Introduction A Conversation with Doug Daft Company Performance Review Our Plan for Growth A Word from Steve Heyer Our Operating Segments Our Company Selected Financial Data Our Board and Management Brands Glossary of Terms Share-owner Information Policies and Statements Download Annual         Report/10-K Download Summary Annual         Report Order Reports Take a Survey Site Use/Legal www.coca-cola.com		(In millions except per share data, ratios and growth rates)   COMPOUND GROWTH RATES YEAR ENDED DECEMBER 31,   5 Years 10 Years 2003 2   2002 3,4   2001 5   2000     1999     1998 6   1997 6   1996 6   1995 6   1994 6,7   1993 6,8 Summary of operations   Net operating revenues   5.2 % 5.3 % $ 21,044   $ 19,564   $ 17,545   $ 17,354   $ 16,767   $ 16,301   $ 16,611   $ 16,635   $ 16,283   $ 14,570   $ 12,527   Cost of goods sold   6.9 % 4.2 %   7,762     7,105     6,044     6,204     6,009     5,562     6,015     6,738     6,940     6,168     5,160   Gross profit   4.3 % 6.1 %   13,282     12,459     11,501     11,150     10,758     10,739     10,596     9,897     9,343     8,402     7,367   Selling, general and administrative expenses   5.6 % 5.9 %   7,488     7,001     6,149     6,016     5,963     5,699     5,535     5,597     5,231     4,765     4,218   Other operating charges             573     –     –     1,443     813     73     60     385     86     –     50   Operating income   1.0 % 5.4 %   5,221     5,458     5,352     3,691     3,982     4,967     5,001     3,915     4,026     3,637     3,099   Interest income             176     209     325     345     260     219     211     238     245     181     144   Interest expense             178     199     289     447     337     277     258     286     272     199     168   Equity income (loss)–net             406     384     152     (289 )   (184 )   32     155     211     169     134     91   Other income (loss)–net             (138 )   (353 )   39     99     98     230     583     87     86     (25 )   7   Gains on issuances of stock by equity investees             8     –     91     –     –     27     363     431     74     –     12   Income before income taxes and changes in accounting principles   1.1 % 5.6 %   5,495     5,499     5,670     3,399     3,819     5,198     6,055     4,596     4,328     3,728     3,185   Income taxes   (7.2 ) % 1.4 %   1,148     1,523     1,691     1,222     1,388     1,665     1,926     1,104     1,342     1,174     997   Net income before changes in accounting principles   4.2 % 7.1 % $ 4,347   $ 3,976   $ 3,979   $ 2,177   $ 2,431   $ 3,533   $ 4,129   $ 3,492   $ 2,986   $ 2,554   $ 2,188   Net income   4.2 % 7.2 % $ 4,347   $ 3,050   $ 3,969   $ 2,177   $ 2,431   $ 3,533   $ 4,129   $ 3,492   $ 2,986   $ 2,554   $ 2,176   Average shares outstanding             2,459     2,478     2,487     2,477     2,469     2,467     2,477     2,494     2,525     2,580     2,603   Average shares outstanding assuming dilution             2,462     2,483     2,487     2,487     2,487     2,496     2,515     2,523     2,549     2,599     2,626   Per share data   Income before changes in accounting principles–basic   4.4 % 7.7 % $ 1.77   $ 1.60   $ 1.60   $ .88   $ .98   $ 1.43   $ 1.67   $ 1.40   $ 1.18   $ .99   $ .84   Income before changes in accounting principles–diluted   4.5 % 7.9 %   1.77     1.60     1.60     .88     .98     1.42     1.64     1.38     1.17     .98     .83   Basic net income   4.4 % 7.7 %   1.77     1.23     1.60     .88     .98     1.43     1.67     1.40     1.18     .99     .84   Diluted net income   4.5 % 7.9 %   1.77     1.23     1.60     .88     .98     1.42     1.64     1.38     1.17     .98     .83   Cash dividends   8.0 % 10.0 %   .88     .80     .72     .68     .64     .60     .56     .50     .44     .39     .34   Market price on December 31,   (5.4 ) % 8.6 %   50.75     43.84     47.15     60.94     58.25     67.00     66.69     52.63     37.13     25.75     22.31   Total market value of common stock1   (5.6 ) % 7.9 % $ 123,908   $ 108,328   $ 117,226   $ 151,421   $ 143,969   $ 165,190   $ 164,766   $ 130,575   $ 92,983   $ 65,711   $ 57,905   Balance sheet and other data   Cash, cash equivalents and current marketable securities           $ 3,482   $ 2,345   $ 1,934   $ 1,892   $ 1,812   $ 1,807   $ 1,843   $ 1,658   $ 1,315   $ 1,531   $ 1,078   Property, plant and equipment–net             6,097     5,911     4,453     4,168     4,267     3,669     3,743     3,550     4,336     4,080     3,729   Depreciation             667     614     502     465     438     381     384     442     421     382     333   Capital expenditures             812     851     769     733     1,069     863     1,093     990     937     878     800   Total assets             27,342     24,406     22,417     20,834     21,623     19,145     16,881     16,112     15,004     13,863     11,998   Long-term debt             2,517     2,701     1,219     835     854     687     801     1,116     1,141     1,426     1,428   Total debt             5,423     5,356     5,118     5,651     6,227     5,149     3,875     4,513     4,064     3,509     3,100   Share-owners’ equity             14,090     11,800     11,366     9,316     9,513     8,403     7,274     6,125     5,369     5,228     4,570   Total capital1             19,513     17,156     16,484     14,967     15,740     13,552     11,149     10,638     9,433     8,737     7,670   Other key financial measures1   Total debt-to-total capital             27.8 %   31.2 %   31.0 %   37.8 %   39.6 %   38.0 %   34.8 %   42.4 %   43.1 %   40.2 %   40.4 % Net debt-to-net capital             12.1 %   20.3 %   21.9 %   28.7 %   31.7 %   28.5 %   21.8 %   31.8 %   33.9 %   27.4 %   30.7 % Return on common equity             33.6 %   34.3 %   38.5 %   23.1 %   27.1 %   45.1 %   61.6 %   60.8 %   56.4 %   52.1 %   51.8 % Return on capital             24.5 %   24.5 %   26.6 %   16.2 %   18.2 %   30.2 %   39.5 %   36.8 %   34.9 %   32.8 %   31.2 % Dividend payout ratio             49.8 %   65.1 %   45.1 %   77.4 %   65.0 %   41.9 %   33.6 %   35.7 %   37.2 %   39.4 %   40.6 % Net cash provided by operations           $ 5,456   $ 4,742   $ 4,110   $ 3,585   $ 3,883   $ 3,433   $ 4,033   $ 3,463   $ 3,328   $ 3,361   $ 2,508   1 See Glossary of Terms. 2 In 2003, we adopted SFAS No. 146, “Accounting for Costs Associated with Exit or Disposal Activities.” 3 In 2002, we adopted SFAS No. 142, “Goodwill and Other Intangible Assets.” 4 In 2002, we adopted the fair value market provisions of SFAS No. 123, “Accounting for Stock-based Compensation,” and we adopted SFAS No. 148, “Accounting for Stock-based Compensation-Transition and Disclosure.” 5 In 2001, we adopted SFAS No. 133, “Accounting for Derivative Instruments and Hedging Activities.” 6 In 1998, we adopted SFAS No. 132, “Employers' Disclosures about Pensions and Other Postretirement Benefits.” 7 In 1994, we adopted SFAS No. 115, “Accounting for Certain Investments in Debt and Equity Securities.” 8 In 1993, we adopted SFAS No. 112, “Employers' Accounting for Postemployment Benefits.”