-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DyCNXHIqwk4sgvY3MeyQ8U2EMwxxvJkVUUiWpieaCAdMKQamo8dUPQC8pxbS+HUv bA3AqEMpmtPs8IWwIcOazQ== 0001193125-05-133401.txt : 20050628 0001193125-05-133401.hdr.sgml : 20050628 20050628165651 ACCESSION NUMBER: 0001193125-05-133401 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041231 FILED AS OF DATE: 20050628 DATE AS OF CHANGE: 20050628 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COCA COLA ENTERPRISES INC CENTRAL INDEX KEY: 0000804055 STANDARD INDUSTRIAL CLASSIFICATION: BOTTLED & CANNED SOFT DRINKS CARBONATED WATERS [2086] IRS NUMBER: 580503352 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09300 FILM NUMBER: 05921456 BUSINESS ADDRESS: STREET 1: 2500 WINDY RIDGE PKWY CITY: ATLANTA STATE: GA ZIP: 30339 BUSINESS PHONE: 7709893000 MAIL ADDRESS: STREET 1: 2500 WINDY RIDGE PKWY CITY: ATLANTA STATE: GA ZIP: 30339 11-K 1 d11k.htm FORM 11-K Form 11-K
Table of Contents

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Annual Report Pursuant to Section 15(d) of the

Securities Exchange Act of 1934

 


 

FORM 11-K

 


 

x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended December 31, 2004

 

OR

 

¨ TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

 

Commission file number 1-9300

 


 

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

 

COCA-COLA ENTERPRISES BARGAINING

EMPLOYEES’ 401(K) PLAN

2500 Windy Ridge Parkway, Atlanta, Georgia 30339

 

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

 

COCA-COLA ENTERPRISES INC.

2500 Windy Ridge Parkway, Atlanta, Georgia 30339

 


 

Page 1 of 20 pages

Exhibit Index on Page 19


Table of Contents

The Coca-Cola Enterprises Bargaining Employees’ 401(K) Plan (the “Plan”) is a plan which is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). Accordingly, the following items are filed herewith as part of this annual report:

 

Audited financial statements:

 

Report of Ernst & Young LLP, Independent Registered Public Accounting Firm

 

Statements of Net Assets Available for Benefits at December 31, 2004 and 2003

 

Statement of Change in Net Assets Available for Benefits for the Year Ended December 31, 2004

 

Notes to Financial Statements

 

Schedule of Assets (Held at End of Year) at December 31, 2004

 

Signature

 

Exhibit 23 – Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm

 

Page 2


Table of Contents

AUDITED FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE

 

Coca-Cola Enterprises Bargaining Employees’ 401(k) Plan

Year Ended December 31, 2004 and as of December 31, 2004 and 2003

with Report of Independent Registered Public Accounting Firm


Table of Contents

Coca-Cola Enterprises Bargaining Employees’ 401(k) Plan

 

Audited Financial Statements

and Supplemental Schedule

 

Year Ended December 31, 2004 and as of December 31, 2004 and 2003

 

Contents

 

Report of Independent Registered Public Accounting Firm

   1

Audited Financial Statements:

    

Statements of Net Assets Available for Benefits

   2

Statement of Changes in Net Assets Available for Benefits

   3

Notes to Financial Statements

   4

Supplemental Schedule:

    

Schedule of Assets (Held at End of Year)

   11


Table of Contents

Report of Independent Registered Public Accounting Firm

 

Finance Committee of the Board of Directors

Coca-Cola Enterprises Inc.

 

We have audited the accompanying statements of net assets available for benefits of Coca-Cola Enterprises Bargaining Employees’ 401(k) Plan as of December 31, 2004 and 2003, and the related statement of changes in net assets available for benefits for the year ended December 31, 2004. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Plan’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2004 and 2003, and the changes in its net assets available for benefits for the year ended December 31, 2004, in conformity with U.S. generally accepted accounting principles.

 

Our audits were performed for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2004 is presented for purposes of additional analysis and is not a required part of the financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in our audits of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.

 

/s/ ERNST & YOUNG LLP

 

Atlanta, Georgia

June 24, 2005

 

1


Table of Contents

Coca-Cola Enterprises Bargaining Employees’ 401(k) Plan

 

Statements of Net Assets Available for Benefits

 

     December 31

     2004

   2003

Assets

             

Investments, at fair value

   $ 39,457,210    $ 40,037,796
    

  

Net assets available for benefits

   $ 39,457,210    $ 40,037,796
    

  

 

See accompanying notes.

 

2


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Coca-Cola Enterprises Bargaining Employees’ 401(k) Plan

 

Statement in Changes in Net Assets Available for Benefits

 

Year Ended December 31, 2004

 

Additions to net assets attributed to:

        

Investment income:

        

Interest and dividends

   $ 902,131  

Contributions:

        

Employer

     529,097  

Participants

     1,968,144  
    


       2,497,241  
    


Total additions

     3,399,372  

Deductions from net assets attributed to:

        

Distributions to participants

     3,829,369  

Net depreciation in fair value of investments

     138,118  

Administrative expenses

     12,471  
    


Total deductions

     3,979,958  
    


Net decrease

     (580,586 )

Net assets available for benefits:

        

Beginning of year

     40,037,796  
    


End of year

   $ 39,457,210  
    


 

See accompanying notes.

 

3


Table of Contents

Coca-Cola Enterprises Bargaining Employees’ 401(k) Plan

 

Notes to Financial Statements

 

December 31, 2004

 

1. Description of Plan

 

The following description of Coca-Cola Enterprises Bargaining Employees’ 401(k) Plan (the Plan) provides only general information. Participants should refer to the Plan agreement for a more comprehensive description of the Plan’s provisions.

 

General

 

The Plan is sponsored by Hondo, Incorporated, a wholly owned subsidiary of Coca-Cola Enterprises Inc. (the Company).

 

The Plan was formed effective July 1, 1984 and restated effective January 1, 1997, and is a defined contribution plan covering certain employees of the Company. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA) as amended.

 

Eligibility

 

Each employee who is covered by a participating bargaining unit and who is eligible for the Plan under the terms of the collective bargaining agreement, shall become a participant on the entry date (first day of the calendar quarter following date of hire) at which time the participant may elect to begin compensation deferrals.

 

Contributions

 

The Plan allows a participant to contribute from 1% to 15% of compensation, as defined. The Company matches participant contributions as provided for in the various collective bargaining agreements. Contributions are subject to certain Internal Revenue Code (the IRC) limitations.

 

4


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Coca-Cola Enterprises Bargaining Employees’ 401(k) Plan

 

Notes to Financial Statements (continued)

 

1. Description of Plan (continued)

 

Vesting

 

Participants are immediately vested in their contributions plus actual earnings thereon. Vesting in the Company’s matching contribution and actual earnings thereon is based on years of continuous service. A participant is 100% vested after three years of credited service. All participants become fully vested upon death, total disability or retirement. Forfeited balances of terminated participants’ nonvested accounts are used to reduce future Company contributions.

 

Participant Accounts

 

Each participant’s account is credited with the participant’s contributions, rollover contributions, if any, and allocations of the Company’s contribution and Plan earnings. Allocations are based on a participant’s earnings or account balances, as defined. The balance of forfeited nonvested accounts was approximately $86,152 and $31,500 as of December 31, 2004 and 2003, respectively. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

 

Participant Loans

 

Participants who are employed at the time of the loan request, including an employee on leave, may borrow from their fund accounts a minimum of $1,000 and up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. Loan terms generally range from one to five years and extend up to 15 years for principal residence loans. The loans are secured by the balance in the participant’s account and bear interest at a rate commensurate with the interest rates charged by persons in the business of lending money for loans which would be made under similar circumstances. Principal and interest are paid ratably through payroll deductions and the interest paid is applied directly to the participant’s account balance.

 

5


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Coca-Cola Enterprises Bargaining Employees’ 401(k) Plan

 

Notes to Financial Statements (continued)

 

1. Description of Plan (continued)

 

Withdrawals and Payment of Benefits

 

Distributions of a participant’s vested account balance shall be made during the period following his or her retirement, total disability, death or termination of employment.

 

Distributions to participants shall be made in a single lump sum or a series of installments over a period measured by the life expectancy of the participant. The amount of distribution under the Plan shall be equal to the participant’s vested account balance. If the participant has any loan balance at the time of distribution, the amount of cash available to the participant or beneficiary shall be reduced by the outstanding principal balance of the loan.

 

Prior to retirement, a withdrawal from the balance of a participant’s pre-tax contribution account would be available only for a financial hardship.

 

Plan Termination

 

The Company expects to continue the Plan indefinitely but has the right under the Plan agreement to discontinue contributions at any time and to terminate the Plan. In the event of Plan termination, all participants become 100% vested and shall receive a full distribution of their account balances.

 

2. Summary of Significant Accounting Policies

 

Basis of Presentation

 

The financial statements of the Plan are prepared using the accrual method of accounting.

 

6


Table of Contents

Coca-Cola Enterprises Bargaining Employees’ 401(k) Plan

 

Notes to Financial Statements (continued)

 

2. Summary of Significant Accounting Policies (continued)

 

Valuation of Investments

 

The Stable Value Fund, a common collective trust fund, is valued at fair value, as determined by the trustee, which approximates cost. Other common collective trust funds are valued at fair value as determined by the Plan’s trustee based on the market values of the underlying assets comprising the fund. Mutual funds and the common stock of The Coca-Cola Company and Coca-Cola Enterprises Inc. are valued based on quoted market prices on national exchanges on the last business day of the Plan year. Participant loans are valued at their outstanding balances, which approximate fair value.

 

Administrative Expenses

 

Certain administrative expenses are paid by the Plan, as permitted by the Plan agreement. All other expenses are paid by the Company.

 

Use of Estimates

 

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

 

7


Table of Contents

Coca-Cola Enterprises Bargaining Employees’ 401(k) Plan

 

Notes to Financial Statements (continued)

 

3. Investments

 

The Plan’s investments (including investments purchased, sold, as well as held during the year) appreciated (depreciated) in fair value as follows:

 

     Year Ended
December 31,
2004


 

Net appreciation (depreciation) in fair value of investments (as determined by quoted market prices):

        

Mutual funds

   $ 1,740,212  

Collective trust funds

     41,659  

Common stock

     (2,014,416 )
    


       (232,545 )
    


Net appreciation in fair value of investments (as determined by Trustee):

        

Collective trust funds

     94,427  
    


Net depreciation in fair value of investments:

   $ (138,118 )
    


 

Individual investments that represent 5% or more of the fair value of the Plan’s net assets are as follows:

 

     December 31

     2004

   2003

Common stock of The Coca-Cola Company

   $ 8,604,467    $ 11,606,806

Participant loans

     1,994,530      *

Putnam Asset Allocation: Balanced Portfolio

     7,225,674      7,868,122

Putnam Investors Fund

     2,748,667      2,800,547

Putnam Stable Value Fund

     8,759,367      7,385,276

Putnam Vista Fund

     2,484,541      2,371,194

* Amount was less than 5% of net assets.

 

8


Table of Contents

Coca-Cola Enterprises Bargaining Employees’ 401(k) Plan

 

Notes to Financial Statements (continued)

 

4. Transactions with Parties-in-Interest

 

The following schedule summarizes transactions in the common stock of The Coca-Cola Company, a significant shareowner of

Coca-Cola Enterprises Inc. during 2004:

 

     Shares

    Fair Value

 

Balance at January 1, 2004

   228,706     $ 11,606,806  

Purchases

   5,625       258,022  

Sales

   (27,642 )     (1,294,249 )

Realized Losses, net

   —         (145,901 )

Unrealized Losses, net

   —         (1,820,211 )
    

 


Balance at December 31, 2004

   206,689     $ 8,604,467  
    

 


Dividends received in 2004

   —       $ 214,621  

 

9


Table of Contents

Coca-Cola Enterprises Bargaining Employees’ 401(k) Plan

 

Notes to Financial Statements (continued)

 

4. Transactions with Parties-in-Interest (continued)

 

The following schedule summarizes transactions in the common stock of Coca-Cola Enterprises Inc. during 2004:

 

     Shares

    Fair Value

 

Balance at January 1, 2004

   26,788     $ 585,844  

Purchases

   26,132       589,638  

Sales

   (18,301 )     (405,381 )

Realized Gains, net

   —         23,052  

Unrealized Losses, net

   —         (71,356 )
    

 


Balance at December 31, 2004

   34,619     $ 721,797  
    

 


Dividends received in 2004

   —       $ 4,958  

 

5. Income Tax Status

 

The Plan has received a determination letter from the Internal Revenue Service dated May 9, 2003, stating that the Plan is qualified under Section 401(a) of the IRC and, therefore, the related trust is exempt from taxation. Subsequent to this determination by the Internal Revenue Service, the Plan was amended. Once qualified, the Plan is required to operate in conformity with the IRC to maintain its qualification. The Plan administrator believes the Plan is being operated in compliance with the applicable requirements of the IRC and, therefore, believes that the Plan, as amended, is qualified and the related trust is tax exempt.

 

6. Other Matters

 

On December 3, 2004, the Plan administrator, a committee of management of the Plan sponsor, approved a change in recordkeeper and trustee for the Plan from Mercer HR Outsourcing (previously Putnam Fiduciary Trust Company) to JPMorgan Retirement Plan Services and JPMorgan Chase Bank, N.A., effective August 1, 2005. The effective date of the transfer of assets will also be August 1, 2005.

 

10


Table of Contents

Supplemental Schedule


Table of Contents

Coca-Cola Enterprises Bargaining Employees’ 401(k) Plan

 

Schedule H, Line 4i - Schedule of Assets

(Held at End of Year)

 

EIN #35-1526476    Plan #003

 

December 31, 2004

 

(a)


  

(b)

Identity of Issue, Borrower,

Lessor or Similar Party


  

(c)

Description of

Investment including

Maturity Date, Rate of

Interest, Collateral,

Par or Maturity Value


  

(e)

Current
Value


     AIM Investments    AIM Energy Fund    $ 160,891
     American Century Investments    International Growth Fund      18,083
     Barclays Global Investors    MSCI World Equity, Ex US Index Fund      2,733
     Barclays Global Investors    Lifepath 2010 Fund      64,489
     Barclays Global Investors    Lifepath 2020 Fund      455,069
     Barclays Global Investors    Lifepath 2030 Fund      78,112
     Barclays Global Investors    Lifepath 2040 Fund      73,609
     Barclays Global Investors    Lifepath Retirement Portfolio      18,778
     Franklin Templeton Investments    Templeton Growth Fund      194,408
     Janus Capital Corporation    Worldwide Fund      94,880
     Morgan Stanley Institutional Funds    Institutional Equity Growth Fund      34,405
     Morgan Stanley Institutional Funds    Small Company Growth Fund      250,285
     Morgan Stanley Institutional Funds    U.S. Real Estate Portfolio      257,063
     Oppenheimer Funds    Quest International Value Fund      65,134
     Pimco Funds    High Yield Fund      158,533
*    Putnam Fiduciary Trust Company    Asset Allocation: Balanced Portfolio      7,225,674
*    Putnam Fiduciary Trust Company    Bond Index Fund      905,114
*    Putnam Fiduciary Trust Company    Capital Opportunities Fund      41,785
*    Putnam Fiduciary Trust Company    Fund for Growth and Income      1,802,676
*    Putnam Fiduciary Trust Company    Health Sciences Fund      73,478
*    Putnam Fiduciary Trust Company    International Capital Opportunities Fund      117,838
*    Putnam Fiduciary Trust Company    International Equity Fund      884,055
*    Putnam Fiduciary Trust Company    International Growth and Income Fund      98,505
*    Putnam Fiduciary Trust Company    Investors Fund      2,748,667
*    Putnam Fiduciary Trust Company    Mid-Cap Value Fund      165,061

 

 

11


Table of Contents

Coca-Cola Enterprises Bargaining Employees’ 401(k) Plan

 

Schedule H, Line 4i - Schedule of Assets

(Held at End of Year) (continued)

 

EIN #35-1526476    Plan #003

 

December 31, 2004

 

(a)


  

(b)

Identity of Issue, Borrower,

Lessor or Similar Party


  

(c)

Description of

Investment including

Maturity Date, Rate of

Interest, Collateral,

Par or Maturity Value


  

(e)

Current

Value


*    Putnam Fiduciary Trust Company    OTC & Emerging Growth Fund      16,675
*    Putnam Fiduciary Trust Company    Research Fund      9,738
*    Putnam Fiduciary Trust Company    S&P 500 Index Fund      611,293
*    Putnam Fiduciary Trust Company    Stable Value Fund      8,759,367
*    Putnam Fiduciary Trust Company    Vista Fund      2,484,541
     SunTrust Institutional    Classic Small Cap Value Equity Fund      243,310
     Van Kampen Investments    Utility Fund      22,167
*    Coca-Cola Enterprises Inc.    Common Stock      721,797
*    The Coca-Cola Company    Common Stock      8,604,467
*    Participants   

Loans with interest rates of 4.0% to 9.5%, maturing through 2019

     1,994,530
              

               $ 39,457,210
              


* Indicates a party-in-interest to the Plan

 

Note: Cost information has not been included in column (d) because all investments are participant directed.

 

12


Table of Contents

SIGNATURES

 

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the Global Retirement Programs Committee, which Committee administers the employee benefit plan, has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

 

COCA-COLA ENTERPRISES BARGAINING EMPLOYEES’ 401(K) PLAN
(Name of Plan)

By

 

/s/ JOYCE KING-LAVINDER


   

Joyce King-Lavinder

    Member, Global Retirement Programs Committee

 

Date: June 28, 2005

 

18


Table of Contents

Exhibit Index

 

Exhibit

Number


 

Description


 

Page

Number


Exhibit 23 -   Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm   20

 

19

EX-23 2 dex23.htm CONSENT OF ERNST & YOUNG LLP, INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm

Exhibit 23

 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-97803) pertaining to Coca-Cola Enterprises Bargaining Employees’ 401(k) Plan of our report dated June 24, 2005, with respect to the financial statements and supplemental schedule of the Coca-Cola Enterprises Bargaining Employees’ 401(k) Plan included in this Annual Report (Form 11-K) for the year ended December 31, 2004.

 

/s/ Ernst & Young LLP

 

Atlanta, Georgia

June 24, 2005

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