Coca-Cola Enterprises, Inc. Reports Third-Quarter 2015 Results, Affirms Full-Year Earnings Outlook

  • Third-quarter diluted earnings per share were 72 cents on a
    reported basis or 84 cents on a comparable basis, including a negative
    currency translation impact of 15 cents.
  • Net sales were $1.8 billion, down 14½ percent on a reported basis
    or down 1 percent on a currency-neutral basis; volume declined 1
    percent.
  • Reported operating income was $260 million, down 24½ percent;
    comparable operating income was $297 million, down 12 percent or up 2
    percent on a currency-neutral basis.
  • CCE affirms its full-year profit guidance for 2015, including
    comparable and currency-neutral diluted earnings per share growth at
    the upper end of the range of 6 percent to 8 percent, with slightly
    positive operating income growth and flat to slightly negative net
    sales growth.

ATLANTA–(BUSINESS WIRE)–Coca-Cola Enterprises, Inc. (NYSE: CCE) (Euronext Paris: CCE) today
reported third-quarter 2015 operating income of $260 million or $297
million on a comparable basis. In the quarter, diluted earnings per
share were 72 cents on a reported basis or 84 cents on a comparable
basis. Currency translation had a negative impact of 15 cents on
comparable diluted earnings per share.

Third-quarter 2015 net sales totaled $1.8 billion, down 14½ percent from
the same quarter a year ago. On a currency-neutral basis, net sales were
down 1 percent.

“We continue to face a marketplace impacted by persistent softness in
the consumer environment,” said John F. Brock, chairman and chief
executive officer. “Given these conditions, we are continuing to seek
new ways to grow net sales and increase our effectiveness and efficiency
as we work closely with our customers to enhance our prospects for
growth.

“We will continue to manage each element of our business to deliver
against our outlook for the year, even as we prepare for the launch of
Coca-Cola European Partners in the second quarter of next year,” Mr.
Brock said. “To accomplish this, teams are focused on three key areas:
delivering against their operating goals for the year, closing the
transaction on a timely basis, and planning for a successful transition
to the new company.

“Each of these efforts reflects our ongoing commitment to building
shareowner value, our most important goal.”

OPERATING REVIEW

Total third-quarter volume declined 1 percent. Sparkling brands declined
1½ percent. Coca-Cola trademark brands were down 2 percent as growth in
Coca-Cola Life and Coca-Cola Zero partially offset declines in other
Coca-Cola brands. Energy brands declined ½ percent, with
mid-single-digit growth in Monster-branded beverages. Still brands grew
3 percent, benefitting from growth in Capri-Sun, Chaudfontaine, and
growth in glacéau smartwater in Great Britain. Volume in Great Britain
declined 4 percent, reflecting in part poor August weather, while
continental European volume grew 1 percent, led by growth in France.

Third-quarter net pricing per case was down ½ percent, and cost of sales
per case declined 2½ percent. Operating expenses were up 2 percent.
These figures are comparable and currency neutral.

“We are working diligently to deliver our outlook for 2015 and to find
new ways to return sustained, value-building growth to our business,”
said Hubert Patricot, executive vice president and president, European
Group. “The soft consumer environment makes it imperative that we
continue to innovate at every level of our company, from brands, to
operations, to customer service.”

FULL-YEAR 2015 OUTLOOK

For 2015, CCE continues to expect diluted earnings per share to grow at
the upper end of the range of 6 percent to 8 percent on a comparable and
currency-neutral basis. Based on recent rates, currency translation
would negatively impact full-year 2015 diluted earnings per share by
approximately 18 percent.

Operating income is expected to achieve slightly positive growth, while
net sales growth is now expected to be flat to slightly negative, both
on a comparable and currency-neutral basis.

The company 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. Weighted average cost of debt is expected
to be approximately 3 percent, and the comparable effective tax rate for
2015 is expected to be approximately 27 percent.

In the third quarter, CCE completed the planned 2015 repurchase of
approximately $600 million of its shares.

COCA-COLA EUROPEAN PARTNERS

As announced earlier in the third quarter, Coca-Cola Enterprises,
Coca-Cola Iberian Partners SA (CCIP), and Coca-Cola Erfrischungsgetränke
AG (CCEAG), a wholly owned subsidiary of The Coca-Cola Company (NYSE:
KO), have agreed to combine their businesses into a new company to be
called Coca-Cola European Partners Plc., (CCEP), in a transformational
transaction that will create the world’s largest independent Coca-Cola
bottler, based on net sales.

Pending collective approval by Coca-Cola Enterprises’ shareholders and
regulatory agencies, the transaction is expected to close in second
quarter, 2016.

CONFERENCE CALL

CCE will host a conference call with investors and analysts today at 10
a.m. EDT. The call can be accessed through the company’s website at www.cokecce.com.

ABOUT CCE

Coca-Cola Enterprises, Inc. is the leading Western European marketer,
producer, and distributor of nonalcoholic ready-to-drink beverages and
one of the world’s largest independent Coca-Cola bottlers. CCE is the
sole licensed bottler for products of The Coca-Cola Company in Belgium,
continental France, Great Britain, Luxembourg, Monaco, the Netherlands,
Norway, and Sweden. CCE operates with a local focus and has 17
manufacturing sites across Europe, where the company manufactures nearly
90 percent of its products in the markets in which they are consumed.
Sustainability is core to CCE’s business, and the company has been
recognized by leading organizations in North America and Europe for its
progress in water use reduction, carbon footprint reduction, and
recycling initiatives. For more information about CCE, please visit www.cokecce.com
and follow the company on Twitter at @cokecce.

FORWARD-LOOKING STATEMENTS

Included in this news release are forward-looking management comments
and other statements that reflect management’s current outlook for
future periods. As always, these expectations are based on currently
available competitive, financial, and economic data along with our
current operating plans and are subject to risks and uncertainties that
could cause actual results to differ materially from the results
contemplated by the forward-looking statements. The forward-looking
statements in this news release should be read in conjunction with the
risks and uncertainties discussed in our filings with the Securities and
Exchange Commission (“SEC”), including our most recent Form 10-K and
other SEC filings.

This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of any
vote or approval.

In connection with the proposed transaction, CCEP will file with the
SEC a registration statement on Form F-4 that will include a preliminary
proxy statement/prospectus regarding the proposed transaction. After the
registration statement has been declared effective by the SEC, a
definitive proxy statement/prospectus will be mailed to CCE’s
stockholders in connection with the proposed transaction.

_____________________

Reconciliations of reported (GAAP) to comparable (non-GAAP) information
and other non-GAAP measures used by management in managing the business
are detailed on the following pages of this news release.

COCA-COLA ENTERPRISES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited; in millions, except per share data)

         
Third Quarter First Nine Months
2015   2014 2015   2014
Net sales $ 1,822 $ 2,136 $ 5,381 $ 6,339
Cost of sales 1,125   1,328   3,411   4,035
Gross profit 697 808 1,970 2,304
Selling, delivery, and administrative expenses 437   463   1,277   1,480
Operating income 260 345 693 824
Interest expense, net 31 31 92 89
Other nonoperating expense (4 )   (3 )
Income before income taxes 225 314 598 735
Income tax expense 57   76   158   184
Net income $ 168   $ 238   $ 440   $ 551
Basic earnings per share $ 0.74   $ 0.97   $ 1.90   $ 2.21
Diluted earnings per share $ 0.72   $ 0.96   $ 1.87   $ 2.17
Dividends declared per share $ 0.28   $ 0.25   $ 0.84   $ 0.75
Basic weighted average shares outstanding 228   244   232   249
Diluted weighted average shares outstanding 232   248   236   254
 

COCA-COLA ENTERPRISES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited; in millions)

         
Third Quarter First Nine Months
2015   2014 2015   2014
Net income $ 168 $ 238 $ 440 $ 551
Components of other comprehensive income (loss):
Currency translations
Pretax activity, net (35 ) (279 ) (215 ) (255 )
Tax effect        
Currency translations, net of tax (35 ) (279 ) (215 ) (255 )
Net investment hedges
Pretax activity, net (24 ) 153 99 169
Tax effect 9   (54 ) (34 ) (59 )
Net investment hedges, net of tax (15 ) 99 65 110
Cash flow hedges
Pretax activity, net 18 (9 ) 14 (15 )
Tax effect (4 ) 2   (4 ) 3  
Cash flow hedges, net of tax 14 (7 ) 10 (12 )
Pension plan adjustments
Pretax activity, net 7 7 21 20
Tax effect (2 ) (1 ) (5 ) (4 )
Pension plan adjustments, net of tax 5   6   16   16  
Other comprehensive loss, net of tax (31 ) (181 ) (124 ) (141 )
Comprehensive income $ 137   $ 57   $ 316   $ 410  
 

COCA-COLA ENTERPRISES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited; in millions)

         
October 2,
2015
December 31,
2014
ASSETS
Current:
Cash and cash equivalents $ 196 $ 223
Trade accounts receivable 1,353 1,514
Amounts receivable from The Coca-Cola Company 65 67
Inventories 383 388
Other current assets 214   268  
Total current assets 2,211 2,460
Property, plant, and equipment, net 1,986 2,101
Franchise license intangible assets, net 3,484 3,641
Goodwill 91 101
Other noncurrent assets 243   240  
Total assets $ 8,015   $ 8,543  
LIABILITIES
Current:
Accounts payable and accrued expenses $ 1,705 $ 1,872
Amounts payable to The Coca-Cola Company 124 104
Current portion of debt 522   632  
Total current liabilities 2,351 2,608
Debt, less current portion 3,483 3,320
Other noncurrent liabilities 215 207
Noncurrent deferred income tax liabilities 959   977  
Total liabilities 7,008 7,112
SHAREOWNERS’ EQUITY
Common stock 4 3
Additional paid-in capital 4,017 3,958
Reinvested earnings 2,236 1,991
Accumulated other comprehensive loss (838 ) (714 )
Common stock in treasury, at cost (4,412 ) (3,807 )
Total shareowners’ equity 1,007   1,431  
Total liabilities and shareowners’ equity $ 8,015   $ 8,543  
 

COCA-COLA ENTERPRISES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited; in millions)

   
First Nine Months
2015       2014
Cash Flows from Operating Activities:
Net income $ 440 $ 551
Adjustments to reconcile net income to net cash derived from
operating activities:
Depreciation and amortization 208 231
Share-based compensation expense 30 21
Deferred income tax expense 31 60
Pension expense less than contributions (7 ) (5 )
Net changes in assets and liabilities 87   (267 )
Net cash derived from operating activities 789   591  
Cash Flows from Investing Activities:
Capital asset investments (260 ) (239 )
Capital asset disposals 13 27
Other investing activities, net (12 )
Settlement of net investment hedges 27   21  
Net cash used in investing activities (232 ) (191 )
Cash Flows from Financing Activities:
Net change in commercial paper 120 242
Issuances of debt 527 347
Payments on debt (484 ) (111 )
Shares repurchased under share repurchase programs (614 ) (800 )
Dividend payments on common stock (193 ) (185 )
Exercise of employee share options 17 11
Settlement of debt-related cross currency swaps 56
Other financing activities, net 2   (12 )
Net cash used in financing activities (569 ) (508 )
Net effect of currency exchange rate changes on cash and cash
equivalents
(15 ) (17 )
Net Change in Cash and Cash Equivalents (27 ) (125 )
Cash and Cash Equivalents at Beginning of Period 223   343  
Cash and Cash Equivalents at End of Period $ 196   $ 218  
 

COCA-COLA ENTERPRISES, INC.

RECONCILIATION OF GAAP TO NON-GAAP (a)

(Unaudited; in millions, except per share data which is
calculated prior to rounding)

         
Third-Quarter 2015
Cost of sales    

Selling,
delivery, and
administrative
expenses

   

Operating
income

   

Income tax
expense

    Net income    

Diluted
earnings per
share

Reported (GAAP) (b) $1,125   $437   $260   $57   $168   $0.72
Items Impacting Comparability:
Mark-to-market effects (c) (9 ) (6 ) 15 5 10 0.05
Restructuring charges (d) (6 ) 6 2 4 0.02
Merger related costs (e) (26 ) 26 8 18 0.08
Gain on property sale (f)     10     (10 )   (3 )   (7 )   (0.03 )
Comparable (non-GAAP) $1,116     $409     $297     $69     $193     $0.84  
Diluted Weighted Average Shares Outstanding 232
 
 
Third-Quarter 2014
Cost of sales    

Selling,
delivery, and
administrative
expenses

   

Operating
income

   

Income tax
expense

    Net income    

Diluted
earnings per
share

Reported (GAAP) (b) $1,328 $463 $345 $76 $238 $0.96
Items Impacting Comparability:
Mark-to-market effects (c) 8 (8 ) (2 ) (6 ) (0.02 )
Restructuring charges (d) (1 ) 1 1
Net tax items (g)             6     (6 )   (0.02 )
Comparable (non-GAAP) $1,336     $462     $338     $80     $227     $0.92  
Diluted Weighted Average Shares Outstanding 248
 

___________________________

(a) These non-GAAP measures are provided to allow investors to more
clearly evaluate our operating performance and business trends.
Management uses this information to review results excluding items that
are not necessarily indicative of ongoing results. The adjusting items
are based on established defined terms and thresholds and represent all
material items management considered for year-over-year comparability.

(b) As reflected in CCE’s U.S. GAAP Condensed Consolidated Financial
Statements.

(c) Amounts represent the net out-of-period mark-to-market impact of
non-designated commodity hedges.

(d) Amounts represent nonrecurring restructuring charges.

(e) Amounts represent costs associated with the pending merger with
Coca-Cola Iberian Partners and Coca-Cola Erfrischungsgetränke as
announced on August 6, 2015.

(f) Amounts represent gains associated with the sale of a distribution
facility in Great Britain.

(g) Amounts represent the tax impact of both changes in underlying rates
and cumulative nonrecurring items on the quarter.

COCA-COLA ENTERPRISES, INC.

RECONCILIATION OF GAAP TO NON-GAAP (a)

(Unaudited; in millions, except per share data which is
calculated prior to rounding)

         
First Nine Months 2015
Cost of sales    

Selling,
delivery, and
administrative
expenses

   

Operating
income

   

Income tax
expense

    Net income    

Diluted
earnings per
share

Reported (GAAP) (b) $3,411   $1,277   $693   $158   $440   $1.87
Items Impacting Comparability:
Mark-to-market effects (c) (21

)

 

(2

)

 

23 7 16 0.07
Restructuring charges (d) (19

)

 

19 5 14 0.06
Merger related costs (e) (26

)

 

26 8 18 0.07
Gain on property sale (f)     10     (10

)

 

(3

)

 

(7

)

 

(0.03 )
Comparable (non-GAAP) $3,390     $1,240     $751     $175     $481     $2.04  
Diluted Weighted Average Shares Outstanding 236
 
 
First Nine Months 2014
Cost of sales    

Selling,
delivery, and
administrative
expenses

   

Operating
income

   

Income tax
expense

    Net income    

Diluted
earnings per
share

Reported (GAAP) (b) $4,035 $1,480 $824 $184 $551 $2.17
Items Impacting Comparability:
Mark-to-market effects (c) 14 (14

)

 

(4

)

 

(10

)

 

(0.04 )
Restructuring charges (d) (63

)

 

63 21 42 0.16
Net tax items (g)             6    

(6)

 

 

(0.02

)
Comparable (non-GAAP) $4,049     $1,417     $873     $207     $577     $2.27  
Diluted Weighted Average Shares Outstanding 254
 

___________________________

(a) These non-GAAP measures are provided to allow investors to more
clearly evaluate our operating performance and business trends.
Management uses this information to review results excluding items that
are not necessarily indicative of ongoing results. The adjusting items
are based on established defined terms and thresholds and represent all
material items management considered for year-over-year comparability.

(b) As reflected in CCE’s U.S. GAAP Condensed Consolidated Financial
Statements.

(c) Amounts represent the net out-of-period mark-to-market impact of
non-designated commodity hedges.

(d) Amounts represent nonrecurring restructuring charges.

(e) Amounts represent costs associated with the pending merger with
Coca-Cola Iberian Partners and Coca-Cola Erfrischungsgetränke as
announced on August 6, 2015.

(f) Amounts represent gains associated with the sale of a distribution
facility in Great Britain.

(g) Amounts represent the tax impact of both changes in underlying rates
and cumulative nonrecurring items on the quarter.

COCA-COLA ENTERPRISES, INC.

RECONCILIATION OF GAAP TO NON-GAAP SEGMENT INCOME (a)

(Unaudited; in millions)

         
Third-Quarter 2015
Europe     Corporate     Operating income
Reported (GAAP) (b) $330     $(70

)

 

    $260
Items Impacting Comparability:
Mark-to-market effects (c) 15 15
Restructuring charges (d) 6 6
Merger related costs (e) 7 19 26
Gain on property sale (f) (10 )           (10 )
Comparable (non-GAAP) $333   $(36

)

 

$297  
 
Third-Quarter 2014
Europe     Corporate     Operating income
Reported (GAAP) (b) $366 $(21

)

 

$345
Items Impacting Comparability:
Mark-to-market effects (c) (8 ) (8 )
Restructuring charges (d) 1             1  
Comparable (non-GAAP) $367       $(29

)

 

    $338  
 
First Nine Months 2015
Europe     Corporate     Operating income
Reported (GAAP) (b) $844 $(151

)

 

$693
Items Impacting Comparability:
Mark-to-market effects (c) 23 23
Restructuring charges (d) 19 19
Merger related costs (e) 7 19 26
Gain on property sale (f) (10 )           (10 )
Comparable (non-GAAP) $860       $(109

)

 

    $751  
 
First Nine Months 2014
Europe     Corporate     Operating income
Reported (GAAP) (b) $911 $(87

)

 

$824
Items Impacting Comparability:
Mark-to-market effects (c) (14 ) (14 )
Restructuring charges (d) 63             63  
Comparable (non-GAAP) $974       $(101

)

 

    $873  
 

___________________________

(a) These non-GAAP measures are provided to allow investors to more
clearly evaluate our operating performance and business trends.
Management uses this information to review results excluding items that
are not necessarily indicative of ongoing results. The adjusting items
are based on established defined terms and thresholds and represent all
material items management considered for year-over-year comparability.

(b) As reflected in CCE’s U.S. GAAP Condensed Consolidated Financial
Statements.

(c) Amounts represent the net out-of-period mark-to-market impact of
non-designated commodity hedges.

(d) Amounts represent nonrecurring restructuring charges.

(e) Amounts represent costs associated with the pending merger with
Coca-Cola Iberian Partners and Coca-Cola Erfrischungsgetränke as
announced on August 6, 2015.

(f) Amounts represent gains associated with the sale of a distribution
facility in Great Britain.

COCA-COLA ENTERPRISES, INC.

CURRENCY IMPACT ON OPERATING MEASURES (a)

(Unaudited; percentages rounded to the nearest 0.5 percent)

   
% Change vs. Prior Year
GAAP (b)     non-GAAP (c)

Third-Quarter 2015

Reported  

Currency
impact on
reported

 

Reported
currency-
neutral

Comparable  

Currency
impact on
comparable

 

Comparable
currency-
neutral

Net sales (14.5 )%   (13.5 )%   (1.0 )% (14.5 )%   (13.5 )%   (1.0 )%
Selling, delivery, and administrative expenses (5.5 ) (13.0 ) 7.5 (11.5 ) (13.5 ) 2.0
Operating income (24.5 ) (14.0 ) (10.5 ) (12.0 ) (14.0 ) 2.0
Diluted earnings per share (25.0 )   (18.5 )   (6.5 ) (8.5 )   (16.5 )   8.0  
 

Third-Quarter 2014

                   
Net sales (1.5 )% 2.0 % (3.5 )% (1.5 )% 2.0 % (3.5 )%
Selling, delivery, and administrative expenses (2.0 ) 2.0 (4.0 ) (1.0 ) 2.0 (3.0 )
Operating income 10.0 3.0 7.0 5.5 3.0 2.5
Diluted earnings per share (10.5 )   2.5     (13.0 ) 12.0     3.5     8.5  
 

First Nine Months 2015

                   
Net sales (15.0 )% (15.0 )% % (15.0 )% (15.0 )% %
Selling, delivery, and administrative expenses (13.5 ) (14.0 ) 0.5 (12.0 ) (14.0 ) 2.0
Operating income (16.0 ) (17.5 ) 1.5 (15.0 ) (17.5 ) 2.5
Diluted earnings per share (14.0 )   (23.0 )   9.0   (10.0 )   (19.5 )   9.5  
 

First Nine Months 2014

                   
Net sales 2.5 % 4.0 % (1.5 )% 2.5 % 4.0 % (1.5 )%
Selling, delivery, and administrative expenses 3.5 (3.5 ) 3.5 3.5
Operating income 18.0 6.0 12.0 7.0 5.0 2.0
Diluted earnings per share 13.0     6.5     6.5   15.0     5.5     9.5  
 

___________________________

(a) Currency impact is calculated by converting current year results at
prior year exchange rates.

(b) Calculated based on CCE’s U.S. GAAP Condensed Consolidated Financial
Statements.

(c) These non-GAAP measures are provided to allow investors to more
clearly evaluate our operating performance and business trends.
Management uses this information to review results excluding items that
are not necessarily indicative of ongoing results. The adjusting items
are based on established defined terms and thresholds and represent all
material items management considered for year-over-year comparability.
See the Reconciliation of GAAP to non-GAAP tables in this release for a
list of all items impacting comparability.

COCA-COLA ENTERPRISES, INC.

RECONCILIATION OF NON-GAAP MEASURES

(Unaudited; in millions, except percentages which are rounded
to the nearest 0.5 percent)

       
Third-Quarter First Nine Months
% Change vs. Prior Year % Change vs. Prior Year
2015   2014 2015 2014

Net Sales Per Case

 
Change in net sales per case (14.0 )% 2.5 % (16.0 )% 3.5 %
Impact of excluding post mix, non-trade, and other (0.5 ) (0.5 ) 0.5
Impact of currency exchange rate changes 14.0     (2.0 ) 15.0   (4.0 )
Currency-Neutral Bottle and Can Net Pricing Per Case (a) (0.5 )%   % (1.0 )% %
 

Cost of Sales Per Case

               
Change in cost of sales per case (14.5 )% (0.5 )% (16.5 )% 2.0 %
Impact of excluding post mix, non-trade, and other (2.0 ) 1.0 (1.0 ) 1.0
Impact of currency exchange rate changes 14.0     (1.5 ) 15.0   (3.5 )
Currency-Neutral Bottle and Can Cost of Sales Per Case (a) (2.5 )%   (1.0 )% (2.5 )% (0.5 )%
 

Physical Case Bottle and Can Volume

               
Change in volume (1.0 )% (4.0 )% 1.0 % (1.0 )%
Impact of selling day shift       (1.5 ) 0.5  
Comparable Bottle and Can Volume (b) (1.0 )%   (4.0 )% (0.5 )% (0.5 )%
 
First Nine Months

Reconciliation of Free Cash Flow (c)

2015   2014
Net cash derived from operating activities $ 789 $ 591
Less: capital asset investments (260 ) (239 )
Add: capital asset disposals 13     27  
Free Cash Flow $ 542     $ 379  
 
October 2, December 31,

Reconciliation of Net Debt (d)

2015   2014
Current portion of debt $ 522 $ 632
Debt, less current portion 3,483 3,320
Less: cash and cash equivalents (196 )   (223 )
Net Debt $ 3,809     $ 3,729  
 

___________________________

(a) The non-GAAP financial measures “Currency-Neutral Bottle and Can Net
Pricing Per Case” and “Currency-Neutral Bottle and Can Cost of Sales Per
Case” are used to more clearly evaluate bottle and can pricing and cost
trends in the marketplace. These measures exclude items not directly
related to bottle and can pricing or cost and currency exchange rate
changes.

(b) The non-GAAP measure “Comparable Bottle and Can Volume” is used to
analyze the performance of our business on a constant period basis.
There were the same number of selling days in the third quarter of 2015
versus the third quarter of 2014. There were four additional selling
days in the first nine months of 2015 versus the first nine months of
2014.

(c) The non-GAAP measure “Free Cash Flow” is provided to focus
management and investors on the cash available for debt reduction,
dividend distributions, share repurchase, and acquisition opportunities.

Contacts

Coca-Cola Enterprises, Inc.
Investor Relations
Thor
Erickson,
+1-678-260-3110
or
U.S. Media Relations
Fred
Roselli,
+1-678-260-3421
or
European Media Relations
Ros
Hunt,
+44 (0) 7528 251 022

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