LONDON, UK / ACCESSWIRE / September 26, 2016 / Active Wall St. announces its post-earnings coverage on Coca-Cola European Partners PLC (NYSE: CCE), formerly known as Coca-Cola Enterprises Inc. The company posted reported first half 2016 results on September 22nd, 2016. On May 28th, 2016, Coca-Cola European Partners was formed from the merger of Coca-Cola Enterprises Inc., Coca-Cola Iberian Partners S.A.U., and Coca-Cola Erfrischungsgetränke GmbH. Coca Cola European is the world's largest independent The Coca-Cola co (NYSE: KO) bottler on a revenue basis. Register with us now for your free membership at: http://www.activewallst.com/register/.

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Earnings Reviewed

For the period ended July 01st, 2017, Coca-Cola European reported earnings of EUR0.74 per share, or EUR0.83 per share on a comparable basis, which includes a negative currency translation impact of EUR0.02 per share. Analysts expected earnings of EUR 0.73 per share. Pro-forma comparable H1 FY16 revenue was EUR 5.2 billion, down 1.5%, and operating profit was EUR 603 million, which was flat, both on a pro-forma comparable and currency-neutral basis. Total revenue in the period, however, declined 3% on y-o-y basis.

Geographical Review

On geographical basis, Coca Cola European's Iberia region witnessed a 1.5% revenue growth in H1 FY16 as revenue per unit case increased ahead of volume. Revenue in Germany declined 0.5% in part due to the impact of a transition to recyclable PET from returnable PET. Revenue from Great Britain fell 10.5% in the reported quarter, driven by the negative impact of an approximately 6.0% decline for the British pound versus the Euro when compared to prior year. Great Britain revenue was also affected by temporary supply chain disruptions related to the implementation of new software programs and processes and an ongoing competitive environment.

Revenue in France declined 4.5% primarily due to volume declines from challenging weather, the economic impact of the decline in tourist travel and soft category conditions. Revenue in the Northern European territories (Belgium, the Netherlands, Norway, and Sweden) declined approximately 0.5% driven by revenue declines in Belgium, due in part to the decline of tourist travel in Belgium, and offset partially by revenue growth in Norway and Sweden.

Volume Declines

During H1 FY16, Coca Cola European volume declined 1.5% on a pro-forma basis and was down 1.0% on a pro-forma and comparable basis after adjusting for one fewer selling day in the first quarter when compared to prior year, the decline was attributed to challenging consumer environment, difficult second quarter weather, and other operating factors. Sparkling brands declined 1.5%, Coca-Cola trademark declined approximately 3.5%, with approximate 6.5% growth in Coca-Cola Zero Sugar offset by declines in other trademark brands. Sparkling flavors and energy grew 5.0% continued strong growth in energy offset low single-digit declines in sparkling flavors.

Dividend

The Coca Cola European Board of Directors approved an initial quarterly dividend of ?0.17, equivalent to an annualized dividend of ?0.68 per share. The dividend will be paid on 17th October 2016 to those shareholders of record on 3rd October 2016.

Outlook

For FY16, Coca Cola European is forecasting revenue to be flat with operating profit growth in a modest mid-single-digit range and diluted earnings per share in a mid-teen range, all on a comparable and constant currency basis. The company expects currency translation to negatively impact FY16 diluted earnings per share by approximately ?0.07. Weighted average cost of debt is expected to be approximately 2% and the comparable effective tax rate for 2016 is expected to be between 24 per cent and 26 per cent. The company also reaffirmed its pre-tax savings target at the ?315 million to ?340 million range through synergies by mid-2019.

Stock Performance

Coca-Cola European Partners' share price finished yesterday's trading session at $40.23, marginally up 0.02%. A total volume of 3.15 million shares exchanged hands, which was higher than the 3 months average volume of 2.88 million shares. The stock has advanced 14.71% and 12.48% in the last three months and past six months, respectively. Furthermore, since the start of the year, shares of the company has gained 15.03%. The stock is trading at a PE ratio of 16.56 and has a dividend yield of 2.98%.

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