OREANDA-NEWS. Coca-Cola Enterprises, Inc. (NYSE: CCE) (Euronext Paris: CCE)today reported full-year 2015 diluted earnings per share of $2.54, or $2.58 on a comparable basis. Currency translation had a negative impact of approximately 51 cents on full-year comparable diluted earnings per share.

Reported operating income for the year totaled $866 million; comparable operating income totaled $949 million, down 13? percent or up 1? percent on a comparable and currency-neutral basis versus a year ago.

Reported diluted earnings per share for the fourth quarter were 67 cents, or 53 cents on a comparable basis. Currency translation had a negative impact of approximately 7 cents on fourth-quarter comparable diluted earnings per share.

“In 2015, we managed each element of our business to deliver slightly positive operating income growth, earnings per share growth of 8? percent, and solid free cash flow, all in line with our guidance from a year ago,” said John F. Brock, chairman and chief executive officer. “However, we continued to encounter a softer than expected consumer sector, impacting our business and top-line growth.

“While we expect soft consumer and category trends to persist in 2016, we continue to see long-term growth opportunities. Importantly, we believe the creation of Coca-Cola European Partners will enable us to leverage the best practices of three leading bottlers as we work even more closely with The Coca-Cola Company to better align our businesses, adapt to current conditions, and improve our growth outlook,” Mr. Brock said. “Each of these efforts is vital in reaching our goal of enhancing our ability to drive shareowner value.”

OPERATING REVIEW

For the full year, total volume declined ? percent. Sparkling drinks declined 1? percent, including a 2 percent decline for our Coca-Cola trademark brands. Coca-Cola Zero contributed substantial growth of 5 percent for the year. Sparkling flavors increased ? percent, with growth of 10? percent in our energy portfolio. Still beverages grew 4 percent, with juices up 2 percent. Capri-Sun grew 10 percent through expansion to Sweden and the benefits of package and flavor innovation. Water grew 12 percent, led by Chaudfontaine and the continued expansion of smartwater in Great Britain. Total volume in Great Britain declined ? percent, and volume in continental Europe declined 1 percent for the full year.

Full-year net sales totaled $7.0 billion, down 15 percent on a reported basis, or down 1? percent on a currency-neutral basis. Net pricing per case for the full year declined 1 percent, and cost of sales per case declined 2? percent. Operating expenses increased approximately 1 percent. These figures are presented on a comparable and currency-neutral basis. Free cash flow for 2015 totaled $633 million, after cash costs of $25 million related to the Coca-Cola European Partners (CCEP) transaction.

For the fourth quarter, comparable volume declined 1 percent, reflecting a 1? percent decline in sparkling brands. Coca-Cola trademark brands declined 2? percent, while sparkling flavors grew 1? percent, with growth of 5 percent for our energy portfolio. Still beverages grew 2 percent, with juices up 1 percent and water up 6 percent in the quarter. Fourth-quarter volume in Great Britain declined 3 percent, and continental European volume grew ? percent.

Fourth-quarter net sales totaled $1.6 billion, down 15? percent on a reported basis, or down 6 percent on a currency-neutral basis. Reported operating income totaled $173 million, a decline of 11? percent. On a comparable basis, operating income totaled $198 million, a decline of 13 percent, or a decline of 3 percent on a comparable and currency-neutral basis. Both net sales and operating income results include the impact of four fewer selling days in the fourth quarter.

Fourth-quarter net pricing per case was down ? percent, and cost of sales per case declined 2? percent, both on a comparable and currency-neutral basis.

2016 OUTLOOK

CCE expects full-year 2016 comparable and currency-neutral net sales to be up slightly. For the first-quarter 2016, given expense timing and one fewer selling day, CCE expects comparable and currency-neutral operating income and diluted earnings per share growth to be down slightly. Based on recent rates, currency translation would negatively impact first-quarter 2016 diluted earnings per share by approximately 5 percent.

The company expects full-year 2016 free cash flow in a range of $500 million to $550 million after expected CCEP transaction cash costs of $75 million to $100 million. 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 2016 is expected to be between 26 percent and 28 percent. Given the pending transaction, CCE does not expect to repurchase shares in 2016.

COCA-COLA EUROPEAN PARTNERS

As announced in the third quarter of 2015, Coca-Cola Enterprises, Coca-Cola Iberian Partners, S.A. (CCIP), and Coca-Cola Erfrischungsgetr?nke 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 by the end of the second quarter, 2016.

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. 

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 has filed with the SEC a registration statement on Form F-4 that includes 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.
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share data)
           
      Fourth Quarter (a)   Full Year
      2015   2014     2015   2014
Net sales     $ 1,630     $ 1,925       $ 7,011     $ 8,264  
Cost of sales     1,030     1,256       4,441     5,291  
Gross profit     600     669       2,570     2,973  
Selling, delivery, and administrative expenses     427     474       1,704     1,954  
Operating income     173     195       866     1,019  
Interest expense, net     26     30       118     119  
Other nonoperating expense     (1 )   (7 )     (4 )   (7 )
Income before income taxes     146     158       744     893  
Income tax (benefit) expense     (10 )   46       148     230  
Net income     $ 156     $ 112       $ 596     $ 663  
Basic earnings per share     $ 0.69     $ 0.46       $ 2.59     $ 2.68  
Diluted earnings per share     $ 0.67     $ 0.46       $ 2.54     $ 2.63  
Dividends declared per share     $ 0.28     $ 0.25       $ 1.12     $ 1.00  
Basic weighted average shares outstanding     228     242       231     247  
Diluted weighted average shares outstanding     232     246       235     252  

___________________________

(a)   Amounts presented for the fourth quarters of 2015 and 2014 have not been audited.
     
COCA-COLA ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
         
       

Year Ended December 31,

       

2015

    2014
Net income       $ 596       $ 663  
Components of other comprehensive (loss) income:              
Currency translations              
Pretax activity, net       (337 )     (482 )
Tax effect              
Currency translations, net of tax       (337 )     (482 )
Net investment hedges              
Pretax activity, net       163       256  
Tax effect       (57 )     (90 )
Net investment hedges, net of tax       106       166  
Cash flow hedges              
Pretax activity, net       16       (15 )
Tax effect       (5 )     4  
Cash flow hedges, net of tax       11       (11 )
Pension plan adjustments              
Pretax activity, net       (76 )     (79 )
Tax effect      

13

     

23

 
Pension plan adjustments, net of tax       (63 )     (56 )
Other comprehensive loss, net of tax       (283 )     (383 )
Comprehensive income       $ 313       $ 280  
                       
COCA-COLA ENTERPRISES, INC.
CONSOLIDATED BALANCE SHEETS
(In millions)
       
      December 31,
      2015     2014
ASSETS            
Current:            
Cash and cash equivalents     $ 170       $ 223  
Trade accounts receivable     1,314       1,514  
Amounts receivable from The Coca-Cola Company     56       67  
Inventories     336       388  
Other current assets     170       268  
Total current assets     2,046       2,460  
Property, plant, and equipment, net     1,920       2,101  
Franchise license intangible assets, net     3,383       3,641  
Goodwill     88       101  
Other noncurrent assets     174       240  
Total assets     $ 7,611       $ 8,543  
LIABILITIES            
Current:            
Accounts payable and accrued expenses     $ 1,601       $ 1,872  
Amounts payable to The Coca-Cola Company     102       104  
Current portion of debt     454       632  
Total current liabilities     2,157       2,608  
Debt, less current portion     3,407       3,320  
Other noncurrent liabilities     236       207  
Noncurrent deferred income tax liabilities     854       977  
Total liabilities     6,654       7,112  
SHAREOWNERS’ EQUITY            
Common stock     4       3  
Additional paid-in capital     4,032       3,958  
Reinvested earnings     2,329       1,991  
Accumulated other comprehensive loss     (997 )     (714 )
Common stock in treasury, at cost     (4,411 )     (3,807 )
Total shareowners’ equity     957       1,431  
Total liabilities and shareowners’ equity     $ 7,611       $ 8,543  
                     
COCA-COLA ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
       
      Year Ended December 31,
      2015     2014
Cash Flows from Operating Activities:            
Net income     $ 596       $ 663  
Adjustments to reconcile net income to net cash derived from operating activities:            
Depreciation and amortization     274       309  
Share-based compensation expense     41       28  
Deferred income tax (benefit) expense     (8 )     65  
Pension expense less than contributions     (11 )     (3 )
Changes in assets and liabilities:            
Trade accounts receivable     78       (151 )
Inventories     17       15  
Other current assets     (30 )     (110 )
Accounts payable and accrued expenses     (38 )     94  
Other changes, net     22       72  
Net cash derived from operating activities     941       982  
Cash Flows from Investing Activities:            
Capital asset investments     (321 )     (332 )
Capital asset disposals     13       27  
Settlement of net investment hedges     32       21  
Net cash used in investing activities     (276 )     (284 )
Cash Flows from Financing Activities:            
Net change in commercial paper     52       146  
Issuances of debt     527       347  
Payments on debt     (485 )     (114 )
Share repurchases under share repurchase programs     (614 )     (912 )
Dividend payments on common stock     (257 )     (246 )
Exercise of employee share options     21       16  
Settlement of debt-related cross-currency swaps     56       (13 )
Other financing activities, net     2       (13 )
Net cash used in financing activities     (698 )     (789 )
Net effect of currency exchange rate changes on cash and cash equivalents     (20 )     (29 )
Net Change in Cash and Cash Equivalents     (53 )     (120 )
Cash and Cash Equivalents at Beginning of Year     223       343  
Cash and Cash Equivalents at End of Year     $ 170       $ 223  
                     
COCA-COLA ENTERPRISES, INC.
RECONCILIATION OF GAAP TO NON-GAAP (a)
(Unaudited; in millions, except per share data which is calculated prior to rounding)
         
        Fourth-Quarter 2015
            Selling,       Other   Income        
            Delivery, and       Nonoperating   Tax       Diluted
        Cost of   Administrative   Operating   (Expense)   (Benefit)   Net   Earnings Per
        Sales   Expenses   Income   Income   Expense   Income   Share
Reported (GAAP) (b)     $ 1,030     427     173     (1 )   (10 )   $ 156     $ 0.67  
  Items Impacting Comparability:                              
  Mark-to-market effects (c)     1     (6 )   5         2     3     0.01  
  Restructuring charges (d)         (1 )   1         1          
  Merger related costs (e)         (19 )   19         6     13     0.06  
  Net tax items (f)                     48     (48 )   (0.21 )
Comparable (non-GAAP)     $ 1,031     401     198     (1 )   47     $ 124     $ 0.53  
           

 Diluted Weighted Average Shares Outstanding

 

232

 
                                 
       

 

   
        Fourth-Quarter 2014
            Selling,       Other   Income        
            Delivery, and       Nonoperating   Tax       Diluted
        Cost of   Administrative   Operating   (Expense)   (Benefit)  

Net

  Earnings Per
        Sales   Expenses   Income   Income   Expense  

Income

  Share
Reported (GAAP) (b)     $ 1,256     474     195     (7 )   46     $ 112     $ 0.46  
  Items Impacting Comparability:                              
  Mark-to-market effects (c)     (1 )   (11 )   12         3     9     0.04  
  Restructuring charges (d)         (18 )   18         5     13     0.05  
  Other items (g)     (2 )       2     8     2     8     0.03  
Comparable (non-GAAP)     $ 1,253     445     227     1     56     $ 142     $ 0.58  
            Diluted Weighted Average Shares Outstanding   246  
___________________________
(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 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 Erfrischungsgetr?nke as announced on August 6, 2015.
(f)   Amounts represent the deferred tax impact related to income tax rate or law changes.
(g)   Amounts represent charges related to the impairment of our investment in our recycling joint venture in Great Britain.
     
COCA-COLA ENTERPRISES, INC.
RECONCILIATION OF GAAP TO NON-GAAP (a)
(Unaudited; in millions, except per share data which is calculated prior to rounding)
         
        Full-Year 2015
            Selling,       Other            
            Delivery, and       Nonoperating           Diluted
        Cost of   Administrative   Operating   (Expense)   Income Tax   Net   Earnings Per
        Sales   Expenses   Income   Income   Expense   Income   Share
Reported (GAAP) (b)     $ 4,441     1,704     866     (4 )   148     $ 596     $ 2.54  
  Items Impacting Comparability:                              
  Mark-to-market effects (c)     (20 )   (8 )   28         9     19     0.08  
  Restructuring charges (d)         (20 )   20         6     14     0.06  
  Merger related costs (e)         (45 )   45         14     31     0.13  
  Gain on property sale (f)         10     (10 )       (3 )   (7 )   (0.03 )
  Net tax items (h)                     48     (48 )   (0.20 )
Comparable (non-GAAP)     $ 4,421     1,641     949     (4 )   222     $ 605     $ 2.58  
            Diluted Weighted Average Shares Outstanding   235  
                                 
                                 
        Full-Year 2014
            Selling,       Other            
            Delivery, and       Nonoperating           Diluted
        Cost of   Administrative   Operating   (Expense)   Income Tax   Net   Earnings Per
        Sales   Expenses   Income   Income   Expense   Income   Share
Reported (GAAP) (b)     $ 5,291     1,954     1,019     (7 )   230     $ 663     $ 2.63  
  Items Impacting Comparability:                              
  Mark-to-market effects (c)     13     (11 )   (2 )       (1 )   (1 )    
  Restructuring charges (d)         (81 )   81         26     55     0.22  
  Other items (g)     (2 )       2     8     2     8     0.03  
  Net tax items (i)                     6     (6 )   (0.03 )
Comparable (non-GAAP)     $ 5,302     1,862     1,100     1     263     $ 719     $ 2.85  
            Diluted Weighted Average Shares Outstanding   252  
___________________________
(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 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 Erfrischungsgetr?nke as announced on August 6, 2015.
(f)   Amounts represent gains associated with the sale of a distribution facility in Great Britain.
(g)   Amounts represent charges related to the impairment of our investment in our recycling joint venture in Great Britain.
(h)   Amounts represent the deferred tax impact related to income tax rate or law changes.
(i)   Amounts represent the tax impact of both cumulative nonrecurring items and changes in income tax rates on the year.
     
COCA-COLA ENTERPRISES, INC.
RECONCILIATION OF GAAP TO NON-GAAP SEGMENT INCOME (a)
(Unaudited; in millions)
               
        Fourth-Quarter 2015
        Europe       Corporate       Operating Income  
Reported (GAAP) (b)     $219      

$(46

)

 

  $173  
  Items Impacting Comparability:                        
  Mark-to-market effects (c)           5       5  
  Restructuring charges (d)     1             1  
  Merger related costs (e)     8       11       19  
Comparable (non-GAAP)     $228      

$(30

)

    $198  
         
        Fourth-Quarter 2014
        Europe       Corporate       Operating Income  
Reported (GAAP) (b)     $240      

$(45

)

    $195  
  Items Impacting Comparability:                        
  Mark-to-market effects (c)           12       12  
  Restructuring charges (d)     18             18  
  Other items (g)     2             2  
Comparable (non-GAAP)     $260      

$(33

)

    $227  
                           
        Full-Year 2015
        Europe       Corporate       Operating Income  
Reported (GAAP) (b)     $1,063      

$(197

)

    $866  
  Items Impacting Comparability:                        
  Mark-to-market effects (c)           28       28  
  Restructuring charges (d)     20             20  
  Merger related costs (e)     15       30       45  
  Gain on property sale (f)     (10 )           (10

)

Comparable (non-GAAP)     $1,088      

$(139

)

    $949  
                           
        Full-Year 2014
        Europe       Corporate       Operating Income  
Reported (GAAP) (b)     $1,151      

$(132

)

    $1,019  
  Items Impacting Comparability:                        
  Mark-to-market effects (c)           (2 )     (2 )
  Restructuring charges (d)     81             81  
  Other items (g)     2             2  
Comparable (non-GAAP)     $1,234      

$(134

)

    $1,100  
__________________________
(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 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 Erfrischungsgetr?nke as announced on August 6, 2015.
(f)   Amounts represent gains associated with the sale of a distribution facility in Great Britain.
(g)   Amounts represent charges related to the impairment of our investment in our recycling joint venture 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)
          Currency   Reported       Currency   Comparable
          impact on   currency-       impact on   currency-

Fourth-Quarter 2015

    Reported   reported   neutral   Comparable   comparable   neutral
Net sales     (15.5 )%   (9.5 )%   (6.0 )%   (15.5 )%   (9.5 )%   (6.0 )%
Selling, delivery, and administrative expenses     (10.0 )   (9.0 )   (1.0 )   (10.0 )   (9.5 )   (0.5 )
Operating income     (11.5 )   (11.0 )   (0.5 )   (13.0 )   (10.0 )   (3.0 )
Diluted earnings per share     45.5     (22.0 )   67.5     (8.5 )   (12.0 )   3.5  
                           

Fourth-Quarter 2014

                         
Net sales     (5.5 )%   (7.0 )%   1.5 %   (5.5 )%   (7.0 )%   1.5 %
Selling, delivery, and administrative expenses     0.5     (6.5 )   7.0     (2.5 )   (6.5 )   4.0  
Operating income     (10.0 )   (16.5 )   6.5     (2.0 )   (7.0 )   5.0  
Diluted earnings per share     (10.0 )   (2.0 )   (8.0 )   7.5     (9.0 )   16.5  
                           

Full-Year 2015

                         
Net sales     (15.0 )%   (13.5 )%   (1.5 )%   (15.0 )%   (13.5 )%   (1.5 )%
Selling, delivery, and administrative expenses     (13.0 )   (13.0 )       (12.0 )   (13.0 )   1.0  
Operating income     (15.0 )   (16.0 )   1.0     (13.5 )   (15.0 )   1.5  
Diluted earnings per share     (3.5 )   (22.0 )   18.5     (9.5 )   (18.0 )   8.5  
                           

Full-Year 2014

                         
Net sales     0.5 %   1.0 %   (0.5 )%   0.5 %   1.0 %   (0.5 )%
Selling, delivery, and administrative expenses     0.5     3.5     (3.0 )   2.0     1.0     1.0  
Operating income     11.5     (1.0 )   12.5     5.0     2.0     3.0  
Diluted earnings per share     8.0     11.0     (3.0 )   13.5     2.5     11.0  
___________________________
(a)   Currency impact is calculated by converting current year results at prior year exchange rates.
(b)   Calculated based on CCE's U.S. GAAP 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)
               
        Fourth-Quarter     Full Year
        % Change vs. Prior Year     % Change vs. Prior Year
        2015   2014     2015   2014

Net Sales Per Case

                       
Change in net sales per case     (10.0 )%   (8.5 )%     (14.5 )%   0.5 %
Impact of excluding post mix, non-trade, and other     (0.5 )   (0.5 )     (0.5 )    
Impact of currency exchange rate changes     10.0     7.0       14.0     (1.0 )
Currency-Neutral Bottle and Can Net Pricing Per Case (a)     (0.5 )%   (2.0 )%     (1.0 )%   (0.5 )%
                           

Cost of Sales Per Case

                       
Change in cost of sales per case     (12.5 )%   (9.5 )%     (15.5 )%   (1.0 )%
Impact of excluding post mix, non-trade, and other               (1.0 )   1.0  
Impact of currency exchange rate changes     10.0     7.0       14.0     (1.0 )
Currency-Neutral Bottle and Can Cost of Sales Per Case (a)     (2.5 )%   (2.5 )%     (2.5 )%   (1.0 )%
                           

Physical Case Bottle and Can Volume

                       
Change in volume     (6.0 )%   3.5 %     (0.5 )%   %
Impact of selling day shift     5.0     (1.5 )     N/A     N/A  
Comparable Bottle and Can Volume (b)     (1.0 )%   2.0 %     (0.5 )%   %
   

 

 

Full Year

Reconciliation of Free Cash Flow (c)

      2015  

2014

Net cash derived from operating activities       $ 941     $ 982  
Less: capital asset investments       (321 )  

 

(332

)
Add: capital asset disposals       13    

 

27

 
Free Cash Flow       $ 633     $ 677  
                   
   

 

 

December 31,

 

December 31,

Reconciliation of Net Debt (d)

     

2015

 

2014

Current portion of debt       $ 454     $ 632  
Debt, less current portion       3,407    

 

3,320

 
Less: cash and cash equivalents       (170 )  

 

(223

)
Net Debt       $ 3,691     $ 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 four fewer selling days in the fourth quarter of 2015 versus the fourth quarter of 2014. There were the same number of selling days in the full year 2015 and the full year 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.
(d)   The non-GAAP measure "Net Debt" is used to more clearly evaluate our capital structure and leverage.