===============================================================================

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  _____________

                                    FORM 11-K
                                  _____________


         [X]      ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934
                     For the fiscal year ended December 31, 2003

                                       OR

         [ ]      TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934
                  For the transition period from _______ to _______



                          Commission File No. 001-02217



                      CARIBBEAN REFRESCOS, INC. THRIFT PLAN
                            (Full title of the plan)



                              THE COCA-COLA COMPANY
          (Name of issuer of the securities held pursuant to the plan)


                               One Coca-Cola Plaza
                             Atlanta, Georgia 30313
    (Address of the plan and address of issuer's principal executive offices)

 ==============================================================================

<PAGE>


                            CARIBBEAN REFRESCOS, INC.
                                   THRIFT PLAN

                              Financial Statements
                        As of December 31, 2003 and 2002
                    and for the Year Ended December 31, 2003
                   Together With Independent Auditors' Report










<PAGE>


                      CARIBBEAN REFRESCOS, INC. THRIFT PLAN

                       Financial Statements and Schedules
                        As of December 31, 2003 and 2002
                    and for the Year Ended December 31, 2003


                                Table of Contents


                                                                      Page
                                                                      ----

Independent Auditors' Report                                            1


Statements of Net Assets Available for Benefits                         2


Statement of Changes in Net Assets Available for Benefits               3


Notes to Financial Statements                                           4



                             Supplemental Schedules
                             ----------------------


Schedule H, line 4i - Schedule of Assets (Held at End of Year)         11


Schedule H, line 4j - Schedule of Reportable Transactions              12



<PAGE>


BANKS, FINLEY, WHITE & CO.
CERTIFIED PUBLIC ACCOUNTANTS


To the Thrift Plan Committee of
 Caribbean Refrescos, Inc.
Caribbean Refrescos, Inc.
Cidra, Puerto Rico

                          Independent Auditors' Report
                          ----------------------------

We have audited the accompanying statements of net assets available for benefits
of the Caribbean Refrescos, Inc. Thrift Plan (the "Plan") as of December 31,
2003 and 2002 and the related statement of changes in net assets available for
benefits for the year ended December 31, 2003.  These financial statements are
the responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Caribbean
Refrescos, Inc. Thrift Plan as of December 31, 2003 and 2002 and the changes in
net assets available for benefits for the year ended December 31, 2003, in
conformity with accounting principles generally accepted in the United States of
America.

Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets held
at end of year and reportable transactions are presented for purposes of
additional analysis and are not a required part of the basic financial
statements but are supplemental information required by the Department of
Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. These supplemental schedules are the
responsibility of the Plan's management. The supplemental schedules have been
subjected to the auditing procedures applied in the audit of the basic financial
statements and, in our opinion, are fairly stated in all material respects in
relation to the basic financial statements taken as a whole.

/s/ BANKS, FINLEY, WHITE & CO.

June 18, 2004


                                       1

<PAGE>


                      CARIBBEAN REFRESCOS, INC. THRIFT PLAN

                 Statements of Net Assets Available for Benefits
                           December 31, 2003 and 2002



                                                   2003                   2002
                                                   ----                   ----
ASSETS

Investments (Notes 3 and 4)                $ 27,808,703           $ 23,663,246

Contributions receivable:
    Employer                                      1,747                 12,472
    Participants                                  5,733                 30,980
                                           ------------           ------------
      Total contributions receivable              7,480                 43,452
                                           ------------           ------------

NET ASSETS AVAILABLE FOR BENEFITS          $ 27,816,183           $ 23,706,698
                                           ============           ============









The accompanying notes are an integral part of the financial statements.


                                       2

<PAGE>




                      CARIBBEAN REFRESCOS, INC. THRIFT PLAN

            Statement of Changes in Net Assets Available for Benefits
                      For the Year Ended December 31, 2003



ADDITIONS TO NET ASSETS ATTRIBUTED TO:

Investment income:
   Dividend income                                                 $    391,736
   Interest income                                                       59,310
                                                                   ------------
     Total investment income                                            451,046
                                                                   ------------

Contributions:
   Employer                                                             524,677
   Participants                                                       1,319,396
                                                                   ------------
     Total contributions                                              1,844,073
                                                                   ------------

Net appreciation in fair value of
  investments (Note 3)                                                3,419,617
                                                                   ------------

  Total additions                                                     5,714,736
                                                                   ------------

DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:

Distributions to Participants                                         1,595,848

Administrative expenses                                                   9,403
                                                                   ------------

  Total deductions                                                    1,605,251
                                                                   ------------

Net increase in net assets available for benefits                     4,109,485

Net assets available for benefits, beginning of year                 23,706,698
                                                                   ------------

NET ASSETS AVAILABLE
 FOR BENEFITS, END OF YEAR                                         $ 27,816,183
                                                                   ============






The accompanying notes are an integral part of the financial statements.


                                       3

<PAGE>


                      CARIBBEAN REFRESCOS, INC. THRIFT PLAN

                          Notes to Financial Statements
                           December 31, 2003 and 2002


Note 1 - Description of Plan
----------------------------

General

The Caribbean Refrescos, Inc. Thrift Plan (the "Plan") is a defined contribution
pension plan covering a majority of the employees of Caribbean Refrescos, Inc.
(the "Company"), a wholly-owned subsidiary of The Coca-Cola Company. Eligible
employees may begin participating in the Plan after reaching age 18 and
completing three months of service. The Plan is subject to the provisions of the
Employee Retirement Income Security Act of 1974 (ERISA), as amended.

Contributions

The election to contribute to the Plan by employees ("Participants") is
voluntary. Participant contributions are in the form of payroll deductions with
the Company currently contributing an amount equal to 100% of the first 3% of
compensation contributed by a Participant subject to certain limitations imposed
by the Puerto Rico Income Tax Act of 1954, as amended.

Participants may contribute to the Plan with "Before-Tax" dollars or "After-Tax"
dollars. "Before-Tax" contributions are not subject to current federal income
taxes. Participants may contribute up to 13% (10% on a "Before-Tax" basis) of
their annual compensation to the Plan. For 2003, the maximum "Before-Tax" annual
contribution amount was $8,000.

All contributions are paid to a trustee and are invested as directed by
Participants and the Company. Participants may direct their contributions into
any of the following investment funds:

         Company Stock Fund - Common stock of The Coca-Cola Company with
         moderate cash and/or cash equivalent holdings for liquidity purposes.

         AIM Money Market Fund - A mutual fund investing primarily in domestic
         commercial paper and cash management instruments. The fund may also
         invest in U.S. government, corporate and bank obligations. The
         instruments purchased have maturities of 60 days or less.

         AIM Income Fund - A mutual fund investing primarily in investment-grade
         corporate debt, convertibles, and U.S. government debt. The fund may
         invest up to 35% of assets in lower-rated debt. The fund may also
         invest in dividend-paying stocks, and it may invest up to 40% of assets
         in foreign securities.

         AIM Intermediate Government Fund - A mutual fund investing primarily in
         U.S. government obligations, which may include Treasury securities and
         mortgage-backed securities. The average weighted maturity typically
         ranges between three and 10 years.


                                       4

<PAGE>


                    Notes to Financial Statements (Continued)


Note 1 - Description of Plan (Continued)
----------------------------------------

         INVESCO Total Return Fund - A mutual fund investing in a combination of
         common stocks (normally 55% to 65% of the fund's total assets) and
         investment grade fixed-income securities (normally 35% to 45% of the
         fund's total assets).

         INVESCO Dynamics Fund - A mutual fund investing primarily in common
         stocks of rapidly growing mid-sized companies. The fund may invest a
         limited amount in foreign securities.

         INVESCO Structured Small Cap Value Equity Trust - A collective trust
         fund investing primarily in stocks of small companies and seeking
         long-term capital appreciation.

         INVESCO International Equity Trust - A collective trust fund investing
         in securities of foreign companies.

         AIM Blue Chip Fund - A mutual fund investing in stocks of large
         companies that are considered to be market leaders in their respective
         sectors. The fund may invest up to 25% of assets in foreign securities.

         AIM Global Growth Fund - A mutual fund investing in stocks of large
         well-established companies in the United States and abroad that show
         strong earnings momentum.

         AIM Basic Value Fund - A mutual fund normally investing at least 65% of
         assets in stocks of U.S. companies with market capitalization of more
         than $500 million, with the balance invested in stocks of smaller
         companies, investment-grade convertibles, and U.S. government
         securities. Up to 25% of assets may be invested in foreign securities.

All Company contributions are invested in the Company Stock Fund and are
immediately vested to the Participants.

Participants are allowed to transfer rollover contributions from other qualified
retirement plans or Individual Retirement Accounts into the Plan.

Valuation of Participant Accounts

Participant account balances are valued based upon the number of units of each
investment fund credited to Participant accounts. Units are revalued on a daily
basis to reflect earnings and other transactions. Participant account balances
are updated on a daily basis to reflect transactions affecting account balances.


                                       5

<PAGE>

                    Notes to Financial Statements (Continued)


Note 1 - Description of Plan (Continued)
----------------------------------------

Participant Loans

Participants may borrow from their account balances subject to certain
limitations. Participant loans may be taken from a combination of "Before-Tax",
"After-Tax" and rollover account balances.

The following applies to Participant loans:

(a)      The maximum amount that a Participant may borrow is the lesser of 50%
         of their account balance or $50,000. The $50,000 maximum is reduced by
         the Participant's highest outstanding loan balance on any loans during
         the preceding 12 months.
(b)      The  minimum amount that a Participant may borrow is the lesser of 50%
         of their account balance or $1,000.
(c)      The loan interest rate is the prime rate (as published in The Wall
         Street Journal at the inception of the loan) plus 1%.
(d)      The loan repayment period is one to five years for a general purpose
         loan and one to 15 years for a loan used to purchase or build a
         principal residence.

Payment of Benefits

Generally, payments from the Plan are made in a single lump sum upon a
Participant's retirement, termination or disability. However, if a Participant
dies, the surviving spouse or other designated beneficiary may choose to receive
payment from the Plan in up to 10 annual installments.

Administration

The Company is the named plan administrator as defined in ERISA Section
3(16)(A). However, the Thrift Plan Committee of Caribbean Refrescos, Inc. (the
"Committee"), on behalf of the Company and as designated in the Plan document,
has substantial control of and discretion over the administration of the Plan.
Certain administrative expenses of the Plan were paid by the Company.
Administrative expenses paid by the Plan during 2003 were $9,403.


                                       6



<PAGE>


                    Notes to Financial Statements (Continued)


Note 1 - Description of Plan (Continued)
----------------------------------------

Plan Termination

The Company expects the Plan to be continued indefinitely but reserves the right
to terminate the Plan or to discontinue its contributions to the Plan at any
time, by written document approved by the Committee. In the event of
termination, the Committee may either:

         (a)      continue the trust for as long as it considers advisable, or
         (b)      terminate the trust, pay all expenses from the trust fund, and
                  direct the payment of Participant account balances, either in
                  the form of lump-sum distributions, installment payments, or
                  any other form selected by the Committee.

Additional information about the Plan is available from the Company's Human
Resources Department.

Note 2 - Summary of Significant Accounting Policies
---------------------------------------------------

Basis of Accounting

The financial statements of the Plan are maintained on an accrual basis.

Use of Estimates

The preparation of financial statements in conformity with generally accepted
accounting principles requires Plan management to make estimates and assumptions
that affect certain reported amounts and disclosures. Accordingly, actual
results may differ from those estimates.

Valuation of Investments

All investments are stated at fair value. The investments in common stock of The
Coca-Cola Company and the mutual funds are determined at the quoted prices in
active markets at the last reported sales price on the last business day of the
Plan year. Participant loans are valued based upon remaining unpaid principal
plus any accrued but unpaid interest.


                                       7

<PAGE>


                    Notes to Financial Statements (Continued)


Note 3 - Investments
--------------------

The fair value of investments at December 31 is as follows:

                                                      2003              2002
                                                      ----              ----

Participant-directed investments                 $ 11,910,292       $  9,944,847
Nonparticipant-directed investments                15,898,411         13,718,399
                                                 ------------       ------------
                                                 $ 27,808,703       $ 23,663,246
                                                 ============       ============

The fair value of individual investments that represent 5% or more of the Plan's
net assets at December 31 is as follows:

                                                      2003              2002
                                                      ----              ----

Common stock of The Coca-Cola Company            $ 22,591,616       $ 19,515,595
AIM Money Market Fund                            $  1,539,405                 -
INVESCO Cash Reserves Fund                                 -        $  1,496,594

Investments in common stock of The Coca-Cola Company include both
participant-directed and nonparticipant-directed investments.

During 2003, the Plan's investments (including gains and losses on investments
bought and sold, as well as held during the year) appreciated in fair value (as
determined by quoted market price) by $3,419,617 as follows:

Common stock of The Coca-Cola Company            $ 3,076,021
Mutual funds                                         300,680
Collective trust funds                                42,916
                                                 -----------
                                                 $ 3,419,617
                                                 ===========


                                       8

<PAGE>


                    Notes to Financial Statements (Continued)


Note 4 - Nonparticipant-Directed Investments
--------------------------------------------

Information about the net assets and the significant components of the changes
in net assets relating to the nonparticipant-directed investments is as follows:

                                           December 31,            December 31,
                                               2003                    2002
                                           ------------            ------------

Net assets, at fair value:
   Company Stock Fund                      $ 15,898,411            $ 13,718,399

                                                   Year Ended
                                               December 31, 2003
                                               -----------------

Changes in net assets:
   Contributions                                  $   524,677
   Dividends                                          265,010
   Net appreciation                                 2,029,227
   Distributions to Participants                     (587,799)
   Transfers to other investment funds                (47,596)
   Administrative expenses                             (3,507)
                                                  ------------
       Net increase in net assets                 $ 2,180,012
                                                  ============

Note 5 - Transactions with Party-in-Interest
--------------------------------------------

The Plan received dividends on common stock of The Coca-Cola Company during 2003
of $391,736. The Plan held 445,155 shares of common stock of The Coca-Cola
Company as of December 31, 2003 and 2002 with a fair value of $22,591,616 and
$19,515,595, respectively.


                                       9

<PAGE>


                    Notes to Financial Statements (Continued)


Note 6 - Income Tax Status
--------------------------

The Plan qualifies under Section 165(a) of the Puerto Rico Income Tax Act of
1954 (the "Act"), as amended, (for applicable tax years) and Section 1165(a) of
the Puerto Rico Internal Revenue Code of 1994, as amended, (for applicable tax
years) and is, therefore, not subject to tax under present income tax laws. Once
qualified, the Plan is required to operate in conformity with the applicable tax
requirements to maintain its qualification. The Plan obtained a determination
letter on October 19, 1990, in which the Puerto Rico Department of the Treasury
ruled that the Plan, as then designed, was in compliance with the applicable
requirements of the Act. The Plan has been amended subsequent to receiving this
determination letter. The Plan obtained letters on October 22, 1998 and
September 27, 2000, in which the Puerto Rico Department of the Treasury ruled
that the amendments do not affect the qualified status of the Plan. The Thrift
Plan Committee of Caribbean Refrescos, Inc. and the Company's tax counsel
believe the Plan is currently designed and being operated in material compliance
with the applicable tax requirements.


                                       10

<PAGE>


                              CARIBBEAN REFRESCOS, INC. THRIFT PLAN
                                     EIN: 66-0276572 PN: 001

                 Schedule H, line 4i - Schedule of Assets (Held at End of Year)
                                        December 31, 2003


<TABLE>
<CAPTION>

                                        (c)  Description of investment
       (b) Identity of issue,                  including maturity date,
         borrower, lessor or                  rate of interest, collateral,                                           (e) Current
(a)         similar party                        par, or maturity value                          (d) Cost                  value
---    ----------------------           -----------------------------------                      --------             -----------
<S>  <C>                               <C>                                                       <C>               <C>

     SHORT-TERM INVESTMENTS:

     Federated Government Obligation
       Fund #5                         983,946 units                                             $    983,946      $    983,946

     COMMON STOCK:

 *   The Coca-Cola Company             445,155 shares of common stock                              10,266,910        22,591,616

     MUTUAL FUNDS:

     AIM Advisors, Inc.                1,539,405 units of Money Market Fund                         1,539,405         1,539,405

     INVESCO                           20,313 units of Dynamics Fund                                  384,898           299,421

     INVESCO                           12,263 units of Total Return Fund                              284,675           293,587

     AIM Advisors, Inc.                16,280 units of Income Fund                                    108,111           108,916

     AIM Advisors, Inc.                27,022 units of Intermediate Government Fund                   249,107           248,872

     AIM Advisors, Inc.                61,782 units of Blue Chip Fund                                 869,371           691,955

     AIM Advisors, Inc.                4,666 units of Global Growth Fund                               93,165            73,533

     AIM Advisors, Inc.                6,032 units of Basic Value Fund                                165,981           176,368
                                                                                                 ------------      ------------

        Total Mutual Funds                                                                          3,694,713         3,432,057
                                                                                                 ------------      ------------

     COLLECTIVE TRUST FUNDS:

     INVESCO                           2,114 units of Structured Small Cap Value Equity Trust         140,952           174,282

     INVESCO                           172 units of International Equity Trust                          3,148             3,633
                                                                                                 ------------      ------------

        Total Collective Trust Funds                                                                  144,100           177,915
                                                                                                 ------------      ------------
     PARTICIPANTS' LOANS:

     Loans to Participants             Loans with interest rates ranging from
                                         5.00% to 10.50%                                                    -           623,169
                                                                                                 ------------      ------------

     TOTAL ASSETS (HELD AT END OF YEAR)                                                          $ 15,089,669      $ 27,808,703
                                                                                                 ============      ============

 *   Party-in-interest

</TABLE>
                                                11



<PAGE>


                               CARIBBEAN REFRESCOS, INC. THRIFT PLAN
                                      EIN: 66-0276572 PN: 001


                     Schedule H, line 4j - Schedule of Reportable Transactions
                               For the Year Ended December 31, 2003


<TABLE>
<CAPTION>

             (b) Description of
                 asset (include                                        (f) Expense                 (h)  Current value
(a) Identity     interest rate and                                         incurred                     of asset on
    of party     maturity in case  (c) Purchase  (d) Selling (e) Lease     with        (g) Cost of      transaction    (i) Net gain
    involved     of a loan)            price         price       rental    transaction     asset        date               or (loss)
    --------     -----------------     --------      -------     ------    -----------     -------      -------------      ---------
<S>          <C>                   <C>           <C>         <C>       <C>             <C>         <C>                 <C>


THERE WERE NO CATEGORY (i), (ii), (iii) OR (iv) REPORTABLE TRANSACTIONS DURING THE YEAR ENDED DECEMBER 31, 2003.

</TABLE>
                                                12




<PAGE>


                                   SIGNATURES



         The Plan.  Pursuant to the requirements of the Securities Exchange Act
of 1934, the Thrift Plan Committee of Caribbean Refrescos, Inc. has duly caused
this annual report to be signed on its behalf by the undersigned hereunto duly
authorized.


                                      CARIBBEAN REFRESCOS, INC. THRIFT PLAN
                                            (Name of Plan)



                                      By: /s/Candido Collazo
                                          ------------------
                                          Candido Collazo
                                          Chairman, Thrift Plan Committee of
                                           Caribbean Refrescos, Inc.




Date:  June 28, 2004


                                       13



<PAGE>


                                  EXHIBIT INDEX



Exhibit No.                     Description
-----------                     -----------

  23                 Consent of Independent Auditors