Back to The Business of the Coca-Cola Company
Information about the Company's operations by geographic area is as follows (in millions):
North Greater Latin Middle &
America Africa Europe America Far East Corporate Consolidated
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1996
Net operating revenues $6,050 $476 $5,947 $1,991 $4,035 $ 47 $18,546
Operating income 949{2} 118{2} 1,277{2} 815{2} 1,358{2} (602){2} 3,915
Identifiable operating assets 3,814 326 2,896 1,405 1,463 2,088{1} 11,992
Equity income 211 211
Investments (principally bottling companies) 4,169 4,169
Capital expenditures 261 32 379 79 121 118 990
Depreciation and amortization 157 8 176 37 25 76 479
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1995
Net operating revenues $5,513 $595 $5,999 $1,920 $3,936 $ 55 $18,018
Operating income 856{3} 205 1,256{3} 798 1,394 (483) 4,026
Identifiable operating assets 3,478 348 4,301 1,294 1,445 1,461{1} 12,327
Equity income 169 169
Investments (principally bottling companies) 2,714 2,714
Capital expenditures 286 19 383 87 85 77 937
Depreciation and amortization 148 8 180 31 21 66 454
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1994
Net operating revenues $5,327 $522 $5,029 $1,928 $3,333 $ 42 $16,181
Operating income 915 174 1,129 710 1,150 (441) 3,637
Identifiable operating assets 3,085 356 3,959 1,164 1,343 1,456{1} 11,363
Equity income 134 134
Investments (principally bottling companies) 2,510 2,510
Capital expenditures 253 27 330 129 50 89 878
Depreciation and amortization 130 6 160 36 19 60 411
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Intercompany transfers between geographic areas are not material. North America includes only the United States and Canada. Prior year amounts have been reclassified to conform to the current year presentation.
{1} Corporate identifiable operating assets are composed principally of marketable securities, finance subsidiary receivables and fixed assets.
{2} Operating income for North America, Africa, Greater Europe, Latin America and the Middle & Far East was reduced by $153 million, $7 million, $66 million, $32 million and $18 million, respectively, for provisions related to management's strategic plans to strengthen our worldwide system. Corporate operating income was reduced by $80 million for Project Infinity's impairment impact to existing systems and by $28.5 million for our decision to contribute to the corpus of The Coca-Cola Foundation.
{3} Operating income for North America and Greater Europe was reduced by $61 million and $25 million, respectively, for provisions to increase efficiencies.
Compound Average Growth Rates North Greater Latin Middle & Ending 1996 America Africa Europe America Far East Consolidated - ----------------------------------------------------------------------------
Net operating revenues 5 years 6% 18% 10% 13% 14% 10% 10 years 6% 11% 15% 14% 11% 10% ======================================================================================================================= Operating income 5 years 9% 2% 8% 15% 13% 11% 10 years 12% 19% 15% 19% 15% 16% ==============================================================================
NET OPERATING REVENUES BY GEOGRAPHIC AREA
Year Ended December 31, 1996 1995 1994 - --------------------------------------------------------------- Middle & Far East 22% 22% 21% Latin America 11% 11% 12% Greater Europe 32% 33% 31% Africa 2% 3% 3% North America 33% 31% 33%
OPERATING INCOME BY GEOGRAPHIC AREA
Year Ended December 31, 1996 1995 1994 - --------------------------------------------------------------- Middle & Far East 30% 31% 28% Latin America 18% 18% 17% Greater Europe 28% 28% 28% Africa 3% 4% 4% North America 21% 19% 23%
Charts and percentages are calculated exclusive of corporate operations.