Financial and Sustainability Performance Indicators
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€17.3bn
Revenue on a pro forma comparable and FX neutral basis
+15.5% (2021: €14.8bn)
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€1.8bn
Adjusted free cash flow*
+20.0% (2021: €1.5bn)
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€2.1bn
Operating profit on a comparable basis*
+12.5% (2021: €1.9bn)
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0.87
Total incident rate (TIR) per 100 full time equivalent employees
Target: Reduce our TIR to below 1 by 2025
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9.4%
Percentage greenhouse gas (GHG) emissions reduction across our entire value chain versus 2019
Target: Reduce emissions across our entire value chain by 30% by 2030 (versus 2019)
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48.5%
Percentage of PET used in our packaging that is rPET
Target: 50% recycled plastic in our PET bottles by 2023 (Europe) and 2025 (API)
*Comparative pro forma figures for 2021 as if the acquisition of Coca-Cola Amatil Limited occurred at 1 January 2021 presented for illustrative purposes only. Refer to Business and Financial Review for a reconciliation of our IFRS reported results to the pro forma financial information and non-GAAP performance measures.
Our business model - how we do what we do
From developing close relationships with The Coca-Cola Company (TCCC) and other franchisors and sourcing raw materials, to making and distributing great tasting drinks, our great people deliver great service, great beverages, done sustainably.
We partner
We operate under bottler agreements with TCCC and other franchisors, and purchase the concentrates, beverage bases and syrups to make, sell and distribute packaged beverages to our customers and vending partners.
Associated risks
- 2 Legal, regulatory and tax
- 8 Perceived health impact of beverages and customer buying trends
- 9 Business transformation and integration
- 11 Relationships with TCCC and other franchisors
We partner
Associated risks
- 2 Legal, regulatory and tax
- 8 Perceived health impact of beverages and customer buying trends
- 9 Business transformation and integration
- 11 Relationships with TCCC and other franchisors
This is Forward sustainability pillar
We source
We use ingredients such as water, sugar, coffee, juices and syrup to make our drinks. We also rely on materials like glass, aluminium, PET, pulp and paper to produce packaging.
Associated risks
- 1 Packaging
- 3 Business disruption
- 4 Cyber, social engineering and IT
- 7 Climate change and water
- 12 Product quality
We source
Associated risks
- 1 Packaging
- 3 Business disruption
- 4 Cyber, social engineering and IT
- 7 Climate change and water
- 12 Product quality
This is Forward sustainability pillars
We make
Our production facilities make and bottle our wide range of drinks. Over 90% of the drinks we sell are produced in the country in which they are consumed.
Associated risks
- 3 Business disruption
- 4 Cyber, social engineering and IT
- 7 Climate change and water
- 9 Business transformation and integration
- 10 People and wellbeing
- 12 Product quality
We make
Associated risks
- 3 Business disruption
- 4 Cyber, social engineering and IT
- 7 Climate change and water
- 9 Business transformation and integration
- 10 People and wellbeing
- 12 Product quality
This is Forward sustainability pillars
We recycle
Although 99% of our bottles and cans (in Europe) are recyclable, they don't always end up being recycled. That needs to change. We’re determined to lead the way towards a circular economy in which our packaging is recycled and reused.
Associated risks
- 1 Packaging
- 2 Legal, regulatory and tax
- 7 Climate change and water
We recycle
Associated risks
- 1 Packaging
- 2 Legal, regulatory and tax
- 7 Climate change and water
This is Forward sustainability pillars
We sell
Our commercial team works with a huge range of customers, ranging from small local shops, supermarkets and wholesalers to restaurants, bars and sports stadiums. We also provide cold drink equipment and vending machines.
Associated risks
- 2 Legal, regulatory and tax
- 3 Business disruption
- 4 Cyber, social engineering and IT
- 5 Economic and political conditions
- 6 Market
- 8 Perceived health impact of beverages and customer buying trends
- 10 People and wellbeing
We sell
Associated risks
- 2 Legal, regulatory and tax
- 3 Business disruption
- 4 Cyber, social engineering and IT
- 5 Economic and political conditions
- 6 Market
- 8 Perceived health impact of beverages and customer buying trends
- 10 People and wellbeing
This is Forward sustainability pillars
We distribute
We distribute our products to customers and vending partners directly, by working closely with logistics partners.
Associated risks
- 1 Packaging
- 3 Business disruption
- 6 Market
- 10 People and wellbeing
We distribute
Associated risks
- 1 Packaging
- 3 Business disruption
- 6 Market
- 10 People and wellbeing
This is Forward sustainability pillars
Downloads

- 2022 Integrated Report and Form 20-F – print version
- 2022 Integrated Report and Form 20-F – (ESEF tagged)
- 2022 Integrated Report and Form 20-F – (ESEF tagged with Netherlands specific audit opinion)
- Strategic Report
- Sustainability Report (including TCFD disclosures)
- Governance and Directors’ Report
- Financial Statements
- 2022 Integrated Report and Form 20-F - Interactive version