CAUTIONARY STATEMENT
Published on March 7, 2001
EXHIBIT 99.1
CAUTIONARY STATEMENT RELATIVE TO FORWARD-LOOKING STATEMENTS
Certain written and oral statements made by our Company and subsidiaries or
with the approval of an authorized executive officer of our Company may
constitute "forward-looking statements" as defined under the Private Securities
Litigation Reform Act of 1995, including statements made in this report and
other filings with the Securities and Exchange Commission. Generally, the words
"believe," "expect," "intend," "estimate," "anticipate," "project," "will" and
similar expressions identify forward-looking statements, which generally are not
historical in nature. All statements which address operating performance, events
or developments that we expect or anticipate will occur in the future including
statements relating to volume growth, share of sales and earnings per share
growth, and statements expressing general optimism about future operating
results are forward-looking statements. Forward-looking statements are subject
to certain risks and uncertainties that could cause actual results to differ
materially from our Company's historical experience and our present expectations
or projections. As and when made, management believes that these forward-looking
statements are reasonable. However, caution should be taken not to place undue
reliance on any such forward-looking statements since such statements speak only
as of the date when made. The Company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise. The following are some of the factors
that could cause our Company's actual results to differ materially from the
expected results described in or underlying our Company's forward-looking
statements:
- -- Our ability to generate sufficient cash flows to support capital
expansion plans, share repurchase programs and general operating activities.
- -- Changes in the nonalcoholic beverages business environment. These
include, without limitation, competitive product and pricing pressures and
our ability to gain or maintain share of sales in the global market as a
result of actions by competitors. While we believe our opportunities for
sustained, profitable growth are considerable, factors such as these
could impact our earnings, share of sales and volume growth.
- -- Changes in laws and regulations, including changes in accounting
standards, taxation requirements (including tax rate changes, new tax laws
and revised tax law interpretations) and environmental laws in domestic or
foreign jurisdictions.
- -- Fluctuations in the cost and availability of raw materials and the
ability to maintain favorable supplier arrangements and relationships.
- -- Our ability to achieve earnings forecasts, which are generated based on
projected volumes and sales of many product types, some of which are
more profitable than others. There can be no assurance that we will
achieve the projected level or mix of product sales.
- -- Interest rate fluctuations and other capital market conditions,
including foreign currency rate fluctuations. Most of our exposures to
capital markets, including interest and foreign currency, are managed on a
consolidated basis, which allows us to net certain exposures and, thus, take
advantage of any natural offsets. We use derivative financial instruments
to reduce our net exposure to financial risks. There can be no assurance,
however, that our financial risk management program will be successful
in reducing foreign currency exposures.
- -- Economic and political conditions, especially in international markets,
including civil unrest, governmental changes and restrictions on the ability
to transfer capital across borders.
- -- Our ability to penetrate developing and emerging markets, which also
depends on economic and political conditions, and how well we are able
to acquire or form strategic business alliances with local bottlers and
make necessary infrastructure enhancements to production facilities,
distribution networks, sales equipment and technology. Moreover, the supply
of products in developing markets must match the customers' demand for those
products, and due to product price and cultural differences, there can be
no assurance of product acceptance in any particular market.
- -- The effectiveness of our advertising, marketing and promotional programs.
- -- The uncertainties of litigation, as well as other risks and
uncertainties detailed from time to time in our Company's Securities
and Exchange Commission filings.
- -- Adverse weather conditions, which could reduce demand for Company
products. The foregoing list of important factors is not exclusive.