United States
Securities and Exchange Commission
Washington, D.C. 20549

FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934

For the period ending 31 December 2019
Commission File Number 001-37791

COCA-COLA EUROPEAN PARTNERS PLC

Bakers Road
Uxbridge, UB8 1EZ, United Kingdom
(Address of principal executive office)
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
(Check One) Form 20-F ý Form 40-F D Â
(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1))
(Check One) Yes  No ý
(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7))
(Check One) Yes  No ý

THIS REPORT ON FORM 6-K IS HEREBY INCORPORATED BY REFERENCE INTO THE REGISTRANT’S
REGISTRATION STATEMENT ON FORM F-3 OF COCA-COLA EUROPEAN PARTNERS PLC (REGISTRATION NO. 333-219945);
POST-EFFECTIVE AMENDMENT NO.1 ON FORM S-8 TO THE FORM F-4 REGISTRATION STATEMENT OF COCA-COLA EUROPEAN PARTNERS PLC (REGISTRATION NO. 333-208556);
REGISTRATION STATEMENT ON FORM S-8 OF COCA-COLA EUROPEAN PARTNERS PLC (REGISTRATION NO. 333-211764);
REGISTRATION STATEMENT ON FORM S-8 OF COCA-COLA EUROPEAN PARTNERS PLC (REGISTRATION NO. 333-233695); AND
REGISTRATION STATEMENT ON FORM S-8 OF COCA-COLA EUROPEAN PARTNERS PLC (REGISTRATION NO. 333-233697).
FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, AND SHALL BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FILED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.
THIS REPORT ON FORM 6-K INCLUDES SUBSTANTIALLY THE SAME INFORMATION AS THAT REPORTED IN THE REGISTRANT’S REPORT ON FORM 6-K PREVIOUSLY FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION ON FEBRUARY 13, 2020, AND IS BEING FILED SOLELY FOR THE PURPOSE OF INCORPORATING BY REFERENCE INFORMATION INTO THE ABOVE-REFERENCED REGISTRATION STATEMENTS AND ANY FUTURE REGISTRATION STATEMENTS IN WHICH THE REGISTRANT IDENTIFIES THIS REPORT ON FORM 6-K AS BEING INCORPORATED BY REFERENCE.


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COCA-COLA EUROPEAN PARTNERS

Preliminary Unaudited Results for the Full-Year Ended 31 December 2019


Note Regarding Preliminary Unaudited Results
The preliminary unaudited results for the fourth quarter and full year ended 31 December 2019 included in this report are based on CCEP management's preliminary determinations and current expectations, and such information is inherently uncertain. The preliminary unaudited results are subject to completion of CCEP's customary year-end closing and review procedures and third-party audit and have not yet been approved by the CCEP Board of Directors. As a result, actual results could differ materially from the current preliminary unaudited results based on adjustments made during CCEP’s year-end closing and review procedures and third-party audit, and CCEP’s reported information in its Annual Report on Form 20-F for the year ended 31 December 2019 may differ materially from this information. As a result, readers are cautioned not to place undue reliance on the information included in this report and should view this information in the context of CCEP's full year 2019 results when such results are disclosed by CCEP in its Annual Report on Form 20-F for the year ended 31 December 2019. The information included in this report is based on current CCEP management expectations that involve substantial risks and uncertainties that could cause actual results to differ materially from the results expressed in, or implied by, such information.

Note Regarding the Presentation of Alternative Performance Measures
We use certain alternative performance measures (non-GAAP performance measures) to make financial, operating and planning decisions and to evaluate and report performance. We believe these measures provide useful information to investors and as such, where clearly identified, we have included certain alternative performance measures in this document to allow investors to better analyse our business performance and allow for greater comparability. To do so, we have excluded items affecting the comparability of period-over-period financial performance as described below. The alternative performance measures included herein should be read in conjunction with and do not replace the directly reconcilable GAAP measure.

For purposes of this document, the following terms are defined:

‘‘As reported’’ are results extracted from our consolidated financial statements.
‘‘Comparable’’ is defined as results excluding items impacting comparability, such as restructuring charges, out of period mark-to-market impact of hedges and net tax items relating to rate and law changes. Comparable volume is also adjusted for selling days.
‘‘Fx-neutral’’ is defined as comparable results excluding the impact of foreign exchange rate changes. Foreign exchange impact is calculated by recasting current year results at prior year exchange rates.
‘‘Net Debt’’ is defined as the net of cash and cash equivalents less currency adjusted borrowing. We believe that reporting Net Debt is useful as it reflects a metric used by the Group to assess cash management and leverage.
‘‘Dividend Payout Ratio’’ is defined as dividends as a proportion of comparable profit after tax.
Additionally, within this document, we provide certain forward-looking non-GAAP financial Information, which management uses for planning and measuring performance. We are not able to reconcile forward-looking non-GAAP measures to reported measures without unreasonable efforts because it is not possible to predict with a reasonable degree of certainty the actual impact or exact timing of items that may impact comparability throughout 2020.
Unless otherwise stated, percent amounts are rounded to the nearest 0.5%.



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FY 2019 Metric [1]
As Reported
 
Comparable
 
Change vs 2018
 
As Reported
 
Comparable
 
Comparable Fx-Neutral
Volume (m unit cases)[2]
2,521

 
2,521

 
1.0
 %
 
1.0
%
 
 
Revenue[3] (€M)
12,017

 
12,017

 
4.5
 %
 
4.5
%
 
4.5
%
Cost of sales [4] (€M)
7,424

 
7,423

 
5.0
 %
 
5.5
%
 
5.5
%
Operating expenses (€M)
3,045

 
2,918

 
(3.5
)%
 
0.5
%
 
0.5
%
Operating profit (€M)
1,548

 
1,676

 
19.0
 %
 
6.0
%
 
6.0
%
Profit after taxes (€M)
1,090

 
1,185

 
20.0
 %
 
6.0
%
 
6.0
%
Diluted EPS (€)
2.32

 
2.53

 
24.5
 %
 
10.0
%
 
10.0
%
Revenue per unit case [3] (€)
 
 
4.77

 
 
 
 
 
3.0
%
Cost of sales per unit case [4] (€)
 
 
2.95

 
 
 
 
 
4.5
%
Dividend per share[5] (€)
1.24

 
 
 
+17.0% versus 2018
 
 


___________________________

[1] Refer to ‘Note Regarding the Presentation of Alternative Performance Measures’ for further details (page 1)
[2] Unit Case = approximately 5.678 litres or 24 8-ounce servings
[3] Includes the impact of 1.0% related to incremental soft drinks taxes introduced during 2018 in Great Britain and France
[4] Includes the impact of 1.5% related to incremental soft drinks taxes introduced during 2018 in Great Britain and France
[5] Declared €0.62 at Q1, paid June 2019 & declared €0.62 at Q3, paid December 2019




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FULL-YEAR 2019 HIGHLIGHTS[1]
Revenue (+4.5%)
Comparable volume +1.0% reflecting solid execution & innovation-led growth partially offset by strong Q3 comparables
Innovation gaining traction in 2019 driven by Fuze Tea, new Monster variants & Tropico
Revenue per unit case +2.0% exc. taxes[2] benefiting from favourable price & package mix (e.g. small cans volume +11.0%)
Transactions[3] outpaced volume growth
2019 value share gains in all geographies across measured channels[4] 
Reported Operating Profit +19.0% (Comparable Operating Profit +6.0%)
Cost of sales per unit case +3.0% exc. taxes[5] reflects portfolio mix, upweighted innovation & strong revenue per unit case growth driving higher concentrate costs
Reported operating profit of €1,548m. +19.0% (Comparable €1,676m, +6.0%[6]) reflecting revenue growth & merger synergies of €55m (€330m cumulative close out of programme)
Reported diluted EPS of €2.32, +24.5% (Comparable €2.53, +10.0% )
Dividends and Share buyback
Dividends: Full-year dividend of €1.24 per share, +17.0% versus last year, maintaining annualised dividend payout ratio of c.50%
Share buyback:
Returned €1bn[7] via share buyback (completes previously announced €1.5bn programme)
Announces new 2020 share buyback[8] programme of up to €1bn
Other
Generated net cashflows from operating activities of €1.9bn
Announces full-year 2020 guidance (see below) in line with mid-term objectives
Closed 2019 at c.30% rPET[9]; targeting 40% by 2020 & 50% by 2023
Sweden to become first 100% rPET market in 2020, eliminating the use of 3,500 tons of virgin plastic per year
Secured two CCEP Ventures investments in on-demand delivery & self-driving technology

FULL-YEAR 2020 GUIDANCE[1]
Low-single digit revenue growth[10] 
Cost of sales per unit case growth[6] of c.2.5-3%
Mid-single digit operating profit growth[6]; High-single digit diluted earnings per share growth[6],[11] 
Comparable tax rate of c.25%
Share buyback of up to €1bn[8]; dividend payout ratio of c.50%[12] 

___________________________
[1] Refer to ‘Note Regarding the Presentation of Alternative Performance Measures’ for further details (page 1); Change percentages against prior year equivalent period
[2] Defined as Fx-Neutral; Excludes the impact of 1.0% related to incremental soft drinks taxes introduced during 2018 in Great Britain & France
[3] Defined as the serving container ultimately used directly by the consumer. It can be a standalone container or one part of a multipack
[4] Nielsen Local Databases to w/e DE & IS 29.12.19, SE 05.01.20, GB 11.01.20, ES PT FR BE NL & NO 12.01.20; CCEP is defined as TCCC and Monster Energy excluding Innocent. Grocery customers here generally includes hypermarkets, supermarkets and discounters, although there are slight variations by market
[5] Defined as comparable Fx-Neutral; Excludes the impact of 1.5% related to incremental soft drinks taxes introduced during 2018 in Great Britain & France
[6] Comparable Fx-Neutral
[7] Equates to 20.6m shares
[8] Subject to further shareholder approval at the 2020 AGM
[9] Unaudited. Provisional.
[10] Fx-Neutral
[11] Assumes share buybacks of €1bn in 2020
[12] Dividends subject to Board approval



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Revenue Performance by Geography
All values are unaudited, changes versus 2018
 
As reported
 
Fx-Neutral
FY 2019
€ million
 
% of Total
 
% change
 
% change
Great Britain
2,412

 
20.0
%
 
6.0
%
 
5.0
%
France (France & Monaco)
1,897

 
16.0
%
 
7.0
%
 
7.0
%
Germany
2,432

 
20.5
%
 
4.0
%
 
4.0
%
Iberia (Spain, Portugal & Andorra)
2,784

 
23.0
%
 
4.5
%
 
4.5
%
Northern Europe[1]
2,492

 
20.5
%
 
1.5
%
 
2.5
%
Total
12,017

 
100.0
%
 
4.5
%
 
4.5
%
 
As reported
 
Fx-Neutral
Q4
€ million
 
% of Total
 
% change
 
% change
Great Britain
635

 
21.5
%
 
4.0
%
 
1.0
%
France (France & Monaco)
459

 
15.5
%
 
8.0
%
 
8.0
%
Germany
611

 
21.0
%
 
6.5
%
 
6.5
%
Iberia (Spain, Portugal & Andorra)
624

 
21.5
%
 
4.0
%
 
4.0
%
Northern Europe[1]
604

 
20.5
%
 
3.5
%
 
5.0
%
Total
2,933

 
100.0
%
 
5.0
%
 
4.5
%
___________________________
[1] Belgium, Luxembourg, Netherlands, Norway, Sweden & Iceland.
Great Britain
FY volume growth supported by solid growth in Coca-Cola Zero Sugar, Fanta & Monster, partially offset by tough Q3 comparables & softer market conditions in Q4 as well as a decline in juice drinks, mainly due to the proactive delisting of Kia Ora following a recent portfolio review
FY revenue/UC[1] growth supported by positive pack, category & channel mix (e.g. small cans +15.5% & outperformance of away-from-home (AFH) channel partly due to new customer wins)
France
FY volume growth supported by the resolution of last year’s customer dispute as well as solid growth in Coca-Cola Zero Sugar, Fuze Tea, Monster & Tropico. Partially offset by challenging market conditions, particularly in the Home channel
FY positive pack mix with continued volume growth in priority small packs[2] (e.g. small cans +12.5% driven by Coca-Cola light taste 250ml & recent innovation)
Germany
FY volume growth driven by strong execution with solid growth in Coca-Cola Zero Sugar, Monster & Fuze Tea. Partially offset by tough Q3 comparables & a decline in our water brands, Apollinaris & Vio
Strong FY revenue/UC[1] growth supported by positive price & pack mix (e.g. strong growth in energy, +3.5% growth in small glass & more effective promotions in water)
Iberia
Solid FY volume growth reflecting improving market & weather trends
Strong volume growth in Portugal led by solid execution in AFH channel
FY volume growth led by Cola-ColaTM, Monster, Aquarius & Appletiser, partly offset by a decline in our water brand Aquabona due to pricing initiatives
FY revenue/UC[1] growth supported by positive price & channel mix (e.g. strong growth in HoReCa[3])
Northern Europe
FY revenue growth driven by the Netherlands (+4.0%) & Belux (+2.0%)
FY volumes led by Coca-Cola Zero Sugar, Monster, Fuze Tea & Tropico, partially offset by tough Q3 comparables
FY revenue/UC[1] growth supported by positive price & priority small packs[2] volume growth (e.g. small cans +7.5%)
___________________________
[1] Revenue per Unit Case
[2] PET & Glass < 1litre; Cans <33cl
[3] HoReCa = Hotels, Restaurants & Cafes


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Volume Performance by Category
Comparable volumes, changes versus 2018
 
Q4
 
FY 2019
 
% of Total
% Change
 
% of Total
% Change
Sparkling
88.0
%
1.5
 %
 
86.0
%
1.5
 %
Coca-ColaTM
65.5
%
2.0
 %
 
63.5
%
1.5
 %
Flavours, Mixers & Energy
22.5
%
(0.5
)%
 
22.5
%
1.0
 %
Stills
12.0
%
(1.5
)%
 
14.0
%
(0.5
)%
Hydration
7.0
%
(4.5
)%
 
8.5
%
(3.0
)%
RTD Tea, RTD Coffee, Juices & Other[1]
5.0
%
4.0
 %
 
5.5
%
4.0
 %
Total
100.0
%
1.0
 %
 
100.0
%
1.0
 %

Coca-ColaTM 
FY transactions +2.0%, ahead of volume growth
FY classic -1.0% with growth in Iberia & France offset by strong Q3 weather driven comparables & soft drinks tax impact in H1 2018
FY lights +5.5% with robust growth across all markets driven by Zero Sugar (+13.0%) & new flavours across both ranges


Flavours, Mixers & Energy
FY Fanta +0.5% driven by higher distribution of Zero & new flavours (e.g. Grape Zero) & strong Halloween activation
FY Energy +16.0% with strong performance of the Monster Mango Loco & Ultra ranges. Coca-Cola Energy now available in all markets
FY Appletiser +53.5% driven by launch in Iberia & solid GB growth
FY Schweppes +2.0% in GB & Royal Bliss +15.5% in Spain driven by distribution gains


Hydration
Reflecting strong weather driven comparables in Q3 & fewer low value promotions
Encouraging initial customer reaction to Aquarius Enhanced Water (now live in Germany, GB, France & Netherlands)
FY isotonic drinks +4.5% led by growth of Aquarius in Iberia & Powerade in France & Germany


RTD Tea, RTD Coffee, Juices & Other[1] 
Solid share gains in the RTD tea category. Fuze Tea now the number 1 RTD tea brand in Germany; Honest Tea continued to gain distribution
Tropico doubled its category share in France since we began distribution[2]. Positive early results from expansion of Tropico in Belgium
Costa Coffee RTD growing distribution in GB, now with 6% category share[3]. Monster Espresso performed well; salted caramel flavour launched in GB in Q4

 



___________________________
[1] RTD refers to Ready To Drink
[2] Nielsen Local FR Database. Category value share comparison Mar19 vs Dec19
[3] Nielsen RTD Coffee Data; Multiple Grocers; GB 28.12.19
 



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Forward-Looking Statements
This document contains statements, estimates or projections that constitute “forward-looking statements” concerning the financial condition, performance, results, strategy and objectives of Coca-Cola European Partners plc and its subsidiaries (together “CCEP” or the “Group”). Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “plan,” “seek,” “may,” “could,” “would,” “should,” “might,” “will,” “forecast,” “outlook,” “guidance,” “possible,” “potential,” “predict,” “objective” and similar expressions identify forward-looking statements, which generally are not historical in nature.
 
Forward-looking statements are subject to certain risks that could cause actual results to differ materially from CCEP’s historical experience and present expectations or projections. As a result, undue reliance should not be placed on forward-looking statements, which speak only as of the date on which they are made. These risks include but are not limited to those set forth in the “Risk Factors” section of CCEP’s 2018 Integrated Report/Annual Report on Form 20-F, including the statements under the following headings: Changing consumer preferences and the health impact of soft drinks (such as sugar alternatives); Legal and regulatory intervention (such as the development of regulations regarding packaging, taxes and deposit return schemes); Packaging and plastics (such as climate change, resource scarcity, marine litter and water scarcity); Competitiveness and transformation; Cyber and social engineering attacks; The market (such as customer consolidation and route to market); Economic and political conditions (such as continuing developments in relation to the UK’s exit from the EU); The relationship with TCCC and other franchisors; Product quality; and Other risks (such as global pandemics, including their impact on our supply chain).
 
Due to these risks, CCEP’s actual future results, dividend payments, and capital and leverage ratios may differ materially from the plans, goals, expectations and guidance set out in CCEP’s forward-looking statements. Additional risks that may impact CCEP’s future financial condition and performance are identified in filings with the SEC which are available on the SEC’s website at www.sec.gov. CCEP does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required under applicable rules, laws and regulations. CCEP assumes no responsibility for the accuracy and completeness of any forward-looking statements. Any or all of the forward-looking statements contained in this filing and in any other of CCEP’s respective public statements may prove to be incorrect.






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Supplementary Financial Information - Income Statement
The following provides a summary reconciliation of CCEP’s reported and comparable results for the periods presented:
Full year 2019
Unaudited, in millions of € except per share data which is calculated prior to rounding
As Reported
 
Items Impacting Comparability
 
Comparable
CCEP
 
Mark-to-market effects[1]
Restructuring Charges[2]
Net tax[3]
 
CCEP
Revenue
12,017

 



 
12,017

Cost of sales
7,424

 
(1
)


 
7,423

Gross profit
4,593

 
1



 
4,594

Operating expenses
3,045

 
3

(130
)

 
2,918

Operating profit
1,548

 
(2
)
130


 
1,676

Total finance costs, net
96

 



 
96

Non-operating items
(2
)
 



 
(2
)
Profit before taxes
1,454

 
(2
)
130


 
1,582

Taxes
364

 
(1
)
36

(2
)
 
397

Profit after taxes
1,090

 
(1
)
94

2

 
1,185

 
 
 
 
 
 
 
 
Diluted earnings per share (€)
2.32

 

0.21


 
2.53

 
 
 
Diluted weighted average shares outstanding
 
 
469

Full year 2018
Unaudited, in millions of € except per share data which is calculated prior to rounding
As Reported
 
Items Impacting Comparability
 
Comparable
CCEP
 
Mark-to-market effects[1]
Restructuring Charges[2]
Net tax[3]
 
CCEP
Revenue
11,518

 



 
11,518

Cost of sales
7,060

 
(7
)
(24
)

 
7,029

Gross profit
4,458

 
7

24


 
4,489

Operating expenses
3,158

 
(1
)
(250
)

 
2,907

Operating profit
1,300

 
8

274


 
1,582

Total finance costs, net
93

 



 
93

Non-operating items
2

 



 
2

Profit before taxes
1,205

 
8

274


 
1,487

Taxes
296

 
1

68

2

 
367

Profit after taxes
909

 
7

206

(2
)
 
1,120

 
 
 
 
 
 
 
 
Diluted earnings per share (€)
1.86

 
0.02

0.42


 
2.30

 
 
 
Diluted weighted average shares outstanding
 
 
488

___________________________
[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.
[3] Amounts include the deferred tax impact related to income tax rate and law changes. The amount in 2018 includes the net book tax impact of US tax reform and the related simplification of our debt and capital structure.



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Supplemental Financial Information - Revenue
Revenue
In millions of €, except per case data which is calculated prior to rounding. FX impact calculated by recasting current year results at prior year rates.
Fourth Quarter Ended
 
Year Ended
31 December 2019
31 December 2018
% Change
 
31 December 2019
31 December 2018
% Change
As reported
2,933

2,794

5.0
%
 
12,017

11,518

4.5
%
Adjust: Total items impacting comparability


%
 


%
Comparable[1]
2,933

2,794

5.0
%
 
12,017

11,518

4.5
%
Adjust: Impact of fx changes
(12
)
n/a

0.5
%
 
9

n/a

%
Comparable & fx-neutral
2,921

2,794

4.5
%
 
12,026

11,518

4.5
%
 
 
 
 
 
 
 
 
Revenue per unit case[1]
4.74

4.63

2.0
%
 
4.77

4.62

3.0
%
___________________________
[1] The change in revenue and revenue per unit case includes the impact of 1.0% for the year ended 31 December 2019, related to incremental soft drinks taxes introduced during 2018 in Great Britain and France.
 
Revenue by Geography
In millions of €
Fourth Quarter Ended 31 December 2019
 
Year Ended 31 December 2019
 
As reported
Reported
% change
Fx-Neutral
% change
 
As reported
Reported
% change
Fx-Neutral
% change
 
 
Iberia (Spain, Portugal & Andorra)
624

4.0
%
4.0
%
 
2,784

4.5
 %
4.5
%
 
Germany
611

6.5
%
6.5
%
 
2,432

4.0
 %
4.0
%
 
Great Britain
635

4.0
%
1.0
%
 
2,412

6.0
 %
5.0
%
 
France (France & Monaco)
459

8.0
%
8.0
%
 
1,897

7.0
 %
7.0
%
 
Belgium/Luxembourg
 
 
 
 
1,002

2.0
 %
 
 
Netherlands
 
 
 
 
602

4.0
 %
 
 
Norway
 
 
 
 
437

(0.5
)%
 
 
Sweden
 
 
 
 
366

0.5
 %
 
 
Iceland
 
 
 
 
85

(6.5
)%
 
 
Northern Europe
604

3.5
%
5.0
%
 
2,492

1.5
 %
2.5
%
 
Total
2,933

5.0
%
4.5
%
 
12,017

4.5
 %
4.5
%
Comparable Volume - Selling Day Shift

In millions of unit cases, prior period volume recast using current year selling days
Fourth Quarter Ended
 
Year Ended
31 December 2019
31 December 2018
% Change
 
31 December 2019
31 December 2018
% Change
Volume
616

603

2.0
%
 
2,521

2,493

1.0
%
Impact of selling day shift
n/a

7

n/a

 
n/a


n/a

Comparable volume - Selling Day Shift adjusted
616

610

1.0
%
 
2,521

2,493

1.0
%
Comparable Volume by Brand Category
Adjusted for selling day shift
Fourth Quarter Ended
 
Year Ended
31 December 2019
31 December 2018
Volume % Change
 
31 December 2019
31 December 2018
% Change
% of Total
% of Total
% of Total
% of Total
Sparkling
88.0
%
87.5
%
1.5
 %
 
86.0
%
85.5
%
1.5
 %
Coca-ColaTM
65.5
%
65.0
%
2.0
 %
 
63.5
%
63.0
%
1.5
 %
Flavours, Mixers & Energy
22.5
%
22.5
%
(0.5
)%
 
22.5
%
22.5
%
1.0
 %
Stills
12.0
%
12.5
%
(1.5
)%
 
14.0
%
14.5
%
(0.5
)%
Hydration
7.0
%
6.0
%
(4.5
)%
 
8.5
%
7.0
%
(3.0
)%
RTD Tea, RTD Coffee, Juices & Other[1]
5.0
%
6.5
%
4.0
 %
 
5.5
%
7.5
%
4.0
 %
Total
100.0
%
100.0
%
1.0
 %
 
100.0
%
100.0
%
1.0
 %
___________________________
[1] RTD refers to Ready To Drink.


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Supplemental Financial Information - Cost of Sales and Operating Expenses
Cost of Sales
Cost of Sales
In millions of €, except per case data which is calculated prior to rounding. FX impact calculated by recasting current year results at prior year rates.
 
Year Ended
 
31 December 2019
31 December 2018
% Change
As reported
 
7,424

7,060

5.0
%
Adjust: Total items impacting comparability
 
(1
)
(31
)
0.5
%
Comparable[1]
 
7,423

7,029

5.5
%
Adjust: Impact of fx changes
 
6

n/a

%
Comparable & fx-neutral
 
7,429

7,029

5.5
%
 
 
 
 
 
Cost of sales per unit case[1]
 
2.95

2.82

4.5
%
___________________________
[1] The change in cost of sales and cost of sales per unit case includes the impact of 1.5% for the year ended 31 December 2019 related to incremental soft drinks taxes introduced during 2018 in Great Britain and France.
Reported cost of sales were €7,424 million, up 5.0 percent. Comparable cost of sales were €7,423 million, up 5.5 percent on a both a comparable and a comparable and fx-neutral basis. Cost of sales per unit case increased by 4.5 percent on a comparable and fx-neutral basis. This reflects the impact of the incremental soft drinks taxes introduced during 2018 in Great Britain and France, mix, higher co-packing costs due to innovation, and also higher concentrate costs through the incidence pricing model given increased revenue per unit case growth.
Operating Expenses
Operating Expenses
In millions of €. FX impact calculated by recasting current year results at prior year rates.
 
Year Ended
 
31 December 2019
31 December 2018
% Change
As reported
 
3,045

3,158

(3.5
)%
Adjust: Total items impacting comparability
 
(127
)
(251
)
4.0
 %
Comparable
 
2,918

2,907

0.5
 %
Adjust: Impact of fx changes
 
1

n/a

 %
Comparable & fx-neutral
 
2,919

2,907

0.5
 %
Reported operating expenses were €3,045 million, down 3.5 percent. Comparable operating expenses were €2,918 million, up 0.5 percent on both a comparable and a comparable and fx-neutral basis. This reflects our continued investments for the future partially offset by synergy benefits and a continued focus on managing expenses.

Supplemental Financial Information - Borrowings
Net Debt
In millions of €
As at
31 December 2019
 
31 December 2018
Total borrowings[1]
6,421

 
5,618

Add: fx impact of non-EUR borrowings
6

 
24

Adjusted total borrowings
6,427

 
5,642

Less: cash and cash equivalents
(316
)
 
(309
)
Net debt
6,111

 
5,333

___________________________
[1]As a result of the adoption of IFRS 16 on 1 January 2019, Borrowings now include the majority of the Group's leasing obligations. As at 31 December 2019, lease obligations included within Total borrowings totalled €387 million. For the comparative period, only finance lease obligations of €75 million were included within Total borrowings.






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Coca-Cola European Partners plc
Consolidated Income Statement (Unaudited)
 
 
Year ended
 
 
31 December 2019

31 December 2018
 
 
€ million
 
€ million
Revenue
 
12,017

 
11,518

Cost of sales
 
(7,424
)
 
(7,060
)
Gross profit
 
4,593

 
4,458

Selling and distribution expenses
 
(2,258
)
 
(2,178
)
Administrative expenses
 
(787
)
 
(980
)
Operating profit
 
1,548

 
1,300

Finance income
 
49

 
47

Finance costs
 
(145
)
 
(140
)
Total finance costs, net
 
(96
)
 
(93
)
Non-operating items
 
2

 
(2
)
Profit before taxes
 
1,454

 
1,205

Taxes
 
(364
)
 
(296
)
Profit after taxes
 
1,090

 
909

 
 
 
 
 
Basic earnings per share (€)
 
2.34

 
1.88

Diluted earnings per share (€)
 
2.32

 
1.86


The financial information presented in the unaudited consolidated income statement, consolidated statement of financial position and consolidated statement of cash flows within this document does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. This financial information has been extracted from CCEP’s consolidated financial statements which will be delivered to the Registrar of Companies in due course.



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Coca-Cola European Partners plc
Consolidated Statement of Financial Position (Unaudited)
 
 
31 December 2019
 
31 December 2018


€ million
 
€ million
ASSETS
 
 
 
 
Non-current:
 
 
 
 
Intangible assets
 
8,506

 
8,384

Goodwill
 
2,520

 
2,518

Property, plant and equipment
 
4,205

 
3,888

Non-current derivative assets
 
3

 
2

Deferred tax assets
 
27

 
37

Other non-current assets
 
321

 
396

Total non-current assets
 
15,582

 
15,225

Current:
 
 
 
 
Current derivative assets
 
12

 
13

Current tax assets
 
18

 
21

Inventories
 
723

 
693

Amounts receivable from related parties
 
106

 
107

Trade accounts receivable
 
1,669

 
1,655

Other current assets
 
259

 
193

Cash and cash equivalents
 
316

 
309

Total current assets
 
3,103

 
2,991

Total assets
 
18,685

 
18,216

LIABILITIES
 
 
 
 
Non-current:
 
 
 
 
Borrowings, less current portion
 
5,622

 
5,127

Employee benefit liabilities
 
221

 
142

Non-current provisions
 
54

 
119

Non-current derivative liabilities
 
13

 
51

Deferred tax liabilities
 
2,203

 
2,157

Non-current tax liabilities
 
254

 
219

Other non-current liabilities
 
47

 
45

Total non-current liabilities
 
8,414

 
7,860

Current:
 
 
 
 
Current portion of borrowings
 
799

 
491

Current portion of employee benefit liabilities
 
17

 
19

Current provisions
 
142

 
133

Current derivative liabilities
 
28

 
20

Current tax liabilities
 
95

 
110

Amounts payable to related parties
 
249

 
191

Trade and other payables
 
2,785

 
2,828

Total current liabilities
 
4,115

 
3,792

Total liabilities
 
12,529

 
11,652

EQUITY
 
 
 
 
Share capital
 
5

 
5

Share premium
 
178

 
152

Merger reserves
 
287

 
287

Other reserves
 
(449
)
 
(552
)
Retained earnings
 
6,135

 
6,672

Total equity
 
6,156

 
6,564

Total equity and liabilities
 
18,685

 
18,216






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Coca-Cola European Partners plc 
Consolidated Statement of Cash Flows (Unaudited)
 
 
Year ended
 
 
31 December 2019
 
31 December 2018
 
 
€ million
 
€ million
Cash flows from operating activities:
 
 
 
 
Profit before taxes
 
1,454

 
1,205

Adjustments to reconcile profit before tax to net cash flows from operating activities:
 
 
 
 
Depreciation
 
587

 
461

Amortisation of intangible assets
 
52

 
51

Share-based payment expense
 
15

 
17

Finance costs, net
 
96

 
93

Income taxes paid
 
(270
)
 
(263
)
Changes in assets and liabilities:
 
 
 
 
Decrease in trade and other receivables
 
5

 
72

(Increase) in inventories
 
(25
)
 
(45
)
(Decrease)/increase in trade and other payables
 
(63
)
 
297

(Decrease)/increase in provisions
 
(57
)
 
9

Change in other operating assets and liabilities
 
110

 
(91
)
Net cash flows from operating activities
 
1,904

 
1,806

Cash flows from investing activities:
 
 
 
 
Purchases of property, plant and equipment
 
(506
)
 
(525
)
Purchases of capitalised software
 
(96
)
 
(75
)
Proceeds from sales of property, plant and equipment
 
11

 
4

Investments in equity instruments
 
(8
)
 

Net cash flows used in investing activities
 
(599
)

(596
)
Cash flows from financing activities:
 
 
 
 
Proceeds from borrowings, net
 
987

 
398

Changes in short-term borrowings
 
101

 
(131
)
Repayments on third party borrowings
 
(625
)
 
(426
)
Payments of principal on lease obligations
 
(128
)
 
(18
)
Interest paid, net
 
(86
)
 
(81
)
Dividends paid
 
(574
)
 
(513
)
Purchase of own shares under share buyback programme
 
(1,005
)
 
(502
)
Exercise of employee share options
 
26

 
25

Other financing activities, net
 
2

 
(11
)
Net cash flows used in financing activities
 
(1,302
)
 
(1,259
)
Net change in cash and cash equivalents
 
3

 
(49
)
Net effect of currency exchange rate changes on cash and cash equivalents
 
4

 
(2
)
Cash and cash equivalents at beginning of period
 
309

 
360

Cash and cash equivalents at end of period
 
316

 
309









SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorised.
 


 
COCA-COLA EUROPEAN PARTNERS PLC
 
 
(Registrant)
Date: 13 February 2020
By:
/s/ Manik Jhangiani
 
Name:
Manik Jhangiani
 
Title:
Chief Financial Officer




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