COCA-COLA ENTERPRISES INC. Exhibit 99
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Page 1 of 5
(Unaudited; In Millions Except Per Share Data)
Second-Quarter
-----------------------------
2000(a) 1999(a) Change
------- ------- ------
Net Operating Revenues $ 4,027 $ 3,797 6 %
Cost of Sales 2,483 2,433 2 %
------- -------
Gross Profit 1,544 1,364 13 %
Selling, Delivery, and Administrative
Expenses 1,156 1,127 3 %
------- -------
Operating Income 388 237 64 %
Interest Expense, Net 200 186 8 %
Other Nonoperating Expense, Net 1 1
------- -------
Income Before Income Taxes 187 50
Income Tax Expense 64 16
------- -------
Net Income 123 34
Preferred Stock Dividends 1 1
------- -------
Net Income Applicable to Common
Shareowners $ 122 $ 33
======= =======
Basic Average Common
Shares Outstanding 420 426
======= =======
Basic Net Income Per Share
Applicable to Common
Shareowners (b) $ 0.29 $ 0.08
======= =======
Diluted Average Common
Shares Outstanding 429 437
======= =======
Diluted Net Income Per Share
Applicable to Common
Shareowners (b) $ 0.29 $ 0.08
======= =======
Cash Operating Profit Data:
Operating Income $ 388 $ 237 64 %
Depreciation 196 226 (13)%
Amortization 112 111 1 %
------- -------
Cash Operating Profit $ 696 $ 574 21 %
======= =======
(a) 2000 results include a nonrecurring charge of $12 million related to
Great Britain. 1999 results include nonrecurring product recall costs
of $103 million.
(b) Per share data calculated prior to rounding to millions.
COCA-COLA ENTERPRISES INC. Exhibit 99
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Page 2 of 5
(Unaudited; In Millions Except Per Share Data)
Six-Months
-----------------------------
2000(a) 1999(a) Change
------- ------- ------
Net Operating Revenues $ 7,321 $ 7,066 4 %
Cost of Sales 4,495 4,476 Flat
------- -------
Gross Profit 2,826 2,590 9 %
Selling, Delivery, and Administrative
Expenses 2,294 2,258 2 %
------- -------
Operating Income 532 332 60 %
Interest Expense, Net 396 373 6 %
------- -------
Income (Loss) Before Income Taxes 136 (41)
Income Tax Expense (Benefit) 46 (14)
------- -------
Net Income (Loss) 90 (27)
Preferred Stock Dividends 2 2
------- -------
Net Income (Loss) Applicable to Common
Shareowners $ 88 $ (29)
======= =======
Basic Average Common Shares
Outstanding 420 424
======= =======
Basic Net Income (Loss) Per Share
Applicable to Common Shareowners (b) $ 0.21 $ (0.07)
======= =======
Diluted Average Common Shares
Outstanding 431 424
======= =======
Diluted Net Income (loss) Per Share
Applicable to Common Shareowners (b) $ 0.20 $ (0.07)
======= =======
Cash Operating Profit Data:
Operating Income $ 532 $ 332 60 %
Depreciation 400 437 (8)%
Amortization 227 222 2 %
------- -------
Cash Operating Profit $ 1,159 $ 991 17 %
======= =======
(a) 2000 results include a nonrecurring charge of $12 million related to
Great Britain. 1999 results include nonrecurring product recall costs
of $103 million.
(b) Per share data calculated prior to rounding to millions.
COCA-COLA ENTERPRISES INC. Exhibit 99
CONDENSED CONSOLIDATED BALANCE SHEETS Page 3 of 5
(In Millions)
June 30, December 31,
2000 1999
----------- -----------
(Unaudited)
ASSETS
Current
Cash and cash investments $ 170 $ 141
Trade accounts receivable, net 1,517 1,347
Inventories 679 669
Prepaid expenses and other current assets 438 424
------- -------
Total Current Assets 2,804 2,581
Net Property, Plant, and Equipment 5,538 5,594
Franchises and Other Noncurrent Assets, Net 14,032 14,555
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$22,374 $22,730
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LIABILITIES AND SHAREOWNERS' EQUITY
Current
Accounts payable and accrued expenses $ 2,181 $ 2,389
Current portion of long-term debt 1,363 1,225
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Total Current Liabilities 3,544 3,614
Long-Term Debt, Less Current Maturities 10,156 10,153
Retirement and Insurance Programs and
Other Long-Term Obligations 1,061 1,088
Long-Term Deferred Income Tax Liabilities 4,834 4,951
Shareowners' Equity 2,779 2,924
------- -------
$22,374 $22,730
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COCA-COLA ENTERPRISES INC. Exhibit 99
Summary of Key Information Page 4 of 5
(Unaudited)
Reported Comparable
Second-Quarter 2000 Change Change (a)
------------------- -------- ----------
Cash Operating Profit - Consolidated 21 % 5 %
Physical Case Bottle and Can Volume
Consolidated 3 1/2 % 3 %
North America (1/2)% (1/2)%
Europe 17 1/2 % 15 1/2 %
Fountain Gallon Volume 2 % 1 1/2 %
Net Revenues Per Case to Retailers -
Bottle and Can 3 % 3 %
Cost of Sales Per Case - Bottle and Can (1/2)% 3 1/2 %
Six-Months 2000
-------------------
Cash Operating Profit - Consolidated 17 % 7 %
Physical Case Bottle and Can Volume
Consolidated 1/2 % 1/2 %
North America (2)% (1 1/2)%
Europe 9 1/2 % 8 1/2 %
Fountain Gallon Volume 2 % 2 %
Net Revenues Per Case to Retailers -
Bottle and Can 3 1/2 % 3 1/2 %
Cost of Sales Per Case - Bottle and Can Flat 2 1/2 %
(a) To determine comparable results, financial results exclude nonrecurring
charges and 1999 volume results have been adjusted to include the same
number of fiscal days as 2000.
COCA-COLA ENTERPRISES INC. Exhibit 99
Other Key Financial Information Page 5 of 5
Operating results for the quarter were unfavorably impacted by a non-
recurring charge of $12 million, related to restructuring the Company's
operations in Great Britain. Results for second-quarter 1999 include non-
recurring product recall costs of $103 million, of which approximately
$91 million was expensed in cost of sales with the remaining amount included
in selling, delivery, and administrative expenses.
Effective January 1, 2000, the Company prospectively revised the estimated
useful lives and residual values of certain fixed assets based on the results
of a comprehensive analysis of the Company's historical fixed asset experience
completed in late 1999. The impact of the revisions was to increase the
Company's net income during the three month period ended June 30, 2000 by
approximately $45 million or $0.06 per share and during the six month period
ended June 30, 2000 by approximately $76 million or $0.11 per share.
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This Form 8-K contains forward-looking statements concerning management's
current outlook for future periods and should be read in conjuction with
cautionary statements found on page 48 of the Company's 1999 Annual Report and
in the Company's first-quarter 2000 Form 10-Q.
