The Coca-Cola Company Reports Third Quarter and Year-to-Date 2005 Results

The Coca-Cola Company today
reported third quarter earnings per share of $0.54, compared with $0.39 for
the prior year third quarter. Third quarter reported earnings per share
included a net charge of $0.03 per share due primarily to a $0.04 non-cash
charge related to asset write-downs in the Philippines, partially offset by a
$0.01 per share benefit related to the favorable resolution of tax matters.
Neville Isdell, chairman and chief executive officer, said, "This quarter
demonstrates early progress in our efforts to achieve sustainable growth for
the future. We continue to see good results in many markets, including Latin
America, Africa, Russia, Turkey, central Europe, Japan and China, and
stabilization in an increasingly focused North America. However, we still
have considerable work ahead of us in other markets such as the Philippines,
India and Germany, as well as to address current category trends in northwest
Europe. In addition, we are monitoring the potential impact of energy costs
and macro-economic trends on consumer sentiment and disposable income. As we
close out 2005 and move into 2006, we will continue to lay the foundation for
sustainable growth over the coming years."

(All references to growth rate percentages and share compare the results
of the period to those of the prior year comparable period.)

Financial Highlights
- Reported third quarter revenues increased 8 percent. Revenue growth
reflected a 5 percent increase in gallon sales, favorable pricing and
mix, and a positive currency benefit.
- Cash from operations was $5.3 billion year-to-date, compared with $4.6
billion in the prior year period, an increase of 15 percent.
- The Company repurchased $1.6 billion of its stock year-to-date and
intends to repurchase a total of at least $2 billion of its stock for
the full year 2005.

Operational Highlights
(Group operational highlights are reported in line with the Company's new
operating structure. Refer to the Company's amended 8-K filing dated July 19,
2005, for more information.)

Total Company
- Unit case volume increased 5 percent in the third quarter and 5 percent
year-to-date. For the quarter, the Company maintained share in the
nonalcoholic ready-to-drink category.
- Unit case volume growth in the quarter was led by a 6 percent increase
achieved by International Operations, reflecting double-digit growth in
key emerging markets including China, Russia, South Africa, Turkey and
the Middle East. In addition, Japan, Mexico, Brazil and North America
delivered solid unit case volume growth. Offsetting the overall
results for the quarter were unit case volume declines in Germany, the
Philippines, India and northwest Europe. Acquisitions, primarily of
Multon, the Russian juice company, slightly benefited unit case volume
growth in the quarter.
- Carbonated soft drink unit case volume grew 2 percent in the quarter,
led by 3 percent growth in International Operations. Trademark
Coca-Cola unit case volume increased 2 percent for the quarter. The
Company maintained share in the carbonated soft drink category in the
third quarter.
- Unit case volume for noncarbonated beverages, excluding water, grew 13
percent for the quarter, led by 28 percent growth in the global
POWERade trademark and 14 percent growth in the global Minute Maid
trademark. Tea led the 5 percent unit case volume growth in coffee and
tea beverages. In the quarter, the Company increased share in the
sports drink and juices and juice drinks categories. Share declined in
the ready-to-drink coffee and tea category, but this is being addressed
with new innovation.
- Unit case volume for water grew 21 percent for the quarter, driven by
37 percent growth in the global Dasani trademark, along with solid
growth in many of the regional brands, including Ciel and Bonaqua. For
the quarter, share increased in this competitive category.



North America
Percent Change
From Prior Year
Third Year-
Quarter To-Date
Unit Case Volume 3% 2%
Net Revenues 8% 3%
Operating Income 10% (3%)

- Unit case volume in the North America operating group for the quarter
increased 3 percent due to solid growth in both Retail and Foodservice
and Hospitality. Net revenues for the quarter increased 8 percent,
reflecting a 4 percent increase in gallon sales, improved pricing and
mix, and a slight currency benefit. Operating income growth in the
quarter was impacted by the planned double-digit increase in marketing
expense, offset by reduced expenses, primarily due to lower stock
option compensation expense and the cycling of higher costs in the
finished products business in the prior year.
- The Retail division's unit case volume increased 4 percent in the
quarter, reflecting 2 percent unit case volume growth in the bottler
delivered business, along with double-digit gains in warehouse juice
and water operations.
- The Foodservice and Hospitality division's unit case volume increased 3
percent in the quarter, reflecting improved year-over-year trends in
restaurant traffic, slightly offset by softness in discretionary
consumer restaurant spending as a result of higher fuel costs and the
impact of Hurricane Katrina.
- Overall, carbonated soft drink unit case volume declined 1 percent in
the quarter, reflecting soft category trends on regular carbonated soft
drinks. While diet and light product unit case volume was flat in the
quarter, share gains in the diet segment were achieved.
- In noncarbonated beverages, both POWERade and Dasani trademarks grew
unit case volume in excess of 30 percent in the quarter, supported by
warm weather, and continued to deliver share gains. Warehouse-
delivered juices increased unit case volume by 11 percent in the
quarter and also increased share in the category, driven by the
performance of Minute Maid premium chilled orange juice.
- Packaging and product innovations advanced in line or ahead of
expectations with Coca-Cola Zero, Diet Coke Sweetened with Splenda,
Dasani flavors, Full Throttle and the POWERade "clutch" bottle.



European Union
Percent Change
From Prior Year
Third Year-
Quarter To-Date
Unit Case Volume 1% 1%
Net Revenues 9% 5%
Operating Income 301% 34%

- Unit case volume in the European Union operating group increased 1
percent in the third quarter as solid unit case volume growth in Spain
and central Europe, which was up 4 percent and 8 percent, respectively,
was partially offset by unit case volume declines in northwest Europe
and Germany. Net revenues increased 9 percent in the quarter,
reflecting a 4 percent increase in gallon sales, due to timing, along
with the positive impact of pricing, currency benefits, and the
consolidation of the Bremen bottler in Germany. Operating income
growth in the quarter reflects the cycling of the prior year charge
related to the impairment of intangible assets in Germany, partially
offset by the planned increase in marketing and operating expenses.
- Unit case volume in Germany declined 1 percent in the third quarter due
to the continued impact of the mandatory deposit legislation on the
availability of one-way packages, along with overall industry weakness.
Limited availability has now been achieved in most discounters.
Although the German legislature passed an amendment to the mandatory
deposit legislation that eliminated the "island solutions," the
amendment allows for a transition period to last until mid-2006.
Therefore, the Company expects the challenging environment in Germany
to continue into next year.
- Unit case volume growth in northwest Europe declined 3 percent in the
third quarter as soft overall retail and carbonated soft drink category
trends impacted the results. This weakness is expected to continue for
the remainder of 2005.



North Asia, Eurasia and Middle East
Percent Change
From Prior Year
Third Year-
Quarter To-Date
Unit Case Volume 17% 15%
Net Revenues 3% 9%
Operating Income (12%) 1%

- The North Asia, Eurasia and Middle East operating group increased unit
case volume 17 percent for the quarter, with double-digit growth in
China, Russia, Turkey and the Middle East and 4 percent growth in
Japan. In addition, the joint acquisition of Multon, with Coca-Cola
Hellenic Bottling Company, S.A. in the second quarter of 2005,
contributed to unit case volume growth in the quarter. Net revenues
for the quarter increased 3 percent, reflecting a 13 percent increase
in gallon sales and a slight currency benefit, partially offset by
negative country mix, as gallon sales growth in Japan was behind unit
case volume growth, as previously communicated in the second quarter
earnings release. Operating income decreased 12 percent in the quarter
reflecting the negative country mix, higher input costs in cost of
goods sold and the planned increase of marketing and operating
expenses.
- In Japan, unit case volume increased 4 percent in the quarter, cycling
8 percent growth in the prior year, as strong innovation helped drive
results and led to overall share gains in the non-alcoholic ready-to-
drink category. Hajime, a new green tea, drove share increase during
the quarter in the highly competitive non-sugar tea category. Aquarius
Active Diet, launched in May, continued its strong growth and
contributed to 21 percent unit case volume growth in the Aquarius
trademark during the quarter. Unit case volume of Georgia coffee grew
1 percent in the quarter following the relaunch in early September. In
the quarter, Sokenbicha, the blended non-sugar tea, was negatively
impacted by the launch of Hajime, and Trademark Coca-Cola was
negatively impacted by the cycling of the Coca-Cola C2 launch in the
prior year. Both Sokenbicha and Trademark Coca-Cola continue to be a
focus and will be supported with a strong calendar of marketing
activities in 2006.
- In China, third quarter unit case volume grew 23 percent, cycling 20
percent growth in the prior year quarter. Carbonated soft drink unit
case volume grew 17 percent in the quarter and delivered share gains.
The performance was led by 16 percent growth in Trademark Coca-Cola and
20 percent growth in Trademark Sprite. Noncarbonated beverage unit
case volume grew 46 percent, as the continued expansion of new
products, including Nestea Ice Rush, Modern Tea Workshop and Orange
Pulp by Minute Maid, drove the results and share increases.
- In Russia and Turkey, improving macroeconomic trends along with strong
bottler execution and marketing led to share increases and double-digit
unit case volume growth, cycling double-digit unit case volume
increases from the prior year period.



Latin America
Percent Change
From Prior Year
Third Year-
Quarter To-Date
Unit Case Volume 5% 7%
Net Revenues 21% 17%
Operating Income 14% 13%

- The Latin America operating group delivered unit case volume growth of
5 percent in the third quarter with solid growth in all key markets.
Net revenues in the quarter increased 21 percent, reflecting a 5
percent increase in gallon sales, positive pricing and mix, and
positive currency benefits. Operating income in the quarter, which
increased 14 percent, was negatively impacted by the planned increase
in marketing expense.
- In Mexico, unit case volume increased 4 percent in the quarter because
of the continued focus on driving personal consumption, supporting
brand value at home and investing in new beverage categories. The
performance was driven by 3 percent unit case volume growth in
carbonated soft drinks led by Brand Coca-Cola, Coca-Cola Light and
Fanta. In addition, noncarbonated beverage unit case volume increased
10 percent in the quarter, supported by the launch of multiple new
beverages and the establishment of a dedicated sales company.
POWERade, Nestea, and new flavored waters under the Ciel brand drove
the results.
- In Brazil, unit case volume growth for the quarter was 7 percent,
cycling 14 percent growth in the prior year quarter. Carbonated soft
drink unit case volume grew 7 percent in the quarter and continued to
increase share, led by solid results in core brands.
- In Argentina, consumer marketing activities and bottler execution drove
unit case volume growth of 4 percent, cycling 13 percent growth in the
prior year quarter.



East, South Asia and Pacific Rim
Percent Change
From Prior Year
Third Year-
Quarter To-Date
Unit Case Volume (5%) (4%)
Net Revenues (2%) (4%)
Operating Income (125%) (44%)

- The East, South Asia and Pacific Rim operating group's unit case volume
declined 5 percent in the third quarter. Unit case volume declines in
India and the Philippines strongly impacted the results. Net revenues
in the quarter decreased 2 percent, reflecting a 5 percent decline in
gallon sales, offset by positive currency benefits and pricing.
Operating income was further reduced by the planned increase in
marketing expense for key countries and the non-cash charge for asset
write-downs in the Philippines.
- In India, unit case volume decreased 22 percent in the quarter, cycling
36 percent growth in the prior year. Price increases to cover rising
raw material and distribution costs and the lingering effects of the
false pesticide allegations drove the declines.
- In the Philippines, affordability and availability issues continued to
negatively impact performance, with unit case volume for the quarter
declining 13 percent.
- The issues in India and the Philippines are being addressed; however,
results from these markets are expected to remain weak for the
remainder of 2005 and into 2006.



Africa
Percent Change
From Prior Year
Third Year-
Quarter To-Date
Unit Case Volume 6% 9%
Net Revenues 12% 19%
Operating Income 28% 18%

- The Africa operating group delivered solid results as it continued to
execute against key strategies. Growth in South Africa, Nigeria, and
Egypt led to 6 percent unit case volume growth in the third quarter.
Net revenues in the quarter increased 12 percent, reflecting a 7
percent increase in gallon sales, positive currency benefits, and
positive pricing and mix. Operating income was impacted by the planned
increase in marketing expense, offset by lower expenses primarily
related to stock option compensation expense and currency benefits.
- Carbonated soft drink unit case volume in Africa increased 5 percent,
as core brands drove the growth with Trademark Coca-Cola and Sprite
unit case volumes up 6 percent and 14 percent, respectively, in the
quarter.
- South Africa had another strong quarter with unit case volume growth of
14 percent led by a winter marketing campaign for Brand Coke, strong
bottler execution and unseasonably warm weather. Core brands grew 14
percent in the quarter.
- Unit case volume in Nigeria grew 7 percent in the quarter as strong
marketing campaigns and bottler execution led to solid carbonated soft
drink unit case volume growth.

Financial Review

Operating Results
Net operating revenues for the third quarter increased 8 percent to $6.0
billion, reflecting a 5 percent increase in gallon sales, a 1 percent
favorable impact from pricing and mix and a 2 percent currency benefit. The
Company expects gallon sales growth in the fourth quarter to lag reported unit
case volume growth, primarily due to the favorable timing of bottler orders as
of the end of the third quarter and the cycling of higher gallon sales in the
prior year fourth quarter.
The following reflects net operating revenues from the Company's
operations:



(in millions) Third Quarter Year-To-Date
2005 2004 2005 2004
Company Operations, Excluding Bottling $5,105 $4,767 $14,911 $14,125
Company-Owned Bottling Operations 932 829 2,642 2,413
Consolidated Net Operating Revenues $6,037 $5,596 $17,553 $16,538


Cost of goods sold increased 8 percent for the quarter, reflecting a 5
percent increase in gallon sales, a 1 percent increase from currency movements
as well as increases in commodity-based inputs and higher freight costs.
Selling, general and administrative expenses for the quarter increased 9
percent reflecting the planned increase in marketing and innovation activities
and a 1 percent increase from currency movements. Partially offsetting the
increase were lower expenses, primarily related to lower stock option
compensation expense and various small gains on land sales, and the cycling of
increased costs in the finished products business in the prior year quarter.
The Company expects selling, general and administrative expenses for the
fourth quarter to be negatively impacted by the timing of innovation expenses
and the cycling of lower marketing expenses in the prior year. The Company
had other operating charges in the third quarter amounting to $85 million pre-
tax ($82 million after tax) related to asset write-downs in the Philippines.
Reported operating income for the quarter increased 36 percent, reflecting
the increase in net revenues and the cycling of impairment charges in the
prior year quarter, partially offset by the increase in selling, general and
administrative expenses and the asset write-downs related to the Philippines
in the current year quarter. The currency benefit to operating income in the
third quarter was approximately 6 percent. The Company currently expects
currencies to provide a negligible impact in the fourth quarter of 2005 and a
negative impact during 2006.
Equity income for the quarter increased 8 percent reflecting solid results
from the bottling system throughout the world and the Multon joint venture.

Effective Tax Rate
The reported effective tax rate for the quarter was 22.4 percent. The
rate was primarily impacted by an $18 million tax benefit from the resolution
of tax matters and the impact of a lower estimated full-year underlying
effective tax rate than previously expected. The Company is required to
record income tax expense for the first nine months of the year based on the
estimated effective tax rate for the full year. As discussed in the second
quarter earnings release, the Company had previously estimated that its
underlying effective tax rate on operations would be approximately 24 percent
for the full year. The Company now anticipates that the underlying effective
tax rate for the full year 2005 will be approximately 23.5 percent, primarily
because of the mix of profit contributions from lower taxed locations. To
bring the effective tax rate for the first nine months of 2005 in line with
the Company's currently estimated full year underlying effective tax rate, the
Company recorded income tax expense at an underlying effective tax rate of
approximately 22.5 percent in the third quarter.
The Company decided in the first quarter of 2005 to repatriate accumulated
income earned outside the United States of approximately $2.5 billion under
the provisions of the American Jobs Creation Act (the "Act") and recorded a
related tax provision in prior quarters. The maximum amount that the Company
can repatriate under the Act is $6.1 billion. The Company approved in
October, subject to Board of Directors approval later today, a plan to
repatriate the remaining $3.6 billion. Therefore, the Company would record a
tax provision of approximately $200 million in the fourth quarter of 2005
related to the additional repatriation.
In determining the quarterly provision for income taxes, the Company uses
an annual estimated effective tax rate based on expected annual income,
statutory tax rates and tax planning opportunities available in the various
jurisdictions in which the Company operates. The impact of significant or
unusual items and discrete events are separately recognized in the quarter in
which they occur. The Company currently estimates its underlying effective
tax rate on operations for 2005 to be approximately 23.5 percent, which does
not reflect the impact of the Act and significant or unusual items and
discrete events, which, if and when they occur, are separately recognized in
the appropriate quarter.

Prior Year Results
In 2004, the third quarter results included a reduction of approximately
$0.11 per share for other operating charges related primarily to the
impairment of intangible assets in Germany and the net impact of certain tax
adjustments, primarily related to the impairments.
During the second quarter of 2004, the Company recorded a net benefit of
approximately $0.015 per share related to favorable tax settlements and a gain
on the issuance of stock by an equity investee, partially offset by write-
downs of various manufacturing investments.

New Operating Structure
As previously announced, effective May 1, 2005, the Company made certain
changes to its operating structure impacting its Europe, Eurasia and Middle
East operating group and its Asia operating group. The Company has replaced
these operating groups with three new operating groups, the European Union
operating group, the North Asia, Eurasia and Middle East operating group, and
the East, South Asia and Pacific Rim operating group. The European Union
operating group includes the Company's operations in all of the current member
states of the European Union as well as the European Free Trade Association
countries. The North Asia, Eurasia and Middle East operating group includes
the Company's China, Japan, Eurasia and Middle East, and Russia, Ukraine and
Belarus Divisions, and other European countries not in the European Union
operating group. The East, South Asia and Pacific Rim operating group
includes the Company's India, Philippines, Southeast and West Asia, and South
Pacific and Korea Divisions.

Conference Call
The Company will host a conference call with financial analysts to discuss
the third quarter and year-to-date 2005 results on October 20, 2005, at 8:00
a.m. (EDT). The Company invites investors to listen to the live audiocast of
the conference call at the Company's website, http://www.coca-cola.com in the
"Investors" section. Further, the "Investors" section of the Company's
website includes a disclosure and reconciliation of non-GAAP financial
measures that may be used periodically by management when discussing the
Company's financial results with investors and analysts.



THE COCA-COLA COMPANY AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(UNAUDITED)
(In millions, except per share data)

Three Months Ended
Sept. 30, 2005 Oct. 1, 2004 % Change
Net Operating Revenues $6,037 $5,596 8
Cost of goods sold 2,235 2,061 8
Gross Profit 3,802 3,535 8
Selling, general and
administrative expenses 2,225 2,046 9
Other operating charges 85 392 --
Operating Income 1,492 1,097 36
Interest income 49 39 26
Interest expense 49 47 4
Equity income 195 180 8
Other income (loss) - net (34) (34) --
Income Before Income Taxes 1,653 1,235 34
Income taxes 370 300 23
Net Income $1,283 $ 935 37

Diluted Net Income Per Share* $0.54 $0.39 38
Average Shares Outstanding -
Diluted* 2,385 2,424 (2)

* For the third quarter, "Basic Net Income Per Share" was $0.54 for 2005
and $0.39 for 2004 based on "Average Shares Outstanding - Basic" of
2,384 and 2,421 for 2005 and 2004, respectively.

Note: The Company's reporting period closes on the Friday closest to the
end of the quarterly calendar period. The third quarter of 2005 and
2004 ended on September 30, 2005 and October 1, 2004, respectively.
The Company's fiscal year always closes on December 31 regardless
of the day of the week on which it falls. This heading change
conforms to the Company's historical and continuing reporting
practice.



THE COCA-COLA COMPANY AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(UNAUDITED)
(In millions, except per share data)

Nine Months Ended
Sept. 30, 2005 Oct. 1, 2004 % Change
Net Operating Revenues $17,553 $16,538 6
Cost of goods sold 6,199 5,861 6
Gross Profit 11,354 10,677 6
Selling, general and
administrative expenses 6,446 5,846 10
Other operating charges 85 480 --
Operating Income 4,823 4,351 11
Interest income 163 106 54
Interest expense 179 138 30
Equity income 553 496 11
Other income (loss) - net (66) (64) --
Gain on issuances of stock
by equity investees 23 49 --
Income Before Income Taxes 5,317 4,800 11
Income taxes 1,309 1,154 13
Net Income $4,008 $3,646 10

Diluted Net Income Per Share* $1.67 $1.50 11
Average Shares Outstanding -
Diluted* 2,399 2,434 (1)

* For the nine months, "Basic Net Income Per Share" was $1.67 for 2005
and $1.50 for 2004 based on "Average Shares Outstanding - Basic" of
2,397 and 2,431 for 2005 and 2004, respectively.

Note: The Company's reporting period closes on the Friday closest to the
end of the quarterly calendar period. The nine months of 2005 and
2004 ended on September 30, 2005 and October 1, 2004, respectively.
The Company's fiscal year always closes on December 31 regardless
of the day of the week on which it falls. This heading change
conforms to the Company's historical and continuing reporting
practice.



THE COCA-COLA COMPANY AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(UNAUDITED)
(In millions)

September 30, 2005 December 31, 2004
Current Assets
Cash and cash equivalents $4,951 $6,707
Marketable securities 111 61
5,062 6,768
Trade accounts receivable,
less allowances of
$72 at September 30 and
$69 at December 31 2,217 2,171
Inventories 1,431 1,420
Prepaid expenses and other assets 1,810 1,735
Total Current Assets 10,520 12,094

Investments and Other Assets
Equity method investments 6,466 5,897
Cost method investments,
principally bottling companies 393 355
Other assets 2,740 3,054
9,599 9,306

Property, Plant and Equipment
Land 460 479
Buildings and improvements 2,775 2,853
Machinery and equipment 6,490 6,337
Containers 492 480
10,217 10,149
Less allowances for depreciation 4,340 4,058
5,877 6,091

Trademarks With Indefinite Lives 1,957 2,037
Goodwill 1,083 1,097
Other Intangible Assets 847 702
Total Assets $29,883 $31,327

Note: The Company's reporting period closes on the Friday closest to the
end of the quarterly calendar period. The nine months of 2005
ended on September 30, 2005. The Company's fiscal year always
closes on December 31 regardless of the day of the week on which it
falls. This heading change conforms to the Company's historical
and continuing reporting practice.



THE COCA-COLA COMPANY AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(UNAUDITED)
(In millions, except share data)

September 30, 2005 December 31, 2004
Current Liabilities
Accounts payable and accrued expenses $5,194 $4,283
Loans and notes payable 3,069 4,531
Current maturities of long-term debt 10 1,490
Accrued income taxes 683 667
Total Current Liabilities 8,956 10,971

Long-Term Debt 1,121 1,157

Other Liabilities 2,743 2,814

Deferred Income Taxes 537 450

Shareowners' Equity
Common Stock, $0.25 par value
Authorized: 5,600,000,000 shares
Issued: 3,504,577,485 shares at
September 30; 3,500,489,544 shares
at December 31 876 875

Capital surplus 5,331 4,928
Reinvested earnings 31,100 29,105
Accumulated other comprehensive
income (loss) (1,589) (1,348)
35,718 33,560
Less treasury stock, at cost
(1,127,111,820 shares at
September 30; 1,091,150,977
shares at December 31) (19,192) (17,625)
16,526 15,935

Total Liabilities and
Shareowners' Equity $29,883 $31,327

Note: The Company's reporting period closes on the Friday closest to the
end of the quarterly calendar period. The nine months of 2005
ended on September 30, 2005. The Company's fiscal year always
closes on December 31 regardless of the day of the week on which it
falls. This heading change conforms to the Company's historical
and continuing reporting practice.



THE COCA-COLA COMPANY AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(UNAUDITED)
(In millions)

Nine Months Ended
September 30, 2005 October 1, 2004

Operating Activities
Net income $4,008 $3,646
Depreciation and amortization 676 630
Stock-based compensation expense 268 271
Deferred income taxes (74) (44)
Equity income or loss, net of dividends (375) (359)
Foreign currency adjustments 93 (35)
Gains on issuances of stock by
equity investees (23) (49)
Gain on sales of assets, including
bottling interests (4) (17)
Other operating charges 85 480
Other items 168 245
Net change in operating
assets and liabilities 458 (178)
Net cash provided by
operating activities 5,280 4,590

Investing Activities
Acquisitions and investments,
principally trademarks and
bottling companies (635) (243)
Purchases of investments and
other assets (67) (25)
Proceeds from disposals of
investments and other assets 20 129
Purchases of property, plant
and equipment (633) (520)
Proceeds from disposals of
property, plant and equipment 88 56
Other investing activities 10 76
Net cash used in investing
activities (1,217) (527)

Financing Activities
Issuances of debt 29 2,380
Payments of debt (2,867) (1,247)
Issuances of stock 137 171
Purchases of stock for treasury (1,595) (1,472)
Dividends (1,346) (1,809)
Net cash used in
financing activities (5,642) (1,977)

Effect of Exchange Rate Changes on
Cash and Cash Equivalents (177) 18

Cash and Cash Equivalents
Net increase (decrease)
during the period (1,756) 2,104
Balance at beginning of period 6,707 3,362
Balance at end of period $4,951 $5,466

Note: The Company's reporting period closes on the Friday closest to the
end of the quarterly calendar period. The nine months of 2005 and
2004 ended on September 30, 2005 and October 1, 2004, respectively.
The Company's fiscal year always closes on December 31 regardless
of the day of the week on which it falls. This heading change
conforms to the Company's historical and continuing reporting
practice.



THE COCA-COLA COMPANY AND SUBSIDIARIES
Unit Case Volume Results

Unit Case Volume Growth Reported Unit
(Based on Average Daily Sales) Case Volume
Growth*

2005 vs. 2004 2005 vs. 2004
% Change % Change
Third Quarter Year-to-Date Year-to-Date

Worldwide 5 5 4
North America 3 2 1
International Operations 6 6 5
Africa 6 9 8
East, South Asia and Pacific Rim (5) (4) (5)
European Union 1 1 Even
Latin America 5 7 6
North Asia, Eurasia and Middle East 17 15 14

Unit case volume growth based on average daily sales is computed by
comparing the average daily sales in each of the corresponding periods.
Average daily sales for each quarter are the actual unit cases shipped
during the quarter divided by the number of days in the quarter.

Reported unit case volume growth is computed by comparing the actual unit
cases shipped in the first nine months of 2005 to the actual unit cases
shipped in the first nine months of 2004. In the first nine months of
2005, these amounts are less than the amounts computed on an average
daily sales basis because of two fewer shipping days in the first quarter
of 2005 as compared to the first quarter of 2004. The difference in days
will be partially offset in the fourth quarter of 2005.

* For the third quarter, "unit case volume growth based on average daily
sales" is identical to "reported unit case volume growth" because there
are no differences in the number of days. Therefore, a separate column
is not included above for "reported unit case volume growth" in the
third quarter.

Note:
a) Refer to the Company's amended 8-K filing dated July 19, 2005 for
more information on the changes to the Company's operating
structure.
b) The Company's reporting period closes on the Friday closest to the
end of the quarterly calendar period. The quarter and nine months
of 2005 and 2004 ended on September 30, 2005 and October 1, 2004,
respectively. The Company's fiscal year always closes on December
31 regardless of the day of the week on which it falls. This
heading change conforms to the Company's historical and continuing
reporting practice.


THE COCA-COLA COMPANY AND SUBSIDIARIES
Operating Segments (In millions)
(UNAUDITED)

Third Quarter

Net Operating Revenues Operating Income (Loss)

Sept.30, Oct. 1, % Fav. / Sept.30, Oct. 1, % Fav. /
2005 2004 (Unfav.) 2005 (1) 2004(3) (Unfav.)

North America $1,745 $1,617 8 $414 $377 10
Africa 312 279 12 106 83 28
East, South Asia &
Pacific Rim 277 283 (2) (19) 76 (125)
European Union 1,834 1,682 9 586 146 301
Latin America 632 522 21 303 266 14
North Asia, Eurasia
& Middle East 1,218 1,183 3 371 421 (12)
Corporate 19 30 (37) (269) (272) 1
Consolidated $6,037 $5,596 8 $1,492 $1,097 36


Income (Loss) Before Income Taxes

Sept. 30, Oct. 1, % Fav. /
2005 (1)(2) 2004 (3) (Unfav.)

North America 411 379 8
Africa 102 79 29
East, South Asia & Pacific Rim (15) 86 (117)
European Union 571 128 346
Latin America 348 310 12
North Asia, Eurasia & Middle East 389 428 (9)
Corporate (153) (175) 13
Consolidated $1,653 $1,235 34

Note:
a) Refer to the Company's amended 8-K filing dated July 19, 2005 for more
information on the changes to the Company's operating structure.
b) The Company's reporting period closes on the Friday closest to the end
of the quarterly calendar period. The third quarter of 2005 and 2004
ended on September 30, 2005 and October 1, 2004, respectively. The
Company's fiscal year always closes on December 31 regardless of the
day of the week on which it falls. This heading change conforms to
the Company's historical and continuing reporting practice.

(1) Operating income (loss) and income (loss) before income taxes in the
third quarter of 2005 were reduced by approximately $85 million for
East, South Asia & Pacific Rim as a result of other operating charges
recorded for asset write-downs.

(2) Income (loss) before income taxes in the third quarter of 2005 was
reduced by $5 million for Corporate due to certain items impacting an
equity investee and $4 million for East, South Asia & Pacific Rim due
to asset write-downs impacting an equity investee.

(3) Operating income (loss) and income (loss) before income taxes in the
third quarter of 2004 were reduced by approximately $15 million for
East, South Asia & Pacific Rim, $368 million for European Union, $3
million for North Asia, Eurasia & Middle East and $6 million for
Corporate as a result of other operating charges recorded for asset
write-downs.



THE COCA-COLA COMPANY AND SUBSIDIARIES
Operating Segments (In millions)
(UNAUDITED)

Nine Months Ended

Net Operating Revenues Operating Income (Loss)

Sept.30, Oct. 1, % Fav. / Sept.30, Oct. 1, % Fav. /
2005 2004 (Unfav.) 2005 (1) 2004(2) (Unfav.)

North America $5,048 $4,914 3 $1,188 $1,226 (3)
Africa 879 736 19 280 238 18
East, South Asia &
Pacific Rim 990 1,026 (4) 166 299 (44)
European Union 5,287 5,041 5 1,792 1,337 34
Latin America 1,806 1,544 17 886 781 13
North Asia,
Eurasia &
Middle East 3,478 3,199 9 1,302 1,283 1
Corporate 65 78 (17) (791) (813) 3
Consolidated $17,553 $16,538 6 $4,823 $4,351 11



Income (Loss) Before Income Taxes

Sept. 30, Oct. 1, % Fav. /
2005 (1)(3) 2004(2)(4) (Unfav.)

North America 1,191 1,234 (3)
Africa 279 232 20
East, South Asia &
Pacific Rim 228 352 (35)
European Union 1,747 1,288 36
Latin America 1,031 922 12
North Asia, Eurasia &
Middle East 1,330 1,297 3
Corporate (489) (525) 7
Consolidated $5,317 $4,800 11

Note:
a) Refer to the Company's amended 8-K filing dated July 19, 2005 for more
information on the changes to the Company's operating structure.
b) The Company's reporting period closes on the Friday closest to the end
of the quarterly calendar period. The nine months of 2005 and 2004
ended on September 30, 2005 and October 1, 2004, respectively. The
Company's fiscal year always closes on December 31 regardless of the
day of the week on which it falls. This heading change conforms to
the Company's historical and continuing reporting practice.

(1) Operating income (loss) and income (loss) before income taxes in the
nine months ended September 30, 2005 were increased by approximately
$42 million for Corporate due to the HFCS lawsuit settlement; were
reduced by $12 million for North America, $3 million for Africa, $3
million for East, South Asia and Pacific Rim, $3 million for European
Union, $4 million for Latin America, $3 million for North Asia,
Eurasia and Middle East and $22 million for Corporate as a result of
accelerated amortization of stock-based compensation expense due to a
change in the estimated service period for retirement eligible
participants; and were reduced by approximately $85 million for East,
South Asia & Pacific Rim as a result of other operating charges
recorded for assets write-downs.

(2) Operating income (loss) and income (loss) before income taxes in the
nine months ended October 1, 2004 were reduced by approximately $18
million for North America, $15 million for East, South Asia & Pacific
Rim, $368 million for European Union, $6 million for Latin America, $9
million for North Asia, Eurasia and Middle East and $64 million for
Corporate as a result of other operating charges recorded for asset
write-downs.

(3) Income (loss) before income taxes in the nine months ended September
30, 2005 was increased by $16 million for Corporate due to certain
items impacting an equity investee; was increased for East, South Asia
and Pacific Rim by approximately $23 million due to issuances of stock
by Coca-Cola Amatil; and was reduced by $4 million for East, South
Asia and Pacific Rim due to asset impairments impacting an equity
investee.

(4) Income (loss) before income taxes in the nine months ended October 1,
2004 was increased for Latin America by approximately $37 million as a
result of a favorable tax settlement related to Coca-Cola FEMSA, an
equity method investee and was increased for Corporate by
approximately $49 million of noncash pretax gains on issuances of
stock by Coca-Cola Enterprises Inc. (CCE).

The Coca-Cola Company
The Coca-Cola Company is the world's largest beverage company. Along with
Coca-Cola, recognized as the world's most valuable brand, The Coca-Cola
Company markets four of the world's top five soft drink brands, including Diet
Coke, Fanta and Sprite, and a wide range of other beverages, including diet
and light soft drinks, waters, juices and juice drinks, teas, coffees and
sports drinks. Through the world's largest beverage distribution system,
consumers in more than 200 countries enjoy the Company's beverages at a rate
exceeding 1 billion servings each day. For more information about The Coca-
Cola Company, please visit our website at http://www.coca-cola.com.

Forward-Looking Statements
This press release 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, changes in economic and political conditions,
including civil unrest and product boycotts; changes in the nonalcoholic
beverages business environment, including actions of competitors and changes
in consumer preferences, including changes based on health and nutrition
considerations and obesity concerns; foreign currency and interest rate
fluctuations and other capital and financial market conditions; adoption of
mandatory deposit, recycling, eco-tax and/or product stewardship laws or
regulations; adoption of significant additional labeling or warning
requirements; changes in commercial or market practices and business models
within the European Union; litigation uncertainties; adverse weather
conditions; the effectiveness of our advertising and marketing programs;
fluctuations in the cost and availability of raw materials or necessary
services; our ability to avoid production output disruptions; our ability to
effectively align ourselves with our bottling system; our ability to maintain
brand image and product quality as well as other product issues such as
product recalls; regulatory and legal changes; our ability to penetrate
developing and emerging markets; the availability and quality of water; our
ability to achieve earnings forecasts; 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.

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