Exhibit 99.1
The Coca-Cola Company and Subsidiaries
Reclassified Operating Segment Data
Unaudited
| | East, South Asia | | | | North Asia, Eurasia | |
| | and Pacific Rim | | European Union | | and Middle East | |
Unit Case Growth Rate- Average Daily Sales Basis (1) | | | | | | | |
1Q03 | | 8 | | (3 | ) | 7 | |
2Q03 | | 10 | | 6 | | 2 | |
3Q03 | | (4 | ) | 9 | | 7 | |
4Q03 | | (1 | ) | 3 | | 11 | |
| | | | | | | |
1Q04 | | 1 | | 2 | | 9 | |
2Q04 | | (4 | ) | (6 | ) | 16 | |
3Q04 | | 4 | | (8 | ) | 13 | |
4Q04 | | 2 | | Even | | 8 | |
| | | | | | | |
1Q05 | | (4 | ) | (4 | ) | 12 | |
| | | | | | | |
Unit Case Growth Rate - Reported Basis (2) | | | | | | | |
FY03 | | 3 | | 4 | | 6 | |
| | | | | | | |
1Q04 | | 8 | | 10 | | 17 | |
2Q04 | | (4 | ) | (6 | ) | 16 | |
3Q04 | | 4 | | (8 | ) | 13 | |
4Q04 | | (3 | ) | (5 | ) | 2 | |
FY04 | | 1 | | (3 | ) | 12 | |
| | | | | | | |
1Q05 | | (6 | ) | (6 | ) | 9 | |
| | | | | | | |
Gallon Sales Growth Rate (3) | | | | | | | |
1Q03 | | 14 | | (1 | ) | 9 | |
2Q03 | | 14 | | (1 | ) | (3 | ) |
3Q03 | | (3 | ) | 11 | | 6 | |
4Q03 | | 2 | | 1 | | 15 | |
FY03 | | 7 | | 2 | | 5 | |
| | | | | | | |
1Q04 | | 2 | | 8 | | 13 | |
2Q04 | | (1 | ) | (2 | ) | 18 | |
3Q04 | | (1 | ) | (13 | ) | 12 | |
4Q04 | | (10 | ) | (3 | ) | 4 | |
FY04 | | (2 | ) | (3 | ) | 12 | |
| | | | | | | |
1Q05 | | (9 | ) | (10 | ) | 15 | |
Reclassified Operating Segment data reflects changes in the Company’s Operating Segments which became effective
May 1, 2005.
For additional information about our sales volume, refer to page 46 of our 2004 Form 10-K filed on March 4, 2005.
(1) Unit case volume growth based on average daily sales is computed by comparing the average daily sales in the quarter. Average daily sales for each quarter are the actual unit cases shipped during the quarter divided by the number of days in the quarter.
(2) Reported unit case volume growth is computed by comparing the actual unit cases shipped in the corresponding period to the actual unit cases shipped in the prior-year corresponding period. For the year 2003, the difference in the number of days in the periods for 2003 and 2002 were immaterial. In the first quarter of 2004 these amounts are more than the amounts computed on an average daily sales basis because of more shipping days in the first quarter of 2004 as compared to the first quarter of the prior year. The difference in days was partially offset in the fourth quarter of 2004. In the first quarter 2005, these amounts are less than the amounts computed on an average daily sales basis because of fewer shipping days in the first quarter of 2005 as compared to the first quarter of 2004. The difference in days will be partially offset in the fourth quarter of 2005.
(3) Gallon sales and unit case volume are not necessarily equal during any given period. Items such as seasonality, bottlers’ inventory practices, supply point changes, timing of price increases and new product introductions can create differences between gallon sales and unit case volume.
The Coca-Cola Company and Subsidiaries
Reclassified Operating Segment Data (1)
Unaudited
In Millions
| | 1Q03 | | 2Q03 | | 3Q03 | | 4Q03 | | FY03 | | 1Q04 | | 2Q04 | | 3Q04 | | 4Q04 | | FY04 | | 1Q05 | |
Net Operating Revenues | | | | | | | | | | | | | | | | | | | | | | | |
North America (2) | | $ | 1,374 | | $ | 1,656 | | $ | 1,671 | | $ | 1,456 | | $ | 6,157 | | $ | 1,544 | | $ | 1,753 | | $ | 1,617 | | $ | 1,509 | | $ | 6,423 | | $ | 1,528 | |
Africa | | 175 | | 181 | | 197 | | 274 | | 827 | | 229 | | 228 | | 279 | | 331 | | 1,067 | | 292 | |
East, South Asia and Pacific Rim | | 318 | | 464 | | 281 | | 268 | | 1,331 | | 311 | | 432 | | 283 | | 250 | | 1,276 | | 298 | |
European Union | | 1,214 | | 1,658 | | 1,696 | | 1,516 | | 6,084 | | 1,560 | | 1,799 | | 1,682 | | 1,529 | | 6,570 | | 1,530 | |
Latin America | | 483 | | 485 | | 522 | | 552 | | 2,042 | | 513 | | 509 | | 522 | | 579 | | 2,123 | | 574 | |
North Asia, Eurasia and Middle East | | 874 | | 1,179 | | 1,250 | | 1,020 | | 4,323 | | 850 | | 1,166 | | 1,183 | | 983 | | 4,182 | | 963 | |
Corporate | | 12 | | 26 | | 27 | | 28 | | 93 | | 21 | | 27 | | 30 | | 23 | | 101 | | 21 | |
Consolidated | | $ | 4,450 | | $ | 5,649 | | $ | 5,644 | | $ | 5,114 | | $ | 20,857 | | $ | 5,028 | | $ | 5,914 | | $ | 5,596 | | $ | 5,204 | | $ | 21,742 | | $ | 5,206 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Operating Income (Loss) | | | | | | | | | | | | | | | | | | | | | | | |
North America | | $ | 274 | | $ | 428 | | $ | 377 | | $ | 203 | | $ | 1,282 | | $ | 353 | | $ | 496 | | $ | 377 | | $ | 380 | | $ | 1,606 | | $ | 313 | |
Africa | | 67 | | 51 | | 65 | | 66 | | 249 | | 82 | | 73 | | 83 | | 102 | | 340 | | 88 | |
East, South Asia and Pacific Rim | | 74 | | 145 | | 85 | | 102 | | 406 | | 96 | | 131 | | 76 | | 45 | | 348 | | 61 | |
European Union | | 342 | | 562 | | 591 | | 413 | | 1,908 | | 547 | | 649 | | 148 | | 478 | | 1,822 | | 506 | |
Latin America | | 242 | | 233 | | 250 | | 245 | | 970 | | 262 | | 253 | | 266 | | 288 | | 1,069 | | 280 | |
North Asia, Eurasia and Middle East | | 302 | | 412 | | 352 | | 371 | | 1,437 | | 359 | | 494 | | 419 | | 343 | | 1,615 | | 386 | |
Corporate | | (225 | ) | (229 | ) | (269 | ) | (308 | ) | (1,031 | ) | (248 | ) | (293 | ) | (272 | ) | (289 | ) | (1,102 | ) | (275 | ) |
Consolidated | | $ | 1,076 | | $ | 1,602 | | $ | 1,451 | | $ | 1,092 | | $ | 5,221 | | $ | 1,451 | | $ | 1,803 | | $ | 1,097 | | $ | 1,347 | | $ | 5,698 | | $ | 1,359 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Income (Loss) Before Income Taxes | | | | | | | | | | | | | | | | | | | | | | | |
North America | | $ | 291 | | $ | 437 | | $ | 386 | | $ | 212 | | $ | 1,326 | | $ | 354 | | $ | 501 | | $ | 379 | | $ | 395 | | $ | 1,629 | | $ | 315 | |
Africa | | 64 | | 48 | | 67 | | 70 | | 249 | | 82 | | 71 | | 79 | | 105 | | 337 | | 92 | |
East, South Asia and Pacific Rim | | 86 | | 164 | | 90 | | 122 | | 462 | | 116 | | 154 | | 86 | | 77 | | 433 | | 101 | |
European Union | | 330 | | 549 | | 579 | | 400 | | 1,858 | | 531 | | 634 | | 130 | | 462 | | 1,757 | | 494 | |
Latin America | | 269 | | 258 | | 168 | | 280 | | 975 | | 293 | | 319 | | 310 | | 348 | | 1,270 | | 316 | |
North Asia, Eurasia and Middle East | | 295 | | 417 | | 360 | | 361 | | 1,433 | | 366 | | 494 | | 426 | | 341 | | 1,627 | | 387 | |
Corporate | | (212 | ) | (123 | ) | (152 | ) | (321 | ) | (808 | ) | (230 | ) | (120 | ) | (175 | ) | (306 | ) | (831 | ) | (257 | ) |
Consolidated | | $ | 1,123 | | $ | 1,750 | | $ | 1,498 | | $ | 1,124 | | $ | 5,495 | | $ | 1,512 | | $ | 2,053 | | $ | 1,235 | | $ | 1,422 | | $ | 6,222 | | $ | 1,448 | |
Reclassified Operating Segment data reflects changes in the Company's Operating Segments which became effective May 1, 2005.
(1) Refer to the Items Impacting Comparability schedule which follows for additional information.
(2) Certain services and expenses related to our customers have been reclassified from Operating Expenses to Deductions from Revenues.
The Coca-Cola Company and Subsidiaries
Items Impacting Comparability
Reclassified Operating Segment Data
Unaudited
2003
Operating income (loss) and income (loss) before income taxes were reduced as a result of streamlining charges, as follows:
(In Millions) | | 1Q03 | | 2Q03 | | 3Q03 | | 4Q03 | | FY03 | |
North America | | $ | 81 | | $ | 53 | | $ | 13 | | $ | 126 | | $ | 273 | |
Africa | | | | | | 1 | | 11 | | 12 | |
East, South Asia and Pacific Rim | | | | | | | | 11 | | 11 | |
European Union | | 54 | | 14 | | 21 | | 68 | | 157 | |
Latin America | | | | 3 | | 1 | | 4 | | 8 | |
North Asia, Eurasia and Middle East | | 1 | | | | 2 | | 30 | | 33 | |
Corporate | | 23 | | | | 5 | | 39 | | 67 | |
| | $ | 159 | | $ | 70 | | $ | 43 | | $ | 289 | | $ | 561 | |
Operating income (loss) and income (loss) before income taxes in the first quarter were increased by approximately $52 million for Corporate as a result of the Company’s receipt of a settlement related to a vitamin antitrust litigation matter.
Income (loss) before income taxes in the third quarter was reduced for Latin America by $102 million primarily for a charge related to one of our equity method investees.
2004
Operating income (loss) and income (loss) before income taxes in the second quarter were reduced by approximately $18 million for North America, $6 million for Latin America, $6 million for North Asia, Eurasia and Middle East and $58 million for Corporate as a result of other operating charges recorded for asset impairments.
Income (loss) before income taxes in the second quarter was increased for Latin America by approximately $37 million as a result of a favorable tax settlement related to Coca-Cola FEMSA, one of our equity method investees.
Income (loss) before income taxes in the second quarter was increased for Corporate by approximately $49 million of noncash pretax gains on issuances of stock by Coca-Cola Enterprises Inc. (CCE). Income (loss) before income taxes in the fourth quarter was reduced for Corporate by approximately $25 million of noncash pretax losses to adjust the amount of the gain recognized in the second quarter on issuances of stock by CCE.
Operating income (loss) and income (loss) before income taxes in the third quarter were reduced by approximately $371 million for European Union, $15 million for North Asia, Eurasia and Middle East and $6 million for Corporate as a result of other operating charges recorded for asset impairments.
Operating income (loss) and income (loss) before income taxes in the fourth quarter were impacted for Corporate as a result of the Company’s receipt of a $75 million insurance settlement related to the class-action lawsuit settled in 2000. The Company subsequently donated $75 million to the Coca-Cola Foundation.
2005
Operating income (loss) and income (loss) before income taxes in the first quarter were reduced by $12 million for North America, $3 million for Africa, $3 million for East, South Asia and Pacific Rim, $3 million for European Union, $4 million for Latin America, $3 million for North Asia, Eurasia and Middle East and $22 million for Corporate as a result of accelerated amortization of stock-based compensation expense due to a change in our estimated service period for retirement eligible participants.
Income (loss) before income taxes in the first quarter was increased for East, South Asia and Pacific Rim by approximately $23 million due to issuances of stock by Coca-Cola Amatil.
