Coca Cola 2015 Annual Report Download - page 51

Unit case volume in Asia Pacific increased 5 percent, which consisted of 5 percent growth in sparkling beverages and 4 percent growth in still beverages. The
growth in sparkling beverages was led by a 5 percent increase in Trademark Sprite, a 4 percent increase in Trademark Fanta and a 3 percent increase in brand
Coca-Cola. Still beverage volume growth was led by packaged water and growth in teas and value-added dairy of 6 percent and 10 percent, respectively.
China's unit case volume grew 4 percent, led by 5 percent growth in brand Coca-Cola and 6 percent growth in Trademark Fanta. India reported double-digit
volume growth, and Japan reported a volume decline of 1 percent, reflecting 1 percent growth in sparkling beverages offset by a 1 percent decline in still
beverages.
Unit case volume for Bottling Investments decreased 2 percent. This decrease primarily reflects the deconsolidation of our bottling operations in Brazil
during July 2013 as a result of their combination with an independent bottling partner. The unfavorable impact of these transactions on the group's unit case
volume results was partially offset by growth in other key markets, including China and India, where we own or otherwise consolidate bottling operations.
The Company's consolidated bottling operations accounted for 35 percent and 65 percent of the unit case volume in China and India, respectively.
Concentrate Sales Volume
In 2015, worldwide concentrate sales volume and unit case volume both grew 2 percent compared to 2014. After considering the impact of structural
changes, concentrate sales volume grew 1 percent during the year ended December 31, 2015. In 2014, worldwide concentrate sales volume and unit case
volume both grew 2 percent compared to 2013. After considering the impact of structural changes, concentrate sales volume grew 1 percent during the year
ended December 31, 2014. The differences between concentrate sales volume and unit case volume growth rates worldwide and for individual operating
segments in 2015 and 2014 were primarily due to the timing of concentrate shipments and the impact of unit case volume from certain joint ventures in
which the Company has an equity interest, but to which the Company does not sell concentrates, syrups, beverage bases or powders.
Analysis of Consolidated Statements of Income
Percent Change
Year Ended December 31, 
2014
2013

2014 vs. 2013
(In millions except percentages and per share data)
  
$ 45,998
$ 46,854

(2)%
Cost of goods sold 
17,889
18,421

(3)
 
28,109
28,433

(1)
 
61.1%
60.7%
Selling, general and administrative expenses 
17,218
17,310

(1)
Other operating charges 
1,183
895

32
 
9,708
10,228

(5)
 
21.1%
21.8%
Interest income 
594
534

11
Interest expense 
483
463

4
Equity income (loss) — net 
769
602

28
Other income (loss) — net 
(1,263)
576

*
 
9,325
11,477

(19)
Income taxes 
2,201
2,851

(23)
Effective tax rate 
23.6%
24.8%
 
7,124
8,626

(17)
Less: Net income attributable to noncontrolling interests 
26
42

(38)

  
$ 7,098
$ 8,584

(17)%
 
$ 1.62
$ 1.94

(16)%
 
$ 1.60
$ 1.90

(16)%
* Calculation is not meaningful.
1 Calculated based on net income attributable to shareowners of The Coca-Cola Company.
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