Coca Cola 2015 Annual Report Download - page 53

Year Ended December 31, 2014 versus Year Ended December 31, 2013
The Company's net operating revenues decreased $856 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 2014 vs. 2013
Volume1
Acquisitions &
Divestitures
Price, Product &
Geographic Mix
Currency
Fluctuations

Consolidated 1%
(2)%
1%
(2)%

Eurasia & Africa 3%
—%
4%
(8)%

Europe (2)
—
4
2

Latin America —
(4)
8
(10)

North America (1)
(1)
1
—

Asia Pacific 5
1
(2)
(6)

Bottling Investments 5
(9)
(2)
(2)

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.
"Acquisitions and Divestitures" refers to acquisitions and divestitures of brands or businesses, some of which the Company considers to be structural changes.
Refer to the heading "Structural Changes, Acquired Brands and Newly Licensed Brands" above for additional information related to the structural changes.
The acquisitions and divestitures percent change for 2014 versus 2013 in the table above consisted entirely of structural changes. The impact of the
Venezuelan Fair Price Law reduced our Latin America segment revenues by 5 percent in 2014.
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:
• Eurasia and Africa — favorable price mix in all of the segment's business units;
• Europe — favorable impact as a result of consolidating the juice and smoothie business of Fresh Trading Ltd. ("innocent") in May 2013 and favorable
price mix in all of the segment's business units;
• Latin America — favorable price mix in all four of the segment's business units and the impact of inflationary environments in certain markets; and
• Asia Pacific — unfavorable geographic mix.
The unfavorable impact of foreign currency fluctuations decreased our consolidated net operating revenues by 2 percent. The unfavorable currency impact
was primarily due to a stronger U.S. dollar compared to certain other foreign currencies, including the South African rand, Mexican peso, Brazilian real,
Australian dollar and Japanese yen, which had an unfavorable impact on our Eurasia and Africa, 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 British pound, which had a favorable impact on our Europe and Bottling
Investments operating segments. Refer to the heading "Liquidity, Capital Resources and Financial Position — Foreign Exchange" below.
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