Second Quarter
-----------------------------
1999 (a) 1998 Change
------- ------- -------
Net Operating Revenues $ 3,797 $ 3,687 3%
Cost of Sales 2,433 2,297 6%
------- -------
Gross Profit 1,364 1,390 (2)%
Selling, Delivery, and Administrative
Expenses 1,127 1,048 8%
------- -------
Operating Income 237 342 (31)%
Interest Expense, Net 186 170 9%
Other Nonoperating Expense, Net 1 --
------- -------
Income Before Income Taxes 50 172
Income Tax Expense 16 61
------- -------
Net Income 34 111
Preferred Stock Dividends 1 --
------- -------
Net Income Applicable to Common
Share Owners $ 33 $ 111
======= =======
Basic Average Common
Shares Outstanding 426 394
======= =======
Basic Net Income Per Share
Applicable to Common
Share Owners (b) $ 0.08 $ 0.28
======= =======
Diluted Average Common
Shares Outstanding 437 407
======= =======
Diluted Net Income Per Share
Applicable to Common
Share Owners (b) $ 0.08 $ 0.27
======= =======
Cash Operating Profit Data:
Operating Income $ 237 $ 342 (31)%
Depreciation 226 177 28%
Amortization 111 92 21%
------- -------
Cash Operating Profit $ 574 $ 611 (6)%
======= =======
(a) Second-quarter 1999 results include nonrecurring European product
recall costs of $103 million pretax, or 16 cents per share after
tax. The costs were allocated $91 million to cost of sales and
$12 million to selling, delivery, and administrative expenses.
(b) Per share data calculated prior to rounding to millions.
COCA-COLA ENTERPRISES INC. Exhibit 99
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Page 2 of 4
(Unaudited; In Millions Except Per Share Data)
Six Months
-----------------------------
1999 (a) 1998 Change
------- ------- -------
Net Operating Revenues $ 7,066 $ 6,645 6%
Cost of Sales 4,476 4,173 7%
------- -------
Gross Profit 2,590 2,472 5%
Selling, Delivery, and Administrative
Expenses 2,258 2,041 11%
------- -------
Operating Income 332 431 (23)%
Interest Expense, Net 373 338 10%
Other Nonoperating Income, Net -- --
------- -------
Income (Loss) Before Income Taxes (41) 93
Income Tax Expense (Benefit) (14) 33
------- -------
Net Income (Loss) (27) 60
Preferred Stock Dividends 2 --
------- -------
Net Income (Loss) Applicable to Common
Share Owners $ (29) $ 60
======= =======
Basic Average Common Shares
Outstanding 424 390
======= =======
Basic Net Income (Loss) Per Share
Applicable to Common Share
Owners (b) $ (0.07) $ 0.15
======= =======
Diluted Average Common Shares
Outstanding 424 404
======= =======
Diluted Net Income (loss) Per Share
Applicable to Common Share
Owners (b) $ (0.07) $ 0.15
======= =======
Cash Operating Profit Data:
Operating Income $ 332 $ 431 (23)%
Depreciation 437 342 28%
Amortization 222 182 22%
------- -------
Cash Operating Profit $ 991 $ 955 4%
======= =======
(a) Six-month 1999 results reflect the 7 acquisitions completed late
in 1998 and early in 1999 as if the transactions were completed
on January 1, 1999. In addition, six-month 1999 results include
nonrecurring product recall costs of $103 million pretax, or
16 cents per share after tax. The costs were allocated $91 million
to cost of sales and $12 million to selling, delivery, and
administrative expenses.
(b) Per share data calculated prior to rounding to millions.
COCA-COLA ENTERPRISES INC. Exhibit 99
CONDENSED CONSOLIDATED BALANCE SHEETS Page 3 of 4
(In Millions)
July 2, December 31,
1999 1998
----------- ----------
(Unaudited)
ASSETS
Current
Cash and cash investments $ 142 $ 68
Trade accounts receivable, net 1,495 1,337
Inventories 707 543
Prepaid expenses and other current assets 391 337
------- -------
Total Current Assets 2,735 2,285
Net Property, Plant, and Equipment 5,201 4,891
Franchises and Other Noncurrent Assets, Net 14,608 13,956
------- -------
$ 22,544 $21,132
======= =======
LIABILITIES AND SHARE-OWNERS' EQUITY
Current
Accounts payable and accrued expenses $ 2,330 $ 2,257
Current portion of long-term debt 1,776 1,140
------- -------
Total Current Liabilities 4,106 3,397
Long-Term Debt, Less Current Maturities 9,480 9,605
Retirement and Insurance Programs and
Other Long-Term Obligations 1,025 977
Long-Term Deferred Income Tax Liabilities 4,987 4,715
Share-Owners' Equity 2,946 2,438
------- -------
$22,544 $21,132
======= =======
COCA-COLA ENTERPRISES INC. Exhibit 99
Summary of Key Information Page 4 of 4
(Unaudited)
Reported Comparable
Second-Quarter 1999 Change Change (a)
------------------- -------- ----------
Cash Operating Profit - Consolidated (6)% 6%
Physical Case Bottle and Can Volume (b)
Consolidated (1)% (6)%
North America 1% (5)%
Europe (7)% (7)%
Fountain Gallon Volume (b) 13% 3%
Net Revenues Per Case to Retailer --
Bottle and Can 2 1/2% 4 1/2%
Cost of Sales Per Case -- Bottle and Can 5% (1/2)%
Six-Months 1999
-------------------
Cash Operating Profit - Consolidated 4% 8%
Physical Case Bottle and Can Volume (b)
Consolidated 2% (3)%
North America 4% (3)%
Europe (5)% (3)%
Fountain Gallon Volume (b) 12% 2%
Net Revenues Per Case to Retailer --
Bottle and Can 3 1/2% 4%
Cost of Sales Per Case -- Bottle and Can 4% 1/2%
(a) To determine the comparable results for the change in key operating
variables, 1998 and 1999 acquisitions are included for the same
period in 1998 as reported in 1999 and 1999 results have been
adjusted to exclude the second-quarter 1999 nonrecurring product
recall costs.
(b) To determine comparable results for the change in volume, 1998
results have also been adjusted to include the same number of fiscal
days as 1999.
