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COCA‑COLA EUROPEAN PARTNERS PLC 2019 INTEGRATED REPORT and FORM 20-F One of the World’S Largest Beverage Companies

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COCA‑COLA EUROPEAN PARTNERS PLC 2019 INTEGRATED REPORT and FORM 20-F One of the World’S Largest Beverage Companies COCA‑COLA EUROPEAN PARTNERS PLC EUROPEAN PARTNERS COCA‑COLA GREAT PEOPLE GREAT SERVICE 2019 INTEGRATED REPORT AND FORM 20-F 2019 INTEGRATED GREAT BEVERAGES COCA‑COLA EUROPEAN PARTNERS PLC 2019 INTEGRATED REPORT AND FORM 20‑F One of the world’s largest beverage companies. Solid track record of performance. An exciting future. Powered by a 23,300 strong team of talented and engaged people. Leading position within a dynamic and growing market. Investing today in the capabilities to win tomorrow. READ ABOUT OUR SUSTAINABILITY ACTION PLAN, LEARN ABOUT WHAT THIS IS FORWARD, ON PAGES 34-43 WE DO ON PAGES 8-9 SEE OUR REPORT ONLINE AT WWW.IR.COCACOLAEP.COM/FINANCIAL-REPORTS-AND-RESULTS/INTEGRATED-REPORTS Strategic Report Governance and Directors’ Report Financial Statements Other Information Positioned for continued growth Solid, flexible Ambitious balance sheet sustainability plans Unrivalled Investing in key customer coverage DRIVING capabilities SUSTAINABLE SHAREHOLDER RETURNS Success driven Supporting by our people communities World’s best More aligned than brands ever before with The Coca-Cola Company Our report Strategic Report Governance and Directors’ Report Financial Statements 2 Performance indicators 58 Chairman’s introduction 114 Independent Auditor’s reports 4 Our portfolio 59 Board of Directors 126 Consolidated financial statements 6 Our operations 60 Directors’ biographies 131 Notes to the consolidated financial 8 What we do 65 Senior management statements 10 Conversation with our Chairman 67 Corporate governance report 174 Company financial statements and CEO 77 Nomination Committee 176 Notes to the Company financial 14 Succeeding in a changing landscape Chairman’s letter statements 16 Our strategy 78 Nomination Committee report 18 Business model 81 Audit Committee Chairman’s letter Other Information 20 Our people 82 Audit Committee report 186 Risk factors 24 Operating with integrity 87 Directors’ remuneration report 195 Other Group information 26 Business and financial review 87 Statement from 212 Form 20-F table of cross references 34 Sustainability – This is Forward the Remuneration 214 Exhibits 44 Principal risks Committee Chairman 216 Glossary 50 Viability statement 89 Remuneration policy 219 Useful addresses 51 Non-financial information statement 97 Remuneration at a glance 220 Forward-looking statements 52 Section 172(1) statement from 98 Annual report on remuneration the Directors 108 Directors’ report 111 Directors’ responsibilities statement None of the websites referred to in this Annual Report on Form 20-F for the year ended 31 December 2019 (the Form 20-F), including where a link is provided, nor any of the information contained on such websites, are incorporated by reference in the Form 20-F. Coca-Cola European Partners plc / 2019 Integrated Report and Form 20-F 1 Strategic Report Governance and Directors’ Report Financial Statements Other Information Performance indicators We delivered another strong year of financial and sustainability performance in 2019. This is reflected in our performance indicators. Financial Revenue Operating profit on a comparable basis* Diluted earnings per share on a comparable basis* Free cash flow* Return on capital invested (ROIC)* (%) * PLEASE REFER TO BUSINESS 11.5 1.6 2.30 AND FINANCIAL REVIEW ON 12.0 1.7 2.53 PAGE 26 FOR DEFINITION AND RECONCILIATION OF NON-GAAP FIGURES TO GAAP FIGURES. €12.0BN €1.7BN €2.53 €1.1BN 10.3% We remain focused on driving profitable The revenue increase and our continued This reflects our growth in operating Free cash flow generation remains at ROIC continues to be a strong area revenue growth, supported by a strong focus on operating costs translated profit, as well as the repurchase of the core of our business, as evidenced of focus for us. In 2019, we increased our pipeline of innovation as we execute into growth of 6% during the year. €1.0 billion ordinary shares of €0.01 by our medium term annual objective ROIC by 40 basis points to 10.3% as we our total beverage company strategy. We also continued to make the right each of Coca-Cola European Partners of delivering at least €1 billion of continued to drive capital efficiencies. We saw solid growth in revenue per unit strategic investments in capabilities, plc (Shares) thereby completing the free cash flow each year. We generated case as we continue to benefit from our for example, we have started to roll €1.5 billion share buyback programme free cash flow of €1.1 billion in 2019. efforts to improve price and mix with out next generation field sales digital announced in September 2018. growth in priority small packs and the tools, which will not only improve the away from home channel. customer experience, but also increase productivity and optimise sell time. Volume increased by 1% with strong in market execution and innovation led growth partially offset by strong weather driven comparables in the summer selling season. Sustainability Lost time incident rate (number per 100 full time % sugar reduction in our soft drinks since 2015 % PET from recycled PET Water use ratio (litres of water/litre of product produced) % GHG emissions reduction of our core business operations equivalent employees) since 2010 FOR MORE ABOUT OUR 1.23 4.2 24.6 1.61 SUSTAINABILITY COMMITMENTS 1.14 11.1 27.6 1.61 AND PROGRESS, SEE PAGES 34-43 1.07 12.9 30.5 1.60 1.07 12.9% 30.5% 1.60 52.0% Our people’s safety and wellbeing In line with the demand from consumers Increasing recycled content in our Water scarcity and deteriorating The climate emergency is ranked as the is our priority, and our aim is to reduce for a greater variety of drinks, including plastic bottles is key to creating a water quality are growing challenges number one sustainability challenge by our lost time incident rate to zero. In low and no calorie drinks, we’re circular economy for our packaging around the world. As water is the main European consumers, and meeting the 2019, we saw our lost time incident rate committed to cutting the sugar in our and addressing the world’s plastic ingredient in the majority of our drinks, goals of the Paris Agreement requires fall to 1.07, a reduction of 6.1% compared drinks. In 2019, the average sugar per waste crisis. In 2019, recycled PET we are committed to managing water urgent action. Greenhouse gas (GHG) with the previous year. litre in our soft drinks portfolio dropped made up 30.5% of the PET in our plastic resources responsibly and efficiently. emissions from our core operations by 12.9% compared with 2015. This bottles, up from 27.6% in 2018. In 2019, The amount of water we use to make fell by 2.7% between 2018 and 2019. In represents a reduction of 17.6% since we announced enhanced packaging our products reduced by 1% over the last 2018, we achieved our target of halving 2010. We’re achieving these reductions targets, bringing forward the deadline two years, to 1.60 litres of water per litre GHG emissions from our core business by reformulating our recipes, and by to increase the level of recycled content of product produced. activities compared to 2010 ahead of providing greater choice – including in our plastic bottles to at least 50% schedule, and we will review our targets many more drinks with low or no sugar. from 2025 to 2023 and aiming to reach in 2020 to evaluate how we can reduce 100% recycled or renewable plastic emissions in line with the needs of in the future. climate science. 2 Coca-Cola European Partners plc / 2019 Integrated Report and Form 20-F Financial 2018 2019 Revenue Operating profit on a comparable basis* Diluted earnings per share on a comparable basis* Free cash flow* Return on capital invested (ROIC)* (%) * PLEASE REFER TO BUSINESS 1.10 9.9 AND FINANCIAL REVIEW ON 1.10 10.3 PAGE 26 FOR DEFINITION AND RECONCILIATION OF NON-GAAP FIGURES TO GAAP FIGURES. €12.0BN €1.7BN €2.53 €1.1BN 10.3% We remain focused on driving profitable The revenue increase and our continued This reflects our growth in operating Free cash flow generation remains at ROIC continues to be a strong area revenue growth, supported by a strong focus on operating costs translated profit, as well as the repurchase of the core of our business, as evidenced of focus for us. In 2019, we increased our pipeline of innovation as we execute into growth of 6% during the year. €1.0 billion ordinary shares of €0.01 by our medium term annual objective ROIC by 40 basis points to 10.3% as we our total beverage company strategy. We also continued to make the right each of Coca-Cola European Partners of delivering at least €1 billion of continued to drive capital efficiencies. We saw solid growth in revenue per unit strategic investments in capabilities, plc (Shares) thereby completing the free cash flow each year. We generated case as we continue to benefit from our for example, we have started to roll €1.5 billion share buyback programme free cash flow of €1.1 billion in 2019. efforts to improve price and mix with out next generation field sales digital announced in September 2018. growth in priority small packs and the tools, which will not only improve the away from home channel. customer experience, but also increase productivity and optimise sell time. Volume increased by 1% with strong in market execution and innovation led growth partially offset by strong weather driven comparables in the summer selling season. Sustainability 2017 2018 2019 Lost time incident rate (number per 100 full time % sugar reduction in our soft drinks since 2015 % PET from recycled PET Water use ratio (litres of water/litre of product produced) % GHG emissions reduction of our core business operations equivalent employees) since 2010 FOR MORE ABOUT OUR 24.6 1.61 45.3 SUSTAINABILITY COMMITMENTS 27.6 1.61 50.6 AND PROGRESS, SEE PAGES 34-43 30.5 1.60 52.0 1.07 12.9% 30.5% 1.60 52.0% Our people’s safety and wellbeing In line with the demand from consumers Increasing recycled content in our Water scarcity and deteriorating The climate emergency is ranked as the is our priority, and our aim is to reduce for a greater variety of drinks, including plastic bottles is key to creating a water quality are growing challenges number one sustainability challenge by our lost time incident rate to zero.
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