Coca Cola 2003 Annual Report Download - page 46

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Total capital expenditures for property, plant and equipment (including our investments in information
technology) and the percentage of such totals by operating segment for 2003, 2002 and 2001 are as follows:
Year Ended December 31, 2003 2002 2001
Capital expenditures (in millions) $ 812 $ 851 $ 769
North America 38% 39% 44%
Africa 2% 2% 1%
Asia 18% 25% 14%
Europe, Eurasia & Middle East 24% 19% 14%
Latin America 4% 4% 5%
Corporate 14% 11% 22%
Acquisitions and investments represented the next most significant investing activity accounting for
$359 million in 2003, $544 million in 2002 and $651 million in 2001. Our single largest 2003 acquisition requiring
the use of cash was the purchase of a 100 percent ownership interest in Truesdale Packaging Company LLC
(‘‘Truesdale’’) from CCE for cash consideration of approximately $58 million. Truesdale owns a noncarbonated
beverage production facility. In 2003, acquisitions of intangible assets totaled approximately $142 million. Of this
amount, approximately $88 million related to the Company’s acquisition of certain intangible assets with
indefinite lives, primarily trademarks and brands in various parts of the world. None of these trademarks and
brands was considered individually significant. Additionally, the Company acquired certain brands and related
contractual rights from Panamco valued at $54 million in the Latin America operating segment with an
estimated useful life of 10 years.
In 2002, our Company expended cash of approximately $328 million for acquisitions of our interests in CBC
and CCDA. In 2001, our Company completed several acquisitions; however, none was individually material.
Refer to Note 18.
In July 2003, we made a convertible loan of approximately $133 million to The Coca-Cola Bottling
Company of Egypt (‘‘TCCBCE’’). The loan is convertible into preferred shares of TCCBCE upon receipt of
governmental approvals. Additionally, upon certain defaults under either the loan agreement or the terms of the
preferred shares, we have the ability to convert the loan or the preferred shares into common shares. At
December 31, 2003, our Company owned approximately 42 percent of the common shares of TCCBCE.
In November 2003, CCHBC approved a share capital reduction totaling approximately 473 million euros
and the return of 2 euros per share to all share owners. In December 2003, our Company received our share
capital return payment from CCHBC equivalent to $136 million. Refer to Note 2.
Financing Activities
Our cash flows used in financing activities are as follows (in millions):
Year Ended December 31, 2003 2002 2001
Cash flows (used in) provided by financing activities:
Issuances of debt $ 1,026 $ 1,622 $ 3,011
Payments of debt (1,119) (2,378) (3,937)
Issuances of stock 98 107 164
Purchases of stock for treasury (1,440) (691) (277)
Dividends (2,166) (1,987) (1,791)
Net cash used in financing activities $ (3,601) $ (3,327) $ (2,830)
Issuances and payments of debt included both short-term and long-term financing activities. On
December 31, 2003, we had $1,576 million in lines of credit and other short-term credit facilities available,
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