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Coca-Cola Enterprises Buffeted by Persistent Market Headwinds

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Coca-Cola Enterprises Buffeted by Persistent Market Headwinds

Coca-Cola Enterprises Buffeted by Persistent Market Headwinds
February 13
09:34 2015

Coca-Cola Enterprises, which operates in eight territories in Western Europe, has reported net sales of $8.3 billion for 2014, an increase of 0.5% on a reported basis but down 0.5% on a currency-neutral basis. Volume was flat and net pricing per case declined 0.5%.

Full-year operating income was $1.0 billion on a reported basis, up 11.5%, or $1.1 billion on a comparable basis, up 5% and up 3% on a comparable and currency-neutral basis compared to the previous year.

Coca-Cola Enterprises manufactures, bottles and markets Coca-Cola products in Belgium, continental France, Great Britain, Luxembourg, Monaco, the Netherlands, Norway, and Sweden.

“Throughout 2014, persistent macroeconomic and marketplace headwinds continued to affect our business and our top-line growth,” says John Brock, chairman and chief executive of Coca-Cola Enterprises. “While this impacted our ability to achieve our full-year net sales and operating income objectives, we adjusted our plans, focused on generating strong free cash flow, and achieved our earnings per share growth objective.”

He adds: “As we go forward into 2015, we will continue to adapt to these operating conditions, with a solid emphasis on innovation in every aspect of our business. We will remain flexible in our approach and continue to manage each element of our business to deliver on our most important objective, creating value for our shareowners.”

CocaColaEnterprisesStoreThe soft drinks group achieved full-year earnings per diluted share of $2.63 on a reported basis for 2014, up 8%on a comparable basis, up 13.5% and up 11% on a comparable and currency-neutral basis.

Coca-Cola Enterprises expects 2015 earnings per diluted share to grow in a range of 6% to 8% on a comparable and currency-neutral basis. Net sales and operating income are expected to be slightly positive on a comparable and currency-neutral basis. The company also expects 2015 free cash flow in a range of $600 million to $650 million, including the expected negative impact of currency translation based on recent rates. Capital expenditures are expected to be approximately $325 million.

CCE repurchased approximately $925 million of its shares in 2014. In 2015, the company expects to repurchase approximately $600 million of its shares. These plans may be adjusted depending on economic, operating, or other factors, including acquisition opportunities.

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