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 September 30, 2016

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 ¨
(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




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COCA-COLA EUROPEAN PARTNERS REPORTS
INTERIM RESULTS FOR THE THIRD-QUARTER ENDED 30 SEPTEMBER 2016

LONDON, 10 November 2016 - Coca-Cola European Partners plc (CCEP) (ticker symbol: CCE) today announces its interim results for the third-quarter ended 30 September 2016, and affirms full-year 2016 outlook.
Highlights
Third-quarter diluted earnings per share were €0.67 on a reported basis or €0.66 on a pro forma comparable basis, including a negative currency translation impact of €0.03.
Third-quarter reported revenue totaled €3.0 billion. Pro forma comparable revenue was €3.0 billion, flat vs. prior year, or up 3.5 per cent on a pro forma comparable and fx-neutral basis. Volume increased 3.5 per cent on a pro forma basis.
Third-quarter reported operating profit was €405 million; pro forma comparable operating profit was €459 million, up 2.0 per cent or up 7.0 per cent on a pro forma comparable and fx-neutral basis.
CCEP affirms its full-year guidance for 2016, including flat revenue growth, modest mid-single-digit operating profit growth, and diluted earnings per share growth in a mid-teen range, all on a pro forma comparable and fx-neutral basis. After including an expected negative currency impact of approximately 4.5 per cent, pro forma comparable diluted earnings per share is expected in a range of €1.86 to €1.90.
CCEP remains on track to achieve pre-tax savings of €315 million to €340 million through synergies by mid-2019.
Separately today, CCEP announced Damian Gammell will succeed John F. Brock as chief executive officer.
“This marks the first full quarter of operation for CCEP since our merger, and we are encouraged by the return to growth in our third-quarter results,” said John F. Brock, chief executive officer. “These results support the opportunities we see for growth and our long-term outlook for CCEP.
“We remain focused on successfully integrating the territories of Coca-Cola European Partners, enhancing customer service, realising the synergies we have communicated, and ensuring we capture the growth opportunities in the market,” Mr. Brock said. “This will enable us to better meet the needs of our customers, serve our communities effectively, and importantly, drive shareowner value.”
Note Regarding the Presentation of Financial Information
Unless otherwise noted, the financial information included in this release is provided on a pro forma comparable basis to allow investors to better analyse CCEP’s business performance and allow for greater comparability. To do so, we have given effect to the Merger as if it had occurred at the beginning of the periods presented, thereby including the financial results of Coca-Cola Enterprises, Inc. (“CCE”), Coca-Cola Erfrischungsgetränke GmbH (“Germany”, “CCEG”) and Coca-Cola Iberian Partners S.A.U. (“Iberia”, “CCIP”) and acquisition accounting adjustments for the full periods presented. We have also excluded items affecting the comparability of year-over-year financial performance, including merger and integration costs, restructuring costs, the out-of-period mark-to-market impact of hedges and the inventory step-up related to acquisition accounting. See the Supplementary Financial Information for a full reconciliation of our reported results to our pro forma comparable results.
For purposes of this review, the following terms are defined as follows:
‘As reported’ includes the financial results of CCE only, as the accounting predecessor, for all periods prior to 27 May 2016 and combined CCEP (CCE, Germany and Iberia) for the period from 28 May 2016 through 30 September 2016.
‘Pro forma’ includes the results of CCE, Germany and Iberia as well as the impact of the additional debt financing costs incurred by CCEP in connection with the Merger for all periods presented, as if the Merger had occurred at the beginning of the period presented.
‘Pro forma Comparable’ represents the pro forma results excluding the items impacting comparability during the periods presented for CCE, Germany and Iberia.



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‘Fx-Neutral’ represents the pro forma comparable results excluding the impact of foreign exchange rate changes during the periods presented.
Key Financial Measures
unaudited, FX impact calculated by recasting current year results at prior year rates
Third Quarter Ended 30 September 2016
€ million
 
% change
As Reported
 
Pro forma Comparable
 
Fx-Impact
 
As Reported
 
Pro forma Comparable
 
Fx-Impact
 
Pro forma Comparable Fx-Neutral
Revenue
2,986

 
2,986

 
(99
)
 
82.5
%
 
 %
 
(3.5
)%
 
3.5
%
Cost of sales
1,825

 
1,826

 
(58
)
 
80.0
%
 
 %
 
(3.0
)%
 
3.0
%
Operating expenses
756

 
701

 
(21
)
 
90.5
%
 
(1.5
)%
 
(3.0
)%
 
1.5
%
Operating profit
405

 
459

 
(20
)
 
77.5
%
 
2.0
 %
 
(5.0
)%
 
7.0
%
Profit after taxes
327

 
321

 
(17
)
 
124.0
%
 
13.5
 %
 
(5.5
)%
 
19.0
%
Diluted earnings per share (€)
0.67

 
0.66

 
(0.03
)
 
8.0
%
 
14.0
 %
 
(4.5
)%
 
18.5
%
Key Financial Measures
unaudited, FX impact calculated by recasting current year results at prior year rates
Nine Months Ended 30 September 2016
€ million
 
% change
As Reported
 
Pro forma Comparable
 
Fx-Impact
 
As Reported
 
Pro forma Comparable
 
Fx-Impact
 
Pro forma Comparable Fx-Neutral
Revenue
6,528

 
8,232

 
(188
)
 
35.0
 %
 
(2.0
)%
 
(2.0
)%
 
 %
Cost of sales
4,068

 
5,097

 
(113
)
 
32.5
 %
 
(2.5
)%
 
(2.0
)%
 
(0.5
)%
Operating expenses
1,741

 
2,073

 
(42
)
 
50.5
 %
 
(2.0
)%
 
(2.0
)%
 
 %
Operating profit
719

 
1,062

 
(33
)
 
18.0
 %
 
(0.5
)%
 
(3.0
)%
 
2.5
 %
Profit after taxes
537

 
723

 
(24
)
 
40.0
 %
 
4.5
 %
 
(3.5
)%
 
8.0
 %
Diluted earnings per share (€)
1.34

 
1.48

 
(0.06
)
 
(17.0
)%
 
4.5
 %
 
(4.0
)%
 
8.5
 %
Operational Review
“Our return to growth reflects the impact of brand and package innovations, strong in-market execution, improving operating effectiveness, and the benefits of favourable weather,” said Damian Gammell, chief operating officer. “Going forward, we recognise that the soft consumer environment that has affected our business is still present.
“In this environment, we are focused on three key areas: delivering against our objectives for 2016, partnering with The Coca-Cola Company to drive long-term growth, and successfully delivering our synergy objectives, with a pretax goal of €315 million to €340 million by mid-2019.
“Ultimately, we are working to reignite the type of consistent, value-building growth that creates benefits for our stakeholders and drives shareowner value,” Mr. Gammell said.
Revenue
Third-quarter 2016 reported revenue totaled €3.0 billion, up 82.5 per cent vs. prior year, reflecting the inclusion of Germany and Iberia in the quarter. Pro forma comparable revenue was flat, or up 3.5 per cent on a pro forma comparable and fx-neutral basis. Revenue per unit case was down 0.5 per cent on a pro forma comparable and fx-neutral basis. Volume grew 3.5 per cent on a pro forma basis. These results reflect favourable weather conditions, the benefits of our marketing and brand initiatives, execution, and our focus on driving top-line growth.
On a territory basis for the third quarter, Iberia revenues were up 6.5 per cent benefiting from favourable weather and solid execution, as both revenue per unit case and volume grew. Revenue in Germany declined 1.0 per cent, reflecting the impact of a transition to recyclable PET from returnable PET, promotional plans, and slight negative mix, partially offset by positive volume growth. Great Britain revenues were down 13.0 per cent, driven primarily by volume growth and favourable weather, offset by a 16 per cent decline of the British pound vs. the Euro. Revenue in France grew 1.0 per cent, primarily due to favourable weather partially offset by slight negative price and mix driven by promotional plans. Revenue in the Northern European territories (Belgium, the



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Netherlands, Norway and Sweden) grew approximately 5.5 per cent driven by promotional plans, favourable weather, and favourable price and mix.
As for volume, total third-quarter volume grew 3.5 per cent vs. prior year on a pro forma basis. These results reflect growth in all categories including regular colas, favourable weather, and the benefits of our brand and marketing initiatives. Sparkling brands grew 3.0 per cent. Coca-Cola trademark grew approximately 2.0 per cent, with regular Coca-Cola up 1.0 per cent. Coca-Cola Zero trademark brands grew at a mid-teen per cent rate, led by growth in Iberia and Great Britain. The introduction of Coca-Cola Zero Sugar in Great Britain continues to be successful and will be introduced in all CCEP territories by early 2017.
Sparkling flavors and energy grew 6.5 per cent with continued strong growth in energy combined with solid growth in Fanta and the benefits of the expansion of Vio. Energy is benefiting from year-over-year comparisons as we have not yet lapped the newly acquired distribution of Monster in Iberia. Still brands grew 4.5 per cent with water brands up 4.0 per cent driven by smartwater and Vio.
Cost of Sales
Third-quarter 2016 reported cost of sales totaled €1.8 billion, up 80.0 per cent vs. prior year, driven by the inclusion of Germany and Iberia in the quarter. Pro forma comparable cost of sales totaled €1.8 billion, flat vs. prior year, or up 3.0 per cent on a pro forma comparable and fx-neutral basis.
Third-quarter cost of sales per unit case declined 0.5 per cent on a pro forma comparable and fx-neutral basis. This reflects the benefit of favourable year-over-year costs in some key commodities, principally sugar, partially offset by an increase of cost of sales in Germany from a shift from returnable to recyclable packages.
Operating Expense
Third-quarter 2016 reported operating expenses totaled €756 million, up 90.5 per cent vs. prior year, reflecting the inclusion of Germany and Iberia in the quarter. Pro forma comparable operating expenses were €701 million, down 1.5 per cent, or up 1.5 per cent on a pro forma comparable and fx-neutral basis. This includes the impact of volume growth and expense timing, partially offset by the early benefits of restructuring.
Restructuring Charges
During the third quarter of 2016, the Company recorded €53 million in restructuring charges principally related to restructuring initiatives in Germany that were in-flight at the time of Merger and the transition of Atlanta-based headquarters roles to Europe. Additionally, in October 2016, the Company announced several restructuring proposals including those related to further supply chain improvements including network optimisation, productivity initiatives, continued facility rationalisation in Germany, and end-to-end supply chain organisational design. These announcements also included transferring of Germany transactional related activities to the Company’s shared services centre in Bulgaria, and other central function initiatives. All of these proposals are subject to consultation and agreement with relevant employee representative bodies.
Outlook
For 2016, CCEP expects revenue growth to be flat, with operating profit growth in a modest mid-single-digit range and mid-teens diluted earnings per share growth. Each of these items are on a pro forma comparable and fx-neutral basis. Pro forma comparable diluted earnings per share is expected in a range of €1.86 to €1.90, including a negative currency translation impact of approximately 4.5 per cent. In addition to operating profit growth, full-year 2016 diluted earnings per share growth is benefiting from differences in interest and tax rates between pro forma comparable 2015 figures and our 2016 outlook.
Weighted average cost of debt is expected to be approximately 2 per cent and the pro forma comparable effective tax rate for 2016 is expected to be approximately 25 per cent. CCEP does not expect to repurchase shares in 2016.




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Conference Call
CCEP will host a conference call with investors and analysts today at 15:00 GMT, 16:00 CET and 10:00 a.m. EST. The call can be accessed through the Company’s website at www.ccep.com.
Financial Details
Financial details can be found in our full third-quarter 2016 filing, available within the next 24 hours at www.morningstar.co.uk/uk/NSM (located under effective date 30 September 2016) and available immediately on our website, www.ccep.com, under the Investors tab.

Contacts
Investor Relations
Thor Erickson    
+1 (678) 260-3110
Media Relations
Ros Hunt
+44 (0) 7528 251 022

About CCEP
Coca-Cola European Partners plc (CCEP) is a leading consumer packaged goods company in Europe, selling, producing and distributing an extensive range of nonalcoholic ready-to-drink beverages and is the world’s largest independent Coca-Cola bottler based on revenue. Coca-Cola European Partners serves a consumer population of over 300 million across Western Europe, including Andorra, Belgium, continental France, Germany, Great Britain, Iceland, Luxembourg, Monaco, the Netherlands, Norway, Portugal, Spain and Sweden. The Company is listed on Euronext Amsterdam, the New York Stock Exchange, Euronext London and on the Spanish stock exchanges, and trades under the symbol CCE. For more information about CCEP, please visit our website at www.ccep.com and follow CCEP on Twitter at @CocaColaEP.
Forward-Looking Statements
This document may contain statements, estimates or projections that constitute “forward-looking statements”. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “plan,” “seek,” “may,” “could,” “would,” “should,” “might,” “will,” “forecast,” “outlook,” “guidance,” “possible,” “potential,” “predict” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from Coca-Cola European Partners plc’s (“CCEP”) historical experience and its present expectations or projections. These risks include, but are not limited to, obesity concerns; water scarcity and poor quality; evolving consumer preferences; increased competition and capabilities in the marketplace; product safety and quality concerns; perceived negative health consequences of certain ingredients, such as non-nutritive sweeteners and biotechnology-derived substances, and of other substances present in its beverage products or packaging materials; increased demand for food products and decreased agricultural productivity; changes in the retail landscape or the loss of key retail or foodservice customers; an inability to expand operations in emerging or developing markets; fluctuations in foreign currency exchange rates; interest rate increases; an inability to maintain good relationships with its partners; a deterioration in its partners’ financial condition; increases in income tax rates, changes in income tax laws or unfavourable resolution of tax matters; increased or new indirect taxes in its tax jurisdictions; increased cost, disruption of supply or shortage of energy or fuels; increased cost, disruption of supply or shortage of ingredients, other raw materials or packaging materials; changes in laws and regulations relating to beverage containers and packaging; significant additional labeling or warning requirements or limitations on the availability of its products; an inability to protect its information systems against service interruption, misappropriation of data or breaches of security; unfavourable general economic or political conditions in the United States, Europe or elsewhere; litigation or legal proceedings; adverse weather conditions; climate change; damage to its brand images and corporate reputation from negative publicity, even if unwarranted, related to product safety or quality, human and workplace rights, obesity or other issues; changes in, or failure to comply with, the laws and regulations applicable to its products or business operations; changes in accounting standards; an inability to achieve its overall long-term growth objectives; deterioration of global credit market conditions; default by or failure of one or more of its



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counterparty financial institutions; an inability to timely implement its previously announced actions to reinvigorate growth, or to realise the economic benefits it anticipates from these actions; failure to realise a significant portion of the anticipated benefits of its strategic relationships, including (without limitation) The Coca-Cola Company’s relationship with Monster Beverage Corporation; an inability to renew collective bargaining agreements on satisfactory terms, or it or its partners experience strikes, work stoppages or labour unrest; future impairment charges; an inability to successfully manage the possible negative consequences of its productivity initiatives; global or regional catastrophic events; and other risks discussed in the CCEP prospectus approved by the UK Listing Authority and published on 25 May 2016, the registration statement on Form F-4, which was filed with the SEC by CCEP, and the interim results for the first six months ended 1 July 2016, published on 22 September 2016. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. 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. 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 its public statements may prove to be incorrect.




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Supplementary Financial Information - Income Statement Third Quarter
The following provides a summary reconciliation of CCEP’s reported results affecting the comparability of CCEP’s year-over-year financial performance (the items listed below are based on defined terms and thresholds and represent all material items management considered for year-over-year comparability) and pro forma comparable results for the third quarter ended 30 September 2016 and 2 October 2015 :
Third Quarter 2016
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)
Merger Related Costs(3)
Inventory Step Up Costs(4)
Net Tax Items(5)
 
CCEP
Revenue
2,986

 





 
2,986

Cost of sales
1,825

 
3

(5
)

3


 
1,826

Gross profit
1,161

 
(3
)
5


(3
)

 
1,160

Operating expenses
756

 
1

(48
)
(8
)


 
701

Operating profit
405

 
(4
)
53

8

(3
)

 
459

Total finance costs, net
29

 





 
29

Non-operating items
1

 





 
1

Profit before taxes
375

 
(4
)
53

8

(3
)

 
429

Taxes
48

 
(1
)
20

3

(1
)
39

 
108

Profit after taxes
327

 
(3
)
33

5

(2
)
(39
)
 
321

 
 
 
 
 
 
 
 
 
 
Diluted earnings per share (€)
0.67

 
 
 
 
 
 
 
0.66

 
 
 
Diluted common shares outstanding
 
 
488

Third Quarter 2015
Unaudited, in millions € except per share data which is calculated prior to rounding
As Reported
 
 
Items Impacting Comparability
 
Pro Forma and Comparable
CCEP
 
Total Pro forma Adjustments(6)
Mark-to-market effects(1)
Restructuring Charges(2)
Merger Related Costs(3)
Gain on Property Sale(7)
Inventory Step Up Costs(4)
 
CCEP
Revenue
1,638

 
1,350






 
2,988

Cost of sales
1,013

 
829

(8
)
(8
)


2

 
1,828

Gross profit
625

 
521

8

8



(2
)
 
1,160

Operating expenses
397

 
433

(6
)
(95
)
(28
)
9


 
710

Operating profit
228

 
88

14

103

28

(9
)
(2
)
 
450

Total finance costs, net
28

 
12






 
40

Non-operating items
3

 
2






 
5

Profit before taxes
197

 
74

14

103

28

(9
)
(2
)
 
405

Taxes
51

 
32

5

30

8

(3
)
(1
)
 
122

Profit after taxes
146

 
42

9

73

20

(6
)
(1
)
 
283

 
 
 
 
 
 
 
 
 
 
 
Diluted earnings per share (€)
0.63

 
 
 
 
 
 
 
 
0.58

 
 
 
Reported diluted common shares outstanding
 
 
232

Adjust: Pro forma capital structure share impact related to the Merger
 
 
256

Pro forma comparable diluted common shares outstanding
 
 
488

___________________________

(1) 
Amounts represent the net out-of-period mark-to-market impact of non-designated commodity hedges.
(2) 
Amounts represent nonrecurring restructuring charges for CCE, Germany and Iberia.
(3) 
Amounts represent costs associated with the Merger to form CCEP incurred by CCE, Germany and Iberia.
(4) 
Amounts represent the nonrecurring impact of the acquisition accounting step-up in the fair value of finished goods and spare parts inventory for Germany and Iberia.



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(5) 
Amount includes the deferred tax impact related to the enactment of a corporate tax rate reduction in the United Kingdom and the tax impact of applying the full year forecasted pro forma tax rate to the quarterly profit before taxes.
(6) 
Includes the financial results of Germany and Iberia as if the Merger had occurred at the beginning of each period, the impact of acquisition accounting for all periods presented including provisional fair values of the acquired inventory, property, plant, and equipment and intangibles from Germany and Spain, and additional debt financing cost incurred by CCEP in connection with the Merger. For further details, refer to the CCEP 2016 Interim Half-Yearly Financial Report filed on 22 September 2016.
(7) 
Amount represents the gain associated with the sale of a surplus facility in Great Britain.
The following provides a summary reconciliation of CCEP’s reported and pro forma comparable results for the first nine months ended 30 September 2016 and 2 October 2015:
First Nine Months 2016
Unaudited, in millions of € except per share data which is calculated prior to rounding
As Reported
 
 
Items Impacting Comparability
 
Pro Forma and Comparable
CCEP
 
Total Pro forma Adjustments(1)
Mark-to-market effects(2)
Restructuring Charges(3)
Merger Related Costs(4)
Inventory Step Up Costs(5)
Net Tax Items(6)
 
CCEP
Revenue
6,528

 
1,704






 
8,232

Cost of sales
4,068

 
1,053

17

(12
)

(29
)

 
5,097

Gross profit
2,460

 
651

(17
)
12


29


 
3,135

Operating expenses
1,741

 
834

11

(386
)
(127
)


 
2,073

Operating profit
719

 
(183
)
(28
)
398

127

29


 
1,062

Total finance costs, net
90

 
12



(5
)


 
97

Non-operating items
5

 
(1
)





 
4

Profit before taxes
624

 
(194
)
(28
)
398

132

29


 
961

Taxes
87

 
(27
)
(7
)
108

31

7

39

 
238

Profit after taxes
537

 
(167
)
(21
)
290

101

22

(39
)
 
723

 
 
 
 
 
 
 
 
 
 
 
Diluted earnings per share (€)
1.34

 
 
 
 
 
 
 
 
1.48

 
 
 
 
Reported diluted common shares outstanding
 
 
402

Adjust: Pro forma capital structure share impact related to the Merger
 
 
86

Pro forma comparable diluted common shares outstanding
 
 
488

First Nine Months 2015
Unaudited, in millions € except per share data which is calculated prior to rounding
As Reported
 
 
Items Impacting Comparability
 
Pro Forma and Comparable
CCEP
 
Total Pro forma Adjustments(1)
Mark-to-market effects(2)
Restructuring Charges(3)
Merger Related Costs(4)
Gain on Property Sale(7)
Inventory Step Up Costs(5)
 
CCEP
Revenue
4,837

 
3,569






 
8,406

Cost of sales
3,071

 
2,218

(19
)
(12
)


(30
)
 
5,228

Gross profit
1,766

 
1,351

19

12



30

 
3,178

Operating expenses
1,157

 
1,242

(2
)
(260
)
(35
)
9


 
2,111

Operating profit
609

 
109

21

272

35

(9
)
30

 
1,067

Total finance costs, net
83

 
40






 
123

Non-operating items
3

 
6






 
9

Profit before taxes
523

 
63

21

272

35

(9
)
30

 
935

Taxes
140

 
40

9

79

10

(3
)
8

 
283

Profit after taxes
383

 
23

12

193

25

(6
)
22

 
652

 
 
 
 
 
 
 
 
 
 
 
Diluted earnings per share (€)
1.62

 
 
 
 
 
 
 
 
1.34

 
 
 
Reported diluted common shares outstanding
 
 
236

Adjust: Pro forma capital structure share impact related to the Merger
 
 
252

Pro forma comparable diluted common shares outstanding
 
 
488

___________________________



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(1) 
Includes the financial results of Germany and Iberia as if the Merger had occurred at the beginning of each period, the impact of acquisition accounting for all periods presented including provisional fair values of the acquired inventory, property, plant, and equipment and intangibles from Germany and Spain, and additional debt financing cost incurred by CCEP in connection with the Merger. For further details, refer to the CCEP 2016 Interim Half-Yearly Financial Report filed on 22 September 2016.
(2) 
Amounts represent the net out-of-period mark-to-market impact of non-designated commodity hedges.
(3) 
Amounts represent nonrecurring restructuring charges for CCE, Germany and Iberia.
(4) 
Amounts represent costs associated with the Merger to form CCEP incurred by CCE, Germany and Iberia.
(5) 
Amounts represent the nonrecurring impact of the acquisition accounting step-up in the fair value of finished goods and spare parts inventory for Germany and Iberia.
(6) 
Amount includes the deferred tax impact related to the enactment of a corporate tax rate reduction in the United Kingdom and the tax impact of applying the full year forecasted pro forma tax rate to the year-to-date profit before taxes.
(7) 
Amount represents the gain associated with the sale of a surplus facility in Great Britain.




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Supplemental Financial Information - Revenue
Revenue
In millions of €, except per case data which is calculated prior to rounding
Third Quarter Ended
 
Nine Months Ended
30 September 2016
2 October 2015
% Change
 
30 September 2016
2 October 2015
% Change
As reported
2,986

1,638

82.5
 %
 
6,528

4,837

35.0
 %
Add: Pro forma Germany & Iberia(A)
n/a

1,350

n/a

 
1,704

3,569

n/a

Pro forma comparable
2,986

2,988

 %
 
8,232

8,406

(2.0
)%
Adjust: Impact of fx changes
99

n/a

n/a

 
188

n/a

n/a

Pro forma comparable & fx-neutral
3,085

2,988

3.5
 %
 
8,420

8,406

 %
 
 
 
 
 
 
 
 
Revenue per unit case
4.46

4.48

(0.5
)%
 
4.43

4.45

(0.5
)%
___________________________
(A) 
Adjustments to reflect Germany and Iberia revenue as if the Merger had occurred at the beginning of each period. For the third quarter of 2015 this includes the period from 4 July through 2 October. For the first nine months of 2016 this includes the period from 1 January through 27 May and for the first nine months of 2015 this includes the period from 1 January through 1 October.
 
Third Quarter Ended
 
Nine Months Ended
Revenue by Geography
Pro forma and Comparable
30 September 2016
2 October 2015
% Change
 
30 September 2016
2 October 2015
% Change
% of Total
% of Total
 
% of Total
% of Total
Iberia
27.0
%
25.5
%
6.5
 %
 
24.0
%
23.0
%
3.5
 %
Germany
20.0
%
20.0
%
(1.0
)%
 
20.0
%
19.5
%
(0.5
)%
Great Britain
18.0
%
20.5
%
(13.0
)%
 
19.0
%
21.0
%
(11.5
)%
France
15.5
%
15.5
%
1.0
 %
 
17.0
%
17.0
%
(2.5
)%
Belgium/Luxembourg
8.5
%
8.0
%
5.0
 %
 
8.5
%
8.5
%
(1.5
)%
The Netherlands
4.5
%
4.0
%
8.5
 %
 
4.5
%
4.5
%
2.5
 %
Norway
3.5
%
3.5
%
4.5
 %
 
3.5
%
3.5
%
 %
Sweden
3.0
%
3.0
%
3.5
 %
 
3.5
%
3.0
%
4.5
 %
Total
100.0
%
100.0
%
 %
 
100.0
%
100.0
%
(2.0
)%
Pro forma Volume - Selling Day Shift
In millions of unit cases, prior year volume recast using current year selling days
Third Quarter Ended
 
Nine Months Ended
30 September 2016
2 October 2015
% Change
 
30 September 2016
2 October 2015
% Change
Volume
691

667

3.5
%
 
1,899

1,897

%
Impact of selling day shift
n/a

n/a

n/a

 
n/a

(7
)
0.5
%
Pro forma comparable volume
691

667

3.5
%
 
1,899

1,890

0.5
%
 
Third Quarter Ended
 
Nine Months Ended
Pro Forma Volume by Brand Category
Adjusted for selling day shift
30 September 2016
2 October 2015
% Change
 
30 September 2016
2 October 2015
% Change
% of Total
% of Total
 
% of Total
% of Total
Sparkling
84.0
%
84.0
%
3.0
%
 
84.5
%
85.0
%
 %
Coca-Cola Trademark
62.5
%
63.0
%
2.0
%
 
63.5
%
65.0
%
(1.5
)%
Sparkling Flavors and Energy
21.5
%
21.0
%
6.5
%
 
21.0
%
20.0
%
5.5
 %
Stills
16.0
%
16.0
%
4.5
%
 
15.5
%
15.0
%
2.5
 %
Juice, Isotonics and Other
8.0
%
8.0
%
5.0
%
 
8.0
%
8.0
%
1.0
 %
Water
8.0
%
8.0
%
4.0
%
 
7.5
%
7.0
%
4.0
 %
Total
100.0
%
100.0
%
3.5
%
 
100.0
%
100.0
%
0.5
 %


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P a g e | 10
 
 

Supplemental Financial Information - Cost of Sales and Operating Expenses
Cost of Sales
In millions of €, except per case data which is calculated prior to rounding
Third Quarter Ended
 
Nine Months Ended
30 September 2016
2 October 2015
% Change
 
30 September 2016
2 October 2015
% Change
As reported
1,825

1,013

80.0
 %
 
4,068

3,071

32.5
 %
Add: Pro forma Germany & Iberia(A)
n/a

831

n/a

 
1,021

2,188

n/a

Adjust: Acquisition accounting
n/a

(2
)
n/a

 
32

30

n/a

Adjust: Total items impacting comparability
1

(14
)
n/a

 
(24
)
(61
)
n/a

Pro forma comparable
1,826

1,828

 %
 
5,097

5,228

(2.5
)%
Adjust: Impact of fx changes
58

n/a

n/a

 
113

n/a

n/a

Pro forma comparable & fx-neutral
1,884

1,828

3.0
 %
 
5,210

5,228

(0.5
)%
 
 
 
 
 
 
 
 
Cost of sales per unit case
2.73

2.74

(0.5
)%
 
2.74

2.77

(1.0
)%
___________________________
(A) 
Adjustments to reflect Germany and Iberia cost of sales as if the Merger had occurred at the beginning of each period. For the third quarter of 2015 this includes the period from 4 July through 2 October. For the first nine months of 2016 this includes the period from 1 January through 27 May and for the first nine months of 2015 this includes the period from 1 January through 2 October.
Operating Expenses
In millions of € except % change
Third Quarter Ended
 
Nine Months Ended
30 September 2016
2 October 2015
% Change
 
30 September 2016
2 October 2015
% Change
As reported
756

397

90.5
 %
 
1,741

1,157

50.5
 %
Add: Pro forma Germany & Iberia(A)
n/a

434

n/a

 
838

1,246

n/a

Adjust: Acquisition accounting
n/a

(1
)
n/a

 
(4
)
(4
)
n/a

Adjust: Total items impacting comparability
(55
)
(120
)
n/a

 
(502
)
(288
)
n/a

 Pro forma comparable
701

710

(1.5
)%
 
2,073

2,111

(2.0
)%
Adjust: Impact of fx changes
21

n/a

n/a

 
42

n/a

n/a

Pro forma comparable fx-neutral
722

710

1.5
 %
 
2,115

2,111

 %
___________________________
(A) 
Adjustments to reflect Germany and Iberia operating expenses as if the Merger had occurred at the beginning of each period. For the third quarter of 2015 this includes the period from 4 July through 2 October. For the first nine months of 2016 this includes the period from 1 January through 27 May and for the first nine months of 2015 this includes the period from 1 January through 2 October.







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P a g e | 11
 
 

 
COCA-COLA EUROPEAN PARTNERS PLC 
CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT (UNAUDITED)
 
 
Third Quarter Ended
 
Nine Months Ended
 
 
30 September 2016

2 October 2015

30 September 2016

2 October 2015
 
 
€ million
 
€ million
 
€ million
 
€ million
Revenue
 
2,986

 
1,638

 
6,528

 
4,837

Cost of sales
 
(1,825
)
 
(1,013
)
 
(4,068
)
 
(3,071
)
Gross profit
 
1,161

 
625

 
2,460

 
1,766

Selling and distribution expenses
 
(500
)
 
(230
)
 
(1,036
)
 
(695
)
Administrative expenses
 
(256
)
 
(167
)
 
(705
)
 
(462
)
Operating profit
 
405

 
228

 
719

 
609

Finance income
 
12

 
7

 
21

 
20

Finance costs
 
(41
)
 
(35
)
 
(111
)
 
(103
)
Total finance costs, net
 
(29
)
 
(28
)
 
(90
)
 
(83
)
Non-operating items
 
(1
)
 
(3
)
 
(5
)
 
(3
)
Profit before taxes
 
375

 
197

 
624

 
523

Taxes
 
(48
)
 
(51
)
 
(87
)
 
(140
)
Profit after taxes
 
327

 
146

 
537

 
383

 
 
 
 
 
 
 
 
 
Basic earnings per share (€)
 
0.68

 
0.63

 
1.36

 
1.65

Diluted earnings per share (€)
 
0.67

 
0.63

 
1.34

 
1.62

 






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P a g e | 12
 
 

COCA-COLA EUROPEAN PARTNERS PLC
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION (UNAUDITED)
 
 
30 September 2016
 
31 December 2015


€ million
 
€ million
ASSETS
 
 
 
 
Non-current:
 
 
 
 
Intangible assets
 
8,336

 
3,202

Goodwill
 
2,246

 
81

Property, plant and equipment
 
3,957

 
1,692

Non-current derivative assets
 
3

 
22

Deferred tax assets
 
292

 
81

Other non-current assets
 
66

 
35

Total non-current assets
 
14,900

 
5,113

Current:
 
 
 
 
Current derivative assets
 
17

 
20

Current tax assets
 
43

 
13

Inventories
 
690

 
371

Amounts receivable from related parties
 
83

 
52

Trade accounts receivable
 
2,060

 
1,210

Cash and cash equivalents
 
347

 
156

Other current assets
 
351

 
61

Total current assets
 
3,591

 
1,883

Total assets
 
18,491

 
6,996

LIABILITIES
 
 
 
 
Non-current:
 
 
 
 
Borrowings, less current portion
 
6,006

 
3,122

Employee benefit liabilities
 
232

 
142

Non-current provisions
 
54

 
17

Non-current derivative liabilities
 
11

 
21

Deferred tax liabilities
 
2,219

 
769

Other non-current liabilities
 
83

 
48

Total non-current liabilities
 
8,605

 
4,119

Current:
 
 
 
 
Current portion of borrowings
 
397

 
418

Current provisions
 
211

 
20

Current derivative liabilities
 
7

 
47

Current tax liabilities
 
103

 
44

Amounts payable to related parties
 
226

 
94

Trade and other payables
 
2,445

 
1,383

Total current liabilities
 
3,389

 
2,006

Total liabilities
 
11,994

 
6,125

EQUITY
 
 
 
 
Share capital
 
5

 
3

Share premium
 
113

 
2,729

Merger reserves
 
8,466

 

Reverse acquisition reserves
 
(11,142
)
 

Other reserves
 

 
(180
)
Treasury shares
 
(346
)
 
(3,307
)
Retained earnings
 
9,401

 
1,626

Total equity
 
6,497

 
871

Total equity and liabilities
 
18,491

 
6,996




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P a g e | 13
 
 

COCA-COLA EUROPEAN PARTNERS PLC 
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS (UNAUDITED)
 
 
Nine Months Ended
 
 
30 September 2016
 
2 October 2015
 
 
€ million
 
€ million
Cash flows from operating activities:
 
 
 
 
Profit before taxes
 
624

 
522

Adjustments to reconcile profit before tax to net cash flows from operating activities:
 
 
 
 
Depreciation
 
235

 
168

Amortisation of intangible assets
 
29

 
20

Share-based payment expense
 
32

 
25

Finance costs, net
 
90

 
82

Decrease/(increase) in trade and other receivables
 
(109
)
 
68

Decrease/(increase) in inventories
 
42

 
(21
)
Increase/(decrease) in trade and other payables
 
210

 
(38
)
Increase/(decrease) in provisions
 
(8
)
 

Change in other operating assets and liabilities
 
(50
)
 
24

Income taxes paid
 
(110
)
 
(88
)
Net cash flows from operating activities
 
985

 
762

Cash flows from investing activities:
 
 
 
 
Cash from acquisition of bottling operations
 
110

 

Purchases of property, plant and equipment
 
(309
)
 
(238
)
Purchases of intangible assets
 
(26
)
 
(13
)
Proceeds from sales of property, plant and equipment
 
12

 
12

Settlement of net investment hedges
 
(8
)
 
29

Other investing activity
 

 
(11
)
Net cash flows used in investing activities
 
(221
)

(221
)
Cash flows from financing activities:
 
 
 
 
Proceeds from borrowings, net of issuance costs
 
3,174

 
495

Changes in revolving credit facility, net of issuance costs
 
15

 

Changes in short-term borrowings
 
(183
)
 
108

Repayments on third party borrowings
 
(232
)
 
(430
)
Repayment of loan with TCCC assumed in acquisition
 
(73
)
 

Interest paid
 
(79
)
 
(83
)
Return of capital to CCE shareholders
 
(2,963
)
 

Dividends paid
 
(203
)
 
(172
)
Share repurchases under share repurchase programmes
 

 
(534
)
Exercise of employee share options
 
17

 
15

Repurchases of share-based payments
 
(27
)
 

Settlement of debt-related cross-currency swaps
 

 
50

Other financing activities, net
 
(12
)
 
(5
)
Net cash flows used in financing activities
 
(566
)
 
(556
)
Net change in cash and cash equivalents
 
198

 
(15
)
Net effect of currency exchange rate changes on cash and cash equivalents
 
(7
)
 
6

Cash and cash equivalents at beginning of period
 
156

 
184

Cash and cash equivalents at end of period
 
347

 
175






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 authorized.
 


 
 
COCA-COLA EUROPEAN PARTNERS PLC
 
 
 
(Registrant)
Date:
10 November 2016
By:
/s/ Joyce King-Lavinder
 
 
Name:
Joyce King-Lavinder
 
 
Title:
Vice President, Treasury