Coca Cola 2008 Annual Report Download - page 94
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THE COCA-COLA COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 3: BOTTLING INVESTMENTS (Continued)
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, 2008 2007 2006
Net operating revenues $ 34,482 $ 28,112 $ 24,990
Cost of goods sold 19,974 16,003 14,717
Gross profit $ 14,508 $ 12,109 $ 10,273
Operating income $ 3,687 $ 3,369 $ 2,697
Net income (loss) $ 1,897 $ 1,868 $ 1,475
Net income (loss) available to common shareowners $ 1,897 $ 1,868 $ 1,455
December 31, 2008 2007
Current assets $ 10,922 $ 10,159
Noncurrent assets 23,538 24,682
Total assets $ 34,460 $ 34,841
Current liabilities $ 9,726 $ 8,587
Noncurrent liabilities 9,940 10,360
Total liabilities $ 19,666 $ 18,947
Shareowners’ equity $ 14,794 $ 15,894
Company equity investment $ 5,316 $ 5,652
Net sales to equity method investees other than CCE, the majority of which are located outside the United
States, were approximately $9.4 billion in 2008, $8.0 billion in 2007 and $7.6 billion in 2006. Total payments,
primarily marketing, made to equity method investees other than CCE were approximately $659 million,
$546 million and $512 million in 2008, 2007 and 2006, respectively.
In 2008, the Company recognized gains of approximately $119 million due to divestitures, primarily related
to the sale of Refrigerantes Minas Gerais Ltda. (‘‘Remil’’), a bottler in Brazil, to Coca-Cola FEMSA and the sale
of 49 percent of our interest in Coca-Cola Beverages Pakistan Ltd. (‘‘Coca-Cola Pakistan’’) to Coca-Cola Icecek
A.S. (‘‘Coca-Cola Icecek’’). Prior to the sale of Remil, our Company owned 100 percent of the outstanding
common stock of Remil. Cash proceeds from the sale were approximately $275 million, net of the cash balance,
as of the disposal date. Subsequent to the sale of a portion of our interest in Coca-Cola Pakistan, the Company
owns a noncontrolling interest, and will account for our remaining investment under the equity method. These
gains impacted the Bottling Investments and Corporate operating segments and were included in other income
(loss)—net in our consolidated statement of income. Refer to Note 19.
During 2008, the Company recorded a net charge of approximately $30 million to equity income (loss)—net
in our consolidated statement of income, primarily related to our proportionate share of restructuring charges
recorded by our equity method investees other than CCE. None of these items was individually significant.
These charges impacted the Europe, North America and Bottling Investments operating segments.
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