Coca-Cola Europacific Partners earns 26.5% more and buys the Philippine bottler for 1,640 million

Sales in Spain and Portugal rose 12.5%, to 1,541 million

Coca-Cola Europacific Partners (CCEP) obtained an accounting net profit of 854 million euros during the first half of this year, which represents an increase of 26.5% compared to the same period of the previous year, as reported by the multinational, which has announced its proposal to acquire, together with Aboitz Equity Ventures, the Philippine bottler (CCBPI) from The Coca-Cola Company for 1,800 million dollars (1,640 million euros).

Specifically, in comparable terms, the company's net profit increased by 14% between January and June, up to 847 million euros, while book income amounted to 8,977 million euros, 8.4% higher than that achieved in the first semester of 2022.

Book operating profit for the first six months of this year was 1,170 million euros, 21% more, while on a comparable basis it stood at 1,165 million euros, 10.8% more.

"We are very proud to have closed a great first half, in which we have achieved strong sales and net profit growth and have generated a robust 'cash flow'. Our evolution reflects great execution in the market and strong relationships with our customers, all of which has resulted in strong volume growth in all the markets in which we operate," said Damian Gammel, CEO of Coca-Cola Europacific Partners.

In this way, the multinational's sales in Spain and Portugal rose 12.5%, reaching 1,541 million euros, driven by the recovery of consumption outside the home in the first quarter, in the face of Covid restrictions. .

Regarding the different beverages in the portfolio, Coca-Cola, Coca-Cola Zero and Aquarius have performed well in the first half of the year, while Monster's volumes have experienced double-digit growth, both in the second quarter and in the first semester of the year.

The bottler has specified that the increase in revenues/unit cases in the first half of the year has been driven by the prices applied in the first quarter, together with the successful 'mix' of channels and containers, very positive due to the growth of the segment consumption outside the home.

GROWS WITH THE PURCHASE OF THE FILIPINO BOTTLER

On the other hand, the multinational has reported that it has sent a non-binding letter of intent to acquire the Philippine bottler along with Aboitz Equity Ventures, a company that has "attractive profitability" and "growth prospects".

"We are delighted to announce the acquisition of Coca-Cola Beverages Philippines Inc, together with Aboitz Equity Ventures Inc., one of the leading conglomerates in the local market. This represents a great opportunity to purchase an established and well-run business with very good prospects. of growth and profitability", said the CEO of Coca-Cola Europacific Partners, Damian Gammel.

With this acquisition, CCEP continues to grow and support its transformation in Indonesia. "This step allows us a more diverse presence within our API business segment, which supports Indonesia's transformation and furthers our medium-term strategic objectives," Gammel stressed.

The bottler has indicated that this acquisition is in line with its objectives to drive sustainable and stronger growth through diversification and scale.

In this way, CCEP will be the majority owner with 60% of the company, while AEV will have a 40% stake. The bottler will have a governing body with five members, of which three will be appointed by CCEP and two by AEV, while the firm chaired by Sol Daurella will appoint the CEO. An operation that is still subject to a series of conditions, according to the bottler.