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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: October 29, 2015 | By: | /s/ Suzanne N. Forlidas |
Name: | Suzanne N. Forlidas | |
Title: | Vice President, Secretary and Deputy General Counsel | |
CONTACTS: | Investor Relations | U.S Media Relations | European Media Relations |
Thor Erickson | Fred Roselli | Ros Hunt | |
+1 (678) 260-3110 | +1 (678) 260-3421 | +44 (0) 7258 251 022 |
• | Third-quarter diluted earnings per share were 72 cents on a reported basis or 84 cents on a comparable basis, including a negative currency translation impact of 15 cents. |
• | Net sales were $1.8 billion, down 14½ percent on a reported basis or down 1 percent on a currency-neutral basis; volume declined 1 percent. |
• | Reported operating income was $260 million, down 24½ percent; comparable operating income was $297 million, down 12 percent or up 2 percent on a currency-neutral basis. |
• | CCE affirms its full-year profit guidance for 2015, including comparable and currency-neutral diluted earnings per share growth at the upper end of the range of 6 percent to 8 percent, with slightly positive operating income growth and flat to slightly negative net sales growth. |
Third Quarter | First Nine Months | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Net sales | $ | 1,822 | $ | 2,136 | $ | 5,381 | $ | 6,339 | |||||||
Cost of sales | 1,125 | 1,328 | 3,411 | 4,035 | |||||||||||
Gross profit | 697 | 808 | 1,970 | 2,304 | |||||||||||
Selling, delivery, and administrative expenses | 437 | 463 | 1,277 | 1,480 | |||||||||||
Operating income | 260 | 345 | 693 | 824 | |||||||||||
Interest expense, net | 31 | 31 | 92 | 89 | |||||||||||
Other nonoperating expense | (4 | ) | — | (3 | ) | — | |||||||||
Income before income taxes | 225 | 314 | 598 | 735 | |||||||||||
Income tax expense | 57 | 76 | 158 | 184 | |||||||||||
Net income | $ | 168 | $ | 238 | $ | 440 | $ | 551 | |||||||
Basic earnings per share | $ | 0.74 | $ | 0.97 | $ | 1.90 | $ | 2.21 | |||||||
Diluted earnings per share | $ | 0.72 | $ | 0.96 | $ | 1.87 | $ | 2.17 | |||||||
Dividends declared per share | $ | 0.28 | $ | 0.25 | $ | 0.84 | $ | 0.75 | |||||||
Basic weighted average shares outstanding | 228 | 244 | 232 | 249 | |||||||||||
Diluted weighted average shares outstanding | 232 | 248 | 236 | 254 |
Third Quarter | First Nine Months | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net income | $ | 168 | $ | 238 | $ | 440 | $ | 551 | ||||||||
Components of other comprehensive income (loss): | ||||||||||||||||
Currency translations | ||||||||||||||||
Pretax activity, net | (35 | ) | (279 | ) | (215 | ) | (255 | ) | ||||||||
Tax effect | — | — | — | — | ||||||||||||
Currency translations, net of tax | (35 | ) | (279 | ) | (215 | ) | (255 | ) | ||||||||
Net investment hedges | ||||||||||||||||
Pretax activity, net | (24 | ) | 153 | 99 | 169 | |||||||||||
Tax effect | 9 | (54 | ) | (34 | ) | (59 | ) | |||||||||
Net investment hedges, net of tax | (15 | ) | 99 | 65 | 110 | |||||||||||
Cash flow hedges | ||||||||||||||||
Pretax activity, net | 18 | (9 | ) | 14 | (15 | ) | ||||||||||
Tax effect | (4 | ) | 2 | (4 | ) | 3 | ||||||||||
Cash flow hedges, net of tax | 14 | (7 | ) | 10 | (12 | ) | ||||||||||
Pension plan adjustments | ||||||||||||||||
Pretax activity, net | 7 | 7 | 21 | 20 | ||||||||||||
Tax effect | (2 | ) | (1 | ) | (5 | ) | (4 | ) | ||||||||
Pension plan adjustments, net of tax | 5 | 6 | 16 | 16 | ||||||||||||
Other comprehensive loss, net of tax | (31 | ) | (181 | ) | (124 | ) | (141 | ) | ||||||||
Comprehensive income | $ | 137 | $ | 57 | $ | 316 | $ | 410 |
October 2, 2015 | December 31, 2014 | ||||||
ASSETS | |||||||
Current: | |||||||
Cash and cash equivalents | $ | 196 | $ | 223 | |||
Trade accounts receivable | 1,353 | 1,514 | |||||
Amounts receivable from The Coca-Cola Company | 65 | 67 | |||||
Inventories | 383 | 388 | |||||
Other current assets | 214 | 268 | |||||
Total current assets | 2,211 | 2,460 | |||||
Property, plant, and equipment, net | 1,986 | 2,101 | |||||
Franchise license intangible assets, net | 3,484 | 3,641 | |||||
Goodwill | 91 | 101 | |||||
Other noncurrent assets | 243 | 240 | |||||
Total assets | $ | 8,015 | $ | 8,543 | |||
LIABILITIES | |||||||
Current: | |||||||
Accounts payable and accrued expenses | $ | 1,705 | $ | 1,872 | |||
Amounts payable to The Coca-Cola Company | 124 | 104 | |||||
Current portion of debt | 522 | 632 | |||||
Total current liabilities | 2,351 | 2,608 | |||||
Debt, less current portion | 3,483 | 3,320 | |||||
Other noncurrent liabilities | 215 | 207 | |||||
Noncurrent deferred income tax liabilities | 959 | 977 | |||||
Total liabilities | 7,008 | 7,112 | |||||
SHAREOWNERS’ EQUITY | |||||||
Common stock | 4 | 3 | |||||
Additional paid-in capital | 4,017 | 3,958 | |||||
Reinvested earnings | 2,236 | 1,991 | |||||
Accumulated other comprehensive loss | (838 | ) | (714 | ) | |||
Common stock in treasury, at cost | (4,412 | ) | (3,807 | ) | |||
Total shareowners’ equity | 1,007 | 1,431 | |||||
Total liabilities and shareowners’ equity | $ | 8,015 | $ | 8,543 |
First Nine Months | |||||||
2015 | 2014 | ||||||
Cash Flows from Operating Activities: | |||||||
Net income | $ | 440 | $ | 551 | |||
Adjustments to reconcile net income to net cash derived from operating activities: | |||||||
Depreciation and amortization | 208 | 231 | |||||
Share-based compensation expense | 30 | 21 | |||||
Deferred income tax expense | 31 | 60 | |||||
Pension expense less than contributions | (7 | ) | (5 | ) | |||
Net changes in assets and liabilities | 87 | (267 | ) | ||||
Net cash derived from operating activities | 789 | 591 | |||||
Cash Flows from Investing Activities: | |||||||
Capital asset investments | (260 | ) | (239 | ) | |||
Capital asset disposals | 13 | 27 | |||||
Other investing activities, net | (12 | ) | — | ||||
Settlement of net investment hedges | 27 | 21 | |||||
Net cash used in investing activities | (232 | ) | (191 | ) | |||
Cash Flows from Financing Activities: | |||||||
Net change in commercial paper | 120 | 242 | |||||
Issuances of debt | 527 | 347 | |||||
Payments on debt | (484 | ) | (111 | ) | |||
Shares repurchased under share repurchase programs | (614 | ) | (800 | ) | |||
Dividend payments on common stock | (193 | ) | (185 | ) | |||
Exercise of employee share options | 17 | 11 | |||||
Settlement of debt-related cross currency swaps | 56 | — | |||||
Other financing activities, net | 2 | (12 | ) | ||||
Net cash used in financing activities | (569 | ) | (508 | ) | |||
Net effect of currency exchange rate changes on cash and cash equivalents | (15 | ) | (17 | ) | |||
Net Change in Cash and Cash Equivalents | (27 | ) | (125 | ) | |||
Cash and Cash Equivalents at Beginning of Period | 223 | 343 | |||||
Cash and Cash Equivalents at End of Period | $ | 196 | $ | 218 |
Third-Quarter 2015 | |||||||||||||
Cost of sales | Selling, delivery, and administrative expenses | Operating income | Income tax expense | Net income | Diluted earnings per share | ||||||||
Reported (GAAP) (b) | $1,125 | $437 | $260 | $57 | $168 | $0.72 | |||||||
Items Impacting Comparability: | |||||||||||||
Mark-to-market effects (c) | (9 | ) | (6 | ) | 15 | 5 | 10 | 0.05 | |||||
Restructuring charges (d) | — | (6 | ) | 6 | 2 | 4 | 0.02 | ||||||
Merger related costs (e) | — | (26 | ) | 26 | 8 | 18 | 0.08 | ||||||
Gain on property sale (f) | — | 10 | (10 | ) | (3 | ) | (7 | ) | (0.03 | ) | |||
Comparable (non-GAAP) | $1,116 | $409 | $297 | $69 | $193 | $0.84 | |||||||
Diluted Weighted Average Shares Outstanding | 232 | ||||||||||||
Third-Quarter 2014 | |||||||||||||
Cost of sales | Selling, delivery, and administrative expenses | Operating income | Income tax expense | Net income | Diluted earnings per share | ||||||||
Reported (GAAP) (b) | $1,328 | $463 | $345 | $76 | $238 | $0.96 | |||||||
Items Impacting Comparability: | |||||||||||||
Mark-to-market effects (c) | 8 | — | (8 | ) | (2 | ) | (6 | ) | (0.02 | ) | |||
Restructuring charges (d) | — | (1 | ) | 1 | — | 1 | — | ||||||
Net tax items (g) | — | — | — | 6 | (6 | ) | (0.02 | ) | |||||
Comparable (non-GAAP) | $1,336 | $462 | $338 | $80 | $227 | $0.92 | |||||||
Diluted Weighted Average Shares Outstanding | 248 |
(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 Condensed 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 the tax impact of both changes in underlying rates and cumulative nonrecurring items on the quarter. |
First Nine Months 2015 | |||||||||||||
Cost of sales | Selling, delivery, and administrative expenses | Operating income | Income tax expense | Net income | Diluted earnings per share | ||||||||
Reported (GAAP) (b) | $3,411 | $1,277 | $693 | $158 | $440 | $1.87 | |||||||
Items Impacting Comparability: | |||||||||||||
Mark-to-market effects (c) | (21 | ) | (2 | ) | 23 | 7 | 16 | 0.07 | |||||
Restructuring charges (d) | — | (19 | ) | 19 | 5 | 14 | 0.06 | ||||||
Merger related costs (e) | — | (26 | ) | 26 | 8 | 18 | 0.07 | ||||||
Gain on property sale (f) | — | 10 | (10 | ) | (3 | ) | (7 | ) | (0.03 | ) | |||
Comparable (non-GAAP) | $3,390 | $1,240 | $751 | $175 | $481 | $2.04 | |||||||
Diluted Weighted Average Shares Outstanding | 236 | ||||||||||||
First Nine Months 2014 | |||||||||||||
Cost of sales | Selling, delivery, and administrative expenses | Operating income | Income tax expense | Net income | Diluted earnings per share | ||||||||
Reported (GAAP) (b) | $4,035 | $1,480 | $824 | $184 | $551 | $2.17 | |||||||
Items Impacting Comparability: | |||||||||||||
Mark-to-market effects (c) | 14 | — | (14 | ) | (4 | ) | (10 | ) | (0.04 | ) | |||
Restructuring charges (d) | — | (63 | ) | 63 | 21 | 42 | 0.16 | ||||||
Net tax items (g) | — | — | — | 6 | (6 | ) | (0.02 | ) | |||||
Comparable (non-GAAP) | $4,049 | $1,417 | $873 | $207 | $577 | $2.27 | |||||||
Diluted Weighted Average Shares Outstanding | 254 |
(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 Condensed 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 the tax impact of both changes in underlying rates and cumulative nonrecurring items on the quarter. |
Third-Quarter 2015 | |||||||
Europe | Corporate | Operating income | |||||
Reported (GAAP) (b) | $330 | $(70) | $260 | ||||
Items Impacting Comparability: | |||||||
Mark-to-market effects (c) | — | 15 | 15 | ||||
Restructuring charges (d) | 6 | — | 6 | ||||
Merger related costs (e) | 7 | 19 | 26 | ||||
Gain on property sale (f) | (10 | ) | — | (10 | ) | ||
Comparable (non-GAAP) | $333 | $(36) | $297 | ||||
Third-Quarter 2014 | |||||||
Europe | Corporate | Operating income | |||||
Reported (GAAP) (b) | $366 | $(21) | $345 | ||||
Items Impacting Comparability: | |||||||
Mark-to-market effects (c) | — | (8 | ) | (8 | ) | ||
Restructuring charges (d) | 1 | — | 1 | ||||
Comparable (non-GAAP) | $367 | $(29) | $338 | ||||
First Nine Months 2015 | |||||||
Europe | Corporate | Operating income | |||||
Reported (GAAP) (b) | $844 | $(151) | $693 | ||||
Items Impacting Comparability: | |||||||
Mark-to-market effects (c) | — | 23 | 23 | ||||
Restructuring charges (d) | 19 | — | 19 | ||||
Merger related costs (e) | 7 | 19 | 26 | ||||
Gain on property sale (f) | (10 | ) | — | (10 | ) | ||
Comparable (non-GAAP) | $860 | $(109) | $751 | ||||
First Nine Months 2014 | |||||||
Europe | Corporate | Operating income | |||||
Reported (GAAP) (b) | $911 | $(87) | $824 | ||||
Items Impacting Comparability: | |||||||
Mark-to-market effects (c) | — | (14 | ) | (14 | ) | ||
Restructuring charges (d) | 63 | — | 63 | ||||
Comparable (non-GAAP) | $974 | $(101) | $873 |
(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 Condensed 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. |
% Change vs. Prior Year | ||||||||||||
GAAP (b) | non-GAAP (c) | |||||||||||
Third-Quarter 2015 | Reported | Currency impact on reported | Reported currency-neutral | Comparable | Currency impact on comparable | Comparable currency-neutral | ||||||
Net sales | (14.5 | )% | (13.5 | )% | (1.0 | )% | (14.5 | )% | (13.5 | )% | (1.0 | )% |
Selling, delivery, and administrative expenses | (5.5 | ) | (13.0 | ) | 7.5 | (11.5 | ) | (13.5 | ) | 2.0 | ||
Operating income | (24.5 | ) | (14.0 | ) | (10.5 | ) | (12.0 | ) | (14.0 | ) | 2.0 | |
Diluted earnings per share | (25.0 | ) | (18.5 | ) | (6.5 | ) | (8.5 | ) | (16.5 | ) | 8.0 | |
Third-Quarter 2014 | ||||||||||||
Net sales | (1.5 | )% | 2.0 | % | (3.5 | )% | (1.5 | )% | 2.0 | % | (3.5 | )% |
Selling, delivery, and administrative expenses | (2.0 | ) | 2.0 | (4.0 | ) | (1.0 | ) | 2.0 | (3.0 | ) | ||
Operating income | 10.0 | 3.0 | 7.0 | 5.5 | 3.0 | 2.5 | ||||||
Diluted earnings per share | (10.5 | ) | 2.5 | (13.0 | ) | 12.0 | 3.5 | 8.5 | ||||
First Nine Months 2015 | ||||||||||||
Net sales | (15.0 | )% | (15.0 | )% | — | % | (15.0 | )% | (15.0 | )% | — | % |
Selling, delivery, and administrative expenses | (13.5 | ) | (14.0 | ) | 0.5 | (12.0 | ) | (14.0 | ) | 2.0 | ||
Operating income | (16.0 | ) | (17.5 | ) | 1.5 | (15.0 | ) | (17.5 | ) | 2.5 | ||
Diluted earnings per share | (14.0 | ) | (23.0 | ) | 9.0 | (10.0 | ) | (19.5 | ) | 9.5 | ||
First Nine Months 2014 | ||||||||||||
Net sales | 2.5 | % | 4.0 | % | (1.5 | )% | 2.5 | % | 4.0 | % | (1.5 | )% |
Selling, delivery, and administrative expenses | — | 3.5 | (3.5 | ) | 3.5 | 3.5 | — | |||||
Operating income | 18.0 | 6.0 | 12.0 | 7.0 | 5.0 | 2.0 | ||||||
Diluted earnings per share | 13.0 | 6.5 | 6.5 | 15.0 | 5.5 | 9.5 | ||||||
(a) | Currency impact is calculated by converting current year results at prior year exchange rates. |
(b) | Calculated based on CCE's U.S. GAAP Condensed 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. |
Third-Quarter | First Nine Months | ||||||||||||
% Change vs. Prior Year | % Change vs. Prior Year | ||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||
Net Sales Per Case | |||||||||||||
Change in net sales per case | (14.0 | )% | 2.5 | % | (16.0 | )% | 3.5 | % | |||||
Impact of excluding post mix, non-trade, and other | (0.5 | ) | (0.5 | ) | — | 0.5 | |||||||
Impact of currency exchange rate changes | 14.0 | (2.0 | ) | 15.0 | (4.0 | ) | |||||||
Currency-Neutral Bottle and Can Net Pricing Per Case (a) | (0.5 | )% | — | % | (1.0 | )% | — | % | |||||
Cost of Sales Per Case | |||||||||||||
Change in cost of sales per case | (14.5 | )% | (0.5 | )% | (16.5 | )% | 2.0 | % | |||||
Impact of excluding post mix, non-trade, and other | (2.0 | ) | 1.0 | (1.0 | ) | 1.0 | |||||||
Impact of currency exchange rate changes | 14.0 | (1.5 | ) | 15.0 | (3.5 | ) | |||||||
Currency-Neutral Bottle and Can Cost of Sales Per Case (a) | (2.5 | )% | (1.0 | )% | (2.5 | )% | (0.5 | )% | |||||
Physical Case Bottle and Can Volume | |||||||||||||
Change in volume | (1.0 | )% | (4.0 | )% | 1.0 | % | (1.0 | )% | |||||
Impact of selling day shift | — | — | (1.5 | ) | 0.5 | ||||||||
Comparable Bottle and Can Volume (b) | (1.0 | )% | (4.0 | )% | (0.5 | )% | (0.5 | )% | |||||
First Nine Months | |||||||||||||
Reconciliation of Free Cash Flow (c) | 2015 | 2014 | |||||||||||
Net cash derived from operating activities | $ | 789 | $ | 591 | |||||||||
Less: capital asset investments | (260 | ) | (239 | ) | |||||||||
Add: capital asset disposals | 13 | 27 | |||||||||||
Free Cash Flow | $ | 542 | $ | 379 | |||||||||
October 2, | December 31, | ||||||||||||
Reconciliation of Net Debt (d) | 2015 | 2014 | |||||||||||
Current portion of debt | $ | 522 | $ | 632 | |||||||||
Debt, less current portion | 3,483 | 3,320 | |||||||||||
Less: cash and cash equivalents | (196 | ) | (223 | ) | |||||||||
Net Debt | $ | 3,809 | $ | 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 the same number of selling days in the third quarter of 2015 versus the third quarter of 2014. There were four additional selling days in the first nine months of 2015 versus the first nine months of 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. |
1 Year Coca-Cola European Partners plc Chart |
1 Month Coca-Cola European Partners plc Chart |
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