COCA-COLA ENTERPRISES INC. Exhibit 99
CONDENSED CONSOLIDATED STATEMENTS OF INCOME Page 1 of 4
(Unaudited; In Millions Except Per Share Data)
Third Quarter
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1999 1998 Change
------- ------- -------
Net Operating Revenues $ 3,831 $ 3,528 9%
Cost of Sales 2,360 2,207 7%
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Gross Profit 1,471 1,321 11%
Selling, Delivery, and Administrative
Expenses 1,130 1,013 12%
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Operating Income 341 308 11%
Interest Expense, Net 186 179 4%
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Income Before Income Taxes 155 129
Income Tax Expense 51 42
Income Tax Rate Change Benefit (a) -- (29)
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Net Income 104 116
Preferred Stock Dividends 1 1
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Net Income Applicable to Common
Share Owners $ 103 $ 115
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Basic Average Common
Shares Outstanding 426 398
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Basic Net Income Per Share
Applicable to Common
Share Owners (b) $ 0.24 $ 0.29
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Diluted Average Common
Shares Outstanding 437 410
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Diluted Net Income Per Share
Applicable to Common
Share Owners (b) $ 0.24 $ 0.28
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Cash Operating Profit Data:
Operating Income $ 341 $ 308 11%
Depreciation 226 184 23%
Amortization 113 104 9%
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Cash Operating Profit $ 680 $ 596 14%
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(a) Third-quarter 1998 results include a one-time benefit from the
reduction of the United Kingdom tax rate of 7 cents per diluted share.
(b) Per share data calculated prior to rounding to millions.
COCA-COLA ENTERPRISES INC. Exhibit 99
CONDENSED CONSOLIDATED STATEMENTS OF INCOME Page 2 of 4
(Unaudited; In Millions Except Per Share Data)
Nine Months
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1999 (a) 1998 (b) Change
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Net Operating Revenues $10,897 $10,173 7%
Cost of Sales 6,836 6,380 7%
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Gross Profit 4,061 3,793 7%
Selling, Delivery, and Administrative
Expenses 3,388 3,054 11%
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Operating Income 673 739 (9)%
Interest Expense, Net 559 517 8%
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Income Before Income Taxes 114 222
Income Tax Expense 37 75
Income Tax Rate Change Benefit (c) -- (29)
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Net Income 77 176
Preferred Stock Dividends 3 1
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Net Income Applicable to Common
Share Owners $ 74 $ 175
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Basic Average Common Shares
Outstanding 425 393
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Basic Net Income Per Share Applicable
to Common Share Owners (d) $ 0.18 $ 0.45
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Diluted Average Common Shares
Outstanding 436 406
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Diluted Net Income Per Share Applicable
to Common Share Owners (d) $ 0.17 $ 0.43
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Cash Operating Profit Data:
Operating Income $ 673 $ 739 (9)%
Depreciation 663 526 26%
Amortization 335 286 17%
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Cash Operating Profit $ 1,671 $ 1,551 8%
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(a) Nine-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, nine-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) Nine-month 1998 results include the results of the Coke Southwest
acquisition from the closing date of June 5, 1998.
(c) Nine-month 1998 results include a one-time benefit from the reduction
of the United Kingdom tax rate of 7 cents per diluted share.
(d) 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)
October 1, December 31,
1999 1998
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(Unaudited)
ASSETS
Current
Cash and cash investments $ 94 $ 68
Trade accounts receivable, net 1,366 1,337
Inventories 631 543
Prepaid expenses and other current assets 392 337
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Total Current Assets 2,483 2,285
Net Property, Plant, and Equipment 5,325 4,891
Franchises and Other Noncurrent Assets, Net 14,705 13,956
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$22,513 $21,132
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LIABILITIES AND SHARE-OWNERS' EQUITY
Current
Accounts payable and accrued expenses $ 2,163 $ 2,257
Current portion of long-term debt 1,462 1,140
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Total Current Liabilities 3,625 3,397
Long-Term Debt, Less Current Maturities 9,762 9,605
Retirement and Insurance Programs and
Other Long-Term Obligations 1,052 977
Long-Term Deferred Income Tax Liabilities 5,037 4,715
Share-Owners' Equity 3,037 2,438
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$22,513 $21,132
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COCA-COLA ENTERPRISES INC. Exhibit 99
Summary of Key Information Page 4 of 4
(Unaudited)
Reported Comparable
Third-Quarter 1999 Change Change (a)
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Cash Operating Profit - Consolidated 14% 11%
Physical Case Bottle and Can Volume (b)
Consolidated 5% 2%
North America 2% (2)%
Europe 17% 15%
Fountain Gallon Volume (b) 6% 1%
Net Revenues Per Case to Retailers --
Bottle and Can 3% 4%
Cost of Sales Per Case -- Bottle and Can 1% (1/2)%
Nine-Months 1999
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Cash Operating Profit - Consolidated 8% 10%
Physical Case Bottle and Can Volume (b)
Consolidated 3% (1)%
North America 3% (2)%
Europe 2% 3%
Fountain Gallon Volume (b) 10% 2%
Net Revenues Per Case to Retailers --
Bottle and Can 3% 4%
Cost of Sales Per Case -- Bottle and Can 3% Flat
(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.
