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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 |
Delaware | 001-34874 | 27-2197395 |
(State or other jurisdiction of incorporation) | (Commission File No.) | (IRS Employer Identification No.) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | Results of Operations and Financial Conditions |
COCA-COLA ENTERPRISES, INC. | ||
(Registrant) | ||
Date: February 12, 2015 | By: | /s/ Suzanne N. Forlidas |
Name: | Suzanne N. Forlidas | |
Title: | Vice President, Secretary and Deputy General Counsel |
• | CCE achieved full-year earnings per diluted share of $2.63 on a reported basis, up 8 percent, or $2.85 on a comparable basis, up 13½ percent and up 11 percent on a comparable and currency-neutral basis. |
• | Full-year net sales totaled $8.3 billion, an increase of ½ percent on a reported basis, or down ½ percent on a currency-neutral basis; volume was flat and net pricing per case declined ½ percent. |
• | Full-year operating income was $1.0 billion on a reported basis, up 11½ percent, or $1.1 billion on a comparable basis, up 5 percent and up 3 percent on a comparable and currency-neutral basis. |
• | Fourth-quarter earnings per diluted share totaled 46 cents on a reported basis, or 58 cents on a comparable basis. |
• | CCE affirms its expectation for 2015 comparable and currency-neutral earnings per diluted share growth in a range of 6 percent to 8 percent; at recent rates, currency translation would reduce earnings per diluted share by approximately 16 percent. |
Fourth Quarter (a) | Full Year | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Net sales | $ | 1,925 | $ | 2,032 | $ | 8,264 | $ | 8,212 | |||||||
Cost of sales | 1,256 | 1,344 | 5,291 | 5,350 | |||||||||||
Gross profit | 669 | 688 | 2,973 | 2,862 | |||||||||||
Selling, delivery, and administrative expenses | 474 | 471 | 1,954 | 1,948 | |||||||||||
Operating income | 195 | 217 | 1,019 | 914 | |||||||||||
Interest expense, net | 30 | 28 | 119 | 103 | |||||||||||
Other nonoperating expense | (7 | ) | (3 | ) | (7 | ) | (6 | ) | |||||||
Income before income taxes | 158 | 186 | 893 | 805 | |||||||||||
Income tax expense | 46 | 51 | 230 | 138 | |||||||||||
Net income | $ | 112 | $ | 135 | $ | 663 | $ | 667 | |||||||
Basic earnings per share | $ | 0.46 | $ | 0.52 | $ | 2.68 | $ | 2.49 | |||||||
Diluted earnings per share | $ | 0.46 | $ | 0.51 | $ | 2.63 | $ | 2.44 | |||||||
Dividends declared per share | $ | 0.25 | $ | 0.20 | $ | 1.00 | $ | 0.80 | |||||||
Basic weighted average shares outstanding | 242 | 258 | 247 | 268 | |||||||||||
Diluted weighted average shares outstanding | 246 | 264 | 252 | 273 |
(a) | Amounts presented for the fourth quarters of 2014 and 2013 have not been audited. |
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Net income | $ | 663 | $ | 667 | |||||
Components of other comprehensive (loss) income: | |||||||||
Currency translations | |||||||||
Pretax activity, net | (482 | ) | 82 | ||||||
Tax effect | — | — | |||||||
Currency translations, net of tax | (482 | ) | 82 | ||||||
Net investment hedges | |||||||||
Pretax activity, net | 256 | (61 | ) | ||||||
Tax effect | (90 | ) | 21 | ||||||
Net investment hedges, net of tax | 166 | (40 | ) | ||||||
Cash flow hedges | |||||||||
Pretax activity, net | (15 | ) | 21 | ||||||
Tax effect | 4 | (6 | ) | ||||||
Cash flow hedges, net of tax | (11 | ) | 15 | ||||||
Pension plan adjustments | |||||||||
Pretax activity, net | (79 | ) | 57 | ||||||
Tax effect | 23 | (15 | ) | ||||||
Pension plan adjustments, net of tax | (56 | ) | 42 | ||||||
Other comprehensive (loss) income, net of tax | (383 | ) | 99 | ||||||
Comprehensive income | $ | 280 | $ | 766 |
December 31, | |||||||
2014 | 2013 | ||||||
ASSETS | |||||||
Current: | |||||||
Cash and cash equivalents | $ | 223 | $ | 343 | |||
Trade accounts receivable | 1,514 | 1,515 | |||||
Amounts receivable from The Coca-Cola Company | 67 | 89 | |||||
Inventories | 388 | 452 | |||||
Other current assets | 268 | 169 | |||||
Total current assets | 2,460 | 2,568 | |||||
Property, plant, and equipment, net | 2,101 | 2,353 | |||||
Franchise license intangible assets, net | 3,641 | 4,004 | |||||
Goodwill | 101 | 124 | |||||
Other noncurrent assets | 240 | 476 | |||||
Total assets | $ | 8,543 | $ | 9,525 | |||
LIABILITIES | |||||||
Current: | |||||||
Accounts payable and accrued expenses | $ | 1,872 | $ | 1,939 | |||
Amounts payable to The Coca-Cola Company | 104 | 145 | |||||
Current portion of debt | 632 | 111 | |||||
Total current liabilities | 2,608 | 2,195 | |||||
Debt, less current portion | 3,320 | 3,726 | |||||
Other noncurrent liabilities | 207 | 221 | |||||
Noncurrent deferred income tax liabilities | 977 | 1,103 | |||||
Total liabilities | 7,112 | 7,245 | |||||
SHAREOWNERS’ EQUITY | |||||||
Common stock | 3 | 3 | |||||
Additional paid-in capital | 3,958 | 3,899 | |||||
Reinvested earnings | 1,991 | 1,577 | |||||
Accumulated other comprehensive loss | (714 | ) | (331 | ) | |||
Common stock in treasury, at cost | (3,807 | ) | (2,868 | ) | |||
Total shareowners’ equity | 1,431 | 2,280 | |||||
Total liabilities and shareowners’ equity | $ | 8,543 | $ | 9,525 |
Year Ended December 31, | |||||||
2014 | 2013 | ||||||
Cash Flows from Operating Activities: | |||||||
Net income | $ | 663 | $ | 667 | |||
Adjustments to reconcile net income to net cash derived from operating activities: | |||||||
Depreciation and amortization | 309 | 308 | |||||
Share-based compensation expense | 28 | 33 | |||||
Deferred income tax expense (benefit) | 65 | (77 | ) | ||||
Pension expense less than contributions | (3 | ) | (19 | ) | |||
Changes in assets and liabilities: | |||||||
Trade accounts receivables | (151 | ) | (45 | ) | |||
Inventories | 15 | (57 | ) | ||||
Prepaid expenses and other current assets | (110 | ) | (21 | ) | |||
Accounts payable and accrued expenses | 94 | 100 | |||||
Other changes, net | 72 | (56 | ) | ||||
Net cash derived from operating activities | 982 | 833 | |||||
Cash Flows from Investing Activities: | |||||||
Capital asset investments | (332 | ) | (313 | ) | |||
Capital asset disposals | 27 | 4 | |||||
Settlement of net investment hedges | 21 | (21 | ) | ||||
Net cash used in investing activities | (284 | ) | (330 | ) | |||
Cash Flows from Financing Activities: | |||||||
Net change in commercial paper | 146 | — | |||||
Issuances of debt | 347 | 931 | |||||
Payments on debt | (114 | ) | (623 | ) | |||
Share repurchases under share repurchase programs | (912 | ) | (1,006 | ) | |||
Dividend payments on common stock | (246 | ) | (213 | ) | |||
Other financing activities, net | (10 | ) | 15 | ||||
Net cash used in financing activities | (789 | ) | (896 | ) | |||
Net effect of currency exchange rate changes on cash and cash equivalents | (29 | ) | 15 | ||||
Net Change in Cash and Cash Equivalents | (120 | ) | (378 | ) | |||
Cash and Cash Equivalents at Beginning of Year | 343 | 721 | |||||
Cash and Cash Equivalents at End of Year | $ | 223 | $ | 343 |
Fourth-Quarter 2014 | ||||||||||||||||||
Cost of Sales | Selling, Delivery, and Administrative Expenses | Operating Income | Other Nonoperating (Expense) Income | Income Tax Expense | Net Income | Diluted Earnings Per Share | ||||||||||||
Reported (GAAP) | $ | 1,256 | 474 | 195 | (7 | ) | 46 | $ | 112 | $ | 0.46 | |||||||
Items Impacting Comparability: | ||||||||||||||||||
Mark-to-Market Effects (b) | (1 | ) | (11 | ) | 12 | — | 3 | 9 | 0.04 | |||||||||
Restructuring Charges (c) | — | (18 | ) | 18 | — | 5 | 13 | 0.05 | ||||||||||
Other Items (d) | (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 | |||||||||||||||||
Fourth-Quarter 2013 | ||||||||||||||||||
Cost of Sales | Selling, Delivery, and Administrative Expenses | Operating Income | Other Nonoperating (Expense) Income | Income Tax Expense | Net Income | Diluted Earnings Per Share | ||||||||||||
Reported (GAAP) | $ | 1,344 | 471 | 217 | (3 | ) | 51 | $ | 135 | $ | 0.51 | |||||||
Items Impacting Comparability: | ||||||||||||||||||
Mark-to-Market Effects (b) | 1 | — | (1 | ) | — | — | (1 | ) | — | |||||||||
Restructuring Charges (c) | (1 | ) | (10 | ) | 11 | — | 6 | 5 | 0.02 | |||||||||
Tax Indemnification Changes (e) | — | (5 | ) | 5 | — | 2 | 3 | 0.01 | ||||||||||
Comparable (non-GAAP) | $ | 1,344 | 456 | 232 | (3 | ) | 59 | $ | 142 | $ | 0.54 | |||||||
Diluted Weighted Average Shares Outstanding | 264 |
(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) | Amounts represent the net out of period mark-to-market impact of non-designated commodity hedges. |
(c) | Amounts represent nonrecurring restructuring charges. |
(d) | Amounts represent charges related to the impairment of our investment in our recycling joint venture in Great Britain. |
(e) | Amounts represent post-Merger changes to certain underlying tax matters covered by our indemnification to TCCC for periods prior to the Merger. |
Full-Year 2014 | ||||||||||||||||||
Cost of Sales | Selling, Delivery, and Administrative Expenses | Operating Income | Other Nonoperating (Expense) Income | Income Tax Expense | Net Income | Diluted Earnings Per 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 (e) | (2 | ) | — | 2 | 8 | 2 | 8 | 0.03 | ||||||||||
Net Tax Items (g) | — | — | — | — | 6 | (6 | ) | (0.03 | ) | |||||||||
Comparable (non-GAAP) | $ | 5,302 | 1,862 | 1,100 | 1 | 263 | $ | 719 | $ | 2.85 | ||||||||
Diluted Weighted Average Shares Outstanding | 252 | |||||||||||||||||
Full-Year 2013 | ||||||||||||||||||
Cost of Sales | Selling, Delivery, and Administrative Expenses | Operating Income | Other Nonoperating (Expense) Income | Income Tax Expense | Net Income | Diluted Earnings Per Share | ||||||||||||
Reported (GAAP) (b) | $ | 5,350 | 1,948 | 914 | (6 | ) | 138 | $ | 667 | $ | 2.44 | |||||||
Items Impacting Comparability: | ||||||||||||||||||
Mark-to-Market Effects (c) | (7 | ) | — | 7 | — | 2 | 5 | 0.02 | ||||||||||
Restructuring Charges (d) | (5 | ) | (115 | ) | 120 | — | 37 | 83 | 0.3 | |||||||||
Tax Indemnification Changes (f) | — | (5 | ) | 5 | — | 2 | 3 | 0.01 | ||||||||||
Net Tax Items (g) | — | — | — | — | 71 | (71 | ) | (0.26 | ) | |||||||||
Comparable (non-GAAP) | $ | 5,338 | 1,828 | 1,046 | (6 | ) | 250 | $ | 687 | $ | 2.51 | |||||||
Diluted Weighted Average Shares Outstanding | 273 |
(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 charges related to the impairment of our investment in our recycling joint venture in Great Britain. |
(f) | Amounts represent post-Merger changes to certain underlying tax matters covered by our indemnification to TCCC for periods prior to the Merger. |
(g) | Amounts represent the tax impact of both cumulative nonrecurring items and changes in income tax rates on the year. |
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 (e) | 2 | — | 2 | |||||||||
Comparable (non-GAAP) | $ | 1,234 | $ | (134 | ) | $ | 1,100 | |||||
Full-Year 2013 | ||||||||||||
Europe | Corporate | Operating Income | ||||||||||
Reported (GAAP) (b) | $ | 1,063 | $ | (149 | ) | $ | 914 | |||||
Items Impacting Comparability: | ||||||||||||
Mark-to-Market Effects (c) | — | 7 | 7 | |||||||||
Restructuring Charges (d) | 120 | — | 120 | |||||||||
Tax Indemnification Changes (f) | — | 5 | 5 | |||||||||
Comparable (non-GAAP) | $ | 1,183 | $ | (137 | ) | $ | 1,046 | |||||
Fourth-Quarter 2014 | ||||||||||||
Europe | Corporate | Operating Income | ||||||||||
Reported (GAAP) | $ | 240 | $ | (45 | ) | $ | 195 | |||||
Items Impacting Comparability: | ||||||||||||
Mark-to-Market Effects (c) | — | 12 | 12 | |||||||||
Restructuring Charges (d) | 18 | — | 18 | |||||||||
Other Items (e) | 2 | — | 2 | |||||||||
Comparable (non-GAAP) | $ | 260 | $ | (33 | ) | $ | 227 | |||||
Fourth-Quarter 2013 | ||||||||||||
Europe | Corporate | Operating Income | ||||||||||
Reported (GAAP) | $ | 259 | $ | (42 | ) | $ | 217 | |||||
Items Impacting Comparability: | ||||||||||||
Mark-to-Market Effects (c) | — | (1 | ) | (1 | ) | |||||||
Restructuring Charges (d) | 11 | — | 11 | |||||||||
Tax Indemnification Changes (f) | — | 5 | 5 | |||||||||
Comparable (non-GAAP) | $ | 270 | $ | (38 | ) | $ | 232 | |||||
(a) | Amounts represent post-Merger changes to certain underlying tax matters covered by our indemnification to The Coca-Cola Company for periods prior to the Merger. |
(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 charges related to the impairment of our investment in our recycling joint venture in Great Britain. |
(f) | Amounts represent post-Merger changes to certain underlying tax matters covered by our indemnification to The Coca-Cola Company for periods prior to the Merger. |
Fourth-Quarter 2014 Change Versus Fourth-Quarter 2013 | Full-Year 2014 Change Versus Full-Year 2013 | ||||||||
Net Sales Per Case | |||||||||
Change in Net Sales per Case | (8.5)% | 0.5% | |||||||
Impact of Excluding Post Mix, Non-Trade, and Other | (0.5) | — | |||||||
Bottle and Can Net Pricing Per Case | (9.0) | 0.5 | |||||||
Impact of Currency Exchange Rate Changes | 7.0 | (1.0) | |||||||
Currency-Neutral Bottle and Can | |||||||||
Net Pricing Per Case (a) | (2.0)% | (0.5)% | |||||||
Cost of Sales Per Case | |||||||||
Change in Cost of Sales per Case | (9.5)% | (1.0)% | |||||||
Impact of Excluding Post Mix, Non-Trade, and Other | — | 1.0 | |||||||
Bottle and Can Cost of Sales Per Case | (9.5) | — | |||||||
Impact of Currency Exchange Rate Changes | 7.0 | (1.0) | |||||||
Currency-Neutral Bottle and Can | |||||||||
Cost of Sales Per Case (a) | (2.5)% | (1.0)% | |||||||
Physical Case Bottle and Can Volume | |||||||||
Change in Volume | 3.5% | —% | |||||||
Impact of Selling Day Shift | (1.5) | N/A | |||||||
Comparable Bottle and Can Volume (b) | 2.0% | —% | |||||||
Full Year | |||||||||
Reconciliation of Free Cash Flow (c) | 2014 | 2013 | |||||||
Net Cash Derived From Operating Activities | $ | 982 | $ | 833 | |||||
Less: Capital Asset Investments | (332 | ) | (313 | ) | |||||
Add: Capital Asset Disposals | 27 | 4 | |||||||
Free Cash Flow | $ | 677 | $ | 524 | |||||
Reconciliation of Net Debt (d) | December 31, 2014 | December 31, 2013 | |||||||
Current Portion of Debt | $ | 632 | $ | 111 | |||||
Debt, Less Current Portion | 3,320 | 3,726 | |||||||
Less: Cash and Cash Equivalents | (223 | ) | (343 | ) | |||||
Net Debt | $ | 3,729 | $ | 3,494 |
(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 was one additional selling day in the fourth-quarter of 2014 versus the fourth-quarter of 2013. There were the same number of selling days in the full year 2014 versus the full year 2013. |
(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. |
1 Year Coca-Cola European Partners plc Chart |
1 Month Coca-Cola European Partners plc Chart |
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