Revenue
Q2 Reported +26.0%; Q2 Pro forma +16.0%[5]
• Reported growth, in addition to the drivers below, reflects the acquisition of Coca-Cola Amatil (completed 10 May 2021)
• Pro forma comparable volume +10.5%[8] (+5.0% vs 2019) driven by the continued recovery of the Away from Home (AFH) channel, further supported by the return of tourism in Europe, alongside favourable weather
o Strong AFH pro forma comparable volume: +20.0% (+1.5% vs 2019) reflecting increased mobility & the recovery of immediate consumption (IC) packs (+30.5%[9] vs 2021; +5.0%[9] vs 2019)
o Resilient Home pro forma comparable volume: +4.5% (+7.5% vs 2019) driven by solid in-market execution, supported by the recovery of IC packs & sustained growth in future consumption (FC) packs (e.g. multipack cans +4.5%[9] vs 2021; +26.0%[9] vs 2019)
• Pro forma revenue per unit case +5.0%[2],[5] (+7.0%[10] vs 2019) driven by favourable underlying price & promotional optimisation, alongside positive pack & channel mix led by the recovery of AFH
H1 Reported +40.0%; H1 Pro forma +17.0%[5]
• Reported growth, in addition to the drivers below, reflects the acquisition of Coca-Cola Amatil
• NARTD value share gains across measured channels both in-store[6] (+30bps) including sparkling (+90bps) & online[6] (+30bps)
• Delivered more revenue growth for our retail customers than any of our FMCG peers in Europe[7] & our NARTD peers in API[7]
• Pro forma comparable volume +13.0%[8] (+4.5% vs 2019) driven by the solid recovery of AFH, further supported by the return of tourism in Europe, sustained growth in the Home channel & strong trading during the festive Ramadan period in Indonesia
o Comparable volume by channel: AFH +28.5% (flat vs 2019); Home +4.5% (+7.5% vs 2019)
• Pro forma revenue per unit case +4.5%[2],[5] (+6.0%[10] vs 2019) driven by favourable underlying price & promotional optimisation, alongside positive pack & channel mix led by the recovery of AFH
H1 Operating profit
Reported +86.0%; Pro forma comparable +29.0%[5]
• Reported growth, in addition to the drivers below, reflects the acquisition of Coca-Cola Amatil
• Pro forma comparable cost of sales per unit case +5.5%[2],[5] reflecting increased revenue per unit case driving higher concentrate costs, commodity inflation & adverse mix, partially offset by the favourable recovery of fixed manufacturing costs as a result of higher volumes
• Comparable operating profit of €1,051m, +29.0%[3],[5] reflecting the increased revenue, the benefit of on-going efficiency programmes & continuous efforts on discretionary spend optimisation
• Comparable diluted EPS of €1.61 (reported +175.5%)
Dividend
• First-half interim dividend per share of €0.56 (declared at Q1 & paid in May), calculated as 40% of the FY21 dividend, with the second-half interim dividend to be paid with reference to the current year annualised total dividend payout ratio of approximately 50%
Other
• Generated strong free cash flow of €1,281m (net cashflows from operating activities of
€1,653m) driven by strong first-half performance & working capital initiatives. Continued focus on returning to our target leverage range (Net debt/Adjusted EBITDA of 2.5x-3x) by FY24
• Reorientation of the API portfolio to maximise system value creation to enable greater focus on NARTD, RTD alcohol & spirits well advanced:
o Sale of NARTD own brands to The Coca-Cola Company for A$275m substantially complete; annualised EBIT impact of ~A$25m
o Previously announced plans to exit production, sale & distribution of Australia beer & apple cider products completed[11]; minimal EBIT impact