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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 |
•
|
POST-EFFECTIVE AMENDMENT NO.1 ON FORM S-8 TO THE FORM F-4 REGISTRATION STATEMENT OF COCA-COLA EUROPEAN PARTNERS PLC (REGISTRATION NO. 333-208556); AND
|
•
|
REGISTRATION STATEMENT ON FORM S-8 OF COCA-COLA EUROPEAN PARTNERS PLC (REGISTRATION NO. 333-211764),
|
|
P a g e |
1
|
|
|
Key Financial Measures
Unaudited, fx impact calculated by recasting current year results at prior year rates
|
Second Quarter Ended 30 June 2017
|
|||||||||||||||||||
€ million
|
|
% change
|
||||||||||||||||||
As Reported
|
|
Comparable
|
|
Fx-Impact
|
|
As Reported
|
|
Comparable
|
|
Fx-Impact
|
|
Comparable Fx-Neutral
|
||||||||
Revenue
|
3,054
|
|
|
3,054
|
|
|
(52
|
)
|
|
40.5
|
%
|
|
5.5
|
%
|
|
(2.0
|
)%
|
|
7.5
|
%
|
Cost of sales
|
1,853
|
|
|
1,845
|
|
|
(31
|
)
|
|
36.0
|
%
|
|
5.0
|
%
|
|
(2.0
|
)%
|
|
7.0
|
%
|
Operating expenses
|
785
|
|
|
749
|
|
|
(10
|
)
|
|
31.0
|
%
|
|
2.0
|
%
|
|
(1.5
|
)%
|
|
3.5
|
%
|
Operating profit
|
416
|
|
|
460
|
|
|
(11
|
)
|
|
99.0
|
%
|
|
15.5
|
%
|
|
(3.0
|
)%
|
|
18.5
|
%
|
Profit after taxes
|
298
|
|
|
326
|
|
|
(8
|
)
|
|
97.5
|
%
|
|
19.5
|
%
|
|
(3.0
|
)%
|
|
22.5
|
%
|
Diluted earnings per share (€)
|
0.61
|
|
|
0.67
|
|
|
(0.02
|
)
|
|
35.5
|
%
|
|
19.5
|
%
|
|
(3.0
|
)%
|
|
22.5
|
%
|
|
P a g e |
2
|
|
|
Key Financial Measures
Unaudited, fx impact calculated by recasting current year results at prior year rates
|
Six Months Ended 30 June 2017
|
|||||||||||||||||||
€ million
|
|
% change
|
||||||||||||||||||
As Reported
|
|
Comparable
|
|
Fx-Impact
|
|
As Reported
|
|
Comparable
|
|
Fx-Impact
|
|
Comparable Fx-Neutral
|
||||||||
Revenue
|
5,436
|
|
|
5,436
|
|
|
(94
|
)
|
|
53.5
|
%
|
|
3.0
|
%
|
|
(2.0
|
)%
|
|
5.0
|
%
|
Cost of sales
|
3,321
|
|
|
3,324
|
|
|
(56
|
)
|
|
49.0
|
%
|
|
3.5
|
%
|
|
(1.5
|
)%
|
|
5.0
|
%
|
Operating expenses
|
1,480
|
|
|
1,424
|
|
|
(19
|
)
|
|
47.5
|
%
|
|
(2.0
|
)%
|
|
(1.0
|
)%
|
|
(1.0
|
)%
|
Operating profit
|
635
|
|
|
688
|
|
|
(19
|
)
|
|
102.0
|
%
|
|
14.0
|
%
|
|
(3.0
|
)%
|
|
17.0
|
%
|
Profit after taxes
|
445
|
|
|
478
|
|
|
(14
|
)
|
|
112.0
|
%
|
|
18.0
|
%
|
|
(3.5
|
)%
|
|
21.5
|
%
|
Diluted earnings per share (€)
|
0.91
|
|
|
0.98
|
|
|
(0.03
|
)
|
|
23.0
|
%
|
|
18.0
|
%
|
|
(3.5
|
)%
|
|
21.5
|
%
|
Operational Review
|
|
P a g e |
3
|
|
|
Outlook
|
Dividends
|
Forward-Looking Statements
|
|
P a g e |
4
|
|
|
|
P a g e |
5
|
|
|
Supplementary Financial Information - Income Statement
|
Second-Quarter 2017
Unaudited, in millions of € except per share data which is calculated prior to rounding
|
As Reported
|
|
Items Impacting Comparability
|
|
Comparable
|
|||||||||
CCEP
|
|
Mark-to-market effects
(1)
|
Restructuring Charges
(2)
|
Merger and Integration Related Costs
(3)
|
Inventory
Step-up
Costs
(4)
|
|
CCEP
|
|||||||
Revenue
|
3,054
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
3,054
|
|
Cost of sales
|
1,853
|
|
|
(9
|
)
|
(2
|
)
|
—
|
|
3
|
|
|
1,845
|
|
Gross profit
|
1,201
|
|
|
9
|
|
2
|
|
—
|
|
(3
|
)
|
|
1,209
|
|
Operating expenses
|
785
|
|
|
(3
|
)
|
(31
|
)
|
(2
|
)
|
—
|
|
|
749
|
|
Operating profit
|
416
|
|
|
12
|
|
33
|
|
2
|
|
(3
|
)
|
|
460
|
|
Total finance costs, net
|
27
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
27
|
|
Non-operating items
|
—
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
Profit before taxes
|
389
|
|
|
12
|
|
33
|
|
2
|
|
(3
|
)
|
|
433
|
|
Taxes
|
91
|
|
|
2
|
|
13
|
|
1
|
|
—
|
|
|
107
|
|
Profit after taxes
|
298
|
|
|
10
|
|
20
|
|
1
|
|
(3
|
)
|
|
326
|
|
|
|
|
|
|
|
|
|
|
||||||
Diluted earnings per share (€)
|
0.61
|
|
|
|
|
|
|
|
0.67
|
|
||||
|
|
|
||||||||||||
Diluted common shares outstanding
|
|
|
489
|
|
Second-Quarter 2016
Unaudited, in millions of € except per share data which is calculated prior to rounding
|
As Reported
|
|
|
Items Impacting Comparability
|
|
Comparable
|
||||||||||||
CCEP
|
|
Adjust: Merger
effects
(5)
|
Mark-to-market effects
(1)
|
Restructuring Charges
(2)
|
Merger and Integration Related Costs
(3)
|
Inventory Step-up
Costs
(4)
|
Net tax item
(6)
|
|
CCEP
|
|||||||||
Revenue
|
2,170
|
|
|
718
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
2,888
|
|
Cost of sales
|
1,362
|
|
|
421
|
|
11
|
|
(4
|
)
|
—
|
|
(35
|
)
|
—
|
|
|
1,755
|
|
Gross profit
|
808
|
|
|
297
|
|
(11
|
)
|
4
|
|
—
|
|
35
|
|
—
|
|
|
1,133
|
|
Operating expenses
|
599
|
|
|
351
|
|
9
|
|
(118
|
)
|
(106
|
)
|
—
|
|
—
|
|
|
735
|
|
Operating profit
|
209
|
|
|
(54
|
)
|
(20
|
)
|
122
|
|
106
|
|
35
|
|
—
|
|
|
398
|
|
Total finance costs, net
|
39
|
|
|
4
|
|
—
|
|
—
|
|
(5
|
)
|
—
|
|
—
|
|
|
38
|
|
Non-operating items
|
2
|
|
|
(1
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
1
|
|
Profit before taxes
|
168
|
|
|
(57
|
)
|
(20
|
)
|
122
|
|
111
|
|
35
|
|
—
|
|
|
359
|
|
Taxes
|
17
|
|
|
11
|
|
(5
|
)
|
32
|
|
25
|
|
9
|
|
(3
|
)
|
|
86
|
|
Profit after taxes
|
151
|
|
|
(68
|
)
|
(15
|
)
|
90
|
|
86
|
|
26
|
|
3
|
|
|
273
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share (€)
|
0.45
|
|
|
|
|
|
|
|
|
|
0.56
|
|
||||||
|
|
|
||||||||||||||||
Reported diluted common shares outstanding
|
|
|
332
|
|
||||||||||||||
Adjust: Capital structure share impact related to the Merger
|
|
|
156
|
|
||||||||||||||
Comparable diluted common shares outstanding
|
|
|
488
|
|
(1)
|
Amounts represent the net out-of-period mark-to-market impact of non-designated commodity hedges.
|
(2)
|
Amounts represent restructuring charges for CCE, Germany and Iberia.
|
(3)
|
Amounts represent costs associated with the Merger to form CCEP incurred by CCE, Germany and Iberia.
|
(4)
|
Amounts represent the impact of the acquisition accounting change in the fair value of finished goods and spare parts inventory for Germany and Iberia.
|
|
P a g e |
6
|
|
|
(5)
|
Adjustments to reflect Germany and Iberia financial results as if the Merger had occurred at the beginning of 2016, the impact of acquisition accounting including provisional fair values of the acquired inventory, property, plant, and equipment and intangibles from Germany and Iberia, and additional debt financing cost incurred by CCEP in connection with the Merger.
|
(6)
|
Amount represents the deferred tax impact related to income tax rate and law changes.
|
First Six Months 2017
Unaudited, in millions of € except per share data which is calculated prior to rounding
|
As Reported
|
|
Items Impacting Comparability
|
|
Comparable
|
|||||||||
CCEP
|
|
Mark-to-market effects
(1)
|
Restructuring Charges
(2)
|
Merger and Integration Related Costs
(3)
|
Inventory
Step-up Costs (4) |
|
CCEP
|
|||||||
Revenue
|
5,436
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
5,436
|
|
Cost of sales
|
3,321
|
|
|
2
|
|
(5
|
)
|
—
|
|
6
|
|
|
3,324
|
|
Gross profit
|
2,115
|
|
|
(2
|
)
|
5
|
|
—
|
|
(6
|
)
|
|
2,112
|
|
Operating expenses
|
1,480
|
|
|
(5
|
)
|
(48
|
)
|
(3
|
)
|
—
|
|
|
1,424
|
|
Operating profit
|
635
|
|
|
3
|
|
53
|
|
3
|
|
(6
|
)
|
|
688
|
|
Total finance costs, net
|
51
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
51
|
|
Non-operating items
|
—
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
Profit before taxes
|
584
|
|
|
3
|
|
53
|
|
3
|
|
(6
|
)
|
|
637
|
|
Taxes
|
139
|
|
|
—
|
|
20
|
|
1
|
|
(1
|
)
|
|
159
|
|
Profit after taxes
|
445
|
|
|
3
|
|
33
|
|
2
|
|
(5
|
)
|
|
478
|
|
|
|
|
|
|
|
|
|
|
||||||
Diluted earnings per share (€)
|
0.91
|
|
|
|
|
|
|
|
0.98
|
|
||||
|
|
|
||||||||||||
Diluted common shares outstanding
|
|
|
488
|
|
First Six Months 2016
Unaudited, in millions of € except per share data which is calculated prior to rounding
|
As Reported
|
|
|
Items Impacting Comparability
|
|
|
Comparable
|
|||||||||||
CCEP
|
|
Adjust: Merger
effects (5) |
Mark-to-market effects
(1)
|
Restructuring Charges
(2)
|
Merger and Integration Related Costs
(3)
|
Inventory Step-up
Costs
(4)
|
Net Tax Items
(6)
|
|
CCEP
|
|||||||||
Revenue
|
3,545
|
|
|
1,732
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
5,277
|
|
Cost of sales
|
2,229
|
|
|
1,014
|
|
14
|
|
(7
|
)
|
—
|
|
(32
|
)
|
—
|
|
|
3,218
|
|
Gross profit
|
1,316
|
|
|
718
|
|
(14
|
)
|
7
|
|
—
|
|
32
|
|
—
|
|
|
2,059
|
|
Operating expenses
|
1,002
|
|
|
901
|
|
10
|
|
(338
|
)
|
(119
|
)
|
—
|
|
—
|
|
|
1,456
|
|
Operating profit
|
314
|
|
|
(183
|
)
|
(24
|
)
|
345
|
|
119
|
|
32
|
|
—
|
|
|
603
|
|
Total finance costs, net
|
61
|
|
|
12
|
|
—
|
|
—
|
|
(5
|
)
|
—
|
|
—
|
|
|
68
|
|
Non-operating items
|
4
|
|
|
(1
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
3
|
|
Profit before taxes
|
249
|
|
|
(194
|
)
|
(24
|
)
|
345
|
|
124
|
|
32
|
|
—
|
|
|
532
|
|
Taxes
|
39
|
|
|
(27
|
)
|
(6
|
)
|
88
|
|
28
|
|
8
|
|
(3
|
)
|
|
127
|
|
Profit after taxes
|
210
|
|
|
(167
|
)
|
(18
|
)
|
257
|
|
96
|
|
24
|
|
3
|
|
|
405
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share (€)
|
0.74
|
|
|
|
|
|
|
|
|
|
0.83
|
|
||||||
|
|
|
|
|||||||||||||||
Reported diluted common shares outstanding
|
|
|
283
|
|
||||||||||||||
Adjust: Capital structure share impact related to the Merger
|
|
|
204
|
|
||||||||||||||
Comparable diluted common shares outstanding
|
|
|
487
|
|
(1)
|
Amounts represent the net out-of-period mark-to-market impact of non-designated commodity hedges.
|
(2)
|
Amounts represent restructuring charges for CCE, Germany and Iberia.
|
(3)
|
Amounts represent costs associated with the Merger to form CCEP incurred by CCE, Germany and Iberia.
|
(4)
|
Amounts represent the impact of the acquisition accounting change in the fair value of finished goods and spare parts inventory for Germany and Iberia.
|
(5)
|
Adjustments to reflect Germany and Iberia financial results as if the Merger had occurred at the beginning of 2016, the impact of acquisition accounting including provisional fair values of the acquired inventory, property, plant, and equipment and intangibles from Germany and Iberia, and additional debt financing cost incurred by CCEP in connection with the Merger.
|
(6)
|
Amount represents the deferred tax impact related to income tax rate and law changes.
|
Supplemental Financial Information - Revenue
|
Revenue
In millions of €, except per case data which is calculated prior to rounding
|
Second-Quarter Ended
|
|
Six Months Ended
|
||||||||||
30 June 2017
|
1 July 2016
|
% Change
|
|
30 June 2017
|
1 July 2016
|
% Change
|
|||||||
As reported
|
3,054
|
|
2,170
|
|
40.5
|
%
|
|
5,436
|
|
3,545
|
|
53.5
|
%
|
Add: Germany & Iberia
(A)
|
n/a
|
|
718
|
|
n/a
|
|
|
n/a
|
|
1,732
|
|
n/a
|
|
Comparable
|
3,054
|
|
2,888
|
|
5.5
|
%
|
|
5,436
|
|
5,277
|
|
3.0
|
%
|
Adjust: Impact of fx changes
|
52
|
|
n/a
|
|
(2.0
|
)%
|
|
94
|
|
n/a
|
|
(2.0
|
)%
|
Comparable & fx-neutral
|
3,106
|
|
2,888
|
|
7.5
|
%
|
|
5,530
|
|
5,277
|
|
5.0
|
%
|
|
|
|
|
|
|
|
|
||||||
Revenue per unit case
|
4.52
|
|
4.39
|
|
3.0
|
%
|
|
4.48
|
|
4.37
|
|
2.5
|
%
|
(A)
|
Adjustments to reflect Germany and Iberia revenue as if the Merger had occurred at the beginning of 2016. For the second-quarter of 2016 this includes the period from 2 April through 27 May and for the first-half of 2016 this includes the period from 1 January through 27 May.
|
Revenue by Geography
Comparable
|
Second-Quarter Ended
|
|
Six Months Ended
|
||||||||||
30 June 2017
|
1 July 2016
|
Revenue % Change
|
|
30 June 2017
|
1 July 2016
|
Revenue % Change
|
|||||||
% of Total
|
% of Total
|
|
% of Total
|
% of Total
|
|||||||||
Spain/Portugal/Andorra
(A)
|
24.5
|
%
|
23.5
|
%
|
8.5
|
%
|
|
23.0
|
%
|
22.5
|
%
|
5.0
|
%
|
Germany
|
19.5
|
%
|
19.5
|
%
|
7.0
|
%
|
|
20.0
|
%
|
20.0
|
%
|
2.5
|
%
|
Great Britain
|
18.0
|
%
|
19.0
|
%
|
(0.5
|
)%
|
|
18.0
|
%
|
19.5
|
%
|
(3.0
|
)%
|
France/Monaco
|
17.0
|
%
|
17.5
|
%
|
3.5
|
%
|
|
17.5
|
%
|
17.5
|
%
|
1.5
|
%
|
Belgium/Luxembourg/Netherlands
|
13.5
|
%
|
13.0
|
%
|
8.5
|
%
|
|
13.5
|
%
|
13.0
|
%
|
6.0
|
%
|
Norway
|
3.5
|
%
|
4.0
|
%
|
(4.0
|
)%
|
|
3.5
|
%
|
4.0
|
%
|
1.5
|
%
|
Sweden
|
3.0
|
%
|
3.5
|
%
|
(1.0
|
)%
|
|
3.5
|
%
|
3.5
|
%
|
(0.5
|
)%
|
Iceland
(B)
|
1.0
|
%
|
n/a
|
|
—
|
%
|
|
1.0
|
%
|
n/a
|
|
—
|
%
|
Total
|
100.0
|
%
|
100.0
|
%
|
5.5
|
%
|
|
100.0
|
%
|
100.0
|
%
|
3.0
|
%
|
(A)
|
Spain/Portugal/Andorra is also referred to as Iberia.
|
(B)
|
Iceland was acquired in July 2016.
|
Comparable Volume - Selling Day Shift
In millions of unit cases, prior period volume recast using current year selling days
(A)
|
Second-Quarter Ended
|
|
Six Months Ended
|
||||||||||
30 June 2017
|
1 July 2016
|
% Change
|
|
30 June 2017
|
1 July 2016
|
% Change
|
|||||||
Volume
|
687
|
|
658
|
|
4.5
|
%
|
|
1,233
|
|
1,208
|
|
2.0
|
%
|
Impact of selling day shift
|
n/a
|
|
n/a
|
|
—
|
%
|
|
n/a
|
|
(8
|
)
|
1.0
|
%
|
Comparable volume - Selling Day Shift adjusted
|
687
|
|
658
|
|
4.5
|
%
|
|
1,233
|
|
1,200
|
|
3.0
|
%
|
Comparable Volume by Brand Category
Adjusted for selling day shift
|
Second-Quarter Ended
|
|
Six Months Ended
|
||||||||||
30 June 2017
|
1 July 2016
|
Volume % Change
|
|
30 June 2017
|
1 July 2016
|
% Change
|
|||||||
% of Total
|
% of Total
|
|
% of Total
|
% of Total
|
|||||||||
Sparkling
|
84.5
|
%
|
84.5
|
%
|
4.0
|
%
|
|
85.0
|
%
|
85.0
|
%
|
2.5
|
%
|
Coca-Cola Trademark
|
62.5
|
%
|
63.5
|
%
|
3.5
|
%
|
|
63.5
|
%
|
64.5
|
%
|
1.5
|
%
|
Sparkling Flavours and Energy
|
22.0
|
%
|
21.0
|
%
|
7.0
|
%
|
|
21.0
|
%
|
20.5
|
%
|
4.5
|
%
|
Stills
|
15.5
|
%
|
15.5
|
%
|
6.5
|
%
|
|
15.0
|
%
|
15.0
|
%
|
5.0
|
%
|
Juice, Isotonics and Other
|
8.0
|
%
|
8.0
|
%
|
7.5
|
%
|
|
8.0
|
%
|
7.5
|
%
|
6.5
|
%
|
Water
|
7.5
|
%
|
7.5
|
%
|
5.0
|
%
|
|
7.5
|
%
|
7.5
|
%
|
3.0
|
%
|
Total
|
100.0
|
%
|
100.0
|
%
|
4.5
|
%
|
|
100.0
|
%
|
100.0
|
%
|
3.0
|
%
|
|
P a g e |
7
|
|
|
Supplemental Financial Information - Cost of Sales and Operating Expenses
|
Cost of Sales
In millions of €, except per case data which is calculated prior to rounding
|
Second-Quarter Ended
|
|
Six Months Ended
|
||||||||||
30 June 2017
|
1 July 2016
|
% Change
|
|
30 June 2017
|
1 July 2016
|
% Change
|
|||||||
As reported
|
1,853
|
|
1,362
|
|
36.0
|
%
|
|
3,321
|
|
2,229
|
|
49.0
|
%
|
Add: Germany & Iberia
(A)
|
n/a
|
|
421
|
|
n/a
|
|
|
n/a
|
|
1,014
|
|
n/a
|
|
Adjust: Total items impacting comparability
|
(8
|
)
|
(28
|
)
|
(71.5
|
)%
|
|
3
|
|
(25
|
)
|
(112.0
|
)%
|
Comparable
|
1,845
|
|
1,755
|
|
5.0
|
%
|
|
3,324
|
|
3,218
|
|
3.5
|
%
|
Adjust: Impact of fx changes
|
31
|
|
n/a
|
|
(2.0
|
)%
|
|
56
|
|
n/a
|
|
(1.5
|
)%
|
Comparable & fx-neutral
|
1,876
|
|
1,755
|
|
7.0
|
%
|
|
3,380
|
|
3,218
|
|
5.0
|
%
|
|
|
|
|
|
|
|
|
||||||
Cost of sales per unit case
|
2.73
|
|
2.67
|
|
2.5
|
%
|
|
2.74
|
|
2.66
|
|
3.0
|
%
|
(A)
|
Adjustments to reflect Germany and Iberia cost of sales as if the Merger had occurred at the beginning of 2016. For the second-quarter of 2016 this includes the period from 2 April through 27 May and for the first-half of 2016 this includes the period from 1 January through 27 May.
|
Operating Expenses
In millions of €
|
Second-Quarter Ended
|
|
Six Months Ended
|
||||||||||
30 June 2017
|
1 July 2016
|
% Change
|
|
30 June 2017
|
1 July 2016
|
% Change
|
|||||||
As reported
|
785
|
|
599
|
|
31.0
|
%
|
|
1,480
|
|
1,002
|
|
47.5
|
%
|
Add: Germany & Iberia
(A)
|
n/a
|
|
351
|
|
n/a
|
|
|
n/a
|
|
901
|
|
n/a
|
|
Adjust: Acquisition accounting
|
n/a
|
|
(106
|
)
|
n/a
|
|
|
n/a
|
|
(119
|
)
|
n/a
|
|
Adjust: Total items impacting comparability
|
(36
|
)
|
(109
|
)
|
(67.0
|
)%
|
|
(56
|
)
|
(328
|
)
|
(83.0
|
)%
|
Comparable
|
749
|
|
735
|
|
2.0
|
%
|
|
1,424
|
|
1,456
|
|
(2.0
|
)%
|
Adjust: Impact of fx changes
|
10
|
|
n/a
|
|
(1.5
|
)%
|
|
19
|
|
n/a
|
|
(1.0
|
)%
|
Comparable & fx-neutral
|
759
|
|
735
|
|
3.5
|
%
|
|
1,443
|
|
1,456
|
|
(1.0
|
)%
|
(A)
|
Adjustments to reflect Germany and Iberia cost of sales as if the Merger had occurred at the beginning of 2016. For the second-quarter of 2016 this includes the period from 2 April through 27 May and for the first-half of 2016 this includes the period from 1 January through 27 May.
|
|
P a g e |
8
|
|
|
Supplemental Financial Information - Borrowings
|
Net Debt
In millions of €
|
As at
|
|
Credit Ratings
As of 10 August 2017
|
|
|
|
|
|
30 June 2017
|
|
|
Moody’s
|
|
Standard & Poor’s
|
|||
Total borrowings
|
6,349
|
|
|
Long-term rating
|
|
A3
|
|
BBB+
|
Add: fx impact of non-EUR borrowings
|
21
|
|
|
Outlook
|
|
Stable
|
|
Stable
|
Adjusted total borrowings
|
6,370
|
|
|
Note: Our credit ratings can be materially influenced by a number of factors including, but not limited to, acquisitions, investment decisions and working capital management activities of TCCC and/or changes in the credit rating of TCCC.
|
||||
Less: cash and cash equivalents
|
306
|
|
|
|||||
Net debt
|
6,064
|
|
|
Supplemental Financial Information - Free Cash Flow
|
Free Cash Flow
(A)
In millions of €
|
|
Six Months Ended
|
|
|
30 June 2017
|
||
Net cash flows from operating activities
|
|
470
|
|
Add: Disposals of property, plant and equipment
|
|
12
|
|
Less: Purchases of property, plant and equipment
|
|
(198
|
)
|
Less: Purchases of capitalised software
|
|
(7
|
)
|
Less: Interest paid
|
|
(55
|
)
|
Free Cash Flow
|
|
222
|
|
(A)
|
Free cash flow is defined as net cash flows from operations, less capital expenditures and interest paid, plus proceeds from capital disposals.
|
|
P a g e |
9
|
|
|
Supplemental Financial Information - Financial Position
|
Statement of Financial Position
In millions of €
|
|
As at
|
||||
|
30 June 2017
|
|
31 December 2016
|
|||
Non-current assets
|
|
15,010
|
|
|
15,143
|
|
Current assets
|
|
3,828
|
|
|
3,425
|
|
Total assets
|
|
18,838
|
|
|
18,568
|
|
Non-current liabilities
|
|
8,122
|
|
|
8,355
|
|
Current liabilities
|
|
4,136
|
|
|
3,752
|
|
Total liabilities
|
|
12,258
|
|
|
12,107
|
|
Total equity
|
|
6,580
|
|
|
6,461
|
|
Total equity and liabilities
|
|
18,838
|
|
|
18,568
|
|
|
P a g e |
11
|
|
|
Principal Risks and Uncertainties
|
•
|
Changing Consumer Preferences and the Health Impact of Soft Drinks
|
•
|
Legal and Regulatory Intervention
|
•
|
Business Integration and Synergy Savings
|
•
|
Cyber and Social Engineering Attacks
|
•
|
Market
|
•
|
General Economic Conditions
|
•
|
Alignment of Strategic Objectives with The Coca-Cola Company (“TCCC”) and Franchisors
|
•
|
Product Quality
|
Liquidity and Capital Management
|
Off-balance sheet arrangements
|
Related Parties
|
|
P a g e |
13
|
|
|
|
|
|
Second Quarter Ended
|
|
Six Months Ended
|
||||||||
|
|
|
30 June 2017
|
|
1 July 2016
|
|
30 June 2017
|
|
1 July 2016
|
||||
|
Note
|
|
€ million
|
|
€ million
|
|
€ million
|
|
€ million
|
||||
Revenue
|
|
|
3,054
|
|
|
2,170
|
|
|
5,436
|
|
|
3,545
|
|
Cost of sales
|
|
|
(1,853
|
)
|
|
(1,362
|
)
|
|
(3,321
|
)
|
|
(2,229
|
)
|
Gross profit
|
|
|
1,201
|
|
|
808
|
|
|
2,115
|
|
|
1,316
|
|
Selling and distribution expenses
|
|
|
(553
|
)
|
|
(331
|
)
|
|
(1,047
|
)
|
|
(553
|
)
|
Administrative expenses
|
|
|
(232
|
)
|
|
(268
|
)
|
|
(433
|
)
|
|
(449
|
)
|
Operating profit
|
|
|
416
|
|
|
209
|
|
|
635
|
|
|
314
|
|
Finance income
|
8
|
|
11
|
|
|
5
|
|
|
25
|
|
|
9
|
|
Finance costs
|
8
|
|
(38
|
)
|
|
(44
|
)
|
|
(76
|
)
|
|
(70
|
)
|
Total finance costs, net
|
|
|
(27
|
)
|
|
(39
|
)
|
|
(51
|
)
|
|
(61
|
)
|
Non-operating items
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(4
|
)
|
Profit before taxes
|
|
|
389
|
|
|
168
|
|
|
584
|
|
|
249
|
|
Taxes
|
11
|
|
(91
|
)
|
|
(17
|
)
|
|
(139
|
)
|
|
(39
|
)
|
Profit after taxes
|
|
|
298
|
|
|
151
|
|
|
445
|
|
|
210
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic earnings per share (€)
|
4
|
|
0.61
|
|
|
0.46
|
|
|
0.92
|
|
|
0.76
|
|
Diluted earnings per share (€)
|
4
|
|
0.61
|
|
|
0.45
|
|
|
0.91
|
|
|
0.74
|
|
|
P a g e |
14
|
|
|
|
|
|
Second Quarter Ended
|
|
Six Months Ended
|
||||||||
|
|
|
30 June 2017
|
|
1 July 2016
|
|
30 June 2017
|
|
1 July 2016
|
||||
|
Note
|
|
€ million
|
|
€ million
|
|
€ million
|
|
€ million
|
||||
Profit after taxes
|
|
|
298
|
|
|
151
|
|
|
445
|
|
|
210
|
|
Components of other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
||||
Items that may be subsequently reclassified to the income statement:
|
|
|
|
|
|
|
|
|
|
||||
Foreign currency translations:
|
|
|
|
|
|
|
|
|
|
||||
Pretax activity, net
|
|
|
(73
|
)
|
|
(171
|
)
|
|
(77
|
)
|
|
(154
|
)
|
Tax effect
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Foreign currency translation
|
|
|
(73
|
)
|
|
(171
|
)
|
|
(77
|
)
|
|
(154
|
)
|
Net investment hedges:
|
|
|
|
|
|
|
|
|
|
||||
Pretax activity, net
|
|
|
—
|
|
|
107
|
|
|
—
|
|
|
(66
|
)
|
Tax effect
|
|
|
—
|
|
|
(37
|
)
|
|
—
|
|
|
22
|
|
Net investment hedges, net of tax
|
|
|
—
|
|
|
70
|
|
|
—
|
|
|
(44
|
)
|
Cash flow hedges:
|
|
|
|
|
|
|
|
|
|
||||
Pretax activity, net
|
|
|
9
|
|
|
9
|
|
|
13
|
|
|
21
|
|
Tax effect
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
(3
|
)
|
Cash flow hedges, net of tax
|
|
|
8
|
|
|
8
|
|
|
11
|
|
|
18
|
|
Other comprehensive loss for the period, net of tax
|
|
|
(65
|
)
|
|
(93
|
)
|
|
(66
|
)
|
|
(180
|
)
|
Comprehensive income for the period
|
|
|
233
|
|
|
58
|
|
|
379
|
|
|
30
|
|
|
P a g e |
15
|
|
|
|
|
|
30 June 2017
|
|
31 December 2016
|
||
|
Note
|
|
€ million
|
|
€ million
|
||
ASSETS
|
|
|
|
|
|
||
Non-current:
|
|
|
|
|
|
||
Intangible assets
|
5
|
|
8,400
|
|
|
8,344
|
|
Goodwill
|
5
|
|
2,522
|
|
|
2,427
|
|
Property, plant and equipment
|
6
|
|
3,768
|
|
|
3,993
|
|
Non-current derivative assets
|
|
|
2
|
|
|
35
|
|
Deferred tax assets
|
|
|
255
|
|
|
274
|
|
Other non-current assets
|
|
|
63
|
|
|
70
|
|
Total non-current assets
|
|
|
15,010
|
|
|
15,143
|
|
Current:
|
|
|
|
|
|
||
Current derivative assets
|
|
|
17
|
|
|
23
|
|
Current tax assets
|
|
|
29
|
|
|
16
|
|
Inventories
|
|
|
802
|
|
|
673
|
|
Amounts receivable from related parties
|
10
|
|
95
|
|
|
95
|
|
Trade accounts receivable
|
|
|
2,151
|
|
|
1,860
|
|
Other current assets
|
|
|
428
|
|
|
372
|
|
Cash and cash equivalents
|
|
|
306
|
|
|
386
|
|
Total current assets
|
|
|
3,828
|
|
|
3,425
|
|
Total assets
|
|
|
18,838
|
|
|
18,568
|
|
LIABILITIES
|
|
|
|
|
|
||
Non-current:
|
|
|
|
|
|
||
Borrowings, less current portion
|
8
|
|
5,274
|
|
|
5,562
|
|
Employee benefit liabilities
|
|
|
266
|
|
|
278
|
|
Non-current provisions
|
12
|
|
49
|
|
|
89
|
|
Non-current derivative liabilities
|
|
|
38
|
|
|
1
|
|
Deferred tax liabilities
|
|
|
2,289
|
|
|
2,248
|
|
Other non-current liabilities
|
|
|
206
|
|
|
177
|
|
Total non-current liabilities
|
|
|
8,122
|
|
|
8,355
|
|
Current:
|
|
|
|
|
|
||
Current portion of borrowings
|
8
|
|
1,075
|
|
|
875
|
|
Current portion of employee benefit liabilities
|
|
|
23
|
|
|
24
|
|
Current provisions
|
12
|
|
143
|
|
|
221
|
|
Current derivative liabilities
|
|
|
6
|
|
|
8
|
|
Current tax liabilities
|
|
|
102
|
|
|
44
|
|
Amounts payable to related parties
|
10
|
|
204
|
|
|
162
|
|
Trade and other payables
|
|
|
2,583
|
|
|
2,418
|
|
Total current liabilities
|
|
|
4,136
|
|
|
3,752
|
|
Total liabilities
|
|
|
12,258
|
|
|
12,107
|
|
EQUITY
|
|
|
|
|
|
||
Share capital
|
|
|
5
|
|
|
5
|
|
Share premium
|
|
|
124
|
|
|
114
|
|
Merger reserves
|
|
|
287
|
|
|
287
|
|
Other reserves
|
|
|
(485
|
)
|
|
(419
|
)
|
Retained earnings
|
|
|
6,649
|
|
|
6,474
|
|
Total equity
|
|
|
6,580
|
|
|
6,461
|
|
Total equity and liabilities
|
|
|
18,838
|
|
|
18,568
|
|
|
P a g e |
16
|
|
|
|
|
|
Six Months Ended
|
||||
|
|
|
30 June 2017
|
|
1 July 2016
|
||
|
Note
|
|
€ million
|
|
€ million
|
||
Cash flows from operating activities:
|
|
|
|
|
|
||
Profit before taxes
|
|
|
584
|
|
|
249
|
|
Adjustments to reconcile profit before tax to net cash flows from operating activities:
|
|
|
|
|
|
||
Depreciation
|
6
|
|
220
|
|
|
118
|
|
Amortisation of intangible assets
|
5
|
|
29
|
|
|
15
|
|
Share-based payment expense
|
|
|
7
|
|
|
27
|
|
Finance costs, net
|
|
|
51
|
|
|
61
|
|
Income taxes paid
|
|
|
(79
|
)
|
|
(70
|
)
|
Changes in assets and liabilities:
|
|
|
|
|
|
||
Decrease/(increase) in trade accounts receivable
|
|
|
(310
|
)
|
|
(184
|
)
|
Decrease/(increase) in inventories
|
|
|
(130
|
)
|
|
(41
|
)
|
Increase/(decrease) in trade and other payables
|
|
|
114
|
|
|
149
|
|
Increase/(decrease) in provisions
|
|
|
(116
|
)
|
|
17
|
|
Change in other operating assets and liabilities
|
|
|
100
|
|
|
(3
|
)
|
Net cash flows from operating activities
|
|
|
470
|
|
|
338
|
|
Cash flows from investing activities:
|
|
|
|
|
|
||
Cash from acquisition of bottling operations
|
|
|
—
|
|
|
149
|
|
Purchases of property, plant and equipment
|
|
|
(198
|
)
|
|
(157
|
)
|
Purchases of capitalised software
|
|
|
(7
|
)
|
|
(17
|
)
|
Proceeds from sales of property, plant and equipment
|
|
|
12
|
|
|
3
|
|
Settlement of net investment hedges
|
|
|
—
|
|
|
(8
|
)
|
Net cash flows used in investing activities
|
|
|
(193
|
)
|
|
(30
|
)
|
Cash flows from financing activities:
|
|
|
|
|
|
||
Proceeds from borrowings, net of issuance costs
|
|
|
—
|
|
|
3,174
|
|
Changes in short-term borrowings
|
|
|
—
|
|
|
89
|
|
Repayments on third party borrowings
|
|
|
(19
|
)
|
|
(4
|
)
|
Repayment of loan with TCCC assumed in acquisition
|
|
|
—
|
|
|
(73
|
)
|
Interest paid
|
|
|
(55
|
)
|
|
(53
|
)
|
Return of capital to CCE shareholders
|
|
|
—
|
|
|
(2,963
|
)
|
Dividends paid
|
|
|
(286
|
)
|
|
(122
|
)
|
Exercise of employee share options
|
|
|
10
|
|
|
13
|
|
Repurchases of share-based payments
|
|
|
—
|
|
|
(27
|
)
|
Other financing activities, net
|
|
|
(1
|
)
|
|
(10
|
)
|
Net cash flows used in financing activities
|
|
|
(351
|
)
|
|
24
|
|
Net change in cash and cash equivalents
|
|
|
(74
|
)
|
|
332
|
|
Net effect of currency exchange rate changes on cash and cash equivalents
|
|
|
(6
|
)
|
|
(6
|
)
|
Cash and cash equivalents at beginning of period
|
|
|
386
|
|
|
156
|
|
Cash and cash equivalents at end of period
|
|
|
306
|
|
|
482
|
|
Non-cash investing and financing activities:
|
|
|
|
|
|
||
Finance lease additions
|
|
|
7
|
|
|
5
|
|
|
P a g e |
17
|
|
|
|
|
|
Share capital
|
|
Share premium
|
|
Merger reserves
|
|
Other reserves
|
|
Treasury shares
|
|
Retained earnings
|
|
Total equity
|
|||||||
|
Note
|
|
€ million
|
|
€ million
|
|
€ million
|
|
€ million
|
|
€ million
|
|
€ million
|
|
€ million
|
|||||||
Balance as at 31 December 2015
|
|
|
3
|
|
|
2,729
|
|
|
—
|
|
|
(180
|
)
|
|
(3,307
|
)
|
|
1,626
|
|
|
871
|
|
Profit after taxes
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
210
|
|
|
210
|
|
Other comprehensive income / (expense)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(180
|
)
|
|
—
|
|
|
—
|
|
|
(180
|
)
|
Total comprehensive income
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(180
|
)
|
|
—
|
|
|
210
|
|
|
30
|
|
Shares utilised for share-based payments prior to Merger
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
6
|
|
|
9
|
|
Cancellation of CCE shares
|
|
|
(3
|
)
|
|
(2,738
|
)
|
|
(572
|
)
|
|
—
|
|
|
3,313
|
|
|
—
|
|
|
—
|
|
Issuance of CCEP shares at Merger
|
|
|
3
|
|
|
—
|
|
|
8,466
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,469
|
|
Group reconstruction transaction
|
|
|
2
|
|
|
7,605
|
|
|
(7,607
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Issuance of shares post-Merger
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
Return of capital to CCE shareholders
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,963
|
)
|
|
(2,963
|
)
|
Capital reduction
|
|
|
—
|
|
|
(7,500
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,500
|
|
|
—
|
|
Reclassifications of share-based payments
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(22
|
)
|
|
(22
|
)
|
Equity-settled share-based payment expense
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
17
|
|
Share-based payment tax benefits
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
Dividends
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(122
|
)
|
|
(122
|
)
|
Balance as at 1 July 2016
|
|
|
5
|
|
|
109
|
|
|
287
|
|
|
(360
|
)
|
|
—
|
|
|
6,255
|
|
|
6,296
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Balance as at 31 December 2016
|
|
|
5
|
|
|
114
|
|
|
287
|
|
|
(419
|
)
|
|
—
|
|
|
6,474
|
|
|
6,461
|
|
Profit after taxes
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
445
|
|
|
445
|
|
Other comprehensive income / (expense)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(66
|
)
|
|
—
|
|
|
—
|
|
|
(66
|
)
|
Total comprehensive income
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(66
|
)
|
|
—
|
|
|
445
|
|
|
379
|
|
Issuances of shares
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
Equity-settled share-based payment expense
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
5
|
|
Share-based payment tax benefits
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
12
|
|
Dividends
|
9
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(287
|
)
|
|
(287
|
)
|
Balance as at 30 June 2017
|
|
|
5
|
|
|
124
|
|
|
287
|
|
|
(485
|
)
|
|
—
|
|
|
6,649
|
|
|
6,580
|
|
|
P a g e |
18
|
|
|
|
P a g e |
19
|
|
|
|
|
Quarter 1
|
|
Quarter 2
|
|
Half Year
|
|
Quarter 3
|
|
Quarter 4
|
|
Full Year
|
||||||
2017
|
|
65
|
|
|
65
|
|
|
130
|
|
|
65
|
|
|
65
|
|
|
260
|
|
2016
|
|
66
|
|
|
65
|
|
|
131
|
|
|
65
|
|
|
65
|
|
|
261
|
|
Change
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
P a g e |
20
|
|
|
|
|
Average for the Second Quarter Ended
|
|
Average for the Six Months Ended
|
|
Closing as at
|
||||||||||||
|
|
30 June 2017
|
|
1 July 2016
|
|
30 June 2017
|
|
1 July 2016
|
|
30 June 2017
|
|
31 December 2016
|
||||||
UK Sterling
|
|
1.16
|
|
|
1.27
|
|
|
1.16
|
|
|
1.28
|
|
|
1.14
|
|
|
1.17
|
|
US Dollar
|
|
0.91
|
|
|
0.89
|
|
|
0.92
|
|
|
0.90
|
|
|
0.88
|
|
|
0.95
|
|
Norwegian Krone
|
|
0.11
|
|
|
0.11
|
|
|
0.11
|
|
|
0.11
|
|
|
0.10
|
|
|
0.11
|
|
Swedish Krone
|
|
0.10
|
|
|
0.11
|
|
|
0.10
|
|
|
0.11
|
|
|
0.10
|
|
|
0.10
|
|
Icelandic Krone
|
|
0.01
|
|
|
n/a
|
|
|
0.01
|
|
|
n/a
|
|
|
0.01
|
|
|
0.01
|
|
|
P a g e |
21
|
|
|
|
|
Provisional fair values at 31 December 2016
|
|
Fair value acquisition accounting adjustments
|
|
Final acquisition date fair value
|
|||
|
|
€ million
|
|
€ million
|
|
€ million
|
|||
Intangible assets
|
|
5,429
|
|
|
129
|
|
|
5,558
|
|
Goodwill
|
|
2,342
|
|
|
98
|
|
|
2,440
|
|
Property, plant and equipment
|
|
2,218
|
|
|
(149
|
)
|
|
2,069
|
|
Deferred tax assets
|
|
91
|
|
|
(48
|
)
|
|
43
|
|
Other non-current assets
|
|
31
|
|
|
(3
|
)
|
|
28
|
|
Total non-current assets
|
|
10,111
|
|
|
27
|
|
|
10,138
|
|
Inventories
|
|
374
|
|
|
11
|
|
|
385
|
|
Trade accounts receivable
|
|
789
|
|
|
(39
|
)
|
|
750
|
|
Other current assets
|
|
249
|
|
|
3
|
|
|
252
|
|
Total current assets
|
|
1,412
|
|
|
(25
|
)
|
|
1,387
|
|
Total assets
|
|
11,523
|
|
|
2
|
|
|
11,525
|
|
|
|
|
|
|
|
|
|||
Deferred tax liabilities
|
|
(1,580
|
)
|
|
(7
|
)
|
|
(1,587
|
)
|
Other non-current liabilities
|
|
(54
|
)
|
|
(11
|
)
|
|
(65
|
)
|
Total non-current liabilities
|
|
(1,634
|
)
|
|
(18
|
)
|
|
(1,652
|
)
|
Current tax liabilities
|
|
(18
|
)
|
|
3
|
|
|
(15
|
)
|
Trade and other payables
|
|
(950
|
)
|
|
13
|
|
|
(937
|
)
|
Total current liabilities
|
|
(968
|
)
|
|
16
|
|
|
(952
|
)
|
Total liabilities
|
|
(2,602
|
)
|
|
(2
|
)
|
|
(2,604
|
)
|
|
P a g e |
22
|
|
|
|
|
Six Months Ended
|
||||
|
|
30 June 2017
|
|
1 July 2016
|
||
Profit after taxes attributable to equity shareholders (€ million)
|
|
445
|
|
|
210
|
|
Basic weighted average number of ordinary shares in issue
(million)
(A)
|
|
484
|
|
|
276
|
|
Effect of dilutive potential ordinary shares (million)
|
|
4
|
|
|
7
|
|
Diluted weighted average number of ordinary shares in issue
(million)
(A)
|
|
488
|
|
|
283
|
|
Basic earnings per share (€)
|
|
0.92
|
|
|
0.76
|
|
Diluted earnings per share (€)
|
|
0.91
|
|
|
0.74
|
|
(A)
|
The increase of the basic and diluted weighted average number of ordinary shares in issue as at 1 July 2016 is due to the share allocation made in accordance with the Merger Agreement.
|
|
|
Intangible assets
|
|
Goodwill
|
||
|
|
€ million
|
|
€ million
|
||
Net book value as at 31 December 2016
|
|
8,344
|
|
|
2,427
|
|
Additions - capitalised software
|
|
7
|
|
|
—
|
|
Amortisation expense
|
|
(29
|
)
|
|
—
|
|
Currency translation adjustments
|
|
(51
|
)
|
|
(3
|
)
|
Acquisition accounting adjustments
(A)
|
|
129
|
|
|
98
|
|
Net book value as at 30 June 2017
|
|
8,400
|
|
|
2,522
|
|
(A)
|
Refer to Note 2.
|
|
P a g e |
23
|
|
|
|
|
Total
|
|
|
€ million
|
||
Net book value as at 31 December 2016
|
|
3,993
|
|
Additions
|
|
179
|
|
Disposals
|
|
(18
|
)
|
Depreciation expense
|
|
(220
|
)
|
Currency translation adjustments
|
|
(17
|
)
|
Acquisition accounting adjustments
(A)
|
|
(149
|
)
|
Net book value as at 30 June 2017
|
|
3,768
|
|
(A)
|
Refer to Note 2.
|
|
P a g e |
24
|
|
|
|
|
30 June 2017
|
|
31 December 2016
|
||
|
|
€ million
|
|
€ million
|
||
Non-current:
|
|
|
|
|
||
€350 million 2.00% Notes 2019
|
|
347
|
|
|
347
|
|
US$525 million 3.50% Notes 2020
|
|
457
|
|
|
495
|
|
US$250 million 3.25% Notes 2021
|
|
217
|
|
|
234
|
|
US$300 million 4.50% Notes 2021
|
|
263
|
|
|
283
|
|
€700 million 0.75% Notes 2022
(A)
|
|
696
|
|
|
696
|
|
€350 million 2.63% Notes 2023
|
|
348
|
|
|
348
|
|
€500 million 1.13% Notes 2024
(A)
|
|
494
|
|
|
494
|
|
€350 million 2.38% Notes 2025
|
|
346
|
|
|
346
|
|
€250 million 2.75% Notes 2026
|
|
248
|
|
|
248
|
|
€500 million 1.75% Notes 2028
(A)
|
|
491
|
|
|
491
|
|
€500 million 1.88% Notes 2030
|
|
496
|
|
|
496
|
|
Term loan
(B)
|
|
798
|
|
|
998
|
|
Finance lease obligations
(C)
|
|
73
|
|
|
76
|
|
Other borrowings
|
|
—
|
|
|
10
|
|
Total non-current borrowings
|
|
5,274
|
|
|
5,562
|
|
|
|
|
|
|
||
Current:
|
|
|
|
|
||
€350 million 3.13% Notes 2017
|
|
350
|
|
|
350
|
|
€500 million Floating Rate Note 2017
(A)
|
|
499
|
|
|
499
|
|
Term loan
(B)
|
|
200
|
|
|
—
|
|
Finance lease obligations
(C)
|
|
24
|
|
|
25
|
|
Other borrowings
|
|
2
|
|
|
1
|
|
Total current borrowings
|
|
1,075
|
|
|
875
|
|
(A)
|
To finance the return of capital to CCE shareholders in connection with the Merger, the Group issued €2.2 billion Eurobond notes with a weighted-average interest rate of 0.9 percent due between November 2017 and May 2028. Unamortised discounts and capitalised financing fees related to these borrowings totalled €18 million as at 30 June 2017.
|
(B)
|
To finance the return of capital to CCE shareholders in connection with the Merger, the Group obtained a €1 billion, floating rate bank term loan with annual payments due until 2021. Unamortised capitalised financing fees related to these borrowings totalled €3 million as at 30 June 2017.
|
(C)
|
These amounts represent the present values of the Group’s minimum finance lease obligations.
|
|
P a g e |
25
|
|
|
|
|
Six Months Ended
|
||||
|
|
30 June 2017
|
|
1 July 2016
|
||
|
|
€ million
|
|
€ million
|
||
Amounts affecting revenue:
|
|
|
|
|
||
Fountain syrup and packaged product sales
|
|
28
|
|
|
14
|
|
Amounts affecting cost of sales:
|
|
|
|
|
||
Purchases of concentrate, syrup, mineral water and juice
|
|
(1,634
|
)
|
|
(1,031
|
)
|
Purchases of finished products
|
|
(13
|
)
|
|
(17
|
)
|
Marketing support funding earned
|
|
163
|
|
|
104
|
|
Total amounts affecting cost of sales
|
|
(1,484
|
)
|
|
(944
|
)
|
Amounts affecting operating expenses:
|
|
|
|
|
||
Other operating credits
|
|
2
|
|
|
1
|
|
Other operating expenses
|
|
(7
|
)
|
|
(3
|
)
|
Total amounts affecting operating expenses
|
|
(5
|
)
|
|
(2
|
)
|
Total net amount affecting the Consolidated Income Statement
|
|
(1,461
|
)
|
|
(932
|
)
|
|
|
30 June 2017
|
|
31 December 2016
|
||
|
|
€ million
|
|
€ million
|
||
Amount due from TCCC
|
|
91
|
|
|
91
|
|
Amount payable to TCCC
|
|
187
|
|
|
154
|
|
|
P a g e |
26
|
|
|
|
|
Six Months Ended
|
||||
|
|
30 June 2017
|
|
1 July 2016
|
||
|
|
€ million
|
|
€ million
|
||
Amounts affecting revenues:
|
|
|
|
|
||
Packaged product sales
|
|
2
|
|
|
1
|
|
Amounts affecting cost of sales:
|
|
|
|
|
||
Purchases of juice concentrates and mineral water
|
|
(33
|
)
|
|
(6
|
)
|
Purchases of finished goods and other cost of goods
|
|
(5
|
)
|
|
(1
|
)
|
Total amounts affecting cost of sales
|
|
(38
|
)
|
|
(7
|
)
|
Amounts affecting operating expenses:
|
|
|
|
|
||
Maintenance and repair services and plant rental expense
|
|
5
|
|
|
—
|
|
Office rent and other expenses
|
|
4
|
|
|
(1
|
)
|
Total amounts affecting operating expenses
|
|
9
|
|
|
(1
|
)
|
Total net amount affecting the Consolidated Income Statement
|
|
(27
|
)
|
|
(7
|
)
|
|
|
30 June 2017
|
|
31 December 2016
|
||
|
|
€ million
|
|
€ million
|
||
Amount due from Cobega
|
|
4
|
|
|
4
|
|
Amount payable to Cobega
|
|
17
|
|
|
8
|
|
|
P a g e |
27
|
|
|
|
|
Restructuring Provision
|
|
Other Provisions
(A)
|
|
Total
|
|||
|
|
€ million
|
|
€ million
|
|
€ million
|
|||
Balance as at 31 December 2016
|
|
289
|
|
|
21
|
|
|
310
|
|
Charged/(credited) to profit or loss:
|
|
|
|
|
|
|
|||
Additional provisions recognised
|
|
35
|
|
|
2
|
|
|
37
|
|
Unused amounts reversed
|
|
(15
|
)
|
|
—
|
|
|
(15
|
)
|
Utilised during the period
|
|
(140
|
)
|
|
(1
|
)
|
|
(141
|
)
|
Translation
|
|
1
|
|
|
—
|
|
|
1
|
|
Balance as at 30 June 2017
|
|
170
|
|
|
22
|
|
|
192
|
|
(A)
|
Other provisions primarily relate to decommissioning provisions, property tax assessment provisions and legal reserves and are not considered material to these financial statements.
|
|
COCA-COLA EUROPEAN PARTNERS PLC
|
|
|
|
(Registrant)
|
Date: 14 August 2017
|
By:
|
/s/ Manik Jhangiani
|
|
Name:
|
Manik Jhangiani
|
|
Title:
|
Chief Financial Officer
|
1 Year Coca-Cola European Partners plc Chart |
1 Month Coca-Cola European Partners plc Chart |
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