Damian Gammell to succeed John F. Brock as Chief Executive Officer of Coca-Cola European Partners



Investors |

LONDON, 10 November 2016 - Coca-Cola European Partners plc (CCEP) (ticker symbol: CCE) today announces its interim results for the third-quarter ended 30 September 2016, and affirms full-year 2016 outlook.


Third-quarter diluted earnings per share were €0.67 on a reported basis or €0.66 on a pro forma comparable basis, including a negative currency translation impact of €0.03.

Third-quarter reported revenue totaled €3.0 billion. Pro forma comparable revenue was €3.0 billion, flat vs. prior year, or up 3.5 per cent on a pro forma comparable and fx-neutral basis. Volume increased 3.5 per cent on a pro forma basis.

Third-quarter reported operating profit was €405 million; pro forma comparable operating profit was €459 million, up 2.0 per cent or up 7.0 per cent on a pro forma comparable and fx-neutral basis. 

CCEP affirms its full-year guidance for 2016, including flat revenue growth, modest mid-single-digit operating profit growth, and diluted earnings per share growth in a mid-teen range, all on a pro forma comparable and fx-neutral basis. After including an expected negative currency impact of approximately 4.5 per cent, pro forma comparable diluted earnings per share is expected in a range of €1.86 to €1.90.

CCEP remains on track to achieve pre-tax savings of €315 million to €340 million through synergies by mid-2019.

Separately today, CCEP announced Damian Gammell will succeed John F. Brock as chief executive officer.

“This marks the first full quarter of operation for CCEP since our merger, and we are encouraged by the return to growth in our third-quarter results,” said John F. Brock, chief executive officer. “These results support the opportunities we see for growth and our long-term outlook for CCEP.

“We remain focused on successfully integrating the territories of Coca-Cola European Partners, enhancing customer service, realising the synergies we have communicated, and ensuring we capture the growth opportunities in the market,” Mr. Brock said. “This will enable us to better meet the needs of our customers, serve our communities effectively, and importantly, drive shareowner value.”

Please click here to see the 2016 CCEP third-quarter financial report