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James Quincey
President and Chief Executive Officer
BEVERAGES FOR LIFE
The following presentation may include certain "non-GAAP financial measures" as defined in Regulation G under the Securities Exchange Act of 1934. A schedule which reconciles our results as
reported under Generally Accepted Accounting Principles and the non-GAAP financial measures included in the following presentation is attached as an Appendix hereto and is also posted on the
Company's website at www.coca-colacompany.com (in the “Investors” section).
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
and other health-related concerns; water scarcity and poor quality; evolving consumer preferences; increased competition and capabilities in the marketplace; product safety and quality concerns; perceived
negative health consequences of certain ingredients, such as non-nutritive sweeteners and biotechnology-derived substances, and of other substances present in our beverage products or packaging materials; an
inability to be successful in our innovation activities; increased demand for food products and decreased agricultural productivity; changes in the retail landscape or the loss of key retail or foodservice customers; an
inability to expand operations in emerging and developing markets; fluctuations in foreign currency exchange rates; interest rate increases; an inability to maintain good relationships with our bottling partners; a
deterioration in our bottling partners' financial condition; increases in income tax rates, changes in income tax laws or unfavorable resolution of tax matters; increased or new indirect taxes in the United States and
throughout the world; increased cost, disruption of supply or shortage of energy or fuels; increased cost, disruption of supply or shortage of ingredients, other raw materials or packaging materials; changes in laws
and regulations relating to beverage containers and packaging; significant additional labeling or warning requirements or limitations on the marketing or sale of our products; an inability to protect our information
systems against service interruption, misappropriation of data or breaches of security; unfavorable general economic conditions in the United States; unfavorable economic and political conditions in international
markets; litigation or legal proceedings; failure to adequately protect, or disputes relating to, trademarks, formulae and other intellectual property rights; adverse weather conditions; climate change; damage to our
brand image and corporate reputation from negative publicity, even if unwarranted, related to product safety or quality, human and workplace rights, obesity or other issues; changes in, or failure to comply with, the
laws and regulations applicable to our products or our business operations; changes in accounting standards; an inability to achieve our overall long-term growth objectives; deterioration of global credit market
conditions; default by or failure of one or more of our counterparty financial institutions; an inability to renew collective bargaining agreements on satisfactory terms, or we or our bottling partners experience strikes,
work stoppages or labor unrest; future impairment charges; multi-employer pension plan withdrawal liabilities in the future; an inability to successfully integrate and manage our Company-owned or -controlled
bottling operations; an inability to successfully manage our refranchising activities; failure to realize the economic benefits from or an inability to successfully manage the possible negative consequences of our
productivity initiatives; failure to realize a significant portion of the anticipated benefits of our strategic relationship with Monster; inability to attract or retain a highly skilled workforce; global or regional catastrophic
events, including terrorist acts, cyber-strikes and radiological attacks; and other risks discussed in our Company’s filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form
10-K for the year ended December 31, 2016, and our subsequently filed Quarterly Reports on Form 10-Q, 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 U.S. GAAP FINANCIAL INFORMATION
FORWARD-LOOKING STATEMENTS
CLEAR DESTINATION
? Accelerating Our Move
to a Total Beverage Portfolio
? Returning to a Brand-Focused
Organization
? Driving Cultural Change
1
>20 Channels
200+ Markets
~250 Bottling Partners
16 Million
Cold Drink Assets
27 Million
Customer Outlets
Consumer-Centric
Portfolio
Best-In-Class
Brand Builder
Pervasive
Distribution
Geographic
Diversity
STRONG FOUNDATION
World’s leading nonalcoholic beverage company
21 Billion-Dollar Brands
Doubled since 2007
#1 Share Position in:
Total NARTD
Sparkling Soft Drinks
Juice, Dairy & Plant
Hydration
Tea & Coffee
2016 Operating
Income Composition*
Europe,
Middle
East,
Africa
North
America
Asia
Pacific
Latin
America
BIG
Comparable (non-GAAP), excluding corporate expense
2
Industry Retail Value Growth
2013-2016 CAGR
Industry Retail Value Growth
2017-2020
% Sales by Channel
Source: Canadean for channel data. Canadean and Euromonitor for historical industry retail value growth. Internal Estimates for future retail value growth.
Note: Expected industry growth for nonalcoholic ready-to-drink excludes white milk and bulk water.
+$150B
4% CAGR
0 50 100
Household
Products
Packaged
Food
NARTD
Modern
Traditional
Eating & Drinking Out
Strong Relative Growth Solid Growth ProspectsHighly Diversified
NONALCOHOLIC BEVERAGES IS A GREAT INDUSTRY
2.2%
3.8%
4.4%
Household
Products
Packaged
Food
NARTD
3
THE FMCG LANDSCAPE IS UNDERGOING
FUNDAMENTAL CHANGES
Consumer Preferences Digital Evolution Regulation / Taxes
4
WE HAVE THE RIGHT STRATEGIES
Making the Right Choices and Investing for Growth
Accelerate Growth
of Leading
Consumer-Centric
Brand Portfolio
Drive Revenue
Growth Algorithm
Strengthen
Our System’s
Value-Creation
Advantage
Digitize the System
– ‘Click’s Reach
of Desire’
Unlock
the Power of
Our People
5
…with more to come
WE ARE MOVING FAST TO IMPLEMENT CHANGE…
? Introduced
Coca-Cola Zero
Sugar
? Launched 500+
new products
? “Test and Learn”
approach to the
portfolio
? +3% FY17E price/mix
? RGM acceleration
? Premium opportunity
? Deprioritization
of low-margin water
? CCEP begins
operations
? Initial CCBA
is established
? China refranchising
complete
? US refranchising
complete
? eCommerce
acceleration
? Workday
implementation
? SAP implementation
work begins
? New Group
Presidents
? New operating
model
? Lean Center
? Updated incentive
structure
6
Accelerate Growth
of Leading
Consumer-Centric
Brand Portfolio
Drive Revenue
Growth Algorithm
Strengthen
Our System’s
Value-Creation
Advantage
Digitize the System
– ‘Click’s Reach
of Desire’
Unlock
the Power of
Our People
How We
Grow Our
Global Portfolio
Growth
Needs Discipline
World-Class
Innovation
“Lift and Shift” –
Scale Globally
Bolt-On M&A
Brand
Growth Model
Stages of
Growth
Quality Leadership
is Key
ACCELERATING REVENUE GROWTH
IN OUR CONSUMER-CENTRIC PORTFOLIO
7
CHI is a trademark of Tropical General Investments
Limited, a minority investee of TCCC.
Energized System Aligned for Value Beverages for Life
RE-ENERGIZED SYSTEM ENGAGED
FOR FUTURE GROWTH
New Relationship Dynamics
for Over Half of the System*
* As measured by 2016 system revenue. LatAm reflects transaction
with bottlers to acquire AdeS plant-based beverage business.
A Shared Vision for
Portfolio Evolution
Clear Frameworks for
Relationship Economics
8
DIGITIZE THE ENTERPRISE
Growth Agility
Faster
Decisions
Improve
Employee
Experience
Reduce
Costs
Digital Marketing
eCommerce +
Customer Partnership
eKO System
9
Structure Compensation Culture
UNLOCKING THE POWER OF OUR PEOPLE
10
Lean,
Efficient
Enterprise
Corporate
Center
Enabling
Services
Field
IT’S ALL
ABOUT
CULTURE
11
r e l e v a n t
GROWTH
ORIENTED
V1.0, 2.0, 3.0
accountable
fast, 1.0, 2.0…
transparent
value
creation
innovative
CURIOUS
INCLUSIVE
fast to fail
“SMART” RISKS
EMPOWERED
new customer outlets
incentives
compensation
externally
focused
performance
long-term
building
a t t e n t i o n
expansion
focus
attention
WHAT YOU SHOULD TAKE AWAY FROM TODAY
Francisco Crespo
Chief Growth Officer
Quality Leadership Requires Discipline
Alfredo Rivera
President, Latin America
Leveraging Quality Leadership in a Challenging Environment
Brian Smith
President, Europe, Middle East & Africa
Strengthening Our System for Enduring Competitive Advantage
John Murphy
President, Asia Pacific
Creating Quality Leadership in Diverse Economies
Jim Dinkins
Incoming President, North America
Building on a Strong Foundation
Kathy Waller
Chief Financial Officer
Delivering Shareowner Value
12
ATTRACTIVE LONG-TERM INVESTMENT
Long-Term Growth Model
Global leader in growth industry
Strong foundation
Clear destination
New culture aligning for growth
Thesis
4 to 6%
Organic
Revenue
Growth*
6 to 8%
Operating
Income
Growth**
7 to 9%
EPS
Growth**
95 to 100%
Adjusted Free
Cash Flow
Conversion
Ratio*
* Non-GAAP
** Comparable currency neutral (non-GAAP) 13
Reconciliations of
GAAP and Non-GAAP
Financial Measures
APPENDIX
THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
(In millions except debt leverage)
Gross Debt and Net Debt:
As of
December 31, 2013
Cash and cash equivalents $10,414
Short-term investments 6,707
Marketable securities 3,147
$20,268
Loans and notes payable $16,901
Current maturities of long-term debt 1,024
Long-term debt 19,154
Gross debt (Non-GAAP) $37,079
Net debt (Non-GAAP) 1
$16,811
1
Net debt is calculated by subtracting total cash, cash equivalents, short-term investments and marketable securities from gross
debt.
Total cash, cash equivalents, short-term investments and marketable securities (Non-GAAP)
EBITDA:
Reported EBITDA: Year Ended
December 31, 2013
Income before income taxes $11,477
Less income items:
Interest income 534
Other income (loss) — net 576
Add expense items:
Interest expense 463
Depreciation and amortization 1,977
$12,807
Comparable EBITDA:
$12,229
Less income items:
Interest income 534
75
Add expense items:
410
Depreciation and amortization 1,977
$14,007
Gross and Net Debt Leverage:
As of and Year Ended
December 31, 2013
Gross debt (Non-GAAP) $37,079
$14,007
Gross debt leverage (Non-GAAP) 2.6
Net debt (Non-GAAP) $16,811
$14,007
Net debt leverage (Non-GAAP) 1.2
Comparable earnings before interest, taxes, depreciation and amortization (EBITDA) (Non-GAAP)
Earnings before interest, taxes, depreciation and amortization (EBITDA) (Non-GAAP)
Comparable income before income taxes (Non-GAAP)
Comparable other income (loss) — net (Non-GAAP)
Comparable interest expense (Non-GAAP)
Comparable earnings before interest, taxes, depreciation and amortization (EBITDA) (Non-GAAP)
Comparable earnings before interest, taxes, depreciation and amortization (EBITDA) (Non-GAAP)
THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
(In millions)
Nine Months Ended
September 29, 2017
Year Ended
December 31, 2016
Year Ended
December 31, 2015
Year Ended
December 31, 2014
Sum of Nine Months
Ended September 29,
2017 and Years Ended
December 31, 2016, 2015,
and 2014
Net cash provided by operating activities ("operating cash flow") $5,918 $8,796 $10,528 $10,615 $35,857
Purchases of property, plant and equipment ("capital expenditures") ($1,194) ($2,262) ($2,553) ($2,406) ($8,415)
$2,790 $1,035 $565 $148 $4,538
Dividends ($3,165) ($6,043) ($5,741) ($5,350) ($20,299)
($538) ($838) ($2,491) ($389) ($4,256)
Issuances of stock $1,320 $1,434 $1,245 $1,532 $5,531
Purchases of stock for treasury (3,087) (3,681) (3,564) (4,162) (14,494)
Net share repurchases (non-GAAP) ($1,767) ($2,247) ($2,319) ($2,630) ($8,963)
Proceeds from disposals of businesses, equity method investments and
nonmarketable securities ("divestitures")
Acquisitions of businesses, equity method investments and nonmarketable
securities ("M&A")
THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
(In millions)
Gross Debt and Net Debt:
2017 Trailing Twelve
Months
As of
September 29, 2017
Cash and cash equivalents $12,528 $12,528
Short-term investments 9,691 9,691
Marketable securities 5,138 5,138
$27,357 $27,357
Loans and notes payable $13,398 $13,398
Current maturities of long-term debt 3,231 3,231
Long-term debt 32,471 32,471
Gross debt (Non-GAAP) $49,100 $49,100
Net debt (Non-GAAP) 1
$21,743 $21,743
1
Net debt is calculated by subtracting total cash, cash equivalents, short-term investments and marketable securities from gross debt.
Total cash, cash equivalents, short-term investments
and marketable securities (Non-GAAP)
EBITDA:
Reported EBITDA: 2017 Trailing Twelve
Months
Nine Months Ended
September 29, 2017
Three Months Ended
December 31, 2016
Income before income taxes $6,320 $5,805 $515
Less income items:
Interest income 665 495 170
Other income (loss) — net (2,041) (1,122) (919)
Add expense items:
Interest expense 879 631 248
Depreciation and amortization 1,390 926 464
$9,965 $7,989 $1,976
Comparable EBITDA:
$10,737 $8,686 $2,051
Less income items:
Interest income 665 495 170
121 154 (33)
Add expense items:
841 593 248
Depreciation and amortization 1,390 926 464
$12,182 $9,556 $2,626
2 Calculated by subtracting depreciation and amortization of $1,323 during the nine months ended September 30, 2016 from
depreciation and amortization of $1,787 during the year ended December 31, 2016.
Comparable income before income taxes (Non-GAAP)
Comparable other income (loss) — net (Non-GAAP)
Comparable interest expense (Non-GAAP)
Comparable earnings before interest, taxes,
depreciation and amortization (EBITDA) (Non-GAAP)
Earnings before interest, taxes, depreciation and
amortization (EBITDA) (Non-GAAP)
2
2
THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
(In millions except debt leverage)
Gross Debt and Net Debt:
2017 Trailing Twelve
Months
Cash and cash equivalents $12,528
Short-term investments 9,691
Marketable securities 5,138
$27,357
Loans and notes payable $13,398
Current maturities of long-term debt 3,231
Long-term debt 32,471
Gross debt (Non-GAAP) $49,100
Net debt (Non-GAAP) $21,743
1 Net debt is calculated by subtracting total cash, cash equivalents, short-term investments and marketable securities from gross
debt.
Total cash, cash equivalents, short-term investments and marketable securities (Non-GAAP)
1
EBITDA:
Reported EBITDA: 2017 Trailing Twelve
Months
Income before income taxes $6,320
Less income items:
Interest income 665
Other income (loss) — net (2,041)
Add expense items:
Interest expense 879
Depreciation and amortization 1,390
$9,965
Comparable EBITDA:
$10,737
Less income items:
Interest income 665
121
Add expense items:
841
Depreciation and amortization 1,390
$12,182
Gross and Net Debt Leverage:
2017 Trailing Twelve
Months
Gross debt (Non-GAAP) $49,100
$12,182
Gross debt leverage (Non-GAAP) 4.0
Net debt (Non-GAAP) $21,743
$12,182
Net debt leverage (Non-GAAP) 1.8
Comparable earnings before interest, taxes, depreciation and amortization (EBITDA) (Non-GAAP)
Comparable earnings before interest, taxes, depreciation and amortization (EBITDA) (Non-GAAP)
Earnings before interest, taxes, depreciation and amortization (EBITDA) (Non-GAAP)
Comparable income before income taxes (Non-GAAP)
Comparable other income (loss) — net (Non-GAAP)
Comparable interest expense (Non-GAAP)
Comparable earnings before interest, taxes, depreciation and amortization (EBITDA) (Non-GAAP)
THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
(In millions)
Free Cash Flow:
Year Ended
December 31, 2016
Net Cash Provided by Operating Activities $8,796
Purchases of Property, Plant and Equipment (2,262)
Free Cash Flow (Non-GAAP) 6,534
Free Cash Flow Margin:
Year Ended
December 31, 2016
Net Operating Revenues $41,863
Free Cash Flow (Non-GAAP) 6,534
Free Cash Flow Margin (Non-GAAP) 15.61%
$
$
The Coca-Cola Company’s long-term targets for organic revenue growth, comparable currency
neutral operating income growth, comparable currency neutral operating margin, comparable
currency neutral EPS growth, and adjusted free cash flow conversion ratio are based on non-
GAAP financial measures that exclude or have otherwise been adjusted for items impacting
comparability, the impact of changes in foreign currency exchange rates, acquisitions and
divestitures, and the impact of structural items, as applicable. We are not able to reconcile our
long-term targets for organic revenue growth (non-GAAP), comparable currency neutral
operating income growth (non-GAAP), comparable currency neutral operating margin (non-
GAAP), comparable currency neutral EPS growth (non-GAAP), and adjusted free cash flow
conversion ratio (non-GAAP) to our long-term projections for reported net revenue growth,
reported operating income growth, reported operating margin, reported EPS growth, and
reported cash flow conversion ratio, respectively, without unreasonable efforts because we are
unable to predict with a reasonable degree of certainty the actual impact of items impacting
comparability, changes in foreign currency exchange rates and the exact timing of acquisitions,
divestitures and/or structural changes that may occur in future periods. The unavailable
information could have a significant impact on our GAAP financial results for future periods.
The company defines adjusted free cash flow conversion ratio (non-GAAP) as free cash flow
adjusted for certain cash payments for pension plan contributions (non-GAAP) divided by net
income attributable to shareowners of The Coca-Cola Company adjusted for non-cash items
impacting comparability (non-GAAP). The company defines free cash flow (non-GAAP) as net
cash provided by operating activities less purchases of property, plant and equipment.
Long-Term Targets

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Coca Cola Investor Day 2017 - James Qunicey - CEO

  • 1. James Quincey President and Chief Executive Officer BEVERAGES FOR LIFE
  • 2. The following presentation may include certain "non-GAAP financial measures" as defined in Regulation G under the Securities Exchange Act of 1934. A schedule which reconciles our results as reported under Generally Accepted Accounting Principles and the non-GAAP financial measures included in the following presentation is attached as an Appendix hereto and is also posted on the Company's website at www.coca-colacompany.com (in the “Investors” section). 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 and other health-related concerns; water scarcity and poor quality; evolving consumer preferences; increased competition and capabilities in the marketplace; product safety and quality concerns; perceived negative health consequences of certain ingredients, such as non-nutritive sweeteners and biotechnology-derived substances, and of other substances present in our beverage products or packaging materials; an inability to be successful in our innovation activities; increased demand for food products and decreased agricultural productivity; changes in the retail landscape or the loss of key retail or foodservice customers; an inability to expand operations in emerging and developing markets; fluctuations in foreign currency exchange rates; interest rate increases; an inability to maintain good relationships with our bottling partners; a deterioration in our bottling partners' financial condition; increases in income tax rates, changes in income tax laws or unfavorable resolution of tax matters; increased or new indirect taxes in the United States and throughout the world; increased cost, disruption of supply or shortage of energy or fuels; increased cost, disruption of supply or shortage of ingredients, other raw materials or packaging materials; changes in laws and regulations relating to beverage containers and packaging; significant additional labeling or warning requirements or limitations on the marketing or sale of our products; an inability to protect our information systems against service interruption, misappropriation of data or breaches of security; unfavorable general economic conditions in the United States; unfavorable economic and political conditions in international markets; litigation or legal proceedings; failure to adequately protect, or disputes relating to, trademarks, formulae and other intellectual property rights; adverse weather conditions; climate change; damage to our brand image and corporate reputation from negative publicity, even if unwarranted, related to product safety or quality, human and workplace rights, obesity or other issues; changes in, or failure to comply with, the laws and regulations applicable to our products or our business operations; changes in accounting standards; an inability to achieve our overall long-term growth objectives; deterioration of global credit market conditions; default by or failure of one or more of our counterparty financial institutions; an inability to renew collective bargaining agreements on satisfactory terms, or we or our bottling partners experience strikes, work stoppages or labor unrest; future impairment charges; multi-employer pension plan withdrawal liabilities in the future; an inability to successfully integrate and manage our Company-owned or -controlled bottling operations; an inability to successfully manage our refranchising activities; failure to realize the economic benefits from or an inability to successfully manage the possible negative consequences of our productivity initiatives; failure to realize a significant portion of the anticipated benefits of our strategic relationship with Monster; inability to attract or retain a highly skilled workforce; global or regional catastrophic events, including terrorist acts, cyber-strikes and radiological attacks; and other risks discussed in our Company’s filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the year ended December 31, 2016, and our subsequently filed Quarterly Reports on Form 10-Q, 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 U.S. GAAP FINANCIAL INFORMATION FORWARD-LOOKING STATEMENTS
  • 3. CLEAR DESTINATION ? Accelerating Our Move to a Total Beverage Portfolio ? Returning to a Brand-Focused Organization ? Driving Cultural Change 1
  • 4. >20 Channels 200+ Markets ~250 Bottling Partners 16 Million Cold Drink Assets 27 Million Customer Outlets Consumer-Centric Portfolio Best-In-Class Brand Builder Pervasive Distribution Geographic Diversity STRONG FOUNDATION World’s leading nonalcoholic beverage company 21 Billion-Dollar Brands Doubled since 2007 #1 Share Position in: Total NARTD Sparkling Soft Drinks Juice, Dairy & Plant Hydration Tea & Coffee 2016 Operating Income Composition* Europe, Middle East, Africa North America Asia Pacific Latin America BIG Comparable (non-GAAP), excluding corporate expense 2
  • 5. Industry Retail Value Growth 2013-2016 CAGR Industry Retail Value Growth 2017-2020 % Sales by Channel Source: Canadean for channel data. Canadean and Euromonitor for historical industry retail value growth. Internal Estimates for future retail value growth. Note: Expected industry growth for nonalcoholic ready-to-drink excludes white milk and bulk water. +$150B 4% CAGR 0 50 100 Household Products Packaged Food NARTD Modern Traditional Eating & Drinking Out Strong Relative Growth Solid Growth ProspectsHighly Diversified NONALCOHOLIC BEVERAGES IS A GREAT INDUSTRY 2.2% 3.8% 4.4% Household Products Packaged Food NARTD 3
  • 6. THE FMCG LANDSCAPE IS UNDERGOING FUNDAMENTAL CHANGES Consumer Preferences Digital Evolution Regulation / Taxes 4
  • 7. WE HAVE THE RIGHT STRATEGIES Making the Right Choices and Investing for Growth Accelerate Growth of Leading Consumer-Centric Brand Portfolio Drive Revenue Growth Algorithm Strengthen Our System’s Value-Creation Advantage Digitize the System – ‘Click’s Reach of Desire’ Unlock the Power of Our People 5
  • 8. …with more to come WE ARE MOVING FAST TO IMPLEMENT CHANGE… ? Introduced Coca-Cola Zero Sugar ? Launched 500+ new products ? “Test and Learn” approach to the portfolio ? +3% FY17E price/mix ? RGM acceleration ? Premium opportunity ? Deprioritization of low-margin water ? CCEP begins operations ? Initial CCBA is established ? China refranchising complete ? US refranchising complete ? eCommerce acceleration ? Workday implementation ? SAP implementation work begins ? New Group Presidents ? New operating model ? Lean Center ? Updated incentive structure 6 Accelerate Growth of Leading Consumer-Centric Brand Portfolio Drive Revenue Growth Algorithm Strengthen Our System’s Value-Creation Advantage Digitize the System – ‘Click’s Reach of Desire’ Unlock the Power of Our People
  • 9. How We Grow Our Global Portfolio Growth Needs Discipline World-Class Innovation “Lift and Shift” – Scale Globally Bolt-On M&A Brand Growth Model Stages of Growth Quality Leadership is Key ACCELERATING REVENUE GROWTH IN OUR CONSUMER-CENTRIC PORTFOLIO 7 CHI is a trademark of Tropical General Investments Limited, a minority investee of TCCC.
  • 10. Energized System Aligned for Value Beverages for Life RE-ENERGIZED SYSTEM ENGAGED FOR FUTURE GROWTH New Relationship Dynamics for Over Half of the System* * As measured by 2016 system revenue. LatAm reflects transaction with bottlers to acquire AdeS plant-based beverage business. A Shared Vision for Portfolio Evolution Clear Frameworks for Relationship Economics 8
  • 11. DIGITIZE THE ENTERPRISE Growth Agility Faster Decisions Improve Employee Experience Reduce Costs Digital Marketing eCommerce + Customer Partnership eKO System 9
  • 12. Structure Compensation Culture UNLOCKING THE POWER OF OUR PEOPLE 10 Lean, Efficient Enterprise Corporate Center Enabling Services Field
  • 13. IT’S ALL ABOUT CULTURE 11 r e l e v a n t GROWTH ORIENTED V1.0, 2.0, 3.0 accountable fast, 1.0, 2.0… transparent value creation innovative CURIOUS INCLUSIVE fast to fail “SMART” RISKS EMPOWERED new customer outlets incentives compensation externally focused performance long-term building a t t e n t i o n expansion focus attention
  • 14. WHAT YOU SHOULD TAKE AWAY FROM TODAY Francisco Crespo Chief Growth Officer Quality Leadership Requires Discipline Alfredo Rivera President, Latin America Leveraging Quality Leadership in a Challenging Environment Brian Smith President, Europe, Middle East & Africa Strengthening Our System for Enduring Competitive Advantage John Murphy President, Asia Pacific Creating Quality Leadership in Diverse Economies Jim Dinkins Incoming President, North America Building on a Strong Foundation Kathy Waller Chief Financial Officer Delivering Shareowner Value 12
  • 15. ATTRACTIVE LONG-TERM INVESTMENT Long-Term Growth Model Global leader in growth industry Strong foundation Clear destination New culture aligning for growth Thesis 4 to 6% Organic Revenue Growth* 6 to 8% Operating Income Growth** 7 to 9% EPS Growth** 95 to 100% Adjusted Free Cash Flow Conversion Ratio* * Non-GAAP ** Comparable currency neutral (non-GAAP) 13
  • 16. Reconciliations of GAAP and Non-GAAP Financial Measures APPENDIX
  • 17. THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In millions except debt leverage) Gross Debt and Net Debt: As of December 31, 2013 Cash and cash equivalents $10,414 Short-term investments 6,707 Marketable securities 3,147 $20,268 Loans and notes payable $16,901 Current maturities of long-term debt 1,024 Long-term debt 19,154 Gross debt (Non-GAAP) $37,079 Net debt (Non-GAAP) 1 $16,811 1 Net debt is calculated by subtracting total cash, cash equivalents, short-term investments and marketable securities from gross debt. Total cash, cash equivalents, short-term investments and marketable securities (Non-GAAP) EBITDA: Reported EBITDA: Year Ended December 31, 2013 Income before income taxes $11,477 Less income items: Interest income 534 Other income (loss) — net 576 Add expense items: Interest expense 463 Depreciation and amortization 1,977 $12,807 Comparable EBITDA: $12,229 Less income items: Interest income 534 75 Add expense items: 410 Depreciation and amortization 1,977 $14,007 Gross and Net Debt Leverage: As of and Year Ended December 31, 2013 Gross debt (Non-GAAP) $37,079 $14,007 Gross debt leverage (Non-GAAP) 2.6 Net debt (Non-GAAP) $16,811 $14,007 Net debt leverage (Non-GAAP) 1.2 Comparable earnings before interest, taxes, depreciation and amortization (EBITDA) (Non-GAAP) Earnings before interest, taxes, depreciation and amortization (EBITDA) (Non-GAAP) Comparable income before income taxes (Non-GAAP) Comparable other income (loss) — net (Non-GAAP) Comparable interest expense (Non-GAAP) Comparable earnings before interest, taxes, depreciation and amortization (EBITDA) (Non-GAAP) Comparable earnings before interest, taxes, depreciation and amortization (EBITDA) (Non-GAAP)
  • 18. THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In millions) Nine Months Ended September 29, 2017 Year Ended December 31, 2016 Year Ended December 31, 2015 Year Ended December 31, 2014 Sum of Nine Months Ended September 29, 2017 and Years Ended December 31, 2016, 2015, and 2014 Net cash provided by operating activities ("operating cash flow") $5,918 $8,796 $10,528 $10,615 $35,857 Purchases of property, plant and equipment ("capital expenditures") ($1,194) ($2,262) ($2,553) ($2,406) ($8,415) $2,790 $1,035 $565 $148 $4,538 Dividends ($3,165) ($6,043) ($5,741) ($5,350) ($20,299) ($538) ($838) ($2,491) ($389) ($4,256) Issuances of stock $1,320 $1,434 $1,245 $1,532 $5,531 Purchases of stock for treasury (3,087) (3,681) (3,564) (4,162) (14,494) Net share repurchases (non-GAAP) ($1,767) ($2,247) ($2,319) ($2,630) ($8,963) Proceeds from disposals of businesses, equity method investments and nonmarketable securities ("divestitures") Acquisitions of businesses, equity method investments and nonmarketable securities ("M&A")
  • 19. THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In millions) Gross Debt and Net Debt: 2017 Trailing Twelve Months As of September 29, 2017 Cash and cash equivalents $12,528 $12,528 Short-term investments 9,691 9,691 Marketable securities 5,138 5,138 $27,357 $27,357 Loans and notes payable $13,398 $13,398 Current maturities of long-term debt 3,231 3,231 Long-term debt 32,471 32,471 Gross debt (Non-GAAP) $49,100 $49,100 Net debt (Non-GAAP) 1 $21,743 $21,743 1 Net debt is calculated by subtracting total cash, cash equivalents, short-term investments and marketable securities from gross debt. Total cash, cash equivalents, short-term investments and marketable securities (Non-GAAP) EBITDA: Reported EBITDA: 2017 Trailing Twelve Months Nine Months Ended September 29, 2017 Three Months Ended December 31, 2016 Income before income taxes $6,320 $5,805 $515 Less income items: Interest income 665 495 170 Other income (loss) — net (2,041) (1,122) (919) Add expense items: Interest expense 879 631 248 Depreciation and amortization 1,390 926 464 $9,965 $7,989 $1,976 Comparable EBITDA: $10,737 $8,686 $2,051 Less income items: Interest income 665 495 170 121 154 (33) Add expense items: 841 593 248 Depreciation and amortization 1,390 926 464 $12,182 $9,556 $2,626 2 Calculated by subtracting depreciation and amortization of $1,323 during the nine months ended September 30, 2016 from depreciation and amortization of $1,787 during the year ended December 31, 2016. Comparable income before income taxes (Non-GAAP) Comparable other income (loss) — net (Non-GAAP) Comparable interest expense (Non-GAAP) Comparable earnings before interest, taxes, depreciation and amortization (EBITDA) (Non-GAAP) Earnings before interest, taxes, depreciation and amortization (EBITDA) (Non-GAAP) 2 2
  • 20. THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In millions except debt leverage) Gross Debt and Net Debt: 2017 Trailing Twelve Months Cash and cash equivalents $12,528 Short-term investments 9,691 Marketable securities 5,138 $27,357 Loans and notes payable $13,398 Current maturities of long-term debt 3,231 Long-term debt 32,471 Gross debt (Non-GAAP) $49,100 Net debt (Non-GAAP) $21,743 1 Net debt is calculated by subtracting total cash, cash equivalents, short-term investments and marketable securities from gross debt. Total cash, cash equivalents, short-term investments and marketable securities (Non-GAAP) 1 EBITDA: Reported EBITDA: 2017 Trailing Twelve Months Income before income taxes $6,320 Less income items: Interest income 665 Other income (loss) — net (2,041) Add expense items: Interest expense 879 Depreciation and amortization 1,390 $9,965 Comparable EBITDA: $10,737 Less income items: Interest income 665 121 Add expense items: 841 Depreciation and amortization 1,390 $12,182 Gross and Net Debt Leverage: 2017 Trailing Twelve Months Gross debt (Non-GAAP) $49,100 $12,182 Gross debt leverage (Non-GAAP) 4.0 Net debt (Non-GAAP) $21,743 $12,182 Net debt leverage (Non-GAAP) 1.8 Comparable earnings before interest, taxes, depreciation and amortization (EBITDA) (Non-GAAP) Comparable earnings before interest, taxes, depreciation and amortization (EBITDA) (Non-GAAP) Earnings before interest, taxes, depreciation and amortization (EBITDA) (Non-GAAP) Comparable income before income taxes (Non-GAAP) Comparable other income (loss) — net (Non-GAAP) Comparable interest expense (Non-GAAP) Comparable earnings before interest, taxes, depreciation and amortization (EBITDA) (Non-GAAP)
  • 21. THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures (UNAUDITED) (In millions) Free Cash Flow: Year Ended December 31, 2016 Net Cash Provided by Operating Activities $8,796 Purchases of Property, Plant and Equipment (2,262) Free Cash Flow (Non-GAAP) 6,534 Free Cash Flow Margin: Year Ended December 31, 2016 Net Operating Revenues $41,863 Free Cash Flow (Non-GAAP) 6,534 Free Cash Flow Margin (Non-GAAP) 15.61% $ $
  • 22. The Coca-Cola Company’s long-term targets for organic revenue growth, comparable currency neutral operating income growth, comparable currency neutral operating margin, comparable currency neutral EPS growth, and adjusted free cash flow conversion ratio are based on non- GAAP financial measures that exclude or have otherwise been adjusted for items impacting comparability, the impact of changes in foreign currency exchange rates, acquisitions and divestitures, and the impact of structural items, as applicable. We are not able to reconcile our long-term targets for organic revenue growth (non-GAAP), comparable currency neutral operating income growth (non-GAAP), comparable currency neutral operating margin (non- GAAP), comparable currency neutral EPS growth (non-GAAP), and adjusted free cash flow conversion ratio (non-GAAP) to our long-term projections for reported net revenue growth, reported operating income growth, reported operating margin, reported EPS growth, and reported cash flow conversion ratio, respectively, without unreasonable efforts because we are unable to predict with a reasonable degree of certainty the actual impact of items impacting comparability, changes in foreign currency exchange rates and the exact timing of acquisitions, divestitures and/or structural changes that may occur in future periods. The unavailable information could have a significant impact on our GAAP financial results for future periods. The company defines adjusted free cash flow conversion ratio (non-GAAP) as free cash flow adjusted for certain cash payments for pension plan contributions (non-GAAP) divided by net income attributable to shareowners of The Coca-Cola Company adjusted for non-cash items impacting comparability (non-GAAP). The company defines free cash flow (non-GAAP) as net cash provided by operating activities less purchases of property, plant and equipment. Long-Term Targets
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