Business Context and Reporting Period
This Form 6-K filing by Coca-Cola European Partners Plc (CCEP) is dated May 1, 2020. The document serves as a correction to the 2019 Annual Report on Remuneration, specifically addressing a typographical error in the illustration of the 2019 Long-Term Incentive Plan (LTIP) vesting schedule originally published in the Integrated Report for the financial year ended December 31, 2019.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity metrics. This document is strictly a correction to executive compensation disclosure tables and does not contain updated financial statements or operational results.
Material Changes
The material change disclosed is the correction of the vesting level percentages in the table heading row for the 2019 LTIP awards on page 100 of the 2019 Annual Report on Remuneration. The corrected table clarifies the performance targets required for vesting.
Guidance, Outlook, and Management Commentary
Management commentary is limited to the explanation of the LTIP performance targets, which are weighted 50% on Earnings Per Share (EPS) and 50% on Return on Invested Capital (ROIC). The targets are defined as follows:
- EPS (50% weighting): Compound annual growth over the 2019-2021 period. Threshold: 5.7% p.a.; Target: 11.0% p.a.; Maximum: 15.5% p.a.
- ROIC (50% weighting): ROIC achieved in the final year (2021). Threshold: 10.9%; Target: 12.4%; Maximum: 13.9%.
The filing notes that targets include the impact of share buybacks and will be adjusted at vesting to reflect actual buyback values. No broader business outlook, risk factors, or contingencies are discussed in this specific filing.
Investor Verification Checklist
- Verify the corrected LTIP vesting schedule against the original 2019 Integrated Report (page 100) to ensure accurate assessment of executive compensation alignment.
- Confirm the specific definitions of "Comparable operating profit" and "Invested capital" used for the ROIC calculation, noting the exclusion of IFRS 16 effects.
- Review the full 2019 Integrated Report for the actual financial performance data, as this 6-K filing contains no financial results.