coca cola Reconciliation of Q4 and Full Year 2006 Non-GAAP Financial Measures
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Asset Impairments/ Restructuring Equity Investees Transaction Gains Foundation Donation Certain Tax Matters (1) Net Operating Revenues $5,932 $5,932 7 7 Cost of goods sold 2,063 ($4) 2,059 3 3 Gross Profit 3,869 4 3,873 9 9 Selling, general and administrative expenses (2) 2,587 ($100) 2,487 13 8 Other operating charges 70 (70) - -- -- Operating Income 1,212 74 100 1,386 (4) 10 Interest income 41 41 (43) (43) Interest expense 47 47 (23) (23) Equity income - net (467) $615 148 -- (16) Other income (loss) - net 147 ($175) (28) -- -- Income Before Income Taxes 886 74 615 (175) 100 1,500 (35) 6 Income taxes 208 10 57 (76) 38 $37 274 (59) (18) Net Income $678 $64 $558 ($99) $62 ($37) $1,226 (22) 13 Diluted Net Income Per Share $0.29 $0.03 $0.24 ($0.04) $0.03 ($0.02) $0.52 (3) (19) 13 Average Shares Outstanding - Diluted 2,341 2,341 2,341 2,341 2,341 2,341 2,341 Gross Margin 65.2% 65.3% Operating Margin 20.4% 23.4% Effective Tax Rate 23.5% 18.2% (4) HFCS Settlement Resolution of Tax Matters Repatriation of Foreign Earnings Equity Investee Net Operating Revenues $5,551 $5,551 Cost of goods sold 1,996 $5 2,001 Gross Profit 3,555 (5) 3,550 Selling, general and administrative expenses 2,293 2,293 Operating Income 1,262 (5) 1,257 Interest income 72 72 Interest expense 61 61 Equity income - net 127 $49 176 Other income (loss) - net (27) (27) Income Before Income Taxes 1,373 (5) 49 1,417 Income taxes 509 (2) $10 ($188) 4 333 Net Income $864 ($3) ($10) $188 $45 $1,084 Diluted Net Income Per Share $0.36 $0.00 $0.00 $0.08 $0.02 $0.46 Average Shares Outstanding - Diluted 2,375 2,375 2,375 2,375 2,375 2,375 Gross Margin 64.0% 64.0% Operating Margin 22.7% 22.6% Effective Tax Rate 37.1% 23.5% Note: Items to consider for comparability include primarily charges, gains, and accounting changes. Charges and accounting changes negatively impacting net income are reflected as increases to reported net income. Gains and accounting changes positively impacting net income are reflected as deductions to reported net income. (1) Primarily related to changes in reserves related to certain tax matters. (2) Selling, general and administrative expenses excluding items impacting comparability and structural changes: 2006 2005 % Change Reported selling, general and administrative expenses $2,587 $2,293 13% Donation to The Coca-Cola Foundation (100) -- Structural changes (63) -- $2,424 $2,293 6% (3) Per share amounts do not add due to rounding. (4) Effective tax rate calculated on full figures. (In millions except per share data and percentages) Three Months Ended December 31, 2006 The Company reports its financial results in accordance with U. S. generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP financial measures used in managing the business may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. See the Table below for supplemental financial data and corresponding reconciliations to GAAP financial measures for the three months ended December 31, 2006 and December 31, 2005. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s reported results prepared in accordance with GAAP. THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP to Non-GAAP Financial Measures (UNAUDITED) Items Impacting Comparability % Change - Reported (GAAP) % Change - After Considering Items (Non-GAAP) Reported (GAAP) After Considering Items (Non-GAAP) Selling, general and administrative expenses excluding items impacting comparability and structural changes Three Months Ended December 31, 2005 Reported (GAAP) Items Impacting Comparability After Considering Items (Non-GAAP) Page 1 of 4
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Transcript of coca cola Reconciliation of Q4 and Full Year 2006 Non-GAAP Financial Measures
Asset Impairments/Restructuring Equity Investees Transaction Gains
Foundation Donation
Certain Tax Matters (1)
Net Operating Revenues $5,932 $5,932 7 7
Cost of goods sold 2,063 ($4) 2,059 3 3
Gross Profit 3,869 4 3,873 9 9
Selling, general and administrative expenses (2) 2,587 ($100) 2,487 13 8
Other operating charges 70 (70) - -- --
Operating Income 1,212 74 100 1,386 (4) 10
Interest income 41 41 (43) (43)
Interest expense 47 47 (23) (23)
Equity income - net (467) $615 148 -- (16)
Other income (loss) - net 147 ($175) (28) -- --
Income Before Income Taxes 886 74 615 (175) 100 1,500 (35) 6
Income taxes 208 10 57 (76) 38 $37 274 (59) (18)
Net Income $678 $64 $558 ($99) $62 ($37) $1,226 (22) 13
Diluted Net Income Per Share $0.29 $0.03 $0.24 ($0.04) $0.03 ($0.02) $0.52 (3) (19) 13
Average Shares Outstanding - Diluted 2,341 2,341 2,341 2,341 2,341 2,341 2,341
Gross Margin 65.2% 65.3%Operating Margin 20.4% 23.4%Effective Tax Rate 23.5% 18.2% (4)
HFCS SettlementResolution of Tax
MattersRepatriation of
Foreign Earnings Equity Investee
Net Operating Revenues $5,551 $5,551
Cost of goods sold 1,996 $5 2,001
Gross Profit 3,555 (5) 3,550
Selling, general and administrative expenses 2,293 2,293
Operating Income 1,262 (5) 1,257
Interest income 72 72
Interest expense 61 61
Equity income - net 127 $49 176
Other income (loss) - net (27) (27)
Income Before Income Taxes 1,373 (5) 49 1,417
Income taxes 509 (2) $10 ($188) 4 333
Net Income $864 ($3) ($10) $188 $45 $1,084
Diluted Net Income Per Share $0.36 $0.00 $0.00 $0.08 $0.02 $0.46
Average Shares Outstanding - Diluted 2,375 2,375 2,375 2,375 2,375 2,375
Gross Margin 64.0% 64.0%Operating Margin 22.7% 22.6%Effective Tax Rate 37.1% 23.5%
Note: Items to consider for comparability include primarily charges, gains, and accounting changes. Charges and accounting changes negatively impacting net income are reflected as increases to reported net income. Gains and accounting changes positively impacting net income are reflected as deductions to reported net income.
(1) Primarily related to changes in reserves related to certain tax matters.
(2) Selling, general and administrative expenses excluding items impacting comparability and structural changes:2006 2005 % Change
Reported selling, general and administrative expenses $2,587 $2,293 13% Donation to The Coca-Cola Foundation (100) -- Structural changes (63) --
$2,424 $2,293 6%(3) Per share amounts do not add due to rounding.
(4) Effective tax rate calculated on full figures.
(In millions except per share data and percentages)
Three Months Ended December 31, 2006
The Company reports its financial results in accordance with U. S. generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP financial measuresused in managing the business may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods. Managementbelieves that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information thatexcludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluatingthe Company's performance. See the Table below for supplemental financial data and corresponding reconciliations to GAAP financial measures for the three months ended December 31, 2006and December 31, 2005. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s reported results prepared in accordance with GAAP.
THE COCA-COLA COMPANY AND SUBSIDIARIESReconciliation of GAAP to Non-GAAP Financial Measures
(UNAUDITED)
Items Impacting Comparability
% Change - Reported (GAAP)
% Change - After Considering Items
(Non-GAAP)Reported (GAAP)
After Considering
Items(Non-GAAP)
Selling, general and administrative expenses excluding items impacting comparability and structural changes
Three Months Ended December 31, 2005
Reported (GAAP)
Items Impacting ComparabilityAfter
Considering Items
(Non-GAAP)
Page 1 of 4
Asset Impairments/Restructuring
Equity Investees
Transaction Gains
Foundation Donation
Certain Tax Matters (1)
Net Operating Revenues (2) $24,088 $24,088 4 4
Cost of goods sold 8,164 ($4) 8,160 0 (1)
Gross Profit 15,924 4 15,928 7 7
Selling, general and administrative expenses (3) 9,431 ($100) 9,331 8 7
Other operating charges 185 (185) - -- --
Operating Income (4) 6,308 189 100 6,597 4 7
Interest income 193 193 (18) (18)Interest expense 220 220 (8) (8)Equity income - net 102 $606 708 (85) (1)Other income (loss) - net 195 ($298) (103) -- --
Income Before Income Taxes 6,578 189 606 (298) 100 7,175 (2) 6
Income taxes 1,498 30 57 8 38 ($24) 1,607 (18) 1
Net Income $5,080 $159 $549 ($306) $62 $24 $5,568 4 7
Diluted Net Income Per Share $2.16 $0.07 $0.23 ($0.13) $0.03 $0.01 $2.37 6 9
Average Shares Outstanding - Diluted 2,350 2,350 2,350 2,350 2,350 2,350 2,350
Gross Margin 66.1% 66.1%Operating Margin 26.2% 27.4%Effective Tax Rate 22.8% 22.4%
Reported (GAAP) HFCS Settlement
Resolution of Tax
Matters
Repatriation of Foreign
Earnings
Issuances of Stock by Equity
Investees
Accelerated Amortization of
Stock-Based Compensation Equity Investee
Asset Write-downs
After Considering
Items (Non-GAAP)
Net Operating Revenues 23,104 $23,104
Cost of goods sold 8,195 $47 8,242
Gross Profit 14,909 (47) 14,862
Selling, general and administrative expenses 8,739 ($50) 8,689
Other operating charges 85 ($85) -
Operating Income 6,085 (47) 50 85 6,173
Interest income 235 235 Interest expense 240 240 Equity income - net 680 $33 4 717 Other income (loss) - net (93) (93) Gain on issuances of stock by equity investees 23 ($23) -
Income Before Income Taxes 6,690 (47) (23) 50 33 89 6,792
Income taxes 1,818 (18) $101 ($315) (8) 12 2 4 1,596
Net Income $4,872 ($29) ($101) $315 ($15) $38 $31 $85 $5,196
Diluted Net Income Per Share $2.04 ($0.01) ($0.04) $0.13 ($0.01) $0.02 $0.01 $0.04 $2.17 (5)
Average Shares Outstanding - Diluted 2,393 2,393 2,393 2,393 2,393 2,393 2,393 2,393 2,393
Gross Margin 64.5% 64.3%Operating Margin 26.3% 26.7%Effective Tax Rate 27.2% 23.5%
Note: Items to consider for comparability include primarily charges, gains, and accounting changes. Charges and accounting changes negatively impacting net income are reflected as increases to reported net income. Gains and accounting changes positively impacting net income are reflected as deductions to reported net income.
(1) Primarily related to changes in reserves related to certain tax matters.
(2) Net operating revenues excluding structural changes:2006 2005 % Change
Reported net operating revenues $24,088 $23,104 4% Structural changes (460) (779) -- Net operating revenues excluding structural changes $23,628 $22,325 6%
(3) Selling, general and administrative expenses excluding items impacting comparability and structural changes:2006 2005 % Change
Reported selling, general and administrative expenses $9,431 $8,739 8% Donation to The Coca-Cola Foundation (100) -- Accelerated amortization of stock-based compensation expense (50) -- Structural changes (130) --
$9,201 $8,689 6%
(4) Operating Income for the year ended December 31, 2006 includes a negative currency impact of approximately 1%. Ongoing, currency neutral operating income growth is 8%.
(5) Per share amounts do not add due to rounding.
% Change - Reported (GAAP)
Selling, general and administrative expenses excluding items impacting comparability and structural changes
Items Impacting ComparabilityAfter
Considering Items
(Non-GAAP)
% Change - After
Considering Items
(Non-GAAP)
The Company reports its financial results in accordance with U. S. generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP financialmeasures used in managing the business may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods.Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison ofhistorical information that excludes certain items that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating andplanning decisions and in evaluating the Company's performance. See the Table below for supplemental financial data and corresponding reconciliations to GAAP financial measures forthe years ended December 31, 2006 and December 31, 2005. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s reported resultsprepared in accordance with GAAP.
Year Ended December 31, 2005Items Impacting Comparability
THE COCA-COLA COMPANY AND SUBSIDIARIESReconciliation of GAAP to Non-GAAP Financial Measures
(UNAUDITED)(In millions except per share data and percentages)
Reported (GAAP)
Year Ended December 31, 2006
Page 2 of 4
Items Impacting
Comparability
Asset Impairments/ Restructuring
Foundation Donation
HFCS Settlement
% Favorable (Unfavorable) -
Reported (GAAP)
% Favorable (Unfavorable) -
After Considering
Items (Non-GAAP)
Africa $137 $2 $139 $135 $135 1 3
East, South Asia and Pacific Rim 75 25 100 75 75 0 33European Union 480 2 482 458 458 5 5Latin America 390 390 303 303 29 29North America 419 419 366 366 14 14North Asia, Eurasia and Middle East 333 17 350 419 419 (21) (16)Bottling Investments (59) 27 (32) (40) (40) (48) 20Corporate (563) 1 $100 (462) (454) ($5) (459) (24) (1)Consolidated $1,212 $74 $100 $1,386 $1,262 ($5) $1,257 (4) 10
Three Months Ended December 31, 2005Three Months Ended December 31, 2006
Operating Income (Loss), by Segment
Items Impacting Comparability
The Company reports its financial results in accordance with U. S. generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP financial measures usedin managing the business may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods. Management believes thatthese non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certainitems that impact the overall comparability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company'sperformance. See the Table below for supplemental financial data and corresponding reconciliations to GAAP financial measures for the three months ended December 31, 2006 and December 31,2005. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s reported results prepared in accordance with GAAP.
Reported (GAAP)
After Considering
Items (Non-GAAP)
Reported (GAAP)
After Considering
Items (Non-GAAP)
(UNAUDITED)(In millions except percentages)
THE COCA-COLA COMPANY AND SUBSIDIARIESReconciliation of GAAP to Non-GAAP Financial Measures
Page 3 of 4
Asset Impairments/ Restructuring
Foundation Donation
HFCS Lawsuit
SettlementAsset
Write-downs
Accelerated Amortization of
Stock-Based Compensation
% Favorable (Unfavorable) -
Reported (GAAP)
% Favorable (Unfavorable) -
After Considering
Items (Non-GAAP)
Africa $424 $3 $427 $396 $3 $399 7 7
East, South Asia and Pacific Rim 358 44 402 284 $85 3 372 26 8European Union 2,254 36 2,290 2,219 3 2,222 2 3Latin America 1,438 1,438 1,176 4 1,180 22 22North America 1,683 1,683 1,553 12 1,565 8 8North Asia, Eurasia and Middle East 1,557 17 1,574 1,735 3 1,738 (10) (9)Bottling Investments 18 88 106 (37) (37) - -Corporate (1,424) 1 $100 (1,323) (1,241) ($47) 22 (1,266) (15) (5)Consolidated $6,308 $189 $100 $6,597 $6,085 ($47) $85 $50 $6,173 4 7
The Company reports its financial results in accordance with U. S. generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP financial measures used in managing the businessmay provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provideadditional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability. Management also uses thesenon-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. See the Table below for supplemental financial data and corresponding reconciliations toGAAP financial measures for the twelve months ended December 31, 2006 and December 31, 2005. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s reportedresults prepared in accordance with GAAP.
Reported (GAAP)
After Considering
Items (Non-GAAP)
Reported (GAAP)
After Considering
Items (Non-GAAP)
(UNAUDITED)(In millions except percentages)
THE COCA-COLA COMPANY AND SUBSIDIARIESReconciliation of GAAP to Non-GAAP Financial Measures
Year Ended December 31, 2006
Operating Income (Loss), by Segment
Items Impacting Comparability
Year Ended December 31, 2005
Items Impacting Comparability
Page 4 of 4
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