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): September 26, 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
and a summary of key financial information reporting the Company's
results of operations and financial position for the third quarter
and first nine months of 1997.
Item 7. Financial Statements and Exhibits
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(c) Exhibits.
99 Consolidated Statements of Income (unaudited) for the third
quarter and first nine months of 1997 and 1996, Consolidated
Balance Sheets (unaudited) as of September 26, 1997 and
December 31, 1996, and a summary of key financial information
for the reported periods.
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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: October 28, 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 (unaudited) 5
for the third quarter and first nine months
of 1997 and 1996, Consolidated Balance Sheets
(unaudited) as of September 26, 1997 and
December 31, 1996, and a summary of key financial
information for the reported periods.
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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)
Third Quarter
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1997 (a) 1996 (b) Change
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Net Operating Revenues $ 3,183 $ 2,187 46%
Cost of Sales 2,017 1,363 48%
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Gross Profit 1,166 824 42%
Selling, Delivery, and Administrative
Expenses 939 667 41%
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Operating Income 227 157 45%
Interest Expense - Net 143 90 59%
Other Nonoperating Deductions - Net - 1
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Income Before Income Taxes 84 66 27%
Income Tax Expense Before Rate Change 30 27
Income Tax Rate Change - United Kingdom (58) -
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Net Income 112 39
Preferred Stock Dividends - 2
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Net Income Applicable to Common
Share Owners $ 112 $ 37
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Average Common Shares Outstanding (c) 386 373
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Net Income Per Common Share (c)(d) $ 0.29 $ 0.10
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Cash Operating Profit Data:
Operating Income $ 227 $ 157 45%
Depreciation 143 103 39%
Amortization 117 65 80%
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Cash Operating Profit $ 487 $ 325 50%
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(a) Reported third-quarter 1997 results include the operating results of
the New York and Canadian bottler acquisition beginning with the month
of August 1997, and interest costs associated with this acquisition as
if it closed on August 7, 1997.
(b) Reported third quarter 1996 results include the operating results of
the Ouachita, Coke West, French and Belgian bottler acquisitions from
their respective acquisition dates. The British, New York and Canadian
bottler acquisitions are not included in reported third-quarter 1996
results.
(c) Adjusted for 3-for-1 stock split.
(d) Per share data calculated prior to rounding to millions.
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COCA-COLA ENTERPRISES INC. Exhibit 99
CONSOLIDATED STATEMENTS OF INCOME Page 2 of 4
(Unaudited; In Millions Except Per Share Data)
Nine Months
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1997 (a) 1996 (b) Change
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Net Operating Revenues $ 8,229 $ 5,803 42%
Cost of Sales 5,179 3,586 44%
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Gross Profit 3,050 2,217 38%
Selling, Delivery and Administrative Expenses 2,455 1,784 38%
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Operating Income 595 433 37%
Interest Expense - Net 377 253 49%
Other Nonoperating Expenses - Net 6 (c) 1
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Income Before Income Taxes 212 179 18%
Income Tax Expense 80 74
Rate Change - Great Britain (58) -
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Net Income 190 105 81%
Preferred Stock Dividends 2 6
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Net Income Applicable to Common Share Owners $ 188 $ 99 90%
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Average Common Shares Outstanding (d) 382 374
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Net Income Per Common Share (d)(e) $ 0.49 $ 0.26 88%
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Cash Operating Profit Data:
Operating Income $ 595 $ 433 37%
Depreciation 402 279 44%
Amortization 288 173 66%
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Cash Operating Profit $ 1,285 $ 885 45%
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(a) Reported nine-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. Reported nine-month 1997 results include the
operating results of the New York and Canadian bottler acquisition
beginning with the month of August 1997, and interest costs associated
with this acquisition as if it closed on August 7, 1997.
(b) Reported nine-month 1996 results include the operating results of the
Ouachita, Coke West, and French and Belgian bottler acquisitions from
their respective acquisition dates. The British, New York and Canadian
bottler acquisitions are not included in reported nine-month 1996
results. Reported nine-month 1996 cost of sales includes the favorable
$10 million settlement from certain suppliers (1 cent per common share
after tax on a split-adjusted basis).
(c) Reported nine-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
PRELIMINARY CONDENSED CONSOLIDATED BALANCE SHEETS Page 3 of 4
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(In Millions)
September 26, December 31,
1997 1996
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(Unaudited)
ASSETS
Current
Cash and cash investments $ 59 $ 47
Trade accounts receivable, net 1,128 668
Inventories 501 317
Current deferred income tax assets 148 140
Prepaid expenses and other current assets 217 147
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Total Current Assets 2,053 1,319
Net Property, Plant and Equipment 3,687 2,812
Franchises and Other Noncurrent Assets, Net 11,732 7,103
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$17,472 $11,234
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LIABILITIES AND SHARE-OWNERS' EQUITY
Current
Accounts payable and accrued expenses $ 2,070 $ 1,199
Current portion of long-term debt 1,571 491
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Total Current Liabilities 3,641 1,690
Long-Term Debt 7,108 4,814
Retirement and Insurance Programs and
Other Long-Term Obligations 890 699
Long-Term Deferred Income Tax Liabilities 4,070 2,481
Share-Owners' Equity
Preferred stock - 134
Common stock 442 147
Additional paid-in capital 1,353 1,434
Reinvested earnings 403 237
Cumulative effect of currency translations (52) 21
Cost of common stock in treasury (383) (423)
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1,763 1,550
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$17,472 $11,234
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COCA-COLA ENTERPRISES INC. Exhibit 99
Summary - Key Information Page 4 of 4
(Unaudited)
Reported Comparable
Third-Quarter 1997 Change Change (a)
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Cash Operating Profit (b)
Consolidated 50% 18%
Currency Neutral - 19%
Physical Case Bottle and Can Volume (c)
Consolidated 45% 9%
North America 23% 7%
Europe N/A 15%
Fountain Gallon Volume (c) 46% 5%
Net Revenues Per Case (Bottle and Can) (1/2%) (2 1/2%)
Cost of Sales Per Case (Bottle and Can) 2% (1 1/2%)
Nine-Months 1997
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Cash Operating Profit (b)
Consolidated 45% 12%
Currency Neutral - 13%
Physical Case Bottle and Can Volume (c)
Consolidated 39% 7%
North America 12% 6%
Europe N/A 8%
Fountain Gallon Volume (c) 34% 5%
Net Revenues Per Case (Bottle and Can) 1 1/2% (2 1/2%)
Cost of Sales Per Case (Bottle and Can) 4% (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 nine-month results.
(b) Comparable cash operating profit is determined as described in (a) with
an adjustment to exclude the reported results of the New York and Canadian
bottler.
(c) To determine the 1997 comparable volume change, 1996 volume results have
been adjusted for acquisitions and common fiscal periods.
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