2023 | 2022 | ||
€ million | € million | ||
Net sales revenue | 7, 8 | ||
Cost of goods sold | ( | ( | |
Gross profit | |||
Operating expenses (excluding exceptional items | |||
relatedtoRussia-Ukraine conflict) | 9 | ( | ( |
Exceptional items related to Russia-Ukraine conflict | 6 | ( | |
Operating expenses | 9 | ( | ( |
Share of results of integral equity method investments | 16 | ||
Operating profit | 7 | ||
Finance income | |||
Finance costs | ( | ( | |
Finance costs, net | 10 | ( | ( |
Share of results of non-integral equity method investments | 16 | ||
Profit before tax | |||
Ta x | 11 | ( | ( |
Profit after tax | |||
Attributable to: | |||
Owners of the parent | |||
Non-controlling interests | ( | ||
Basic and diluted earnings per share (€) | 12 |
2023 | 2022 | ||
€ million | € million | ||
Profit after tax | |||
Other comprehensive income: | |||
Items that may be subsequently reclassified | |||
toincomestatement: | |||
Cost of hedging | 25 | ( | ( |
Net gain on cash flow hedges | 25 | ||
Foreign currency translation losses | 13 | ( | ( |
Share of other comprehensive (loss)/income of equity | |||
method investments | 13, 16 | ( | |
Reclassification of share of other comprehensive income | |||
ofequity method investments to the income statement, arising from business combination | 24 | ||
Income tax relating to items that may be subsequently | |||
reclassified to income statement | 13 | ( | ( |
( | ( | ||
Items that will not be subsequently reclassified | |||
toincomestatement: | |||
Valuation gain/(loss) on equity investments at fair value through other comprehensive income | 13 | ( | |
Actuarial (losses)/gains | 13 | ( | |
Income tax relating to items that will not be subsequently | |||
reclassified to income statement | 13 | ||
( | |||
Other comprehensive loss for the year, net of tax | 13 | ( | ( |
Total comprehensive income for the year | |||
Total comprehensive income attributable to: | |||
Owners of the parent | |||
Non-controlling interests | ( | ( | |
2023 | 2022 | ||
€ million | € million | ||
Assets | |||
Intangible assets | 14 | ||
Property, plant and equipment | 15 | ||
Equity method investments | 16 | ||
Other financial assets | 25 | ||
Deferred tax assets | 11 | ||
Other non-current assets | 19 | ||
Total non-current assets | |||
Inventories | 18 | ||
Trade, other receivables and assets | 19 | ||
Other financial assets | 25, 26 | ||
Current tax assets | |||
Cash and cash equivalents | 26 | ||
Assets classified as held for sale | 20 | ||
Total current assets | |||
Total assets |
2023 | 2022 | ||
€ million | € million | ||
Liabilities | |||
Borrowings | 26 | ||
Other financial liabilities | 25 | ||
Trade and other payables | 21 | ||
Provisions and employee benefits | 22 | ||
Current tax liabilities | |||
Total current liabilities | |||
Borrowings | 26 | ||
Other financial liabilities | 25 | ||
Deferred tax liabilities | 11 | ||
Provisions and employee benefits | 22 | ||
Other non-current liabilities | |||
Total non-current liabilities | |||
Total liabilities | |||
Equity | |||
Share capital | 27 | ||
Share premium | 27 | ||
Group reorganisation reserve | 27 | ( | ( |
Treasury shares | 27 | ( | ( |
Exchange equalisation reserve | 27 | ( | ( |
Other reserves | 27 | ||
Retained earnings | |||
Equity attributable to owners of the parent | |||
Non-controlling interests | |||
Total equity | |||
Total equity and liabilities |
Attributable to owners of the parent | ||||||||||
Group | Exchange | Non- | ||||||||
Share | reorganisation | Treasury | equalisation | Other | Retained | controlling | ||||
Share capital | premium | reserve | shares | reserve | reserves | earnings | Total | interests | Total equity | |
€ million | € million | € million | € million | € million | € million | € million | € million | € million | € million | |
Balance as at 1 January 2022 | ( | ( | ( | |||||||
Shares issued to employees exercising stock options | ||||||||||
Share-based compensation: | ||||||||||
Performance shares | ||||||||||
Movement in shares held for equity compensation plan | ||||||||||
Appropriation of reserves | ( | |||||||||
Non-controlling interests on business combinations | ||||||||||
Purchase of shares held by non-controlling interests | ( | ( | ||||||||
Dividends | ( | ( | ( | ( | ||||||
Transfer of cash flow hedge reserve, including cost of hedging to inventories, net of tax | ( | ( | ( | |||||||
( | ( | ( | ||||||||
Profit for the year, net of tax | ||||||||||
Other comprehensive loss for the year, net of tax | ( | ( | ( | ( | ||||||
Total comprehensive income for the year, net of tax | ( | ( | ||||||||
Balance as at 31 December 2022 | ( | ( | ( | |||||||
Shares issued to employees exercising stock options | ||||||||||
Share-based compensation: | ||||||||||
Performance shares | ||||||||||
Movement in shares held for equity compensation plan | ||||||||||
Appropriation of reserves | ( | ( | ||||||||
Purchase of shares held by non-controlling interests | ( | ( | ( | ( | ||||||
Acquisition of treasury shares | ( | ( | ( | |||||||
Dividends | ( | ( | ( | ( | ||||||
Transfer of cash flow hedge reserve, including cost of hedging to inventories, net of tax | ( | ( | ( | |||||||
( | ( | ( | ||||||||
Profit for the year, net of tax | ( | |||||||||
Other comprehensive loss for the year, net of tax | ( | ( | ( | ( | ( | |||||
Total comprehensive income for the year, net of tax | ( | ( | ||||||||
Balance as at 31 December 2023 | ( | ( | ( | |||||||
1. The amount included in other reserves of € |
2023 | 2022 | ||
€ million | € million | ||
Operating activities | |||
Profit after tax | |||
Finance costs, net | 10 | ||
Share of results of non-integral equity method investments | 16 | ( | ( |
Tax charged to the income statement | 11 | ||
Depreciation of property, plant and equipment including | |||
right-of-use assets | 15, 17 | ||
Impairment of property, plant and equipment including | |||
right-of-use assets | 15 | ||
Employee performance shares | |||
Amortisation of intangible assets | 14 | ||
Impairment of intangible assets | 14 | ||
Impairment of equity method investments | 6 | ||
Other non-cash items | 24 | ||
Share of results of integral equity method investments | 16 | ( | ( |
(Gain)/loss on disposals of non-current assets | 9 | ( | |
Increase in inventories | ( | ( | |
Increase in trade and other receivables | ( | ( | |
Increase in trade and other payables | |||
Tax paid | ( | ( | |
Net cash inflow from operating activities | |||
Investing activities | |||
Payments for purchases of property, plant and equipment | ( | ( | |
Proceeds from sales of property, plant and equipment | |||
Payment for business combinations, net of cash acquired | 24 | ( | ( |
Proceeds from settlement of derivatives relating | |||
tobusinesscombination | 24 | ||
Payment for integral equity method investment | 16, 28 | ( | |
Receipts from integral equity method investments | 16, 28 | ||
Payments for non-integral equity method investments | 16, 28 | ( | |
Receipts from non-integral equity method investments | 28 |
2023 | 2022 | ||
€ million | € million | ||
Net proceeds from/(payments for) investments in financial | |||
assets at amortised cost | ( | ||
Net proceeds from investments in financial assets at fair value through profit or loss | |||
Payments for investments in financial assets at fair value through other comprehensive income | ( | ||
Loans to related parties | ( | ( | |
Repayments of loans by related parties | |||
Interest received | |||
Net cash outflow from investing activities | ( | ( | |
Financing activities | |||
Proceeds from shares issued to employees exercising | |||
stockoptions | 27 | ||
Purchase of shares from non-controlling interests | 24 | ( | ( |
Acquisition of treasury shares | 27 | ( | |
Proceeds from borrowings | 26 | ||
Repayments of borrowings | 26 | ( | ( |
Principal repayments of lease obligations | 26 | ( | ( |
Dividends paid to owners of the parent | 27 | ( | ( |
Dividends paid to non-controlling interests | ( | ( | |
Proceeds from settlement of derivatives regarding | |||
financingactivities | 26 | ||
Interest paid | 26 | ( | ( |
Net cash outflow from financing activities | ( | ( | |
Net increase/(decrease) in cash and cash equivalents | ( | ||
Movement in cash and cash equivalents | |||
Cash and cash equivalents at 1 January | |||
Net increase/(decrease) in cash and cash equivalents | ( | ||
Effect of changes in exchange rates | ( | ( | |
Cash and cash equivalents as at 31 December | 26 |
Average | Average | Closing | Closing | |
2023 | 2022 | 2023 | 2022 | |
US Dollar | 1.08 | 1.05 | 1.11 | 1.06 |
UK Sterling | 0.87 | 0.85 | 0.87 | 0.88 |
Polish Zloty | 4.54 | 4.68 | 4.32 | 4.69 |
Nigerian Naira | 695.06 | 448.99 | 1,056.96 | 493.61 |
Hungarian Forint | 381.75 | 390.36 | 382.03 | 401.54 |
Swiss Franc | 0.97 | 1.01 | 0.94 | 0.99 |
Russian Rouble | 92.40 | 74.01 | 101.68 | 79.23 |
Romanian Leu | 4.95 | 4.93 | 4.98 | 4.94 |
Ukrainian Hryvnia | 39.54 | 33.92 | 41.63 | 38.94 |
Czech Koruna | 24.00 | 24.56 | 24.69 | 24.21 |
Serbian Dinar | 117.25 | 117.47 | 117.16 | 117.30 |
Egyptian Pound | 33.15 | 20.09 | 34.16 | 26.35 |
Reversals of | Net impairment | ||
Impairment losses | impairment losses | losses | |
€ million | € million | € million | |
Recoverability of individual assets in Russia | 102.1 | (42.8) | 59.3 |
Recoverability of the Russian cash-generating unit: | |||
Goodwill | 13.7 | – | 13.7 |
Property, plant and equipment | 15.0 | (13.4) | 1.6 |
Recoverability of equity method investments | 52.8 | – | 52.8 |
Exceptional items related to Russia-Ukraine conflict | 183.6 | (56.2) | 127.4 |
2022 | 2022 interim | |
Growth rate in perpetuity | 4.0% | 4.0% |
Post-tax discount rate | 14.9% | 26.5% |
Pre-tax discount rate | 18.3% | 29.2% |
2022 interim | |
Growth rate in perpetuity | 4.0% |
Post-tax rate | 28.6% |
Euro strengthens | Euro weakens | ||||
against local currency | against local currency | ||||
% historical | (Gain)/loss | Loss/(gain) | |||
volatility over a | in income | (Gain)/loss | in income | Loss/(gain) | |
12-month | statement | in equity | statement | in equity | |
period | € million | € million | € million | € million | |
Russian Rouble | 17.5% | (3.8) | – | 5.4 | – |
Ukrainian Hryvnia | 8.4% | 2.5 | – | (2.9) | – |
US Dollar strengthens | US Dollar weakens | ||||
against local currency | against local currency | ||||
% historical | (Gain)/loss | Loss/(gain) | |||
volatility over a | in income | (Gain)/loss | in income | Loss/(gain) | |
12-month | statement | in equity | statement | in equity | |
period | € million | € million | € million | € million | |
Russian Rouble | 15.3% | (8.2) | (0.6) | 11.2 | 0.9 |
Ukrainian Hryvnia | 3.4% | 0.3 | – | (0.3) | – |
Euro strengthens | Euro weakens | ||||
against local currency | against local currency | ||||
% historical | (Gain)/loss | Loss/(gain) | |||
volatility over a | in income | (Gain)/loss | in income | Loss/(gain) | |
12-month | statement | in equity | statement | in equity | |
period | € million | € million | € million | € million | |
Russian Rouble | 54.5% | (9.4) | (0.1) | 31.9 | 0.2 |
Ukrainian Hryvnia | 12.5% | 2.9 | – | (3.8) | – |
US Dollar strengthens | US Dollar weakens | ||||
against local currency | against local currency | ||||
% historical | (Gain)/loss | Loss/(gain) | |||
volatility over a | in income | (Gain)/loss | in income | Loss/(gain) | |
12-month | statement | in equity | statement | in equity | |
period | € million | € million | € million | € million | |
Russian Rouble | 53.0% | (18.7) | – | 61.0 | – |
Ukrainian Hryvnia | 4.1% | (0.1) | – | 0.1 | – |
Established | Austria, Cyprus, Greece, Italy, Northern |
markets: | Ireland, the Republic of Ireland, Switzerland |
and Global exports 1 . | |
Developing | Croatia, Czech Republic, Estonia, |
markets: | Hungary, Latvia, Lithuania, Poland, |
Slovakia and Slovenia. | |
Emerging | Armenia, Belarus, Bosnia and Herzegovina, |
markets: | Bulgaria, Egypt, Moldova, Montenegro, |
Nigeria, North Macedonia, Romania, the | |
Russian Federation, Serbia (including the | |
Republic of Kosovo) and Ukraine. |
2023 | 2022 | |
Established | 628.7 | 643.9 |
Developing | 471.0 | 478.8 |
Emerging | 1,735.8 | 1,589.1 |
Total volume | 2,835.5 | 2,711.8 |
Established | €3,358.5 million |
Developing | €2,088.6 million |
Emerging | €4,736.9 million |
Established | €2,974.1 million |
Developing | €1,719.7 million |
Emerging | €4,504.6 million |
Volume in million unit cases 2 : | 2023 | 2022 |
NARTD | 2,831.2 | 2,708.4 |
Premium spirits | 4.3 | 3.4 |
Total volume | 2,835.5 | 2,711.8 |
Net sales revenue in € million: | ||
NARTD | 9,886.1 | 8,956.0 |
Premium spirits | 297.9 | 242.4 |
Total net sales revenue | 10,184.0 | 9,198.4 |
2023 | 2022 | |
€ million | € million | |
Switzerland | 464.1 | 426.7 |
The Russian Federation | 1,196.4 | 1,103.2 |
Italy | 1,231.9 | 1,096.1 |
Nigeria | 894.4 | 989.4 |
All countries other than Switzerland, the Russian Federation, Italy and Nigeria | 6,397.2 | 5,583.0 |
Total net sales revenue from external customers | 10,184.0 | 9,198.4 |
2023 | 2022 | ||
Year ended 31 December | Note | € million | € million |
Operating profit: | |||
Established | 379.2 | 310.4 | |
Developing | 152.6 | 113.1 | |
Emerging | 421.8 | 280.3 | |
Total operating profit | 953.6 | 703.8 | |
Finance costs: | |||
Established | (16.4) | (15.6) | |
Developing | (19.5) | (18.1) | |
Emerging | (52.3) | (55.0) | |
Corporate | (141.3) | (118.7) | |
Inter-segment finance cost | 125.5 | 111.5 | |
Total finance costs | 10 | (104.0) | (95.9) |
Finance income: | |||
Established | 3.0 | 2.4 | |
Developing | 2.4 | 1.0 | |
Emerging | 30.1 | 19.0 | |
Corporate | 145.7 | 102.3 | |
Inter-segment finance income | (125.5) | (111.5) | |
Total finance income | 10 | 55.7 | 13.2 |
2023 | 2022 | ||
Year ended 31 December | Note | € million | € million |
Income tax expense: | |||
Established | (82.2) | (75.7) | |
Developing | (32.5) | (28.5) | |
Emerging | (140.1) | (80.5) | |
Corporate | (19.8) | (23.3) | |
Total income tax expense | 11 | (274.6) | (208.0) |
Reconciling items: | |||
Share of results of non-integral equity method investments | 16 | 5.0 | 2.5 |
Profit after tax | 635.7 | 415.6 |
2023 | 2022 | ||
Note | € million | € million | |
Depreciation and impairment of property, plant and equipment: | |||
Established | (112.7) | (96.4) | |
Developing | (68.8) | (57.8) | |
Emerging | (218.4) | (330.7) | |
Total depreciation and impairment of property, plant and equipment | 15, 17 | (399.9) | (484.9) |
Amortisation and impairment of intangible assets: | |||
Developing | (3.7) | (0.6) | |
Emerging | (110.2) | (14.5) | |
Total amortisation and impairment of intangible assets | 14 | (113.9) | (15.1) |
2023 | 2022 | |
€ million | € million | |
Switzerland | 636.3 | 596.0 |
Egypt | 402.3 | 615.7 |
Italy | 1,170.0 | 1,137.4 |
Nigeria | 390.0 | 744.7 |
All countries other than Switzerland, Egypt, Italy and Nigeria | 3,255.1 | 2,946.0 |
Total non-current assets 5 | 5,853.7 | 6,039.8 |
2023 | 2022 | |
€ million | € million | |
Established | 166.0 | 154.1 |
Developing | 89.5 | 75.7 |
Emerging | 367.5 | 302.0 |
Total expenditure of property, plant and equipment | 623.0 | 531.8 |
2023 | 2022 | |
€ million | € million | |
Selling expenses | 1,144.4 | 1,045.7 |
Delivery expenses | 744.5 | 698.8 |
Administrative expenses | 709.3 | 518.5 |
Restructuring expenses | 9.0 | 11.9 |
Acquisition and integration costs (refer to Note 24) | 6.3 | 79.7 |
Operating expenses (excluding exceptional items related to Russia- Ukraine conflict) | 2,613.5 | 2,354.6 |
Exceptional items relating to Russia-Ukraine conflict (refer to Note 6) | – | 127.4 |
Operating expenses | 2,613.5 | 2,482.0 |
2023 | 2022 | |
€ million | € million | |
Established | 0.9 | (6.1) |
Developing | 1.1 | (1.5) |
Emerging | 7.0 | 19.5 |
Total restructuring expenses | 9.0 | 11.9 |
2023 | 2022 | |
€ million | € million | |
Wages and salaries | 910.8 | 877.6 |
Social security costs | 147.4 | 163.6 |
Pension and other employee benefits | 178.3 | 147.6 |
Termination benefits | 12.1 | 15.1 |
Total employee costs | 1,248.6 | 1,203.9 |
2023 | 2022 | |
€ million | € million | |
Salaries and other short-term benefits | 20.4 | 19.3 |
Performance share awards | 9.3 | 8.0 |
Pension and post-employment benefits | 0.9 | 1.0 |
Total remuneration | 30.6 | 28.3 |
2023 | 2022 | |
€ million | € million | |
Audit fees | 5.3 | 5.1 |
Audit-related fees | 1.0 | 1.1 |
Other fees | 0.1 | – |
Total audit and audit-related fees | 6.4 | 6.2 |
2023 | 2022 | |
€ million | € million | |
Finance income | 55.7 | 13.2 |
Interest expense | (86.3) | (77.8) |
Other finance costs | (1.8) | (2.1) |
Net foreign exchange remeasurement losses | (15.9) | (16.0) |
Finance costs | (104.0) | (95.9) |
Finance costs, net | (48.3) | (82.7) |
2023 | 2022 | |
€ million | € million | |
Current tax expense | 273.5 | 235.6 |
Deferred tax expense/(income) | 1.1 | (27.6) |
Income tax expense | 274.6 | 208.0 |
2023 | 2022 | |
€ million | € million | |
Profit before tax | 910.3 | 623.6 |
Tax calculated at domestic tax rates applicable to profits in the respective | ||
countries | 178.8 | 162.1 |
Additional local taxes in foreign jurisdictions | 28.2 | 18.8 |
Tax holidays in foreign jurisdictions | 5.4 | (0.2) |
Expenses non-deductible for tax purposes | 49.6 | 28.6 |
Income not subject to tax | (0.3) | (3.6) |
Changes in tax laws and rates | (3.2) | 0.4 |
Movement of accumulated tax losses | 5.4 | 2.9 |
Movement of deferred tax asset not recognised | – | 0.1 |
Other | 10.7 | (1.1) |
Income tax expense | 274.6 | 208.0 |
Effective tax rate | 30.2% | 33.4% |
2023 | 2022 | |
€ million | € million | |
Established | 14.8 | 18.2 |
Developing | 14.3 | 14.3 |
Emerging | 45.2 | 25.4 |
Corporate | 8.5 | 9.6 |
Total income tax provision | 82.8 | 67.5 |
2023 | 2022 | |
€ million | € million | |
To be recovered after 12 months | 52.2 | 62.6 |
To be recovered within 12 months | 92.3 | 73.7 |
Gross deferred tax assets | 144.5 | 136.3 |
Offset of deferred tax | (103.0) | (98.8) |
Net deferred tax assets | 41.5 | 37.5 |
Deferred tax liabilities: | ||
To be recovered after 12 months | (329.8) | (339.6) |
To be recovered within 12 months | (23.5) | (23.8) |
Gross deferred tax liabilities | (353.3) | (363.4) |
Offset of deferred tax | 103.0 | 98.8 |
Net deferred tax liabilities | (250.3) | (264.6) |
2023 | 2022 | |
€ million | € million | |
As at 1 January | (227.1) | (166.7) |
Taken to the income statement | (1.1) | 27.6 |
Arising from business combinations (refer to Note 24) | (28.0) | (128.1) |
Taken to other comprehensive income | (1.1) | (2.1) |
Taken directly to equity | 4.9 | 9.9 |
Foreign currency translation | 43.6 | 32.3 |
As at 31 December | (208.8) | (227.1) |
Tax losses | Book in | Other | |||||
Pensions and | carry- | excess of tax | deferred tax | ||||
Provisions | benefit plans | forward | depreciation | Leasing | assets | ||
Deferred tax assets | € million | € million | € million | € million | € million | € million | Total |
As at 1 January 2022 | 33.5 | 11.3 | 1.8 | 3.4 | 23.8 | 30.6 | 104.4 |
Taken to the income statement | 7.8 | 1.5 | 10.0 | 2.5 | 6.6 | 6.8 | 35.2 |
Arising from business | |||||||
combinations (refer to Note 24) | 0.1 | – | – | – | 0.5 | 10.6 | 11.2 |
Taken to other comprehensive income | – | (2.0) | – | – | – | 0.7 | (1.3) |
Other movements and foreign | |||||||
currency translation | (0.6) | – | (5.2) | (0.4) | (0.3) | (6.7) | (13.2) |
As at 31 December 2022 | 40.8 | 10.8 | 6.6 | 5.5 | 30.6 | 42.0 | 136.3 |
Taken to the income statement | (6.5) | 2.7 | 1.5 | (0.7) | 5.6 | 6.1 | 8.7 |
Arising from business | |||||||
combinations (refer to Note 24) | – | – | 11.2 | – | 1.3 | 0.8 | 13.3 |
Taken to other comprehensive income | – | 0.8 | – | – | – | 0.8 | 1.6 |
Other movements and foreign | |||||||
currency translation | (17.7) | 0.8 | (0.3) | – | (4.3) | 6.1 | (15.4) |
As at 31 December 2023 | 16.6 | 15.1 | 19.0 | 4.8 | 33.2 | 55.8 | 144.5 |
Tax in excess | Other | |||
of book | Derivative | deferred tax | ||
depreciation | instruments | liabilities | Total | |
Deferred tax liabilities | € million | € million | € million | € million |
As at 1 January 2022 | (249.4) | (4.2) | (17.5) | (271.1) |
Taken to the income statement | 19.8 | (3.3) | (24.1) | (7.6) |
Arising from business combinations | ||||
(refer to Note 24) | (137.7) | (0.7) | (0.9) | (139.3) |
Taken to other comprehensive income | – | (4.6) | 3.8 | (0.8) |
Taken directly to equity | – | 9.9 | – | 9.9 |
Other movements and foreign currency | ||||
translation | 34.5 | (0.1) | 11.1 | 45.5 |
As at 31 December 2022 | (332.8) | (3.0) | (27.6) | (363.4) |
Taken to the income statement | (5.8) | (0.4) | (3.6) | (9.8) |
Arising from business combinations | ||||
(refer to Note 24) | – | – | (41.3) | (41.3) |
Taken to other comprehensive income | – | (3.8) | 1.1 | (2.7) |
Taken directly to equity | – | 4.9 | – | 4.9 |
Other movements and foreign | ||||
currency translation | 61.7 | (0.1) | (2.6) | 59.0 |
As at 31 December 2023 | (276.9) | (2.4) | (74.0) | (353.3) |
2023 | 2022 | |
€ million | € million | |
Attributable to tax losses that expire within five years | 5.8 | 2.1 |
Attributable to tax losses that expire after five years | 11.2 | – |
Attributable to tax losses that can be carried forward indefinitely | 2.0 | 4.5 |
Recognised deferred tax assets attributable to tax losses | 19.0 | 6.6 |
2023 | 2022 | |
€ million | € million | |
Attributable to tax losses that expire within five years | 21.7 | 18.7 |
Attributable to tax losses that expire after five years | 6.9 | 10.4 |
Unrecognised deferred tax assets attributable to tax losses | 28.6 | 29.1 |
2023 | 2022 | |
Net profit attributable to the owners of the parent (€ million) | 636.5 | 415.4 |
Weighted average number of ordinary shares for the purposes of basic | ||
earnings per share (million) | 367.8 | 366.4 |
Effect of dilutive stock options on number of shares (million) | 0.5 | 0.5 |
Weighted average number of ordinary shares for the purposes of diluted | ||
earnings per share (million) | 368.3 | 366.9 |
Basic earnings per share (€) | 1.73 | 1.13 |
Diluted earnings per share (€) | 1.73 | 1.13 |
Other | |||||
Franchise | intangible | ||||
Goodwill | agreements | Trademarks | assets | Total | |
€ million | € million | € million | € million | € million | |
Cost | |||||
As at 1 January 2022 | 1,941.7 | 144.8 | 137.3 | 17.9 | 2,241.7 |
Arising from business combinations (refer to Note 24) | 220.1 | 367.7 | 83.4 | – | 671.2 |
Impairment (refer to Note 6) | (13.7) | – | – | – | (13.7) |
Foreign currency translation | (39.7) | (116.7) | (0.5) | – | (156.9) |
As at 31 December 2022 | 2,108.4 | 395.8 | 220.2 | 17.9 | 2,742.3 |
Amortisation | |||||
As at 1 January 2022 | 182.4 | – | 7.6 | 8.4 | 198.4 |
Charge for the year | – | – | 0.5 | 0.9 | 1.4 |
As at 31 December 2022 | 182.4 | – | 8.1 | 9.3 | 199.8 |
Net book value as at 1 January 2022 | 1,759.3 | 144.8 | 129.7 | 9.5 | 2,043.3 |
Net book value as at 31 December 2022 | 1,926.0 | 395.8 | 212.1 | 8.6 | 2,542.5 |
Cost | |||||
As at 1 January 2023 | 2,108.4 | 395.8 | 220.2 | 17.9 | 2,742.3 |
Arising from business combinations (refer to Note 24) | 7.4 | – | 197.0 | – | 204.4 |
Impairment | (110.5) | – | – | (2.0) | (112.5) |
Foreign currency translation | (2.1) | (62.0) | (0.3) | – | (64.4) |
As at 31 December 2023 | 2,003.2 | 333.8 | 416.9 | 15.9 | 2,769.8 |
Amortisation | |||||
As at 1 January 2023 | 182.4 | – | 8.1 | 9.3 | 199.8 |
Charge for the year | – | – | 0.5 | 0.9 | 1.4 |
As at 31 December 2023 | 182.4 | – | 8.6 | 10.2 | 201.2 |
Net book value as at 1 January 2023 | 1,926.0 | 395.8 | 212.1 | 8.6 | 2,542.5 |
Net book value as at 31 December 2023 | 1,820.8 | 333.8 | 408.3 | 5.7 | 2,568.6 |
Goodwill | €1,820.8 million |
Franchise agreements | €333.8 million |
Trademarks | €404.4 million |
Goodwill | €1,926.0 million |
Franchise agreements | €395.8 million |
Trademarks | €207.9 million |
Italy | 30% |
Switzerland | 19% |
The Republic of Ireland | 10% |
and Northern Ireland | |
Koncern Bambi a.d. Požarevac | 9% |
All other cash-generating units 32% |
Franchise | ||||
Goodwill | agreements | Trademarks | Total | |
€ million | € million | € million | € million | |
Italy | 640.9 | 126.9 | – | 767.8 |
Switzerland | 492.1 | – | – | 492.1 |
The Republic of Ireland and Northern Ireland | 245.8 | – | – | 245.8 |
Koncern Bambi a.d. | ||||
Požarevac | 115.4 | – | 118.7 | 234.1 |
All other cash-generating | ||||
units | 326.6 | 206.9 | 285.7 | 819.2 |
Total | 1,820.8 | 333.8 | 404.4 | 2,559.0 |
Growth rate in | Post-tax discount | Pre-tax discount | ||||
perpetuity (%) | rate (%) | rate (%) | ||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |
Italy | 2.0 | 2.0 | 8.4 | 8.6 | 11.5 | 11.4 |
Switzerland | 0.8 | 0.8 | 6.5 | 6.7 | 7.8 | 8.0 |
The Republic of Ireland and Northern Ireland | 4.0 | 4.0 | 6.4 | 6.6 | 7.0 | 7.1 |
Koncern Bambi a.d. Požarevac | 4.5 | 4.5 | 9.3 | 10.9 | 10.2 | 11.9 |
December 2023 | December 2022 | |
Growth rate in perpetuity | 5.0% | 5.0% |
Post-tax discount rate | 17.4% | 15.2% |
Pre-tax discount rate | 20.8% | 17.8% |
Freehold buildings and improvements | 40 years |
Leasehold buildings and improvements | Over the lease term, up to 40 years |
Production equipment | 4 to 20 years |
Vehicles | 5 to 8 years |
Computer hardware and software | 3 to 10 years |
Marketing equipment | 3 to 10 years |
Fixtures and fittings | 8 years |
Returnable containers | 3 to 12 years |
Land and | Plant and | Returnable | Assets under | ||
buildings | equipment | containers | construction | Total | |
€ million | € million | € million | € million | € million | |
Cost | |||||
As at 1 January 2022 | 1,530.0 | 3,890.6 | 450.9 | 159.1 | 6,030.6 |
Additions | 4.1 | 143.6 | 59.8 | 373.2 | 580.7 |
Arising from business combinations (refer to Note 24) | 198.5 | 125.9 | 4.5 | 13.5 | 342.4 |
Disposals | (5.7) | (141.7) | (10.8) | (1.2) | (159.4) |
Reclassified from right-of-use assets | 4.2 | 12.1 | – | – | 16.3 |
Reclassified to assets held for sale (refer to Note 20) | – | (0.6) | – | – | (0.6) |
Reclassifications | 84.5 | 205.2 | – | (289.7) | – |
Foreign currency translation | (63.3) | (66.7) | (7.4) | (5.8) | (143.2) |
As at 31 December 2022 | 1,752.3 | 4,168.4 | 497.0 | 249.1 | 6,666.8 |
Depreciation and impairment | |||||
As at 1 January 2022 | 552.2 | 2,534.3 | 274.1 | 1.7 | 3,362.3 |
Charge for the year | 49.9 | 252.4 | 38.9 | – | 341.2 |
Impairment | 19.0 | 61.0 | 0.7 | 0.8 | 81.5 |
Disposals | (4.5) | (134.0) | (6.6) | (0.2) | (145.3) |
Reclassified from right-of-use assets | 1.5 | 2.3 | – | – | 3.8 |
Reclassified to assets held for sale (refer to Note 20) | – | (0.5) | – | – | (0.5) |
Foreign currency translation | (5.2) | (30.2) | (3.2) | – | (38.6) |
As at 31 December 2022 | 612.9 | 2,685.3 | 303.9 | 2.3 | 3,604.4 |
Net book value as at 31 December 2022 excluding | |||||
right-of-use assets | 1,139.4 | 1,483.1 | 193.1 | 246.8 | 3,062.4 |
Net book value of right-of-use assets as at 31 December 2022 | 82.7 | 121.2 | – | – | 203.9 |
Net book value as at 31 December 2022 | 1,222.1 | 1,604.3 | 193.1 | 246.8 | 3,266.3 |
Land and | Plant and | Returnable | Assets under | ||
buildings | equipment | containers | construction | Total | |
€ million | € million | € million | € million | € million | |
Cost | |||||
As at 1 January 2023 | 1,752.3 | 4,168.4 | 497.0 | 249.1 | 6,666.8 |
Additions | 5.5 | 136.9 | 74.4 | 393.4 | 610.2 |
Disposals | (7.4) | (145.2) | (17.0) | (1.7) | (171.3) |
Reclassified to assets held for sale (refer to Note 20) | (11.7) | (0.4) | – | – | (12.1) |
Reclassified from assets held for sale (refer to Note 20) | – | 0.6 | – | – | 0.6 |
Reclassifications | 76.2 | 249.7 | 3.7 | (329.6) | – |
Foreign currency translation | (216.8) | (449.2) | (99.1) | (41.9) | (807.0) |
As at 31 December 2023 | 1,598.1 | 3,960.8 | 459.0 | 269.3 | 6,287.2 |
Depreciation and impairment | |||||
As at 1 January 2023 | 612.9 | 2,685.3 | 303.9 | 2.3 | 3,604.4 |
Charge for the year | 47.2 | 239.7 | 39.2 | – | 326.1 |
Impairment | 1.4 | 9.8 | 2.4 | 1.1 | 14.7 |
Disposals | (5.7) | (142.4) | (13.8) | (1.1) | (163.0) |
Reclassified to assets held for sale (refer to Note 20) | (8.4) | (0.4) | – | – | (8.8) |
Reclassified from assets held for sale (refer to Note 20) | – | 0.5 | – | – | 0.5 |
Foreign currency translation | (41.7) | (244.1) | (48.4) | – | (334.2) |
As at 31 December 2023 | 605.7 | 2,548.4 | 283.3 | 2.3 | 3,439.7 |
Net book value as at 31 December 2023 excluding | |||||
right-of-use assets | 992.4 | 1,412.4 | 175.7 | 267.0 | 2,847.5 |
Net book value of right-of-use assets as at 31 December 2023 | 105.2 | 104.4 | – | – | 209.6 |
Net book value as at 31 December 2023 | 1,097.6 | 1,516.8 | 175.7 | 267.0 | 3,057.1 |
% of voting rights | % ownership | ||||
Country of registration | 2023 | 2022 | 2023 | 2022 | |
Adelink Ltd | Russia | 50.0% | 50.0% | 50.0% | 50.0% |
AS Coca-Cola HBC Eesti | Estonia | 100.0% | 100.0% | 100.0% | 100.0% |
Brown-Forman Finland Oy | Finland | 100.0% | – | 100.0% | – |
CC Beverages Holdings II B.V. | The Netherlands | 100.0% | 100.0% | 100.0% | 100.0% |
CCB Management Services GmbH | Austria | 100.0% | 100.0% | 100.0% | 100.0% |
CCHBC Armenia CJSC | Armenia | 100.0% | 100.0% | 100.0% | 100.0% |
CCHBC Bulgaria AD | Bulgaria | 99.4% | 99.4% | 99.4% | 99.4% |
CCHBC IT Services Limited | Bulgaria | 100.0% | 100.0% | 100.0% | 100.0% |
CCHBC Reinsurance Designated Activity | |||||
Company | Republic of Ireland | 100.0% | 100.0% | 100.0% | 100.0% |
CCHBC Ventures BV | The Netherlands | 100.0% | – | 100.0% | – |
CCH CirculaRPET S.r.l. | Italy | 100.0% | 100.0% | 100.0% | 100.0% |
Coca-Cola Beverages Belorussiya | Belarus | 100.0% | 100.0% | 100.0% | 100.0% |
Coca-Cola Imbuteliere Chisinau SRL | Moldova | 100.0% | 100.0% | 100.0% | 100.0% |
Coca-Cola Beverages Ukraine Ltd | Ukraine | 100.0% | 100.0% | 100.0% | 100.0% |
Coca-Cola HBC Austria GmbH | Austria | 100.0% | 100.0% | 100.0% | 100.0% |
Bosnia and | |||||
Coca-Cola HBC B-H d.o.o. Sarajevo | Herzegovina | 100.0% | 100.0% | 100.0% | 100.0% |
Coca-Cola HBC Česká a Slovensko, s.r.o. | |||||
organizačná zložka | Slovakia | 100.0% | 100.0% | 100.0% | 100.0% |
Coca-Cola HBC Česko a Slovensko, s.r.o. | Czech Republic | 100.0% | 100.0% | 100.0% | 100.0% |
Coca-Cola HBC Cyprus Ltd | Cyprus | 100.0% | 100.0% | 100.0% | 100.0% |
Coca-Cola HBC Egypt | Egypt | 97.8% | 94.7% | 97.8% | 94.7% |
Coca-Cola HBC Finance B.V. | The Netherlands | 100.0% | 100.0% | 100.0% | 100.0% |
Coca-Cola HBC Greece S.A.I.C. | Greece | 100.0% | 100.0% | 100.0% | 100.0% |
Coca-Cola HBC Holdings B.V. | The Netherlands | 100.0% | 100.0% | 100.0% | 100.0% |
% of voting rights | % ownership | ||||
Country of registration | 2023 | 2022 | 2023 | 2022 | |
Coca-Cola HBC Hrvatska d.o.o. | Croatia | 100.0% | 100.0% | 100.0% | 100.0% |
Coca-Cola HBC Hungary Ltd | Hungary | 100.0% | 100.0% | 100.0% | 100.0% |
Coca-Cola HBC Ireland Limited | Republic of Ireland | 100.0% | 100.0% | 100.0% | 100.0% |
Coca-Cola HBC Italia S.r.l. | Italy | 100.0% | 100.0% | 100.0% | 100.0% |
Coca-Cola HBC Kosovo L.L.C. | Kosovo | 100.0% | 100.0% | 100.0% | 100.0% |
Coca-Cola HBC Northern Ireland Limited | Northern Ireland | 100.0% | 100.0% | 100.0% | 100.0% |
Coca-Cola HBC Polska sp. z o.o. | Poland | 100.0% | 100.0% | 100.0% | 100.0% |
Coca-Cola HBC Romania Ltd | Romania | 100.0% | 100.0% | 100.0% | 100.0% |
Coca-Cola HBC Services MEPE | Greece | 100.0% | 100.0% | 100.0% | 100.0% |
Coca-Cola HBC Slovenija d.o.o. | Slovenia | 100.0% | 100.0% | 100.0% | 100.0% |
Coca-Cola HBC Sourcing B.V. | The Netherlands | 100.0% | 100.0% | 100.0% | 100.0% |
Coca-Cola HBC Switzerland Ltd | Switzerland | 99.9% | 99.9% | 99.9% | 99.9% |
Coca-Cola HBC-Srbija d.o.o. | Serbia | 100.0% | 100.0% | 100.0% | 100.0% |
Coca-Cola Hellenic Bottling | |||||
Company-Crna Gora d.o.o., Podgorica | Montenegro | 100.0% | 100.0% | 100.0% | 100.0% |
Coca-Cola Hellenic Business | |||||
Service Organisation | Bulgaria | 100.0% | 100.0% | 100.0% | 100.0% |
Coca-Cola Hellenic Procurement GmbH | Austria | 100.0% | 100.0% | 100.0% | 100.0% |
dCommerce Solutions BV | The Netherlands | 100.0% | 100.0% | 100.0% | 100.0% |
ESM Effervescent Sodas | |||||
Management Limited | Cyprus | 100.0% | 100.0% | 100.0% | 100.0% |
Koncern Bambi a.d. Požarevac | Serbia | 100.0% | 100.0% | 100.0% | 100.0% |
Multon AO | Russia | 50.0% | 50.0% | 50.0% | 50.0% |
Multon Partners LLC | Russia | 100.0% | 100.0% | 100.0% | 100.0% |
Nigerian Bottling Company Ltd | Nigeria | 100.0% | 100.0% | 100.0% | 100.0% |
SIA Coca-Cola HBC Latvia | Latvia | 100.0% | 100.0% | 100.0% | 100.0% |
Three Cents Hellas Single Member S.A. | Greece | 100.0% | 100.0% | 100.0% | 100.0% |
UAB Coca-Cola HBC Lietuva | Lithuania | 100.0% | 100.0% | 100.0% | 100.0% |
Joint ventures | Associates | Total | |
€ million | € million | € million | |
As at 1 January 2022 | 246.9 | 118.9 | 365.8 |
Impairment (refer to Note 6) | (52.8) | – | (52.8) |
Gain on remeasurement of previously held equity interest | |||
arising from business combination | 70.8 | – | 70.8 |
Deemed disposal arising from business combination | |||
(refer to Note 24) | (249.9) | – | (249.9) |
Capital increase | 4.0 | 7.0 | 11.0 |
Share of results of equity method investments | 42.1 | 2.0 | 44.1 |
Share of other comprehensive income of equity method | |||
investments | 34.6 | (0.4) | 34.2 |
Share of total comprehensive income | 76.7 | 1.6 | 78.3 |
Dividends | (9.7) | (7.9) | (17.6) |
As at 31 December 2022 | 86.0 | 119.6 | 205.6 |
Share of results of equity method investments | 9.8 | 4.9 | 14.7 |
Share of other comprehensive income of equity method | |||
investments | 0.3 | (12.0) | (11.7) |
Share of total comprehensive income | 10.1 | (7.1) | 3.0 |
Dividends | (9.3) | (2.1) | (11.4) |
Decrease due to other movements | – | (0.2) | (0.2) |
As at 31 December 2023 | 86.8 | 110.2 | 197.0 |
Joint ventures | Associates | Total | |
€ million | € million | € million | |
Integral equity method investments | 82.6 | – | 82.6 |
Non-integral equity method investments | 4.2 | 110.2 | 114.4 |
Total equity method investments | 86.8 | 110.2 | 197.0 |
2022 | |
Multon AO Group of companies | € million |
Summarised statement of comprehensive income 1 : | |
Revenue | 307.3 |
Depreciation | (3.4) |
Interest income | 6.6 |
Interest expense | (1.1) |
Profit before tax | 80.5 |
Income tax expense | (15.9) |
Profit after tax | 64.6 |
Other comprehensive income | 69.8 |
Total comprehensive income | 134.4 |
2023 | 2022 | |
AD Pivara Skopje | € million | € million |
Summarised balance sheet: | ||
Non-current assets | 65.1 | 66.1 |
Cash and cash equivalents | 3.5 | 0.5 |
Other current assets | 18.7 | 14.4 |
Total current assets | 22.2 | 14.9 |
Borrowings | (6.0) | (3.6) |
Other current liabilities (including trade payables) | (28.9) | (20.8) |
Total current liabilities | (34.9) | (24.4) |
Borrowings | (0.8) | (7.0) |
Other non-current liabilities | (0.5) | (0.3) |
Total non-current liabilities | (1.3) | (7.3) |
Net assets | 51.1 | 49.3 |
Summarised statement of comprehensive income: | ||
Revenue | 127.5 | 91.8 |
Depreciation | (7.5) | (5.7) |
Interest expense | (0.1) | – |
Profit before tax | 19.8 | 17.9 |
Income tax expense | (2.4) | (2.1) |
Profit after tax | 17.4 | 15.8 |
Total comprehensive income | 17.4 | 15.8 |
Dividends received | 5.2 | 7.7 |
I | ||
2023 | 2022 | |
€ million | € million | |
Carrying amount | 45.9 | 46.0 |
Share of profit | 1.1 | 1.9 |
Share of other comprehensive income | 0.3 | (0.3) |
Share of total comprehensive income | 1.4 | 1.6 |
2023 | 2022 | |
Caffè Vergnano | € million | € million |
Summarised balance sheet: | ||
Non-current assets | 123.4 | 125.2 |
Cash and cash equivalents | 0.7 | 1.0 |
Other current assets | 52.0 | 54.5 |
Total current assets | 52.7 | 55.5 |
Borrowings | (15.6) | (19.6) |
Other current liabilities (including trade payables) | (33.4) | (30.6) |
Total current liabilities | (49.0) | (50.2) |
Borrowings | (3.0) | (2.4) |
Other non-current liabilities | (26.7) | (27.5) |
Total non-current liabilities | (29.7) | (29.9) |
Net assets | 97.4 | 100.6 |
Summarised statement of comprehensive income: | ||
Revenue | 109.7 | 105.1 |
Depreciation | (8.0) | (7.6) |
Loss before tax | (2.0) | (3.6) |
Income tax | 0.8 | 0.3 |
Loss after tax | (1.2) | (3.3) |
Total comprehensive loss | (1.2) | (3.3) |
Reconciliation of net assets to carrying amount: | ||
Closing net assets | 97.4 | 100.6 |
Interest in associate at 30% | 29.2 | 30.2 |
Acquisition costs | 0.9 | 1.1 |
Goodwill | 56.5 | 56.5 |
Carrying value | 86.6 | 87.8 |
2023 | 2022 | |
€ million | € million | |
Carrying amount | 23.6 | 31.8 |
Share of profit | 5.3 | 3.0 |
Share of other comprehensive loss | (12.0) | (0.4) |
Share of total comprehensive (loss)/income | (6.7) | 2.6 |
Country | Joint operation |
Austria | Römerquelle |
Italy | Fonti del Vulture |
Romania | Dorna |
Baltics | Neptuno Vandenys |
Poland | Multivita |
Switzerland | Valser |
Serbia | Vlasinka |
2023 | 2022 | |
€ million | € million | |
Current lease liability | 55.3 | 53.9 |
Non-current lease liability | 154.8 | 152.1 |
Total lease liability (refer to Note 26) | 210.1 | 206.0 |
2023 | 2022 | |
€ million | € million | |
Land and buildings | 36.0 | 32.0 |
Plant and equipment | 50.7 | 59.2 |
Total additions | 86.7 | 91.2 |
2023 | 2022 | |
€ million | € million | |
Land and buildings | 22.5 | 21.4 |
Plant and equipment | 36.6 | 40.8 |
Total depreciation and impairment charge | 59.1 | 62.2 |
2023 | 2022 | |
€ million | € million | |
Expense relating to short-term leases | 26.5 | 22.7 |
Expense relating to leases of low-value assets | 5.3 | 2.5 |
Expense relating to variable lease payments | 15.4 | 10.8 |
2023 | 2022 | |
€ million | € million | |
Finished goods | 367.8 | 331.1 |
Raw materials and work in progress | 305.8 | 329.3 |
Consumables | 99.7 | 109.6 |
Total inventories | 773.3 | 770.0 |
Current assets | Non-current assets | |||
2023 | 2022 | 2023 | 2022 | |
€ million | € million | € million | € million | |
Trade receivables | 863.2 | 804.8 | 0.1 | 0.1 |
Receivables from related parties | ||||
(refer to Note 28) | 53.2 | 56.5 | – | – |
Loans receivable | 3.5 | 1.1 | 2.2 | 0.8 |
Receivables from sale of property, plant and equipment | 0.3 | 0.4 | – | – |
Loans and advances to employees | 4.1 | 10.1 | – | – |
Other receivables | 127.2 | 144.1 | 0.2 | 1.4 |
Total trade and other receivables | 1,051.5 | 1,017.0 | 2.5 | 2.3 |
Prepayments | 104.1 | 88.6 | 22.3 | 14.3 |
Pension plan assets (refer to Note 22) | – | – | 48.6 | 51.9 |
Non-current income tax receivable | – | – | 8.5 | 9.7 |
VAT and other taxes receivable | 32.4 | 42.3 | – | – |
Total other assets | 136.5 | 130.9 | 79.4 | 75.9 |
Total trade, other receivables and assets | 1,188.0 | 1,147.9 | 81.9 | 78.2 |
2023 | 2022 | |
€ million | € million | |
Trade receivables | 942.4 | 880.6 |
Less: Loss allowance | (79.2) | (75.8) |
Total trade receivables | 863.2 | 804.8 |
2023 | 2022 | |||||
€ million | € million | |||||
Gross | Gross | |||||
carrying | Loss | Trade | carrying | Loss | Trade | |
amount | allowance | receivables | amount | allowance | receivables | |
Within due date | 746.8 | (3.5) | 743.3 | 720.2 | (1.1) | 719.1 |
Past due – Up to three months | 102.5 | (1.8) | 100.7 | 70.5 | (0.5) | 70.0 |
Past due – Three to six months | 7.1 | (1.2) | 5.9 | 7.0 | (1.2) | 5.8 |
Past due – Six to nine months | 4.0 | (1.2) | 2.8 | 3.6 | (1.3) | 2.3 |
Past due – More than nine months | 82.0 | (71.5) | 10.5 | 79.3 | (71.7) | 7.6 |
Total trade receivables | 942.4 | (79.2) | 863.2 | 880.6 | (75.8) | 804.8 |
2023 | 2022 | |
€ million | € million | |
As at 1 January | (75.8) | (76.1) |
Amounts written off during the year | 3.9 | 1.7 |
Amounts recovered during the year | 2.9 | 7.3 |
Increase in allowance recognised in income statement | (8.2) | (13.6) |
Foreign currency translation | (2.0) | 4.9 |
As at 31 December | (79.2) | (75.8) |
2023 | 2022 | |
€ million | € million | |
Within due date | 47.9 | 50.9 |
Past due | 5.4 | 5.7 |
Less: Loss allowance | (0.1) | (0.1) |
Total related party receivables | 53.2 | 56.5 |
2023 | 2022 | |
€ million | € million | |
Within due date | 47.9 | 50.8 |
Past due – Up to three months | 4.4 | 1.8 |
Past due – Three to six months | 0.8 | 3.6 |
Past due – More than nine months | 0.1 | 0.3 |
Total | 53.2 | 56.5 |
2023 | 2022 | |
€ million | € million | |
Trade receivables | 4.2 | 6.2 |
Other receivables and assets | 7.3 | 2.8 |
Net impairment loss | 11.5 | 9.0 |
2023 | 2022 | |
€ million | € million | |
Trade payables | 1,097.4 | 947.2 |
Accrued liabilities | 719.4 | 727.9 |
Payables to related parties (refer to Note 28) | 289.5 | 268.6 |
Deposit liabilities | 90.6 | 112.6 |
Other tax and social security liabilities | 173.3 | 159.2 |
Salaries and employee-related payables | 69.1 | 69.2 |
Contract liabilities (refer to Note 8) | 15.0 | 14.7 |
Other payables | 23.8 | 32.5 |
Total trade and other payables | 2,478.1 | 2,331.9 |
2023 | 2022 | |
€ million | € million | |
Current: | ||
Employee benefits | 145.8 | 131.5 |
Restructuring provisions | 3.2 | 3.2 |
Other provisions | 50.1 | 46.8 |
Total current provisions and employee benefits | 199.1 | 181.5 |
Non-current: | ||
Employee benefits | 105.8 | 103.8 |
Restructuring provisions | 1.9 | 1.1 |
Other provisions | 1.4 | 2.0 |
Total non-current provisions and employee benefits | 109.1 | 106.9 |
Total provisions and employee benefits | 308.2 | 288.4 |
2023 | 2022 | |||
€ million | € million | |||
Restructuring | Other | Restructuring | Other | |
provision | provisions | provision | provisions | |
As at 1 January | 4.3 | 48.8 | 24.8 | 20.5 |
Arising during the year | 7.6 | 31.5 | 19.3 | 22.5 |
Utilised during the year | (6.1) | (23.1) | (32.1) | (1.4) |
Unused amount reversed | (0.7) | (1.7) | (7.8) | (3.1) |
Arising from business combinations | – | – | 0.1 | 15.1 |
Foreign currency translation | – | (4.0) | – | (4.8) |
As at 31 December | 5.1 | 51.5 | 4.3 | 48.8 |
2023 | 2022 | |
€ million | € million | |
Defined benefit plans: | ||
Employee leaving indemnities | 66.7 | 67.9 |
Pension plans | 5.5 | 3.4 |
Long-service benefits (jubilee plans) and other benefits | 12.9 | 13.2 |
Total defined benefit plans | 85.1 | 84.5 |
Other employee benefits: | ||
Annual leave | 9.8 | 7.6 |
Other employee benefits | 156.7 | 143.2 |
Total other employee benefits | 166.5 | 150.8 |
Total employee benefits obligations | 251.6 | 235.3 |
Net surplus/ | |||
Plan assets | Plan liabilities | (deficit) | |
€ million | € million | € million | |
As at 1 January 2023 | 431.9 | (398.5) | 33.4 |
Current service cost | – | (9.8) | (9.8) |
Past service cost | – | 0.1 | 0.1 |
Administrative expenses | (0.3) | – | (0.3) |
Curtailment/settlement | – | (1.1) | (1.1) |
Interest income/(expense) | 12.8 | (13.3) | (0.5) |
Actuarial losses | – | (0.6) | (0.6) |
Total expense recognised in income statement | 12.5 | (24.7) | (12.2) |
Losses from change in financial assumptions | – | (28.3) | (28.3) |
Experience adjustments | – | (2.2) | (2.2) |
Return on plan assets excluding interest income | 5.3 | – | 5.3 |
Total remeasurements recognised | |||
in other comprehensive income | 5.3 | (30.5) | (25.2) |
Benefits paid | (22.0) | 22.0 | – |
Employer’s contributions | 14.4 | – | 14.4 |
Participants’ contributions | 5.1 | (5.1) | – |
Foreign currency translation | 14.9 | 0.3 | 15.2 |
As at 31 December 2023 | 462.1 | (436.5) | 25.6 |
2023 | 2022 | |
% | % | |
Discount rate | 2.8 | 3.6 |
Rate of compensation increase | 2.5 | 2.8 |
Rate of pension increase | 2.1 | 0.9 |
Life expectancy for pensioners at the age of 65 in years: | ||
Male | 22 | 22 |
Female | 24 | 24 |
Impact on defined benefit obligation (%) as at | ||||||
31 December 2023 | 31 December 2022 | |||||
Change in | Increase in | Decrease in | Change in | Increase in | Decrease in | |
assumption | assumption | assumption | assumption | assumption | assumption | |
Discount rate | 1.00% | (12.6%) | 13.9% | 0.50% | (5.5%) | 7.1% |
Rate of compensation increase | 1.00% | 4.0% | (3.7%) | 0.50% | 1.5% | (1.4%) |
Rate of pension increase | 1.00% | 5.3% | (5.1%) | 0.50% | 3.8% | (3.8%) |
Life expectancy | 1 year | 2.2% | (2.3%) | 1 year | 2.4% | (2.4%) |
Equity securities – Eurozone | 4% |
Equity securities – Non-Eurozone | 20% |
Government bonds – Eurozone | 20% |
Government bonds – Non-Eurozone | 14% |
Corporate bonds – Eurozone | 6% |
Corporate bonds – Non-Eurozone | 17% |
Real estate | 12% |
Cash | 1% |
Other | 6% |
Equity securities – Eurozone | 2% |
Equity securities – Non-Eurozone | 19% |
Government bonds – Eurozone | 17% |
Government bonds – Non-Eurozone | 12% |
Corporate bonds – Eurozone | 11% |
Corporate bonds – Non-Eurozone | 12% |
Real estate | 13% |
Cash | 2% |
Other | 12% |
Related amounts | |||||
not set off in the | |||||
balance sheet | |||||
Gross amounts of | Net amounts of | ||||
Gross amounts | recognised financial | financial assets | |||
of recognised | liabilities set off in | presented in the | Financial | ||
financial assets | the balance sheet | balance sheet | instruments | Net amount | |
€ million | € million | € million | € million | € million | |
Derivative financial assets | 101.5 | – | 101.5 | (14.7) | 86.8 |
Trade receivables | 939.8 | (76.5) | 863.3 | – | 863.3 |
Total | 1,041.3 | (76.5) | 964.8 | (14.7) | 950.1 |
Related amounts | |||||
not set off in the | |||||
balance sheet | |||||
Gross amounts of | Net amounts of | ||||
Gross amounts | recognised financial | financial assets | |||
of recognised | liabilities set off in | presented in the | Financial | ||
financial assets | the balance sheet | balance sheet | instruments | Net amount | |
€ million | € million | € million | € million | € million | |
Derivative financial assets | 36.1 | – | 36.1 | (16.7) | 19.4 |
Trade receivables | 876.1 | (71.3) | 804.8 | – | 804.8 |
Total | 912.2 | (71.3) | 840.9 | (16.7) | 824.2 |
Related amounts | |||||
not set off in the | |||||
balance sheet | |||||
Gross amounts of | Net amounts of | ||||
Gross amounts | recognised financial | financial liabilities | |||
of recognised | assets set off in the | presented in the | Financial | ||
financial liabilities | balance sheet | balance sheet | instruments | Net amount | |
€ million | € million | € million | € million | € million | |
Derivative financial liabilities | 73.0 | – | 73.0 | (14.7) | 58.3 |
Trade payables | 1,173.9 | (76.5) | 1,097.4 | – | 1,097.4 |
Total | 1,246.9 | (76.5) | 1,170.4 | (14.7) | 1,155.7 |
Related amounts | |||||
not set off in the | |||||
balance sheet | |||||
Gross amounts of | Net amounts of | ||||
Gross amounts | recognised financial | financial liabilities | |||
of recognised | assets set off in | presented in the | Financial | ||
financial liabilities | the balance sheet | balance sheet | instruments | Net amount | |
€ million | € million | € million | € million | € million | |
Derivative financial liabilities | 45.6 | – | 45.6 | (16.7) | 28.9 |
Trade payables | 1,018.5 | (71.3) | 947.2 | – | 947.2 |
Total | 1,064.1 | (71.3) | 992.8 | (16.7) | 976.1 |
Fair value | |
€ million | |
Trademarks | 197.0 |
Property, plant and equipment | 6.7 |
Inventories | 4.9 |
Trade, other receivables and assets | 9.1 |
Cash and cash equivalents | 3.5 |
Borrowings | (6.5) |
Trade and other payables | (9.7) |
Net deferred tax liability | (28.0) |
Net identifiable assets acquired | 177.0 |
Add: Goodwill arising on acquisition | 7.4 |
Net assets acquired | 184.4 |
Fair value | |
€ million | |
Trademarks | 22.6 |
Property, plant and equipment | 0.2 |
Trade, other receivables and assets | 1.9 |
Cash and cash equivalents | 1.9 |
Borrowings | (0.1) |
Trade and other payables | (1.9) |
Net deferred tax liabilities | (2.7) |
Net identifiable assets acquired | 21.9 |
Add: Goodwill arising on acquisition | 24.0 |
Net assets acquired | 45.9 |
Fair value | |
€ million | |
Trademarks | 60.8 |
Property, plant and equipment | 63.6 |
Inventories | 37.5 |
Trade, other receivables and assets | 212.4 |
Cash and cash equivalents | 24.2 |
Borrowings | (1.2) |
Trade and other payables | (50.1) |
Net deferred tax liability | (2.7) |
Net identifiable assets acquired | 344.5 |
Less: Non-controlling interests | (90.7) |
Less: Gain from bargain purchase arising on business combination | (3.9) |
Net assets acquired | 249.9 |
Fair value | |
€ million | |
Franchise agreements | 367.7 |
Property, plant and equipment | 318.7 |
Inventories | 59.3 |
Trade, other receivables and assets | 64.5 |
Cash and cash equivalents | 15.9 |
Borrowings | (217.0) |
Trade and other payables | (129.6) |
Net deferred tax liabilities | (122.7) |
Net identifiable assets acquired | 356.8 |
Less: Non-controlling interests | (168.9) |
Add: Goodwill arising on acquisition | 196.1 |
Net assets acquired | 384.0 |
Euro strengthens | Euro weakens | ||||
against local currency | against local currency | ||||
% historical | Loss/(gain) | (Gain)/loss | |||
volatility over a | in income | Loss/(gain) | in income | (Gain)/loss | |
12-month | statement | in equity | statement | in equity | |
period | € million | € million | € million | € million | |
Egyptian Pound | 13.0% | 4.9 | 7.7 | (6.3) | (10.0) |
Nigerian Naira | 35.7% | 11.8 | – | (26.0) | – |
Russian Rouble | 17.5% | (3.8) | – | 5.4 | – |
UK Sterling | 4.8% | (1.3) | (0.2) | 1.5 | 0.2 |
Ukrainian Hryvnia | 8.4% | 2.5 | – | (2.9) | – |
Other | – | 4.5 | (6.0) | (4.1) | 5.7 |
Total | 18.6 | 1.5 | (32.4) | (4.1) |
US Dollar strengthens | US Dollar weakens | ||||
against local currency | against local currency | ||||
% historical | Loss/(gain) | (Gain)/loss | |||
volatility over a | in income | Loss/(gain) | in income | (Gain)/loss | |
12-month | statement | in equity | statement | in equity | |
period | € million | € million | € million | € million | |
Egyptian Pound | 10.5% | 7.2 | 1.8 | (8.9) | (2.3) |
Nigerian Naira | 35.3% | 7.7 | 33.5 | (67.3) | (70.1) |
Russian Rouble | 15.3% | (8.2) | (0.6) | 11.2 | 0.9 |
Ukrainian Hryvnia | 3.4% | 0.3 | – | (0.3) | – |
Other | – | (0.4) | – | 0.4 | – |
Total | 6.6 | 34.7 | (64.9) | (71.5) |
Euro strengthens | Euro weakens | ||||
against local currency | against local currency | ||||
% historical | Loss/(gain) | (Gain)/loss | |||
volatility over a | in income | Loss/(gain) | in income | (Gain)/loss | |
12-month | statement | in equity | statement | in equity | |
period | € million | € million | € million | € million | |
Egyptian Pound | 23.3% | 4.0 | 15.7 | (6.4) | (25.3) |
Nigerian Naira | 15.5% | 12.9 | – | (17.6) | – |
Russian Rouble | 54.5% | (9.4) | (0.1) | 31.9 | 0.2 |
UK Sterling | 7.7% | (1.1) | (0.4) | 1.2 | 0.2 |
Ukrainian Hryvnia | 12.5% | 2.9 | – | (3.8) | – |
Other | – | 2.3 | (4.4) | (3.1) | 5.1 |
Total | 11.6 | 10.8 | 2.2 | (19.8) |
US Dollar strengthens | US Dollar weakens | ||||
against local currency | against local currency | ||||
% historical | Loss/(gain) | (Gain)/loss | |||
volatility over a | in income | Loss/(gain) | in income | (Gain)/loss | |
12-month | statement | in equity | statement | in equity | |
period | € million | € million | € million | € million | |
Euro | 10.1% | (7.2) | – | 8.8 | – |
Egyptian Pound | 22.2% | 9.9 | – | (15.6) | – |
Nigerian Naira | 5.9% | 11.0 | – | (12.4) | – |
Russian Rouble | 53.0% | (18.7) | – | 61.0 | – |
Ukrainian Hryvnia | 4.1% | (0.1) | – | 0.1 | – |
Other | – | (0.4) | – | 0.3 | – |
Total | (5.5) | – | 42.2 | – |
Commodity price increases with | Commodity price decreases with | ||||
all other variables held constant | all other variables held constant | ||||
% historical | |||||
volatility over a | (Gain)/loss | Loss/(gain) | |||
12-month period | in income | (Gain)/loss | in income | Loss/(gain) | |
per contract | statement | in equity | statement | in equity | |
maturity | € million | € million | € million | € million | |
Sugar | 18.8% | (1.6) | (42.3) | 1.6 | 42.3 |
Aluminium | 21.4% | (1.7) | (29.3) | 1.7 | 29.3 |
Aluminium premium | 29.0% | (0.1) | (2.6) | 0.1 | 2.6 |
Gas oil | 36.1% | – | (5.8) | – | 5.8 |
Plastic | 17.0% | (2.2) | – | 2.2 | – |
Total | (5.6) | (80.0) | 5.6 | 80.0 |
Commodity price increases with | Commodity price decreases with | ||||
all other variables held constant | all other variables held constant | ||||
% historical | |||||
volatility over a | (Gain)/loss | Loss/(gain) | |||
12-month period | in income | (Gain)/loss | in income | Loss/(gain) | |
per contract | statement | in equity | statement | in equity | |
maturity | € million | € million | € million | € million | |
Sugar | 14.3% | (0.9) | (19.8) | 0.9 | 19.8 |
Aluminium | 32.3% | (2.1) | (34.3) | 2.1 | 34.3 |
Aluminium premium | 70.6% | (0.2) | (5.7) | 0.2 | 5.7 |
Gas oil | 72.5% | – | (15.4) | – | 15.4 |
Plastic | 28.1% | (8.9) | – | 8.9 | – |
Total | (12.1) | (75.2) | 12.1 | 75.2 |
2023 | 2022 | |||
Loss/(gain) | Loss/(gain) in | |||
in income | (Gain)/loss | income | Loss/(gain) | |
statement | in equity | statement | in equity | |
€ million | € million | € million | € million | |
Increase by 100 basis points (2022: 50bps) | 0.1 | (8.8) | 0.3 | – |
Decrease by 100 basis points ( 2022: 50bps) | (0.1) | 1.8 | (0.3) | – |
Up to | One to | Two to | Over | ||
one year | two years | five years | five years | Total | |
€ million | € million | € million | € million | € million | |
Borrowings | 923.2 | 546.0 | 775.3 | 1,132.4 | 3,376.9 |
Derivative liabilities | 67.3 | 3.7 | 2.0 | – | 73.0 |
Trade and other payables | |||||
(excluding other tax | |||||
& social security and contract liabilities) | 2,289.8 | 0.4 | 1.1 | 3.6 | 2,294.9 |
Leases | 66.7 | 53.0 | 78.4 | 56.9 | 255.0 |
As at 31 December 2023 | 3,347.0 | 603.1 | 856.8 | 1,192.9 | 5,999.8 |
Up to | One to | Two to | Over | ||
one year | two years | five years | five years | Total | |
€ million | € million | € million | € million | € million | |
Borrowings | 314.4 | 657.9 | 1,310.1 | 1,145.3 | 3,427.7 |
Derivative liabilities | 41.9 | 3.5 | 0.2 | – | 45.6 |
Trade and other payables | |||||
(excluding other tax | |||||
& social security and contract liabilities) | 2,158.0 | 0.4 | 1.1 | 3.8 | 2,163.3 |
Leases | 67.2 | 55.5 | 85.6 | 49.1 | 257.4 |
As at 31 December 2022 | 2,581.5 | 717.3 | 1,397.0 | 1,198.2 | 5,894.0 |
Rating agency | Publication date | Long-term debt | Outlook | Short-term debt |
Standard & Poor’s | May 2023 | BBB+ | Stable | A2 |
Moody’s | May 2023 | Baa1 | Stable | P2 |
2023 | 2022 | |
€ million | € million | |
Net debt (refer to Note 26) | 1,595.3 | 1,673.3 |
Operating profit | 953.6 | 703.8 |
Depreciation and impairment of property, plant and equipment, including right-of-use assets | 399.9 | 484.9 |
Amortisation and impairment of intangible assets | 113.9 | 15.1 |
Employee performance shares | 20.4 | 16.5 |
Impairment of equity method investments | – | 52.8 |
Other non-cash items | – | 70.5 |
Adjusted EBITDA | 1,487.8 | 1,343.6 |
Other restructuring expenses (primarily redundancy costs) | 7.6 | 11.8 |
Unrealised loss on commodity derivatives | 4.6 | 2.5 |
Exceptional items related to Russia – Ukraine conflict | (0.2) | 4.4 |
Acquisition and integration costs | 6.3 | 9.2 |
Total comparable adjusted EBITDA | 1,506.1 | 1,371.5 |
Net debt/comparable adjusted EBITDA ratio | 1.06 | 1.22 |
2023 | 2022 | |
€ million | € million | |
Total restructuring expenses included in operating expenses | ||
(refer to Note 9) | 9.0 | 11.9 |
Less: Impairment of property, plant and equipment presented | ||
as part of restructuring expenses | (1.4) | (0.1) |
Other restructuring expenses (primarily redundancy costs) | 7.6 | 11.8 |
Notional amount | Carrying amount | Period of | |
As at 31 December 2023 | € million | € million | maturity date |
Contracts with positive fair values | 695.5 | 15.6 | |
Non-current | 79.0 | 4.0 | |
Commodity swap contracts | 79.0 | 4.0 | Jan25 – Nov25 |
Current | 616.5 | 11.6 | |
Foreign currency forward contracts | 15.0 | 0.2 | Jan24 – Jun24 |
Interest rate contracts | 525.0 | 1.9 | Jun24 |
Commodity swap contracts | 76.5 | 9.5 | Jan24 – Dec24 |
Contracts with negative fair values | 382.6 | (23.2) | |
Non-current | 80.3 | (5.7) | |
Commodity swap contracts | 80.3 | (5.7) | Jan25 – Sep26 |
Current | 302.3 | (17.5) | |
Foreign currency forward contracts | 136.8 | (2.4) | Jan24 – Dec24 |
Commodity swap contracts | 165.5 | (15.1) | Jan24 – Dec24 |
Notional amount | Carrying amount | Period of | |
As at 31 December 2022 | € million | € million | maturity date |
Contracts with positive fair values | 172.6 | 19.2 | |
Non-current | 24.1 | 0.8 | |
Commodity swap contracts | 24.1 | 0.8 | Jan24 – Feb25 |
Current | 148.5 | 18.4 | |
Foreign currency forward contracts | 61.6 | 0.4 | Jan23 – Sep23 |
Commodity swap contracts | 86.9 | 18.0 | Jan23 – Dec23 |
Contracts with negative fair values | 221.3 | (14.4) | |
Non-current | 54.7 | (3.6) | |
Commodity swap contracts | 54.7 | (3.6) | Jan24 – Nov25 |
Current | 166.6 | (10.8) | |
Foreign currency forward contracts | 66.6 | (0.8) | Jan23 – Jun23 |
Commodity swap contracts | 100.0 | (10.0) | Jan23 – Dec23 |
Spot | Cost of | ||||
component | hedging reserve | ||||
of foreign | of foreign | Commodity | Interest | ||
currency | currency | swap | rate swap | ||
contracts | contracts | contracts | contracts | Total | |
€ million | € million | € million | € million | € million | |
Opening balance as at 1 January 2022 | (1.4) | 0.4 | 41.7 | (24.8) | 15.9 |
Net gain of cash flow hedges | 4.8 | – | 17.4 | 12.4 | 34.6 |
Change in fair value of hedging | |||||
instruments recognised in OCI | 4.8 | – | 20.6 | 5.1 | 30.5 |
Reclassified to income statement | – | – | (3.2) | 7.3 | 4.1 |
Cost of hedging recognised in OCI | – | (1.8) | – | (1.7) | (3.5) |
Reclassified to inventories cost | (5.1) | 1.8 | (48.1) | – | (51.4) |
Closing balance as at 31 December 2022 | (1.7) | 0.4 | 11.0 | (14.1) | (4.4) |
Net gain of cash flow hedges | (0.8) | – | 14.1 | 6.4 | 19.7 |
Change in fair value of hedging | |||||
instruments recognised in OCI | (0.8) | – | 14.5 | (0.2) | 13.5 |
Reclassified to income statement | – | – | (0.4) | 6.6 | 6.2 |
Cost of hedging recognised in OCI | – | (3.9) | – | (3.2) | (7.1) |
Reclassified to inventories cost | (1.2) | 4.1 | (33.7) | – | (30.8) |
Closing balance as at 31 December 2023 | (3.7) | 0.6 | (8.6) | (10.9) | (22.6) |
2023 | 2022 | |
(Gain)/loss | (Gain)/loss | |
€ million | € million | |
Net amount reclassified from other comprehensive income | ||
to cost of goods sold | (0.4) | (3.2) |
Net amount reclassified from other comprehensive income | ||
to finance costs | 6.6 | 7.3 |
Total | 6.2 | 4.1 |
Notional amount | Carrying amount | Period of | |
As at 31 December 2023 | € million | € million | maturity date |
Contracts with positive fair values | 545.8 | 85.9 | |
Current | 545.8 | 85.9 | |
Foreign currency future contracts | 177.6 | 82.9 | Jan24 – Jun 24 |
Foreign currency forward contracts | 366.2 | 2.9 | Jan24 – Dec24 |
Commodity swap contracts | 2.0 | 0.1 | Sep24 – Oct24 |
Contracts with negative fair values | 468.3 | (49.8) | |
Current | 468.3 | (49.8) | |
Embedded derivatives | 21.4 | (9.1) | Jan24 – Dec24 |
Foreign currency forward contracts | 426.6 | (39.3) | Jan24 – Dec24 |
Commodity swap contracts | 20.3 | (1.4) | Jan24 – Nov24 |
Notional amount | Carrying amount | Period of | |
As at 31 December 2022 | € million | € million | maturity date |
Contracts with positive fair values | 276.4 | 16.9 | |
Current | 276.4 | 16.9 | |
Foreign currency future contracts | 146.8 | 3.9 | Jan23 – Nov23 |
Foreign currency forward contracts | 117.9 | 10.7 | Jan23 – Dec23 |
Commodity swap contracts | 11.7 | 2.3 | Oct23 – Dec23 |
Contracts with negative fair values | 552.8 | (31.2) | |
Non-current | 3.6 | (0.1) | |
Commodity swap contracts | 3.6 | (0.1) | Jun24 – Sep 25 |
Current | 549.2 | (31.1) | |
Foreign currency future contracts | 84.1 | (2.5) | Apr23 – Dec23 |
Foreign currency forward contracts | 433.8 | (21.9) | Jan23 – Dec23 |
Commodity swap contracts | 31.3 | (6.7) | Feb23 – Nov23 |
2023 | 2022 | |
Loss/(gain) | (Gain)/loss | |
€ million | € million | |
Net amount recognised in cost of goods sold | 6.9 | (34.9) |
Net amount recognised in operating expenses | (40.4) | (26.0) |
Net amount recognised in finance cost | (30.5) | 3.5 |
Total | (64.0) | (57.4) |
Analysis of total assets | |||||||
Derivatives | Equity | ||||||
Debt financial | designated | financial | Total | ||||
assets at | Assets at | as hedging | assets at | current and | |||
Assets | amortised cost | FVTPL | instruments | FVOCI | non-current | Current | Non-current |
Investments including loans | |||||||
to related parties | 60.1 | 519.7 | – | 9.9 | 589.7 | 570.4 | 19.3 |
Derivative financial | |||||||
instruments | – | 85.9 | 15.6 | – | 101.5 | 97.5 | 4.0 |
Trade and other receivables | 1,054.0 | – | – | – | 1,054.0 | 1,051.5 | 2.5 |
Cash and cash equivalents | 1,260.6 | – | – | – | 1,260.6 | 1,260.6 | – |
Total | 2,374.7 | 605.6 | 15.6 | 9.9 | 3,005.8 | 2,980.0 | 25.8 |
Analysis of total assets | ||||||
Liabilities | Derivatives | |||||
held at | designated | Total | ||||
amortised | Liabilities at | as hedging | current and | |||
Liabilities | cost | FVTPL | instruments | non-current | Current | Non-current |
Trade and other payables | ||||||
(excluding other tax & social | ||||||
security and contract liabilities) | 2,294.9 | – | – | 2,294.9 | 2,289.8 | 5.1 |
Borrowings | 3,424.5 | – | – | 3,424.5 | 948.1 | 2,476.4 |
Derivative financial instruments | – | 49.8 | 23.2 | 73.0 | 67.3 | 5.7 |
Total | 5,719.4 | 49.8 | 23.2 | 5,792.4 | 3,305.2 | 2,487.2 |
Analysis of total assets | |||||||
Derivatives | Equity | ||||||
Debt financial | designated | financial | Total | ||||
assets at | Assets at | as hedging | assets at | current and | |||
Assets | amortised cost | FVTPL | instruments | FVOCI | non-current | Current | Non-current |
Investments including loans | |||||||
to related parties | 534.8 | 498.7 | – | 3.6 | 1,037.1 | 1,028.5 | 8.6 |
Derivative financial | |||||||
instruments | – | 16.9 | 19.2 | – | 36.1 | 35.3 | 0.8 |
Trade and other receivables | 1,019.3 | – | – | – | 1,019.3 | 1,017.0 | 2.3 |
Cash and cash equivalents | 719.9 | – | – | – | 719.9 | 719.9 | – |
Total | 2,274.0 | 515.6 | 19.2 | 3.6 | 2,812.4 | 2,800.7 | 11.7 |
Analysis of total assets | ||||||
Liabilities | Derivatives | |||||
held at | designated | Total | ||||
amortised | Liabilities at | as hedging | current and | |||
Liabilities | cost | FVTPL | instruments | non-current | Current | Non-current |
Trade and other payables | ||||||
(excluding other tax & social | ||||||
security and contract liabilities) | 2,163.3 | – | – | 2,163.3 | 2,158.0 | 5.3 |
Borrowings | 3,419.9 | – | – | 3,419.9 | 337.0 | 3,082.9 |
Derivative financial instruments | – | 31.2 | 14.4 | 45.6 | 41.9 | 3.7 |
Total | 5,583.2 | 31.2 | 14.4 | 5,628.8 | 2,536.9 | 3,091.9 |
Level 1 | Level 2 | Level 3 | Total | |
€ million | € million | € million | € million | |
Financial assets at FVTPL | ||||
Foreign currency forward contracts | – | 2.9 | – | 2.9 |
Foreign currency futures contracts | – | – | 82.9 | 82.9 |
Commodity swap contracts | – | 0.1 | – | 0.1 |
Money market funds | 513.8 | – | – | 513.8 |
Convertible note agreements | – | – | 5.9 | 5.9 |
Derivative financial assets used | ||||
for hedging | ||||
Cash flow hedges | ||||
Foreign currency forward contracts | – | 0.2 | – | 0.2 |
Interest rate swap contracts | – | 1.9 | – | 1.9 |
Commodity swap contracts | – | 13.5 | – | 13.5 |
Assets at FVOCI | ||||
Equity securities | 1.1 | – | 8.8 | 9.9 |
Total financial assets | 514.9 | 18.6 | 97.6 | 631.1 |
Financial liabilities at FVTPL | ||||
Foreign currency forward contracts | – | (4.3) | (35.0) | (39.3) |
Embedded derivatives | – | (9.1) | – | (9.1) |
Commodity swap contracts | – | (0.2) | (1.2) | (1.4) |
Derivative financial liabilities used | ||||
for hedging | ||||
Cash flow hedges | ||||
Foreign currency forward contracts | – | (2.4) | – | (2.4) |
Commodity swap contracts | – | (20.8) | – | (20.8) |
Total financial liabilities | – | (36.8) | (36.2) | (73.0) |
Level 1 | Level 2 | Level 3 | Total | |
€ million | € million | € million | € million | |
Financial assets at FVTPL | ||||
Foreign currency forward contracts | – | 10.7 | – | 10.7 |
Foreign currency futures contracts | – | – | 3.9 | 3.9 |
Commodity swap contracts | – | 0.2 | 2.1 | 2.3 |
Money market funds | 497.2 | – | – | 497.2 |
Convertible note agreements | – | – | 1.5 | 1.5 |
Derivative financial assets used for hedging | ||||
Cash flow hedges | ||||
Foreign currency forward contracts | – | 0.4 | – | 0.4 |
Commodity swap contracts | – | 18.8 | – | 18.8 |
Assets at FVOCI | ||||
Equity securities | 0.7 | – | 2.9 | 3.6 |
Total financial assets | 497.9 | 30.1 | 10.4 | 538.4 |
Financial liabilities at FVTPL | ||||
Foreign currency forward contracts | – | (18.2) | (3.7) | (21.9) |
Embedded derivatives | – | – | (2.5) | (2.5) |
Commodity swap contracts | – | (0.9) | (5.9) | (6.8) |
Derivative financial liabilities used for hedging | ||||
Cash flow hedges | ||||
Foreign currency forward contracts | – | (0.8) | – | (0.8) |
Commodity swap contracts | – | (13.6) | – | (13.6) |
Total financial liabilities | – | (33.5) | (12.1) | (45.6) |
2023 | 2022 | ||
€ million | € million | ||
Current borrowings | 948.1 | 337.0 | |
Non-current borrowings | 2,476.4 | 3,082.9 | |
Less: Cash and cash equivalents | (1,260.6) | (719.9) | |
• | Financial assets at amortised cost | (54.8) | (529.5) |
• | Financial assets at fair value through profit or loss | (513.8) | (497.2) |
Less: Other financial assets | (568.6) | (1,026.7) | |
Net debt | 1,595.3 | 1,673.3 |
2023 | 2022 | |
€ million | € million | |
Bonds, bills and unsecured notes | 599.5 | – |
Commercial paper | 211.0 | 167.5 |
Loans payable to related parties (refer to Note 28) | 2.7 | – |
Other borrowings | 79.6 | 115.6 |
892.8 | 283.1 | |
Obligations under leases falling due within one year | 55.3 | 53.9 |
Total borrowings falling due within one year | 948.1 | 337.0 |
Borrowings falling due within one to two years | ||
Bonds, bills and unsecured notes | 497.1 | 599.0 |
Borrowings falling due within two to five years | ||
Bonds, bills and unsecured notes | 697.8 | 1,192.5 |
Borrowings falling due in more than five years | ||
Bonds, bills and unsecured notes | 1,092.9 | 1,091.9 |
Other borrowings | 33.8 | 47.4 |
2,321.6 | 2,930.8 | |
Obligations under leases falling due in more than one year | 154.8 | 152.1 |
Total borrowings falling due after one year | 2,476.4 | 3,082.9 |
Total borrowings | 3,424.5 | 3,419.9 |
Borrowings | Leases | |||||
Due in more | Due in more | Derivative | ||||
Due within | than one | Due within | than one | assets/ | ||
one year | year | one year | year | (liabilities) | Total | |
€ million | € million | € million | € million | € million | € million | |
Balance as at 1 January 2022 | 330.8 | 2,446.3 | 50.9 | 109.4 | 2.3 | 2,939.7 |
Cash flows | ||||||
Proceeds from borrowings | 150.0 | 500.0 | – | – | – | 650.0 |
Repayments of borrowings | (358.2) | (0.4) | – | – | – | (358.6) |
Principal repayments of lease obligations | – | – | (65.2) | – | – | (65.2) |
Interest paid | (40.9) | (5.2) | (14.3) | – | – | (60.4) |
Proceeds from settlement of derivatives | ||||||
regarding financing activities | – | – | – | – | 0.1 | 0.1 |
Total cash flows | (249.1) | 494.4 | (79.5) | – | 0.1 | 165.9 |
Leases increase | – | – | 0.9 | 90.3 | – | 91.2 |
Arising from business combinations | 179.3 | – | 5.0 | 34.0 | – | 218.3 |
Effect of changes in exchange rates | (15.5) | (0.9) | (1.6) | (12.0) | – | (30.0) |
Other non-cash movements | 37.6 | (9.0) | 78.2 | (69.6) | (5.7) | 31.5 |
Balance as at 31 December 2022 | 283.1 | 2,930.8 | 53.9 | 152.1 | (3.3) | 3,416.6 |
Cash flows | ||||||
Proceeds from borrowings | 136.4 | – | – | – | – | 136.4 |
Repayments of borrowings | (89.7) | – | – | – | – | (89.7) |
Principal repayments of lease obligations | – | – | (59.1) | – | – | (59.1) |
Interest paid | (61.3) | – | (14.9) | – | – | (76.2) |
Proceeds from settlement of derivatives | ||||||
regarding financing activities | – | – | – | – | 4.6 | 4.6 |
Total cash flows | (14.6) | – | (74.0) | – | 4.6 | (84.0) |
Leases increase | – | – | 2.2 | 84.5 | – | 86.7 |
Arising from business combinations | – | – | 0.5 | 6.0 | – | 6.5 |
Effect of changes in exchange rates | (20.5) | (26.7) | (7.0) | (17.1) | – | (71.3) |
Other non-cash movements | 644.8 | (582.5) | 79.7 | (70.7) | (16.2) | 55.1 |
Balance as at 31 December 2023 | 892.8 | 2,321.6 | 55.3 | 154.8 | (14.9) | 3,409.6 |
Book value | Fair value | ||||||
Notes | Fixed | 2023 | 2022 | 2023 | 2022 | ||
€ million | Start date | Maturity date | coupon | € million | € million | € million | € million |
€600 | 10 March 2016 | 11 November 2024 | 1.875% | 599.5 | 599.0 | 590.3 | 582.0 |
€700 | 14 May 2019 | 14 May 2027 | 1.000% | 697.8 | 697.1 | 656.9 | 626.6 |
€600 | 14 May 2019 | 14 May 2031 | 1.625% | 596.9 | 596.5 | 540.7 | 497.1 |
€500 | 21 November 2019 | 21 November 2029 | 0.625% | 496.0 | 495.4 | 433.7 | 403.9 |
€500 | 23 September 2022 | 23 September 2025 | 2.750% | 497.1 | 495.4 | 495.8 | 486.0 |
Total | 2,887.3 | 2,883.4 | 2,717.4 | 2,595.6 |
Current | Non-current | |||
2023 | 2022 | 2023 | 2022 | |
€ million | € million | € million | € million | |
Euro | 867.8 | 237.6 | 2,363.9 | 2,946.6 |
US Dollar | 17.0 | 34.3 | 47.4 | 64.4 |
Egyptian Pound | 41.0 | 39.3 | 17.5 | 23.5 |
Swiss Franc | 4.4 | 4.5 | 17.8 | 4.7 |
Nigerian Naira | 5.2 | 9.6 | 8.3 | 23.3 |
Russian Rouble | 2.9 | 2.2 | 7.4 | 4.8 |
Bulgarian Lev | 2.6 | 2.6 | 4.3 | 4.6 |
Polish Zloty | 2.0 | 1.2 | 3.6 | 2.6 |
UK Sterling | 2.8 | 1.7 | 1.7 | 2.4 |
Romanian Leu | 1.0 | 1.4 | 1.8 | 1.5 |
Belarusian Rouble | 0.1 | 0.1 | 0.7 | 0.8 |
Ukrainian Hryvnia | 0.1 | 0.1 | 0.6 | 0.6 |
Current | Non-current | |||
2023 | 2022 | 2023 | 2022 | |
€ million | € million | € million | € million | |
Hungarian Forint | 0.5 | 0.5 | 0.1 | 0.5 |
Czech Koruna | 0.4 | 1.3 | 0.1 | 2.6 |
Bosnian Mark | 0.1 | 0.3 | – | – |
Other | 0.2 | 0.3 | 1.2 | – |
Total borrowings | 948.1 | 337.0 | 2,476.4 | 3,082.9 |
Fixed | Floating | ||
interest rate | interest rate | Total | |
€ million | € million | € million | |
Euro | 3,218.0 | 13.7 | 3,231.7 |
US Dollar | 62.0 | 2.4 | 64.4 |
Egyptian Pound | 58.5 | – | 58.5 |
Swiss Franc | 22.2 | – | 22.2 |
Nigerian Naira | 13.5 | – | 13.5 |
Russian Rouble | 10.3 | – | 10.3 |
Bulgarian Lev | 6.9 | – | 6.9 |
Polish Zloty | 5.6 | – | 5.6 |
UK Sterling | 1.7 | 2.8 | 4.5 |
Romanian Leu | 0.9 | 1.9 | 2.8 |
Belarusian Rouble | 0.8 | – | 0.8 |
Ukrainian Hryvnia | 0.7 | – | 0.7 |
Hungarian Forint | 0.6 | – | 0.6 |
Czech Koruna | 0.5 | – | 0.5 |
Bosnian Mark | 0.1 | – | 0.1 |
Other | 1.4 | – | 1.4 |
Total interest-bearing borrowings | 3,403.7 | 20.8 | 3,424.5 |
2023 | 2022 | |
€ million | € million | |
Cash at bank, in transit and in hand | 441.6 | 426.4 |
Short-term deposits | 819.0 | 293.5 |
Total cash and cash equivalents | 1,260.6 | 719.9 |
2023 | 2022 | |
€ million | € million | |
Euro | 671.0 | 348.9 |
Russian Rouble | 196.3 | 96.4 |
Nigerian Naira | 92.5 | 120.9 |
US Dollar | 80.8 | 51.9 |
Ukrainian Hryvnia | 48.5 | 6.6 |
Egyptian Pound | 35.9 | 6.1 |
UK Sterling | 21.4 | 2.6 |
Armenian Dram | 19.2 | 9.3 |
Serbian Dinar | 16.9 | 7.0 |
Swiss Franc | 15.4 | 16.6 |
Romanian Leu | 13.6 | 9.2 |
Polish Zloty | 13.1 | 14.6 |
Hungarian Forint | 9.6 | 0.6 |
Belarusian Rouble | 9.2 | 8.3 |
Czech Koruna | 6.8 | 2.3 |
Moldovan Leu | 6.3 | 8.8 |
Bosnian Mark | 3.2 | 4.1 |
Other | 0.9 | 5.7 |
Total cash and cash equivalents | 1,260.6 | 719.9 |
Number of | Group | |||
shares | Share | Share | reorganisation | |
(authorised | capital | premium | reserve | |
and issued) | € million | € million | € million | |
Balance as at 1 January 2022 | 371,795,418 | 2,022.3 | 3,097.3 | (6,472.1) |
Shares issued to employees exercising | ||||
stock options (refer to Note 29) | 290,677 | 2.0 | 2.7 | – |
Dividends | – | – | (262.6) | – |
Balance as at 31 December 2022 | 372,086,095 | 2,024.3 | 2,837.4 | (6,472.1) |
Shares issued to employees exercising | ||||
stock options (refer to Note 29) | 891,127 | 6.0 | 8.2 | – |
Dividends | – | – | (289.9) | – |
Balance as at 31 December 2023 | 372,977,222 | 2,030.3 | 2,555.7 | (6,472.1) |
2023 | 2022 | |
€ million | € million | |
Treasury shares | (144.1) | (131.2) |
Exchange equalisation reserve | (1,708.9) | (1,218.2) |
Other reserves | ||
Hedging reserve, net | (20.7) | (4.4) |
Tax-free reserve | 163.8 | 163.8 |
Statutory reserves | 27.3 | 22.6 |
Stock option, performance share and deferred management | ||
incentive share reserve | 78.2 | 87.5 |
Financial assets at fair value through other comprehensive income reserve, net | 0.8 | 0.5 |
Other | 22.7 | 22.5 |
Total other reserves | 272.1 | 292.5 |
Total reserves | (1,580.9) | (1,056.9) |
2023 | 2022 | |
€ million | € million | |
Purchases of concentrate, finished products and other items | 1,861.4 | 1,808.7 |
Net contributions received for marketing and promotional incentives | 125.1 | 108.6 |
Sales of finished goods and raw materials | 4.7 | 4.2 |
Other income | 4.1 | 8.6 |
Other expenses | 3.6 | 4.7 |
Four months ended | Year ended 31 | |
28 April 2023 | December 2022 | |
Frigoglass and subsidiaries | € million | € million |
Purchases of coolers, cooler parts, glass bottles, crowns and raw | ||
and other materials | 24.4 | 112.3 |
Maintenance, rent and other expenses | 10.0 | 33.1 |
2023 | 2022 | |
AG Leventis (Nigeria) Plc | € million | € million |
Purchases of finished goods and other items | – | 3.6 |
Other expenses | 11.0 | 0.1 |
2023 | 2022 | |
€ million | € million | |
Purchases | 47.3 | 8.5 |
Other expenses | 15.5 | 15.5 |
2023 | 2022 | |
€ million | € million | |
Purchases of finished goods | 26.0 | 26.0 |
Sales of finished goods and raw materials | 7.8 | 9.2 |
Other income | 10.4 | 15.8 |
Other expenses | 8.3 | 15.7 |
2023 | 2022 | |
€ million | € million | |
Performance share awards and deferred MIP shares | 20.6 | 15.5 |
Employee Share Purchase Plan | 6.7 | 6.1 |
Total share-based payments charge | 27.3 | 21.6 |
Number | Weighted | Weighted | |
of stock | average | average | |
options | exercise price | exercise price | |
2023 | 2023 (EUR) | 2023 (GBP) | |
Outstanding as at 1 January | 1,697,730 | 16.02 | 14.15 |
Exercised | (891,127) | 16.15 | 14.01 |
Outstanding as at 31 December | 806,603 | 16.49 | 14.31 |
Exercisable as at 31 December | 806,603 | 16.49 | 14.31 |
Number | Weighted | Weighted | |
of stock | average | average | |
options | exercise price | exercise price | |
2022 | 2022 (EUR) | 2022 (GBP) | |
Outstanding as at 1 January | 2,338,855 | 18.08 | 15.21 |
Exercised | (290,677) | 16.05 | 14.17 |
Expired | (350,448) | 24.01 | 21.20 |
Outstanding as at 31 December | 1,697,730 | 16.02 | 14.15 |
Exercisable as at 31 December | 1,697,730 | 16.02 | 14.15 |
Number of | Number of | |
shares | shares | |
2023 | 2022 | |
Outstanding as at 1 January | 2,976,201 | 2,475,367 |
Granted | 1,146,585 | 1,301,669 |
Vested | (947,825) | (516,156) |
Forfeited/cancelled | (218,413) | (284,679) |
Outstanding as at 31 December | 2,956,548 | 2,976,201 |
2023 | 2022 | |
Weighted average share price | £21.25 | £15.98 |
Dividend yield | nil | nil |
Weighted average exercise period | 3.0 years | 3.0 years |