Exhibit 99.1
THE COCA-COLA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In millions except share data)
ASSETS
March 31,
1993 December 31,
(Restated) 1992
----------- ------------
Current
Cash and cash equivalents $ 774 $ 956
Marketable securities, at cost 90 107
----------- -----------
864 1,063
Trade accounts receivable, less
allowances of $40 at March 31
and $33 at December 31 1,072 1,055
Finance subsidiary receivables 28 31
Inventories 1,071 1,019
Prepaid expenses and other assets 1,100 1,080
----------- -----------
Total Current Assets 4,135 4,248
----------- -----------
Investments and Other Assets
Investments
Coca-Cola Enterprises Inc. 517 518
Coca-Cola Amatil Limited 570 548
Other, principally bottling companies 1,077 1,097
Finance subsidiary receivables 89 95
Marketable securities and other assets 569 637
----------- -----------
2,822 2,895
----------- -----------
Property, Plant and Equipment
Land 214 203
Buildings and improvements 1,552 1,529
Machinery and equipment 3,203 3,137
Containers 363 374
----------- -----------
5,332 5,243
Less allowances for depreciation 1,755 1,717
----------- -----------
3,577 3,526
----------- -----------
Goodwill and Other Intangible Assets 411 383
----------- -----------
$ 10,945 $ 11,052
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THE COCA-COLA COMPANY AND SUBSIDIARIES
LIABILITIES AND SHARE-OWNERS' EQUITY
March 31,
1993 December 31,
(Restated) 1992
---------- ------------
Current
Accounts payable and accrued expenses $ 2,030 $ 2,253
Loans and notes payable 1,976 1,967
Finance subsidiary notes payable 103 105
Current maturities of long-term debt 11 15
Accrued taxes 1,017 963
----------- -----------
Total Current Liabilities 5,137 5,303
----------- -----------
Long-Term Debt 1,128 1,120
----------- -----------
Other Liabilities 683 659
----------- -----------
Deferred Income Taxes 47 82
----------- -----------
Share-Owners' Equity
Common stock, $.25 par value -
Authorized: 2,800,000,000 shares;
Issued: 1,697,059,216 shares at March 31;
1,696,202,840 shares at December 31 424 424
Capital surplus 893 871
Reinvested earnings 8,386 8,165
Unearned compensation related to
outstanding restricted stock (95) (100)
Foreign currency translation adjustment (350) (271)
----------- -----------
9,258 9,089
Less treasury stock, at cost
(391,989,441 common shares at March 31;
389,431,622 common shares at December 31) 5,308 5,201
----------- -----------
3,950 3,888
----------- -----------
$ 10,945 $ 11,052
=========== ===========
See Note to Condensed Consolidated Financial Statements.
7
THE COCA-COLA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(In millions except per share data)
Three Months Ended
March 31,
-----------------------
1993
(Restated) 1992
----------- -----------
Net Operating Revenues $ 3,056 $ 2,772
Cost of goods sold 1,093 1,032
----------- -----------
Gross Profit 1,963 1,740
Selling, administrative and general expenses 1,286 1,166
----------- -----------
Operating Income 677 574
Interest income 35 40
Interest expense 46 42
Equity income 29 8
Other deductions - net 39 17
----------- -----------
Income before Income Taxes and Changes
in Accounting Principles 656 563
Income taxes 202 177
----------- -----------
Income before Changes in
Accounting Principles 454 386
Transition effects of changes in
accounting principles
Postemployment benefits (12) --
Postretirement benefits other than pensions
Consolidated operations -- (146)
Equity investments -- (73)
----------- -----------
Net Income $ 442 $ 167
=========== ===========
Income per Share
Before changes in accounting principles $ .35 $ .29
Transition effects of changes in
accounting principles
Postemployment benefits (.01) --
Postretirement benefits other than pensions
Consolidated operations -- (.11)
Equity investments -- (.05)
----------- -----------
Net Income per Share $ .34 $ .13
=========== ===========
Dividends per Share $ .17 $ .14
=========== ===========
Average Shares Outstanding 1,306 1,327
=========== ===========
See Note to Condensed Consolidated Financial Statements.
8
THE COCA-COLA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In millions)
Three Months Ended
March 31,
-----------------------
1993
(Restated) 1992
----------- -----------
Operating Activities
Net income $ 442 $ 167
Transition effects of changes in
accounting principles 12 219
Depreciation and amortization 88 73
Deferred income taxes 16 2
Equity income, net of dividends (21) (5)
Foreign currency adjustments 8 16
Other noncash items 16 5
Net change in operating assets
and liabilities (302) (408)
----------- -----------
Net cash provided by operating activities 259 69
----------- -----------
Investing Activities
Additions to finance subsidiary receivables (5) (4)
Collections of finance subsidiary
receivables 14 233
Acquisitions and investments (64) (34)
Proceeds from disposals of investments
and other assets 87 35
Decrease (increase) in marketable
securities 15 (22)
Purchases of property, plant and equipment (209) (182)
Proceeds from disposals of property, plant
and equipment 17 21
All other investing activities -- 1
----------- -----------
Net cash provided by (used in) investing
activities (145) 48
----------- -----------
Net cash provided by operations
after reinvestment 114 117
----------- -----------
Financing Activities
Issuances of debt 268 208
Payments of debt (262) (2)
Issuances of stock 15 33
Purchases of stock for treasury (107) (446)
Dividends (200) --
----------- -----------
Net cash used in financing activities (286) (207)
----------- -----------
Effect of Exchange Rate Changes on
Cash and Cash Equivalents (10) (47)
----------- -----------
Cash and Cash Equivalents
Net decrease during the period (182) (137)
Balance at beginning of period 956 1,058
----------- -----------
Balance at end of period $ 774 $ 921
=========== ===========
Interest Paid $ 59 $ 50
=========== ===========
Income Taxes Paid $ 178 $ 270
=========== ===========
See Note to Condensed Consolidated Financial Statements.
9