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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 15, 1997
COCA-COLA ENTERPRISES INC.
(Exact name of registrant as specified in its charter)
Delaware 01-09300 58-0503352
(State of (Commission File No.) (IRS Employer
Incorporation) Identification No.)
2500 Windy Ridge Parkway, Atlanta, Georgia 30339
(Address of principal executive offices, including zip code)
(770) 989-3000
(Registrant's telephone number, including area code)
Page 1 of 8 pages
Exhibit Index page 4
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Item 5. Other Events
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Coca-Cola Enterprises Inc. (the "Company") files herewith its
unaudited Consolidated Statements of Income and Balance Sheet,
reporting the Company's results of operations and financial
position for the second quarter and first six months of 1997,
including a summary of key financial information.
Item 7. Financial Statements and Exhibits
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(c) Exhibits.
99 Consolidated Statements of Operations and Balance Sheets
(unaudited) of the Company, reporting results of operations
for the second quarter and first six months of 1997 and 1996
and financial position as of June 27, 1997 and December 31,
1996, including a summary of key financial information.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
COCA-COLA ENTERPRISES INC.
(Registrant)
/s/ LOWRY F. KLINE
Date: July 21, 1997 By:-----------------------------
Lowry F. Kline
Senior Vice President
and General Counsel
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COCA-COLA ENTERPRISES INC.
EXHIBIT INDEX
Exhibit No. Page
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99 Consolidated Statements of Income and Balance 5
Sheets (unaudited) of the Company, reporting results
of operations for the second quarter and first six
months of 1997 and 1996 and financial position as of
June 27, 1997 and December 31, 1996, including a
summary of key financial information.
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Exhibit 99
COCA-COLA ENTERPRISES INC Page 1 of 4
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited; In Millions Except Per Share Data)
Second Quarter
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1997 1996 (a) Change
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Net Operating Revenues $ 2,905 $ 2,016 44%
Cost of Sales 1,821 1,253 45%
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Gross Profit 1,084 763 42%
Selling, General and Administrative Expenses 774 578 34%
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Operating Income 310 185 68%
Interest Expense - Net 127 84 51%
Other Nonoperating Expenses - Net 1 -
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Income Before Income Taxes 182 101 80%
Income Tax Expense 71 42 69%
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Net Income 111 59 88%
Preferred Stock Dividends - 2
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Net Income Applicable to Common
Share Owners $ 111 $ 57 95%
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Average Common Shares Outstanding 384 370 (b)
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Net Income Per Common Share (c) $ 0.29 $ 0.15 93%
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Cash Operating Profit Data:
Operating Income $ 310 $ 185 68%
Depreciation 139 90 54%
Amortization 75 57 32%
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Cash Operating Profit $ 524 $ 332 58%
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(a) Reported second-quarter 1996 results include the operating results of
the Ouachita Coca-Cola Bottling Company from the date of acquisition,
February 21, 1996. The Coke West, French and Belgian, and British
bottler acquisitions are not included in reported second-quarter results.
(b) Adjusted for 3-for-1 stock split.
(c) Per share data calculated prior to rounding to millions.
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Exhibit 99
COCA-COLA ENTERPRISES INC Page 2 of 4
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited; In Millions Except Per Share Data)
Six Month
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1997 (a) 1996 (b) Change
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Net Operating Revenues $ 5,046 $ 3,616 40%
Cost of Sales 3,162 2,223 42%
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Gross Profit 1,884 1,393 35%
Selling, General and Administrative Expenses 1,516 1,117 36%
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Operating Income 368 276 33%
Interest Expense - Net 234 163 44%
Other Nonoperating Expenses - Net 6 (c) -
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Income Before Income Taxes 128 113 13%
Income Tax Expense 50 47 6%
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Net Income 78 66 18%
Preferred Stock Dividends 2 4
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Net Income Applicable to Common
Share Owners $ 76 $ 62 23%
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Average Common Shares Outstanding (d) 381 375
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Net Income Per Common Share (e) $ 0.20 $ 0.17 18%
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Cash Operating Profit Data:
Operating Income $ 368 $ 276 33%
Depreciation 259 176 47%
Amortization 171 107 60%
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Cash Operating Profit $ 798 $ 559 43%
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(a) Reported six-month 1997 results include the operating results of the
British bottler beginning with the month of March 1997 and interest
expense associated with this acquisition from the closing date of
February 10, 1997.
(b) Reported six-month 1996 results include the operating results of the
Ouachita Coca-Cola Bottling Company from the date of acquisition on
February 21, 1996. The Coke West, French and Belgian, and British
bottler acquisitions are not included in reported six-month 1996 results.
Reported six-month 1996 cost of sales includes the favorable $10 million
settlement from certain suppliers (2 cents per common share after tax
on a split-adjusted basis).
(c) Reported six-month 1997 results include a $6 million, or 1 cent per
common share (split-adjusted), one-time charge related to the April 1,
1997 redemption of 8 3/4 percent Debentures due April 1, 2017.
(d) Adjusted for 3-for-1 stock split.
(e) Per share data calculated prior to rounding to millions.
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COCA-COLA ENTERPRISES INC. Exhibit 99
CONDENSED CONSOLIDATED BALANCE SHEETS Page 3 of 4
(In Millions)
June 27, December 31,
1997 1996
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(Unaudited)
ASSETS
Current
Cash and cash investments $ 31 $ 47
Trade accounts receivable, net 1,152 668
Inventories 476 317
Current deferred income tax assets 148 140
Prepaid expenses and other current assets 163 147
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Total Current Assets 1,970 1,319
Net Property, Plant and Equipment 3,288 2,812
Franchises and Other Noncurrent Assets, Net 9,610 7,103
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$14,868 $11,234
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LIABILITIES AND SHARE-OWNERS' EQUITY
Current
Accounts payable and accrued expenses $ 1,840 $ 1,199
Current portion of long-term debt 2,117 491
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Total Current Liabilities 3,957 1,690
Long-Term Debt 5,129 4,814
Retirement and Insurance Programs and
Other Long-Term Obligations 849 699
Long-Term Deferred Income Tax Liabilities 3,293 2,481
Share-Owners' Equity
Preferred stock - 134
Common stock 442 147
Additional paid-in capital 1,303 1,434
Reinvested earnings 301 237
Cumulative effect of currency translations (23) 21
Cost of common stock in treasury (383) (423)
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1,640 1,550
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$14,868 $11,234
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COCA-COLA ENTERPRISES INC. Exhibit 99
Summary - Key Information Page 4 of 4
(Unaudited)
Reported Comparable
Second-Quarter 1997 Change Change (a)
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Cash Operating Profit
Consolidated 58% 9%
Currency Neutral N/A 10%
Physical Case Bottle and Can Volume (b)
Consolidated 39% 2%
United States Groups N/A 3%
European Group N/A Flat
Fountain Gallon Volume 29% 3%
Net Revenues Per Case (Bottle and Can) 4% (1 1/2%)
Cost of Sales Per Case (Bottle and Can) 5 1/2% (2 1/2%)
Six-Months 1997
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Cash Operating Profit
Consolidated 43% 9%
Currency Neutral N/A 10%
Physical Case Bottle and Can Volume (b)
Consolidated 36% 6%
United States Groups N/A 6%
European Group N/A 4%
Fountain Gallon Volume 26% 4%
Net Revenues Per Case (Bottle and Can) 2 1/2% (2%)
Cost of Sales Per Case (Bottle and Can) 5% (2 1/2%)
(a) To determine the comparable change 1996 results have been adjusted to
include the results of material 1996 and 1997 acquisitions for the same
periods they are included in reported 1997 results and to exclude the
first-quarter 1996 favorable supplier settlement from six-month results.
(b) To determine the 1997 comparable volume change, 1996 volume results have
been adjusted for acquisitions and common fiscal periods.
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