EX-99.1 2 a05-12414_1ex99d1.htm EX-99.1

 

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

 

293

 

European Union

 

1,214

 

1,658

 

1,696

 

1,518

 

6,086

 

1,560

 

1,799

 

1,682

 

1,529

 

6,570

 

1,512

 

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

 

1,018

 

4,321

 

850

 

1,166

 

1,183

 

983

 

4,182

 

986

 

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

 

73

 

145

 

79

 

70

 

367

 

92

 

131

 

76

 

45

 

344

 

60

 

European Union

 

342

 

557

 

585

 

413

 

1,897

 

544

 

647

 

146

 

475

 

1,812

 

495

 

Latin America

 

242

 

233

 

250

 

245

 

970

 

262

 

253

 

266

 

288

 

1,069

 

280

 

North Asia, Eurasia and Middle East

 

303

 

417

 

364

 

403

 

1,487

 

366

 

496

 

421

 

346

 

1,629

 

398

 

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

 

85

 

164

 

84

 

90

 

423

 

112

 

154

 

86

 

77

 

429

 

100

 

European Union

 

330

 

544

 

573

 

400

 

1,847

 

528

 

632

 

128

 

459

 

1,747

 

483

 

Latin America

 

269

 

258

 

168

 

280

 

975

 

293

 

319

 

310

 

348

 

1,270

 

316

 

North Asia, Eurasia and Middle East

 

296

 

422

 

372

 

393

 

1,483

 

373

 

496

 

428

 

344

 

1,641

 

399

 

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

Reclassified Operating Segment Data (1)

Unaudited

In Millions

 

As originally filed

 

1Q03

 

2Q03

 

3Q03

 

4Q03

 

FY03

 

1Q04

 

2Q04

 

3Q04

 

4Q04

 

FY04

 

1Q05

 

Net Operating Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

North Asia, Eurasia and Middle East

 

874

 

1,179

 

1,250

 

1,020

 

4,323

 

850

 

1,166

 

1,183

 

983

 

4,182

 

963

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

North Asia, Eurasia and Middle East

 

302

 

412

 

352

 

371

 

1,437

 

359

 

494

 

419

 

343

 

1,615

 

386

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (Loss) Before Income Taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

North Asia, Eurasia and Middle East

 

295

 

417

 

360

 

361

 

1,433

 

366

 

494

 

426

 

341

 

1,627

 

387

 

 

Adjustments

 

1Q03

 

2Q03

 

3Q03

 

4Q03

 

FY03

 

1Q04

 

2Q04

 

3Q04

 

4Q04

 

FY04

 

1Q05

 

Net Operating Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

East, South Asia and Pacific Rim

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

(5

)

European Union

 

—

 

—

 

—

 

2

 

2

 

—

 

—

 

—

 

—

 

—

 

(18

)

North Asia, Eurasia and Middle East

 

—

 

—

 

—

 

(2

)

(2

)

—

 

—

 

—

 

—

 

—

 

23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

East, South Asia and Pacific Rim

 

(1

)

—

 

(6

)

(32

)

(39

)

(4

)

—

 

—

 

—

 

(4

)

(1

)

European Union

 

—

 

(5

)

(6

)

—

 

(11

)

(3

)

(2

)

(2

)

(3

)

(10

)

(11

)

North Asia, Eurasia and Middle East

 

1

 

5

 

12

 

32

 

50

 

7

 

2

 

2

 

3

 

14

 

12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (Loss) Before Income Taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

East, South Asia and Pacific Rim

 

(1

)

—

 

(6

)

(32

)

(39

)

(4

)

—

 

—

 

—

 

(4

)

(1

)

European Union

 

—

 

(5

)

(6

)

—

 

(11

)

(3

)

(2

)

(2

)

(3

)

(10

)

(11

)

North Asia, Eurasia and Middle East

 

1

 

5

 

12

 

32

 

50

 

7

 

2

 

2

 

3

 

14

 

12

 

 

Revised Operating Segments

 

1Q03

 

2Q03

 

3Q03

 

4Q03

 

FY03

 

1Q04

 

2Q04

 

3Q04

 

4Q04

 

FY04

 

1Q05

 

Net Operating Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

East, South Asia and Pacific Rim

 

318

 

464

 

281

 

268

 

1,331

 

311

 

432

 

283

 

250

 

1,276

 

293

 

European Union

 

1,214

 

1,658

 

1,696

 

1,518

 

6,086

 

1,560

 

1,799

 

1,682

 

1,529

 

6,570

 

1,512

 

North Asia, Eurasia and Middle East

 

874

 

1,179

 

1,250

 

1,018

 

4,321

 

850

 

1,166

 

1,183

 

983

 

4,182

 

986

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

East, South Asia and Pacific Rim

 

73

 

145

 

79

 

70

 

367

 

92

 

131

 

76

 

45

 

344

 

60

 

European Union

 

342

 

557

 

585

 

413

 

1,897

 

544

 

647

 

146

 

475

 

1,812

 

495

 

North Asia, Eurasia and Middle East

 

303

 

417

 

364

 

403

 

1,487

 

366

 

496

 

421

 

346

 

1,629

 

398

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (Loss) Before Income Taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

East, South Asia and Pacific Rim

 

85

 

164

 

84

 

90

 

423

 

112

 

154

 

86

 

77

 

429

 

100

 

European Union

 

330

 

544

 

573

 

400

 

1,847

 

528

 

632

 

128

 

459

 

1,747

 

483

 

North Asia, Eurasia and Middle East

 

296

 

422

 

372

 

393

 

1,483

 

373

 

496

 

428

 

344

 

1,641

 

399

 

 


 

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 was reduced for Latin America by $107 million in the third quarter and $7 million in the fourth quarter primarily for charges related to one of our equity method investees.

 

Income (loss) before income taxes in the third quarter was increased for Corporate by approximately $8 million of noncash pretax gains on issuances of stock by equity investees, primarily Coca-Cola Enterprises Inc. (CCE).

 

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 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.