Coca-Cola Enterprises, Inc. Reports Fourth-Quarter and Full-Year 2012 Results

  Coca-Cola Enterprises, Inc. Reports Fourth-Quarter and Full-Year 2012
  Results

  *CCE achieved full-year earnings per diluted share of $2.25 on a reported
    basis, or $2.26 on a comparable basis.
  *Full-year net sales totaled $8.1 billion, down 2½ percent on a reported
    basis, up 3 percent on a currency neutral basis, and up 1 percent on a
    currency neutral basis excluding the impact of the French excise tax
    increase.
  *Full-year reported operating income was $928 million, down 10 percent;
    full-year comparable operating income was $1.0 billion, down 4 percent,
    and up 2½ percent on a currency neutral basis.
  *Fourth-quarter earnings per diluted share totaled 34 cents on a reported
    basis, or 45 cents on a comparable basis; free cash flow totaled $582
    million.
  *Initiated a new $1.5 billion share repurchase program in 2013, with a goal
    of purchasing at least $500 million by year end.
  *CCE continues to expect 2013 comparable and currency neutral earnings per
    diluted share growth of approximately 10 percent.

Business Wire

ATLANTA -- February 7, 2013

Regulatory News:

Coca-Cola Enterprises, Inc. (NYSE/Euronext Paris: CCE)  today reported
full-year 2012 earnings per diluted share of $2.25, or $2.26 on a comparable
basis.

Reported operating income for the year totaled $928 million; comparable
operating income totaled $1.0 billion, up 2½ percent on a comparable and
currency neutral basis versus a year ago. Currency translation negatively
affected full-year comparable earnings per diluted share by 16 cents. Items
affecting comparability are detailed on pages 12 through 15 of this release.

“We achieved solid earnings per share growth in 2012 while working through
significant marketplace challenges and the ongoing macroeconomic softness that
continues to affect our territories,” said John F. Brock, chairman and chief
executive officer. “Managing through these factors, we also delivered modest
comparable, currency neutral net sales and operating income growth, and strong
free cash flow.

“We remain confident in our ability to restore, over time, our sales and
operating income growth to levels in line with our long-term targets,” Mr.
Brock said. “Our optimism is fueled by the popularity of our brands, the
effectiveness of our marketplace initiatives, the benefits of our Business
Transformation Program, and the skill and dedication of our people.

“Going forward, we will continue to focus on value-creating opportunities in
order to achieve sustained growth and to deliver on our most important goal –
creating value for our shareowners,” Mr. Brock said.

                               OPERATING REVIEW

Full-year 2012 net sales totaled $8.1 billion, a decline of 2½ percent versus
prior year results, up 3 percent on a currency neutral basis, and up 1 percent
on a currency neutral basis excluding the impact of the French excise tax
increase. For the fourth quarter, net sales grew 1 percent on a reported
basis, 2 percent on a currency neutral basis, and was flat on a currency
neutral basis excluding the impact of the French excise tax increase.

Full-year comparable operating income declined 4 percent over prior year
results, and increased 2½ percent on a comparable and currency neutral basis.
For the quarter, operating income grew 13 percent on a comparable basis and
13½ percent on a comparable and currency neutral basis, driven by modest gross
margin improvement after excluding the impact of the French excise tax
increase, and focused expense controls.

Free cash flow for 2012 totaled $582 million, including benefits from
favorable year-over-year changes in working capital.

Full-year volume declined 3 percent. Sparkling brands declined 3½ percent;
however, Coca-Cola Zero continued to perform well with growth of 6½ percent,
and energy grew over 15 percent, led by Monster. Still brands were flat for
the year, as growth in Capri-Sun, Nestea, and Chaudfontaine and Abbey Well
waters was offset by declines in juices, juice drinks, and sports drinks. On a
territory basis, volume was down 3 percent in both Great Britain and
continental Europe.

For 2012, excluding the impact of the French excise tax increase, net pricing
per case grew 3 percent and cost of sales per case grew 2½ percent. Operating
expenses were flat as volume declines and expense controls offset increases,
including incremental costs associated with our support of the Olympic Games.
These figures are comparable and currency neutral.

For the fourth quarter, volume declined 5½ percent, driven by ongoing
challenging conditions and cycling strong growth in the prior year. Volume in
continental Europe declined 5½ percent, and volume in Great Britain declined 6
percent. Net pricing per case grew 4 percent and cost of sales per case
increased 3½ percent, both excluding the impact of the French excise tax
increase. These figures are comparable and currency neutral.

“In a year marked by unique operating challenges, we continued to focus on
marketplace excellence while positioning our company to take advantage of the
growth opportunities we see ahead,” said Hubert Patricot, executive vice
president and president, European Group. “We expect a return to volume growth
in 2013 through a combination of marketing efforts, solid customer plans, and
effectiveness initiatives. “We also are on track to realize benefits from our
Business Transformation Program, including a restructured commercial
organization that we believe will deliver increased productivity, operating
efficiency, and enhance best practices while maintaining our world class
levels of customer service,” Mr. Patricot said.

                               SHARE REPURCHASE

CCE completed its most recent share repurchase program in the fourth quarter
of 2012, resulting in 27 million shares or $780 million in repurchases last
year. In January of this year, a new $1.5 billion share repurchase program
began with a goal of purchasing at least $500 million of our shares in 2013.
These plans may be adjusted depending on economic, operating, or other
factors, including acquisition opportunities.

                            FULL-YEAR 2013 OUTLOOK

For 2013, CCE expects earnings per diluted share to grow approximately 10
percent on a comparable and currency neutral basis. Although it is too early
to predict the 2013 currency impact, based on recent rates, currency
translation would benefit full-year earnings per share in a range of 2 percent
to 3 percent.

Net sales and operating income are expected to grow in a mid-single-digit
range. This guidance reflects declining gross margins with expected net
pricing per case growth less than an above-average cost of sales per case
growth in 2013. While CCE remains committed to preserving or expanding margins
over time, in light of sustained macroeconomic weakness and marketplace
conditions we have a more modest approach in 2013. As a result, operating
income margins are expected to be down modestly. This outlook is comparable
and currency neutral.

The company also expects 2013 free cash flow in a range of $450 million to
$500 million after including a year-over-year increase in cash restructuring
expenses of approximately $125 million. Capital expenditures are expected to
be approximately $350 million. Weighted average cost of debt is expected to be
approximately 3 percent and the comparable effective tax rate for 2013 is
expected to be in a range of 26 percent to 28 percent.

                               CONFERENCE CALL

CCE will host a conference call with investors and analysts today at 10:00
a.m. ET. The call can be accessed through the company’s website at
www.cokecce.com.

Coca-Cola Enterprises, Inc. (CCE) is the leading Western European marketer,
producer, and distributor of non-alcoholic 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. We
operate with a local focus and have 17 manufacturing sites across Europe,
where we manufacture nearly 90 percent of our products in the markets in which
they are consumed. Corporate responsibility and sustainability is core to our
business, and we have been recognized by leading organizations in North
America and Europe for our progress in water use reduction, carbon footprint
reduction, and recycling initiatives. For more information about our company,
please visit our website at www.cokecce.com and follow us 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 Form 10-K for the
year ended December 31, 2012 and other SEC filings.

COCA-COLA ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In Millions, Except Per Share Data)
                                                              
                                                     Fourth Quarter
                                                      2012          2011
Net Sales                                            $ 1,916         $ 1,893
Cost of Sales                                         1,254         1,226
Gross Profit                                           662             667
Selling, Delivery, and Administrative Expenses        512           487
Operating Income                                       150             180
Interest Expense                                       25              23
Other Nonoperating (Expense) Income                   (1    )        1
Income Before Income Taxes                             124             158
Income Tax Expense                                    24            45
Net Income                                           $ 100          $ 113
Basic Earnings Per Share                             $ 0.35         $ 0.37
Diluted Earnings Per Share                           $ 0.34         $ 0.36
Dividends Declared Per Share                         $ 0.16         $ 0.13
Basic Weighted Average Shares Outstanding             284           309
Diluted Weighted Average Shares Outstanding           291           317
                                                                             
                                                                             

COCA-COLA ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In Millions, Except Per Share Data)
                                                            
                                                     Full Year
                                                      2012         2011  
Net Sales                                            $ 8,062       $ 8,284
Cost of Sales                                         5,162        5,254 
Gross Profit                                           2,900         3,030
Selling, Delivery, and Administrative Expenses        1,972        1,997 
Operating Income                                       928           1,033
Interest Expense                                       94            85
Other Nonoperating Income (Expense)                   3            (3    )
Income Before Income Taxes                             837           945
Income Tax Expense                                    160          196   
Net Income                                           $ 677         $ 749   
Basic Earnings Per Share                             $ 2.30        $ 2.35  
Diluted Earnings Per Share                           $ 2.25        $ 2.29  
Dividends Declared Per Share                         $ 0.64        $ 0.51  
Basic Weighted Average Shares Outstanding             294          319   
Diluted Weighted Average Shares Outstanding           301          327   
                                                                             
                                                                             

COCA-COLA ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Millions)
                                                              
                                                     Year Ended December 31,
                                                     2012         2011 
Net income                                           $ 677          $ 749
Components of other comprehensive income (loss):
Currency translations
Pretax activity, net                                   175            (74  )
Tax effect                                            -            -    
Currency translations, net of tax                      175            (74  )
Net investment hedges
Pretax activity, net                                   (45  )         23
Tax effect                                            16           (8   )
Net investment hedges, net of tax                      (29  )         15
Cash flow hedges
Pretax activity, net                                   (11  )         (13  )
Tax effect                                            3            4    
Cash flow hedges, net of tax                           (8   )         (9   )
Pension plan adjustments
Pretax activity, net                                   (126 )         (82  )
Tax effect                                            31           22   
Pension plan adjustments, net of tax                  (95  )        (60  )
Other comprehensive income (loss), net of tax         43           (128 )
Comprehensive income                                 $ 720         $ 621  
                                                                             
                                                                             

COCA-COLA ENTERPRISES, INC.
CONSOLIDATED BALANCE SHEETS
(In Millions)
                                                            
                                                 December 31,
                                                  2012           2011   
ASSETS
Current:
Cash and cash equivalents                        $ 721            $ 684
Trade accounts receivable, net                     1,432            1,387
Amounts receivable from The Coca-Cola              66               64
Company
Inventories                                        386              403
Other current assets                              157            148    
Total Current Assets                               2,762            2,686
Property, plant, and equipment, net                2,322            2,230
Franchise license intangible assets, net           3,923            3,771
Goodwill                                           132              124
Other noncurrent assets                           371            283    
Total Assets                                     $ 9,510         $ 9,094  
LIABILITIES
Current:
Accounts payable and accrued expenses            $ 1,844          $ 1,716
Amounts payable to The Coca-Cola Company           103              116
Current portion of debt                           632            16     
Total Current Liabilities                          2,579            1,848
Debt, less current portion                         2,834            2,996
Other noncurrent liabilities                       276              160
Noncurrent deferred income tax liabilities        1,128          1,191  
Total Liabilities                                  6,817            6,195
                                                                             
SHAREOWNERS' EQUITY
Common stock                                       3                3
Additional paid-in capital                         3,825            3,745
Reinvested earnings                                1,126            638
Accumulated other comprehensive loss               (430   )         (473   )
Common stock in treasury, at cost                 (1,831 )        (1,014 )
Total Shareowners' Equity                         2,693          2,899  
Total Liabilities and Shareowners' Equity        $ 9,510         $ 9,094  
                                                                             
                                                                             

COCA-COLA ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Millions)
                                                             
                                                                             
                                                     Year Ended December 31,
                                                      2012         2011 
Cash Flows From Operating Activities:
Net income                                           $ 677          $ 749
Adjustments to reconcile net income to net
cash derived from operating activities:
Depreciation and amortization                          335            321
Share-based compensation expense                       35             43
Deferred income tax benefit                            (132 )         (121 )
Pension expense less than contributions                (75  )         (24  )
Changes in assets and liabilities, net of
acquisition amounts:
Trade accounts receivable                              -              (85  )
Inventories                                            30             (44  )
Prepaid expense and other assets                       (5   )         (26  )
Accounts payable and accrued expenses                  58             88
Other changes, net                                    24           (39  )
Net cash derived from operating activities            947          862  
Cash Flows From Investing Activities:
Capital asset investments                              (378 )         (376 )
Capital asset disposals                                13             4
Settlement of net investment hedges                    -              22
Other investing activities, net                       (8   )        (9   )
Net cash used in investing activities                 (373 )        (359 )
Cash Flows From Financing Activities:
Net change in commercial paper                         -              (145 )
Issuances of debt                                      430            900
Payments on debt                                       (16  )         (9   )
Shares repurchased under share repurchase              (780 )         (800 )
programs
Dividend payments on common stock                      (187 )         (162 )
Net cash received from The Coca-Cola Company           -              71
for transaction-related items
Other financing activities, net                       (3   )        16   
Net cash used in financing activities                 (556 )        (129 )
Net effect of currency exchange rate changes          19           (11  )
on cash and cash equivalents
Net Change In Cash and Cash Equivalents                37             363
Cash and Cash Equivalents at Beginning of             684          321  
Period
Cash and Cash Equivalents at End of Period           $ 721         $ 684  
                                                                             
                                                                             

COCA-COLA ENTERPRISES, INC.
RECONCILIATION OF GAAP TO NON-GAAP INCOME (a)
(Unaudited; In Millions, Except Per Share Data which is calculated prior to rounding)
                                                                                                                            
                                                                                                                                                            
                                                                                                                     
                   Fourth-Quarter 2012
                             Cost                 Selling,                                      Other            Income     Income                 Diluted
                   Net     of      Gross    Delivery, and    Operating   Interest   Nonoperating   Before   Tax       Net      Earnings
                   Sales     Sales     Profit     Administrative     Income        Expense      Expense          Income     Expense     Income     Per
                                                  Expenses                                                       Tax                               Share
Reported (GAAP)    $         1,254     662        512                150           25           (1)              124        24          $ 100      $ 0.34
(b)                1,916
  Items
  Impacting
  Comparability:
  Mark-to-Market   -         (5)       5          (2)                7             -            -                7          2           5          0.02
  Effects (c)
  Restructuring    -         -         -          (51)               51            -            -                51         13          38         0.13
  Charges (d)
  Net Tax Items    -       -       -        -                -           -          -              -        12        (12)     (0.04)
  (e)
Comparable         $       1,249   667      459              208         25         (1)            182      51        $ 131    $ 0.45
(non-GAAP)         1,916
  Diluted Weighted Average Shares Outstanding                                                                                                      291
                                                                                                                                                            
                                                                                                                     
                   Fourth-Quarter 2011
                             Cost                 Selling,                                      Other            Income     Income                 Diluted
                   Net     of      Gross    Delivery, and    Operating   Interest   Nonoperating   Before   Tax       Net      Earnings
                   Sales     Sales     Profit     Administrative     Income        Expense      Income           Income     Expense     Income     Per
                                                  Expenses                                                       Tax                               Share
Reported (GAAP)    $         1,226     667        487                180           23           1                158        45          $ 113      $ 0.36
(b)                1,893
  Items
  Impacting
  Comparability:
  Mark-to-Market   -         (3)       3          2                  1             -            -                1          -           1          -
  Effects (c)
  Restructuring    -         -         -          (3)                3             -            -                3          1           2          -
  Charges (d)
  Net Tax Items    -       -       -        -                -           -          -              -        -         -        -
  (e)
Comparable         $       1,223   670      486              184         23         1              162      46        $ 116    $ 0.36
(non-GAAP)         1,893
  Diluted Weighted Average Shares Outstanding                                                                                                      317
                                                                                                                                                            
                                                                                                                                                            
                                                                                                                                                            
(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 non-recurring restructuring charges.
(e) Amounts represent the deferred tax impact related to income tax rate or law changes.



COCA-COLA ENTERPRISES, INC.
RECONCILIATION OF GAAP TO NON-GAAP INCOME (a)
(Unaudited; In Millions, Except Per Share Data which is calculated prior to rounding)
                                                                                                                             
                                                                                                                                                             
                                                                                                                      
                    Full-Year 2012
                              Cost                 Selling,                                      Other            Income     Income                 Diluted
                    Net     of      Gross    Delivery, and    Operating   Interest   Nonoperating   Before   Tax       Net      Earnings
                    Sales     Sales     Profit     Administrative     Income        Expense      Income           Income     Expense     Income     Per
                                                   Expenses                                                       Tax                               Share
Reported (GAAP)     $         5,162     2,900      1,972              928           94           3                837        160         $ 677      $ 2.25
(b)                 8,062
  Items Impacting
  Comparability:
  Mark-to-Market    -         (2)       2          (2)                4             -            -                4          1           3          0.01
  Effects (c)
  Restructuring     -         -         -          (85)               85            -            -                85         24          61         0.21
  Charges (d)
  Net Tax Items     -       -       -        -                -           -          -              -        62        (62)     (0.21)
  (f)
Comparable          $       5,160   2,902    1,885            1,017       94         3              926      247       $ 679    $ 2.26
(non-GAAP)          8,062
  Diluted Weighted Average Shares Outstanding                                                                                                       301
                                                                                                                                                             
                                                                                                                      
                    Full-Year 2011
                              Cost                 Selling,                                      Other            Income     Income                 Diluted
                    Net     of      Gross    Delivery, and    Operating   Interest   Nonoperating   Before   Tax       Net      Earnings
                    Sales     Sales     Profit     Administrative     Income        Expense      Expense          Income     Expense     Income     Per
                                                   Expenses                                                       Tax                               Share
Reported (GAAP)     $         5,254     3,030      1,997              1,033         85           (3)              945        196         $ 749      $ 2.29
(b)                 8,284
  Items Impacting
  Comparability:
  Mark-to-Market    -         (4)       4          1                  3             -            -                3          1           2          -
  Effects (c)
  Restructuring     -         -         -          (19)               19            -            -                19         6           13         0.04
  Charges (d)
  Tax
  Indemnification   -         -         -          (5)                5             -            -                5          1           4          0.01
  Charges (e)
  Net Tax Items     -       -       -        -                -           -          -              -        53        (53)     (0.16)
  (f)
Comparable          $       5,250   3,034    1,974            1,060       85         (3)            972      257       $ 715    $ 2.18
(non-GAAP)          8,284
  Diluted Weighted Average Shares Outstanding                                                                                                       327
                                                                                                                                                             
                                                                                                                                                             
                                                                                                                                                             
(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 non-recurring restructuring charges.
(e) Amounts represent post-Merger changes to certain underlying tax matters covered by our indemnification to The Coca-Cola Company for periods prior to the
Merger.
(f) Amounts represent the deferred tax impact related to income tax rate or law changes.
                                                                                                                                                             
                                                                                                                                                             

COCA-COLA ENTERPRISES, INC.
RECONCILIATION OF GAAP TO NON-GAAP SEGMENT INCOME (a)
(Unaudited; In Millions)
                                                          
                                                                             
                                                             
                                Full-Year 2012
                                Europe         Corporate       Operating
                                                                 Income
Reported (GAAP) (b)             $   1,073       (145    )        $   928
     Items Impacting
     Comparability:
     Mark-to-Market                 -           4                    4
     Effects (c)
     Restructuring Charges         85         -                 85
     (d)
Comparable (non-GAAP)           $   1,158      (141    )       $   1,017
                                                                             
                                                             
                                Full-Year 2011
                                Europe         Corporate       Operating
                                                                 Income
Reported (GAAP) (b)             $   1,195       (162    )        $   1,033
     Items Impacting
     Comparability:
     Mark-to-Market                 -           3                    3
     Effects (c)
     Restructuring Charges          19          -                    19
     (d)
     Tax Indemnification           -          5                 5
     Charges (e)
Comparable (non-GAAP)           $   1,214      (154    )       $   1,060
                                                                             
                                                                             
                                                                             
                                                             
                                Fourth-Quarter 2012
                                Europe         Corporate       Operating
                                                                 Income
Reported (GAAP) (b)             $   194         (44     )        $   150
     Items Impacting
     Comparability:
     Mark-to-Market                 -           7                    7
     Effects (c)
     Restructuring Charges         51         -                 51
     (d)
Comparable (non-GAAP)           $   245        (37     )       $   208
                                                                             
                                                             
                                Fourth-Quarter 2011
                                Europe         Corporate       Operating
                                                                 Income
Reported (GAAP) (b)             $   223         (43     )        $   180
     Items Impacting
     Comparability:
     Mark-to-Market                 -           1                    1
     Effects (c)
     Restructuring Charges         3          -                 3
     (d)
Comparable (non-GAAP)           $   226        (42     )       $   184
                                                                             
                                                                             
(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 non-recurring restructuring charges.
(e) Amounts represent post-Merger changes to certain underlying tax matters
covered by our indemnification to The Coca-Cola Company for periods prior to
the Merger.
                                                                             
                                                                             

COCA-COLA ENTERPRISES, INC.
RECONCILIATION OF NON-GAAP MEASURES
(Unaudited; In Millions, Except Percentages)
                                                         
                                                            
                                     Fourth-Quarter 2012      Full-Year 2012
                                     Change Versus           Change Versus
                                     Fourth-Quarter 2011      Full-Year 2011
Net Sales Per Case
Change in Net Sales per Case         6.0 %                    0.0 %
Impact of Excluding Post Mix,        (0.5)%                   0.0 %
Non-Trade, and Other
Impact of Currency Exchange Rate     1.0 %                   5.5 %
Changes
Bottle and Can Net Pricing Per
Case
Including French Excise Tax          6.5 %                    5.5 %
Increase
Impact of French Excise Tax          (2.5)%                  (2.5)%
Increase
Comparable Currency-Neutral
Bottle and Can
Net Pricing Per Case^(a)             4.0 %                    3.0 %
                                                                             
Cost of Sales Per Case
Change in Cost of Sales per Case     6.5 %                    1.0 %
Impact of Excluding Post Mix,        (0.5)%                   (0.5)%
Non-Trade, and Other
Impact of Currency Exchange Rate     1.0 %                   5.5 %
Changes
Bottle and Can Cost of Sales Per
Case
Including French Excise Tax          7.0 %                    6.0 %
Increase
Impact of French Excise Tax          (3.5)%                  (3.5)%
Increase
Comparable Currency-Neutral
Bottle and Can
Cost of Sales Per Case^(a)           3.5 %                    2.5 %
                                                            
Physical Case Bottle and Can
Volume
Change in Volume                     (4.0)%                   (2.5)%
Impact of Selling Day Shift          (1.5)%                  (0.5)%
Comparable Bottle and Can            (5.5)%                  (3.0)%
Volume^(b)
                                                                             
                                                                             
                                     Full Year
Reconciliation of Free Cash Flow     2012                    2011
^(c)
Net Cash Derived From Operating      $ 947                    $ 862
Activities
Less: Capital Asset Investments      (378)                    (376)
Add: Capital Asset Disposals         13                      4
Free Cash Flow                       $ 582                   $ 490
                                                                             
                                     December 31,
Reconciliation of Net Debt ^(d)      2012                    2011
Current Portion of Debt              $ 632                    $ 16
Debt, Less Current Portion           2,834                    2,996
Less: Cash and Cash Equivalents      (721)                   (684)
Net Debt                             $ 2,745                 $ 2,328
                                                                             
(a) The non-GAAP financial measures "Comparable Currency-Neutral Bottle and
Can Net Pricing Per Case" and "Comparable 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: (1)      
items not directly related to bottle and can pricing or cost, (2) currency
exchange rate changes, and (3) the impact of the French excise tax increase  
effective January 1, 2012.
(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
was one additional selling day in the fourth quarter and full year of 2012   
versus the fourth quarter and full year of 2011.
(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.

Contact:

Coca-Cola Enterprises, Inc.
Investor Relations
Thor Erickson, +1 (678) 260-3110
or
Media Relations
Fred Roselli, +1 (678) 260-3421
or
European Media Relations
Lauren Sayeski, +44 (0) 7976 113 674