Coca-Cola European Partners sees low-single digit revenue growth for FY17
For 2017, CCEP now expects low single-digit revenue growth, operating profit growth at the top end of the previously stated high single-digit range, and diluted earnings per share to be up 10% to 12%. Excluding synergies, CCEP expects operating profit growth to be broadly in-line with revenue growth. Each of these growth figures is on a comparable and fx-neutral basis when compared to 2016 comparable results. At recent rates, currency translation would reduce FY17 diluted earnings per share by approximately 2%. CCEP expects 2017 free cash flow at the high end of the previous range of EUR700M to EUR800M, including the expected benefit from improved working capital offset by the impact of restructuring and integration costs. Capital expenditures are expected to be approximately EUR600M, including approximately EUR100M of capital expenditures related to synergies. Weighted-average cost of debt is expected to be approximately 2%. The comparable effective tax rate for 2017 is expected to be approximately 25%. CCEP does not expect to repurchase shares in 2017.