and us Thank all joining today. to you good of good afternoon, Damian, you, morning and
Let summary. our me with financial start XXXX
impact volume a geographic decline, in moment. decline FX-neutral X.X% revenue the of reflecting adverse unit per the channel, come a pandemic, Our case. resulted COVID-XX revenue the XX% driven combination by basis, and course, an a declined in to in XX% on of by of back mix The comparable pack I'll which
find geography our volumes, for appendices unit of On cost our basis, the that revenue adverse presentation mainly under-recovery release. with combined due costs, to the in the in cans. by the demand lower X.X% performance given per commentary You'll on driven and mix this of increased and with fixed case, higher FX-neutral detailed our mainly by comparable a
aluminum were costs approximately prices, namely COGS and in PET reminder, in to sugar a XXXX relates XX%, mainly offset our XX% for D&A. costs, a an As with lower by fixed and prices. manufacturing Commodities, increase which favorable partially accounts of further
concentrate revenue line lower decline addition, of in driven In per the we incidence our full The with our costs breakdown model. the by from included the COGS unit is appendices. in benefited case, in
guidance not COGS commodities While hedged policy. providing we're today, hedging is year this please our as per our for exposure note XXXX largely that multiyear
of Given currently anticipate commodities year you coverage, of and X%, the progresses. approximately the we keep we current level as updated inflation will
OpEx in comparable profit driven gross declined unit XX% discretionary revenue OpEx COGS savings case. an by by and Combined with of in reflecting the XX%, comparable costs decline adverse Our profit comparable XX.X% operating reduction per of and basis. million, detail this down comparable talk €XXX about savings circa FX-neutral a and the discretionary a operating I'll led more in shortly. to €X.X on billion,
due XX%, change on share well down basis. France and rate of mix. effective tax declined to in earnings comparable FX-neutral corporate mainly profit diluted lower as per in and comparable Our as resulted to tax a Belgium comparable This a in rates €X.XX, XX.X%
aware, and CCEP. our objective of core has the returns, on are to generating returned delivered €X a in suspension billion billion of of highlights priority million, close a capital strong flow cover million working cash year. flow generation This us generation flow in and of been at CapEx finally, which for free And be shortly. least to program here buybacks our supported approximately detail challenging also annual initiatives, our the I'll medium-term strength our share free continues via cash last €X €XXX March you shareholder more we as shareholders year. the at So cash by €XXX before we to Despite backdrop, free
of dividend circa We year with paid in December, of dividend also to XX%, line payout in fully remain our committed. dividend ratio €X.XX which policy maintaining full we share our per a
remains key priority. to highlights. our value Joint revenue with Now a some creation customers
of So XXXX. category it the we see retail an adding were versus is creator the NARTD million €XXX that in additional value to XXXX, largest great in
our and Sprite. Monster in XX%, pushed track size growth the also larger is Fanta optimizing the markets as delivered growth number in of offering in flavors the growth SKU resilient in value the X our our into are new packs by volume brand and volume was in-store volume very promotional Red Spain Portugal. reallocation to energy helped growth of of business. and now nearest performance revenue been not initiatives, a such the absolute would saw brand ahead smart home the In and brands. energy number channel. meet growth the share as Pacific and Sugar as such the standout both of supported broader twice our a driven These have share at opportunity on our the has during performer initiatives ensured fact, we of during take NARTD of This for leading and portfolio. nearly represents level, so of consumers for Zero cans growth well value GB. XX%, field sales X Punch online. our by We've the the the adjacencies Monster for value year. both embraced also of of gains to us Impressively, management resilient multipack absolute Coca-Cola multipack we a core been digital And brands These without such competitor. Bull, we And doubling and both in-store, have much with supply efficiency, brand, X our possible rationalization the market as as reps was value X additional we year, with solid in goal customers. for we was Energy as
strong share see just And food away-from-home customers. momentum our in-store, of further restrictions surpassed value drive our growth with our we our to around have In growth revenue basis e-commerce fact, than limited grocery. XX% the socializing, as of during continued in In year. delivery points. online has what's sales in to share of online GB, our online resulting But goes actually online XXX have grocery revenue with grew dedicated reflecting much digital that XX%, efforts together market gains
XX,XXX more myccep.com, a around the using winning that of have with platform, and continues year, the We BXB number the beginning to with this grow. at than Xx customers portal now
our launched Your we continue brand become finally, continue beverage Coca-Cola pandemic, of invest core streams as Pilot, with the direct-to-consumer sales and global future also GB We the company we platform behind aligned to And partners. a [ innovation first-ever revenue to diversify to our our ]. despite
COVID-XX. impact now So the of to
see can the monthly away-from-home declined XX%. You volatilities been outlet volumes restrictions. the on circa Unsurprisingly, extent on impact mirroring chart, in the most by significant this lockdowns, clearly, of volumes our has closures varying channel, where and
particularly measures during fourth saw volumes during December. a initial quarter marked we While volumes the deteriorated, the and by of favorable quarter in reflecting again impacted easing lockdown November the improvement in restrictions, X, and renewed weather,
channel year stable has the volumes growth growth as as on-the-go of more in negatively home home I the X%, down Future also consumption benefiting such and the customer nearly packs, cans as PET On as been in dispute the volume RGM particularly was of with large second well pack home the multipack and France across channels The performed half, in initiatives the circa better, XX%. mentioned trading Germany. earlier. supported from both volumes full impacted perspective, From whole, with resolution particularly consumption online, in channel. in a our
account As volumes, XX% immediate consumption the and a away-from-home around and our reminder, XX% channel typically respectively. of for
appendices be markets. volume by The to weaker our breakdowns the You'll with the of challenged more start to tougher pandemic, color than find by most impacted on volumes in QX, continues of deck. restrictions XXXX January this these in
business place While restrictions, considerable XXXX in way any duration through the our the navigate short-term of our uncertainty have we of we and will effectively. That most we that confidence remains quarter. over the depth us learnings said, throughout adapted these remain first and challenges anticipate they gives will from
now to costs. Moving
given solid Importantly, This XXXX, initiatives. enabled the our in the more we came to into synergy base, cost understanding of our around the of program Competitiveness work ongoing with a merger crisis quickly us closeout alongside even react delivered robust decline ahead when operating The total, hit million, pandemic €XXX was, the moderated of markets. of range therefore, we OpEx spend. our on In €XXX of profit action discretionary in our million. savings million by to guided Accelerate €XXX
scale some course, work in we marketing well efficient travel with targeted and also as seasonal as begin like invest company and to million given €XXX and offset such reduce are as savings the lower This chain, impacted for as of to the of by These the closely make as declined ones of in includes in This meet changing business protective to enabling XXXX restrictions a approximately that around longer equipment costs and of anticipate in lift will OpEx from travel how We variable Coca-Cola the the between trade bad when will consultancy. costs would more compared chart. course, our inflation. one-off and difficult we to of services program, are and benefits million as to become work. headcount course, you this is, to some the expenses million and functions. changes decisions XXXX. our Some items partially and, will us but labor, €XXX X/X of on X/X from are, though, related mind, mitigation return. reminder, some was and right customers. see our volumes simplify as program, duplication, with reduction Accelerate write-offs €XXX volumes area and increase roles such naturally, supply XXXX into see OpEx total as where our closure X,XXX were in inventory as to as roughly of able colleagues the as program launched to savings We for Keep central business, meetings of permanent fixed debts, address our efficiency and OpEx incentives, as we variable. And less that continue well other These key total be we this October. we savings such across anticipate We our the This spend bridging which X volume as an term, the in and structural that Competitiveness as T&E the spend. coming benefits our initial plants more well efficient support needs finance result
not always, base I manage we Importantly, OpEx our to to despite we gives our actions as And This initiatives we inflationary will in are our it it will these of lower a initial a XXXX XXXX the from result, have a permanently return more base. cost to And XXXX before, prepandemic in again, structurally perspective. and efficient full to benefits for in as business. taking cost but will us we become run be leaner to ability beyond. as future. expect look sustainable become said return that I'll to we given a business rate year say growth continue to focus our confidence the pressures, than the the multiyear continuous
by of still million, and by This continued X/X sources flexibility. other included noncritical equipment. well and COVID importance €XXX circa cash as back targeted technologies Recognizing the as to on Despite cash spent cash metric flow. backdrop, speed turning us. first When key the in This of all pandemic components. generated to a moved important at €XXX the So slide for free hugely around digital flow deferring investments, of markets, free the hit projects. maximum we out detail, lays supply our chain, reducing uses leases to challenging we CapEx million the more preserve reduce excluding we
our disciplined across all channels. in guidance the portfolio right maintain customers have At to to levels, all provide continue distribution our cannot we sell XXXX stage, our recognizing ensure uncertain current to the to at spend with this CapEx environment. specific capabilities to we today, expect and that products will but CapEx any XXXX be We
We in will, this XXXX of €XXX and however, that inflow and spend capital this which bucket about XX% of pandemic, XX% continue about compares in anticipate we year, a And scaling up million account will our working XX% in the delivered digital our for investments XXXX. despite to XXXX.
our since approximately is multiyear approximately so our But cumulative this improvements, capital to reflecting we improvements timing, to of million, as to routines to new cross-functional been receivables driven down drive working has the expect payables, retain and we'll do solid focus driving track XXXX. across inventories. collaboration taking well all balance on our performance through finally, reverse. sheet. as and This strong on Some strong €XXX results million trade €XXX And
EBITDA net entered cash committed rating. reflecting we strength, a more We of net debt ratio owing flow a merger, XXXX free having by the adjusted than We the decline this ended our know, of crisis in offsetting a you remain As position with strong debt. quickly investment-grade post from the delevered to strong X.Xx, profit driven in reduction pandemic, to fully to generation.
balanced and debt. we're maturities an favorable repayment conditions. additional secure debt have €X.X maturing liquidity in market long-term to the us pleased of very a flexibility, shows, to markets including with funding These profile the additional as billion chart of taking of last continue year, We of and provide proceeds the advantage debt
billion to access liquidity, €X.X We sustainability-linked have holding cash also sources billion and including €X.X other of currently to continue RCF. of around
€X.X any have paper to we the utilization market That via program. multicurrency RCF commercial not commercial billion Additionally, paper or outstanding. currently do access our we have said,
we providing financial debt long-term our flexibility liquidity, covenants on the us in either or uncertain facilities. our no importantly, are So there And environment. continued have with ample
hand Damian. I'm going back with that, to So to Damian?
