Coca Cola 2006 Annual Report Download - page 49

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Analysis of Consolidated Statements of Income
Percent Change
Year Ended December 31, 2006 2005 2004 2006 vs. 2005 2005 vs. 2004
(In millions except per share data and percentages)
NET OPERATING REVENUES $ 24,088 $ 23,104 $ 21,742 4% 6%
Cost of goods sold 8,164 8,195 7,674 0 7
GROSS PROFIT 15,924 14,909 14,068 7 6
GROSS PROFIT MARGIN 66.1% 64.5% 64.7%
Selling, general and administrative expenses 9,431 8,739 7,890 8 11
Other operating charges 185 85 480 * *
OPERATING INCOME 6,308 6,085 5,698 4 7
OPERATING MARGIN 26.2% 26.3% 26.2%
Interest income 193 235 157 (18) 50
Interest expense 220 240 196 (8) 22
Equity income — net 102 680 621 (85) 10
Other income (loss) — net 195 (93) (82) * *
Gains on issuances of stock by equity investees —23 24 * *
INCOME BEFORE INCOME TAXES 6,578 6,690 6,222 (2) 8
Income taxes 1,498 1,818 1,375 (18) 32
Effective tax rate 22.8% 27.2% 22.1%
NET INCOME $ 5,080 $ 4,872 $ 4,847 4% 1%
PERCENTAGE OF NET OPERATING REVENUES 21.1% 21.1% 22.3%
NET INCOME PER SHARE:
Basic $ 2.16 $ 2.04 $ 2.00 6% 2%
Diluted $ 2.16 $ 2.04 $ 2.00 6% 2%
* Calculation is not meaningful.
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