Business Context and Reporting Period
Company: Coca-Cola Europacific Partners Plc (CCEP)
Filing Date: October 18, 2024
Reporting Period: This Form 6-K is a regulatory announcement regarding a change in listing category, not a financial results report. Historical financial data cited refers to Fiscal Years 2022 and 2023.
CCEP is a leading consumer goods company operating in the non-alcoholic ready-to-drink market across 31 countries in Western Europe, Australia, the Pacific, and Southeast Asia. The company distributes brands including Coca-Cola, Fanta, Sprite, and Monster.
Key Financial Metrics
The filing does not contain current period financial results (Q3 or FY2024). It references historical performance to illustrate the company's scale:
- FY2023 Revenue: €18.3 billion
- FY2023 Comparable Operating Profit: €2.4 billion
- FY2022 Revenue: €17.3 billion
- FY2022 Comparable Operating Profit: €2.1 billion
- Share Capital: 460,934,403 ordinary shares in issue (as of October 15, 2024).
Note: The filing does not provide current data on cash flow, debt levels, liquidity ratios, or current margins.
Material Changes
The primary material change announced is the transfer of the UK listing category of CCEP's ordinary shares:
- From: Equity Shares (Transition) category.
- To: Equity Shares (Commercial Companies) category.
- Effective Date: Expected to become effective at 8:00 am GMT on November 15, 2024.
- Shareholder Approval: Not required.
- Capital Raise: No new shares are being issued; no funds are being raised.
Additionally, the company expects to transfer its existing Euro-denominated quote to a Sterling-denominated quote effective October 21, 2024, to facilitate potential admission to the FTSE UK Index Series.
Guidance, Outlook, and Risks
Outlook and Strategy: The transfer is intended to increase the company's profile in the UK and Europe, improve share liquidity on UK equity trading venues, and attract a wider investor base. The company anticipates eligibility for the FTSE UK Index Series subject to trading volume conditions and FTSE approval.
Regulatory Impact: Following the transfer, CCEP will be subject to additional UK Listing Rules, including the requirement to appoint a sponsor (BNP Paribas and Deutsche Numis have been appointed), comply with the UK Corporate Governance Code, and adhere to specific continuing obligations regarding financial information and related party transactions.
Risks and Contingencies: The filing includes standard forward-looking statement disclaimers. Risks cited include potential material differences between actual results and projections regarding revenue, operating profit, free cash flow, market share, tax rates, and regulatory compliance. Admission to the FTSE indices is not guaranteed and depends on meeting liquidity tests.
Investor Verification Checklist
- Verify the effective date of the listing category transfer (November 15, 2024) and the switch to Sterling-denominated trading (October 21, 2024).
- Confirm the appointment of BNP Paribas and Deutsche Numis as Joint Sponsors.
- Review the Shareholders' Agreement (SHA) annex regarding board composition and the rights of Olive HoldCo and The Coca-Cola Company subsidiaries ("Red").
- Monitor future announcements for confirmation of admission to the FTSE UK Index Series.
- Check subsequent filings for the actual financial results for the period ending September 30, 2024, as this filing contains no current quarter data.