2/18/2009 1 1 Muhtar Kent President and CEO Forward-Looking Statements This presentation may contain statements, estimates or projections that constitute “forward-looking statements” as defined under U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from The Coca-Cola Company’s historical experience and our present expectations or projections. These risks include, but are not limited to, obesity concerns; scarcity and quality of water; changes in the nonalcoholic beverages business environment, including changes in consumer preferences based on health and nutrition considerations and obesity concerns; shifting consumer tastes and needs, changes in lifestyles and increased consumer information; increased competition; our ability to expand our operations in emerging markets; foreign currency and interest rate fluctuations; our ability to maintain good relationships with our bottling partners; the financial condition of our bottlers; our ability to maintain good labor relations, including our ability to renew collective bargaining agreements on satisfactory terms and avoid strikes or work stoppages; increase in the cost of energy; increase in cost, disruption of supply or shortage of raw materials; changes in laws and regulations relating to beverage containers and packaging, including mandatory deposit, recycling, eco-tax and/or product stewardship laws or regulations; adoption of significant additional labeling or warning requirements; unfavorable economic and political conditions in international markets, including civil unrest and product boycotts; changes in commercial or market practices and business model within the European Union; litigation uncertainties; adverse weather conditions; our ability to maintain brand image and product quality as well as other product issues such as product recalls; changes in legal and regulatory environments; changes in accounting standards and taxation requirements; our ability to achieve overall long-term goals; our ability to protect our information systems; additional impairment charges; our ability to successfully manage Company-owned bottling operations; global or regional catastrophic events; and other risks discussed in our Company’s filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K, which filings are available from the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Coca-Cola Company undertakes no obligation to publicly update or revise any forward-looking statements. Reconciliation To US GAAP Financial Information The following presentation includes certain "non-GAAP financial measures" as defined in Regulation G under the Securities Exchange Act of 1934. A schedule is posted on the Company's website at thecoca-colacompany.com (in the "investors" section) which reconciles the non-GAAP financial measures included in the following presentation to the most directly comparable financial measures calculated and presented in accordance with Generally Accepted Accounting Principles. 2
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2/18/2009
1
1
Muhtar KentPresident and CEO
Forward-Looking StatementsThis presentation may contain statements, estimates or projections that constitute “forward-looking statements” as defined under
U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar
expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject
to certain risks and uncertainties that could cause actual results to differ materially from The Coca-Cola Company’s historical
experience and our present expectations or projections. These risks include, but are not limited to, obesity concerns; scarcity and
quality of water; changes in the nonalcoholic beverages business environment, including changes in consumer preferences based on
health and nutrition considerations and obesity concerns; shifting consumer tastes and needs, changes in lifestyles and increased
consumer information; increased competition; our ability to expand our operations in emerging markets; foreign currency and
interest rate fluctuations; our ability to maintain good relationships with our bottling partners; the financial condition of our bottlers;
our ability to maintain good labor relations, including our ability to renew collective bargaining agreements on satisfactory terms and
avoid strikes or work stoppages; increase in the cost of energy; increase in cost, disruption of supply or shortage of raw materials;
changes in laws and regulations relating to beverage containers and packaging, including mandatory deposit, recycling, eco-tax
and/or product stewardship laws or regulations; adoption of significant additional labeling or warning requirements; unfavorable
economic and political conditions in international markets, including civil unrest and product boycotts; changes in commercial or
market practices and business model within the European Union; litigation uncertainties; adverse weather conditions; our ability to
maintain brand image and product quality as well as other product issues such as product recalls; changes in legal and regulatory
environments; changes in accounting standards and taxation requirements; our ability to achieve overall long-term goals; our ability
to protect our information systems; additional impairment charges; our ability to successfully manage Company-owned bottling
operations; global or regional catastrophic events; and other risks discussed in our Company’s filings with the Securities and
Exchange Commission (SEC), including our Annual Report on Form 10-K, which filings are available from the SEC. You should not
place undue reliance on forward-looking statements, which speak only as of the date they are made. The Coca-Cola Company
undertakes no obligation to publicly update or revise any forward-looking statements.
Reconciliation To US GAAP Financial InformationThe following presentation includes certain "non-GAAP financial measures" as defined in Regulation G under the Securities Exchange
Act of 1934. A schedule is posted on the Company's website at thecoca-colacompany.com (in the "investors" section) which
reconciles the non-GAAP financial measures included in the following presentation to the most directly comparable financial
measures calculated and presented in accordance with Generally Accepted Accounting Principles.
2
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Overview
• Why Coca-Cola. . . Why Now?
• Our System was Built for Times Like These
• There is No Better Industry to Be In
• Consistent Strategies for Growth
• Winning in a New World
33
4444
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5
A System Like No Other
6
Over 1.5 Billion
Servings Every Day
20 Million Customers
Every Week
Top 40 Bottling Partners
~80% of Total Volume
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7
2005 2006 2007 2008
Revenue Growth1
1Ongoing Net Revenue Excluding Structural Change 2Long Term Target is Currency Neutral
Delivering Consistent, Quality Results
2005 2006 2007 2008
9%
7%
5% 9% 14% 17%
Ongoing EPS Growth
Long-Term Target2
11%12%6%6%
88
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Cash, It’s the Real Thing
2001 - 2008 Cash
From Operations - $47B
$ Billions
2009 – 2013 Expected Cash
From Operations $41B – $45B
Cash
Available
After
Capex
$27 - $35 B
$10 - $14 BCapital Expenditures*
Dividends
Share Repurchase
Acquisitions
2009E – 2013E
* Based on assumption of no changes in company owned bottlers
$4
$8
2001 2002 2003 2004 2005 2006 2007 2008
9
Providing Returns to Shareowners
10
2005 - 2008 Cash Returned
to Shareowners - $19.2BKO Relative Share
Performance
Total Return
2005 2006 2007 2008
$1.8$1.1
$ Billions (except DPS amounts)
$4.7
$5.4
$4.9$4.6
Dividends
Share Repurchase
$ 1.52
$ 1.12$ 1.24
$ 1.36
$2.0$2.5
2008
Jul-Dec
Dividend
Yield*
Coca-Cola -9.8% 3.3%
PepsiCo -13.7% 2.9%
Nestle -13.9% 3.0%
Danone -13.5% 2.9%
DJIA -22.9% 5.6%
S&P 500 -29.7% 3.8%
* As of 12/31/08
DPS = Dividends per Share
DPS
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A Real “Port in the Storm”
Quality
Balance
Sheet
Access to
Commercial
Paper
Liquidity
Dividends
11
12
The World’s Greatest Brands . . . and Growing
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Winning in the Marketplace
YTD Nov „08 Worldwide Retail Volume Share % Change vs. Prior Year
NARTD +0.6
SPARKLING3 - 0.1+0.6
STILL +0.9- 0.1 - 0.6- 0.4
- 0.3
NA
Source: Nielsen, Synovate Aztec/Frontline (South Africa).
NARTD = Nonalcoholic, Ready-to-Drink, Excluding Dairy and Bulk Water
YTD November = Jan/Feb/Mar/Apr/May/Jun/July/Aug/Sep/Oct /Nov except USA ( = Jan-Dec ‘08 AMC).
NA
NARTD SPARKLING STILL
+0.8 +0.5 +1.0 +0.9
Volume Share Gains Driven by International
1 PepsiCo: RTD Tea includes Unilever.2Nestle: RTD Tea JV with San Pellegrino for Belte in Italy.
3KO Core Sparkling Brands
Flat
- 0.5
- 0.3
Global
International North America
1
NARTD SPARKLING STILL
2
3 3
1313
PEPSI DANONE NESTLE
Flat
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Delivering Through Economic Downturns
14
2001 U.S. Slowdown
• US GDP Growth : +0.8%
• US Volume Growth: 1.7%
1998-99 Latin America
Financial Crisis
• Latin America GDP Growth: -0.1%
• Latin America Volume Growth: 3.8%
1997-98 Southeast Asia
Financial Crisis
• SE Asia GDP Growth : -0.7%
• SE Asia Volume Growth: 4.4%
1997-98 Russia Financial Crisis
• Russia GDP Growth : -5.3%
• Russia Volume Growth: 0.8%
Sandy Douglas21 Years
Gary Fayard 15 Years
Joe Tripodi1 Year
Alex Cummings 12 Years Irial Finan
27 Years
José Octavio Reyes
28 Years
Dominique Reiniche17 Years
Ahmet Bozer 19 Years
Glenn Jordan
31 Years
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Making Smart, Prudent Investment Choices
* Ongoing net revenue and operating expenses
15
Selling & Advertising*% of Net Revenue
2005 2006 2007 2008
25.7% 26.9% 27.0% 27.5%
2006
General & Administrative*% of Net Revenue
2005 2007 2008
12.0% 11.8% 10.9% 9.4%
Leveraging Productivity as a Growth Enabler
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Rewiring the Organization
Reallocating Marketing Investments
Redesigning the Business
Rewiring the Organization
• Re-Architected to Drive Speed
& Consistency, Less Cost
Reallocating Marketing Investments
• Global Campaigns
“Fewer, Bigger, Better”
• Marketing Effectiveness
More than
$500 Million
Annualized
Savings
$
$
$
Redesigning the Business
• Packaging Optimization
• Manufacturing Productivity
• Logistics & Warehousing
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Leveraging Our Core Capabilities
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• Price Point
Management
• Communications
• Messaging
• Driving Traffic
Impulse
• Partnering with
Customers
• Gaining Share
• Differentiating
Products/Packages
• Committing “Feet
on the Street”
• “Marketing In
Market”
Consumer
Marketing
Commercial
Leadership
17
Franchise
Leadership
$AR
470
Flexible Execution for These New Times
18
Leveraging
Balanced
Geographic
Portfolio
Coke SmilePhilippines
RetornosArgentina
Value TeasJapan
Smile Back at Life. Have a Every Day!
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1919
We Expect Strong Consumption Tailwinds
3.3B
2008 2020
4.2B
+0.9 B
1.2B
2008 2020
+1 B
2.2B
4.1BDeveloped Emerging
Non-RTD BeveragesRTD Commercial Beverages
Developed Emerging
30%
30%
70%
70%
Middle Class GrowthUrban Growth RTD Conversion
20Source: Population Division of the Department of Economic and Social Affairs of the United
Nations Secretariat, World Bank Development Indicators