Coca Cola 2005 Annual Report Download - page 47

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Analysis of Consolidated Statements of Income
Percent Change
Year Ended December 31, 2005 2004 2003 05 vs. 04 04 vs. 03
(In millions except per share data and percentages)
NET OPERATING REVENUES $ 23,104 $ 21,742 $ 20,857 6% 4%
Cost of goods sold 8,195 7,674 7,776 7 (1)
GROSS PROFIT 14,909 14,068 13,081 6 8
GROSS PROFIT MARGIN 64.5% 64.7% 62.7%
Selling, general and administrative expenses 8,739 7,890 7,287 11 8
Other operating charges 85 480 573 * *
OPERATING INCOME 6,085 5,698 5,221 7 9
OPERATING MARGIN 26.3% 26.2% 25.0%
Interest income 235 157 176 50 (11)
Interest expense 240 196 178 22 10
Equity income — net 680 621 406 10 53
Other loss — net (93) (82) (138) * *
Gains on issuances of stock by equity investees 23 24 8 * *
INCOME BEFORE INCOME TAXES 6,690 6,222 5,495 8 13
Income taxes 1,818 1,375 1,148 32 20
Effective tax rate 27.2% 22.1% 20.9%
NET INCOME $ 4,872 $ 4,847 $ 4,347 1% 12%
PERCENTAGE OF NET OPERATING REVENUES 21.1% 22.3% 20.8%
NET INCOME PER SHARE:
Basic $ 2.04 $ 2.00 $ 1.77 2% 13%
Diluted $ 2.04 $ 2.00 $ 1.77 2% 13%
* Calculation is not meaningful.
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