COCA-COLA ENTERPRISES INC. Exhibit 99
CONDENSED CONSOLIDATED STATEMENTS OF INCOME Page 1 of 5
(Unaudited; In Millions Except Per Share Data)
Third Quarter
-----------------------------
2000(a) 1999 Change
------- ------- ------
Net Operating Revenues $ 3,868 $ 3,831 1 %
Cost of Sales 2,368 2,360 --
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Gross Profit 1,500 1,471 2 %
Selling, Delivery, and Administrative
Expenses 1,105 1,130 (2)%
------- -------
Operating Income 395 341 16 %
Interest Expense, Net 197 186 6 %
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Income Before Income Taxes 198 155
Income Tax Expense 67 51
------- -------
Net Income 131 104
Preferred Stock Dividends 1 1
------- -------
Net Income Applicable to Common
Shareowners $ 130 $ 103
======= =======
Basic Average Common
Shares Outstanding 418 426
======= =======
Basic Net Income Per Share
Applicable to Common
Shareowners (b) $ 0.31 $ 0.24
======= =======
Diluted Average Common
Shares Outstanding 427 437
======= =======
Diluted Net Income Per Share
Applicable to Common
Shareowners (b) $ 0.30 $ 0.24
======= =======
Cash Operating Profit Data:
Operating Income $ 395 $ 341 16 %
Depreciation 203 226 (10)%
Amortization 113 113 --
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Cash Operating Profit $ 711 $ 680 5 %
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(a) 2000 results include insurance proceeds of $20 million related to the
1999 product recall.
(b) Per share data calculated prior to rounding to millions.
COCA-COLA ENTERPRISES INC. Exhibit 99
CONDENSED CONSOLIDATED STATEMENTS OF INCOME Page 2 of 5
(Unaudited; In Millions Except Per Share Data)
Nine Months
-----------------------------
2000(a) 1999(a) Change
------- ------- ------
Net Operating Revenues $11,189 $10,897 3 %
Cost of Sales 6,863 6,836 --
------- -------
Gross Profit 4,326 4,061 7 %
Selling, Delivery, and Administrative
Expenses 3,399 3,388 --
------- -------
Operating Income 927 673 38 %
Interest Expense, Net 593 559 6 %
------- -------
Income Before Income Taxes 334 114
Income Tax Expense 113 37
------- -------
Net Income 221 77
Preferred Stock Dividends 3 3
------- -------
Net Income Applicable to Common
Shareowners $ 218 $ 74
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Basic Average Common Shares
Outstanding 419 425
======= =======
Basic Net Income Per Share Applicable
to Common Shareowners (b) $ 0.52 $ 0.18
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Diluted Average Common Shares
Outstanding 429 436
======= =======
Diluted Net Income Per Share Applicable
to Common Shareowners (b) $ 0.51 $ 0.17
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Cash Operating Profit Data:
Operating Income $ 927 $ 673 38 %
Depreciation 603 663 (9)%
Amortization 340 335 1 %
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Cash Operating Profit $ 1,870 $ 1,671 12 %
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(a) 2000 results include a nonrecurring charge of $12 million related to
Great Britain, and insurance proceeds of $20 million related to the
1999 product recall in Europe. 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)
September 29, December 31,
2000 1999
------------ -----------
(Unaudited)
ASSETS
Current
Cash and cash investments $ 165 $ 141
Trade accounts receivable, net 1,364 1,347
Inventories 654 669
Prepaid expenses and other current assets 545 424
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Total Current Assets 2,728 2,581
Net Property, Plant, and Equipment 5,572 5,594
Franchises and Other Noncurrent Assets, Net 13,955 14,555
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$22,255 $22,730
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LIABILITIES AND SHAREOWNERS' EQUITY
Current
Accounts payable and accrued expenses $ 2,146 $ 2,389
Current portion of long-term debt 1,401 1,225
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Total Current Liabilities 3,547 3,614
Long-Term Debt, Less Current Maturities 9,924 10,153
Retirement and Insurance Programs and
Other Long-Term Obligations 1,053 1,088
Long-Term Deferred Income Tax Liabilities 4,846 4,951
Shareowners' Equity 2,885 2,924
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$22,255 $22,730
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COCA-COLA ENTERPRISES INC. Exhibit 99
Summary of Key Information Page 4 of 5
(Unaudited)
Reported Comparable
Third-Quarter 2000 Change Change (a)
------------------- -------- ----------
Cash Operating Profit - Consolidated 5 % 2 %
Physical Case Bottle and Can Volume
Consolidated (1 1/2)% (1 1/2)%
North America (1 1/2)% (1 1/2)%
Europe (1)% (1 1/2)%
Fountain Gallon Volume 1/2 % Flat
Net Revenues Per Case to Retailers -
Bottle and Can 2 1/2 % 2 1/2 %
Cost of Sales Per Case - Bottle and Can 1 1/2 % 1 1/2 %
Nine-Months 2000
-------------------
Cash Operating Profit - Consolidated 12 % 5 %
Physical Case Bottle and Can Volume
Consolidated Flat Flat
North America (2)% (1 1/2)%
Europe 5 1/2 % 4 1/2 %
Fountain Gallon Volume 1 1/2 % 1 1/2 %
Net Revenues Per Case to Retailers -
Bottle and Can 3 % 3 %
Cost of Sales Per Case - Bottle and Can 1/2 % 2 %
(a) To determine comparable results, financial results exclude nonrecurring
items, 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 favorably impacted by $20 million,
$0.03 per diluted share, in nonrecurring insurance proceeds related to the
1999 Belgian product recall.
Effective January 1, 2000, the Company prospectively revised the estimated
useful lives and residual values of certain fixed assets. The impact of the
changes in estimates was to decrease depreciation costs during the third quarter
and the nine month period ended September 29, 2000 by approximately $42
million and $118 million, or $0.06 and $0.17 per diluted share, respectively.
*************************
This Form 8-K should be read in conjunction with cautionary statements
found on page 48 of the Company's 1999 Annual Report and on page 19 of the
Company's second-quarter 2000 Form 10-Q.
