Coca-Cola Europacific Partners Iceland Reports Slight Improvement in Financial Losses for 2024
Coca-Cola Europacific Partners Iceland (CCEP), previously known as Vífilfell, posted a loss of 82 million ISK in 2024 — an improvement on the 140 million ISK loss recorded in 2023. The company’s annual report paints a picture of a business environment that stayed broadly stable over the past year, though competition remained sharp.
The board pointed to inflation, high employment costs, and a heavy regulatory burden as ongoing pressures, noting that companies need to keep pushing productivity just to stay in the game. On the forward-looking side, CCEP is rolling out a new information system aimed at better data integration and greater operational flexibility.
The board also said last year’s operational gains back up the direction the company has been heading. The year brought notable changes in leadership too — several employees were promoted internally and a number of experienced hires joined from outside the organisation.
A 1.7% Contraction in Income
Revenue in Iceland came in at 12.3 billion ISK last year, a 1.7% drop on the prior year. Despite that, gross margin climbed 10% to reach 2.4 billion ISK. EBIT also moved in the right direction, narrowing from a loss of 388 million ISK in 2023 to 277 million ISK in 2024, though it stayed negative. Headcount fell from 156 to 148 over the course of the year.
At the close of 2024, CCEP’s assets in Iceland were valued at close to 9.8 billion ISK, with equity at roughly 7.7 billion ISK. The share capital is held by Coca-Cola Europacific Partners — the world’s largest independent bottler of Coca-Cola — which injected 1.5 billion ISK into the Icelandic operation back 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.
