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Actionable news in CCE: COCA-COLA ENTERPRISES Inc,

of the Securities Exchange Act of 1934

Third-quarter diluted earnings per share were €0.62 on a reported basis or €0.68 on a comparable basis, including a negative currency translation impact of €0.01.
Third-quarter reported revenue totalled €3.0 billion, down 1.5 percent, or down 0.5 percent on a comparable and fx-neutral basis. Volume was down 3.5 percent on a comparable basis.
Third-quarter reported operating profit was €427 million; comparable operating profit was €470 million, up 2.5 percent on a comparable basis, or up 3.5 percent on a comparable and fx-neutral basis.
CCEP provides full-year guidance for 2017 including comparable diluted earnings per share in a range of €2.10 to €2.13 including currency translation at recent rates.
CCEP remains on track to achieve pre-tax savings of €315 million to €340 million through synergies by mid-2019.
Key Financial Measures Unaudited, fx impact calculated by recasting current year results at prior year ratesThird Quarter Ended 29 September 2017
€ million% change
As ReportedComparableFx-ImpactAs ReportedComparableFx-ImpactComparable Fx-Neutral
Revenue2,964
2,964
(29)(1.5)%(1.5)%(1.0)%(0.5)%
Cost of sales1,774
1,768
(17)(1.0)%(1.5)%(1.0)%(0.5)%
Operating expenses763
726
(7)(5.5)%(3.5)%(0.5)%(3.0)%
Operating profit427
470
(5)5.5 %2.5 %(1.0)%3.5 %
Profit after taxes304
333
(4)(7.0)%3.5 %(1.5)%5.0 %
Diluted earnings per share (€)0.62
0.68
(0.01)(7.5)%3.0 %(1.0)%4.0 %
Key Financial Measures Unaudited, fx impact calculated by recasting current year results at prior year ratesNine Months Ended 29 September 2017
€ million% change
As ReportedComparableFx-ImpactAs ReportedComparableFx-ImpactComparable Fx-Neutral
Revenue8,400
8,400
(122)28.0%1.5 %(1.5)%3.0 %
Cost of sales5,095
5,092
(73)26.5%1.5 %(1.5)%3.0 %
Operating expenses2,243
2,150
(25)24.0%(2.5)%(1.0)%(1.5)%
Operating profit1,062
1,158
(24)47.5%9.0 %(2.5)%11.5 %
Profit after taxes749
811
(18)39.5%11.5 %(2.5)%14.0 %
Diluted earnings per share (€)1.53
1.66
(0.04)14.0%11.5 %(2.5)%14.0 %
Third-Quarter 2017Unaudited, in millions of € except per share data which is calculated prior to roundingAs ReportedItems Impacting ComparabilityComparable
CCEPMark-to-market effects(1)Restructuring Charges(2)Merger and Integration Related Costs(3)Litigation provision(6)CCEP
Revenue2,964




2,964
Cost of sales1,774
1
(7)

1,768
Gross profit1,190
(1)7


1,196
Operating expenses763
3
(34)(1)(5)726
Operating profit427
(4)41
1
5
470
Total finance costs, net28



(1)27
Non-operating items2




2
Profit before taxes397
(4)41
1
6
441
Taxes93

14

1
108
Profit after taxes304
(4)27
1
5
333
Diluted earnings per share (€)0.62
0.68
Diluted common shares outstanding489
Third-Quarter 2016Unaudited, in millions of € except per share data which is calculated prior to roundingAs ReportedItems Impacting ComparabilityComparable
CCEPMark-to-market effects(1)Restructuring Charges(2)Merger and Integration Related Costs(3)Inventory
Step-up
Costs(4)
Net tax items(5)CCEP
Revenue3,010





3,010
Cost of sales1,796
3
(5)
3

1,797
Gross profit1,214
(3)5

(3)
1,213
Operating expenses809
1
(48)(8)

754
Operating profit405
(4)53
8
(3)
459
Total finance costs, net29





29
Non-operating items1





1
Profit before taxes375
(4)53
8
(3)
429
Taxes48
(1)20
3
(1)39
108
Profit after taxes327
(3)33
5
(2)(39)321
Diluted earnings per share (€)0.67
0.66
Diluted common shares outstanding488
(1)Amounts represent the net out-of-period mark-to-market impact of non-designated commodity hedges.
(2)Amounts represent restructuring charges related to business transformation activities.
(4)Amounts represent the impact of the acquisition accounting change in the fair value of finished goods and spare parts inventory for Germany and Iberia.
(5)Amount represents the deferred tax impact related to income tax rate and law changes.
First Nine Months 2017Unaudited, in millions of € except per share data which is calculated prior to roundingAs ReportedItems Impacting ComparabilityComparable
CCEPMark-to-market effects(1)Restructuring Charges(2)Merger and Integration Related Costs(3)Inventory
Step-up
Costs(4)
Litigation provision(7)CCEP
Revenue8,400





8,400
Cost of sales5,095
3
(12)
6

5,092
Gross profit3,305
(3)12

(6)
3,308
Operating expenses2,243
(2)(82)(4)
(5)2,150
Operating profit1,062
(1)94
4
(6)5
1,158
Total finance costs, net79




(1)78
Non-operating items2





2
Profit before taxes981
(1)94
4
(6)6
1,078
Taxes232

34
1
(1)1
267
Profit after taxes749
(1)60
3
(5)5
811
Diluted earnings per share (€)1.53
1.66
Diluted common shares outstanding489
First Nine Months 2016Unaudited, in millions of € except per share data which is calculated prior to roundingAs ReportedItems Impacting ComparabilityComparable
CCEPAdjust: Merger
effects(5)
Mark-to-market effects(1)Restructuring Charges(2)Merger and Integration Related Costs(3)Inventory Step-up Costs(4)Net Tax Items(6)CCEP
Revenue6,555
1,732





8,287
Cost of sales4,025
1,014
17
(12)
(29)
5,015
Gross profit2,530
718
(17)12

29

3,272
Operating expenses1,811
901
11
(386)(127)

2,210
Operating profit719
(183)(28)398
127
29

1,062
Total finance costs, net90
12


(5)

97
Non-operating items5
(1)




4
Profit before taxes624
(194)(28)398
132
29

961
Taxes87
(27)(7)108
31
7
36
235
Profit after taxes537
(167)(21)290
101
22
(36)726
Diluted earnings per share (€)1.34
1.49
Reported diluted common shares outstanding402
Adjust: Capital structure share impact related to the Merger86
Comparable diluted common shares outstanding488
(1)Amounts represent the net out-of-period mark-to-market impact of non-designated commodity hedges.
(2)Amounts represent restructuring charges related to business transformation activities.
(4)Amounts represent the impact of the acquisition accounting change in the fair value of finished goods and spare parts inventory for Germany and Iberia.
(5)Adjustments to reflect Germany and Iberia financial results as if the Merger had occurred at the beginning of 2016, the impact of acquisition accounting including provisional fair values of the acquired inventory, property, plant, and equipment and intangibles from Germany and Iberia, and additional debt financing cost incurred by CCEP in connection with the Merger.

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