| FY24 GUIDANCE [1],[4] |
The outlook for FY24 reflects our current assessment of market conditions. Unless stated otherwise, guidance is on an adjusted comparable & FX-neutral basis. Guidance is therefore provided on the basis that the acquisition of CCBPI occurred on 1 Jan 2023. FX is expected to be immaterial for the full-year.
Revenue : comparable growth of ~3.5% (previously ~4%)
• More balanced between volumes & price/mix than FY23
• Two extra selling days in Q4
Cost of sales per UC: comparable growth of ~2.5% (previously ~3%)
• Expect broadly flat commodity inflation
• FY24 hedge coverage at >95% (previously ~90%)
• Tax increase driven by Netherlands
• Concentrate directly linked to revenue per UC through incidence pricing
Operating profit: comparable growth of ~7%
Finance costs : weighted average cost of net debt of ~2%
Comparable effective tax rate: ~25%
Free cash flow: at least €1.7bn
Capital expenditure: ~5% of revenue excluding leases
Dividend payout ratio: ~50% [7] based on comparable EPS
Note: unless otherwise stated, guidance remains unchanged since the half year
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