Press Kits

The Coca-Cola Company 2009 Second Quarter And Year-To-Date Results

Corporate, July 21, 2009

Today, our Company reports continued growth in unit case volume, which drove global gains in volume and value share, as well as continued year-to-date growth in line with our long-term revenue and profit targets.

Strong worldwide unit case volume growth of 4 percent in the quarter and 3 percent year-to-date; international unit case volume growth of 5 percent in the quarter and 4 percent year-to-date.

Global volume and value share gains continued, with gains across most key markets and categories.

Year-to-date reported operating income down 6 percent. Year-to-date comparable currency neutral operating income growth of 9 percent, exceeding our long-term growth target.

Second quarter reported EPS was $0.88, up 44 percent versus prior year. Comparable EPS was $0.92, down 9 percent versus prior year reflecting negative currency impact.

Strong cash generation, with year-to-date cash from operations increasing 14 percent.

Productivity initiatives on track to achieve $500 million in annualized savings by year-end 2011; with plans to deliver more than half of the savings by year-end 2009.

ATLANTA Today, The Coca-Cola Company reports healthy second quarter 2009 operating results with unit case volume increasing 4 percent, successfully cycling 3 percent growth in the prior year quarter. Internationally, we achieved broad-based unit case volume growth of 5 percent, cycling 5 percent growth in the prior year quarter. In the quarter, unit case volume growth increased strongly in key emerging markets with 33 percent growth in India and 14 percent growth in China. We realized sound unit case volume growth in other key markets around the world including Japan, Brazil, Mexico, Argentina, Thailand, Korea and Northwest Europe.

Globally, we gained volume and value share in nonalcoholic ready-to-drink beverages for the eighth consecutive quarter. Through our global Open Happiness campaign, we continue to grow brand Coca-Cola, up 3 percent in the quarter. Notably, brand Coca-Cola growth was strong across both developed and emerging markets including 3 percent growth in Mexico, 5 percent growth in Japan, 6 percent growth in China and 29 percent growth in India. Sparkling beverage unit case volume increased 2 percent in the quarter, with international sparkling beverage unit case volume increasing 4 percent, cycling 2 percent growth. Still beverage unit case volume increased 8 percent in the quarter, led by sound growth across the portfolio, including juices and juice drinks, sports drinks, teas and water brands. Still beverage unit case volume increased 12 percent internationally and 1 percent in North America.

"We continue to deliver solid operating performance," said Muhtar Kent, chairman and chief executive officer, The Coca-Cola Company. "In the first half of the year, we delivered volume and profit results in line with our long-term growth targets, despite very challenging global economic conditions. We outperformed the nonalcoholic ready-to-drink industry in most of our key markets and drove further global volume and value share gains. Our consistent strategies are working, and together with our productivity efforts, we are prudently focused on investing in the long-term growth of our resilient business. Our investments in key growth markets contributed to the good performance in China, Mexico, India and Brazil. And, with our disciplined approach to productivity initiatives, we remain on track to achieve our $500 million target in annualized savings by 2011 and expect to deliver more than half of the savings by the end of this year."

"We have also begun rolling out our 2020 Vision, the roadmap for winning together with our worldwide bottling partners. Our 2020 Vision roadmap is bringing new clarity and focus to our global business and is ensuring that our system is ideally positioned to make the most of the abundant opportunities ahead of us. We believe our unique global franchise model is the best way to win in the market, while providing sustainable profitable growth for our customers and shareowners. Our priorities remain centered on superior execution to drive value for today while strategically investing in growth for tomorrow. Over the next decade, we expect to see a global economy inevitably strengthened by attractive demographic shifts, rapid urbanization, renewed entrepreneurial energy and improved consumer sentiment. These trends bode well for the future of The Coca-Cola Company and our system."

Financial Highlights

For the second quarter of 2009, we are reporting earnings per share of $0.88, a 44 percent increase versus the second quarter of 2008. Reported earnings per share for the second quarter of 2009 and 2008 included a net charge of $0.04 and $0.40 per share, respectively, primarily related to charges recorded by our equity method investees, restructuring charges and asset write-downs. After considering the items impacting comparability, earnings per share in the quarter were $0.92, a decrease of 9 percent versus the second quarter of 2008. Year-to-date 2009, reported earnings per share increased 18 percent, while comparable earnings per share decreased 7 percent. Earnings per share continue to be negatively impacted by the relative strength of the U.S. dollar versus other currencies around the world.

Notes

All references to growth rate percentages and share compare the results of the period to those of the prior year comparable period.

All references to unit case volume percentage changes are computed based on average daily sales for all periods presented.

2009 year-to-date results are positively impacted by five additional selling days, which will be offset by six fewer selling days in the fourth quarter.

Our long-term profit targets are on a comparable currency neutral basis.

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