Coca Cola 2014 Annual Report Download - page 51

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Year Ended December 31, 2013 versus Year Ended December 31, 2012
The Company’s net operating revenues decreased $1,163 million, or 2 percent.
The following table illustrates, on a percentage basis, the estimated impact of key factors resulting in the increase (decrease) in net
operating revenues for each of our operating segments:
Percent Change 2013 vs. 2012
V olume
1
Structural
Changes
Price, Product &
Geographic Mix
Currency
Fluctuations
T otal
Consolidated 2% (3)% 1% (2)% (2)
%
Eurasia & Africa 7% —% 2% (7)% 2
%
Europe (1) — 5 — 4
Latin
America 1 (1) 10 (8) 2
North
America — (1) 1 — —
Asia P acific 5 (2) (4) (6) (7)
Bottling
Investments 4 (18) 1 (1) (14)
Corporate * * * * *
* Calculation is not meaningful.
1
Represents the percent change in net operating revenues attributable to the increase (decrease) in concentrate sales volume for our geographic operating
segments (expressed in equivalent unit cases) after considering the impact of structural changes. For our Bottling Investments operating segment, this
represents the percent change in net operating revenues attributable to the increase (decrease) in unit case volume after considering the impact of
structural changes. Our Bottling Investments operating segment data reflects unit case volume growth for consolidated bottlers only. Refer to the heading
“Beverage Volume” above.
Refer to the heading “Beverage Volume” above for additional information related to changes in our unit case and concentrate sales
volumes.
Refer to the heading “Structural Changes, Acquired Brands and Newly Licensed Brands” above for additional information related to
the structural changes.
Price, product and geographic mix had a favorable 1 percent impact on our consolidated net operating revenues. Price, product and
geographic mix was impacted by a variety of factors and events including, but not limited to, the following:
• Consolidated — unfavorable impact of geographic mix as a result of growth in our emerging and developing markets exceeding
growth in our developed markets. The revenue per unit sold in our emerging markets is generally less than in developed
markets;
• Eurasia and Africa — favorable impact of price increases in a number of key markets partially offset by unfavorable geographic
mix;
• Europe — favorable impact as a result of consolidating innocent as well as price increases in certain markets;
• Latin America — favorable impact as a result of pricing in all of our business units as well as inflationary environments in
certain markets; and
• Asia Pacific — unfavorable impact of geographic mix as well as shifts in product and package mix within individual markets.
The unfavorable impact of foreign currency fluctuations decreased our consolidated net operating revenues by 2 percent. The
unfavorable impact of changes in foreign currency exchange rates was primarily due to a stronger U.S. dollar compared to certain
other foreign currencies, including the South African rand, British pound, Brazilian real, Australian dollar and Japanese yen, which
impacted the Eurasia and Africa, Europe, Latin America, Asia Pacific and Bottling Investments operating segments. The unfavorable
impact of a stronger U.S. dollar compared to the currencies listed above was partially offset by the impact of a weaker U.S. dollar
compared to certain other foreign currencies, including the euro and Mexican peso, which had a favorable impact on our Europe,
Latin America and Bottling Investments operating segments. Refer to the heading “Liquidity, Capital Resources and Financial
Position — Foreign Exchange” below.