Coca-Cola Europacific Partners Iceland Reports Slight Improvement in Financial Losses for 2024
Coca-Cola Europacific Partners Iceland (CCEP), previously known as Vífilfell, reported a loss of 82 million ISK in 2024, a notable improvement from the 140 million ISK loss incurred in 2023. The company’s annual report reveals a business environment that remained relatively stable yet competitive over the past year.
In a statement from the board, the challenges posed by inflation, high employment rates, and a labyrinth of regulations were highlighted, indicating a pressing need for companies to enhance productivity to remain competitive. Despite these obstacles, CCEP is laying the groundwork for future success through the implementation of an advanced information system designed to integrate data more effectively and boost adaptability.
The company notes that last year’s operational improvements affirm the effectiveness of its strategic direction, underscoring the resilience and adaptability inherent in its business model. During the year, CCEP underwent significant leadership changes, promoting key employees and welcoming experienced professionals from outside the organization.
A 1.7% Contraction in Income
In financial terms, CCEP’s revenue in Iceland reached 12.3 billion ISK last year, indicating a 1.7% decline compared to the previous year. Nevertheless, the gross margin saw a commendable increase of 10%, amounting to 2.4 billion ISK. The company’s EBIT improved as well, though it remained in the red, narrowing from a loss of 388 million ISK in 2023 to 277 million ISK in 2024. Additionally, the workforce shrank from 156 to 148 employees over the year.
By the end of 2024, CCEP’s assets in Iceland were estimated at nearly 9.8 billion ISK, with equity standing at approximately 7.7 billion ISK. The company’s share capital, held by Coca-Cola Europacific Partners—the world’s largest independent bottler of Coca-Cola—was bolstered by a 1.5 billion ISK injection in 2023.
“The robust equity position combined with low debt levels provides the company with the capacity to invest further and enhance its competitive stance in the marketplace,” the board remarked, adding a commitment to advancing its sustainability efforts moving forward.
