Swire Pacific Limited Announces 2023 Annual Results

Swire Pacific announces 2023 annual results. Swire Coca-Cola completed the sale of 100% equity interest in Swire Coca-Cola, USA, in September 2023. The non-recurring profit derived from the sale further strengthens the Group’s balance sheet and reinforces its long-term strategy. At the beginning of the year, Swire Coca-Cola completed the restructuring of Coca-Cola Bottlers Manufacturing Holdings Limited’s (“CCBMH”) still beverages business, and assumed ownership of its six subsidiaries in the Chinese Mainland. Swire Coca-Cola continued to expand its footprint in South East Asia, which began with bottling business acquisitions in Vietnam and Cambodia. On 9th February 2024, Swire Coca-Cola conditionally agreed to acquire a majority stake in ThaiNamthip Corporation Ltd’s bottling businesses in Thailand and Laos for an aggregate consideration of approximately THB42,616 million (approximately HK$9,470 million).

Below are the performance highlights of Swire Coca-Cola:

• Swire Coca-Cola made an attributable profit of HK$25,097 million in 2023. This included a non-recurring gain of HK$22,907 million (net of withholding tax) arising from the disposal of 100% equity interests in the franchise business in the USA and a gain of HK$35 million arising from the fair value adjustment related to the acquisition of equity interests in the six subsidiaries of CCBMH in the Chinese Mainland, partly offset by a non-recurring loss of HK$239 million arising from a write-off of the investment and relevant provisions in the joint venture for plastic recycling. Excluding these non-recurring items, the attributable profit was HK$2,394 million, which was similar to that in 2022.
• Total revenue (including that of Shanghai Shen-Mei and excluding sales to other bottlers) decreased by 5% to HK$51,935 million.
• Sales volume increased by 6% to 1,940 million unit cases.
• In the Chinese Mainland, revenue was similar to 2022 with volume growth. Revenue and volume grew in Hong Kong and Taiwan. In the USA, revenue and volume dropped due to the disposal of Swire Coca-Cola, USA on 7th September 2023. On a comparable basis (up to 7th September for both years), revenue increased and volume remained stable. The newly acquired franchise businesses in Vietnam and Cambodia contributed a full year revenue in 2023.

For more information: https://www.swirepacific.com/storage/media/64652/p240314a.pdf