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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 |
•
|
REGISTRATION STATEMENT ON FORM F-3 OF COCA-COLA EUROPEAN PARTNERS PLC (REGISTRATION NO. 333-219945);
|
•
|
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
|
|
|
Note Regarding the Presentation of Alternative Performance Measures
|
Key Financial Measures
Unaudited, fx impact calculated by recasting current year results at prior year rates
|
Third Quarter Ended 29 September 2017
|
|||||||||||||||||||
€ million
|
|
% change
|
||||||||||||||||||
As Reported
|
|
Comparable
|
|
Fx-Impact
|
|
As Reported
|
|
Comparable
|
|
Fx-Impact
|
|
Comparable Fx-Neutral
|
||||||||
Revenue
|
2,964
|
|
|
2,964
|
|
|
(29
|
)
|
|
(1.5
|
)%
|
|
(1.5
|
)%
|
|
(1.0
|
)%
|
|
(0.5
|
)%
|
Cost of sales
|
1,774
|
|
|
1,768
|
|
|
(17
|
)
|
|
(1.0
|
)%
|
|
(1.5
|
)%
|
|
(1.0
|
)%
|
|
(0.5
|
)%
|
Operating expenses
|
763
|
|
|
726
|
|
|
(7
|
)
|
|
(5.5
|
)%
|
|
(3.5
|
)%
|
|
(0.5
|
)%
|
|
(3.0
|
)%
|
Operating profit
|
427
|
|
|
470
|
|
|
(5
|
)
|
|
5.5
|
%
|
|
2.5
|
%
|
|
(1.0
|
)%
|
|
3.5
|
%
|
Profit after taxes
|
304
|
|
|
333
|
|
|
(4
|
)
|
|
(7.0
|
)%
|
|
3.5
|
%
|
|
(1.5
|
)%
|
|
5.0
|
%
|
Diluted earnings per share (€)
|
0.62
|
|
|
0.68
|
|
|
(0.01
|
)
|
|
(7.5
|
)%
|
|
3.0
|
%
|
|
(1.0
|
)%
|
|
4.0
|
%
|
|
P a g e |
2
|
|
|
Key Financial Measures
Unaudited, fx impact calculated by recasting current year results at prior year rates
|
Nine Months Ended 29 September 2017
|
|||||||||||||||||||
€ million
|
|
% change
|
||||||||||||||||||
As Reported
|
|
Comparable
|
|
Fx-Impact
|
|
As Reported
|
|
Comparable
|
|
Fx-Impact
|
|
Comparable Fx-Neutral
|
||||||||
Revenue
|
8,400
|
|
|
8,400
|
|
|
(122
|
)
|
|
28.0
|
%
|
|
1.5
|
%
|
|
(1.5
|
)%
|
|
3.0
|
%
|
Cost of sales
|
5,095
|
|
|
5,092
|
|
|
(73
|
)
|
|
26.5
|
%
|
|
1.5
|
%
|
|
(1.5
|
)%
|
|
3.0
|
%
|
Operating expenses
|
2,243
|
|
|
2,150
|
|
|
(25
|
)
|
|
24.0
|
%
|
|
(2.5
|
)%
|
|
(1.0
|
)%
|
|
(1.5
|
)%
|
Operating profit
|
1,062
|
|
|
1,158
|
|
|
(24
|
)
|
|
47.5
|
%
|
|
9.0
|
%
|
|
(2.5
|
)%
|
|
11.5
|
%
|
Profit after taxes
|
749
|
|
|
811
|
|
|
(18
|
)
|
|
39.5
|
%
|
|
11.5
|
%
|
|
(2.5
|
)%
|
|
14.0
|
%
|
Diluted earnings per share (€)
|
1.53
|
|
|
1.66
|
|
|
(0.04
|
)
|
|
14.0
|
%
|
|
11.5
|
%
|
|
(2.5
|
)%
|
|
14.0
|
%
|
Operational Review
|
|
P a g e |
3
|
|
|
Outlook
|
Dividends
|
Forward-Looking Statements
|
|
P a g e |
4
|
|
|
Supplementary Financial Information - Income Statement
|
|
P a g e |
5
|
|
|
Third-Quarter 2016
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) |
Net tax items
(5)
|
|
CCEP
|
||||||||
Revenue
|
3,010
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
3,010
|
|
Cost of sales
|
1,796
|
|
|
3
|
|
(5
|
)
|
—
|
|
3
|
|
—
|
|
|
1,797
|
|
Gross profit
|
1,214
|
|
|
(3
|
)
|
5
|
|
—
|
|
(3
|
)
|
—
|
|
|
1,213
|
|
Operating expenses
|
809
|
|
|
1
|
|
(48
|
)
|
(8
|
)
|
—
|
|
—
|
|
|
754
|
|
Operating profit
|
405
|
|
|
(4
|
)
|
53
|
|
8
|
|
(3
|
)
|
—
|
|
|
459
|
|
Total finance costs, net
|
29
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
29
|
|
Non-operating items
|
1
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
1
|
|
Profit before taxes
|
375
|
|
|
(4
|
)
|
53
|
|
8
|
|
(3
|
)
|
—
|
|
|
429
|
|
Taxes
|
48
|
|
|
(1
|
)
|
20
|
|
3
|
|
(1
|
)
|
39
|
|
|
108
|
|
Profit after taxes
|
327
|
|
|
(3
|
)
|
33
|
|
5
|
|
(2
|
)
|
(39
|
)
|
|
321
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Diluted earnings per share (€)
|
0.67
|
|
|
|
|
|
|
|
|
0.66
|
|
|||||
|
|
|
||||||||||||||
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 related to business transformation activities.
|
(3)
|
Amounts represent costs associated with the Merger to form CCEP.
|
(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)
|
Amount represents the deferred tax impact related to income tax rate and law changes.
|
(6)
|
Amount represents a provision recorded for ongoing litigation.
|
First Nine 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) |
Litigation provision
(7)
|
|
CCEP
|
||||||||
Revenue
|
8,400
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
8,400
|
|
Cost of sales
|
5,095
|
|
|
3
|
|
(12
|
)
|
—
|
|
6
|
|
—
|
|
|
5,092
|
|
Gross profit
|
3,305
|
|
|
(3
|
)
|
12
|
|
—
|
|
(6
|
)
|
—
|
|
|
3,308
|
|
Operating expenses
|
2,243
|
|
|
(2
|
)
|
(82
|
)
|
(4
|
)
|
—
|
|
(5
|
)
|
|
2,150
|
|
Operating profit
|
1,062
|
|
|
(1
|
)
|
94
|
|
4
|
|
(6
|
)
|
5
|
|
|
1,158
|
|
Total finance costs, net
|
79
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1
|
)
|
|
78
|
|
Non-operating items
|
2
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
2
|
|
Profit before taxes
|
981
|
|
|
(1
|
)
|
94
|
|
4
|
|
(6
|
)
|
6
|
|
|
1,078
|
|
Taxes
|
232
|
|
|
—
|
|
34
|
|
1
|
|
(1
|
)
|
1
|
|
|
267
|
|
Profit after taxes
|
749
|
|
|
(1
|
)
|
60
|
|
3
|
|
(5
|
)
|
5
|
|
|
811
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Diluted earnings per share (€)
|
1.53
|
|
|
|
|
|
|
|
|
1.66
|
|
|||||
|
|
|
||||||||||||||
Diluted common shares outstanding
|
|
|
489
|
|
|
P a g e |
6
|
|
|
First Nine 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
|
6,555
|
|
|
1,732
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
8,287
|
|
Cost of sales
|
4,025
|
|
|
1,014
|
|
17
|
|
(12
|
)
|
—
|
|
(29
|
)
|
—
|
|
|
5,015
|
|
Gross profit
|
2,530
|
|
|
718
|
|
(17
|
)
|
12
|
|
—
|
|
29
|
|
—
|
|
|
3,272
|
|
Operating expenses
|
1,811
|
|
|
901
|
|
11
|
|
(386
|
)
|
(127
|
)
|
—
|
|
—
|
|
|
2,210
|
|
Operating profit
|
719
|
|
|
(183
|
)
|
(28
|
)
|
398
|
|
127
|
|
29
|
|
—
|
|
|
1,062
|
|
Total finance costs, net
|
90
|
|
|
12
|
|
—
|
|
—
|
|
(5
|
)
|
—
|
|
—
|
|
|
97
|
|
Non-operating items
|
5
|
|
|
(1
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
4
|
|
Profit before taxes
|
624
|
|
|
(194
|
)
|
(28
|
)
|
398
|
|
132
|
|
29
|
|
—
|
|
|
961
|
|
Taxes
|
87
|
|
|
(27
|
)
|
(7
|
)
|
108
|
|
31
|
|
7
|
|
36
|
|
|
235
|
|
Profit after taxes
|
537
|
|
|
(167
|
)
|
(21
|
)
|
290
|
|
101
|
|
22
|
|
(36
|
)
|
|
726
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share (€)
|
1.34
|
|
|
|
|
|
|
|
|
|
1.49
|
|
||||||
|
|
|
|
|||||||||||||||
Reported diluted common shares outstanding
|
|
|
402
|
|
||||||||||||||
Adjust: Capital structure share impact related to the Merger
|
|
|
86
|
|
||||||||||||||
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 related to business transformation activities.
|
(3)
|
Amounts represent costs associated with the Merger to form CCEP.
|
(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)
|
Amounts represents the deferred tax impact related to income tax rate and law changes.
|
(7)
|
Amount represents a provision recorded for ongoing litigation.
|
Supplemental Financial Information - Revenue
|
Revenue
In millions of €, except per case data which is calculated prior to rounding
|
Third-Quarter Ended
|
|
Nine Months Ended
|
||||||||||
29 September 2017
|
30 September 2016
|
% Change
|
|
29 September 2017
|
30 September 2016
|
% Change
|
|||||||
As reported
|
2,964
|
|
3,010
|
|
(1.5
|
)%
|
|
8,400
|
|
6,555
|
|
28.0
|
%
|
Add: Germany & Iberia
(A)
|
n/a
|
|
n/a
|
|
n/a
|
|
|
n/a
|
|
1,732
|
|
n/a
|
|
Comparable
|
2,964
|
|
3,010
|
|
(1.5
|
)%
|
|
8,400
|
|
8,287
|
|
1.5
|
%
|
Adjust: Impact of fx changes
|
29
|
|
n/a
|
|
(1.0
|
)%
|
|
122
|
|
n/a
|
|
(1.5
|
)%
|
Comparable & fx-neutral
|
2,993
|
|
3,010
|
|
(0.5
|
)%
|
|
8,522
|
|
8,287
|
|
3.0
|
%
|
|
|
|
|
|
|
|
|
||||||
Revenue per unit case
|
4.48
|
|
4.36
|
|
3.0
|
%
|
|
4.48
|
|
4.36
|
|
2.5
|
%
|
(A)
|
Adjustments to reflect Germany and Iberia revenue as if the Merger had occurred at the beginning of 2016. For the first nine months of 2016 this includes the period from 1 January through 27 May.
|
|
P a g e |
7
|
|
|
Revenue by Geography
Comparable
|
Third-Quarter Ended
|
|
Nine Months Ended
|
||||||||||
29 September 2017
|
30 September 2016
|
Revenue % Change
|
|
29 September 2017
|
30 September 2016
|
Revenue % Change
|
|||||||
% of Total
|
% of Total
|
|
% of Total
|
% of Total
|
|||||||||
Spain/Portugal/Andorra
(A)
|
28.0
|
%
|
27.5
|
%
|
0.5
|
%
|
|
25.0
|
%
|
24.5
|
%
|
3.0
|
%
|
Germany
|
19.5
|
%
|
19.5
|
%
|
(1.0
|
)%
|
|
20.0
|
%
|
19.5
|
%
|
1.5
|
%
|
Great Britain
|
17.5
|
%
|
18.0
|
%
|
(3.0
|
)%
|
|
18.0
|
%
|
19.0
|
%
|
(3.0
|
)%
|
France/Monaco
|
14.5
|
%
|
15.5
|
%
|
(6.5
|
)%
|
|
16.5
|
%
|
17.0
|
%
|
(1.0
|
)%
|
Belgium/Luxembourg/Netherlands
|
12.5
|
%
|
12.5
|
%
|
(4.5
|
)%
|
|
13.0
|
%
|
13.0
|
%
|
2.0
|
%
|
Norway
|
3.5
|
%
|
3.5
|
%
|
3.0
|
%
|
|
3.5
|
%
|
3.5
|
%
|
2.0
|
%
|
Sweden
|
3.5
|
%
|
3.0
|
%
|
4.5
|
%
|
|
3.0
|
%
|
3.5
|
%
|
1.0
|
%
|
Iceland
|
1.0
|
%
|
0.5
|
%
|
—
|
%
|
|
1.0
|
%
|
—
|
%
|
—
|
%
|
Total
|
100.0
|
%
|
100.0
|
%
|
(1.5
|
)%
|
|
100.0
|
%
|
100.0
|
%
|
1.5
|
%
|
(A)
|
Spain/Portugal/Andorra is also referred to as Iberia.
|
Comparable Volume - Selling Day Shift
In millions of unit cases, prior period volume recast using current year selling days
(A)
|
Third-Quarter Ended
|
|
Nine Months Ended
|
||||||||||
29 September 2017
|
30 September 2016
|
% Change
|
|
29 September 2017
|
30 September 2016
|
% Change
|
|||||||
Volume
|
669
|
|
691
|
|
(3.5
|
)%
|
|
1,902
|
|
1,899
|
|
—
|
%
|
Impact of selling day shift
|
n/a
|
|
n/a
|
|
—
|
%
|
|
n/a
|
|
(8
|
)
|
0.5
|
%
|
Comparable volume - Selling Day Shift adjusted
|
669
|
|
691
|
|
(3.5
|
)%
|
|
1,902
|
|
1,891
|
|
0.5
|
%
|
Comparable Volume by Brand Category
Adjusted for selling day shift
|
Third-Quarter Ended
|
|
Nine Months Ended
|
||||||||||
29 September 2017
|
30 September 2016
|
Volume % Change
|
|
29 September 2017
|
30 September 2016
|
% Change
|
|||||||
% of Total
|
% of Total
|
|
% of Total
|
% of Total
|
|||||||||
Sparkling
|
84.0
|
%
|
84.0
|
%
|
(3.0
|
)%
|
|
84.5
|
%
|
84.5
|
%
|
0.5
|
%
|
Coca-Cola Trademark
|
61.5
|
%
|
62.5
|
%
|
(4.5
|
)%
|
|
63.0
|
%
|
63.5
|
%
|
(0.5
|
)%
|
Sparkling Flavours and Energy
|
22.5
|
%
|
21.5
|
%
|
1.5
|
%
|
|
21.5
|
%
|
21.0
|
%
|
3.5
|
%
|
Stills
|
16.0
|
%
|
16.0
|
%
|
(5.5
|
)%
|
|
15.5
|
%
|
15.5
|
%
|
1.0
|
%
|
Juice, Isotonics and Other
|
8.5
|
%
|
8.0
|
%
|
(3.5
|
)%
|
|
8.0
|
%
|
8.0
|
%
|
3.0
|
%
|
Water
|
7.5
|
%
|
8.0
|
%
|
(8.5
|
)%
|
|
7.5
|
%
|
7.5
|
%
|
(1.0
|
)%
|
Total
|
100.0
|
%
|
100.0
|
%
|
(3.5
|
)%
|
|
100.0
|
%
|
100.0
|
%
|
0.5
|
%
|
|
P a g e |
8
|
|
|
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
|
Third-Quarter Ended
|
|
Nine Months Ended
|
||||||||||
29 September 2017
|
30 September 2016
|
% Change
|
|
29 September 2017
|
30 September 2016
|
% Change
|
|||||||
As reported
|
1,774
|
|
1,796
|
|
(1.0
|
)%
|
|
5,095
|
|
4,025
|
|
26.5
|
%
|
Add: Germany & Iberia
(A)
|
n/a
|
|
n/a
|
|
n/a
|
|
|
n/a
|
|
982
|
|
n/a
|
|
Adjust: Acquisition accounting
|
n/a
|
|
n/a
|
|
n/a
|
|
|
n/a
|
|
32
|
|
n/a
|
|
Adjust: Total items impacting comparability
|
(6
|
)
|
1
|
|
(700.0
|
)%
|
|
(3
|
)
|
(24
|
)
|
(87.5
|
)%
|
Comparable
|
1,768
|
|
1,797
|
|
(1.5
|
)%
|
|
5,092
|
|
5,015
|
|
1.5
|
%
|
Adjust: Impact of fx changes
|
17
|
|
n/a
|
|
(1.0
|
)%
|
|
73
|
|
n/a
|
|
(1.5
|
)%
|
Comparable & fx-neutral
|
1,785
|
|
1,797
|
|
(0.5
|
)%
|
|
5,165
|
|
5,015
|
|
3.0
|
%
|
|
|
|
|
|
|
|
|
||||||
Cost of sales per unit case
|
2.67
|
|
2.60
|
|
2.5
|
%
|
|
2.72
|
|
2.64
|
|
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 first nine months of 2016 this includes the period from 1 January through 27 May.
|
Operating Expenses
In millions of €
|
Third-Quarter Ended
|
|
Nine Months Ended
|
||||||||||
29 September 2017
|
30 September 2016
|
% Change
|
|
29 September 2017
|
30 September 2016
|
% Change
|
|||||||
As reported
|
763
|
|
809
|
|
(5.5
|
)%
|
|
2,243
|
|
1,811
|
|
24.0
|
%
|
Add: Germany & Iberia
(A)
|
n/a
|
|
n/a
|
|
n/a
|
|
|
n/a
|
|
905
|
|
n/a
|
|
Adjust: Acquisition accounting
|
n/a
|
|
n/a
|
|
n/a
|
|
|
n/a
|
|
(4
|
)
|
n/a
|
|
Adjust: Total items impacting comparability
|
(37
|
)
|
(55
|
)
|
(32.5
|
)%
|
|
(93
|
)
|
(502
|
)
|
(81.5
|
)%
|
Comparable
|
726
|
|
754
|
|
(3.5
|
)%
|
|
2,150
|
|
2,210
|
|
(2.5
|
)%
|
Adjust: Impact of fx changes
|
7
|
|
n/a
|
|
(0.5
|
)%
|
|
25
|
|
n/a
|
|
(1.0
|
)%
|
Comparable & fx-neutral
|
733
|
|
754
|
|
(3.0
|
)%
|
|
2,175
|
|
2,210
|
|
(1.5
|
)%
|
(A)
|
Adjustments to reflect Germany and Iberia operating expenses as if the Merger had occurred at the beginning of 2016. For the first nine months of 2016 this includes the period from 1 January through 27 May.
|
|
P a g e |
9
|
|
|
Supplemental Financial Information - Borrowings
|
Net Debt
In millions of €
|
As at
|
|
Credit Ratings
As of 6 November 2017
|
|
|
|
|
|
29 September 2017
|
|
|
Moody’s
|
|
Standard & Poor’s
|
|||
Total borrowings
|
6,040
|
|
|
Long-term rating
|
|
A3
|
|
BBB+
|
Add: fx impact of non-EUR borrowings
|
52
|
|
|
Outlook
|
|
Stable
|
|
Stable
|
Adjusted total borrowings
|
6,092
|
|
|
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
|
473
|
|
|
|||||
Net debt
|
5,619
|
|
|
Supplemental Financial Information - Free Cash Flow
|
Free Cash Flow
(A)
In millions of €
|
|
Nine Months Ended
|
|
|
29 September 2017
|
||
Net cash flows from operating activities
|
|
1,133
|
|
Add: Disposals of property, plant and equipment
|
|
17
|
|
Less: Purchases of property, plant and equipment
|
|
(288
|
)
|
Less: Purchases of capitalised software
|
|
(17
|
)
|
Less: Interest paid
|
|
(75
|
)
|
Free cash flow
|
|
770
|
|
(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 |
10
|
|
|
Supplemental Financial Information - Financial Position
|
Statement of Financial Position
In millions of €
|
|
As at
|
||||
|
29 September 2017
|
|
31 December 2016
|
|||
Non-current assets
|
|
14,986
|
|
|
15,143
|
|
Current assets
|
|
3,748
|
|
|
3,425
|
|
Total assets
|
|
18,734
|
|
|
18,568
|
|
Non-current liabilities
|
|
8,023
|
|
|
8,355
|
|
Current liabilities
|
|
3,943
|
|
|
3,752
|
|
Total liabilities
|
|
11,966
|
|
|
12,107
|
|
Total equity
|
|
6,768
|
|
|
6,461
|
|
Total equity and liabilities
|
|
18,734
|
|
|
18,568
|
|
|
P a g e |
11
|
|
|
|
|
Third-Quarter Ended
|
|
Nine Months Ended
|
||||||||
|
|
29 September 2017
|
|
30 September 2016
|
|
29 September 2017
|
|
30 September 2016
|
||||
|
|
€ million
|
|
€ million
|
|
€ million
|
|
€ million
|
||||
Revenue
|
|
2,964
|
|
|
3,010
|
|
|
8,400
|
|
|
6,555
|
|
Cost of sales
|
|
(1,774
|
)
|
|
(1,796
|
)
|
|
(5,095
|
)
|
|
(4,025
|
)
|
Gross profit
|
|
1,190
|
|
|
1,214
|
|
|
3,305
|
|
|
2,530
|
|
Selling and distribution expenses
|
|
(550
|
)
|
|
(554
|
)
|
|
(1,597
|
)
|
|
(1,107
|
)
|
Administrative expenses
|
|
(213
|
)
|
|
(255
|
)
|
|
(646
|
)
|
|
(704
|
)
|
Operating profit
|
|
427
|
|
|
405
|
|
|
1,062
|
|
|
719
|
|
Finance income
|
|
12
|
|
|
12
|
|
|
37
|
|
|
21
|
|
Finance costs
|
|
(40
|
)
|
|
(41
|
)
|
|
(116
|
)
|
|
(111
|
)
|
Total finance costs, net
|
|
(28
|
)
|
|
(29
|
)
|
|
(79
|
)
|
|
(90
|
)
|
Non-operating items
|
|
(2
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
(5
|
)
|
Profit before taxes
|
|
397
|
|
|
375
|
|
|
981
|
|
|
624
|
|
Taxes
|
|
(93
|
)
|
|
(48
|
)
|
|
(232
|
)
|
|
(87
|
)
|
Profit after taxes
|
|
304
|
|
|
327
|
|
|
749
|
|
|
537
|
|
|
|
|
|
|
|
|
|
|
||||
Basic earnings per share (€)
|
|
0.63
|
|
|
0.68
|
|
|
1.55
|
|
|
1.36
|
|
Diluted earnings per share (€)
|
|
0.62
|
|
|
0.67
|
|
|
1.53
|
|
|
1.34
|
|
|
P a g e |
12
|
|
|
|
|
29 September 2017
|
|
31 December 2016
|
||
|
|
€ million
|
|
€ million
|
||
ASSETS
|
|
|
|
|
||
Non-current:
|
|
|
|
|
||
Intangible assets
|
|
8,394
|
|
|
8,344
|
|
Goodwill
|
|
2,522
|
|
|
2,427
|
|
Property, plant and equipment
|
|
3,740
|
|
|
3,993
|
|
Non-current derivative assets
|
|
3
|
|
|
35
|
|
Deferred tax assets
|
|
269
|
|
|
274
|
|
Other non-current assets
|
|
58
|
|
|
70
|
|
Total non-current assets
|
|
14,986
|
|
|
15,143
|
|
Current:
|
|
|
|
|
||
Current derivative assets
|
|
13
|
|
|
23
|
|
Current tax assets
|
|
35
|
|
|
16
|
|
Inventories
|
|
755
|
|
|
673
|
|
Amounts receivable from related parties
|
|
99
|
|
|
95
|
|
Trade accounts receivable
|
|
1,917
|
|
|
1,860
|
|
Other current assets
|
|
456
|
|
|
372
|
|
Cash and cash equivalents
|
|
473
|
|
|
386
|
|
Total current assets
|
|
3,748
|
|
|
3,425
|
|
Total assets
|
|
18,734
|
|
|
18,568
|
|
LIABILITIES
|
|
|
|
|
||
Non-current:
|
|
|
|
|
||
Borrowings, less current portion
|
|
5,140
|
|
|
5,562
|
|
Employee benefit liabilities
|
|
249
|
|
|
278
|
|
Non-current provisions
|
|
38
|
|
|
89
|
|
Non-current derivative liabilities
|
|
75
|
|
|
1
|
|
Deferred tax liabilities
|
|
2,308
|
|
|
2,248
|
|
Other non-current liabilities
|
|
213
|
|
|
177
|
|
Total non-current liabilities
|
|
8,023
|
|
|
8,355
|
|
Current:
|
|
|
|
|
||
Current portion of borrowings
|
|
900
|
|
|
875
|
|
Current portion of employee benefit liabilities
|
|
22
|
|
|
24
|
|
Current provisions
|
|
118
|
|
|
221
|
|
Current derivative liabilities
|
|
5
|
|
|
8
|
|
Current tax liabilities
|
|
138
|
|
|
44
|
|
Amounts payable to related parties
|
|
187
|
|
|
162
|
|
Trade and other payables
|
|
2,573
|
|
|
2,418
|
|
Total current liabilities
|
|
3,943
|
|
|
3,752
|
|
Total liabilities
|
|
11,966
|
|
|
12,107
|
|
EQUITY
|
|
|
|
|
||
Share capital
|
|
5
|
|
|
5
|
|
Share premium
|
|
126
|
|
|
114
|
|
Merger reserves
|
|
287
|
|
|
287
|
|
Other reserves
|
|
(504
|
)
|
|
(419
|
)
|
Retained earnings
|
|
6,854
|
|
|
6,474
|
|
Total equity
|
|
6,768
|
|
|
6,461
|
|
Total equity and liabilities
|
|
18,734
|
|
|
18,568
|
|
|
P a g e |
13
|
|
|
|
|
Nine Months Ended
|
||||
|
|
29 September 2017
|
|
30 September 2016
|
||
|
|
€ million
|
|
€ million
|
||
Cash flows from operating activities:
|
|
|
|
|
||
Profit before taxes
|
|
981
|
|
|
624
|
|
Adjustments to reconcile profit before tax to net cash flows from operating activities:
|
|
|
|
|
||
Depreciation
|
|
337
|
|
|
235
|
|
Amortisation of intangible assets
|
|
42
|
|
|
29
|
|
Share-based payment expense
|
|
10
|
|
|
32
|
|
Finance costs, net
|
|
79
|
|
|
90
|
|
Income taxes paid
|
|
(134
|
)
|
|
(110
|
)
|
Changes in assets and liabilities:
|
|
|
|
|
||
Decrease/(increase) in trade accounts receivable
|
|
(72
|
)
|
|
(109
|
)
|
Decrease/(increase) in inventories
|
|
(87
|
)
|
|
42
|
|
Increase/(decrease) in trade and other payables
|
|
97
|
|
|
210
|
|
Increase/(decrease) in provisions
|
|
(153
|
)
|
|
(8
|
)
|
Change in other operating assets and liabilities
|
|
33
|
|
|
(50
|
)
|
Net cash flows from operating activities
|
|
1,133
|
|
|
985
|
|
Cash flows from investing activities:
|
|
|
|
|
||
Cash from acquisition of bottling operations
|
|
—
|
|
|
110
|
|
Purchases of property, plant and equipment
|
|
(288
|
)
|
|
(309
|
)
|
Purchases of capitalised software
|
|
(17
|
)
|
|
(26
|
)
|
Proceeds from sales of property, plant and equipment
|
|
17
|
|
|
12
|
|
Settlement of net investment hedges
|
|
—
|
|
|
(8
|
)
|
Net cash flows used in investing activities
|
|
(288
|
)
|
|
(221
|
)
|
Cash flows from financing activities:
|
|
|
|
|
||
Proceeds from borrowings, net of issuance costs
|
|
—
|
|
|
3,174
|
|
Changes in revolving credit facility, net of issuance costs
|
|
—
|
|
|
15
|
|
Changes in short-term borrowings
|
|
375
|
|
|
(183
|
)
|
Repayments on third party borrowings
|
|
(675
|
)
|
|
(232
|
)
|
Repayment of loan with TCCC assumed in acquisition
|
|
—
|
|
|
(73
|
)
|
Interest paid
|
|
(75
|
)
|
|
(79
|
)
|
Return of capital to CCE shareholders
|
|
—
|
|
|
(2,963
|
)
|
Dividends paid
|
|
(388
|
)
|
|
(203
|
)
|
Exercise of employee share options
|
|
13
|
|
|
17
|
|
Repurchases of share-based payments
|
|
—
|
|
|
(27
|
)
|
Other financing activities, net
|
|
(2
|
)
|
|
(12
|
)
|
Net cash flows used in financing activities
|
|
(752
|
)
|
|
(566
|
)
|
Net change in cash and cash equivalents
|
|
93
|
|
|
198
|
|
Net effect of currency exchange rate changes on cash and cash equivalents
|
|
(6
|
)
|
|
(7
|
)
|
Cash and cash equivalents at beginning of period
|
|
386
|
|
|
156
|
|
Cash and cash equivalents at end of period
|
|
473
|
|
|
347
|
|
Non-cash investing and financing activities:
|
|
|
|
|
||
Finance lease additions
|
|
10
|
|
|
7
|
|
|
COCA-COLA EUROPEAN PARTNERS PLC
|
|
|
|
(Registrant)
|
Date: 7 November 2017
|
By:
|
/s/ Nik Jhangiani
|
|
Name:
|
Nik 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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