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THE COCA-COLA COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2: BOTTLING INVESTMENTS (Continued)
If valued at the December 31, 2005 quoted closing price of CCE shares, the fair value of our investment in
CCE would have exceeded our carrying value by approximately $1.5 billion.
Other Equity Method Investments
Our other equity method investments include our ownership interests in Coca-Cola HBC, Coca-Cola
FEMSA and Coca-Cola Amatil for which we own 24 percent, 40 percent and 32 percent of their common shares,
respectively.
Operating results include our proportionate share of income (loss) from our equity method investments. A
summary of financial information for our equity method investments in the aggregate, other than CCE, is as
follows (in millions):
December 31, 2005 2004
Current assets $ 7,803 $ 6,723
Noncurrent assets 20,698 19,107
Total assets $ 28,501 $ 25,830
Current liabilities $ 7,705 $ 5,507
Noncurrent liabilities 8,395 8,924
Total liabilities $ 16,100 $ 14,431
Shareowners’ equity $ 12,401 $ 11,399
Company equity investment $ 4,831 $ 4,328
Year Ended December 31, 2005 2004 2003
Net operating revenues $ 24,389 $ 21,202 $ 19,797
Cost of goods sold 14,141 12,132 11,661
Gross profit $ 10,248 $ 9,070 $ 8,136
Operating income $ 2,669 $ 2,406 $ 1,666
Net income (loss) $ 1,501 $ 1,389 $ 580
Net income (loss) available to common shareowners $ 1,477 $ 1,364 $ 580
Net sales to equity method investees other than CCE, the majority of which are located outside the United
States, were approximately $7.4 billion in 2005, $5.2 billion in 2004 and $4.0 billion in 2003. Total support
payments, primarily marketing, made to equity method investees other than CCE were approximately
$475 million, $442 million and $511 million in 2005, 2004 and 2003, respectively.
Our Company owns a 50 percent interest in Multon, a Russian juice business (‘‘Multon’’), which we
acquired in April 2005 jointly with Coca-Cola HBC, for a total purchase price of approximately $501 million,
split equally between the Company and Coca-Cola HBC. Multon produces and distributes juice products under
the DOBRIY, Rich, Nico and other trademarks in Russia, Ukraine and Belarus. Equity income—net includes
our proportionate share of Multon’s net income beginning April 20, 2005. Refer to Note 19.
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