EXHIBIT 99.1
CAUTIONARY STATEMENT RELATIVE TO FORWARD-LOOKING STATEMENTS
The Private Securities Litigation Reform Act of 1995 (the Act) provides
a safe harbor for forward-looking statements made by or on behalf of the
Company. The Company and its representatives may from time to time make
written or verbal forward-looking statements, including statements
contained in the Company's filings with the Securities and Exchange
Commission and in its reports to share owners. Generally, the words
"believe," "expect," "intend," "estimate," "anticipate," "will" and similar
expressions identify forward-looking statements. All statements which
address operating performance, events or developments that the Company
expects or anticipates will occur in the future, including statements
relating to volume growth, share of sales and earnings per share growth,
statements expressing general optimism about future operating results and
non-historical Year 2000 information, are forward-looking statements within
the meaning of the Act. The forward-looking statements are and will be
based on management's then current views and assumptions regarding future
events and operating performance, and speak only as of their dates. 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 affect the Company's
financial performance or could cause actual results to differ materially
from estimates contained in or underlying the Company's forward-looking
statements:
-- The Company's ability to generate sufficient cash flows
to support capital expansion plans, share repurchase
programs and general operating activities.
-- Competitive product and pricing pressures and the
Company's ability to gain or maintain share of sales in
the global market as a result of actions by competitors.
While the Company believes its opportunities for
sustained, profitable growth are considerable,
unanticipated actions of competitors could impact its
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.
-- The Company's 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 the Company
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 the Company's exposures to capital markets,
including interest and foreign currency, are managed on a
consolidated basis, which allows the Company to net
certain exposures and, thus, take advantage of any
natural offsets. The Company uses derivative financial
instruments to reduce its net exposure to financial
risks. There can be no assurance, however, that the
Company's financial risk management program will be
successful in reducing foreign currency exposures.
-- Economic and political conditions in international
markets, including civil unrest, governmental changes and
restrictions on the ability to transfer capital across
borders.
-- The Company's ability to penetrate developing and
emerging markets, which also depends on economic and
political conditions, and how well the Company is 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 the Company's advertising, marketing
and promotional programs.
-- The uncertainties of litigation, as well as other risks
and uncertainties detailed from time to time in the
Company's Securities and Exchange Commission filings.
-- Adverse weather conditions, which could reduce demand for
Company products.
-- The Company's ability and the ability of its key business
partners (critically important bottlers, customers,
suppliers, vendors and public entities such as government
regulatory agencies, utilities, financial entities and
others) and other third parties to replace, modify or
upgrade computer systems in ways that adequately address
the Year 2000 problem. Given the numerous and
significant uncertainties involved, there can be no
assurance that Year 2000 related estimates and
anticipated results will be achieved, and actual results
could differ materially. Specific factors that might
cause such material differences include, but are not
limited to, the ability to identify and correct all
relevant computer codes and embedded chips, unanticipated
difficulties or delays in the implementation of Year 2000
project plans and the ability of third parties to
adequately address their own Year 2000 issues.
-- The Company's ability to resolve issues relating to
introduction of the European Union's common currency (the
Euro) in a timely fashion.
The foregoing list of important factors is not exclusive.
2
CAUTIONARY STATEMENT RELATIVE TO FORWARD-LOOKING STATEMENTS
The Private Securities Litigation Reform Act of 1995 (the Act) provides
a safe harbor for forward-looking statements made by or on behalf of the
Company. The Company and its representatives may from time to time make
written or verbal forward-looking statements, including statements
contained in the Company's filings with the Securities and Exchange
Commission and in its reports to share owners. Generally, the words
"believe," "expect," "intend," "estimate," "anticipate," "will" and similar
expressions identify forward-looking statements. All statements which
address operating performance, events or developments that the Company
expects or anticipates will occur in the future, including statements
relating to volume growth, share of sales and earnings per share growth,
statements expressing general optimism about future operating results and
non-historical Year 2000 information, are forward-looking statements within
the meaning of the Act. The forward-looking statements are and will be
based on management's then current views and assumptions regarding future
events and operating performance, and speak only as of their dates. 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 affect the Company's
financial performance or could cause actual results to differ materially
from estimates contained in or underlying the Company's forward-looking
statements:
-- The Company's ability to generate sufficient cash flows
to support capital expansion plans, share repurchase
programs and general operating activities.
-- Competitive product and pricing pressures and the
Company's ability to gain or maintain share of sales in
the global market as a result of actions by competitors.
While the Company believes its opportunities for
sustained, profitable growth are considerable,
unanticipated actions of competitors could impact its
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.
-- The Company's 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 the Company
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 the Company's exposures to capital markets,
including interest and foreign currency, are managed on a
consolidated basis, which allows the Company to net
certain exposures and, thus, take advantage of any
natural offsets. The Company uses derivative financial
instruments to reduce its net exposure to financial
risks. There can be no assurance, however, that the
Company's financial risk management program will be
successful in reducing foreign currency exposures.
-- Economic and political conditions in international
markets, including civil unrest, governmental changes and
restrictions on the ability to transfer capital across
borders.
-- The Company's ability to penetrate developing and
emerging markets, which also depends on economic and
political conditions, and how well the Company is 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 the Company's advertising, marketing
and promotional programs.
-- The uncertainties of litigation, as well as other risks
and uncertainties detailed from time to time in the
Company's Securities and Exchange Commission filings.
-- Adverse weather conditions, which could reduce demand for
Company products.
-- The Company's ability and the ability of its key business
partners (critically important bottlers, customers,
suppliers, vendors and public entities such as government
regulatory agencies, utilities, financial entities and
others) and other third parties to replace, modify or
upgrade computer systems in ways that adequately address
the Year 2000 problem. Given the numerous and
significant uncertainties involved, there can be no
assurance that Year 2000 related estimates and
anticipated results will be achieved, and actual results
could differ materially. Specific factors that might
cause such material differences include, but are not
limited to, the ability to identify and correct all
relevant computer codes and embedded chips, unanticipated
difficulties or delays in the implementation of Year 2000
project plans and the ability of third parties to
adequately address their own Year 2000 issues.
-- The Company's ability to resolve issues relating to
introduction of the European Union's common currency (the
Euro) in a timely fashion.
The foregoing list of important factors is not exclusive.
2