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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Coca-Cola European Partners Plc Ordinary Shares (delisted) | NYSE:CCE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 46.72 | 0 | 01:00:00 |
Regulatory News:
Coca-Cola Enterprises, Inc. (NYSE: CCE) (Euronext Paris: CCE) today reported full-year 2015 diluted earnings per share of $2.54, or $2.58 on a comparable basis. Currency translation had a negative impact of approximately 51 cents on full-year comparable diluted earnings per share.
Reported operating income for the year totaled $866 million; comparable operating income totaled $949 million, down 13½ percent or up 1½ percent on a comparable and currency-neutral basis versus a year ago.
Reported diluted earnings per share for the fourth quarter were 67 cents, or 53 cents on a comparable basis. Currency translation had a negative impact of approximately 7 cents on fourth-quarter comparable diluted earnings per share.
“In 2015, we managed each element of our business to deliver slightly positive operating income growth, earnings per share growth of 8½ percent, and solid free cash flow, all in line with our guidance from a year ago,” said John F. Brock, chairman and chief executive officer. “However, we continued to encounter a softer than expected consumer sector, impacting our business and top-line growth.
“While we expect soft consumer and category trends to persist in 2016, we continue to see long-term growth opportunities. Importantly, we believe the creation of Coca-Cola European Partners will enable us to leverage the best practices of three leading bottlers as we work even more closely with The Coca-Cola Company to better align our businesses, adapt to current conditions, and improve our growth outlook,” Mr. Brock said. “Each of these efforts is vital in reaching our goal of enhancing our ability to drive shareowner value.”
OPERATING REVIEW
For the full year, total volume declined ½ percent. Sparkling drinks declined 1½ percent, including a 2 percent decline for our Coca-Cola trademark brands. Coca-Cola Zero contributed substantial growth of 5 percent for the year. Sparkling flavors increased ½ percent, with growth of 10½ percent in our energy portfolio. Still beverages grew 4 percent, with juices up 2 percent. Capri-Sun grew 10 percent through expansion to Sweden and the benefits of package and flavor innovation. Water grew 12 percent, led by Chaudfontaine and the continued expansion of smartwater in Great Britain. Total volume in Great Britain declined ½ percent, and volume in continental Europe declined 1 percent for the full year.
Full-year net sales totaled $7.0 billion, down 15 percent on a reported basis, or down 1½ percent on a currency-neutral basis. Net pricing per case for the full year declined 1 percent, and cost of sales per case declined 2½ percent. Operating expenses increased approximately 1 percent. These figures are presented on a comparable and currency-neutral basis. Free cash flow for 2015 totaled $633 million, after cash costs of $25 million related to the Coca-Cola European Partners (CCEP) transaction.
For the fourth quarter, comparable volume declined 1 percent, reflecting a 1½ percent decline in sparkling brands. Coca-Cola trademark brands declined 2½ percent, while sparkling flavors grew 1½ percent, with growth of 5 percent for our energy portfolio. Still beverages grew 2 percent, with juices up 1 percent and water up 6 percent in the quarter. Fourth-quarter volume in Great Britain declined 3 percent, and continental European volume grew ½ percent.
Fourth-quarter net sales totaled $1.6 billion, down 15½ percent on a reported basis, or down 6 percent on a currency-neutral basis. Reported operating income totaled $173 million, a decline of 11½ percent. On a comparable basis, operating income totaled $198 million, a decline of 13 percent, or a decline of 3 percent on a comparable and currency-neutral basis. Both net sales and operating income results include the impact of four fewer selling days in the fourth quarter.
Fourth-quarter net pricing per case was down ½ percent, and cost of sales per case declined 2½ percent, both on a comparable and currency-neutral basis.
2016 OUTLOOK
CCE expects full-year 2016 comparable and currency-neutral net sales to be up slightly. For the first-quarter 2016, given expense timing and one fewer selling day, CCE expects comparable and currency-neutral operating income and diluted earnings per share growth to be down slightly. Based on recent rates, currency translation would negatively impact first-quarter 2016 diluted earnings per share by approximately 5 percent.
The company expects full-year 2016 free cash flow in a range of $500 million to $550 million after expected CCEP transaction cash costs of $75 million to $100 million. Capital expenditures are expected to be approximately $325 million. Weighted-average cost of debt is expected to be approximately 3 percent, and the comparable effective tax rate for 2016 is expected to be between 26 percent and 28 percent. Given the pending transaction, CCE does not expect to repurchase shares in 2016.
COCA-COLA EUROPEAN PARTNERS
As announced in the third quarter of 2015, Coca-Cola Enterprises, Coca-Cola Iberian Partners, S.A. (CCIP), and Coca-Cola Erfrischungsgetränke AG (CCEAG), a wholly owned subsidiary of The Coca-Cola Company (NYSE: KO), have agreed to combine their businesses into a new company to be called Coca-Cola European Partners Plc., (CCEP), in a transformational transaction that will create the world’s largest independent Coca-Cola bottler, based on net sales.
Pending collective approval by Coca-Cola Enterprises’ shareholders and regulatory agencies, the transaction is expected to close by the end of the second quarter, 2016.
CONFERENCE CALL
CCE will host a conference call with investors and analysts today at 10 a.m. ET. The call can be accessed through the company’s website at www.cokecce.com.
ABOUT CCE
Coca-Cola Enterprises, Inc. is the leading Western European marketer, producer, and distributor of nonalcoholic ready-to-drink beverages and one of the world’s largest independent Coca-Cola bottlers. CCE is the sole licensed bottler for products of The Coca-Cola Company in Belgium, continental France, Great Britain, Luxembourg, Monaco, the Netherlands, Norway, and Sweden. CCE operates with a local focus and has 17 manufacturing sites across Europe, where the company manufactures nearly 90 percent of its products in the markets in which they are consumed. Sustainability is core to CCE’s business, and the company has been recognized by leading organizations in North America and Europe for its progress in water use reduction, carbon footprint reduction, and recycling initiatives. For more information about CCE, please visit www.cokecce.com and follow the company on Twitter at @cokecce.
FORWARD-LOOKING STATEMENTS
Included in this news release are forward-looking management comments and other statements that reflect management’s current outlook for future periods. As always, these expectations are based on currently available competitive, financial, and economic data along with our current operating plans and are subject to risks and uncertainties that could cause actual results to differ materially from the results contemplated by the forward-looking statements. The forward-looking statements in this news release should be read in conjunction with the risks and uncertainties discussed in our filings with the Securities and Exchange Commission (“SEC”), including our most recent Form 10-K and other SEC filings.
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval.
In connection with the proposed transaction, CCEP has filed with the SEC a registration statement on Form F-4 that includes a preliminary proxy statement/prospectus regarding the proposed transaction. After the registration statement has been declared effective by the SEC, a definitive proxy statement/prospectus will be mailed to CCE’s stockholders in connection with the proposed transaction.
_____________________
Reconciliations of reported (GAAP) to comparable (non-GAAP) information and other non-GAAP measures used by management in managing the business are detailed on the following pages of this news release.
COCA-COLA ENTERPRISES, INC. CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share data) Fourth Quarter (a) Full Year 2015 2014 2015 2014 Net sales $ 1,630 $ 1,925 $ 7,011 $ 8,264 Cost of sales 1,030 1,256 4,441 5,291 Gross profit 600 669 2,570 2,973 Selling, delivery, and administrative expenses 427 474 1,704 1,954 Operating income 173 195 866 1,019 Interest expense, net 26 30 118 119 Other nonoperating expense (1 ) (7 ) (4 ) (7 ) Income before income taxes 146 158 744 893 Income tax (benefit) expense (10 ) 46 148 230 Net income $ 156 $ 112 $ 596 $ 663 Basic earnings per share $ 0.69 $ 0.46 $ 2.59 $ 2.68 Diluted earnings per share $ 0.67 $ 0.46 $ 2.54 $ 2.63 Dividends declared per share $ 0.28 $ 0.25 $ 1.12 $ 1.00 Basic weighted average shares outstanding 228 242 231 247 Diluted weighted average shares outstanding 232 246 235 252___________________________
(a) Amounts presented for the fourth quarters of 2015 and 2014 have not been audited. COCA-COLA ENTERPRISES, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions)Year Ended December 31,
2015
2014 Net income $ 596 $ 663 Components of other comprehensive (loss) income: Currency translations Pretax activity, net (337 ) (482 ) Tax effect — — Currency translations, net of tax (337 ) (482 ) Net investment hedges Pretax activity, net 163 256 Tax effect (57 ) (90 ) Net investment hedges, net of tax 106 166 Cash flow hedges Pretax activity, net 16 (15 ) Tax effect (5 ) 4 Cash flow hedges, net of tax 11 (11 ) Pension plan adjustments Pretax activity, net (76 ) (79 ) Tax effect13
23
Pension plan adjustments, net of tax (63 ) (56 ) Other comprehensive loss, net of tax (283 ) (383 ) Comprehensive income $ 313 $ 280 COCA-COLA ENTERPRISES, INC. CONSOLIDATED BALANCE SHEETS (In millions) December 31, 2015 2014 ASSETS Current: Cash and cash equivalents $ 170 $ 223 Trade accounts receivable 1,314 1,514 Amounts receivable from The Coca-Cola Company 56 67 Inventories 336 388 Other current assets 170 268 Total current assets 2,046 2,460 Property, plant, and equipment, net 1,920 2,101 Franchise license intangible assets, net 3,383 3,641 Goodwill 88 101 Other noncurrent assets 174 240 Total assets $ 7,611 $ 8,543 LIABILITIES Current: Accounts payable and accrued expenses $ 1,601 $ 1,872 Amounts payable to The Coca-Cola Company 102 104 Current portion of debt 454 632 Total current liabilities 2,157 2,608 Debt, less current portion 3,407 3,320 Other noncurrent liabilities 236 207 Noncurrent deferred income tax liabilities 854 977 Total liabilities 6,654 7,112 SHAREOWNERS’ EQUITY Common stock 4 3 Additional paid-in capital 4,032 3,958 Reinvested earnings 2,329 1,991 Accumulated other comprehensive loss (997 ) (714 ) Common stock in treasury, at cost (4,411 ) (3,807 ) Total shareowners’ equity 957 1,431 Total liabilities and shareowners’ equity $ 7,611 $ 8,543 COCA-COLA ENTERPRISES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) Year Ended December 31, 2015 2014 Cash Flows from Operating Activities: Net income $ 596 $ 663 Adjustments to reconcile net income to net cash derived from operating activities: Depreciation and amortization 274 309 Share-based compensation expense 41 28 Deferred income tax (benefit) expense (8 ) 65 Pension expense less than contributions (11 ) (3 ) Changes in assets and liabilities: Trade accounts receivable 78 (151 ) Inventories 17 15 Other current assets (30 ) (110 ) Accounts payable and accrued expenses (38 ) 94 Other changes, net 22 72 Net cash derived from operating activities 941 982 Cash Flows from Investing Activities: Capital asset investments (321 ) (332 ) Capital asset disposals 13 27 Settlement of net investment hedges 32 21 Net cash used in investing activities (276 ) (284 ) Cash Flows from Financing Activities: Net change in commercial paper 52 146 Issuances of debt 527 347 Payments on debt (485 ) (114 ) Share repurchases under share repurchase programs (614 ) (912 ) Dividend payments on common stock (257 ) (246 ) Exercise of employee share options 21 16 Settlement of debt-related cross-currency swaps 56 (13 ) Other financing activities, net 2 (13 ) Net cash used in financing activities (698 ) (789 ) Net effect of currency exchange rate changes on cash and cash equivalents (20 ) (29 ) Net Change in Cash and Cash Equivalents (53 ) (120 ) Cash and Cash Equivalents at Beginning of Year 223 343 Cash and Cash Equivalents at End of Year $ 170 $ 223 COCA-COLA ENTERPRISES, INC. RECONCILIATION OF GAAP TO NON-GAAP (a) (Unaudited; in millions, except per share data which is calculated prior to rounding) Fourth-Quarter 2015 Selling, Other Income Delivery, and Nonoperating Tax Diluted Cost of Administrative Operating (Expense) (Benefit) Net Earnings Per Sales Expenses Income Income Expense Income Share Reported (GAAP) (b) $ 1,030 427 173 (1 ) (10 ) $ 156 $ 0.67 Items Impacting Comparability: Mark-to-market effects (c) 1 (6 ) 5 — 2 3 0.01 Restructuring charges (d) — (1 ) 1 — 1 — — Merger related costs (e) — (19 ) 19 — 6 13 0.06 Net tax items (f) — — — — 48 (48 ) (0.21 ) Comparable (non-GAAP) $ 1,031 401 198 (1 ) 47 $ 124 $ 0.53Diluted Weighted Average Shares Outstanding
232
Fourth-Quarter 2014 Selling, Other Income Delivery, and Nonoperating Tax Diluted Cost of Administrative Operating (Expense) (Benefit)
Net
Earnings Per Sales Expenses Income Income ExpenseIncome
Share Reported (GAAP) (b) $ 1,256 474 195 (7 ) 46 $ 112 $ 0.46 Items Impacting Comparability: Mark-to-market effects (c) (1 ) (11 ) 12 — 3 9 0.04 Restructuring charges (d) — (18 ) 18 — 5 13 0.05 Other items (g) (2 ) — 2 8 2 8 0.03 Comparable (non-GAAP) $ 1,253 445 227 1 56 $ 142 $ 0.58 Diluted Weighted Average Shares Outstanding 246 ___________________________ (a) These non-GAAP measures are provided to allow investors to more clearly evaluate our operating performance and business trends. Management uses this information to review results excluding items that are not necessarily indicative of ongoing results. The adjusting items are based on established defined terms and thresholds and represent all material items management considered for year-over-year comparability. (b) As reflected in CCE's U.S. GAAP Consolidated Financial Statements. (c) Amounts represent the net out-of-period mark-to-market impact of non-designated commodity hedges. (d) Amounts represent nonrecurring restructuring charges. (e) Amounts represent costs associated with the pending merger with Coca-Cola Iberian Partners and Coca-Cola Erfrischungsgetränke as announced on August 6, 2015. (f) Amounts represent the deferred tax impact related to income tax rate or law changes. (g) Amounts represent charges related to the impairment of our investment in our recycling joint venture in Great Britain. COCA-COLA ENTERPRISES, INC. RECONCILIATION OF GAAP TO NON-GAAP (a) (Unaudited; in millions, except per share data which is calculated prior to rounding) Full-Year 2015 Selling, Other Delivery, and Nonoperating Diluted Cost of Administrative Operating (Expense) Income Tax Net Earnings Per Sales Expenses Income Income Expense Income Share Reported (GAAP) (b) $ 4,441 1,704 866 (4 ) 148 $ 596 $ 2.54 Items Impacting Comparability: Mark-to-market effects (c) (20 ) (8 ) 28 — 9 19 0.08 Restructuring charges (d) — (20 ) 20 — 6 14 0.06 Merger related costs (e) — (45 ) 45 — 14 31 0.13 Gain on property sale (f) — 10 (10 ) — (3 ) (7 ) (0.03 ) Net tax items (h) — — — — 48 (48 ) (0.20 ) Comparable (non-GAAP) $ 4,421 1,641 949 (4 ) 222 $ 605 $ 2.58 Diluted Weighted Average Shares Outstanding 235 Full-Year 2014 Selling, Other Delivery, and Nonoperating Diluted Cost of Administrative Operating (Expense) Income Tax Net Earnings Per Sales Expenses Income Income Expense Income Share Reported (GAAP) (b) $ 5,291 1,954 1,019 (7 ) 230 $ 663 $ 2.63 Items Impacting Comparability: Mark-to-market effects (c) 13 (11 ) (2 ) — (1 ) (1 ) — Restructuring charges (d) — (81 ) 81 — 26 55 0.22 Other items (g) (2 ) — 2 8 2 8 0.03 Net tax items (i) — — — — 6 (6 ) (0.03 ) Comparable (non-GAAP) $ 5,302 1,862 1,100 1 263 $ 719 $ 2.85 Diluted Weighted Average Shares Outstanding 252 ___________________________ (a) These non-GAAP measures are provided to allow investors to more clearly evaluate our operating performance and business trends. Management uses this information to review results excluding items that are not necessarily indicative of ongoing results. The adjusting items are based on established defined terms and thresholds and represent all material items management considered for year-over-year comparability. (b) As reflected in CCE's U.S. GAAP Consolidated Financial Statements. (c)Amounts represent the net out-of-period mark-to-market impact of non-designated commodity hedges.
(d) Amounts represent nonrecurring restructuring charges. (e) Amounts represent costs associated with the pending merger with Coca-Cola Iberian Partners and Coca-Cola Erfrischungsgetränke as announced on August 6, 2015. (f) Amounts represent gains associated with the sale of a distribution facility in Great Britain. (g) Amounts represent charges related to the impairment of our investment in our recycling joint venture in Great Britain. (h) Amounts represent the deferred tax impact related to income tax rate or law changes. (i) Amounts represent the tax impact of both cumulative nonrecurring items and changes in income tax rates on the year. COCA-COLA ENTERPRISES, INC. RECONCILIATION OF GAAP TO NON-GAAP SEGMENT INCOME (a) (Unaudited; in millions) Fourth-Quarter 2015 Europe Corporate Operating Income Reported (GAAP) (b) $219$(46
)
$173 Items Impacting Comparability: Mark-to-market effects (c) — 5 5 Restructuring charges (d) 1 — 1 Merger related costs (e) 8 11 19 Comparable (non-GAAP) $228
$(30
)
$198 Fourth-Quarter 2014 Europe Corporate Operating Income Reported (GAAP) (b) $240$(45
)
$195 Items Impacting Comparability: Mark-to-market effects (c) — 12 12 Restructuring charges (d) 18 — 18 Other items (g) 2 — 2 Comparable (non-GAAP) $260$(33
)
$227 Full-Year 2015 Europe Corporate Operating Income Reported (GAAP) (b) $1,063$(197
)
$866 Items Impacting Comparability: Mark-to-market effects (c) — 28 28 Restructuring charges (d) 20 — 20 Merger related costs (e) 15 30 45 Gain on property sale (f) (10 ) — (10)
Comparable (non-GAAP) $1,088$(139
)
$949 Full-Year 2014 Europe Corporate Operating Income Reported (GAAP) (b) $1,151$(132
)
$1,019 Items Impacting Comparability: Mark-to-market effects (c) — (2 ) (2 ) Restructuring charges (d) 81 — 81 Other items (g) 2 — 2 Comparable (non-GAAP) $1,234$(134
)
$1,100 __________________________ (a) These non-GAAP measures are provided to allow investors to more clearly evaluate our operating performance and business trends. Management uses this information to review results excluding items that are not necessarily indicative of ongoing results. The adjusting items are based on established defined terms and thresholds and represent all material items management considered for year-over-year comparability. (b) As reflected in CCE's U.S. GAAP Consolidated Financial Statements. (c)Amounts represent the net out-of-period mark-to-market impact of non-designated commodity hedges.
(d) Amounts represent nonrecurring restructuring charges. (e) Amounts represent costs associated with the pending merger with Coca-Cola Iberian Partners and Coca-Cola Erfrischungsgetränke as announced on August 6, 2015. (f) Amounts represent gains associated with the sale of a distribution facility in Great Britain. (g) Amounts represent charges related to the impairment of our investment in our recycling joint venture in Great Britain. COCA-COLA ENTERPRISES, INC. CURRENCY IMPACT ON OPERATING MEASURES (a) (Unaudited; percentages rounded to the nearest 0.5 percent) % Change vs. Prior Year GAAP (b) non-GAAP (c) Currency Reported Currency Comparable impact on currency- impact on currency-Fourth-Quarter 2015
Reported reported neutral Comparable comparable neutral Net sales (15.5 )% (9.5 )% (6.0 )% (15.5 )% (9.5 )% (6.0 )% Selling, delivery, and administrative expenses (10.0 ) (9.0 ) (1.0 ) (10.0 ) (9.5 ) (0.5 ) Operating income (11.5 ) (11.0 ) (0.5 ) (13.0 ) (10.0 ) (3.0 ) Diluted earnings per share 45.5 (22.0 ) 67.5 (8.5 ) (12.0 ) 3.5Fourth-Quarter 2014
Net sales (5.5 )% (7.0 )% 1.5 % (5.5 )% (7.0 )% 1.5 % Selling, delivery, and administrative expenses 0.5 (6.5 ) 7.0 (2.5 ) (6.5 ) 4.0 Operating income (10.0 ) (16.5 ) 6.5 (2.0 ) (7.0 ) 5.0 Diluted earnings per share (10.0 ) (2.0 ) (8.0 ) 7.5 (9.0 ) 16.5Full-Year 2015
Net sales (15.0 )% (13.5 )% (1.5 )% (15.0 )% (13.5 )% (1.5 )% Selling, delivery, and administrative expenses (13.0 ) (13.0 ) — (12.0 ) (13.0 ) 1.0 Operating income (15.0 ) (16.0 ) 1.0 (13.5 ) (15.0 ) 1.5 Diluted earnings per share (3.5 ) (22.0 ) 18.5 (9.5 ) (18.0 ) 8.5Full-Year 2014
Net sales 0.5 % 1.0 % (0.5 )% 0.5 % 1.0 % (0.5 )% Selling, delivery, and administrative expenses 0.5 3.5 (3.0 ) 2.0 1.0 1.0 Operating income 11.5 (1.0 ) 12.5 5.0 2.0 3.0 Diluted earnings per share 8.0 11.0 (3.0 ) 13.5 2.5 11.0 ___________________________ (a) Currency impact is calculated by converting current year results at prior year exchange rates. (b) Calculated based on CCE's U.S. GAAP Consolidated Financial Statements. (c) These non-GAAP measures are provided to allow investors to more clearly evaluate our operating performance and business trends. Management uses this information to review results excluding items that are not necessarily indicative of ongoing results. The adjusting items are based on established defined terms and thresholds and represent all material items management considered for year-over-year comparability. See the Reconciliation of GAAP to non-GAAP tables in this release for a list of all items impacting comparability. COCA-COLA ENTERPRISES, INC. RECONCILIATION OF NON-GAAP MEASURES (Unaudited; in millions, except percentages) Fourth-Quarter Full Year % Change vs. Prior Year % Change vs. Prior Year 2015 2014 2015 2014Net Sales Per Case
Change in net sales per case (10.0 )% (8.5 )% (14.5 )% 0.5 % Impact of excluding post mix, non-trade, and other (0.5 ) (0.5 ) (0.5 ) — Impact of currency exchange rate changes 10.0 7.0 14.0 (1.0 ) Currency-Neutral Bottle and Can Net Pricing Per Case (a) (0.5 )% (2.0 )% (1.0 )% (0.5 )%Cost of Sales Per Case
Change in cost of sales per case (12.5 )% (9.5 )% (15.5 )% (1.0 )% Impact of excluding post mix, non-trade, and other — — (1.0 ) 1.0 Impact of currency exchange rate changes 10.0 7.0 14.0 (1.0 ) Currency-Neutral Bottle and Can Cost of Sales Per Case (a) (2.5 )% (2.5 )% (2.5 )% (1.0 )%Physical Case Bottle and Can Volume
Change in volume (6.0 )% 3.5 % (0.5 )% — % Impact of selling day shift 5.0 (1.5 ) N/A N/A Comparable Bottle and Can Volume (b) (1.0 )% 2.0 % (0.5 )% — %
Full Year
Reconciliation of Free Cash Flow (c)
20152014
Net cash derived from operating activities $ 941 $ 982 Less: capital asset investments (321 )
(332
) Add: capital asset disposals 13
27
Free Cash Flow $ 633 $ 677
December 31,
December 31,
Reconciliation of Net Debt (d)
2015
2014
Current portion of debt $ 454 $ 632 Debt, less current portion 3,407
3,320
Less: cash and cash equivalents (170 )
(223
) Net Debt $ 3,691 $ 3,729 ___________________________ (a) The non-GAAP financial measures "Currency-Neutral Bottle and Can Net Pricing Per Case" and "Currency-Neutral Bottle and Can Cost of Sales Per Case" are used to more clearly evaluate bottle and can pricing and cost trends in the marketplace. These measures exclude items not directly related to bottle and can pricing or cost and currency exchange rate changes. (b) The non-GAAP measure "Comparable Bottle and Can Volume" is used to analyze the performance of our business on a constant period basis. There were four fewer selling days in the fourth quarter of 2015 versus the fourth quarter of 2014. There were the same number of selling days in the full year 2015 and the full year 2014. (c) The non-GAAP measure "Free Cash Flow" is provided to focus management and investors on the cash available for debt reduction, dividend distributions, share repurchase, and acquisition opportunities. (d) The non-GAAP measure "Net Debt" is used to more clearly evaluate our capital structure and leverage.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160211005667/en/
Coca-Cola Enterprises, Inc.Investor RelationsThor Erickson+1 (678) 260-3110orU.S. Media RelationsFred Roselli+1 (678) 260-3421orEuropean Media RelationsRos Hunt+44 (0) 7528 251 022
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