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Exhibit 99.1

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


    CONTACT:   Media:   Ben Deutsch
(404) 676-2683







Larry M. Mark
(404) 676-8054


        ATLANTA, July 22, 2004 — The Coca-Cola Company reported second quarter earnings per share of $0.65, an 18 percent increase from the prior year second quarter earnings of $0.55. Reported earnings per share for the first six months were $1.11, a 25 percent increase from the prior year period earnings of $0.89 per share.

        Gross profit for the second quarter increased 10 percent and operating income increased 13 percent, reflecting solid results in many key markets and a positive currency benefit of approximately 6 percent to operating income. For the first six months, gross profit increased 13 percent and operating income increased 22 percent.

        Worldwide unit case volume increased 1 percent in the second quarter and 2 percent in the first six months. Key contributors to unit case volume growth in the quarter included Japan, North America, China, Brazil, Argentina, South Africa and Turkey. Partially offsetting these trends were unit case volume declines in Germany, the Philippines, Mexico and Indonesia.

        Neville Isdell, chairman and chief executive officer, commented, "Based on my initial review, our system remains focused on building its revenue growth management capabilities, while also investing in and strengthening the best beverage brands in the world, but clearly there is still work to be done. While we have begun to build a solid foundation to deliver sustainable, profitable volume growth, here too, we have opportunities for improvement.

        "Our results in the quarter reflect solid performance in many markets, but we are experiencing challenging conditions in several key countries, including Germany, Mexico and the Philippines. Within

these markets, we expect the environment to remain difficult throughout the remainder of this year while we focus on improving our short-term performance and strengthening our system's long-term capabilities."

Financial Highlights

Operational Highlights

North America


Europe, Eurasia and Middle East



Latin America



Financial Review

Operating Results

        Revenues for the quarter increased 5 percent to $6.0 billion, reflecting an increase in gallon shipments of 5 percent, improved pricing of concentrate and positive currency trends, offset by the impact of structural changes. Structural changes related to the impact of creating a supply chain management company in Japan and the consolidation of certain bottling operations which are considered variable interest entities. For the first six months of the year, gallon shipments increased 5 percent, consistent with the growth in reported unit cases. During the second half of 2004, gallons are expected to grow at a slower rate due to the timing of shipping days.

        The following reflects net operating revenues from the Company's operations:

  Second Quarter
  Six Months Ended June 30
(in millions)

Company Operations, Excluding Bottling   $ 5,068   $ 4,839   $ 9,461   $ 8,761
Company-Owned Bottling Operations     897     856     1,582     1,436
Consolidated Net Operating Revenues   $ 5,965   $ 5,695   $ 11,043   $ 10,197

        Cost of goods sold decreased by 5 percent in the quarter, primarily reflecting the impact of creating a supply chain management company in Japan and supply chain efficiencies.

        Selling, general and administrative expenses increased 8 percent during the quarter reflecting strong investments in marketing activities, such as the launch of Coca-Cola C2 in North America and Japan, structural changes and currency impact. In addition, increased corporate expenses in the quarter included higher insurance and legal expenses. The Company also had other operating charges in the second quarter amounting to $88 million pre-tax ($58 million after tax) related primarily to the write-down of various manufacturing investments.

        Reported operating income for the quarter increased 13 percent, representing solid results from the Company's geographic operating segments and the positive impact of foreign currency of 6 percent. During the second half of 2004, currency benefits are expected to be substantially less as compared to the first half of this year.

        Equity income in the quarter included $37 million pre-tax ($24 million after tax) related to a positive tax settlement at Coca-Cola Femsa in the second quarter. The Company remains committed to maintaining a strong and healthy bottling system throughout the world.

        The Company recorded a non-cash gain of $49 million pre-tax ($30 million after tax), resulting from the issuance of stock by Coca-Cola Enterprises Inc. (CCE). This gain primarily relates to the issuance by CCE of common stock valued at an amount greater than the book value per share of the Company's investment in CCE. The issuance of these shares reduced the Company's ownership interest in the total outstanding shares of CCE common stock by 1 percent to 36 percent.


        The reported tax rate for the second quarter was 23 percent, reflecting an underlying effective tax rate on operations of 25 percent and a $41 million benefit related to the reversal of previously accrued taxes resulting from a favorable agreement with tax authorities.

        In determining the quarterly provision for income taxes, the Company uses an annual effective tax rate which is 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 is separately recognized in the quarter in which they occur. The Company estimates its effective underlying tax rate on operations will be approximately 25 percent for the remainder of the year.

Prior Year Results

        In 2003, the Company took steps to streamline and simplify its operations, primarily in North America and Europe. These initiatives resulted in a second quarter 2003 pre-tax charge of $70 million, or $0.02 per share after tax. For the first six months of 2003, streamlining charges impacted pre-tax net income by $229 million, or $0.06 per share after tax.

        During the first quarter of 2003, the Company reached a settlement with certain defendants in a vitamin antitrust litigation and received approximately $52 million on a pre-tax basis, or $0.01 per share on an after tax basis. The amount was recorded in the income statement as a reduction of cost of goods sold.

Creation of a Supply Chain Management Company in Japan

        Effective October 1, 2003, the Company and all of its bottling partners in Japan created a nationally integrated supply chain management company to centralize procurement, production, and logistics operations for the entire Coca-Cola system in Japan. The resources generated from this effort are being invested in marketing activities and customer service programs to enhance the long-term growth of the Coca-Cola system in Japan.

        As a result of the creation of the supply chain management company in Japan, a portion of The Coca-Cola Company's business has essentially been converted from a finished product business model to a concentrate business model. This shift of certain products to a concentrate business model resulted in a reduction of revenues and cost of goods sold by the same amount. This change in the business model did not impact gross profit. Had the change occurred as of January 1, 2003, both revenues and cost of goods sold for the three and six months ended June 30, 2003 would have been reduced by approximately $275 million and $470 million, respectively. This change will continue to affect the comparison of certain line items of the Company's statements of income over the next quarter, but will not impact the Company's underlying operating income.

Conference Call

        The Company will host a conference call with financial analysts to discuss the second quarter and year-to-date 2004 results on July 22, 2004, at 5:00 p.m. (EDT). The Company invites investors to listen to the live audiocast of the conference call at the Company's website, 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.


Consolidated Statements of Income
(In millions, except per share data)

  Three Months Ended
June 30,

  % Change
Net Operating Revenues   $ 5,965   $ 5,695   5  
Cost of goods sold     2,030     2,127   (5 )
Gross Profit     3,935     3,568   10  
Selling, general and administrative expenses     2,044     1,896   8  
Other operating charges     88     70    
Operating Income     1,803     1,602   13  
Interest income     32     45   (29 )
Interest expense     47     43   9  
Equity income     221     190   16  
Other income (loss) — net     (5 )   (44 )  
Gain on issuance of stock by equity investee     49        
Income Before Income Taxes     2,053     1,750   17  
Income taxes     469     388   21  
Net Income   $ 1,584   $ 1,362   16  
Diluted Net Income Per Share*   $ 0.65   $ 0.55   18  
Average Shares Outstanding — Diluted*     2,434     2,466   (1 )
For the second quarter, "Basic Net Income Per Share" was $0.65 for 2004 and $0.55 for 2003 based on "Average Shares Outstanding — Basic" of 2,430 and 2,463 for 2004 and 2003, respectively.


Consolidated Statements of Income
(In millions, except per share data)

  Six Months Ended
June 30,

  % Change
Net Operating Revenues   $ 11,043   $ 10,197   8  
Cost of goods sold     3,783     3,744   1  
Gross Profit     7,260     6,453   13  
Selling, general and administrative expenses     3,918     3,546   10  
Other operating charges     88     229    
Operating Income     3,254     2,678   22  
Interest income     67     101   (34 )
Interest expense     91     88   3  
Equity income     316     239   32  
Other income (loss) — net     (30 )   (57 )  
Gain on issuance of stock by equity investee     49        
Income Before Income Taxes     3,565     2,873   24  
Income taxes     854     676   26  
Net Income   $ 2,711   $ 2,197   23  
Diluted Net Income Per Share*   $ 1.11   $ 0.89   25  
Average Shares Outstanding — Diluted*     2,439     2,469   (1 )
For the first six months, "Basic Net Income Per Share" was $1.11 for 2004 and $0.89 for 2003 based on "Average Shares Outstanding — Basic" of 2,435 and 2,466 for 2004 and 2003, respectively.


Consolidated Balance Sheets
(In millions)


  June 30,

  December 31,

Current Assets              
  Cash and cash equivalents   $ 5,042   $ 3,362  
  Marketable securities     139     120  
      5,181     3,482  
  Trade accounts receivable, less allowances of $58 in 2004 and $61 in 2003     2,140     2,091  
  Inventories     1,491     1,252  
  Prepaid expenses and other assets     1,700     1,571  
Total Current Assets     10,512     8,396  
Investments and Other Assets              
  Equity method investments              
    Coca-Cola Enterprises Inc.     1,470     1,260  
    Coca-Cola Hellenic Bottling Company S.A.     999     941  
    Coca-Cola FEMSA, S.A. de C.V.     700     674  
    Coca-Cola Amatil Limited     656     652  
    Other, principally bottling companies     1,598     1,697  
  Cost method investments, principally bottling companies     334     314  
  Other assets     3,186     3,322  
      8,943     8,860  
Property, Plant and Equipment              
  Land     460     419  
  Building and improvements     2,759     2,615  
  Machinery and equipment     6,595     6,159  
  Containers     477     429  
      10,291     9,622  
  Less allowances for depreciation     (3,985 )   (3,525 )
      6,306     6,097  
Trademarks With Indefinite Lives     1,978     1,979  
Goodwill     1,048     1,029  
Other Intangible Assets     1,058     981  
    $ 29,845   $ 27,342  


Consolidated Balance Sheets
(In millions, except share data)

Liabilities and Share-Owners' Equity

  June 30,

  December 31,

Current Liabilities              
  Accounts payable and accrued expenses   $ 4,198   $ 4,058  
  Loans and notes payable     3,962     2,583  
  Current maturities of long-term debt     794     323  
  Accrued income taxes     1,124     922  
Total Current Liabilities     10,078     7,886  
Long-Term Debt     1,796     2,517  
Other Liabilities     2,643     2,512  
Deferred Income Taxes     325     337  
Share-Owners' Equity              
  Common Stock, $0.25 par value              
    Authorized: 5,600,000,000 shares
Issued: 3,498,358,186 shares in 2004; 3,494,799,258 shares in 2003
    875     874  
  Capital surplus     4,731     4,395  
  Reinvested earnings     28,180     26,687  
  Accumulated other comprehensive income (loss)     (1,944 )   (1,995 )
      31,842     29,961  
  Less treasury stock, at cost              
    (1,072,613,708 shares in 2004;
1,053,267,474 shares in 2003)
    (16,839 )   (15,871 )
      15,003     14,090  
    $ 29,845   $ 27,342  


Consolidated Statements of Cash Flows
(In millions)

  Six Months Ended
June 30,

Operating Activities              
  Net income   $ 2,711   $ 2,197  
  Depreciation and amortization     420     411  
  Stock-based compensation expense     189     222  
  Deferred income taxes     (57 )   (219 )
  Equity income or loss, net of dividends     (225 )   (169 )
  Foreign currency adjustments     (4 )   (108 )
  Gain on issuance of stock by equity investee     (49 )    
  Gains on sales of assets     (17 )   (14 )
  Other operating charges     88     196  
  Other items     158     167  
  Net change in operating assets and liabilities     (258 )   (553 )
    Net cash provided by operating activities     2,956     2,130  
Investing Activities              
  Purchases of property, plant and equipment     (352 )   (398 )
  Proceeds from disposals of property, plant and equipment     40     47  
  Acquisitions and investments, principally trademarks and bottling companies     (130 )   (205 )
  Purchases of investments and other assets     (32 )   (55 )
  Proceeds from disposals of investments and other assets     44     77  
  Other investing activities     55     17  
    Net cash used in investing activities     (375 )   (517 )
Financing Activities              
  Issuances of debt     2,254     932  
  Payments of debt     (1,105 )   (614 )
  Issuances of stock     142     24  
  Purchases of stock for treasury     (986 )   (433 )
  Dividends     (1,219 )   (545 )
    Net cash (used in) provided by financing activities     (914 )   (636 )
Effect of Exchange Rate Changes on Cash and Cash Equivalents     13     189  
Cash and Cash Equivalents              
  Net increase during the period     1,680     1,166  
  Balance at beginning of period     3,362     2,260  
    Balance at end of period   $ 5,042   $ 3,426  


The Coca-Cola Company
Second Quarter and Year-To-Date 2004
Unit Case Volume Results

  Unit Case Volume Growth
(Based on Average Daily Sales)

Reported Unit Case Volume Growth*

  2004 vs. 2003
% Change

  2004 vs. 2003
% Change

  Second Quarter
Worldwide   1   2   5
International Operations   1   1   5
  Africa   2   1   4
  Asia   4   2   6
  Europe, Eurasia and Middle East   (2 ) 1   4
  Latin America   1   2   5
North America Operations   2   2   5

        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 six months of 2004 to the actual unit cases shipped in the first six months of 2003. In the first six months of 2004, these amounts are greater than the amounts computed on an average daily sales basis because of extra days in the first quarter of 2004 as compared to the first quarter of 2003. The difference in days will be largely offset in the fourth quarter of 2004.

* Note:   For the second 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 second quarter.

The Coca-Cola Company

        The Coca-Cola Company is the world's largest beverage company. Along with Coca-Cola, recognized as the world's best-known 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 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 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; changes in the non-alcoholic beverages business environment, including actions of competitors and changes in consumer preferences; product boycotts; foreign currency and interest rate fluctuations; 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 achieve earnings goals; our ability to effectively align ourselves with our bottling system; regulatory and legal changes; our ability to penetrate developing and emerging markets; litigation uncertainties; and other risks discussed in our Company's filings with the Securities and Exchange Commission (the "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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