Caso Coca Cola

The Candy Company

The Coca-Cola Company and subsidiaries

Consolidated statements of income

Year ended December 31, 2010 2009 2008

(In millions except per share data)

Net operating revenues $ 35,119 $ 30,990 $ 31,944

Cost of goods sold 12,693 11,088 11,374

Gross profit 22,426 19,902 20,570

Selling, general and administrative expenses 13,158 11,358 11,774

Other operating charges 819 313 350

Operating income 8,449 8,231 8,446

Interest income 317 249 333

Interest expense 733 355 438

Equity income (loss) net 1,025 781 (874)

Other income (loss) net 5,185 40 39

Income before income taxes 14,243 8,946 7,506

Income taxes 2,384 2,040 1,632

Consolidated net income 11,859 6,906 5,874

Less: Net income attributable to noncontrolling interests 50 82 67

Net income attributable to shareowners of The Coca-Cola Company $ 11,809 $ 6,824 $ 5,807

Basic net income per share¹ $ 5.12 $ 2.95 $ 2.51

Diluted net income per share¹ $ 5.06 $ 2.93 $ 2.49

Average shares outstanding 2,308 2,314 2,315

Effect of dilutive securities 25 15 21

Average shares outstanding assuming dilution 2,333 2,329 2,336

¹ Basic net income per share and diluted net income per share are calculated based on net income attributable to shareowners of The

The Coca-Cola Company and subsidiaries

Consolidated balance sheets

December 31, 2010 2009

(In millions except par value)

Assets

Current assets

Cash and cash equivalents $ 8,517 $ 7,021

Short-term investments 2,682 2,130

Total cash, cash equivalents and short-term investments 11,199 9,151

Marketable securities 138 62

Trade accounts receivable, less allowances of $48 and $55, respectively 4,430 3,758

Inventories 2,650 2,354

Prepaid expenses and other assets 3,162 2,226

Total current assets 21,579 17,551

Equity method investments 6,954 6,217

Other investments, principally bottling companies 631 538

Other assets 2,121 1,976

Property, plant and equipment net 14,727 9,561

Trademarks with indefinite lives 6,356 6,183

Bottlers' franchise rights with indefinite lives 7,511 1,953

Goodwill 11,665 4,224

Other intangible assets 1,377 468

Total assets $ 72,921 $ 48,671

Liabilities and equity

Current liabilities

Accounts payable and accrued expenses $ 8,859 $ 6,657

Loans and notes payable 8,100 6,749

Current maturities of long-term debt 1,276 51

Accrued income taxes 273 264

Total current liabilities 18,508 13,721

Long-term debt 14,041 5,059

Other liabilities 4,794 2,965

Deferred income taxes 4,261 1,580

The Coca-Cola Company shareowners' equity

Common stock, $0.25 par value; Authorized 5,600 shares;

Issued 3,520 and 3,520 shares, respectively 880 880

Capital surplus 10,057 8,537

Reinvested earnings 49,278 41,537

Accumulated other comprehensive income (loss) (1,450) (757)

Treasury stock, at cost 1,228 and 1,217 shares, respectively (27,762) (25,398)

Equity attributable to shareowners of The Coca-Cola Company 31,003 24,799

Equity attributable to noncontrolling interests 314 547

Total equity 31,317 25,346

Total liabilities and equity $ 72,921 $ 48,671

The Coca-Cola Company and subsidiaries

Consolidated statements of cash flows

Year ended December 31, 2010 2009 2008

(In millions)

Operating activities

Consolidated net income $ 11,859 $ 6,906 $ 5,874

Depreciation and amortization 1,443 1,236 1,228

Stock-based compensation expense 380 241 266

Deferred income taxes 617 353 (360)

Equity (income) loss net of dividends (671) (359) 1,128

Foreign currency adjustments 151 61 (42)

Significant (gains) losses on sales of assets net (645) (43) (130)

Other significant (gains) losses net (4,713) 0 0

Other operating charges 264 134 209

Other items 477 221 153

Net change in operating assets and liabilities 370 (564) (755)

Net cash provided by operating activities 9,532 8,186 7,571

Investing activities

Purchases of short-term investments (4,579) (2,130) 0

Proceeds from disposals of short-term investments 4,032 0 0

Acquisitions and investments (2,511) (300) (759)

Purchases of other investments (132) (22) (240)

Proceeds from disposals of bottling companies and other investments 972 240 479

Purchases of property, plant and equipment (2,215) (1,993) (1,968)

Proceeds from disposals of property, plant and equipment 134 104 129

Other investing activities (106) (48) (4)

Net cash provided by (used in) investing activities (4,405) (4,149) (2,363)

Financing activities

Issuances of debt 15,251 14,689 4,337

Payments of debt (13,403) (12,326) (4,308)

Issuances of stock 1,666 664 595

Purchases of stock for treasury (2,961) (1,518) (1,079)

Dividends (4,068) (3,800) (3,521)

Other financing activities 50 (2) (9)

Net cash provided by (used in) financing activities (3,465) (2,293) (3,985)

Effect of exchange rate changes on cash and cash equivalents

(166) (576) (615)

Cash and cash equivalents

Net increase (decrease) during the year 1,496 2,320 608

Balance at beginning of year 7,021 4,701 4,093

Balance at end of year $ 8,517 $ 7,021 $ 4,701

The Coca-Cola Company and subsidiaries

Consolidated statements of shareowners' equity

Year ended December 31, 2010 2009 2008

(In millions except per share data)

Equity attributable to shareowners of The Coca-Cola Company

Number of common shares outstanding

Balance at beginning of year 2,303 2,312 2,318

Purchases of treasury stock (49) (26) (18)

Treasury stock issued to employees exercising stock options 38 17 12

Balance at end of year 2,292 2,303 2,312

Common stock

$ 880 $ 880 $ 880

Capital surplus

Balance at beginning of year 8,537 7,966 7,378

Stock issued to employees related to stock compensation plans 855 339 324

Replacement share-based awards issued in connection with an acquisition 237

Tax benefit (charge) from employees' stock option and restricted stock plans 48 (6) (1)

Stock-based compensation 380 238 265

Balance at end of year 10,057 8,537 7,966

Reinvested earnings

Balance at beginning of year 41,537 38,513 36,235

Cumulative effect of the adoption of new accounting guidance for pension and other postretirement plans (8)

Net income attributable to shareowners of The Coca-Cola Company 11,809 6,824 5,807

Dividend per share $1.76, $1.64 and $1.52 in 2010, 2009 and 2008, respectively (4,068) (3,800) (3,521)

Balance at end of year 49,278 41,537 38,513

Accumulated other comprehensive income (loss)

Balance at beginning of year (757) (2,674) 626

Net foreign currency translation adjustment (935) 1,824 (2,285)

Net gain (loss) on derivatives (120) (9) 1

Net change in unrealized gain on available-for-sale securities 102 (52) (44)

Net change in pension liability 260 111 (972)

Net other comprehensive income (loss) (693) 1,917 (3,300)

Balance at end of year (1,450) (757) (2,674)

Treasury stock

Balance at beginning of year (25,398) (24,213) (23,375)

Stock issued to employees related to stock compensation plans 824 333 243

Purchases of treasury stock 3,188 (1,518) (1,081)

Balance at end of year (27,762) (25,398) (24,213)

Total equity attributable to shareowners of The Coca-Cola Company

$ 31,003 $ 24,799 $ 20,472

Equity attributable to noncontrolling interests

Balance at beginning of year $ 547 $ 390 $ 342

Net income attributable to noncontrolling interests 50 82 67

Net foreign currency translation adjustment (12) 49 (25)

Dividends paid to noncontrolling interests (32) (14) (20)

Contributions by noncontrolling interests 1 40 31

Increase due to business combinations 13

Deconsolidation of certain variable interest entities (253) (5)

Total equity attributable to noncontrolling interests

314 547 390

Comprehensive income

Consolidated net income $ 11,859 $ 6,906 $ 5,874

Consolidated net other comprehensive income (loss) (705) 1,966 (3,325)

Consolidated comprehensive income

$ 11,154 $ 8,872 $ 2,549