Coca-Cola European Partners Sees FY Revenue Growth In Low Single-digit Range
Coca-Cola European Partners plc (CCE) said that it expects revenue growth for 2018 to be in a low single-digit range, with both operating profit and earnings per share growth of between 6 percent and 7 percent. Each of these growth figures is on a comparable and fx-neutral basis when compared to 2017 comparable results.
The revenue growth guidance excluded the accounting impact of incremental soft drinks industry taxes. These taxes are expected to add approximately 2 percent to 3 percent to revenue growth and approximately 4 percent to cost of goods growth. At recent rates, currency translation would have a negligible impact on 2018 full-year diluted earnings per share.
The company expects 2018 free cash flow in the range of 850 million euros to 900 million euros, including the expected benefit from improved working capital offset by the impact of restructuring and integration costs. Capital expenditures are expected to be approximately 525 million euros to 575 million euros, including approximately 75 million euros of capital expenditures related to synergies.
CCEP noted that it remains on track to achieve pre-tax run-rate savings of 315 million euros to 340 million euros through synergies by mid-2019. Further, CCEP expects to have realised approximately 75 percent of the target by year-end 2018.
The CCEP Board of Directors declared a regular quarterly dividend of 0.26 euros per share. The dividend is payable 15 March 2018 to those shareholders of record on 27 February 2018. (dpa)
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