, Papua New Guinea Coca-Cola Europacific Partners Pension Scheme Trustees Limited United Kingdom 100% Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom Coca-Cola Europacific Partners Portugal Unipessoal LDA Portugal 100% Quinta da Salmoura - Cabanas-2925-362 Azeitão, Setúbal, Portugal Coca-Cola Europacific Partners Services Bulgaria EOOD Bulgaria 100% 48 Sitnyakovo Blvd. , Serdika Centre , Office Building, floor 5 , Sofia , 1505, Bulgaria Coca-Cola Europacific Partners Services Europe Limited United Kingdom 100% Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom Coca-Cola Europacific Partners Services SRL Belgium 100% (O) Chaussée de Mons 1424, 1070 Brussels, Belgium Coca-Cola Europacific Partners Sverige AB Sweden 100% 136 87, Haninge, Sweden Coca-Cola Europacific Partners US II, LLC United States 100% Corporation Trust Center, 1209 Orange Street, Wilmington 19801, Delaware, USA Name Country of incorporation % equity interest Registered address Coca-Cola Europacific Partners US, LLC United States 100% Corporation Trust Center, 1209 Orange Street, Wilmington 19801, USA Coca-Cola Europacific Partners Vanuatu Limited Vanuatu 100% 1st Floor, Govant Building, Kumul Highway, Port Vila, Vanuatu Coca-Cola Immobilier SCI France 100% (G) 9 chemin de Bretagne , 92784, Issy-les-Moulineaux, France Coca-Cola Production SAS France 100% Zone d' entreprises de Bergues , 59380, Commune de Socx, France Coca-Cola Australia Foundation Limited Australia —% (M) Level 13 , 40 Mount Street , North Sydney NSW 2060, Australia Compañía Asturiana De Bebidas Gaseosas, S.L.U. Spain 100% C/ Nava, 18- 3ª (Granda) Siero - 33006, Oviedo, Spain Compañía Castellana De Bebidas Gaseosas, S.L. Spain 100% C/ Ribera Del Loira 20-22, 2a Planta , 28042, (Madrid), Spain Compañía Levantina De Bebidas Gaseosas, S.L.U. Spain 100% Av. Real Monasterio de Sta. , Maria de Poblet , 3646930, Quart de Poblet , Spain Compañía Norteña De Bebidas Gaseosas, S.L.U. Spain 100% C/ Ibaizábal, 57 , Galdakao, 48960, Bizkaia, Spain Compañía Para La Comunicación De Bebidas Sin Alcohol, S.L.U. Spain 100% C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain Container Exchange (QLD) Limited Australia —% (M) Level 17, 100 Creek Street, Brisbane QLD 4000, Australia Container Exchange (Services) Pty Ltd Australia 50% Maddocks, Angel Place, Level 27, 123 Pitt Street, Sydney NSW 2000, Australia Conversia IT, S.L.U. Spain 100% C/ Ribera Del Loira 20-22, 2a Planta , 28042, Madrid, Spain Crusta Fruit Juices Proprietary Limited Australia 100% (J) Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Developed System Logistics, S.L.U. Spain 100% Av. Henry Ford 25, Manzana 19, Complejo Pq.Ind.Juan , CARLOS I , 46220, Picassent , Valencia , Spain Endurvinnslan hf. Iceland 20% Knarravogur 4, 104 Reykjavik, Iceland Exchange for Change (ACT) Pty Ltd Australia 20% Building C, Suite 6, Level 1, 1 Homebush Bay Drive, Rhodes NSW 2138, Australia Exchange for Change (Australia) Pty Ltd Australia 20% Building C, Suite 6, Level 1, 1 Homebush Bay Drive, Rhodes NSW 2138, Australia Exchange for Change (NSW) Pty Ltd Australia 20% Building C, Suite 6, Level 1, 1 Homebush Bay Drive, Rhodes NSW 2138, Australia Feral Brewing Company Pty Ltd Australia 100% (K) Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Foodl B.V. Netherlands 33.3% HNK Utrecht West, V.02, Weg der Verenigde Naties 1, 3527 KT, Utrecht, Netherlands GR Bottling Holdings UK Limited United Kingdom 100% (A) Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom Infineo Recyclage SAS France 49% (H) Sainte Marie la Blanche , 21200, Dijon , France Innovative Tap Solutions Inc. United States 21.8% 300 Brookside Avenue, Ambler, PA 19002, USA Instelling voor Bedrijfspensioenvoorziening Coca-Cola Europacific Partners Belgium/Coca-Cola Europacific Partners Services – Bedienden-Arbeiders OFP Belgium 100% 1424 – B1070 Bergensesteenweg, Brussels, Belgium Instelling voor Bedrijfspensioenvoorziening Coca-Cola Europacific Partners Belgium/Coca-Cola Europacific Partners Services – Kaderleden OFP Belgium 100% 1424 – B1070 Bergensesteenweg, Brussels, Belgium Name Country of incorporation % equity interest Registered address Iparbal, 99 S.L. Spain 100% C/ Ibaizábal, 57, 48960, Bizkaia, Galdakao, Spain Iparsoft, 2004 S.L. Spain 100% C/ Ibaizábal, 57, 48960, Bizkaia, Galdakao, Spain Kollex GmbH Germany 20% Kottbusser Damm 25-26 , 10967, Berlin, Germany Lavit Holdings Inc United States 13.7% 27 West 20th Street, Suite 1004, New York NY 10011, USA Lusobega, S.L. Spain 100% C/ Ibaizábal, 57, 48960, Bizkaia, Galdakao, Spain Madrid Ecoplatform, S.L.U. Spain 100% C/Pedro Lara, 8 Pq. Tecnologico de Leganes , 28919, (Leganes), Spain Mahija Parahita Nusantara Foundation Indonesia —% (M) South Quarter Tower C, 22nd (P) Floor, Jalan R.A. Kartini, Kav.8, Cilandak Barat, Cilandak, South Jakarta , 12430, Indonesia Matila Nominees Pty. Limited Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Neverfail Bottled Water Co Pty Limited Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Neverfail SA Pty. Limited Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Neverfail Springwater (VIC) Pty Limited Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Neverfail Springwater Co Pty Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Neverfail Springwater Co. (QLD) Pty. Limited Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Neverfail Springwater Pty Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Neverfail WA Pty. Limited Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Pacbev Pty Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Paradise Beverages (Fiji) Pte Limited Fiji 100% 122-164 Foster Road, Walu Bay, Suva, Fiji PEÑA Umbria S.L.U. Spain 100% Av. Real Monasterio de Sta. , Maria de Poblet , 3646930, Quart de Poblet , Spain Perfect Fruit Company Pty Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia PT Amandina Bumi Nusantara Indonesia 35.31% South Quarter Tower C, 22nd (P) Floor, Jalan R.A. Kartini, Kav.8, Cilandak Barat, Cilandak, South Jakarta , 12430, Indonesia PT Coca-Cola Bottling Indonesia Indonesia 70.6% (C) South Quarter Tower C, 22nd (P) Floor, Jalan R.A. Kartini, Kav.8, Cilandak Barat, Cilandak, South Jakarta , 12430, Indonesia PT Coca-Cola Distribution Indonesia Indonesia 70.63% South Quarter Tower C, 22nd (P) Floor, Jalan R.A. Kartini, Kav.8, Cilandak Barat, Cilandak, South Jakarta , 12430, Indonesia Purna Pty. Ltd. Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Quenchy Crusta Sales Pty. Ltd. Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Real Oz Water Supply Co (QLD) Pty Limited Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Refrescos Envasados Del Sur, S.L.U. Spain 100% Autovía del Sur A-IV, km.528- 41309 , La Rinconada, Sevilla, Spain Refrige SGPS, Unipessoal, LDA Portugal 100% Quinta da Salmoura - Cabanas-2925-362 Azeitão, Setúbal, Portugal Roalba, S.L.U. Spain 100% C/ Ibaizábal, 57, 48960, Bizkaia, Galdakao, Spain Name Country of incorporation % equity interest Registered address Sale Proprietary Co 1 Pty Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Sale Proprietary Co 2 Pty Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Sale Proprietary Co 3 Pty Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Sale Proprietary Co 4 Pty Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Sale Proprietary Co 5 Pty Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Sale Proprietary Co 6 Pty Ltd Australia 100% (P) Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Sale Proprietary Co 7 Pty Ltd Australia 100% Level 13, 40 Mount Street, North Sydney NSW 2060, Australia Samoa Breweries Limited Samoa 93.85% Vaitele Industrial Zone, Vaitele Tai, Faleata Sisifo, Samoa Solares y Edificios Norteños, S.L.U. Spain 100% C/ Ibaizábal, 57, 48960, Bizkaia, Galdakao, Spain Starstock Group Limited United Kingdom 28.05% 2nd Floor, 140, Fenchurch Street, London, England, EC3M 6BL, United Kingdom TasRecycle Limited Australia —% (N) Level 9, 85 Macquarie Street, Hobart TAS 7000, Australia VicRecycle Limited Australia —% (N) HWL Ebsworth Lawyers, Level 8, 447 Collins Street, Melbourne VIC 3000, Australia WA Return Recycle Renew Ltd Australia —% (M) Unit 2, 1 Centro Avenue, Subiaco WA 6008, Australia Wabi Portugal, Unipessoal LDA Portugal 100% Nº 16-A, Fracçao B, 5º Piso, Edificio Miraflores Premium Distrito: Lisboa Concelho: Oieras Freguesia: Algés, Linda-a-Velha e Cruz Quebrada-Dafundo 1495 190 Algés, Portugal WB Investment Ireland 2 Limited Ireland 100% 6th Floor, 2 Grand Canal Square, Dublin 2, Ireland WBH Holdings Luxembourg SCS Luxembourg 100% 2, Rue des Joncs, L-1818, Howald, Luxembourg WIH UK Limited United Kingdom 100% (A) Pemberton House, Bakers Road, Uxbridge, England, UB8 1EZ, United Kingdom Wir Sind Coca-Cola GmbH Germany 100% Stralauer Allee 4, 10245, Berlin, Germany (A) 100% equity interest directly held by Coca-Cola Europacific Partners plc. (B) Class A and B ordinary shares. (C) Series A, B, and C shares. (D) Including preference shares issued to the Group. (E) 38.3% equity interest directly held by Coca-Cola Europacific Partners plc (100% of A ordinary shares in issue). (F) 10% equity interest directly held by Coca-Cola Europacific Partners plc. (G) Group shareholding of 99.99% or greater. (H) Class A and B shares. The Group holds 49% of Class B shares. (I) In liquidation. (J) Class A and F shares. |
General information and basis_4
General information and basis of preparation - Narrative (Details) | Dec. 31, 2022 € / shares |
Ordinary shares | |
Disclosure of classes of share capital [line items] | |
Par value per share (in Euro per share) | € 0.01 |
General information and basis_5
General information and basis of preparation - Exchange Rates Used for Translation (Details) | 12 Months Ended | ||
Dec. 31, 2022 IDR (Rp) | Dec. 31, 2021 | Dec. 31, 2020 | |
British pound | |||
Disclosure of classes of share capital [line items] | |||
Average for the year ended 31 December | 1.17 | 1.16 | 1.13 |
Closing as at 31 December | 1.13 | 1.19 | |
US dollar | |||
Disclosure of classes of share capital [line items] | |||
Average for the year ended 31 December | 0.95 | 0.85 | 0.88 |
Closing as at 31 December | 0.94 | 0.88 | |
Norwegian krone | |||
Disclosure of classes of share capital [line items] | |||
Average for the year ended 31 December | 0.10 | 0.10 | 0.09 |
Closing as at 31 December | 0.10 | 0.10 | |
Swedish krone | |||
Disclosure of classes of share capital [line items] | |||
Average for the year ended 31 December | 0.09 | 0.10 | 0.10 |
Closing as at 31 December | 0.09 | 0.10 | |
Icelandic krone | |||
Disclosure of classes of share capital [line items] | |||
Average for the year ended 31 December | 0.01 | 0.01 | 0.01 |
Closing as at 31 December | 0.01 | 0.01 | |
Australian dollar | |||
Disclosure of classes of share capital [line items] | |||
Average for the year ended 31 December | 0.66 | 0.63 | |
Closing as at 31 December | 0.64 | 0.64 | |
Indonesian Rupiah | |||
Disclosure of classes of share capital [line items] | |||
Average for the year ended 31 December | 0.06 | 0.06 | |
Closing as at 31 December | 0.06 | 0.06 | |
Amount of currency obtained in exchange | Rp 1,000 | ||
New Zealand dollar | |||
Disclosure of classes of share capital [line items] | |||
Average for the year ended 31 December | 0.60 | 0.60 | |
Closing as at 31 December | 0.60 | 0.60 | |
Papua New Guinean kina | |||
Disclosure of classes of share capital [line items] | |||
Average for the year ended 31 December | 0.27 | 0.24 | |
Closing as at 31 December | 0.27 | 0.25 |
General information and basis_6
General information and basis of preparation - Number of Selling Days (Details) - day | 6 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2022 | Jul. 01, 2022 | Dec. 31, 2021 | Jul. 02, 2021 | Dec. 31, 2020 | Jun. 26, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Corporate Information And Statement of IFRS Compliance [Abstract] | |||||||||
Number of selling days in period | 130 | 130 | 130 | 131 | 134 | 128 | 260 | 261 | 262 |
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% |
Segment information - Schedule
Segment information - Schedule of Operating Results per Geographic Segment (Details) - EUR (€) € in Millions | 1 Months Ended | 12 Months Ended | |||
May 10, 2021 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue | € 17,320 | € 13,763 | € 10,606 | ||
Comparable operating profit | 2,138 | 1,772 | 1,194 | ||
Items impacting comparability | (52) | (256) | (381) | ||
Operating profit | 2,086 | 1,516 | 813 | ||
Total finance costs, net | (114) | (129) | (111) | ||
Non-operating items | (15) | (5) | (7) | ||
Profit before taxes | 1,957 | 1,382 | 695 | ||
Restructuring charges including accelerated depreciation | 163 | 153 | 368 | ||
Other income | € 96 | 96 | 0 | 0 | |
Net income from reimbursements under insurance policies | 11 | ||||
Administrative expenses | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Restructuring charges including accelerated depreciation | 143 | 91 | 248 | ||
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 | 49 | ||||
Europe | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue | 13,529 | 11,584 | 10,606 | ||
Comparable operating profit | 1,670 | 1,500 | 1,194 | ||
Depreciation and amortisation expense | 549 | 564 | 606 | ||
API | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Revenue | 3,791 | 2,179 | 0 | ||
Comparable operating profit | 468 | 272 | € 0 | ||
Depreciation and amortisation expense | € 223 | € 162 |
Segment information - Segment R
Segment information - Segment Revenue and Assets by Geography (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of geographical areas [line items] | |||
Revenue | € 17,320 | € 13,763 | € 10,606 |
Non-current assets other than financial instruments and deferred tax assets | 22,558 | 23,044 | |
Europe | |||
Disclosure of geographical areas [line items] | |||
Revenue | 13,529 | 11,584 | 10,606 |
Non-current assets other than financial instruments and deferred tax assets | 14,796 | 15,225 | |
Iberia | |||
Disclosure of geographical areas [line items] | |||
Revenue | 3,034 | 2,495 | 2,173 |
Non-current assets other than financial instruments and deferred tax assets | 6,401 | 6,644 | |
Germany | |||
Disclosure of geographical areas [line items] | |||
Revenue | 2,682 | 2,335 | 2,270 |
Non-current assets other than financial instruments and deferred tax assets | 3,091 | 3,077 | |
Great Britain | |||
Disclosure of geographical areas [line items] | |||
Revenue | 3,088 | 2,613 | 2,203 |
Non-current assets other than financial instruments and deferred tax assets | 2,469 | 2,680 | |
France | |||
Disclosure of geographical areas [line items] | |||
Revenue | 2,089 | 1,813 | 1,709 |
Non-current assets other than financial instruments and deferred tax assets | 896 | 887 | |
Belgium/Luxembourg | |||
Disclosure of geographical areas [line items] | |||
Revenue | 1,042 | 926 | 892 |
Non-current assets other than financial instruments and deferred tax assets | 613 | 600 | |
Netherlands | |||
Disclosure of geographical areas [line items] | |||
Revenue | 682 | 557 | 529 |
Non-current assets other than financial instruments and deferred tax assets | 428 | 432 | |
Norway | |||
Disclosure of geographical areas [line items] | |||
Revenue | 404 | 391 | 423 |
Non-current assets other than financial instruments and deferred tax assets | 242 | 247 | |
Sweden | |||
Disclosure of geographical areas [line items] | |||
Revenue | 421 | 375 | 337 |
Non-current assets other than financial instruments and deferred tax assets | 349 | 379 | |
Iceland | |||
Disclosure of geographical areas [line items] | |||
Revenue | 87 | 79 | 70 |
Non-current assets other than financial instruments and deferred tax assets | 36 | 34 | |
Other unallocated | |||
Disclosure of geographical areas [line items] | |||
Non-current assets other than financial instruments and deferred tax assets | 271 | 245 | |
Total API | |||
Disclosure of geographical areas [line items] | |||
Revenue | 3,791 | 2,179 | 0 |
Non-current assets other than financial instruments and deferred tax assets | 7,762 | 7,819 | |
Australia | |||
Disclosure of geographical areas [line items] | |||
Revenue | 2,339 | 1,359 | 0 |
Non-current assets other than financial instruments and deferred tax assets | 5,281 | 5,356 | |
New Zealand and Pacific Islands | |||
Disclosure of geographical areas [line items] | |||
Revenue | 649 | 377 | 0 |
Non-current assets other than financial instruments and deferred tax assets | 1,755 | 1,751 | |
Indonesia and Papua New Guinea | |||
Disclosure of geographical areas [line items] | |||
Revenue | 803 | 443 | € 0 |
Non-current assets other than financial instruments and deferred tax assets | € 726 | € 712 |
Earnings per share - Summary of
Earnings per share - Summary of Basic and Diluted Earnings Per Ordinary Share (Details) - EUR (€) € / shares in Units, € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share [abstract] | |||
Profit after taxes attributable to equity shareholders (€ million) | € 1,508 | € 982 | € 498 |
Basic weighted average number of shares in issue (million) (in shares) | 457,000,000 | 456,000,000 | 455,000,000 |
Effect of dilutive potential shares (million) (in shares) | 1,000,000 | 1,000,000 | 1,000,000 |
Diluted weighted average number of shares in issue (million) (in shares) | 458,000,000 | 457,000,000 | 456,000,000 |
Basic earnings per share (in EUR per share) | € 3.30 | € 2.15 | € 1.09 |
Diluted earnings per share (in EUR per share) | € 3.29 | € 2.15 | € 1.09 |
Number of shares issued and fully paid (in shares) | 457,106,453 | 456,235,032 | 454,645,510 |
Antidilutive options excluded from diluted earnings per share share (in shares) | 0 | 0 | 0 |
Intangible assets and goodwil_2
Intangible assets and goodwill - Narrative (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets | € 12,505 | € 12,639 | |
Pacific CGU | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Headroom percentage | 15% | ||
Percent by which value assigned to discount rate must change in order to result in an impairment | 1% | ||
Percent by which value assigned to terminal growth rate must change in order to result in impairment | 0.80% | ||
Software | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets and goodwill | € 261 | 274 | € 149 |
Software | Accumulated amortisation | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Amortisation expense | 83 | 75 | 54 |
Intangible assets and goodwill | € (360) | (297) | (233) |
Customer relationships | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Useful lives of intangible assets other than goodwill | 20 years | ||
Intangible assets and goodwill | € 134 | 144 | 118 |
Customer relationships | Accumulated amortisation | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Amortisation expense | 10 | 9 | 8 |
Intangible assets and goodwill | € (61) | (53) | (43) |
Non-TCCC franchise intangible | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Useful lives of intangible assets other than goodwill | 20 years | ||
Intangible assets and goodwill | € 135 | 144 | 0 |
Non-TCCC franchise intangible | Accumulated amortisation | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Amortisation expense | 8 | 5 | |
Intangible assets and goodwill | (13) | (5) | 0 |
Franchise intangible | Nonsignificant cash-generating units | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets and goodwill | 1,369 | ||
Goodwill | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets and goodwill | 4,600 | 4,623 | 2,517 |
Goodwill | Nonsignificant cash-generating units | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets and goodwill | 380 | ||
Goodwill | Accumulated amortisation | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Amortisation expense | 0 | 0 | |
Intangible assets and goodwill | € 0 | € 0 | € 0 |
Low | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Terminal growth rate (or less) | 2% | ||
Low | Software | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Useful lives of intangible assets other than goodwill | 5 years | ||
High | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Terminal growth rate (or less) | 4.50% | ||
High | Software | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Useful lives of intangible assets other than goodwill | 7 years | ||
TCCC franchise intangible | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Agreement term | 10 years | ||
Renewal term | 10 years |
Intangible assets and goodwil_3
Intangible assets and goodwill - Summary of the Carrying Amounts of Intangible Assets and Goodwill (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Total intangibles | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance at beginning of period | € 12,639 | € 8,414 | |
Balance at end of period | 12,505 | 12,639 | € 8,414 |
Total intangibles | Cost: | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance at beginning of period | 12,994 | 8,690 | |
Additions | 104 | 105 | |
Disposals | (28) | (23) | |
Transfers and reclassifications | 12 | 0 | |
Assets held for sale | (189) | ||
Currency translation adjustments | (136) | 126 | |
Balance at end of period | 12,946 | 12,994 | 8,690 |
Total intangibles | Cost: | TCCC franchise intangible | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Acquisition of CCL | 4,285 | ||
Total intangibles | Accumulated amortisation | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance at beginning of period | (355) | (276) | |
Amortisation expense | (101) | (89) | |
Disposals | 22 | 20 | |
Currency translation adjustments | (7) | (10) | |
Balance at end of period | (441) | (355) | (276) |
TCCC franchise intangible | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance at beginning of period | 12,008 | 8,078 | |
Balance at end of period | 11,874 | 12,008 | 8,078 |
TCCC franchise intangible | Cost: | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance at beginning of period | 12,008 | 8,078 | |
Additions | 0 | 0 | |
Disposals | 0 | 0 | |
Transfers and reclassifications | 0 | 0 | |
Assets held for sale | 0 | ||
Currency translation adjustments | (134) | 108 | |
Balance at end of period | 11,874 | 12,008 | 8,078 |
TCCC franchise intangible | Cost: | TCCC franchise intangible | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Acquisition of CCL | 3,822 | ||
TCCC franchise intangible | Accumulated amortisation | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance at beginning of period | 0 | 0 | |
Amortisation expense | 0 | 0 | |
Disposals | 0 | 0 | |
Currency translation adjustments | 0 | 0 | |
Balance at end of period | 0 | 0 | 0 |
Brands | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance at beginning of period | 22 | 0 | |
Balance at end of period | 32 | 22 | 0 |
Brands | Cost: | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance at beginning of period | 22 | 0 | |
Additions | 0 | 0 | |
Disposals | 0 | 0 | |
Transfers and reclassifications | 11 | 0 | |
Assets held for sale | (189) | ||
Currency translation adjustments | 6 | 0 | |
Balance at end of period | 39 | 22 | 0 |
Brands | Cost: | TCCC franchise intangible | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Acquisition of CCL | 211 | ||
Brands | Accumulated amortisation | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance at beginning of period | 0 | 0 | |
Amortisation expense | 0 | 0 | |
Disposals | 0 | 0 | |
Currency translation adjustments | (7) | 0 | |
Balance at end of period | (7) | 0 | 0 |
Software | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance at beginning of period | 274 | 149 | |
Balance at end of period | 261 | 274 | 149 |
Software | Cost: | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance at beginning of period | 571 | 382 | |
Additions | 40 | 65 | |
Disposals | (27) | (23) | |
Transfers and reclassifications | 39 | 74 | |
Assets held for sale | 0 | ||
Currency translation adjustments | (2) | 18 | |
Balance at end of period | 621 | 571 | 382 |
Software | Cost: | TCCC franchise intangible | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Acquisition of CCL | 55 | ||
Software | Accumulated amortisation | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance at beginning of period | (297) | (233) | |
Amortisation expense | (83) | (75) | (54) |
Disposals | 22 | 20 | |
Currency translation adjustments | (2) | (9) | |
Balance at end of period | (360) | (297) | (233) |
Customer relationships | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance at beginning of period | 144 | 118 | |
Balance at end of period | 134 | 144 | 118 |
Customer relationships | Cost: | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance at beginning of period | 197 | 161 | |
Additions | 1 | 0 | |
Disposals | 0 | 0 | |
Transfers and reclassifications | 0 | 0 | |
Assets held for sale | 0 | ||
Currency translation adjustments | (3) | (1) | |
Balance at end of period | 195 | 197 | 161 |
Customer relationships | Cost: | TCCC franchise intangible | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Acquisition of CCL | 37 | ||
Customer relationships | Accumulated amortisation | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance at beginning of period | (53) | (43) | |
Amortisation expense | (10) | (9) | (8) |
Disposals | 0 | 0 | |
Currency translation adjustments | 2 | (1) | |
Balance at end of period | (61) | (53) | (43) |
Non-TCCC franchise intangible | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance at beginning of period | 144 | 0 | |
Balance at end of period | 135 | 144 | 0 |
Non-TCCC franchise intangible | Cost: | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance at beginning of period | 149 | 0 | |
Additions | 0 | 0 | |
Disposals | 0 | 0 | |
Transfers and reclassifications | 0 | 0 | |
Assets held for sale | 0 | ||
Currency translation adjustments | (1) | 0 | |
Balance at end of period | 148 | 149 | 0 |
Non-TCCC franchise intangible | Cost: | TCCC franchise intangible | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Acquisition of CCL | 149 | ||
Non-TCCC franchise intangible | Accumulated amortisation | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance at beginning of period | (5) | 0 | |
Amortisation expense | (8) | (5) | |
Disposals | 0 | 0 | |
Currency translation adjustments | 0 | 0 | |
Balance at end of period | (13) | (5) | 0 |
Assets under construction | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance at beginning of period | 47 | 69 | |
Balance at end of period | 69 | 47 | 69 |
Assets under construction | Cost: | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance at beginning of period | 47 | 69 | |
Additions | 63 | 40 | |
Disposals | (1) | 0 | |
Transfers and reclassifications | (38) | (74) | |
Assets held for sale | 0 | ||
Currency translation adjustments | (2) | 1 | |
Balance at end of period | 69 | 47 | 69 |
Assets under construction | Cost: | TCCC franchise intangible | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Acquisition of CCL | 11 | ||
Assets under construction | Accumulated amortisation | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance at beginning of period | 0 | 0 | |
Amortisation expense | 0 | 0 | |
Disposals | 0 | 0 | |
Currency translation adjustments | 0 | 0 | |
Balance at end of period | 0 | 0 | 0 |
Goodwill | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance at beginning of period | 4,623 | 2,517 | |
Balance at end of period | 4,600 | 4,623 | 2,517 |
Goodwill | Cost: | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance at beginning of period | 4,623 | 2,517 | |
Additions | 0 | 0 | |
Disposals | 0 | 0 | |
Transfers and reclassifications | 0 | 0 | |
Assets held for sale | 0 | ||
Currency translation adjustments | (23) | 9 | |
Balance at end of period | 4,600 | 4,623 | 2,517 |
Goodwill | Cost: | TCCC franchise intangible | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Acquisition of CCL | 2,097 | ||
Goodwill | Accumulated amortisation | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance at beginning of period | 0 | 0 | |
Amortisation expense | 0 | 0 | |
Disposals | 0 | 0 | |
Currency translation adjustments | 0 | 0 | |
Balance at end of period | € 0 | € 0 | € 0 |
Intangible assets and goodwil_4
Intangible assets and goodwill - Summary of Intangible Assets and Goodwill Attributable to Significant Cash-Generating Units (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets | € 12,505 | € 12,639 |
Goodwill | 4,600 | 4,623 |
Iberia | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets | 4,289 | 4,289 |
Goodwill | 1,275 | 1,275 |
Australia | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets | 2,690 | 2,698 |
Goodwill | 1,450 | 1,459 |
Great Britain | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets | 1,646 | 1,740 |
Goodwill | 200 | 200 |
Germany | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets | 1,060 | 1,060 |
Goodwill | 748 | 748 |
Pacific | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Intangible assets | 849 | 863 |
Goodwill | € 547 | € 556 |
Intangible assets and goodwil_5
Intangible assets and goodwill - Summary of Pre-tax Discount Rates Attributable to Significant Cash-Generating Units (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Iberia | ||
Disclosure of information for cash-generating units [line items] | ||
Discount rate applied to cash flow projections | 8.70% | 9.30% |
Great Britain | ||
Disclosure of information for cash-generating units [line items] | ||
Discount rate applied to cash flow projections | 9.30% | 9.90% |
Germany | ||
Disclosure of information for cash-generating units [line items] | ||
Discount rate applied to cash flow projections | 7.90% | 9.30% |
Australia | ||
Disclosure of information for cash-generating units [line items] | ||
Discount rate applied to cash flow projections | 9.10% | 0% |
Pacific | ||
Disclosure of information for cash-generating units [line items] | ||
Discount rate applied to cash flow projections | 9.70% | 0% |
Property, plant and equipment -
Property, plant and equipment - Summary of Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Low | Buildings and improvements | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives (years) | 10 years |
Low | Machinery, equipment and containers | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives (years) | 3 years |
Low | Cold drink equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives (years) | 2 years |
Low | Vehicle fleet | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives (years) | 3 years |
Low | Furniture and office equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives (years) | 3 years |
High | Buildings and improvements | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives (years) | 40 years |
High | Machinery, equipment and containers | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives (years) | 20 years |
High | Cold drink equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives (years) | 12 years |
High | Vehicle fleet | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives (years) | 12 years |
High | Furniture and office equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives (years) | 10 years |
Property, plant and equipment_2
Property, plant and equipment - Summary of Movement (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment beginning of period | € 5,248 | € 3,860 |
Assets held for sale | (4) | |
Property, plant and equipment end of period | 5,201 | 5,248 |
Cost: | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment beginning of period | 8,360 | 6,845 |
Acquisition of CCL | 1,568 | |
Additions | 785 | 479 |
Disposals | (249) | |
Assets held for sale | (63) | |
Transfers and reclassifications | 1 | (4) |
Currency translation adjustments | (71) | 109 |
Property, plant and equipment end of period | 8,763 | 8,360 |
Cost: | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Disposals | (637) | |
Accumulated depreciation: | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment beginning of period | (3,112) | (2,985) |
Depreciation expense | (715) | (693) |
Disposals | 234 | 610 |
Assets held for sale | 19 | |
Transfers and reclassifications | 1 | |
Currency translation adjustments | 11 | (44) |
Property, plant and equipment end of period | (3,562) | (3,112) |
Land | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment beginning of period | 663 | 317 |
Property, plant and equipment end of period | 648 | 663 |
Land | Cost: | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment beginning of period | 663 | 317 |
Acquisition of CCL | 339 | |
Additions | 1 | 2 |
Disposals | (3) | |
Assets held for sale | (29) | |
Transfers and reclassifications | 27 | 0 |
Currency translation adjustments | (11) | 8 |
Property, plant and equipment end of period | 648 | 663 |
Land | Cost: | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Disposals | (3) | |
Land | Accumulated depreciation: | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment beginning of period | 0 | 0 |
Depreciation expense | 0 | 0 |
Disposals | 0 | 0 |
Assets held for sale | 0 | |
Transfers and reclassifications | 0 | |
Currency translation adjustments | 0 | 0 |
Property, plant and equipment end of period | 0 | 0 |
Buildings and improvements | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment beginning of period | 1,663 | 1,195 |
Property, plant and equipment end of period | 1,658 | 1,663 |
Buildings and improvements | Cost: | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment beginning of period | 2,429 | 1,846 |
Acquisition of CCL | 492 | |
Additions | 131 | 41 |
Disposals | (28) | |
Assets held for sale | (26) | |
Transfers and reclassifications | 37 | 47 |
Currency translation adjustments | (42) | 31 |
Property, plant and equipment end of period | 2,501 | 2,429 |
Buildings and improvements | Cost: | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Disposals | (28) | |
Buildings and improvements | Accumulated depreciation: | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment beginning of period | (766) | (651) |
Depreciation expense | (128) | (123) |
Disposals | 19 | 17 |
Assets held for sale | 10 | |
Transfers and reclassifications | 0 | |
Currency translation adjustments | 22 | (9) |
Property, plant and equipment end of period | (843) | (766) |
Machinery, equipment and containers | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment beginning of period | 2,105 | 1,638 |
Property, plant and equipment end of period | 1,985 | 2,105 |
Machinery, equipment and containers | Cost: | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment beginning of period | 3,578 | 2,975 |
Acquisition of CCL | 529 | |
Additions | 221 | 119 |
Disposals | (103) | |
Assets held for sale | (8) | |
Transfers and reclassifications | 75 | 129 |
Currency translation adjustments | (40) | 44 |
Property, plant and equipment end of period | 3,723 | 3,578 |
Machinery, equipment and containers | Cost: | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Disposals | (218) | |
Machinery, equipment and containers | Accumulated depreciation: | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment beginning of period | (1,473) | (1,337) |
Depreciation expense | (380) | (326) |
Disposals | 105 | 208 |
Assets held for sale | 9 | |
Transfers and reclassifications | 3 | |
Currency translation adjustments | (2) | (18) |
Property, plant and equipment end of period | (1,738) | (1,473) |
Cold drink equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment beginning of period | 395 | 383 |
Property, plant and equipment end of period | 385 | 395 |
Cold drink equipment | Cost: | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment beginning of period | 1,026 | 1,155 |
Acquisition of CCL | 108 | |
Additions | 65 | 50 |
Disposals | (49) | |
Assets held for sale | 0 | |
Transfers and reclassifications | 36 | 11 |
Currency translation adjustments | 32 | 21 |
Property, plant and equipment end of period | 1,110 | 1,026 |
Cold drink equipment | Cost: | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Disposals | (319) | |
Cold drink equipment | Accumulated depreciation: | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment beginning of period | (631) | (772) |
Depreciation expense | (127) | (163) |
Disposals | 49 | 319 |
Assets held for sale | 0 | |
Transfers and reclassifications | (2) | |
Currency translation adjustments | (14) | (15) |
Property, plant and equipment end of period | (725) | (631) |
Vehicle fleet | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment beginning of period | 147 | 142 |
Property, plant and equipment end of period | 144 | 147 |
Vehicle fleet | Cost: | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment beginning of period | 298 | 283 |
Acquisition of CCL | 7 | |
Additions | 59 | 62 |
Disposals | (58) | |
Assets held for sale | 0 | |
Transfers and reclassifications | 2 | 1 |
Currency translation adjustments | (4) | (1) |
Property, plant and equipment end of period | 297 | 298 |
Vehicle fleet | Cost: | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Disposals | (54) | |
Vehicle fleet | Accumulated depreciation: | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment beginning of period | (151) | (141) |
Depreciation expense | (58) | (61) |
Disposals | 53 | 51 |
Assets held for sale | 0 | |
Transfers and reclassifications | 0 | |
Currency translation adjustments | 3 | 0 |
Property, plant and equipment end of period | (153) | (151) |
Furniture and office equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment beginning of period | 69 | 60 |
Property, plant and equipment end of period | 76 | 69 |
Furniture and office equipment | Cost: | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment beginning of period | 160 | 144 |
Acquisition of CCL | 15 | |
Additions | 21 | 10 |
Disposals | (8) | |
Assets held for sale | 0 | |
Transfers and reclassifications | 8 | 5 |
Currency translation adjustments | (2) | 2 |
Property, plant and equipment end of period | 179 | 160 |
Furniture and office equipment | Cost: | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Disposals | (16) | |
Furniture and office equipment | Accumulated depreciation: | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment beginning of period | (91) | (84) |
Depreciation expense | (22) | (20) |
Disposals | 8 | 15 |
Assets held for sale | 0 | |
Transfers and reclassifications | 0 | |
Currency translation adjustments | 2 | (2) |
Property, plant and equipment end of period | (103) | (91) |
Assets under construction | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment beginning of period | 206 | 125 |
Property, plant and equipment end of period | 305 | 206 |
Assets under construction | Cost: | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment beginning of period | 206 | 125 |
Acquisition of CCL | 78 | |
Additions | 287 | 195 |
Disposals | 0 | |
Assets held for sale | 0 | |
Transfers and reclassifications | (184) | (197) |
Currency translation adjustments | (4) | 4 |
Property, plant and equipment end of period | 305 | 206 |
Assets under construction | Cost: | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Disposals | 1 | |
Assets under construction | Accumulated depreciation: | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment beginning of period | 0 | 0 |
Depreciation expense | 0 | 0 |
Disposals | 0 | 0 |
Assets held for sale | 0 | |
Transfers and reclassifications | 0 | |
Currency translation adjustments | 0 | 0 |
Property, plant and equipment end of period | € 0 | € 0 |
Property, plant and equipment_3
Property, plant and equipment - Right-to-Use Assets (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | € 683 | € 649 |
Additions to right-of-use assets | 156 | 139 |
Buildings and improvements | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | 465 | 438 |
Additions to right-of-use assets | 63 | 56 |
Vehicle fleet | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | 133 | 135 |
Additions to right-of-use assets | 57 | 59 |
Machinery, equipment and containers | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | 82 | 71 |
Additions to right-of-use assets | 34 | 22 |
Furniture and office equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use assets | 3 | 5 |
Additions to right-of-use assets | € 2 | € 2 |
Property, plant and equipment_4
Property, plant and equipment - Narrative (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | ||
Additions to right-of-use assets | € 208 | € 120 |
Expense relating to low value and short-term leases | 24 | 16 |
Value of lease extension and termination options, right-of-use assets | 35 | 16 |
Expense relating to variable lease payments not included in measurement of lease liabilities | € 153 | € 93 |
Inventories (Details)
Inventories (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Inventories [Abstract] | |||
Finished goods | € 777 | € 635 | |
Raw materials and supplies | 452 | 375 | |
Spare parts and other | 151 | 147 | |
Total inventories | 1,380 | 1,157 | |
Write-down of inventories | € 41 | € 41 | € 29 |
Trade accounts receivable - Nar
Trade accounts receivable - Narrative (Details) - Credit risk | 12 Months Ended |
Dec. 31, 2022 | |
Low | |
Disclosure Of Trade Receivables [Line Items] | |
Accounts receivable term | 30 days |
High | |
Disclosure Of Trade Receivables [Line Items] | |
Accounts receivable term | 60 days |
Trade accounts receivable - Sum
Trade accounts receivable - Summary of Trade Accounts Receivable Outstanding (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Trade Receivables [Line Items] | ||
Total trade accounts receivable | € 2,466 | € 2,305 |
Trade accounts receivable, gross | ||
Disclosure Of Trade Receivables [Line Items] | ||
Total trade accounts receivable | 2,523 | 2,354 |
Allowance for doubtful accounts | ||
Disclosure Of Trade Receivables [Line Items] | ||
Total trade accounts receivable | € (57) | € (49) |
Trade accounts receivable - S_2
Trade accounts receivable - Summary of Aging of Trade Accounts Receivable, Net of Allowance for Doubtful Accounts (Details) - Trade receivables - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | € 2,466 | € 2,305 |
Not past due | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 2,287 | 2,172 |
Past due 1 – 30 days | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 102 | 88 |
Past due 31 – 60 days | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 30 | 18 |
Past due 61 – 90 days | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 15 | 9 |
Past due 91 – 120 days | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 14 | 3 |
Past due 121+ days | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | € 18 | € 15 |
Trade accounts receivable - S_3
Trade accounts receivable - Summary of Allowance For Doubtful Accounts (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Changes in allowance account for credit losses of financial assets [abstract] | ||
Currency translation adjustments | € 1 | |
Trade receivables | ||
Changes in allowance account for credit losses of financial assets [abstract] | ||
Balance at beginning of period | (49) | € (39) |
Provision for impairment recognised during the year | (15) | (13) |
Receivables written off during the year as uncollectible | 5 | 3 |
Reversals | 1 | |
Balance at end of period | € (57) | € (49) |
Cash and cash equivalents and_3
Cash and cash equivalents and short term investments - Summary of Cash and Cash Equivalents Outstanding (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and cash equivalents [abstract] | ||||
Cash at banks and on hand | € 491 | € 708 | ||
Short-term deposits and securities | 896 | 699 | ||
Total cash and cash equivalents | € 1,387 | € 1,407 | € 1,523 | € 316 |
Cash and cash equivalents and_4
Cash and cash equivalents and short term investments - Cash and Cash Equivalents by Currency (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of Cash and Cash Equivalents by Currency [Line Items] | ||||
Cash and cash equivalents | € 1,387 | € 1,407 | € 1,523 | € 316 |
Euro | ||||
Disclosure of Cash and Cash Equivalents by Currency [Line Items] | ||||
Cash and cash equivalents | 477 | 524 | ||
British pound | ||||
Disclosure of Cash and Cash Equivalents by Currency [Line Items] | ||||
Cash and cash equivalents | 190 | 337 | ||
US dollar | ||||
Disclosure of Cash and Cash Equivalents by Currency [Line Items] | ||||
Cash and cash equivalents | 88 | 74 | ||
Norwegian krone | ||||
Disclosure of Cash and Cash Equivalents by Currency [Line Items] | ||||
Cash and cash equivalents | 35 | 64 | ||
Swedish krona | ||||
Disclosure of Cash and Cash Equivalents by Currency [Line Items] | ||||
Cash and cash equivalents | 21 | 31 | ||
Australian dollar | ||||
Disclosure of Cash and Cash Equivalents by Currency [Line Items] | ||||
Cash and cash equivalents | 358 | 234 | ||
Indonesian rupiah | ||||
Disclosure of Cash and Cash Equivalents by Currency [Line Items] | ||||
Cash and cash equivalents | 26 | 41 | ||
Papua New Guinean kina | ||||
Disclosure of Cash and Cash Equivalents by Currency [Line Items] | ||||
Cash and cash equivalents | 102 | 45 | ||
Restricted cash and cash equivalents | 102 | 45 | ||
Other | ||||
Disclosure of Cash and Cash Equivalents by Currency [Line Items] | ||||
Cash and cash equivalents | € 90 | € 57 |
Cash and cash equivalents and_5
Cash and cash equivalents and short term investments - Short Term Investments (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of Cash and Cash Equivalents by Currency [Line Items] | ||
Short-term investments | € 256 | € 58 |
Papua New Guinean kina | ||
Disclosure of Cash and Cash Equivalents by Currency [Line Items] | ||
Short-term investments | € 49 | € 44 |
Fair values - Summary of Disclo
Fair values - Summary of Disclosure of Borrowings (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Fair Value Measurement [Line Items] | ||
Borrowings | € 11,907 | € 13,140 |
Level 2 | Fair value | ||
Disclosure Of Fair Value Measurement [Line Items] | ||
Borrowings | € 10,503 | € 13,316 |
Fair values - Summary of the Fa
Fair values - Summary of the Fair Value of Assets and Liabilities (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Assets at fair value: | ||
Derivatives (Note 13) | € 448 | € 376 |
Liabilities at fair value: | ||
Derivatives (Note 13) | € 263 | € 66 |
Hedging activities - Narrative
Hedging activities - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | |
Disclosure of detailed information about hedges [line items] | |||
Entity hedge ratio | 1 | ||
Net gains recognized in other comprehensive income from cash flow hedges | € 3,000,000 | € 125,000,000 | € 25,000,000 |
Borrowings | 11,907,000,000 | 13,140,000,000 | |
Gains (losses) on hedged item attributable to hedged risk, fair value hedges | (146,000,000) | 15,000,000 | |
Commodity contracts | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount of non-designated hedging instrument | 29,000,000 | 59,000,000 | |
Cash flow hedges | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 5,199,000,000 | 4,221,000,000 | 4,383,000,000 |
Cash flow hedges | Interest rate and cross currency swaps | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 2,079,000,000 | 2,225,000,000 | 396,000,000 |
Fair value hedges | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 1,165,000,000 | 166,000,000 | € 0 |
Borrowings | 1,019,000,000 | 173,000,000 | |
Net investment hedges | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 0 | 0 | |
Deal contingent forwards | Cash flow hedges | Coca-Cola Amatil Limited | |||
Disclosure of detailed information about hedges [line items] | |||
Amounts removed from equity and included in carrying amount of non-financial asset (liability) whose acquisition or incurrence was hedged highly probable forecast transaction, net of tax | 84,000,000 | ||
Foreign currency contracts | Cash flow hedges | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 1,700,000,000 | 1,100,000,000 | |
Commodity contracts | Cash flow hedges | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | € 1,400,000,000 | 900,000,000 | |
Deal contingent foreign currency forwards | Cash flow hedges | Coca-Cola Amatil Limited | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | € 5,600,000,000 |
Hedging activities - Fair Value
Hedging activities - Fair Value of Assets and Liabilities Related to Derivative Financial Instruments (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Assets: | |||
Derivatives (Note 13) | € 448 | € 376 | |
Liabilities: | |||
Derivatives (Note 13) | 263 | 66 | |
Fair value hedges | |||
Liabilities: | |||
Notional amount | 1,165 | 166 | € 0 |
Fair value hedges | Interest rate and cross currency swaps | |||
Liabilities: | |||
Notional amount | 1,165 | 166 | |
Fair value hedges | Within one year | |||
Liabilities: | |||
Notional amount | 0 | 0 | 0 |
Fair value hedges | Within one year | Interest rate and cross currency swaps | |||
Liabilities: | |||
Notional amount | 0 | 0 | |
Fair value hedges | 1 to 3 years | |||
Liabilities: | |||
Notional amount | 0 | 0 | 0 |
Fair value hedges | 1 to 3 years | Interest rate and cross currency swaps | |||
Liabilities: | |||
Notional amount | 0 | 0 | |
Fair value hedges | 3 to 5 years | |||
Liabilities: | |||
Notional amount | 500 | 0 | 0 |
Fair value hedges | 3 to 5 years | Interest rate and cross currency swaps | |||
Liabilities: | |||
Notional amount | 500 | 0 | |
Fair value hedges | Over 5 years | |||
Liabilities: | |||
Notional amount | 665 | 166 | € 0 |
Fair value hedges | Over 5 years | Interest rate and cross currency swaps | |||
Liabilities: | |||
Notional amount | 665 | 166 | |
Commodity contracts | Non-current derivative assets | |||
Assets: | |||
Derivatives (Note 13) | 30 | 75 | |
Commodity contracts | Current derivative assets | |||
Assets: | |||
Derivatives (Note 13) | 133 | 128 | |
Commodity contracts | Non-current derivative liabilities | |||
Liabilities: | |||
Derivatives (Note 13) | 6 | 3 | |
Commodity contracts | Current derivative liabilities | |||
Liabilities: | |||
Derivatives (Note 13) | 47 | 5 | |
Foreign currency contracts | Non-current derivative assets | |||
Assets: | |||
Derivatives (Note 13) | 4 | 3 | |
Foreign currency contracts | Current derivative assets | |||
Assets: | |||
Derivatives (Note 13) | 27 | 16 | |
Foreign currency contracts | Non-current derivative liabilities | |||
Liabilities: | |||
Derivatives (Note 13) | 10 | 0 | |
Foreign currency contracts | Current derivative liabilities | |||
Liabilities: | |||
Derivatives (Note 13) | 29 | 14 | |
Interest rate and cross currency swaps | Non-current derivative assets | |||
Assets: | |||
Derivatives (Note 13) | 157 | 148 | |
Interest rate and cross currency swaps | Current derivative assets | |||
Assets: | |||
Derivatives (Note 13) | 97 | 6 | |
Interest rate and cross currency swaps | Non-current derivative liabilities | |||
Liabilities: | |||
Derivatives (Note 13) | € 171 | € 44 |
Hedging activities - Schedule o
Hedging activities - Schedule of Notational Maturity Profile (Details) - Cash flow hedges - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about hedging instruments [line items] | |||
Notional amount | € 5,199 | € 4,221 | € 4,383 |
Deal contingent foreign currency forwards | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Notional amount | 3,000 | ||
Foreign currency contracts | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Notional amount | 1,723 | 1,074 | 310 |
Interest rate and cross currency swaps | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Notional amount | 2,079 | 2,225 | 396 |
Commodity contracts | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Notional amount | 1,397 | 922 | 677 |
Less than 1 year | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Notional amount | 2,886 | 1,622 | 3,973 |
Less than 1 year | Deal contingent foreign currency forwards | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Notional amount | 3,000 | ||
Less than 1 year | Foreign currency contracts | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Notional amount | 1,292 | 912 | 174 |
Less than 1 year | Interest rate and cross currency swaps | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Notional amount | 760 | 144 | 396 |
Less than 1 year | Commodity contracts | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Notional amount | 834 | 566 | 403 |
1 to 3 years | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Notional amount | 1,598 | 1,883 | 410 |
1 to 3 years | Deal contingent foreign currency forwards | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Notional amount | 0 | ||
1 to 3 years | Foreign currency contracts | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Notional amount | 431 | 162 | 136 |
1 to 3 years | Interest rate and cross currency swaps | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Notional amount | 604 | 1,365 | 0 |
1 to 3 years | Commodity contracts | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Notional amount | 563 | 356 | 274 |
3 to 5 years | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Notional amount | 416 | 0 | 0 |
3 to 5 years | Deal contingent foreign currency forwards | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Notional amount | 0 | ||
3 to 5 years | Foreign currency contracts | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Notional amount | 0 | 0 | 0 |
3 to 5 years | Interest rate and cross currency swaps | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Notional amount | 416 | 0 | 0 |
3 to 5 years | Commodity contracts | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Notional amount | 0 | 0 | 0 |
Over 5 years | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Notional amount | 299 | 716 | 0 |
Over 5 years | Deal contingent foreign currency forwards | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Notional amount | 0 | ||
Over 5 years | Foreign currency contracts | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Notional amount | 0 | 0 | 0 |
Over 5 years | Interest rate and cross currency swaps | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Notional amount | 299 | 716 | 0 |
Over 5 years | Commodity contracts | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Notional amount | € 0 | € 0 | € 0 |
Hedging activities - Schedule_2
Hedging activities - Schedule of Net Tax Effect of Cash Flow Hedges (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flow hedges | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Reclassification adjustments on cash flow hedges, net of tax | € 50 | € (5) | € (12) |
Fair value hedges | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Reclassification adjustments on cash flow hedges, net of tax | 2 | (2) | 0 |
Cost of sales | Foreign currency contracts | Cash flow hedges | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Reclassification adjustments on cash flow hedges, net of tax | 19 | (3) | 1 |
Cost of sales | Commodity contracts | Cash flow hedges | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Reclassification adjustments on cash flow hedges, net of tax | 83 | 74 | (33) |
Selling and distribution expenses | Commodity contracts | Cash flow hedges | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Reclassification adjustments on cash flow hedges, net of tax | 34 | 2 | (3) |
Finance costs | Interest rate and cross currency swaps | Cash flow hedges | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Reclassification adjustments on cash flow hedges, net of tax | (86) | (78) | 23 |
Finance costs | Interest rate and cross currency swaps | Fair value hedges | |||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | |||
Reclassification adjustments on cash flow hedges, net of tax | € 2 | € (2) | € 0 |
Hedging activities - Schedule_3
Hedging activities - Schedule of Non-Hedge Designated Derivatives (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | |||
Gains (losses) on change in fair value of derivatives | € (5) | € 0 | € (16) |
Selling and distribution expenses | Commodity contracts | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gains (losses) on change in fair value of derivatives | 0 | 0 | (12) |
Non-operating items | Foreign currency contracts | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gains (losses) on change in fair value of derivatives | € (5) | € 0 | € (4) |
Borrowings and leases - Schedul
Borrowings and leases - Schedule of Borrowings Outstanding (Details) € in Millions, ¥ in Millions, kr in Millions, $ in Millions, $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 AUD ($) | Dec. 31, 2022 NOK (kr) | Dec. 31, 2022 JPY (¥) | Jul. 31, 2022 AUD ($) | Mar. 31, 2022 AUD ($) | Jan. 31, 2022 EUR (€) | |
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total non-current borrowings | € 10,571 | € 11,790 | ||||||||
Total current borrowings | 1,336 | 1,350 | ||||||||
Repayments of borrowings | 938 | 950 | € 569 | |||||||
Proceeds from borrowings, net | 0 | 4,877 | € 1,598 | |||||||
€350 million 2.625% Notes 2023 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total non-current borrowings | 0 | 349 | ||||||||
Total current borrowings | 350 | 0 | ||||||||
Notional amount | € 350 | |||||||||
Borrowings, interest rate | 2.625% | 2.625% | 2.625% | 2.625% | 2.625% | |||||
€500 million 1.125% Notes 2024 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total non-current borrowings | € 498 | 497 | ||||||||
Notional amount | € 500 | |||||||||
Borrowings, interest rate | 1.125% | 1.125% | 1.125% | 1.125% | 1.125% | |||||
€350 million 2.375% Notes 2025 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total non-current borrowings | € 349 | 348 | ||||||||
Notional amount | € 350 | |||||||||
Borrowings, interest rate | 2.375% | 2.375% | 2.375% | 2.375% | 2.375% | |||||
€250 million 2.750% Notes 2026 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total non-current borrowings | € 240 | 249 | ||||||||
Notional amount | € 250 | |||||||||
Borrowings, interest rate | 2.75% | 2.75% | 2.75% | 2.75% | 2.75% | |||||
€600 million 1.75% Notes 2026 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total non-current borrowings | € 580 | 594 | ||||||||
Notional amount | € 600 | |||||||||
Borrowings, interest rate | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% | |||||
€400 million 1.50% Notes 2027 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total non-current borrowings | € 370 | 397 | ||||||||
Notional amount | € 400 | |||||||||
Borrowings, interest rate | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | |||||
€250 million 1.50% Notes 2027 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total non-current borrowings | € 259 | 261 | ||||||||
Notional amount | € 250 | |||||||||
Borrowings, interest rate | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | |||||
€500 million 1.75% Notes 2028 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total non-current borrowings | € 466 | 495 | ||||||||
Notional amount | € 500 | |||||||||
Borrowings, interest rate | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% | |||||
€750 million 0.20% Notes 2028 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total non-current borrowings | € 744 | 743 | ||||||||
Notional amount | € 750 | |||||||||
Borrowings, interest rate | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% | |||||
€500 million 1.125% Notes 2029 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total non-current borrowings | € 495 | 494 | ||||||||
Notional amount | € 500 | |||||||||
Borrowings, interest rate | 1.125% | 1.125% | 1.125% | 1.125% | 1.125% | |||||
€500 million 1.875% Notes 2030 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total non-current borrowings | € 472 | 496 | ||||||||
Notional amount | € 500 | |||||||||
Borrowings, interest rate | 1.875% | 1.875% | 1.875% | 1.875% | 1.875% | |||||
€500 million 0.70% Notes 2031 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total non-current borrowings | € 473 | 496 | ||||||||
Notional amount | € 500 | |||||||||
Borrowings, interest rate | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | |||||
€800 million 0.00% Notes 2025 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total non-current borrowings | € 798 | 797 | ||||||||
Notional amount | € 800 | |||||||||
Borrowings, interest rate | 0% | 0% | 0% | 0% | 0% | |||||
€700 million 0.50% Notes 2029 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total non-current borrowings | € 695 | 694 | ||||||||
Notional amount | € 700 | |||||||||
Borrowings, interest rate | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | |||||
€1,000 million 0.875% Notes 2033 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total non-current borrowings | € 991 | 990 | ||||||||
Notional amount | € 1,000 | |||||||||
Borrowings, interest rate | 0.875% | 0.875% | 0.875% | 0.875% | 0.875% | |||||
€750 million 1.50% Notes 2041 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total non-current borrowings | € 746 | 746 | ||||||||
Notional amount | € 750 | |||||||||
Borrowings, interest rate | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | |||||
US$850 million 0.50% Notes 2023 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total non-current borrowings | € 0 | 747 | ||||||||
Total current borrowings | € 797 | 0 | ||||||||
Notional amount | $ | $ 850 | |||||||||
Borrowings, interest rate | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | |||||
US$650 million 0.80% Notes 2024 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total non-current borrowings | € 608 | 571 | ||||||||
Notional amount | $ | $ 650 | |||||||||
Borrowings, interest rate | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% | |||||
US$500 million 1.50% Notes 2027 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total non-current borrowings | € 466 | 439 | ||||||||
Notional amount | $ | $ 500 | |||||||||
Borrowings, interest rate | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | |||||
A$100 million 3.50% Notes 2024 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total non-current borrowings | € 66 | 68 | ||||||||
Notional amount | $ | $ 100 | |||||||||
Borrowings, interest rate | 3.50% | 3.50% | 3.50% | 3.50% | 3.50% | |||||
A$30 million 4.166% Notes 2025 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total non-current borrowings | € 21 | 21 | ||||||||
Notional amount | $ | $ 30 | |||||||||
Borrowings, interest rate | 4.166% | 4.166% | 4.166% | 4.166% | 4.166% | |||||
A$20 million 4.25% Notes 2025 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total non-current borrowings | € 14 | 14 | ||||||||
Notional amount | $ | $ 20 | |||||||||
Borrowings, interest rate | 4.25% | 4.25% | 4.25% | 4.25% | 4.25% | |||||
A$30 million 4.125% Notes 2026 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total non-current borrowings | € 20 | 21 | ||||||||
Notional amount | $ | $ 30 | |||||||||
Borrowings, interest rate | 4.125% | 4.125% | 4.125% | 4.125% | 4.125% | |||||
A$50 million 4.155% Notes 2028 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total non-current borrowings | € 35 | 36 | ||||||||
Notional amount | $ | $ 50 | |||||||||
Borrowings, interest rate | 4.155% | 4.155% | 4.155% | 4.155% | 4.155% | |||||
A$133 million 2.45% Notes 2029 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total non-current borrowings | € 86 | 87 | ||||||||
Notional amount | $ | $ 133 | |||||||||
Borrowings, interest rate | 2.45% | 2.45% | 2.45% | 2.45% | 2.45% | |||||
A$50 million 4.20% Notes 2031 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total non-current borrowings | € 36 | 37 | ||||||||
Notional amount | $ | $ 50 | |||||||||
Borrowings, interest rate | 4.20% | 4.20% | 4.20% | 4.20% | 4.20% | |||||
A$187 million 4.20% Notes 2031 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total non-current borrowings | € 135 | 138 | ||||||||
Notional amount | $ | $ 187 | |||||||||
Borrowings, interest rate | 4.20% | 4.20% | 4.20% | 4.20% | 4.20% | |||||
A$13 million 4.20% Notes 2031 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total non-current borrowings | € 9 | 10 | ||||||||
Notional amount | $ | $ 13 | |||||||||
Borrowings, interest rate | 4.20% | 4.20% | 4.20% | 4.20% | 4.20% | |||||
US$25 million 4.34% Notes 2023 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total non-current borrowings | € 0 | 23 | ||||||||
Total current borrowings | € 24 | 0 | ||||||||
Notional amount | $ | $ 25 | |||||||||
Borrowings, interest rate | 4.34% | 4.34% | 4.34% | 4.34% | 4.34% | |||||
US$25 million 4.34% Notes 2023 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total non-current borrowings | € 0 | 23 | ||||||||
Total current borrowings | € 24 | 0 | ||||||||
Notional amount | $ | $ 25 | |||||||||
Borrowings, interest rate | 4.34% | 4.34% | 4.34% | 4.34% | 4.34% | |||||
NOK1 billion 3.04% Notes 2028 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total non-current borrowings | € 99 | 105 | ||||||||
Notional amount | kr | kr 1,000 | |||||||||
Borrowings, interest rate | 3.04% | 3.04% | 3.04% | 3.04% | 3.04% | |||||
NOK750 million 2.75% Notes 2030 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total non-current borrowings | € 73 | 77 | ||||||||
Notional amount | kr | kr 750 | |||||||||
Borrowings, interest rate | 2.75% | 2.75% | 2.75% | 2.75% | 2.75% | |||||
US$50 million 2.653% Notes 2030 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total non-current borrowings | € 47 | 45 | ||||||||
Notional amount | $ | $ 50 | |||||||||
Borrowings, interest rate | 2.653% | 2.653% | 2.653% | 2.653% | 2.653% | |||||
JPY10 billion 4.15% Notes 2036 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total non-current borrowings | € 74 | 90 | ||||||||
Notional amount | ¥ | ¥ 10,000 | |||||||||
Borrowings, interest rate | 4.15% | 4.15% | 4.15% | 4.15% | 4.15% | |||||
JPY12.3 billion 1.06% Notes 2037 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total non-current borrowings | € 71 | 83 | ||||||||
Notional amount | ¥ | ¥ 12,300 | |||||||||
Borrowings, interest rate | 1.06% | 1.06% | 1.06% | 1.06% | 1.06% | |||||
Lease obligations | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total non-current borrowings | € 535 | 509 | ||||||||
€700 million 0.75% Notes 2022 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total current borrowings | 0 | 700 | ||||||||
Notional amount | € 700 | |||||||||
Borrowings, interest rate | 0.75% | |||||||||
A$200 million 3.375% Notes 2022 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total current borrowings | 0 | 129 | ||||||||
Notional amount | $ | $ 200 | |||||||||
Borrowings, interest rate | 3.375% | |||||||||
A$30 million 5.06% Notes 2022 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total current borrowings | 0 | 20 | ||||||||
Notional amount | $ | $ 30 | |||||||||
Borrowings, interest rate | 5.06% | |||||||||
A$125 million 3.125% Notes 2022 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total current borrowings | € 0 | 81 | ||||||||
Notional amount | $ | $ 125 | |||||||||
Borrowings, interest rate | 3.125% | 3.125% | 3.125% | 3.125% | 3.125% | |||||
EUR commercial paper | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total current borrowings | € 0 | 285 | ||||||||
Lease obligations | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total current borrowings | 141 | 134 | ||||||||
Bank Overdraft | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Total current borrowings | € 0 | € 1 |
Borrowings and leases - Narrati
Borrowings and leases - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2022 EUR (€) banks | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | |
Disclosure of detailed information about borrowings [line items] | |||
Gains (losses) on hedged item attributable to hedged risk, fair value hedges | € (146,000,000) | € 15,000,000 | |
Borrowings, unamortised financing fees | 33,000,000 | 42,000,000 | |
Interest expense on lease liabilities | 14,000,000 | 10,000,000 | € 4,000,000 |
Borrowings | 11,907,000,000 | 13,140,000,000 | |
Cash received from income on the cross currency swap | 32,000,000 | 27,000,000 | 24,000,000 |
Cash outflow for leases | 167,000,000 | 149,000,000 | 120,000,000 |
Fair value hedges | |||
Disclosure of detailed information about borrowings [line items] | |||
Notional amount | 1,165,000,000 | 166,000,000 | € 0 |
Borrowings | 1,019,000,000 | 173,000,000 | |
Multi-currency credit facility | |||
Disclosure of detailed information about borrowings [line items] | |||
Credit facility | € 1,950,000,000 | € 1,950,000,000 | |
Number of credit facility banks | banks | 13 | ||
Borrowings | € 0 | ||
Euro Denominated Bonds | Interest rate swap | Fair value hedges | |||
Disclosure of detailed information about borrowings [line items] | |||
Notional amount | 1,000,000,000 | ||
Gains (losses) on hedged item attributable to hedged risk, fair value hedges | € (130,000,000) |
Borrowings and leases - Reconci
Borrowings and leases - Reconciliation of Movements of Liabilities to Cash Flows Arising from Financing Activities (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Changes from financing cash flows | |||
Proceeds from borrowings, net | € 0 | € 4,877 | € 1,598 |
Changes in short-term borrowings | (285) | 276 | (221) |
Repayments on third party borrowings | (938) | (950) | (569) |
Payments of principal on lease obligations | (153) | (139) | (116) |
Other financing activities, net | (20) | 5 | 0 |
Other non-cash changes | |||
Commercial papers issued | 2,464 | 700 | |
Commercial papers repayments | 2,749 | 424 | |
Total | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 13,140 | 7,187 | |
Acquisition of CCL | 1,632 | ||
Changes from financing cash flows | |||
Proceeds from borrowings, net | 4,877 | ||
Changes in short-term borrowings | (285) | 276 | |
Repayments on third party borrowings | (938) | (950) | |
Payments of principal on lease obligations | (167) | (149) | |
Other financing activities, net | (1) | ||
Other non-cash changes | |||
Amortisation of discount, premium and issue costs | 3 | (3) | |
Lease additions and other non-cash movements | (205) | 122 | |
Movement as a result of fair value hedges | 161 | 15 | |
Currency translation | (111) | 133 | |
Reclassifications | 0 | 0 | |
Total changes | 1,233 | 5,953 | |
Ending balance | 11,907 | 13,140 | 7,187 |
Current portion of borrowings | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 1,350 | 805 | |
Acquisition of CCL | 381 | ||
Changes from financing cash flows | |||
Proceeds from borrowings, net | 0 | ||
Changes in short-term borrowings | (285) | 276 | |
Repayments on third party borrowings | (938) | (950) | |
Payments of principal on lease obligations | (167) | (149) | |
Other financing activities, net | (1) | ||
Other non-cash changes | |||
Amortisation of discount, premium and issue costs | (1) | 0 | |
Lease additions and other non-cash movements | (34) | 39 | |
Movement as a result of fair value hedges | (11) | 6 | |
Currency translation | 0 | 33 | |
Reclassifications | (1,333) | 909 | |
Total changes | 14 | 545 | |
Ending balance | 1,336 | 1,350 | 805 |
Borrowings, less current portion | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 11,790 | 6,382 | |
Acquisition of CCL | 1,251 | ||
Changes from financing cash flows | |||
Proceeds from borrowings, net | 4,877 | ||
Changes in short-term borrowings | 0 | 0 | |
Repayments on third party borrowings | 0 | 0 | |
Payments of principal on lease obligations | 0 | 0 | |
Other financing activities, net | 0 | ||
Other non-cash changes | |||
Amortisation of discount, premium and issue costs | 4 | (3) | |
Lease additions and other non-cash movements | (171) | 83 | |
Movement as a result of fair value hedges | 172 | 9 | |
Currency translation | (111) | 100 | |
Reclassifications | 1,333 | (909) | |
Total changes | 1,219 | 5,408 | |
Ending balance | € 10,571 | € 11,790 | € 6,382 |
Trade and other payables - Narr
Trade and other payables - Narrative (Details) - EUR (€) € in Billions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Trade And Other Payables [Line Items] | |||
Marketing costs | € 5.2 | € 4.1 | € 3.2 |
Trade and other payables - Summ
Trade and other payables - Summary of Trade and Other Payables (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Trade And Other Payables [Line Items] | ||
Trade accounts payable | € 2,221 | € 1,691 |
Accrued customer marketing costs | 1,348 | 1,160 |
Accrued deposits | 288 | 264 |
Accrued compensation and benefits | 500 | 482 |
Accrued taxes(B) | 253 | 220 |
Other accrued expenses | 442 | 420 |
Total trade and other payables | 5,052 | 4,237 |
Spain | ||
Trade And Other Payables [Line Items] | ||
Value added tax payables | 57 | |
Supply chain finance | ||
Trade And Other Payables [Line Items] | ||
Trade accounts payable | € 212 | € 266 |
Post-employment benefits - Non-
Post-employment benefits - Non-current Employee Benefit Liabilities (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of defined benefit plans [line items] | ||
Retirement benefit obligation | € 77 | € 103 |
Other employee benefit liabilities | 31 | 35 |
Employee benefit liabilities | 108 | 138 |
GB | ||
Disclosure of defined benefit plans [line items] | ||
Retirement benefit obligation | 0 | 0 |
Other employee benefit liabilities | 0 | 0 |
Employee benefit liabilities | 0 | 0 |
Rest of world | ||
Disclosure of defined benefit plans [line items] | ||
Retirement benefit obligation | 77 | 103 |
Other employee benefit liabilities | 31 | 35 |
Employee benefit liabilities | € 108 | € 138 |
Post-employment benefits - Narr
Post-employment benefits - Narrative (Details) € in Millions, £ in Millions | 12 Months Ended | |||
Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | Dec. 31, 2022 GBP (£) | |
Disclosure of defined benefit plans [line items] | ||||
Administrative expenses | € 1 | € 2 | € 2 | |
Property assets contributed to partnership | £ | £ 171 | |||
Contributions to pension plan | 32 | 39 | 52 | |
Estimate of contributions expected to be paid to plan for next annual reporting period | 30 | |||
Current provision for other employee benefit liabilities | 8 | 10 | ||
Non-current provision for other employee benefit liabilities | 31 | 35 | ||
Contributions to defined contribution plan | 79 | € 62 | 34 | |
Partnership agreement | ||||
Disclosure of defined benefit plans [line items] | ||||
Contributions to pension plan | € 11 | |||
Weighted average | ||||
Disclosure of defined benefit plans [line items] | ||||
Duration of defined benefit obligation | 16 years | 20 years | ||
Great Britain | ||||
Disclosure of defined benefit plans [line items] | ||||
Administrative expenses | € 0 | € 1 | € 2 | |
Additional future funding levels to plan | 3% | |||
Non-current provision for other employee benefit liabilities | € 0 | € 0 | ||
Great Britain | Weighted average | ||||
Disclosure of defined benefit plans [line items] | ||||
Duration of defined benefit obligation | 17 years | 22 years |
Post-employment benefits - Bene
Post-employment benefits - Benefit Costs (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Post-employment benefits - Benefit Costs [Line Items] | |||
Service cost | € 18 | € 26 | € 52 |
Past service (credit)/cost | (2) | (23) | 0 |
Net interest (income)/cost | (1) | 2 | 2 |
Administrative expenses | 1 | 2 | 2 |
Total cost | 16 | 7 | 56 |
GB | |||
Post-employment benefits - Benefit Costs [Line Items] | |||
Service cost | 0 | 10 | 37 |
Past service (credit)/cost | 0 | (29) | 0 |
Net interest (income)/cost | (2) | 1 | 1 |
Administrative expenses | 0 | 1 | 2 |
Total cost | (2) | (17) | 40 |
Rest of world | |||
Post-employment benefits - Benefit Costs [Line Items] | |||
Service cost | 18 | 16 | 15 |
Past service (credit)/cost | (2) | 6 | 0 |
Net interest (income)/cost | 1 | 1 | 1 |
Administrative expenses | 1 | 1 | 0 |
Total cost | € 18 | € 24 | € 16 |
Post-employment benefits - Othe
Post-employment benefits - Other Comprehensive Income (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Post-employment benefits - Other Comprehensive Income [Line Items] | |||
Actuarial (gain)/loss on defined benefit obligation arising during the period | € (837) | € (66) | € 160 |
Return on plan assets less/(greater) than discount rate | 882 | (235) | (89) |
Net charge to other comprehensive income | 45 | (301) | 71 |
GB | |||
Post-employment benefits - Other Comprehensive Income [Line Items] | |||
Actuarial (gain)/loss on defined benefit obligation arising during the period | (712) | (60) | 159 |
Return on plan assets less/(greater) than discount rate | 808 | (177) | (72) |
Net charge to other comprehensive income | 96 | (237) | 87 |
Rest of world | |||
Post-employment benefits - Other Comprehensive Income [Line Items] | |||
Actuarial (gain)/loss on defined benefit obligation arising during the period | (125) | (6) | 1 |
Return on plan assets less/(greater) than discount rate | 74 | (58) | (17) |
Net charge to other comprehensive income | € (51) | € (64) | € (16) |
Post-employment benefits - Be_2
Post-employment benefits - Benefit Obligation and Fair Value of Plan Assets (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of benefit obligation: | |||
Return on plan assets less/(greater) than discount rate | € 882 | € (235) | € (89) |
GB | |||
Reconciliation of benefit obligation: | |||
Return on plan assets less/(greater) than discount rate | 808 | (177) | (72) |
Rest of world | |||
Reconciliation of benefit obligation: | |||
Return on plan assets less/(greater) than discount rate | 74 | (58) | (17) |
Benefit obligation | |||
Reconciliation of benefit obligation: | |||
Net defined benefit liability (asset) at beginning of period | 2,413 | 2,340 | |
Service cost | 18 | 26 | |
Past service (credit)/cost | (2) | (23) | |
Interest costs on defined benefit obligation | (39) | (36) | |
Plan participants contribution | (28) | (59) | |
Actuarial loss/(gain) – experience | 33 | 2 | |
Actuarial loss/(gain) – demographic assumptions | 2 | (2) | |
Actuarial (gain)/loss – financial assumptions | (872) | (66) | |
Benefit payments | 129 | 150 | |
Administrative expenses | 1 | 2 | |
Acquisition of CCL | 0 | 66 | |
Currency translation adjustment | (65) | 123 | |
Net defined benefit liability (asset) at end of period | 1,466 | 2,413 | 2,340 |
Benefit obligation | GB | |||
Reconciliation of benefit obligation: | |||
Net defined benefit liability (asset) at beginning of period | 1,739 | 1,733 | |
Service cost | 0 | 10 | |
Past service (credit)/cost | 0 | (29) | |
Interest costs on defined benefit obligation | (32) | (31) | |
Plan participants contribution | 0 | 0 | |
Actuarial loss/(gain) – experience | 26 | 1 | |
Actuarial loss/(gain) – demographic assumptions | 2 | (1) | |
Actuarial (gain)/loss – financial assumptions | (740) | (60) | |
Benefit payments | 57 | 69 | |
Administrative expenses | 0 | 1 | |
Acquisition of CCL | 0 | 0 | |
Currency translation adjustment | (65) | 122 | |
Net defined benefit liability (asset) at end of period | 937 | 1,739 | 1,733 |
Benefit obligation | Rest of world | |||
Reconciliation of benefit obligation: | |||
Net defined benefit liability (asset) at beginning of period | 674 | 607 | |
Service cost | 18 | 16 | |
Past service (credit)/cost | (2) | 6 | |
Interest costs on defined benefit obligation | (7) | (5) | |
Plan participants contribution | (28) | (59) | |
Actuarial loss/(gain) – experience | 7 | 1 | |
Actuarial loss/(gain) – demographic assumptions | 0 | (1) | |
Actuarial (gain)/loss – financial assumptions | (132) | (6) | |
Benefit payments | 72 | 81 | |
Administrative expenses | 1 | 1 | |
Acquisition of CCL | 0 | 66 | |
Currency translation adjustment | 0 | 1 | |
Net defined benefit liability (asset) at end of period | 529 | 674 | 607 |
Plan assets | |||
Reconciliation of benefit obligation: | |||
Net defined benefit liability (asset) at beginning of period | (2,504) | (2,132) | |
Interest costs on defined benefit obligation | 40 | 34 | |
Return on plan assets less/(greater) than discount rate | (882) | 235 | |
Plan participants contribution | 28 | 59 | |
Employer contributions | 32 | 39 | |
Benefit payments | (129) | (150) | |
Acquisition of CCL | 0 | (40) | |
Currency translation adjustment | 69 | (115) | |
Net defined benefit liability (asset) at end of period | (1,524) | (2,504) | (2,132) |
Plan assets | GB | |||
Reconciliation of benefit obligation: | |||
Net defined benefit liability (asset) at beginning of period | (1,840) | (1,568) | |
Interest costs on defined benefit obligation | 34 | 30 | |
Return on plan assets less/(greater) than discount rate | (808) | 177 | |
Plan participants contribution | 0 | 0 | |
Employer contributions | 11 | 19 | |
Benefit payments | (57) | (69) | |
Acquisition of CCL | 0 | 0 | |
Currency translation adjustment | 68 | (115) | |
Net defined benefit liability (asset) at end of period | (952) | (1,840) | (1,568) |
Plan assets | Rest of world | |||
Reconciliation of benefit obligation: | |||
Net defined benefit liability (asset) at beginning of period | (664) | (564) | |
Interest costs on defined benefit obligation | 6 | 4 | |
Return on plan assets less/(greater) than discount rate | (74) | 58 | |
Plan participants contribution | 28 | 59 | |
Employer contributions | 21 | 20 | |
Benefit payments | (72) | (81) | |
Acquisition of CCL | 0 | (40) | |
Currency translation adjustment | 1 | 0 | |
Net defined benefit liability (asset) at end of period | € (572) | € (664) | € (564) |
Post-employment benefits - Reti
Post-employment benefits - Retirement Benefit Status (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Present value of obligation | € 1,466 | € 2,413 |
Fair value of assets | 1,524 | 2,504 |
Net benefit status: | 58 | 91 |
Retirement benefit surplus (Note 25) | 135 | 194 |
Retirement benefit obligation | 77 | 103 |
GB | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Present value of obligation | 937 | 1,739 |
Fair value of assets | 952 | 1,840 |
Net benefit status: | 15 | 101 |
Retirement benefit surplus (Note 25) | 15 | 101 |
Retirement benefit obligation | 0 | 0 |
Rest of world | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Present value of obligation | 529 | 674 |
Fair value of assets | 572 | 664 |
Net benefit status: | 43 | (10) |
Retirement benefit surplus (Note 25) | 120 | 93 |
Retirement benefit obligation | € 77 | € 103 |
Post-employment benefits - Actu
Post-employment benefits - Actuarial Assumptions, Financial Assumptions (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 4.50% | 1.80% |
Rate of compensation increase | 3.60% | 3.20% |
Rate of price inflation | 3% | 3.10% |
GB | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 4.80% | 1.90% |
Rate of price inflation | 3.30% | 3.40% |
Rest of world | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 4% | 1.40% |
Rate of compensation increase | 3.60% | 3.20% |
Rate of price inflation | 2.40% | 2.10% |
Post-employment benefits - Ac_2
Post-employment benefits - Actuarial Assumptions, Demographic Assumptions (Details) - year | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Retiring at the end of the reporting period, male | 21.3 | 22.4 |
Retiring at the end of the reporting period, female | 24 | 25 |
Retiring 15 years after the end of the reporting period, male | 22.1 | 23.3 |
Retiring 15 years after the end of the reporting period, female | 24.9 | 26.1 |
Retirement age | 65 years | |
GB | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Retiring at the end of the reporting period, male | 21.9 | 21.9 |
Retiring at the end of the reporting period, female | 24.4 | 24.4 |
Retiring 15 years after the end of the reporting period, male | 22.8 | 22.8 |
Retiring 15 years after the end of the reporting period, female | 25.5 | 25.5 |
Rest of world | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Retiring at the end of the reporting period, male | 19.8 | 24.3 |
Retiring at the end of the reporting period, female | 23.1 | 27.7 |
Retiring 15 years after the end of the reporting period, male | 20 | 25.4 |
Retiring 15 years after the end of the reporting period, female | 23.5 | 28.5 |
Post-employment benefits - Defi
Post-employment benefits - Defined Benefit Obligation Sensitivity (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Discount rate | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Change in assumption | 0.50% | 0.50% |
Change in assumption | 0.50% | 0.50% |
Impact on defined benefit obligation %, Increase in assumption | (6.50%) | (8.50%) |
Impact on defined benefit obligation %, Decrease in assumption | 7.10% | 9.70% |
Discount rate | GB | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Impact on defined benefit obligation %, Increase in assumption | (7.90%) | (9.90%) |
Impact on defined benefit obligation %, Decrease in assumption | 8.60% | 11.40% |
Discount rate | Rest of world | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Impact on defined benefit obligation %, Increase in assumption | (4.00%) | (4.80%) |
Impact on defined benefit obligation %, Decrease in assumption | 4.40% | 5.30% |
Rate of compensation increase(A) | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Change in assumption | 0.50% | 0.50% |
Change in assumption | 0.50% | 0.50% |
Impact on defined benefit obligation %, Increase in assumption | 0.60% | 0.50% |
Impact on defined benefit obligation %, Decrease in assumption | (0.50%) | (0.40%) |
Rate of compensation increase(A) | Rest of world | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Impact on defined benefit obligation %, Increase in assumption | 1.60% | 1.70% |
Impact on defined benefit obligation %, Decrease in assumption | (1.40%) | (1.50%) |
Rate of price inflation | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Change in assumption | 0.50% | 0.50% |
Change in assumption | 0.50% | 0.50% |
Impact on defined benefit obligation %, Increase in assumption | 3.60% | 6.70% |
Impact on defined benefit obligation %, Decrease in assumption | (3.40%) | (5.90%) |
Rate of price inflation | GB | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Impact on defined benefit obligation %, Increase in assumption | 3.90% | 7.80% |
Impact on defined benefit obligation %, Decrease in assumption | (3.80%) | (6.80%) |
Rate of price inflation | Rest of world | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Impact on defined benefit obligation %, Increase in assumption | 3.10% | 3.80% |
Impact on defined benefit obligation %, Decrease in assumption | (2.90%) | (3.50%) |
Mortality rates | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Change in assumption, period | 1 year | 1 year |
Change in assumption, period | 1 year | 1 year |
Impact on defined benefit obligation %, Increase in assumption | 2.50% | 3.50% |
Impact on defined benefit obligation %, Decrease in assumption | (2.40%) | (3.40%) |
Mortality rates | GB | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Impact on defined benefit obligation %, Increase in assumption | 3% | 4% |
Impact on defined benefit obligation %, Decrease in assumption | (2.80%) | (4.00%) |
Mortality rates | Rest of world | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Impact on defined benefit obligation %, Increase in assumption | 1.70% | 2.10% |
Impact on defined benefit obligation %, Decrease in assumption | (1.70%) | (2.10%) |
Post-employment benefits - Pens
Post-employment benefits - Pension Plan Assets (Details) - EUR (€) € / shares in Units, € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Equity securities: | ||
Equity securities | € 185 | € 221 |
Fixed-income securities: | ||
Cash and other short-term investments | 28 | 6 |
Other investments: | ||
Real estate funds | 274 | 346 |
Insurance contracts | 207 | 240 |
Investment funds | 76 | 73 |
Derivatives | 6 | 58 |
Total | € 1,524 | 2,504 |
Short-term investments, fair value per unit (in Euro per unit) | € 1 | |
Great Britain | ||
Other investments: | ||
Total | € 952 | 1,840 |
Rest of world | ||
Other investments: | ||
Total | 572 | 664 |
Investments quoted in active markets | Great Britain | ||
Equity securities: | ||
Equity securities | 0 | 0 |
Fixed-income securities: | ||
Cash and other short-term investments | 23 | 1 |
Other investments: | ||
Real estate funds | 43 | 0 |
Insurance contracts | 0 | 0 |
Investment funds | 0 | 0 |
Derivatives | 5 | 0 |
Total | 1,202 | 1,477 |
Investments quoted in active markets | Rest of world | ||
Equity securities: | ||
Equity securities | 185 | 221 |
Fixed-income securities: | ||
Cash and other short-term investments | 5 | 5 |
Other investments: | ||
Real estate funds | 15 | 39 |
Insurance contracts | 0 | 0 |
Investment funds | 5 | 0 |
Derivatives | 0 | 0 |
Total | 294 | 349 |
Unquoted investments | Great Britain | ||
Equity securities: | ||
Equity securities | 0 | 0 |
Fixed-income securities: | ||
Cash and other short-term investments | 0 | 0 |
Other investments: | ||
Real estate funds | 216 | 306 |
Insurance contracts | 0 | 0 |
Investment funds | 0 | 0 |
Derivatives | 1 | 57 |
Total | (250) | 363 |
Unquoted investments | Rest of world | ||
Equity securities: | ||
Equity securities | 0 | 0 |
Fixed-income securities: | ||
Cash and other short-term investments | 0 | 0 |
Other investments: | ||
Real estate funds | 0 | 1 |
Insurance contracts | 207 | 240 |
Investment funds | 71 | 73 |
Derivatives | 0 | 1 |
Total | 278 | 315 |
Corporate bonds and notes | ||
Fixed-income securities: | ||
Fixed-income securities | 56 | 54 |
Corporate bonds and notes | Investments quoted in active markets | Great Britain | ||
Fixed-income securities: | ||
Fixed-income securities | 0 | 0 |
Corporate bonds and notes | Investments quoted in active markets | Rest of world | ||
Fixed-income securities: | ||
Fixed-income securities | 56 | 54 |
Corporate bonds and notes | Unquoted investments | Great Britain | ||
Fixed-income securities: | ||
Fixed-income securities | 0 | 0 |
Corporate bonds and notes | Unquoted investments | Rest of world | ||
Fixed-income securities: | ||
Fixed-income securities | 0 | 0 |
Government bonds, including netting of repurchase agreements | ||
Fixed-income securities: | ||
Fixed-income securities | 692 | 1,506 |
Government bonds, including netting of repurchase agreements | Investments quoted in active markets | Great Britain | ||
Fixed-income securities: | ||
Fixed-income securities | 1,131 | 1,476 |
Government bonds, including netting of repurchase agreements | Investments quoted in active markets | Rest of world | ||
Fixed-income securities: | ||
Fixed-income securities | 28 | 30 |
Government bonds, including netting of repurchase agreements | Unquoted investments | Great Britain | ||
Fixed-income securities: | ||
Fixed-income securities | (467) | 0 |
Government bonds, including netting of repurchase agreements | Unquoted investments | Rest of world | ||
Fixed-income securities: | ||
Fixed-income securities | € 0 | € 0 |
Equity - Narrative (Details)
Equity - Narrative (Details) € in Millions | 12 Months Ended | |||
Dec. 31, 2022 EUR (€) vote shares | Dec. 31, 2021 EUR (€) shares | Dec. 31, 2020 EUR (€) shares | Dec. 31, 2019 EUR (€) | |
Disclosure of classes of share capital [line items] | ||||
Number of shares issued and fully paid (in shares) | shares | 457,106,453 | 456,235,032 | 454,645,510 | |
Issue of shares during the year | € 14 | € 28 | € 14 | |
Equity | 7,447 | 7,210 | 6,025 | € 6,156 |
Restricted Stock Units and Performance Share Units | ||||
Disclosure of classes of share capital [line items] | ||||
Dividends accrued | € 3 | € 1 | € 1 | |
Share capital | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares issued related to share-based payments awards (in shares) | shares | 871,421 | 1,589,522 | 1,310,833 | |
Number of shares cancelled (in shares) | shares | 0 | 3,065,200 | ||
Equity | € 5 | € 5 | € 5 | 5 |
Share premium | ||||
Disclosure of classes of share capital [line items] | ||||
Issue of shares during the year | 14 | 28 | 14 | |
Equity | 234 | 220 | 192 | 178 |
Merger reserves | ||||
Disclosure of classes of share capital [line items] | ||||
Equity | € 287 | € 287 | € 287 | € 287 |
Ordinary shares | ||||
Disclosure of classes of share capital [line items] | ||||
Number of votes per share | vote | 1 |
Equity - Rollforward of Shares
Equity - Rollforward of Shares and Share Capital (Details) - EUR (€) € in Millions, shares in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of classes of share capital [line items] | |||
Beginning balance | € 7,033 | ||
Closing balance | € 7,447 | € 7,033 | |
Share capital | |||
Disclosure of classes of share capital [line items] | |||
Beginning balance (in shares) | 456 | 455 | 456 |
Beginning balance | € 5 | € 5 | € 5 |
Issuance of Shares (in shares) | 1 | 1 | 2 |
Cancellation of Shares (in shares) | 0 | 0 | (3) |
Ending balance (in shares) | 457 | 456 | 455 |
Closing balance | € 5 | € 5 | € 5 |
Equity - Other Reserves (Detail
Equity - Other Reserves (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Equity [abstract] | |||
Cash flow hedge reserve | € 104 | € 151 | € 20 |
Net investment hedge reserve | 197 | 197 | 197 |
Foreign currency translation adjustment reserve | (728) | (509) | (754) |
Reserve related to the acquisition of non-controlling interests | (79) | 0 | 0 |
Other reserves | (1) | 5 | 0 |
Other reserves | € (507) | € (156) | € (537) |
Equity - Dividends (Details)
Equity - Dividends (Details) - EUR (€) € / shares in Units, € in Millions | 6 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2022 | Jul. 01, 2022 | Dec. 31, 2021 | Jul. 02, 2021 | Dec. 31, 2020 | Jun. 26, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity [abstract] | |||||||||
Total dividend on ordinary shares paid | € 507 | € 256 | € 638 | € 0 | € 386 | € 0 | € 763 | € 638 | € 386 |
Dividend rate (in euros per share) | € 1.12 | € 0.56 | € 1.40 | € 0.85 |
Equity - Non-controlling intere
Equity - Non-controlling interest (Details) - EUR (€) € in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Non-Controlling Interest [Line Items] | ||||
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity | € (283) | € 228 | ||
Amounts payable to related parties | € 485 | € 485 | 485 | 210 |
Non-controlling interest | € 0 | € 0 | 0 | 177 |
PT Coca-Cola Bottling Indonesia | Samoa Breweries Limited | ||||
Disclosure Non-Controlling Interest [Line Items] | ||||
Proportion of ownership interests held by non-controlling interests | 6.10% | |||
Non-controlling interest | ||||
Disclosure Non-Controlling Interest [Line Items] | ||||
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity | (204) | € 228 | ||
Other reserves | ||||
Disclosure Non-Controlling Interest [Line Items] | ||||
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity | € (79) | |||
PT Coca-Cola Bottling Indonesia | ||||
Disclosure Non-Controlling Interest [Line Items] | ||||
Percentage of voting equity interests acquired | 29.40% | 29.40% | 29.40% | |
Consideration paid | € 282 | |||
Amounts payable to related parties | € 282 | 282 | € 282 | |
PT Coca-Cola Bottling Indonesia | Non-controlling interest | ||||
Disclosure Non-Controlling Interest [Line Items] | ||||
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity | € 205 | |||
PT Coca-Cola Bottling Indonesia | Other reserves | ||||
Disclosure Non-Controlling Interest [Line Items] | ||||
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity | € 77 | |||
Coca-Cola Amatil Limited | PT Coca-Cola Bottling Indonesia | The Coca-Cola Company | ||||
Disclosure Non-Controlling Interest [Line Items] | ||||
Proportion of ownership interests held by non-controlling interests | 29.40% |
Total operating costs - Signifi
Total operating costs - Significant Cost Items by Nature (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Analysis Of Income And Expense [Line Items] | |||
Employee benefits | € 2,318 | € 2,016 | € 1,655 |
Restructuring charges including accelerated depreciation | 163 | 153 | 368 |
Total selling and distribution expenses | 2,984 | 2,496 | 1,939 |
Total administrative expenses | 1,250 | 1,074 | 983 |
Total operating expenses | 4,234 | 3,570 | 2,922 |
Selling and distribution expenses | |||
Analysis Of Income And Expense [Line Items] | |||
Transportation costs | 851 | 631 | 447 |
Employee benefits | 1,110 | 975 | 788 |
Depreciation of property, plant and equipment, excluding restructuring | 246 | 245 | 219 |
Amortisation of intangible assets | 7 | 4 | 1 |
Restructuring charges including accelerated depreciation | 1 | 45 | 58 |
Other selling and distribution expenses | 769 | 596 | 426 |
Administrative expenses | |||
Analysis Of Income And Expense [Line Items] | |||
Transportation costs | 16 | 2 | 2 |
Employee benefits | 544 | 462 | 353 |
Depreciation of property, plant and equipment, excluding restructuring | 99 | 76 | 45 |
Amortisation of intangible assets | 94 | 83 | 53 |
Restructuring charges including accelerated depreciation | 143 | 91 | 248 |
Acquisition related costs | 3 | 49 | 11 |
Other administrative expenses | € 351 | € 311 | € 271 |
Total operating costs - Restruc
Total operating costs - Restructuring Costs (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Analysis Of Income And Expense [Line Items] | |||
Increase in provision for restructuring programmes (Note 23) | € 115 | € 93 | € 242 |
Amount of provision unused (Note 23) | (8) | (13) | (7) |
Accelerated depreciation and non-cash costs | 44 | 60 | 121 |
Other cash costs | 12 | 13 | 12 |
Restructuring charges including accelerated depreciation | 163 | 153 | 368 |
Cost of sales | |||
Analysis Of Income And Expense [Line Items] | |||
Restructuring charges including accelerated depreciation | 19 | 17 | 62 |
Selling and distribution expenses | |||
Analysis Of Income And Expense [Line Items] | |||
Restructuring charges including accelerated depreciation | 1 | 45 | 58 |
Administrative expenses | |||
Analysis Of Income And Expense [Line Items] | |||
Restructuring charges including accelerated depreciation | € 143 | € 91 | € 248 |
Total operating costs - Narrati
Total operating costs - Narrative (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of other provisions [line items] | |||
Restructuring charges including accelerated depreciation | € 163 | € 153 | € 368 |
Severance costs and accelerated depreciation | |||
Disclosure of other provisions [line items] | |||
Restructuring charges including accelerated depreciation | 145 | ||
Germany | Transformation of full service vending operations and related initiatives | |||
Disclosure of other provisions [line items] | |||
Restructuring charges including accelerated depreciation | € 82 |
Total operating costs - Employe
Total operating costs - Employee Costs (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Analysis of income and expense [abstract] | |||
Wages and salaries | € 1,769 | € 1,544 | € 1,253 |
Social security costs | 316 | 302 | 283 |
Pension and other employee benefits | 233 | 170 | 119 |
Total employee costs | € 2,318 | € 2,016 | € 1,655 |
Total operating costs - Average
Total operating costs - Average Number of Employees (Details) - employee | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of products and services [line items] | |||
Average number of employees | 33,100 | 29,700 | 22,200 |
Commercial | |||
Disclosure of products and services [line items] | |||
Average number of employees | 12,500 | 10,900 | 7,300 |
Supply chain | |||
Disclosure of products and services [line items] | |||
Average number of employees | 16,600 | 14,900 | 12,400 |
Support functions | |||
Disclosure of products and services [line items] | |||
Average number of employees | 4,000 | 3,900 | 2,500 |
Total operating costs - Auditor
Total operating costs - Auditor Remuneration (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Analysis of income and expense [abstract] | |||
Audit of parent company and consolidated financial statements | € 3,136 | € 4,751 | € 3,149 |
Audit of the Company’s subsidiaries | 6,248 | 5,493 | 3,046 |
Total audit | 9,384 | 10,244 | 6,195 |
Audit related assurance services | 1,002 | 1,234 | 909 |
Other assurance services | 213 | 313 | 279 |
Total audit and audit-related assurance services | 10,599 | 11,791 | 7,383 |
All other services | 47 | 35 | 30 |
Total non-audit or non-audit-related assurance services | 47 | 35 | 30 |
Total audit and all other fees | € 10,646 | € 11,826 | € 7,413 |
Finance costs - Summary of Net
Finance costs - Summary of Net Finance Costs (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | |||
Interest income | € 67 | € 43 | € 33 |
Interest expense on external debt | (162) | (153) | (132) |
Other finance cost | (19) | (19) | (12) |
Total finance costs, net | (114) | (129) | (111) |
Interest rate and cross currency swaps | |||
Disclosure of detailed information about financial instruments [line items] | |||
Interest income | 50 | 27 | 24 |
Interest expense | € 31 | € 14 | € 12 |
Related party transactions - Na
Related party transactions - Narrative (Details) € in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 EUR (€) director | Dec. 31, 2022 EUR (€) director | Dec. 31, 2021 EUR (€) | May 10, 2021 EUR (€) | |
Disclosure of transactions between related parties [line items] | ||||
Number of members of board of directors | director | 17 | 17 | ||
Assets held for sale | € | € 94 | € 94 | € 223 | |
PT Coca-Cola Bottling Indonesia | ||||
Disclosure of transactions between related parties [line items] | ||||
Percentage of voting equity interests acquired | 29.40% | 29.40% | ||
Consideration paid | € | € 282 | |||
TCCC | ||||
Disclosure of transactions between related parties [line items] | ||||
Assets held for sale | € | € 40 | € 40 | ||
TCCC franchise intangible | ||||
Disclosure of transactions between related parties [line items] | ||||
Agreement term | 10 years | |||
TCCC | Entities with joint control or significant influence over entity | ||||
Disclosure of transactions between related parties [line items] | ||||
Percentage ownership | 19.24% | 19.24% | ||
Number of members of board of directors | director | 2 | 2 | ||
Consideration paid, asset sale agreement | € | € 182 | |||
TCCC | Entities with joint control or significant influence over entity | TCCC franchise intangible | ||||
Disclosure of transactions between related parties [line items] | ||||
Agreement term | 10 years | |||
Cobega Companies | Entities with joint control or significant influence over entity | ||||
Disclosure of transactions between related parties [line items] | ||||
Percentage ownership | 20.87% | 20.87% | ||
Number of members of board of directors | director | 3 | 3 | ||
CCIP | Entities with joint control or significant influence over entity | ||||
Disclosure of transactions between related parties [line items] | ||||
Number of members of board of directors | director | 5 | 5 |
Related party transactions - Tr
Related party transactions - Transactions with TCCC (Details) - TCCC - Entities with joint control or significant influence over entity - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [line items] | |||
Amounts affecting revenue | € 117 | € 50 | € 50 |
Amounts affecting cost of sales | (3,805) | (3,056) | (2,555) |
Amounts affecting operating expenses | 19 | 9 | 8 |
Total net amount affecting the consolidated income statement | (3,669) | (2,997) | € (2,497) |
Amounts due from TCCC | 130 | 135 | |
Amounts payable to TCCC | € 442 | € 189 |
Related party transactions - _2
Related party transactions - Transactions with Cobega Companies (Details) - Cobega Companies - Entities with joint control or significant influence over entity - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [line items] | |||
Amounts affecting revenue | € 2 | € 1 | € 1 |
Amounts affecting cost of sales | (76) | (49) | (43) |
Amounts affecting operating expenses | (17) | (11) | (8) |
Total net amount affecting the consolidated income statement | (91) | (59) | € (50) |
Amounts due from Cobega | 3 | 2 | |
Amounts payable to Cobega | € 24 | € 19 |
Related party transactions - _3
Related party transactions - Transactions with Associates, Joint Ventures and Other Related Parties (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Associates | |||
Disclosure of transactions between related parties [line items] | |||
Total net amount affecting the consolidated income statement | € (73) | € (49) | € 0 |
Net Amounts Receivable, Related Party Transactions | 6 | 6 | |
Net Amounts Payable, Related Party Transactions | 9 | 0 | |
Joint ventures and other related parties | |||
Disclosure of transactions between related parties [line items] | |||
Total net amount affecting the consolidated income statement | (167) | (110) | 0 |
Joint ventures | |||
Disclosure of transactions between related parties [line items] | |||
Total net amount affecting the consolidated income statement | (9) | (9) | 0 |
Net amount receivable (payable) | 0 | 2 | |
Other related parties | |||
Disclosure of transactions between related parties [line items] | |||
Total net amount affecting the consolidated income statement | (85) | (52) | € 0 |
Net amount receivable (payable) | € 10 | € 0 |
Related party transactions - _4
Related party transactions - Transactions with Key Personnel (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party [Abstract] | |||
Salaries and other short-term employee benefits | € 30 | € 22 | € 20 |
Post-employment benefits | 0 | 0 | 1 |
Share-based payments | 15 | 7 | 6 |
Termination benefits | 0 | 0 | 5 |
Total | € 45 | € 29 | € 32 |
Income taxes - Components of In
Income taxes - Components of Income Tax (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current tax: | |||
Current tax charge | € 460 | € 323 | € 230 |
Adjustment in respect of current tax from prior periods | (37) | (53) | 3 |
Total current tax | 423 | 270 | 233 |
Deferred tax: | |||
Relating to the origination and reversal of temporary differences | 35 | 6 | (73) |
Adjustment in respect of deferred income tax from prior periods | (22) | (9) | (6) |
Relating to changes in tax rates or the imposition of new taxes | 0 | 127 | 43 |
Total deferred tax | 13 | 124 | (36) |
Income tax charge per the consolidated income statement | € 436 | € 394 | € 197 |
Income taxes - Taxes on Items R
Income taxes - Taxes on Items Recognised in Other Comprehensive Income and Directly in Equity (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Taxes charged/(credited) to OCI: | |||
Deferred tax on net gain/loss on revaluation of cash flow hedges | € (20) | € 63 | € (4) |
Deferred tax on net gain/loss on pension plan remeasurements | (11) | 63 | (16) |
Current tax on net gain/loss on pension plan remeasurements | 0 | 1 | 0 |
Total taxes charged/(credited) to OCI | (31) | 127 | (20) |
Taxes charged/(credited) to equity: | |||
Deferred tax charge/(credit): share-based compensation | (2) | (3) | 1 |
Current tax charge/(credit): share-based compensation | (8) | 0 | (3) |
Total taxes charged/(credited) to equity | € (10) | € (3) | € (2) |
Income taxes - Narrative (Detai
Income taxes - Narrative (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Effective tax rate | 22.30% | 28.50% | 28.30% |
Deferred tax liability (asset) | € 3,492 | € 3,557 | € 2,107 |
Deferred tax assets | 21 | 60 | |
Deferred tax liabilities | 3,513 | € 3,617 | |
Temporary differences associated with investments in subsidiaries for which a deferred tax liability has not been recognized | 309 | ||
Tax provisions for audit | 122 | ||
Liability related to purchase accounting | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liability (asset) | 22 | ||
Liability related to purchase accounting | Coca-Cola Amatil Limited | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liability (asset) | 1,174 | ||
Capitalized assets expensed for tax | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liability (asset) | € 36 |
Income taxes - Reconciliation o
Income taxes - Reconciliation of Income Tax Provision (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of geographical areas [line items] | |||
Accounting profit before tax from continuing operations | € 1,957 | € 1,382 | € 695 |
Tax expense at the UK statutory rate | 371 | 262 | 132 |
Taxation of foreign operations, net | 115 | 72 | 23 |
Non-deductible expense items for tax purposes | 2 | 2 | 6 |
Tax effect from change in tax rate | 0 | 127 | 43 |
Deferred taxes not recognised | 7 | (7) | (4) |
Adjustment in respect of prior periods | (59) | (62) | (3) |
Income tax charge per the consolidated income statement | € 436 | 394 | € 197 |
UK | |||
Disclosure of geographical areas [line items] | |||
Tax effect from change in tax rate | 123 | ||
Netherlands | |||
Disclosure of geographical areas [line items] | |||
Tax effect from change in tax rate | 2 | ||
Indonesia | |||
Disclosure of geographical areas [line items] | |||
Tax effect from change in tax rate | € 2 |
Income taxes - Rollforward of D
Income taxes - Rollforward of Deferred Income Taxes (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Changes in deferred tax liability (asset) [abstract] | |||
Deferred tax liability (asset) at beginning of period | € 3,557 | € 2,107 | |
Amount charged/(credited) to income statement (excluding effect of tax rate changes) | 13 | (3) | |
Effect of tax rate changes on income statement | 0 | 127 | € 43 |
Amounts charged/(credited) directly to OCI | (31) | 126 | |
Amount charged/(credited) to equity | (2) | (3) | |
Acquired through business combinations | (2) | 1,176 | |
Balance sheet reclassifications | (4) | ||
Effect of movements in foreign exchange | (39) | 27 | |
Deferred tax liability (asset) at end of period | 3,492 | 3,557 | 2,107 |
Deferred tax assets and liabilities [abstract] | |||
Deferred tax assets | (21) | (60) | |
Deferred tax liabilities | 3,513 | 3,617 | |
Franchise and other intangible assets | |||
Changes in deferred tax liability (asset) [abstract] | |||
Deferred tax liability (asset) at beginning of period | 3,285 | 1,982 | |
Amount charged/(credited) to income statement (excluding effect of tax rate changes) | (4) | 1 | |
Effect of tax rate changes on income statement | 106 | ||
Amounts charged/(credited) directly to OCI | 0 | 0 | |
Amount charged/(credited) to equity | 0 | 0 | |
Acquired through business combinations | (4) | 1,174 | |
Balance sheet reclassifications | (1) | ||
Effect of movements in foreign exchange | (22) | 22 | |
Deferred tax liability (asset) at end of period | 3,254 | 3,285 | 1,982 |
Property, plant and equipment | |||
Changes in deferred tax liability (asset) [abstract] | |||
Deferred tax liability (asset) at beginning of period | 251 | 187 | |
Amount charged/(credited) to income statement (excluding effect of tax rate changes) | (11) | 2 | |
Effect of tax rate changes on income statement | 8 | ||
Amounts charged/(credited) directly to OCI | 0 | 0 | |
Amount charged/(credited) to equity | 0 | 0 | |
Acquired through business combinations | 2 | 51 | |
Balance sheet reclassifications | (2) | ||
Effect of movements in foreign exchange | (4) | 3 | |
Deferred tax liability (asset) at end of period | 236 | 251 | 187 |
Financial assets and liabilities | |||
Changes in deferred tax liability (asset) [abstract] | |||
Deferred tax liability (asset) at beginning of period | 36 | (6) | |
Amount charged/(credited) to income statement (excluding effect of tax rate changes) | 5 | (1) | |
Effect of tax rate changes on income statement | 1 | ||
Amounts charged/(credited) directly to OCI | (20) | 63 | |
Amount charged/(credited) to equity | 0 | 0 | |
Acquired through business combinations | 0 | (19) | |
Balance sheet reclassifications | (1) | ||
Effect of movements in foreign exchange | (3) | (2) | |
Deferred tax liability (asset) at end of period | 17 | 36 | (6) |
Tax losses | |||
Changes in deferred tax liability (asset) [abstract] | |||
Deferred tax liability (asset) at beginning of period | (14) | (6) | |
Amount charged/(credited) to income statement (excluding effect of tax rate changes) | 7 | (4) | |
Effect of tax rate changes on income statement | 0 | ||
Amounts charged/(credited) directly to OCI | 0 | 0 | |
Amount charged/(credited) to equity | 0 | 0 | |
Acquired through business combinations | 0 | (4) | |
Balance sheet reclassifications | (4) | ||
Effect of movements in foreign exchange | 0 | 0 | |
Deferred tax liability (asset) at end of period | (11) | (14) | (6) |
Employee and retiree benefit accruals | |||
Changes in deferred tax liability (asset) [abstract] | |||
Deferred tax liability (asset) at beginning of period | (14) | (89) | |
Amount charged/(credited) to income statement (excluding effect of tax rate changes) | 5 | 8 | |
Effect of tax rate changes on income statement | 12 | ||
Amounts charged/(credited) directly to OCI | (11) | 63 | |
Amount charged/(credited) to equity | (2) | (3) | |
Acquired through business combinations | 0 | (6) | |
Balance sheet reclassifications | 0 | ||
Effect of movements in foreign exchange | (1) | 1 | |
Deferred tax liability (asset) at end of period | (23) | (14) | (89) |
Tax credits | |||
Changes in deferred tax liability (asset) [abstract] | |||
Deferred tax liability (asset) at beginning of period | (12) | (10) | |
Amount charged/(credited) to income statement (excluding effect of tax rate changes) | 0 | (2) | |
Effect of tax rate changes on income statement | 0 | ||
Amounts charged/(credited) directly to OCI | 0 | 0 | |
Amount charged/(credited) to equity | 0 | 0 | |
Acquired through business combinations | 0 | 0 | |
Balance sheet reclassifications | 0 | ||
Effect of movements in foreign exchange | 0 | 0 | |
Deferred tax liability (asset) at end of period | (12) | (12) | (10) |
Other, net | |||
Changes in deferred tax liability (asset) [abstract] | |||
Deferred tax liability (asset) at beginning of period | 25 | 49 | |
Amount charged/(credited) to income statement (excluding effect of tax rate changes) | 11 | (7) | |
Effect of tax rate changes on income statement | 0 | ||
Amounts charged/(credited) directly to OCI | 0 | 0 | |
Amount charged/(credited) to equity | 0 | 0 | |
Acquired through business combinations | 0 | (20) | |
Balance sheet reclassifications | 4 | ||
Effect of movements in foreign exchange | (9) | 3 | |
Deferred tax liability (asset) at end of period | € 31 | € 25 | € 49 |
Income taxes - Maturity Of Defe
Income taxes - Maturity Of Deferred Tax Losses and Credits (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Temporary differences associated with investments in subsidiaries for which a deferred tax liability has not been recognized | € 309 | ||
Gross amount | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Tax losses expiring: | 1,802 | € 1,803 | € 1,809 |
Tax credits expiring: | 101 | 145 | 169 |
Deductible temporary differences | 79 | 53 | 65 |
Total | 1,982 | 2,001 | 2,043 |
Tax effected | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Tax losses expiring: | 331 | 310 | 280 |
Tax credits expiring: | 101 | 145 | 169 |
Deductible temporary differences | 20 | 11 | 14 |
Total | 452 | 466 | 463 |
Within 10 years | Gross amount | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Tax losses expiring: | 0 | 0 | 7 |
Tax credits expiring: | 58 | 100 | 122 |
Within 10 years | Tax effected | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Tax losses expiring: | 0 | 0 | 2 |
Tax credits expiring: | 58 | 100 | 122 |
Beyond 10 years | Gross amount | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Tax losses expiring: | 3 | 0 | 0 |
Tax credits expiring: | 43 | 45 | 47 |
Beyond 10 years | Tax effected | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Tax losses expiring: | 1 | 0 | 0 |
Tax credits expiring: | 43 | 45 | 47 |
No time limit | Gross amount | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Tax losses expiring: | 1,799 | 1,803 | 1,802 |
Tax credits expiring: | 0 | 0 | 0 |
Deductible temporary differences | 79 | 53 | 65 |
No time limit | Tax effected | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Tax losses expiring: | 330 | 310 | 278 |
Tax credits expiring: | 0 | 0 | 0 |
Deductible temporary differences | € 20 | € 11 | € 14 |
Share-based payment plans - Nar
Share-based payment plans - Narrative (Details) € in Millions, shares in Millions | 12 Months Ended | |||||
Dec. 31, 2022 EUR (€) tranche | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 EUR (€) | Dec. 31, 2021 shares $ / shares | Dec. 31, 2020 EUR (€) | Dec. 31, 2020 shares $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Compensation expense related to share-based payment plans | € | € 33 | € 17 | € 14 | |||
Expiration period | 10 years | |||||
Weighted average share price (in USD per share) | $ 51.21 | $ 55.68 | $ 42.71 | |||
Share option | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Number of tranches for vesting | tranche | 3 | |||||
Vesting period | 36 months | |||||
Restricted share units | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Vesting period | 36 months | |||||
Number of other equity instruments outstanding in share-based payment arrangement | shares | 0.1 | 0.1 | 0.2 | |||
Weighted average grant date fair value (in USD per share) | $ 42.74 | $ 43.29 | $ 41.77 | |||
Grant date fair value – service and performance conditions (US$) | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Vesting period | 36 months | |||||
Number of other equity instruments outstanding in share-based payment arrangement | shares | 1.8 | 1.3 | 1.1 | |||
Weighted average grant date fair value (in USD per share) | $ 41.65 | $ 43.07 | $ 40.45 | |||
Weight of EPS performance condition | 42.50% | |||||
Weight of ROIC performance condition | 42.50% | |||||
Green house gas emission metric, percentage weighting | 15% | |||||
ESPP | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Compensation expense related to share-based payment plans | € | € 3 |
Share-based payment plans - Act
Share-based payment plans - Activity of Share Option Activity (Details) | 12 Months Ended | ||
Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | Dec. 31, 2020 shares $ / shares | |
Share-Based Payment Arrangements [Abstract] | |||
Beginning balance (in shares) | shares | 2,758,000 | 4,051,000 | 4,815,000 |
Granted (in shares) | shares | 0 | 0 | 0 |
Exercised (in shares) | shares | (484,000) | (1,290,000) | (761,000) |
Forfeited, expired or cancelled (in shares) | shares | (2,000) | (3,000) | (3,000) |
Ending balance (in shares) | shares | 2,272,000 | 2,758,000 | 4,051,000 |
Options exercisable (in shares) | shares | 2,272,000 | 2,758,000 | 4,051,000 |
Beginning balance (in USD per share) | $ / shares | $ 34.19 | $ 31.68 | $ 29.80 |
Granted (in USD per share) | $ / shares | 0 | 0 | 0 |
Exercised (in USD per share) | $ / shares | 29 | 26.33 | 19.79 |
Forfeited, expired or cancelled (in USD per share) | $ / shares | 23.21 | 19.68 | 31.97 |
Ending balance (in USD per share) | $ / shares | 35.30 | 34.19 | 31.68 |
Options exercisable (in USD per share) | $ / shares | $ 35.30 | $ 34.19 | $ 31.68 |
Share-based payment plans - Ran
Share-based payment plans - Range of Exercise Prices for Options Outstanding (Details) | 12 Months Ended | |||
Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares | Dec. 31, 2020 shares | Dec. 31, 2019 shares | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Options outstanding (in shares) | shares | 2,272,000 | 2,758,000 | 4,051,000 | 4,815,000 |
Weighted average remaining life | 2 years 2 months 12 days | 2 years 11 months 1 day | 3 years 4 months 13 days | |
15.01 to 25.00 | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Options outstanding (in shares) | shares | 0 | 151,000 | 931,000 | |
Weighted average remaining life | 0 years | 10 months 6 days | 1 year 9 months | |
15.01 to 25.00 | Low | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price of options outstanding (in USD per share) | $ 15.01 | |||
15.01 to 25.00 | High | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price of options outstanding (in USD per share) | $ 25 | |||
25.01 to 40.00 | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Options outstanding (in shares) | shares | 2,272,000 | 2,607,000 | 3,120,000 | |
Weighted average remaining life | 2 years 2 months 12 days | 3 years 14 days | 3 years 10 months 6 days | |
25.01 to 40.00 | Low | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price of options outstanding (in USD per share) | $ 25.01 | |||
25.01 to 40.00 | High | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price of options outstanding (in USD per share) | $ 40 |
Share-based payment plans - Key
Share-based payment plans - Key Assumptions for Grant-Date Fair Value (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Grant date fair value – service conditions (US$) | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date fair value, restricted share units (in USD per share) | $ 45.43 | $ 47.77 |
Grant date fair value – service and performance conditions (US$) | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date fair value, restricted share units (in USD per share) | $ 45.44 | $ 47.68 |
Provisions, contingencies and_3
Provisions, contingencies and commitments - Disclosure of Provisions (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in other provisions [abstract] | ||
Beginning balance | € 134 | € 237 |
Acquisition of CCL | 9 | |
Additional provisions recognised | 124 | 104 |
Unused amounts reversed | (13) | (15) |
Utilised during the period | (76) | (199) |
Translation | 1 | (2) |
Ending balance | 170 | 134 |
Non-current | 55 | 48 |
Current | 115 | 86 |
Restructuring provision | ||
Reconciliation of changes in other provisions [abstract] | ||
Beginning balance | 103 | 208 |
Acquisition of CCL | 9 | |
Additional provisions recognised | 115 | 93 |
Unused amounts reversed | (8) | (13) |
Utilised during the period | (74) | (192) |
Translation | 1 | (2) |
Ending balance | 137 | 103 |
Non-current | 26 | |
Current | 111 | |
Decommissioning provision | ||
Reconciliation of changes in other provisions [abstract] | ||
Beginning balance | 20 | 15 |
Acquisition of CCL | 0 | |
Additional provisions recognised | 7 | 6 |
Unused amounts reversed | (2) | 0 |
Utilised during the period | (1) | (1) |
Translation | 0 | 0 |
Ending balance | 24 | 20 |
Non-current | 24 | |
Current | 0 | |
Other Provisions | ||
Reconciliation of changes in other provisions [abstract] | ||
Beginning balance | 11 | 14 |
Acquisition of CCL | 0 | |
Additional provisions recognised | 2 | 5 |
Unused amounts reversed | (3) | (2) |
Utilised during the period | (1) | (6) |
Translation | 0 | 0 |
Ending balance | 9 | € 11 |
Non-current | 5 | |
Current | € 4 |
Provisions, contingencies and_4
Provisions, contingencies and commitments - Narrative (Details) - EUR (€) € in Millions | 1 Months Ended | 12 Months Ended | 79 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jul. 24, 2020 | |
Disclosure of other provisions [line items] | |||||
Other income | € 96 | € 96 | € 0 | € 0 | |
Purchase commitments | 100 | 100 | |||
Capital expenditure purchase orders | 109 | 109 | |||
Minimum lease payments for lease agreements that have not yet commenced | 23 | 23 | |||
Territorial authority | Guarantees | |||||
Disclosure of other provisions [line items] | |||||
Guarantees issued to authorities | 646 | 646 | 340 | ||
Third parties, other than territorial authorities | Guarantees | |||||
Disclosure of other provisions [line items] | |||||
Guarantees issued to authorities | € 29 | € 29 | € 35 | ||
Coal | |||||
Disclosure of other provisions [line items] | |||||
Royalty income | € 50 | ||||
Low | Leased Buildings | Decommissioning provision | |||||
Disclosure of other provisions [line items] | |||||
Settlement ranges for provisions | 1 year | ||||
Low | Cold drink equipment | Decommissioning provision | |||||
Disclosure of other provisions [line items] | |||||
Settlement ranges for provisions | 2 years | ||||
High | Leased Buildings | Decommissioning provision | |||||
Disclosure of other provisions [line items] | |||||
Settlement ranges for provisions | 30 years | ||||
High | Cold drink equipment | Decommissioning provision | |||||
Disclosure of other provisions [line items] | |||||
Settlement ranges for provisions | 9 years |
Other current assets and asse_3
Other current assets and assets held for sale - Schedule of Other Current Assets (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Other Assets [Line Items] | ||
Prepayments | € 180 | € 101 |
VAT receivables | 41 | 16 |
Coal royalties | 96 | 0 |
Miscellaneous receivables | 162 | 154 |
Total other current assets | 479 | € 271 |
Basque Region | ||
Schedule of Other Assets [Line Items] | ||
VAT receivables | € 25 |
Other current assets and asse_4
Other current assets and assets held for sale - Narrative (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Other Assets [Line Items] | ||
Assets held for sale | € 94 | € 223 |
Germany | ||
Schedule of Other Assets [Line Items] | ||
Property held for sale | 29 | |
TCCC franchise intangible | ||
Schedule of Other Assets [Line Items] | ||
Assets held for sale | € 40 |
Other non-current assets - Sche
Other non-current assets - Schedule of Other Non-Current Assets (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Subclassifications of assets, liabilities and equities [abstract] | ||
VAT receivables | € 0 | € 214 |
Retirement benefit surplus (Note 16) | 135 | 194 |
Investments | 35 | 40 |
Other | 82 | 86 |
Total other non-current assets | € 252 | € 534 |
Other non-current assets - Narr
Other non-current assets - Narrative (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of geographical areas [line items] | ||
VAT receivables | € 41 | € 16 |
Spain | ||
Disclosure of geographical areas [line items] | ||
Value added tax payables | 57 | |
Basque Region | ||
Disclosure of geographical areas [line items] | ||
VAT receivables | 25 | |
Spanish tax authorities | ||
Disclosure of geographical areas [line items] | ||
Value added tax receivables | € 214 | |
Value added tax paid (refund) | € 252 |
Other non-current assets - Sc_2
Other non-current assets - Schedule of Non-Current Investments (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Investments accounted using equity method | € 33 | € 35 |
Financial assets at fair value through other comprehensive income | 2 | 5 |
Total investments | € 35 | € 40 |
Financial risk management - Nar
Financial risk management - Narrative (Details) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 EUR (€) banks | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Current derivative liabilities | € 76 | € 19 | |
Current derivative assets | 257 | 150 | |
Multi-currency credit facility | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Credit facility | € 1,950 | 1,950 | |
Number of credit facility banks | banks | 13 | ||
Interest rate risk | Interest rate swap | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Notional amount | € 1,146 | 291 | |
Currency exchange risk | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Percentage of anticipated commodity transaction exposures that are hedged | 80% | ||
Commodity contracts | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Change in rate | 10% | ||
Percentage of anticipated commodity transaction exposures that are hedged | 80% | ||
Change in risk variable impact on equity | € 150 | 116 | € 47 |
Credit risk | Trade and other payables | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Current derivative liabilities | 25 | 46 | |
Credit risk | Other current assets | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Current derivative assets | € 0 | € 4 | |
Credit risk | Low | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Accounts receivable term | 30 days | ||
Credit risk | High | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Accounts receivable term | 60 days | ||
Fixed interest rate | Interest rate risk | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Percentage of interest-bearing borrowings which were comprised of fixed-rate borrowings | 90% | 95% | |
Floating interest rate | Interest rate risk | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Change in rate | 1% | 1% | 1% |
Annual change in finance costs and pre-tax equity | € 9 | € 7 | € 2 |
Financial risk management - Cur
Financial risk management - Currency Risk (Details) - Euro - Foreign currency contracts - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Change in currency rate | 10% | 10% | 10% |
€ strengthens against US$ | € 197 | € 176 | € 33 |
€ weakens against US$ | € (197) | € (176) | € (36) |
Financial risk management - Liq
Financial risk management - Liquidity Risk (Details) - Liquidity risk - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Trade and other payables | € 4,714 | € 3,933 |
Amounts payable to related parties | 485 | 210 |
Borrowings | 12,314 | 13,599 |
Derivatives | 263 | 66 |
Lease liabilities | 752 | 714 |
Total financial liabilities | 18,528 | 18,522 |
Less than 1 year | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Trade and other payables | 4,714 | 3,933 |
Amounts payable to related parties | 485 | 210 |
Borrowings | 1,336 | 1,369 |
Derivatives | 76 | 19 |
Lease liabilities | 149 | 145 |
Total financial liabilities | 6,760 | 5,676 |
1 to 3 years | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Trade and other payables | 0 | 0 |
Amounts payable to related parties | 0 | 0 |
Borrowings | 2,597 | 2,551 |
Derivatives | 17 | 4 |
Lease liabilities | 217 | 208 |
Total financial liabilities | 2,831 | 2,763 |
3 to 5 years | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Trade and other payables | 0 | 0 |
Amounts payable to related parties | 0 | 0 |
Borrowings | 2,179 | 2,274 |
Derivatives | 51 | 15 |
Lease liabilities | 129 | 111 |
Total financial liabilities | 2,359 | 2,400 |
More than 5 years | ||
Disclosure Of Maturity Analysis For Derivative And Non-Derivative Financial Liabilities [Line Items] | ||
Trade and other payables | 0 | 0 |
Amounts payable to related parties | 0 | 0 |
Borrowings | 6,202 | 7,405 |
Derivatives | 119 | 28 |
Lease liabilities | 257 | 250 |
Total financial liabilities | € 6,578 | € 7,683 |
Significant events after the _2
Significant events after the reporting period (Details) - EUR (€) € in Millions | 1 Months Ended | |||
Dec. 31, 2022 | Feb. 08, 2023 | Jan. 31, 2022 | Dec. 31, 2021 | |
PT Coca-Cola Bottling Indonesia | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Percentage of voting equity interests acquired | 29.40% | |||
Consideration paid | € 282 | |||
VAT assessment | VAT assessment | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Loss Contingency, Damages Sought, Value | € 250 | |||
Multi-currency credit facility | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Credit facility | € 1,950 | € 1,950 | ||
Multi-currency credit facility | Extended maturity date, revolving credit facility | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Credit facility | € 1,950 |
Group companies (Details)
Group companies (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of associates [line items] | |
% Equity interest directly held | 100% |
The Group | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 99.99% |
Coca-Cola Australia Foundation Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in joint venture | 0% |
Mahija Parahita Nusantara Foundation | |
Disclosure of associates [line items] | |
Proportion of ownership interest in joint venture | 0% |
PT Amandina Bumi Nusantara | |
Disclosure of associates [line items] | |
Proportion of ownership interest in joint venture | 35.31% |
TasRecycle Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in joint venture | 0% |
VicRecycle Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in joint venture | 0% |
Container Exchange (QLD) Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in investments | 0% |
Container Exchange (Services) Pty Ltd | |
Disclosure of associates [line items] | |
Proportion of ownership interest in investments | 50% |
Foodl B.V. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in investments | 33.30% |
Kollex GmbH | |
Disclosure of associates [line items] | |
Proportion of ownership interest in investments | 20% |
WA Return Recycle Renew Ltd | |
Disclosure of associates [line items] | |
Proportion of ownership interest in investments | 0% |
Aitonomi AG | |
Disclosure of associates [line items] | |
Proportion of ownership interest in associate | 15% |
Birtingahúsið ehf. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in associate | 34.50% |
CC Digital GmbH | |
Disclosure of associates [line items] | |
Proportion of ownership interest in associate | 50% |
Circular Plastics Australia (PET) Holdings Pty Ltd | |
Disclosure of associates [line items] | |
Proportion of ownership interest in associate | 16.67% |
Endurvinnslan hf. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in associate | 20% |
Exchange for Change (ACT) Pty Ltd | |
Disclosure of associates [line items] | |
Proportion of ownership interest in associate | 20% |
Exchange for Change (Australia) Pty Ltd | |
Disclosure of associates [line items] | |
Proportion of ownership interest in associate | 20% |
Exchange for Change (NSW) Pty Ltd | |
Disclosure of associates [line items] | |
Proportion of ownership interest in associate | 20% |
Infineo Recyclage SAS | |
Disclosure of associates [line items] | |
Proportion of ownership interest in associate | 49% |
Innovative Tap Solutions Inc. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in associate | 21.80% |
Lavit Holdings Inc | |
Disclosure of associates [line items] | |
Proportion of ownership interest in associate | 13.70% |
Starstock Group Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in associate | 28.05% |
Agua De La Vega Del Codorno, S.L.U. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Aguas De Cospeito, S.L.U. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Aguas De Santolin, S.L.U. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Aguas Del Maestrazgo, S.L.U. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Aguas Del Toscal, S.A.U. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Aguas Vilas Del Turbon, S.L.U. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Amalgamated Beverages Great Britain Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Apand Pty Ltd | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Associated Products & Distribution Proprietary | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
BBH Investment Ireland Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Bebidas Gaseosas Del Noroeste, S.L.U. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Beganet, S.L.U. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Beverage Bottlers (NQ) Pty Ltd | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Beverage Bottlers (QLD) Ltd | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
BL Bottling Holdings UK Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Bottling Great Britain Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Bottling Holding France SAS | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Bottling Holdings (Luxembourg) SARL | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Bottling Holdings (Netherlands) B.V. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Bottling Holdings Europe Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
% Equity interest directly held | 38.30% |
Bottling Holdings Europe Limited | Ordinary Share Class A | |
Disclosure of associates [line items] | |
% Equity interest directly held | 100% |
Brewcorp Pty Ltd | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Brewhouse Investments Pty Ltd | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
C - C Bottlers Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Can Recycling (S.A.) Pty. Ltd. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
CC Erfrischungsgetränke Oldenburg Verwaltungs GmbH | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
CC Iberian Partners Gestion S.L. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
CC Verpackungsgesellschaft mit beschraenkter Haftung | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
CCA Bayswater Pty Ltd | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
CCEP Australia Pty Ltd | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
CCEP Finance (Australia) Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
CCEP Finance (Ireland) Designated Activity Company | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
CCEP Group Services Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
CCEP Holdings (Australia) Pty Ltd | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
CCEP Holdings (Australia) Pty Ltd | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
CCEP Holdings Norge AS | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 10,000% |
CCEP Holdings Sverige AB | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
CCEP Holdings UK Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
CCEP Ventures Australia Pty Ltd | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
CCEP Ventures Europe Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
CCEP Ventures UK Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
CCEP Scottish Limited Partnership | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
CCIP Soporte, S.L.U. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Classic Brand (Europe) Designated Activity Company | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Cobega Embotellador, S.L.U. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Coca-Cola Amatil (UK) Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Coca-Cola Europacific Partners (CDE Aust) Pty Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Coca-Cola Europacific Partners (Fiji) Pte Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Coca-Cola Europacific Partners (Holdings) Pty Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Coca-Cola Europacific Partners (Initial LP) Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Coca-Cola Europacific Partners (Scotland) Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Coca-Cola Europacific Partners API Pty Ltd | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Coca-Cola Europacific Partners Australia Pty Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Coca-Cola Europacific Partners Belgium SRL/BV | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Coca-Cola Europacific Partners Deutschland GmbH | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
% Equity interest directly held | 10% |
Coca-Cola Europacific Partners France SAS | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Coca-Cola Europacific Partners Great Britain Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Coca-Cola Europacific Partners Holdings Great Britain Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Coca-Cola Europacific Partners Holdings NZ Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Coca-Cola Europacific Partners Holdings US, Inc. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Coca-Cola Europacific Partners Iberia, S.L.U. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Coca-Cola Europacific Partners Investments (Singapore) Pte. Ltd. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Coca-Cola Europacific Partners Ísland ehf. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Coca-Cola Europacific Partners Luxembourg sàrl | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Coca-Cola Europacific Partners Nederland B.V. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Coca-Cola Europacific Partners New Zealand Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Coca-Cola Europacific Partners Norge AS | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Coca-Cola Europacific Partners Papua New Guinea Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Coca-Cola Europacific Partners Pension Scheme Trustees Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Coca-Cola Europacific Partners Portugal Unipessoal LDA | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Coca-Cola Europacific Partners Services Bulgaria EOOD | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Coca-Cola Europacific Partners Services Europe Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Coca-Cola Europacific Partners Services SRL | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Coca-Cola Europacific Partners Sverige AB | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Coca-Cola Europacific Partners US II, LLC | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Coca-Cola Europacific Partners US, LLC | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Coca-Cola Europacific Partners Vanuatu Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Coca-Cola Immobilier SCI | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Coca-Cola Production SAS | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Compañía Asturiana De Bebidas Gaseosas, S.L.U. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Compañía Castellana De Bebidas Gaseosas, S.L. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Compañía Levantina De Bebidas Gaseosas, S.L.U. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Compañía Norteña De Bebidas Gaseosas, S.L.U. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Compañía Para La Comunicación De Bebidas Sin Alcohol, S.L.U. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Conversia IT, S.L.U. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Crusta Fruit Juices Proprietary Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Developed System Logistics, S.L.U. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Feral Brewing Company Pty Ltd | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
GR Bottling Holdings UK Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Instelling voor Bedrijfspensioenvoorziening Coca-Cola Europacific Partners Belgium/Coca-Cola Europacific Partners Services – Bedienden-Arbeiders OFP | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Instelling voor Bedrijfspensioenvoorziening Coca-Cola Europacific Partners Belgium/Coca-Cola Europacific Partners Services – Kaderleden OFP | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Iparbal, 99 S.L. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Iparsoft, 2004 S.L. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Lusobega, S.L. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Madrid Ecoplatform, S.L.U. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Matila Nominees Pty. Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Neverfail Bottled Water Co Pty Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Neverfail SA Pty. Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Neverfail Springwater (VIC) Pty Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Neverfail Springwater Co Pty Ltd | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Neverfail Springwater Co. (QLD) Pty. Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Neverfail Springwater Pty Ltd | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Neverfail WA Pty. Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Pacbev Pty Ltd | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Paradise Beverages (Fiji) Pte Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
PEÑA Umbria S.L.U. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Perfect Fruit Company Pty Ltd | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
PT Coca-Cola Bottling Indonesia | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 70.60% |
PT Coca-Cola Distribution Indonesia | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 70.63% |
Purna Pty. Ltd. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Quenchy Crusta Sales Pty. Ltd. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Real Oz Water Supply Co (QLD) Pty Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Refrescos Envasados Del Sur, S.L.U. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Refrige SGPS, Unipessoal, LDA | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Roalba, S.L.U. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Sale Proprietary Co 1 Pty Ltd | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Sale Proprietary Co 2 Pty Ltd | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Sale Proprietary Co 3 Pty Ltd | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Sale Proprietary Co 4 Pty Ltd | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Sale Proprietary Co 5 Pty Ltd | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Sale Proprietary Co 6 Pty Ltd | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Sale Proprietary Co 7 Pty Ltd | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Samoa Breweries Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 93.85% |
Solares y Edificios Norteños, S.L.U. | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Wabi Portugal, Unipessoal LDA | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
WB Investment Ireland 2 Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
WBH Holdings Luxembourg SCS | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
WIH UK Limited | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Wir Sind Coca-Cola GmbH | |
Disclosure of associates [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Infineo Recyclage SAS | Ordinary Share Class B | |
Disclosure of associates [line items] | |
% Equity interest directly held | 49% |