Thank you, for you all and joining Damian today. thank us
Let start now on more I areas. and summary. some financial through touch our these with these me detail half one go each shortly on will of
profit pro an of efficiency increased on We forma, XX% at an basis, X.X% spend closely. And and our pro on revenues up €X growth XX.X% FX-neutral and forma our nearly FX-neutral pro per on by COGS ongoing basis. our unit forma basis. €XXX delivered was and pro and case forma reflecting up comparable FX-neutral with that’s in comparable on starting XX% a revenue our So of the areas discretionary billion, the increase of a on continuous the million, an efforts overall managing programs our operating benefit
comparable we calculated comparable the resulted by tax unrecognized from declined tax uncertain XX% and to of priority strong earnings free comparable XX% flow million basis. per of us, driven when This to and in utilization losses flow basis. up €X.XX, a year core rate our Free positions. previously a FX-neutral continues comparable a XX.X% of reduction a The effective €XXX basis. generated similar Our for of diluted last on approximately cash cash reassessment is be share on generation on and
pro revenue highlights. both importantly forma in was unit at driven looking our increase case. per by revenue increase volume the The Now an and
encouragingly, by impacted pack Revenue QX our end Damian, in encouraged versus in mix and worst versus we performance lapped reflecting positive headwinds. away-from-home restrictions increases. unit And period brand in channel channel, as XXXX, X% the last mix XXXX, channel mentioned reopenings from we’re most positive up As the following improvement earlier mobility has quarter. eased favorable the generally significant case Unsurprisingly, by been mix on we’re by the and year. as per rate increased the volume grew underlying of despite away-from-home our the the X.X% and second towards
Overall, benefitting half. with XX% the Strong down up result, a home the X.X% this mobility. versus As increased well occasions channels XXXX that across in increased total impacted QX at-home XXXX, in was continued one. versus doubling from away-from-home in perspective, were channel with From volumes trading volumes in in the as during continued, Europe volumes on-the-go growth immediate positively consumption channel first was as half XXXX. meant versus grocery, down online pack both X% to due a
On you the XX.X% pro year, half API half half throughout compare in tougher of revenue XX.X% down reopening when has and QX an segment, X% during last with in reflecting FX-neutral away-from-home versus one restrictions by last QX months. Now basis versus restrictions up the obviously in forma versus if in up place Australia flat on geography by you’ll commentary release. minimal and more few one year. XXXX, the first look during you of Europe changed revenues in the at But, reflecting which FX-neutral and and an XXXX, New in detailed revenue was the Zealand basis were see the obviously XXXX
performance Europe of away-from-home As second in in both segments. driven I and reopening cycling strong mentioned softer by the was earlier, quarter comparables of
to comparables year to therefore compared easing resulting see the third-quarter, now year. QX quarter of initial an tougher into that are We in last last started restrictions, a well progressed
broad-based by are weather our colder we factors cautiously markets. we the of encouraged are at recovery challenging most markets and While several seeing therefore we remain across seeing the has optimistic, wetter across and are been our Generally, play.
can of Portugal France. and as pressure Softer in ongoing availability, global context alongside referenced I Britain. which of travel and on on Great like as a clearly, course, Spain, given in increasing earlier. international pressure moment, Indonesia, does restrictions will especially is impacting Australia, I seeing we’re renewed commodities talk to OpEx, in supply, New and And, And markets haulier tourism Zealand in the remain restrictions
our quarter-to-date July slightly As for result, volumes August XXXX. down forma pro QX are a and versus
a We this QX that will course our November this the at on will our update and into few of factored guidance been update in trading for discuss year I in has moments. full
at to Moving look COGS. now
model, with in XX% line mainly which more relate further with have XX%, slide. that on to case for increased around seeing aware, go And total our are Commodities improvement higher are I goods, and I we’re upward our PET COGS and and largely for talked naturally accounting earlier. which are variable. pressure per you purchases manufacturing incidence XX% XX% our a into in typically aluminum, have As reflecting to unit commodities This fixed. and of will on finished D&A, the includes prices. revenue concentrate the next detail of adverse both approximately finally, been sugar on account the
as we volumes comes the on manufacturing unit recovery back half. fixed favorably given saw positive the well. mix our And as impact the impact has into topline, favorable first a a the resulting COGS of expected, COGS As per this from higher during the costs for case us
basis. So, combine by per COGS comparable FX-neutral has increasing these forma, when case you of factors, all unit on pro a X.X% in this resulted and
current I per color a as for opportunity as do continue case the want to some commodities full there to moving parts, well COGS year. to unit take While the on number on be view of give
around due pressures and spot experiencing in driver the half. upward a are Unsurprisingly, pressure significant movements global is the in from you prices supply. increase to As see on commodities we with can up first aluminum of can the chart, X% the total
We’re commitments expect recycled PET to use due due increased our accelerating year. hedging the are portfolio our PET to we these next sustainability market we Virgin the sugar higher seeing PET recycled towards and our but we impact as and subside increasing, profile across prices also of elements feedstock. also are versus progress demand prices from to
at Taking full we As for we for largely around our is an to view the commodities upward both of account, into so of This the for case year, trend around per exposure the recover, in X% clearly inflation volumes pro remainder Europe API half translates this the XX%, of to XXXX. commodities continue half. hedged, COGS of year, unit our of out anticipate year, to on all and for look a two X% versus latest first year the this full an assuming on forma basis. comparable increase over
commodities As you the increase so XX% of expect an will for when currently mid to exposure. range see see high are commodities to on compared here, on a hedged we approximately XXXX in we next year, to single-digit
continue have update look depending levels exposures the to manage pressures We view. levers several conditions. our And a do at on to trigger to you of more appropriate. lock as on through market multi-year We right in these we’ll
in seen, create successful have with underlying customers have and price will focus jointly you we to driving our As will first continue look been on we them. during with this the value as half to
operating base and next. and to to wider cost which normalize, our longer identify to expect will touch and benefit volumes take we competitive on continue As be meaningful for the continue fit leverage. on from our positive actions term, And continued to we I mix
efficiency, committed base efficiency programs. pre-pandemic at communicated we earlier alongside in year, cost versus announcing are the wider and the API levels rebasing Europe we their as as both to look So,
API. efficiency million $XXX a As in Aussie million about to €XX €XXX Europe announced million million or €XXX and we reminder, of for savings
for XXXX beyond, functional we structures. best also €XX continuous spend benefits to are communicated the €XXX while €XXX ensuring you the pre-pandemic with and efforts ongoing and track. to total discretionary the profits pre-announced the can total is fit compared longer-term. increase to absolute combination helping supply our of will million the percent group in in These in first €XX see, and that combination as broadly our half, compared and levels. margins be programs, benefits to more equate now, million, optimization to from OpEx practice OpEx on protect In only lower our was listing short-term, we on cost on and revenue, which and to savings weighted procurement, terms, volumes a to sharing largely million in competitive We chain of despite importantly These but along last us year, not flat, remain efficiency or
would support to as manage in such recovery I achievement that a the possible to in great also recovery far volume as mentioned some investments mitigate the upward pressures focused some our as inflationary labor the in we point, at TME continues, and Although OpEx increases to related business as as and half-year haulage. areas earlier, we against need anticipate
moving guidance the which full magnitude of the around for of assessment of scale the current year, Now uncertainty continued and and the to our the timing reflects the recovery. pandemic and pace
growth are XX% We reflect to expect Amatil, based completed and basis operating figures XX%. growth and revenue Coca-Cola the to rates. which are acquisition these Each FX and of XX% the timing comparable in actual therefore of of of profit on a full May of on year XX% growth
We of EPS, effective previously on XXXX to a XX%, around XX% as tax are year is The reassessment XX% approximately is vuma which The calculated when available cent on losses current rate from positions, basis. year consensus tax on guiding XX largely uncertain full reduction last unrecognized tax down similar a to effective the I utilization expected and due touched equates to from our also on to of increase earlier. of website. rate the
increases anticipated is between rates for corporate Our upward markets. and latest XX% in driven some see XX%, to certain mainly thereafter pressure tax estimate in income we and XXXX by expect
growth update on of also objectives, and our enlarged which our our of Amatil XX%. We dividend be giving will the base confidence transaction the in increased I are earnings business, This our as based event payout in finally, underpins QX combined course at trading ambitions. medium-term of free us operating our cash May, we adjusted the flow range billion annum target between times of our to greater us per to cash giving to reflect X generation, X.X incremental to to revenue commit update. approximately at target firmly the mentioned the leverage to ratio mentioned least we I net reiterating to our And greater Finally, year, with guidance will confidence debt XXXX €X.XX returning for on with for ratio investor we progressive just the line competitive in three-year this will EBITDA to And period. payout within maintain continue around our dividend at XX%. a and
So Damian going back then, to with closing Thank thoughts. Q&A. I’m that, Damian? hand take to we’ll for And some you.
