Exhibit 99.2
THE COCA-COLA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In millions except share data)
ASSETS
June 30,
1993 December 31,
(Restated) 1992
----------- ------------
Current
Cash and cash equivalents $ 933 $ 956
Marketable securities, at cost 147 107
----------- -----------
1,080 1,063
Trade accounts receivable, less
allowances of $37 at June 30
and $33 at December 31 1,351 1,055
Finance subsidiary receivables 32 31
Inventories 1,115 1,019
Prepaid expenses and other assets 1,298 1,080
----------- -----------
Total Current Assets 4,876 4,248
----------- -----------
Investments and Other Assets
Investments
Coca-Cola Enterprises Inc. 516 518
Coca-Cola Amatil Limited 554 548
Other, principally bottling companies 1,086 1,097
Finance subsidiary receivables 97 95
Marketable securities and other assets 554 637
----------- -----------
2,807 2,895
----------- -----------
Property, Plant and Equipment
Land 224 203
Buildings and improvements 1,614 1,529
Machinery and equipment 3,333 3,137
Containers 374 374
----------- -----------
5,545 5,243
Less allowances for depreciation 1,816 1,717
----------- -----------
3,729 3,526
----------- -----------
Goodwill and Other Intangible Assets 436 383
----------- -----------
$ 11,848 $ 11,052
=========== ===========
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THE COCA-COLA COMPANY AND SUBSIDIARIES
LIABILITIES AND SHARE-OWNERS' EQUITY
June 30,
1993 December 31,
(Restated) 1992
---------- ------------
Current
Accounts payable and accrued expenses $ 2,219 $ 2,253
Loans and notes payable 2,196 1,967
Finance subsidiary notes payable 116 105
Current maturities of long-term debt 11 15
Accrued taxes 1,169 963
----------- -----------
Total Current Liabilities 5,711 5,303
----------- -----------
Long-Term Debt 1,163 1,120
----------- -----------
Other Liabilities 700 659
----------- -----------
Deferred Income Taxes 28 82
----------- -----------
Share-Owners' Equity
Common stock, $.25 par value -
Authorized: 2,800,000,000 shares;
Issued: 1,701,470,836 shares at June 30;
1,696,202,840 shares at December 31 425 424
Capital surplus 1,034 871
Reinvested earnings 8,843 8,165
Unearned compensation related to
outstanding restricted stock (91) (100)
Foreign currency translation adjustment (328) (271)
----------- -----------
9,883 9,089
Less treasury stock, at cost
(400,372,136 common shares at June 30;
389,431,622 common shares at December 31) 5,637 5,201
----------- -----------
4,246 3,888
----------- -----------
$ 11,848 $ 11,052
=========== ===========
See Note to Condensed Consolidated Financial Statements.
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THE COCA-COLA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(In millions except per share data)
Three Months Ended June 30, Six Months Ended June 30,
--------------------------- -------------------------
1993
1993 1992 (Restated) 1992
---------- ---------- ---------- ----------
Net Operating Revenues $ 3,899 $ 3,550 $ 6,955 $ 6,322
Cost of goods sold 1,464 1,373 2,557 2,405
---------- ---------- ---------- ----------
Gross Profit 2,435 2,177 4,398 3,917
Selling, administrative
and general expenses 1,476 1,345 2,762 2,511
---------- ---------- ---------- ----------
Operating Income 959 832 1,636 1,406
Interest income 32 33 67 73
Interest expense 40 44 86 86
Equity income 39 15 68 23
Other deductions - net 10 12 49 29
---------- ---------- ---------- ----------
Income before Income
Taxes and Changes in
Accounting Principles 980 824 1,636 1,387
Income taxes 302 259 504 436
---------- ---------- ---------- ----------
Income before Changes
in Accounting
Principles 678 565 1,132 951
Transition effects of
changes in accounting
principles
Postemployment benefits -- -- (12) --
Postretirement benefits
other than pensions
Consolidated
operations -- -- -- (146)
Equity investments -- -- -- (73)
---------- ---------- ---------- ----------
Net Income $ 678 $ 565 $ 1,120 $ 732
========== ========== ========== ==========
Income per Share
Before changes in
accounting principles $ .52 $ .43 $ .87 $ .72
Transition effects of
changes in accounting
principles
Postemployment benefits -- -- (.01) --
Postretirement benefits
other than pensions
Consolidated
operations -- -- -- (.11)
Equity investments -- -- -- (.06)
---------- ---------- ---------- ----------
Net Income per Share $ .52 $ .43 $ .86 $ .55
========== ========== ========== ==========
Dividends per Share $ .17 $ .14 $ .34 $ .28
========== ========== ========== ==========
Average Shares
Outstanding 1,303 1,318 1,304 1,322
========== ========== ========== ==========
See Note to Condensed Consolidated Financial Statements.
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THE COCA-COLA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In millions)
Six Months Ended
June 30,
-----------------------
1993
(Restated) 1992
----------- -----------
Operating Activities
Net income $ 1,120 $ 732
Transition effects of changes in
accounting principles 12 219
Depreciation and amortization 173 160
Deferred income taxes (19) (34)
Equity income, net of dividends (36) (7)
Foreign currency adjustments (10) 4
Other noncash items 12 15
Net change in operating assets and
liabilities (242) (490)
----------- -----------
Net cash provided by operating activities 1,010 599
----------- -----------
Investing Activities
Additions to finance subsidiary receivables (26) (8)
Collections of finance subsidiary
receivables 23 243
Acquisitions and investments (430) (169)
Proceeds from disposals of investments
and other assets 399 38
Increase in marketable securities (42) (24)
Purchases of property, plant and equipment (398) (402)
Proceeds from disposals of property, plant
and equipment 24 81
All other investing activities (14) 1
----------- -----------
Net cash used in investing activities (464) (240)
----------- -----------
Net cash provided by operations
after reinvestment 546 359
----------- -----------
Financing Activities
Issuances of debt 436 540
Payments of debt (267) (92)
Issuances of stock 121 41
Purchases of stock for treasury (436) (704)
Dividends (422) (185)
----------- -----------
Net cash used in financing activities (568) (400)
----------- -----------
Effect of Exchange Rate Changes on Cash
and Cash Equivalents (1) (30)
----------- -----------
Cash and Cash Equivalents
Net decrease during the period (23) (71)
Balance at beginning of period 956 1,058
----------- -----------
Balance at end of period $ 933 $ 987
=========== ===========
Interest Paid $ 96 $ 89
=========== ===========
Income Taxes Paid $ 314 $ 581
=========== ===========
See Note to Condensed Consolidated Financial Statements.
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