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