8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

July 17, 2008

(Exact name of registrant as specified in its charter)

Delaware	001-02217	58-0628465
(State or other	(Commission	(IRS Employer
jurisdiction	File Number)	Identification No.)
of incorporation)
One Coca-Cola Plaza
Atlanta, Georgia		30313
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (404) 676-2121

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.Results of Operations and Financial Condition.

Attached as Exhibit 99.1 is a copy of a press release of The Coca-Cola Company, dated July 17, 2008, reporting The Coca-Cola Company’s financial results for the second quarter and half year 2008.  Such information, including the Exhibit attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

Exhibit 99.1 Press Release of The Coca-Cola Company, dated July 17, 2008, reporting The Coca-Cola Company’s financial results for the second quarter and half year 2008.

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SIGNATURES

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 hereunto duly authorized.

	THE COCA-COLA COMPANY
	(REGISTRANT)
Date: July 17, 2008	By:	/s/ Harry L. Anderson
		Harry L. Anderson
		Vice President and Controller

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EXHIBIT INDEX

Exhibit No.	Exhibit
Exhibit 99.1	Press Release of The Coca-Cola Company, dated July 17, 2008, reporting The Coca-Cola Company’s financial results for the first quarter and half year 2008.

EX-99.1

Exhibit 99.1

Media Relations Department P.O. Box 1734, Atlanta, GA 30301 Telephone (404) 676-2121

FOR IMMEDIATE RELEASE	CONTACT:		Investors:	Ann Taylor
			(404) 676-5383
		Media:		Dana Bolden
		(404) 676-2683

THE COCA-COLA COMPANY REPORTS

SECOND QUARTER AND HALF YEAR 2008 RESULTS

·Second quarter EPS of $0.61; and $1.01 after considering items impacting comparability, an increase of 19 percent.

·Second quarter net revenue growth of 17 percent.

·Worldwide unit case volume increased 3 percent in the quarter, led by 5 percent growth in International while maintaining unit case volume in North America in a difficult operating environment.

·Operating income up 18 percent on a reported basis in the quarter; increased 20 percent after considering items impacting comparability.

·$400 to $500 million of annualized savings targeted by year-end 2011 from productivity initiatives.

ATLANTA, July 17, 2008 — The Coca-Cola Company today reported second quarter earnings per share of $0.61, a decrease of 24 percent versus the prior year on a reported basis, and $1.01 after considering items impacting comparability, an increase of 19 percent.  Earnings per share for the quarter included a net charge of $0.40 per share primarily related to a non-cash impairment charge at Coca-Cola Enterprises Inc. (“CCE”), an equity investee.  Earnings per share for the second

- more -

quarter of 2007 were $0.80 and included a net charge of $0.05 per share, primarily related to restructuring charges and a non-cash impairment charge at an equity investee.

“Our results in the quarter underscore our ability to continue delivering volume growth and double-digit comparable earnings per share growth, despite the combined impacts of several one-off events and a more challenging economic environment,” said Neville Isdell, chairman of the Board, The Coca-Cola Company.  “We continue to manage the business for the long term by investing in brand building and innovation with an unrelenting focus on improving our effectiveness and efficiency.  We have made significant progress since the turnaround began in 2004 and I am confident going forward under Muhtar’s leadership that the business will continue to be managed by investing for long-term sustainable growth and value.”

President and Chief Executive Officer Muhtar Kent said, “Our second quarter performance demonstrates our ability to leverage the strengths of our system to achieve balanced growth.  Our results were once again led by our international operations, which delivered 5 percent unit case volume growth, and we maintained volume in North America despite significant challenges.  Latin America continues to be a key contributor to our results, along with solid performance in many of our emerging markets including China, Turkey, India, Eastern Europe, Southern Eurasia, North and West Africa and the Middle East.  We have accelerated our global volume and value share gains as consumers connect with our brands and our system executes in the marketplace.

“We are clearly operating in a more challenging macroeconomic environment.  A strength of our system is the ability to work with our bottling partners and customers to understand the local factors impacting consumer behavior, adjust our plans where appropriate, while continuing to invest and build share for the long term.  Both the fundamentals of our business and the strength of our brands remain solid.  Through our focus on superior execution and driving productivity, I remain confident we are building a stronger Coca-Cola system for the future.”

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

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Financial Highlights

·Second quarter net operating revenues increased 17 percent.  Revenue growth reflected a 3 percent increase in concentrate sales, a 2 percent increase from structural changes primarily resulting from acquisitions of certain bottlers, a 3 percent benefit from pricing and mix and a 9 percent positive currency impact.

·Operating income in the quarter increased 18 percent on a reported basis and 20 percent after considering items impacting comparability.  Items impacting comparability negatively affected second quarter pre-tax operating income by $97 million in 2008 and by $48 million in 2007.  Currency benefited operating income in the quarter by 11 percent.

·Year-to-date, the Company repurchased $1.0 billion of its stock and intends to repurchase a total of $1.75 to $2.0 billion of its stock for the full year.

·The Company is targeting $400 to $500 million in annualized savings from productivity initiatives by year-end 2011 to provide additional flexibility to invest for growth.

Operational Highlights

(All references to unit case volume percentage changes in this section are computed based on average daily sales.)

Total Company

·Unit case volume increased 3 percent in the second quarter and 4 percent year-to-date, successfully cycling 6 percent growth in the prior year quarter and year-to-date periods.  Acquisitions contributed 1 point of unit case volume growth for both the quarter and year-to-date.

·International operations delivered 5 percent unit case volume growth in the quarter, successfully cycling 9 percent growth from the prior year quarter.  Solid growth across Latin America and in key emerging markets including China, Turkey, India, Eastern Europe, Southern Eurasia, North and West Africa and the Middle East continued to drive the results.  North America unit case volume was even in the quarter, while unit case volume in Japan and the European Union Group were each down 1 percent.

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·The Company continued to achieve growth in sparkling beverages, which increased unit case volume 1 percent in the quarter.  Trademark Coca-Cola unit case volume was slightly positive in the quarter and Trademarks Fanta and Sprite increased unit case volume 1 percent and 3 percent, respectively.

·Still beverage unit case volume increased 13 percent in the quarter, led by strong growth across the Company’s still brand portfolio, including juice and juice drink brands, tea brands and water brands.

·Globally, the Company gained volume and value share in nonalcoholic ready-to-drink beverages as well as in sparkling beverages and key still beverage categories including bottled water and juice and juice drinks.

Africa

	Percent Change
	From Prior Year
	Second	Year-
	Quarter	To-Date
Unit Case Volume	5%	2%
Net Revenues	6%	4%
Operating Income	61%	32%

·The Africa Group’s unit case volume increased 5 percent in the quarter, with most key markets contributing to growth.  South Africa’s unit case volume was even in the quarter, cycling 12 percent growth from the prior year and reflecting the lingering effects of carbon dioxide shortages.  Nigeria unit case volume increased 4 percent in the quarter.  Net revenues for the quarter increased 6 percent, reflecting a 2 percent increase in concentrate sales, positive pricing and mix and a slight negative currency impact.  Operating income increased 61 percent in the quarter reflecting the increase in net revenues, effective management of operating expenses and the cycling of restructuring charges in the prior year quarter, partially offset by the continued investment in key marketing initiatives.

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Eurasia

	Percent Change
	From Prior Year
	Second	Year-
	Quarter	To-Date
Unit Case Volume	7%	9%
Net Revenues	30%	37%
Operating Income	21%	37%

·The Eurasia Group’s unit case volume increased 7 percent in the quarter, successfully cycling 15 percent growth in the prior year quarter.  Solid unit case volume growth in India, Turkey, the Middle East, Eastern Europe and Southern Eurasia drove the results.  Russia’s unit case volume increased 2 percent in the quarter, primarily reflecting the impact from adverse weather conditions late in the quarter, and resulted in volume and value share gains in nonalcoholic ready-to-drink beverages.  Net revenues for the quarter increased 30 percent, benefiting from a 13 percent increase in concentrate sales, positive pricing and mix and a high single-digit currency benefit.  Operating income growth in the quarter of 21 percent reflected the benefit of the net revenue increase and the continued investment in key business initiatives.

European Union

	Percent Change
	From Prior Year
	Second	Year-
	Quarter	To-Date
Unit Case Volume	(1%)	1%
Net Revenues	13%	15%
Operating Income	16%	15%

·Unit case volume in the European Union Group declined 1 percent in the quarter, cycling 5 percent growth from the prior year.  The group gained volume and value share in nonalcoholic ready-to-drink beverages as well as in sparkling beverages

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and key still beverage categories in the quarter.  Unit case volume results in the quarter were negatively impacted by labor strikes in several key markets, the shift of Easter into the first quarter as well as unfavorable weather early in the quarter.  Net revenues for the quarter increased 13 percent, reflecting a 2 percent decrease in concentrate sales, positive pricing and mix and a low double-digit currency benefit.  Operating income increased 16 percent in the quarter, and both sparkling and still beverages gained volume and value share in the quarter.

Latin America

	Percent Change
	From Prior Year
	Second	Year-
	Quarter	To-Date
Unit Case Volume	7%	8%
Net Revenues	23%	24%
Operating Income	29%	25%

·The Latin America Group continued to deliver strong unit case volume growth of 7 percent in the quarter, successfully cycling 9 percent growth in the prior year quarter.  Solid unit case volume growth across the group and the benefit of acquisitions drove the results for the quarter and led to volume and value share gains in both sparkling and still beverages.  Net revenues increased 23 percent in the quarter, reflecting a 5 percent increase in concentrate sales, positive pricing and mix and a low double-digit currency benefit.  Operating income increased 29 percent in the quarter, reflecting the net revenue increase while continuing to invest in key marketing initiatives.

·In Mexico, unit case volume increased 10 percent in the quarter.  The growth was led by brand Coca-Cola, which increased unit case volume 3 percent and the successful integration of Jugos del Valle, which contributed 3 points of the overall unit case growth.  Strong performance in sparkling and still beverages led to share

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gains in sparkling beverages, energy drinks, packaged water, juices and sports drinks.

·In Brazil, unit case volume growth for the quarter was 1 percent, successfully cycling 22 percent growth in the prior year.  Performance in the quarter was impacted by a volume decline in April resulting from a slowdown in industry growth as consumers used the availability of credit to drive durable goods growth.  Trademark Coca-Cola unit case volume increased 1 percent in the quarter, and both sparkling and still beverages gained volume and value share in the quarter.

·In Argentina, strong sparkling beverage growth, led by Trademark Coca-Cola, contributed to unit case volume growth of 7 percent in the quarter, successfully cycling 7 percent growth in the prior year quarter and driving sparkling beverage share gains.

North America

	Percent Change
	From Prior Year
	Second	Year-
	Quarter	To-Date
Unit Case Volume	Even	Even
Net Revenues	8%	10%
Operating Income	(9%)	(8%)

·Unit case volume in the North America Group was even in the quarter, reflecting a continued difficult U.S. economic environment and a shift in the impact of holidays out of the second quarter.  Retail unit case volume increased 1 percent, including a benefit from acquisitions, and Foodservice and Hospitality declined 3 percent, reflecting the continued challenging foodservice industry environment.  Net revenues for the quarter increased 8 percent, reflecting a 3 percent decrease in concentrate sales, positive pricing and mix of finished goods businesses and an increase from acquisitions.  Operating income decreased 9 percent in the quarter reflecting the growth in net revenues, including the benefit of acquisitions, offset by

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higher input costs in the finished goods businesses, unfavorable mix and continued investment in key business initiatives.

·Sparkling beverage unit case volume declined 4 percent in the quarter, primarily reflecting the decline in foodservice and other on-premise businesses.  The continued successful execution of the three-cola strategy resulted in Coca-Cola Classic, Diet Coke and Coca-Cola Zero combined gaining volume and value share in the U.S.  Coca-Cola Zero continued to deliver strong performance, increasing unit case volume more than 40 percent in the quarter, cycling strong double-digit growth in the prior year quarter.

·Still beverage unit case volume increased 9 percent in the quarter and achieved volume and value share gains, reflecting the continued strong performance of glacéau and Fuze as well as strong growth in juices and juice drinks.  The growth in juices and juice drinks was led by double-digit unit case volume growth of warehouse-delivered juices, which continued to gain volume and value share, reflecting the success of Trademark Simply and Minute Maid Enhanced Juices.

Pacific

	Percent Change
	From Prior Year
	Second	Year-
	Quarter	To-Date
Unit Case Volume	4%	7%
Net Revenues	13%	10%
Operating Income	19%	13%

·The Pacific Group increased unit case volume 4 percent in the quarter, cycling 9 percent growth in the prior year quarter, and reflected the impact from natural disasters and unfavorable weather.  Net revenues increased 13 percent, reflecting a 3 percent increase in concentrate sales, positive pricing and a low teens currency benefit, partially offset by unfavorable country mix.  Operating income increased 19 percent reflecting the increase in net revenues while investing in key business initiatives, including the Olympics activation.

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·In Japan, unit case volume declined 1 percent in the quarter, cycling 4 percent growth in the prior year quarter, while achieving share gains in nonalcoholic ready-to-drink beverages.  Trademark Coca-Cola continued to deliver unit case volume growth driven by the success of Coca-Cola Zero and the execution of the three-cola strategy.  Georgia Coffee unit case volume increased 4 percent in the quarter and 3 percent year-to-date, its third consecutive quarter of growth and its highest growth rate in more than 5 years.  Volume declines in Sokenbicha and Aquarius reflected unfavorable weather late in the quarter.  Our outlook for Japan remains positive reflecting initiatives to stabilize and return the business to sustainable growth.

·In China, despite being impacted by earthquakes and flooding across various regions, unit case volume increased 13 percent in the quarter led by strong growth in Trademark Coca-Cola, Trademark Sprite and Minute Maid.  The strong performance across the brands resulted in share gains in both sparkling and still beverages.  Olympic activation through innovative consumer and customer marketing continues with The Coca-Cola Company recently being recognized as the most effective sponsor of the Olympics in China.

·In the Philippines, unit case volume increased 3 percent in the quarter, cycling 11 percent growth in the prior year quarter.  While unit case volume was negatively impacted primarily by poor weather conditions in the quarter as well as pressure from the impact of food inflation on consumer discretionary spending, the performance reflected volume and value share gains in nonalcoholic ready-to-drink beverages and in sparkling beverages.

Bottling Investments

	Percent Change
	From Prior Year
	Second	Year-
	Quarter	To-Date
Unit Case Volume	16%	26%
Net Revenues	30%	36%
Operating Income	108%	137%

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·The Bottling Investments Group’s unit case volume increased 16 percent in the quarter, reflecting unit case volume growth across the group as well as a benefit from the acquisitions of certain bottlers in the prior year.  Net revenues increased 30 percent in the quarter as a result of the unit case volume increase, the acquisition of certain bottlers and a mid teens currency benefit.  Operating income more than doubled in the quarter due to the increase in net revenues, the cycling of restructuring charges in the prior year quarter and the continued focus on driving sustained financial performance through investments in market execution capabilities, enhanced supply chain efficiencies and controlled operating expenses.

Financial Review

Operating Results

Net operating revenues for the quarter increased 17 percent, reflecting a 3 percent increase in concentrate sales, a 2 percent increase from structural changes resulting primarily from acquisitions of certain bottlers, a 3 percent benefit from pricing and mix and a 9 percent positive currency impact.

Cost of goods sold increased 16 percent for the quarter, reflecting a 3 percent increase in concentrate sales, a 2 percent increase from structural changes resulting primarily from acquisitions of certain bottlers, an 8 percent increase from currency and increases in commodity-based input and freight costs.

Selling, general and administrative expenses for the quarter increased 16 percent, with structural changes primarily related to bottler acquisitions, increased costs from brand acquisitions and currency increasing selling, general and administrative expenses by 14 percent.  The Company continued to achieve expense leverage through investing in marketing to support brand growth while effectively managing general and administrative expenses through productivity initiatives.

The Company had other operating charges in the quarter of $97 million related to restructuring charges, contract termination costs and asset write-downs.

Operating income for the quarter increased 18 percent, reflecting the growth in gross profit, the investments in marketing and increased sales and service expenses.

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After considering items impacting comparability, operating income increased 20 percent.  Currency increased operating income in the quarter by 11 percent.  Based on current expectations of market rates for the remainder of the year and benefits of hedging coverage in place, the Company currently expects a favorable currency impact on 2008 operating income of at least mid single digits.

Equity income declined in the quarter primarily as a result of our proportionate share of the non-cash impairment charge recorded by CCE.

In the quarter, the Company recorded gains on the sales of assets of $102 million primarily related to the sale of a Brazilian bottler to Coca-Cola FEMSA, S.A.B. de C.V.

Effective Tax Rate

The reported effective tax rate for the quarter was 25.0 percent and the underlying effective tax rate on operations for the quarter was 22.0 percent.  The variance between the reported rate and the underlying rate was due to the tax impact of various separately disclosed items impacting comparability.

The Company anticipates that its underlying effective tax rate on operations for the full year 2008 will be 22.0 percent.  The Company’s estimated underlying effective tax rate does not reflect the impact of discrete events, which, if and when they occur, are separately recognized in the appropriate period.

Productivity Savings

The Company is targeting $400 to $500 million in annualized savings from productivity initiatives by year-end 2011 to provide additional flexibility to invest for growth.  The savings are expected to be generated in a number of areas, including aggressively managing operating expenses supported by lean techniques, redesigning key processes to drive standardization and effectiveness, better leveraging our size and scale, and driving savings in indirect costs through the implementation of a “procure-to-pay” program.  In realizing the savings, the Company expects to incur total nonrecurring costs by 2011 approximately equal to the annualized savings.

New Operating Structure

As previously communicated, effective July 1, 2008, the Company made certain

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changes to its operating structure to align geographic responsibility.  The European Union Group was reconfigured to include the Adriatic and Balkans Region and was renamed the Europe Group; and the remaining Eurasia Group was combined with the Africa Group into the new Eurasia & Africa Group.  The changes in operating structure did not impact the other existing geographic operating segments, Bottling Investments or Corporate.  Reporting on the new structure will start with third quarter 2008 results.  Reclassified operating segment information will be published during the third quarter of 2008.

Items Impacting Prior Year Results

In 2007, the second quarter results included a net charge of $0.05 per share primarily related to restructuring charges and a non-cash impairment charge at an equity investee.  In 2007, the first quarter results included a net charge of $0.02 per share primarily related to an asset write-off in the Philippines bottler, partially offset by gains on the sales of the equity interest in a Brazilian bottler and real estate in Spain.

Conference Call

The Company will host a conference call with investors and analysts to discuss the second quarter results today at 8:30 a.m. (EDT).  The Company invites investors to listen to the live audiocast of the conference call at the Company’s Web site,
www.thecoca-colacompany.com in the “Investors” section.  A replay in downloadable MP3 format will also be available within 24 hours after the audiocast on the Company’s Web site.  Further, the “Investors” section of the Company’s Web site includes a reconciliation of non-GAAP financial measures that may be used periodically by management when discussing the Company’s financial results with investors and analysts to our results as reported under GAAP.

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THE COCA-COLA COMPANY AND SUBSIDIARIES

Condensed Consolidated Statements of Income

 (UNAUDITED)

(In millions except per share data)

	Three Months Ended
	June 27, 2008			June 29, 2007			% Change
Net Operating Revenues	$	9,046		$	7,733		17
Cost of goods sold	3,162			2,736			16
Gross Profit	5,884			4,997			18
Selling, general and administrative expenses	3,108			2,685			16
Other operating charges	97			42			—
Operating Income	2,679			2,270			18
Interest income	69			54			28
Interest expense	89			102			(13)
Equity income - net	(843		)	190			—
Other income (loss) - net	80			(4		)	—
Income Before Income Taxes	1,896			2,408			(21)
Income taxes	474			557			(15)
Net Income	$	1,422		$	1,851		(23)
Diluted Net Income Per Share*	$	0.61		$	0.80		(24)
Average Shares Outstanding - Diluted*	2,343			2,326

*For the second quarter, “Basic Net Income Per Share” was $0.61 for 2008 and $0.80 for 2007 based on “Average Shares Outstanding - Basic” of 2,316 and 2,312 for 2008 and 2007, respectively.

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THE COCA-COLA COMPANY AND SUBSIDIARIES

Condensed Consolidated Statements of Income

 (UNAUDITED)

(In millions except per share data)

	Six Months Ended
	June 27, 2008			June 29, 2007		% Change
Net Operating Revenues	$	16,425		$	13,836	19
Cost of goods sold	5,786			4,881		19
Gross Profit	10,639			8,955		19
Selling, general and administrative expenses	5,911			5,010		18
Other operating charges	175			48		—
Operating Income	4,553			3,897		17
Interest income	134			91		47
Interest expense	206			173		19
Equity income - net	(706		)	210		—
Other income - net	69			112		—
Income Before Income Taxes	3,844			4,137		(7)
Income taxes	922			1,024		(10)
Net Income	$	2,922		$	3,113	(6)
Diluted Net Income Per Share*	$	1.24		$	1.34	(7)
Average Shares Outstanding - Diluted*	2,349			2,324

*For the six months, “Basic Net Income Per Share” was $1.26 for 2008 and $1.35 for 2007 based on “Average Shares Outstanding - Basic” of 2,319 and 2,313 for 2008 and 2007, respectively.

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THE COCA-COLA COMPANY AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(UNAUDITED)

(In millions except par value)

	June 27, 2008			December 31, 2007
Assets
Current Assets
Cash and cash equivalents	$	6,571		$	4,093
Marketable securities	286			215
Trade accounts receivable, less allowances of $77 and $56, respectively	4,073			3,317
Inventories	2,531			2,220
Prepaid expenses and other assets	2,628			2,260
Total Current Assets	16,089			12,105
Investments
Equity method investments	6,815			7,289
Cost method investments, principally bottling companies	552			488
Total Investments	7,367			7,777
Other Assets	2,634			2,675
Property, Plant and Equipment - net	8,712			8,493
Trademarks With Indefinite Lives	6,025			5,153
Goodwill	4,062			4,256
Other Intangible Assets	2,842			2,810
Total Assets	$	47,731		$	43,269
Liabilities and Shareowners’ Equity
Current Liabilities
Accounts payable and accrued expenses	$	7,978		$	6,915
Loans and notes payable	7,752			5,919
Current maturities of long-term debt	531			133
Accrued income taxes	359			258
Total Current Liabilities	16,620			13,225
Long-Term Debt	2,874			3,277
Other Liabilities	3,267			3,133
Deferred Income Taxes	1,788			1,890
Shareowners’ Equity
Common stock, $0.25 par value; Authorized - 5,600 shares; Issued - 3,519 shares and 3,519 shares, respectively	880			880
Capital surplus	7,805			7,378
Reinvested earnings	37,386			36,235
Accumulated other comprehensive income (loss)	1,352			626
Treasury stock, at cost - 1,209 shares and 1,201 shares, respectively	(24,241		)	(23,375		)
Total Shareowners’ Equity	23,182			21,744
Total Liabilities and Shareowners’ Equity	$	47,731		$	43,269

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THE COCA-COLA COMPANY AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(UNAUDITED)

(In millions)

	Six Months Ended
	June 27, 2008			June 29, 2007
Operating Activities
Net income	$	2,922		$	3,113
Depreciation and amortization	637			515
Stock-based compensation expense	152			155
Deferred income taxes	(222		)	(44		)
Equity income or loss, net of dividends	856			(82		)
Foreign currency adjustments	(43		)	(25		)
Gains on sales of assets, including bottling interests	(111		)	(139		)
Other operating charges	159			48
Other items	34			49
Net change in operating assets and liabilities	(1,166		)	(295		)
Net cash provided by operating activities	3,218			3,295
Investing Activities
Acquisitions and investments, principally trademarks and bottling companies	(621		)	(3,649		)
Purchases of other investments	(140		)	(41		)
Proceeds from disposals of other investments	387			258
Purchases of property, plant and equipment	(896		)	(770		)
Proceeds from disposals of property, plant and equipment	46			151
Other investing activities	(10		)	5
Net cash used in investing activities	(1,234		)	(4,046		)
Financing Activities
Issuances of debt	4,317			5,762
Payments of debt	(2,478		)	(2,080		)
Issuances of stock	459			643
Purchases of stock for treasury	(1,031		)	(958		)
Dividends	(884		)	(787		)
Net cash provided by financing activities	383			2,580
Effect of Exchange Rate Changes on Cash and Cash Equivalents	111			95
Cash and Cash Equivalents
Net increase during the period	2,478			1,924
Balance at beginning of period	4,093			2,440
Balance at end of period	$	6,571		$	4,364

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THE COCA-COLA COMPANY AND SUBSIDIARIES

Operating Segments

(UNAUDITED)

(In millions)

Three Months Ended

	Net Operating Revenues							Operating Income (Loss)								Income (Loss) Before Income Taxes
	June 27, 2008			June 29, 2007			% Fav. /	June 27, 2008			June 29, 2007			% Fav. /		June 27, 2008			June 29, 2007			% Fav. /
	(1)			(5)			(Unfav.)	(2)			(6)			(Unfav.)		(2), (3), (4)			(6), (7)			(Unfav).
Africa	$	318		$	300		6	$	127		$	79		61		$	125		$	78		60
Eurasia	456			352			30	196			162			21		198			170			16
European Union	1,636			1,449			13	962			829			16		975			839			16
Latin America	960			779			23	531			413			29		534			412			30
North America	2,256			2,083			8	457			500			(9	)	462			498			(7	)
Pacific	1,324			1,170			13	604			506			19		597			497			20
Bottling Investments	2,701			2,076			30	156			75			108		(711		)	247			-
Corporate	29			18			61	(354		)	(294		)	(20	)	(284		)	(333		)	15
Eliminations	(634		)	(494		)	—	—			—			-		—			—			-
Consolidated	$	9,046		$	7,733		17	$	2,679		$	2,270		18		$	1,896		$	2,408		(21	)

(1)Intersegment revenues for the three months ended June 27, 2008 were $16 million for Africa, $50 million for Eurasia, $299 million for European Union, $63 million for Latin America, $16 million for North America, $97 million for Pacific and $93 million for Bottling Investments.

(2)Operating income (loss) and income (loss) before income taxes for the three months ended June 27, 2008 were reduced by approximately $4 million for North America, $5 million for Bottling Investments and $88 million for Corporate, primarily due to restructuring costs, contract termination costs and asset write-downs.

(3)Income (loss) before income taxes for the three months ended June 27, 2008 was reduced by approximately $1.1 billion for Bottling Investments, primarily as a result of our proportionate share of an impairment charge recorded by CCE.

(4)Income (loss) before income taxes for the three months ended June 27, 2008 was increased by approximately $102 million for Bottling Investments and Corporate, primarily due to a gain on the sale of Refrigerantes Minas Gerais Ltda.

(5)Intersegment revenues for the three months ended June 29, 2007 were $12 million for Africa, $43 million for Eurasia, $216 million for European Union, $22 million for Latin America, $21 million for North America, $135 million for Pacific and $45 million for Bottling Investments.

(6)Operating income (loss) and income (loss) before income taxes for the three months ended June 29, 2007 were reduced by approximately $18 million for Africa, $5 million for European Union, $2 million for Latin America, $1 million for Pacific, $23 million for Bottling Investments, primarily related to asset impairments and restructuring costs, and were increased by $1 million for Corporate. These amounts were primarily recorded in other operating charges.

(7)Income (loss) before income taxes for the three months ended June 29, 2007 was reduced by approximately $89 million for Bottling Investments, primarily due to our proportionate share of asset write-downs and restructuring charges recorded by equity method investees.

17

THE COCA-COLA COMPANY AND SUBSIDIARIES

Operating Segments

(UNAUDITED)

(In millions)

Six Months Ended

	Net Operating Revenues							Operating Income (Loss)								Income (Loss) Before Income Taxes
	June 27, 2008			June 29, 2007			% Fav. /	June 27, 2008			June 29, 2007			% Fav. /		June 27, 2008			June 29, 2007			% Fav. /
	(1)			(5)			(Unfav.)	(2)			(6)			(Unfav.)		(2), (3), (4)			(6), (7)			(Unfav)
Africa	$	632		$	610		4	$	253		$	191		32		$	247		$	186		33
Eurasia	782			571			37	341			249			37		341			260			31
European Union	2,911			2,539			15	1,653			1,433			15		1,675			1,453			15
Latin America	1,861			1,498			24	1,037			828			25		1,038			827			26
North America	4,154			3,764			10	781			847			(8	)	787			846			(7	)
Pacific	2,328			2,109			10	992			878			13		980			864			13
Bottling Investments	4,790			3,533			36	173			73			137		(556		)	254			—
Corporate	57			32			78	(677		)	(602		)	(12	)	(668		)	(553		)	(21	)
Eliminations	(1,090		)	(820		)	—	—			—			—		—			—			—
Consolidated	$	16,425		$	13,836		19	$	4,553		$	3,897		17		$	3,844		$	4,137		(7	)

(1)Intersegment revenues for the six months ended June 27, 2008 were $28 million for Africa, $80 million for Eurasia, $529 million for European Union, $120 million for Latin America, $30 million for North America, $188 million for Pacific and $115 million for Bottling Investments.

(2)Operating income (loss) and income (loss) before income taxes for the six months ended June 27, 2008 were reduced by approximately $6 million for North America, $5 million for Bottling Investments and $164 million for Corporate, primarily due to restructuring costs, contract termination costs and asset write-downs.

(3)Income (loss) before income taxes for the six months ended June 27, 2008 was reduced by approximately $1.1 billion for Bottling Investments, primarily as a result of our proportionate share of an impairment charge recorded by CCE.

(4)Income (loss) before income taxes for the six months ended June 27, 2008 was increased by approximately $102 million for Bottling Investments and Corporate, primarily due to the gain on the sale of Refrigerantes Minas Gerais Ltda.

(5)Intersegment revenues for the six months ended June 29, 2007 were $22 million for Africa, $67 million for Eurasia, $384 million for European Union, $60 million for Latin America, $37 million for North America, $185 million for Pacific and $65 million for Bottling Investments.

(6)Operating income (loss) and income (loss) before income taxes for the six months ended June 29, 2007 were reduced by approximately $20 million for Africa, $5 million for European Union, $2 million for Latin America, $1 million for Pacific, $29 million for Bottling Investments and $1 million for Corporate, primarily due to asset impairments and restructuring costs. These amounts were primarily recorded in other operating charges.

(7)Income (loss) before income taxes for the six months ended June 29, 2007 was reduced by approximately $162 million for Bottling Investments, primarily due to our proportionate share of asset write-downs and restructuring charges recorded by equity method investees, and was increased by approximately $136 million for Corporate, primarily due to gains on the sale of real estate in Spain and the sale of our equity ownership in Vonpar, a bottler in Brazil.

18

THE COCA-COLA COMPANY AND SUBSIDIARIES

Reconciliation of GAAP and Non-GAAP Financial Measures

(UNAUDITED)

(In millions except per share data)

	Three Months Ended June 27, 2008																			% Change -
				Items Impacting Comparability											After					After
	Reported (GAAP)			Asset Impairments/ Restructuring			Equity Investees		Transaction Gains			Certain Tax Matters (1)			Considering Items (Non-GAAP)			% Change - Reported (GAAP)		Considering Items (Non-GAAP)
Net Operating Revenues	$	9,046													$	9,046		17		17	(2)
Cost of goods sold	3,162														3,162			16		16
Gross Profit	5,884														5,884			18		18
Selling, general and administrative expenses	3,108														3,108			16		16
Other operating charges	97			$	(97	)									—			—		—
Operating Income (3)	2,679			97											2,776			18		20	(3)
Interest income	69														69			28		28
Interest expense	89														89			(13	)	(13	)
Equity income - net	(843		)				$	1,132							289			—		4
Other income (loss) - net	80								$	(102	)				(22		)	—		—
Income Before Income Taxes	1,896			97			1,132		(102		)				3,023			(21	)	19
Income taxes	474			22			230		(32		)	$	(29	)	665			(15	)	19
Net Income	$	1,422		$	75		$	902	$	(70	)	$	29		$	2,358		(23	)	18
Diluted Net Income Per Share	$	0.61		$	0.03		$	0.38	$	(0.03	)	$	0.01		$	1.01	(4)	(24	)	19
Average Shares Outstanding - Diluted	2,343			2,343			2,343		2,343			2,343			2,343
Gross Margin	65.0		%												65.0		%
Operating Margin	29.6		%												30.7		%
Effective Tax Rate	25.0		%												22.0		%

	Three Months Ended June 29, 2007
				Items Impacting Comparability										After
	Reported (GAAP)			Asset Impairments/ Restructuring			Equity Investees		Gains on Sales of Assets		Certain Tax Matters (1)			Considering Items (Non-GAAP)
Net Operating Revenues	$	7,733												$	7,733
Cost of goods sold	2,736			$(6		)								2,730
Gross Profit	4,997			6										5,003
Selling, general and administrative expenses	2,685													2,685
Other operating charges	42			(42		)								—
Operating Income	2,270			48										2,318
Interest income	54													54
Interest expense	102													102
Equity income - net	190						$	89						279
Other income (loss) - net	(4		)						$	1				(3		)
Income Before Income Taxes	2,408			48			89		1					2,546
Income taxes	557			12			26		—		$	(30	)	565
Net Income	$	1,851		$	36		$	63	$	1	$	30		$	1,981
Diluted Net Income Per Share	$	0.80		$	0.02		$	0.03	$	0.00	$	0.01		$	0.85	(4)
Average Shares Outstanding - Diluted	2,326			2,326			2,326		2,326		2,326			2,326
Gross Margin	64.6		%											64.7		%
Operating Margin	29.4		%											30.0		%
Effective Tax Rate	23.1		%											22.2		%

Note: Items to consider for comparability include primarily charges, gains, and accounting changes.  Charges and accounting changes negatively impacting net income are reflected as increases to reported net income.  Gains and accounting changes positively impacting net income are reflected as deductions to reported net income.

(1) Primarily related to changes in reserves related to certain tax matters.

(2) Net operating revenues excluding structural changes:

	2008			2007			% Change
Reported net operating revenues	$	9,046		$	7,733		17	%
Structural changes	(325		)	(168		)	—
Net operating revenues excluding structural changes	$	8,721		$	7,565		15	%

(3) Operating income after considering items impacting comparability for the three months ended June 27, 2008 includes a positive currency impact of approximately 11%. Currency neutral operating income growth after considering items impacting comparability is 9%.

(4) Per share amounts do not add due to rounding.

The Company reports its financial results in accordance with U. S. generally accepted accounting principles (GAAP).  However, management believes that certain non-GAAP financial measures used in managing the business may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability.  Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company's performance.  See the Table above for supplemental financial data and corresponding reconciliations to GAAP financial measures for the three months ended June 27, 2008 and June 29, 2007. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s reported results prepared in accordance with GAAP.

19

THE COCA-COLA COMPANY AND SUBSIDIARIES

Reconciliation of GAAP and Non-GAAP Financial Measures

(UNAUDITED)

(In millions except per share data)

	Six Months Ended June 27, 2008																			% Change -
				Items Impacting Comparability											After					After
	Reported (GAAP)			Asset Impairments/ Restructuring			Equity Investees		Transaction Gains			Certain Tax Matters (1)			Considering  Items (Non-GAAP)			% Change - Reported (GAAP)		Considering  Items (Non-GAAP)
Net Operating Revenues	$	16,425													$	16,425		19		19	(2)
Cost of goods sold	5,786														5,786			19		19
Gross Profit	10,639														10,639			19		19
Selling, general and administrative expenses	5,911														5,911			18		18
Other operating charges	175			$	(175	)									—			—		—
Operating Income	4,553			175											4,728			17		20	(3)
Interest income	134														134			47		47
Interest expense	206														206			19		19
Equity income - net	(706		)				$	1,127							421			—		13
Other income (loss) - net	69								$	(102	)				(33		)	—		—
Income Before Income Taxes	3,844			175			1,127		(102		)				5,044			(7	)	19
Income taxes	922			35			216		(32		)	$	(31	)	1,110			(10	)	17
Net Income	$	2,922		$	140		$	911	$	(70	)	$	31		$	3,934		(6	)	20
Diluted Net Income Per Share	$	1.24		$	0.06		$	0.39	$	(0.03	)	$	0.01		$	1.67		(7	)	18
Average Shares Outstanding - Diluted	2,349			2,349			2,349		2,349			2,349			2,349
Gross Margin	64.8		%												64.8		%
Operating Margin	27.7		%												28.8		%
Effective Tax Rate	24.0		%												22.0		%

	Six Months Ended June 29, 2007
				Items Impacting Comparability											After
	Reported (GAAP)			Asset Impairments/ Restructuring			Equity Investee		Transaction Gains			Certain Tax Matters (1)			Considering Items (Non-GAAP)
Net Operating Revenues	$	13,836													$	13,836
Cost of goods sold	4,881			$	(10	)									4,871
Gross Profit	8,955			10											8,965
Selling, general and administrative expenses	5,010														5,010
Other operating charges	48			(48		)									—
Operating Income	3,897			58											3,955
Interest income	91														91
Interest expense	173														173
Equity income - net	210						$	162							372
Other income (loss) - net	112								$	(136	)				(24		)
Income Before Income Taxes	4,137			58			162		(136		)				4,221
Income taxes	1,024			14			26		(73		)	$	(41	)	950
Net Income	$	3,113		$	44		$	136	$	(63	)	$	41		$	3,271
Diluted Net Income Per Share	$	1.34		$	0.02		$	0.06	$	(0.03	)	$	0.02		$	1.41
Average Shares Outstanding - Diluted	2,324			2,324			2,324		2,324			2,324			2,324
Gross Margin	64.7		%												64.8		%
Operating Margin	28.2		%												28.6		%
Effective Tax Rate	24.8		%												22.5		%

Note: Items to consider for comparability include primarily charges, gains, and accounting changes.  Charges and accounting changes negatively impacting net income are reflected as increases to reported net income.  Gains and accounting changes positively impacting net income are reflected as deductions to reported net income.

(1)Primarily related to changes in reserves related to certain tax matters.

(2)Net operating revenues excluding structural changes:

	2008			2007			% Change
Reported net operating revenues	$	16,425		$	13,836		19	%
Structural changes	(746		)	(297		)	—
Net operating revenues excluding structural changes	$	15,679		$	13,539		16	%

(3)Operating income after considering items impacting comparability for the six months ended June 27, 2008 includes a positive currency impact of approximately 11%. Currency neutral operating income growth after considering items impacting comparability is 9%.

The Company reports its financial results in accordance with U. S. generally accepted accounting principles (GAAP).  However, management believes that certain non-GAAP financial measures used in managing the business may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods. Management believes that these non-GAAP financial measures can provide additional meaningful reflection of underlying trends of the business because they provide a comparison of historical information that excludes certain items that impact the overall comparability.  Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance.  See the Table above for supplemental financial data and corresponding reconciliations to GAAP financial measures for the six months ended June 27, 2008 and June 29, 2007. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s reported results prepared in accordance with GAAP.

20

The Coca-Cola Company

The Coca-Cola Company is the world’s largest beverage company, refreshing consumers with more than 450 sparkling and still brands.  Along with Coca-Cola, recognized as the world’s most valuable brand, the Company’s portfolio includes 12 other billion dollar brands, including Diet Coke, Fanta, Sprite, Coca-Cola Zero, vitaminwater, Powerade, Minute Maid and Georgia Coffee.  Globally, we are the No. 1 provider of sparkling beverages, juices and juice drinks and ready-to-drink teas and coffees.  Through the world’s largest beverage distribution system, consumers in more than 200 countries enjoy the Company’s beverages at a rate of 1.5 billion servings a day. With an enduring commitment to building sustainable communities, our Company is focused on initiatives that protect the environment, conserve resources and enhance the economic development of the communities where we operate.  For more information about our Company, please visit our website at www.thecoca-colacompany.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, obesity concerns; scarcity and quality of water; changes in the nonalcoholic beverages business environment, including changes in consumer preferences based on health and nutrition considerations and obesity concerns; shifting consumer tastes and needs, changes in lifestyles and increased consumer information; increased competition; our ability to expand our operations in emerging markets; foreign currency and interest rate fluctuations; our ability to maintain good relationships with our bottling partners; the financial condition of our bottlers; our ability to maintain good labor relations, including our ability to renew collective bargaining agreements on satisfactory terms and avoid strikes or work stoppages; increase in the cost of energy; increase in cost, disruption of supply or shortage of raw materials; changes in laws and regulations relating to beverage containers and packaging, including mandatory deposit, recycling, eco-tax and/or product stewardship laws or regulations; adoption of significant additional labeling or warning requirements; unfavorable economic and political conditions in international markets, including civil unrest and product boycotts; changes in commercial or market practices and business model within the European Union; litigation uncertainties; adverse weather conditions; our ability to maintain brand image and product quality as well as other product issues such as product recalls; changes in legal and regulatory environments; changes in accounting standards and taxation requirements; our ability to achieve overall long-term goals; our ability to protect our information systems; additional impairment charges; our ability to successfully manage Company-owned bottling operations; global or regional catastrophic events; and other risks discussed in our Company’s filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K, which filings are available from the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The  Coca-Cola Company undertakes no obligation to publicly update or revise any forward-looking statements.

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