===========================================================================
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
----------- ---------
Commission File No. 001-02217
The Coca-Cola Company
(Exact name of Registrant as specified in its Charter)
Delaware 58-0628465
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
One Coca-Cola Plaza 30313
Atlanta, Georgia (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code (404) 676-2121
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period
that the Registrant was required to file such reports) and (2) has been
subject to such filing requirements for the past 90 days.
Yes X No
----- ------
Indicate the number of shares outstanding of each of the Registrant's
classes of Common Stock as of the latest practicable date.
Class of Common Stock Outstanding at July 26, 1996
--------------------- ----------------------------
$.25 Par Value 2,493,006,157 Shares
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<PAGE>
THE COCA-COLA COMPANY AND SUBSIDIARIES
Index
Part I. Financial Information
Item 1. Financial Statements (Unaudited) Page Number
Condensed Consolidated Balance Sheets
June 30, 1996 and December 31, 1995 3
Condensed Consolidated Statements of Income
Three and six months ended June 30, 1996 and 1995 5
Condensed Consolidated Statements of Cash Flows
Six months ended June 30, 1996 and 1995 6
Notes to Condensed Consolidated Financial Statements 7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 10
Part II. Other Information
Item 6. Exhibits and Reports on Form 8-K 15
-2-
<PAGE>
Part I. Financial Information
Item 1. Financial Statements (Unaudited)
THE COCA-COLA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In millions except share data)
ASSETS
<TABLE>
<CAPTION>
June 30, December 31,
1996 1995
----------- -----------
<S> <C> <C>
Current
Cash and cash equivalents $ 1,774 $ 1,167
Marketable securities 163 148
----------- -----------
1,937 1,315
Trade accounts receivable, less
allowances of $35 at June 30 and
$34 at December 31 2,090 1,695
Finance subsidiary receivables 61 55
Inventories 1,291 1,117
Prepaid expenses and other assets 1,191 1,268
----------- -----------
Total Current Assets 6,570 5,450
----------- -----------
Investments and Other Assets
Equity method investments
Coca-Cola Enterprises Inc. 579 556
Coca-Cola Amatil Limited 728 682
Other, principally bottling companies 1,072 1,157
Cost method investments,
principally bottling companies 460 319
Finance subsidiary receivables and
investments 355 351
Marketable securities and other assets 1,285 1,246
----------- -----------
4,479 4,311
----------- -----------
Property, Plant and Equipment
Land 248 233
Buildings and improvements 1,942 1,944
Machinery and equipment 4,302 4,135
Containers 352 345
----------- -----------
6,844 6,657
Less allowances for depreciation 2,383 2,321
----------- -----------
4,461 4,336
----------- -----------
Goodwill and Other Intangible Assets 1,013 944
----------- -----------
$ 16,523 $ 15,041
=========== ===========
</TABLE>
-3-
<PAGE>
THE COCA-COLA COMPANY AND SUBSIDIARIES
LIABILITIES AND SHARE-OWNERS' EQUITY
<TABLE>
<CAPTION>
June 30, December 31,
1996 1995
----------- -----------
<S> <C> <C>
Current
Accounts payable and accrued expenses $ 3,095 $ 2,894
Loans and notes payable 3,304 2,371
Current maturities of long-term debt 24 552
Accrued taxes 1,717 1,531
----------- -----------
Total Current Liabilities 8,140 7,348
----------- -----------
Long-Term Debt 1,144 1,141
----------- -----------
Other Liabilities 1,091 966
----------- -----------
Deferred Income Taxes 212 194
----------- -----------
Share-Owners' Equity
Common stock, $.25 par value
Authorized: 5,600,000,000 shares
Issued: 3,428,265,031 shares at June 30;
3,423,678,994 shares at December 31 857 856
Capital surplus 932 863
Reinvested earnings 14,020 12,882
Unearned compensation related to
outstanding restricted stock (58) (68)
Foreign currency translation adjustment (518) (424)
Unrealized gain on securities
available for sale 139 82
----------- -----------
15,372 14,191
Less treasury stock, at cost
(934,456,891 shares at June 30;
919,081,326 shares at December 31) 9,436 8,799
----------- -----------
5,936 5,392
----------- -----------
$ 16,523 $ 15,041
=========== ===========
<FN>
See Notes to Condensed Consolidated Financial Statements.
</TABLE>
-4-
<PAGE>
THE COCA-COLA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(In millions except per share data)
<TABLE>
<CAPTION>
Three Months Ended June 30, Six Months Ended June 30,
--------------------------- -------------------------
1996 1995 1996 1995
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Net Operating Revenues $ 5,253 $ 4,936 $ 9,447 $ 8,790
Cost of goods sold 1,906 1,876 3,436 3,321
---------- ---------- ---------- ----------
Gross Profit 3,347 3,060 6,011 5,469
Selling, administrative
and general expenses 1,965 1,810 3,596 3,340
---------- ---------- ---------- ----------
Operating Income 1,382 1,250 2,415 2,129
Interest income 70 62 124 126
Interest expense 71 69 143 126
Equity income 94 70 87 94
Other income
(deductions) - net 47 (9) 72 12
---------- ---------- ---------- ----------
Income before
Income Taxes 1,522 1,304 2,555 2,235
Income taxes 472 406 792 699
---------- ---------- ---------- ----------
Net Income $ 1,050 $ 898 $ 1,763 $ 1,536
========== ========== ========== ==========
Net Income per Share $ .42 $ .35 $ .71 $ .61
========== ========== ========== ==========
Dividends per Share $ .125 $ .11 $ .25 $ .22
========== ========== ========== ==========
Average Shares
Outstanding 2,496 2,531 2,499 2,538
========== ========== ========== ==========
<FN>
See Notes to Condensed Consolidated Financial Statements.
</TABLE>
-5-
<PAGE>
THE COCA-COLA COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In millions)
<TABLE>
<CAPTION>
Six Months Ended
June 30,
-----------------------
1996 1995
----------- -----------
<S> <C> <C>
Operating Activities
Net income $ 1,763 $ 1,536
Depreciation and amortization 235 219
Deferred income taxes 41 4
Equity income, net of dividends (19) (8)
Foreign currency adjustments (17) (17)
Other noncash items (57) 4
Net change in operating assets
and liabilities (368) (652)
----------- -----------
Net cash provided by operating activities 1,578 1,086
----------- -----------
Investing Activities
Additions to finance subsidiary receivables (68) (27)
Collections of finance subsidiary receivables 60 22
Acquisitions and investments,
principally bottling companies (207) (61)
Purchases of securities (78) (72)
Proceeds from disposals of investments
and other assets 190 364
Purchases of property, plant and equipment (380) (458)
Proceeds from disposals of property, plant
and equipment 23 27
Other investing activities (3) (33)
----------- -----------
Net cash used in investing activities (463) (238)
----------- -----------
Net cash provided by operations after
reinvestment 1,115 848
----------- -----------
Financing Activities
Issuances of debt 944 491
Payments of debt (521) (39)
Issuances of stock 56 48
Purchases of stock for treasury (637) (902)
Dividends (313) (280)
----------- -----------
Net cash used in financing activities (471) (682)
----------- -----------
Effect of Exchange Rate Changes on Cash
and Cash Equivalents (37) 86
----------- -----------
Cash and Cash Equivalents
Net increase during the period 607 252
Balance at beginning of period 1,167 1,386
----------- -----------
Balance at end of period $ 1,774 $ 1,638
=========== ===========
Interest Paid $ 149 $ 134
=========== ===========
Income Taxes Paid $ 528 $ 516
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<FN>
See Notes to Condensed Consolidated Financial Statements.
</TABLE>
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<PAGE>
THE COCA-COLA COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Note A - Basis of Presentation
The accompanying unaudited condensed consolidated financial
statements have been prepared in accordance with generally
accepted accounting principles for interim financial information
and with the instructions to Form 10-Q and Rule 10-01 of
Regulation S-X. They do not include all information and notes
required by generally accepted accounting principles for complete
financial statements. However, except as disclosed herein, there
has been no material change in the information disclosed in the
notes to consolidated financial statements included in the Annual
Report on Form 10-K of The Coca-Cola Company (the Company) for
the year ended December 31, 1995. In the opinion of Management,
all adjustments (consisting of normal recurring accruals)
considered necessary for a fair presentation have been included.
Operating results for the six month period ended June 30, 1996,
are not necessarily indicative of the results that may be
expected for the year ending December 31, 1996.
Certain amounts in the prior period financial statements have
been reclassified to conform to the current period presentation.
Note B - Seasonal Nature of Business
Unit sales by the Company's beverages business are generally
greater in the second and third quarters due to seasonal factors.
Note C - Inventories
Inventories consist of the following (in millions):
<TABLE>
<CAPTION>
June 30, December 31,
1996 1995
----------- -----------
<S> <C> <C>
Raw materials and supplies $ 853 $ 784
Work in process 20 7
Finished goods 418 326
----------- -----------
$ 1,291 $ 1,117
=========== ===========
</TABLE>
-7-
<PAGE>
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Note D - Summarized Income Statement Data of Coca-Cola Enterprises Inc.
At June 30, 1996 and 1995, the Company owned approximately 45
and 43 percent, respectively, of the outstanding common stock of
Coca-Cola Enterprises Inc. (Coca-Cola Enterprises) and,
accordingly, accounted for its related investment therein under
the equity method of accounting. Coca-Cola Enterprises meets the
definition of a significant equity investee as defined by Rule
3-09 of Regulation S-X. Summarized income statement data for
Coca-Cola Enterprises is as follows (in millions):
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
------------------------ -------------------------
June 30, June 30, June 30, June 30,
1996 1995 1996 1995
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Net operating revenues $ 2,016 $ 1,827 $ 3,616 $ 3,289
Gross profit $ 763 $ 674 $ 1,393 $ 1,235
Net income $ 59 $ 46 $ 66 $ 49
Net income available
to common share owners $ 57 $ 46 $ 62 $ 48
</TABLE>
Coca-Cola Enterprises' results for the three and six months
ended June 30, 1996 include the results of Ouachita Coca-Cola
Bottling Company from the date of acquisition on February 21,
1996. The results for the first six months of 1996 also include
a favorable $10 million settlement from certain suppliers for
purchases made in previous years.
Coca-Cola Enterprises' results for the three months and the six
months ended June 30, 1995 include the results of the Wichita
Coca-Cola Bottling Company from the date of acquisition on
January 27, 1995. Results for the six months ended June 30,
1995, also reflect a $5 million after-tax gain on the sale of
Coca-Cola Enterprises' 50 percent ownership interest in
The Coca-Cola Bottling Company of the Mid South.
Note E - Share Repurchase Program
Under its share repurchase program, the Company purchased
approximately 8 million shares of its common stock in the second
quarter and approximately 15 million shares for the six months
ended June 30, 1996.
-8-
<PAGE>
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Note F - Stock Split
On April 17, 1996, the Company's share owners approved an
increase in the authorized common stock of the Company from 2.8
billion shares to 5.6 billion shares and a two-for-one stock
split that was payable to share owners of record at the close of
business on May 1, 1996. The financial statements have been
retroactively restated to reflect these changes. The stated par
value of each share of common stock remained at $.25 per share.
Note G - Subsequent Events
On July 26, 1996, the Company's bottling and canning operations
located in France and Belgium were sold to Coca-Cola Enterprises
in exchange for a transaction value of approximately $915 million.
Additionally, on August 9, 1996, the Company and its joint venture
partner, Cadbury Schweppes, executed an agreement to sell
their 49 and 51 percent respective interests in Coca-Cola &
Schweppes Beverages Limited to Coca-Cola Enterprises. This
transaction is expected to result in gross proceeds to the Company
of approximately 616 million British pounds or approximately
U.S.$955 million. The Company targets this transaction to close
in the third quarter of 1996.
-9-
<PAGE>
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
RESULTS OF OPERATIONS
Volume
Beverages (excluding Coca-Cola Foods): Worldwide unit case
volume increased more than 8 percent and gallon shipments of
concentrates and syrups grew 9 percent in the second quarter of
1996 when compared to the second quarter of 1995. Unit case
volume increased 8 percent and gallon shipments grew 9 percent
for the first six months of 1996.
Unit case volume in the Company's North America Group increased
7 percent in the second quarter, led by an increase of 7.5
percent in the United States. Unit case volume in North America
grew 7 percent for the first six months of 1996, including 8
percent growth in the United States. Solid increases in the
Company's core brands as well as sales of new products, including
Barq's, POWERaDE, Nestea and Fruitopia, contributed to the volume
gains. The Company's core brands benefited from the on-going
rollout of proprietary packaging and successful consumer
advertising activities. North American gallon shipments of
concentrates and syrups increased 8 percent for the second
quarter and 9 for the first six months of 1996. In particular,
gallon shipments rose 9 percent in the United States for the
second quarter and 9 percent for the first six months of 1996
versus the comparable periods of 1995.
In the Latin America Group, unit case volume grew 8 percent in
the second quarter, including gains of 13 percent in Brazil, 15
percent in Chile and 5 percent in Mexico. The unit case volume
gains in Latin America resulted from aggressive system investment
in volume and share-building activities that demonstrate the
power of new packaging initiatives and focused brand promotions.
Gallon shipments in the Latin America Group increased 5 percent
in the second quarter of 1996. For the first six months of the
year, unit case volume has increased 5 percent and gallon
shipments have grown 6 percent in the Latin America Group.
In the Africa Group, second quarter 1996 unit case volume was
even with second quarter 1995 levels and gallon shipments
declined 5 percent against the prior year. Unit case volume rose
6 percent in the Southern Africa Division and declined 6 percent
in the Northern Africa Division due to a difficult economic
environment in Nigeria. When compared with the first six months
of 1995, year-to-date unit case volume was even and gallon
shipments declined 5 percent in the Africa Group.
-10-
<PAGE>
RESULTS OF OPERATIONS (Continued)
Unit case volume in the Middle and Far East Group grew 9
percent in the second quarter, driven by an 11 percent increase
in Japan, a 26 percent increase in China and a 12 percent
increase in Australia. Gallon shipments in the Middle and Far
East Group increased 12 percent in the second quarter. For the
first six months of the year, unit case volume has grown 11
percent and gallon shipments have increased 9 percent in the
Middle and Far East Group.
In the Greater Europe Group, second quarter unit case volume
increased 12 percent. Unit case volume grew 29 percent in the
East Central European Division, 16 percent in France, 5 percent
in Germany and 7 percent in Great Britain. Gallon shipments in
the Greater Europe Group grew 15 percent in the second quarter.
For the first six months of the year, unit case volume and gallon
shipments in the Greater Europe Group increased 11 percent and 15
percent, respectively.
Foods: At Coca-Cola Foods, unit volume increased 3 percent for
the second quarter due to successful marketing initiatives,
including new advertising in support of Minute Maid Premium
orange juice. For the first six months of the year, unit volume
increased 6 percent.
Net Operating Revenues and Gross Margin
Net operating revenues in the second quarter increased 6
percent and 7 percent for the first six months of 1996, primarily
due to increased soft drink gallon shipments and selective price
increases, offset by the effect of a stronger dollar.
The Company's gross margin increased to 63.7 percent in the
second quarter of 1996 from 62.0 percent in the second quarter of
1995. The increase in gross margin for the second quarter of
1996 was due primarily to benefits realized from a favorable
product mix and price increases in certain markets. The
Company's gross margin was 63.6 percent and 62.2 percent,
respectively, for the first six months of 1996 and 1995.
Selling, Administrative and General Expenses
Selling expenses were $1,575 million in the second quarter of
1996, compared to $1,449 million in the second quarter of 1995.
For the first six months of the year, selling expenses were
$2,835 million, compared to $2,622 million in the same period in
1995. The increase was primarily due to higher marketing
investments in support of the Company's volume growth.
-11-
<PAGE>
RESULTS OF OPERATIONS (Continued)
Administrative and general expenses increased to $390 million
in the second quarter of 1996, compared to $361 million in the
second quarter of 1995 due, in part, to the inclusion of new
bottling operations in Italy, Venezuela and the Nordic and
Northern Eurasia Division. For the first six months of 1996,
administrative and general expenses were $761 million, compared
to $718 million in the comparable period of the prior year.
Operating Income and Operating Margin
Operating income for the second quarter of 1996 increased to
$1,382 million, an 11 percent increase over the second quarter of
1995. For the first six months of 1996, operating income
increased 13 percent, to $2,415 million. The operating margin
for the first six months of 1996 increased to 25.6 percent from
24.2 percent in the comparable period in 1995.
Interest Income and Interest Expense
Interest income increased in the second quarter relative to the
comparable period in 1995, due primarily to higher rates of
return realized on slightly higher average cash balances.
Interest expense increased slightly in the second quarter and 13
percent for the six months ended June 30, 1996, relative to the
comparable periods in 1995, due to slightly higher debt balances.
Equity Income
Equity income for the second quarter of 1996 totaled $94
million, compared to $70 million in the second quarter of 1995.
This increase was due to strong operating performance by several
of our equity affiliates, including Coca-Cola Amatil Limited,
Coca-Cola Beverages Ltd. and Coca-Cola Enterprises. For the
first six months of 1996, equity income totaled $87 million,
compared to $94 million for the same period in 1995. The
decrease in the first six months of the year was due primarily to
economic difficulties in key markets in Latin America during the
first quarter of 1996.
Other Income (Deductions) - Net
Other income (deductions) - net was $47 million for the second
quarter of 1996 compared to $(9) million for the second quarter
of 1995. For the first six months of 1996, other income
(deductions) - net was $72 million, compared to $12 million in
the comparable period of the prior year. The increase in the
first six months of 1996 as compared to the first six months of
1995 was due primarily to the gains on the sales of certain
bottling investments recorded in 1996 and exchange gains on
foreign currency transactions.
-12-
<PAGE>
RESULTS OF OPERATIONS (Continued)
Income Taxes
The Company's effective tax rate during the second quarter of
1996, when compared to the second quarter of 1995, decreased to
31.0 percent from 31.1 percent. The effective tax rate was 31.0
percent for the first six months of 1996 compared to 31.3 percent
for the first six months of 1995. The Company's effective tax
rate reflects tax benefits derived from significant operations
outside the United States which are taxed at rates lower than the
U.S. statutory rate of 35 percent.
Net Income
Net income per share for the second quarter increased at a
slightly higher rate than net income due to the Company's share
repurchase program.
FINANCIAL CONDITION
Net Cash Flow Provided by Operations After Reinvestment
In the first six months of 1996, net cash flow after
reinvestment totaled $1,115 million, an increase of $267 million
over the comparable period in 1995. Net cash provided by
operating activities increased $492 million in the first six
months of 1996 due to higher net income and a reduced use of cash
for operating assets and liabilities relative to the comparable
period in 1995. Net cash used in investing activities also
increased in the first six months of 1996, from the first six
months of 1995, due primarily to increased acquisition and
investment activity. Reinvestment in the form of property, plant
and equipment, the primary use of cash for investing activities,
was $380 million for the first six months of 1996, a decrease of
approximately $78 million from the comparable period in 1995.
The increases in trade accounts receivable, inventories,
accounts payable and accrued expenses at June 30, 1996, as
compared to December 31, 1995, were due primarily to seasonal
factors in the beverages business.
-13-
<PAGE>
FINANCIAL CONDITION (Continued)
Financing
Financing activities primarily represent the Company's net
borrowing activities, dividend payments and share repurchases.
Net cash used in financing activities totaled $471 million and
$682 million for the first six months of 1996 and 1995,
respectively. Net borrowings were $423 million in the first six
months of 1996, compared to $452 million in the first six months
of 1995. Cash used for share repurchases declined to $637
million, compared to $902 million in the comparable period in
1995. The net decrease in cash used in financing activities
caused by these items was partially offset by an increase in cash
used for dividend payments.
Exchange
International operations are subject to certain opportunities
and risks, including currency fluctuations and governmental
actions. The Company closely monitors its methods of operating
in each country and adopts appropriate strategies responsive to
each environment. On a weighted average basis, the U.S. dollar
was approximately 12 percent stronger during the second quarter
of 1996 versus key currencies for the comparable period of the
prior year.
-14-
<PAGE>
Part II. Other Information
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits:
12 - Computation of Ratios of Earnings to Fixed Charges
27 - Financial Data Schedule for the six months ended
June 30, 1996, submitted to the Securities and
Exchange Commission in electronic format
(b) Reports on Form 8-K:
No report on Form 8-K has been filed during the quarter
for which this report is filed.
-15-
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
THE COCA-COLA COMPANY
(REGISTRANT)
Date: August 13, 1996 By: /s/ Gary P. Fayard
-------------------------
Gary P. Fayard
Vice President and Controller
(On behalf of the Registrant and
as Principal Accounting Officer)
-16-
<PAGE>
Exhibit Index
Exhibit Number and Description
12 - Computation of Ratios of Earnings to Fixed Charges
27 - Financial Data Schedule for the six months ended
June 30, 1996, submitted to the Securities and
Exchange Commission in electronic format
Exhibit 12
THE COCA-COLA COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(In millions except ratios)
<TABLE>
<CAPTION>
Six Months
Ended Year Ended December 31,
June 30, ---------------------------------------------
1996 1995 1994 1993 1992 1991
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Earnings:
Income before income
taxes and changes in
accounting principles $2,555 $4,328 $3,728 $3,185 $2,746 $2,383
Fixed charges 164 318 236 213 207 222
Adjustments:
Capitalized
interest, net (2) (9) (5) (16) (10) (8)
Equity income,
net of dividends (19) (25) (4) (35) (30) (16)
------- ------- ------- ------- ------- -------
Adjusted earnings $2,698 $4,612 $3,955 $3,347 $2,913 $2,581
======= ======= ======= ======= ======= =======
Fixed Charges:
Gross interest
incurred $ 145 $ 281 $ 204 $ 184 $ 181 $ 200
Interest portion of
rent expense 19 37 32 29 26 22
------- ------- ------- ------- ------- -------
Total fixed charges $ 164 $ 318 $ 236 $ 213 $ 207 $ 222
======= ======= ======= ======= ======= =======
Ratios of earnings
to fixed charges 16.5 14.5 16.8 15.7 14.1 11.6
======= ======= ======= ======= ======= =======
<FN>
The Company is contingently liable for guarantees of indebtedness of
independent bottling companies and others (approximately $196 million
at June 30, 1996). Fixed charges for these contingent liabilities have
not been included in the computations of the above ratios as the amounts
are immaterial and, in the opinion of Management, it is not probable that
the Company will be required to satisfy the guarantees.
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE FINANCIAL STATEMENTS OF THE COCA-COLA COMPANY FOR THE
QUARTER ENDED JUNE 30, 1996, AS SET FORTH IN ITS FORM 10-Q
FOR SUCH QUARTER, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 1,774
<SECURITIES> 163
<RECEIVABLES> 2,125
<ALLOWANCES> 35
<INVENTORY> 1,291
<CURRENT-ASSETS> 6,570
<PP&E> 6,844
<DEPRECIATION> 2,383
<TOTAL-ASSETS> 16,523
<CURRENT-LIABILITIES> 8,140
<BONDS> 1,144
0
0
<COMMON> 857
<OTHER-SE> 5,079
<TOTAL-LIABILITY-AND-EQUITY> 16,523
<SALES> 9,447
<TOTAL-REVENUES> 9,447
<CGS> 3,436
<TOTAL-COSTS> 3,436
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 143
<INCOME-PRETAX> 2,555
<INCOME-TAX> 792
<INCOME-CONTINUING> 1,763
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,763
<EPS-PRIMARY> 0.71 <F1>
<EPS-DILUTED> 0
<FN>
<F1> A two-for-one stock split with respect to the Company's
Common Stock, $.25 par value per share, was effective
on May 1, 1996. Financial data schedules for prior
years have not been restated for this recapitalization.
</FN>
</TABLE>
