Coca Cola 2007 Annual Report Download - page 84
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THE COCA-COLA COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 3: BOTTLING INVESTMENTS (Continued)
Other Equity Method Investments
Our other equity method investments include our ownership interests in Coca-Cola Hellenic, Coca-Cola FEMSA
and Coca-Cola Amatil. As of December 31, 2007, we owned approximately 23 percent, 32 percent and 30 percent,
respectively, of these companies’ common shares.
Operating results include our proportionate share of income (loss) from our equity method investments. As of
December 31, 2007, our investment in our equity method investees in the aggregate, other than CCE, exceeded our
proportionate share of the net assets of these equity method investees by approximately $1,122 million. This difference
is not amortized.
A summary of financial information for our equity method investees in the aggregate, other than CCE, is as
follows (in millions):
Year Ended December 31, 2007 2006 2005
Net operating revenues $ 28,112 $ 24,990 $ 24,389
Cost of goods sold 16,003 14,717 14,141
Gross profit $ 12,109 $ 10,273 $ 10,248
Operating income $ 3,369 $ 2,697 $ 2,669
Net income (loss) $ 1,868 $ 1,475 $ 1,501
Net income (loss) available to common shareowners $ 1,868 $ 1,455 $ 1,477
December 31, 2007 2006
Current assets $ 10,159 $ 8,735
Noncurrent assets 24,682 21,755
Total assets $ 34,841 $ 30,490
Current liabilities $ 8,587 $ 7,839
Noncurrent liabilities 10,360 9,777
Total liabilities $ 18,947 $ 17,616
Shareowners’ equity $ 15,894 $ 12,874
Company equity investment $ 5,652 $ 4,998
Net sales to equity method investees other than CCE, the majority of which are located outside the United States,
were approximately $8.0 billion in 2007, $7.6 billion in 2006 and $7.4 billion in 2005. Total payments, primarily
marketing, made to equity method investees other than CCE were approximately $546 million, $512 million and
$475 million in 2007, 2006 and 2005, respectively.
In 2007, the Company and Coca-Cola FEMSA jointly acquired Jugos del Valle, S.A.B. de C.V. (“Jugos del
Valle”), the second largest producer of packaged juices, nectars and fruit-flavored beverages in Mexico and the largest
producer of such beverages in Brazil. The total purchase price was approximately $370 million plus the assumption of
approximately $85 million in debt and was split equally between the Company and Coca-Cola FEMSA. The
Company’s investment in Jugos del Valle is accounted for under the equity method. Equity income—net includes
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