Financial Statement Analysis Coca Cola

Growth Profitability and Financial Ratios for Coca-Cola Co Financials

2008-12 2009-12 2010-12 2011-12 2012-12 2013-12 2014-12 2015-12 2016-12 2017-12 TTM Revenue USD Mil 31,944 30,990 35,119 46,542 48,017 46,854 45,998 44,294 41,863 35,410 35,410 Gross Margin % 64.4 64.2 63.9 60.9 60.3 60.7 61.1 60.5 60.7 62.6 62.6 Operating Income USD Mil 8,446 8,231 8,413 10,173 10,779 10,228 9,708 8,728 8,626 7,501 7,501 Operating Margin % 26.4 26.6 24 21.9 22.4 21.8 21.1 19.7 20.6 21.2 21.2 Net Income USD Mil 5,807 6,824 11,787 8,584 9,019 8,584 7,098 7,351 6,527 1,248 1,248 Earnings Per Share USD 1.25 1.47 2.53 1.85 1.97 1.9 1.6 1.67 1.49 0.29 0.29 Dividends USD 0.76 0.82 0.88 0.94 1.02 1.12 1.22 1.32 1.4 1.48 1.48 Payout Ratio % * 61 55.9 34.8 34 51.8 56.7 66.4 82.5 83.6 140.3 548.1 Shares Mil 4,672 4,658 4,667 4,646 4,584 4,509 4,450 4,405 4,367 4,324 4,324 Book Value Per Share * USD 4.42 5.38 6.76 7.34 7.34 7.3 7.66 6.02 6.08 5.19 4 Operating Cash Flow USD Mil 7,571 8,186 9,532 9,474 10,645 10,542 10,615 10,528 8,796 6,995 6,995 Cap Spending USD Mil -1,968 -1,993 -2,215 -2,920 -2,780 -2,550 -2,406 -2,553 -2,262 -1,675 -1,675 Free Cash Flow USD Mil 5,603 6,193 7,317 6,554 7,865 7,992 8,209 7,975 6,534 5,320 5,320 Free Cash Flow Per Share * USD 1.2 1.33 1.57 1.35 1.72 1.79 1.85 1.94 1.47 1.41 Working Capital USD Mil -812 3,830 3,071 1,214 2,507 3,493 612 6,465 7,478 9,351

Key Ratios -> Profitability Margins % of Sales 2008-12 2009-12 2010-12 2011-12 2012-12 2013-12 2014-12 2015-12 2016-12 2017-12 TTM Revenue 100 100 100 100 100 100 100 100 100 100 100 COGS 35.61 35.78 36.14 39.14 39.68 39.32 38.89 39.47 39.33 37.44 37.44 Gross Margin 64.39 64.22 63.86 60.86 60.32 60.68 61.11 60.53 60.67 62.56 62.56 SG&A 36.86 36.65 37.57 37.43 36.94 21.16 22 23.11 22.55 20.99 20.99 R&D Other 1.1 1.01 2.33 1.57 0.93 17.7 18 17.72 17.52 20.39 20.39 Operating Margin 26.44 26.56 23.96 21.86 22.45 21.83 21.11 19.7 20.61 21.18 21.18 Net Int Inc & Other -2.94 2.31 16.5 2.76 2.15 2.67 -0.83 1.98 -1.17 -2.14 -2.14 EBT Margin 23.5 28.87 40.45 24.62 24.59 24.5 20.27 21.68 19.43 19.04 19.04

Profitability 2008-12 2009-12 2010-12 2011-12 2012-12 2013-12 2014-12 2015-12 2016-12 2017-12 TTM Tax Rate % 21.94 22.8 16.74 24.52 23.06 24.84 23.6 23.31 19.49 82.47 82.47 Net Margin % 18.18 22.02 33.63 18.42 18.78 18.32 15.43 16.6 15.59 3.52 3.52

Asset Turnover (Average) 0.76 0.69 0.58 0.61 0.57 0.53 0.51 0.49 0.47 0.4 0.4 Return on Assets % 13.86 15.3 19.42 11.21 10.86 9.74 7.8 8.07 7.36 1.42 1.42 Financial Leverage (Average) 1.98 1.96 2.35 2.53 2.63 2.71 3.04 3.53 3.78 5.15 5.15 Return on Equity % 27.51 30.15 42.32 27.37 28 26.03 22.36 26.31 26.85 6.22 6.22 Return on Invested Capital % 19.35 20.79 26.69 14.87 14.27 12.58 9.86 10.63 9.53 2.02 2.02 Interest Coverage 17.98 26.2 20.43 28.43 30.75 25.79 20.31 12.22 12.1 9.02 9.02

Key Ratios -> Growth 2008-12 2009-12 2010-12 2011-12 2012-12 2013-12 2014-12 2015-12 2016-12 2017-12 Latest Qtr

Revenue % Year over Year 10.7 -2.99 13.32 32.53 3.17 -2.42 -1.83 -3.7 -5.49 -15.41 -20.16 3-Year Average 11.4 8.76 6.77 13.37 15.72 10.09 -0.39 -2.65 -3.68 -8.35 5-Year Average 8.71 7.13 8.74 14.08 10.72 7.96 8.22 4.75 -2.1 -5.91 10-Year Average 5.44 4.58 5.55 8.76 9.39 8.33 7.67 6.72 5.68 2.07 Operating Income % Year over Year 16.46 -2.55 2.65 20.18 6.16 -5.11 -5.08 -10.09 -1.17 -13.04 -2.51 3-Year Average 11.55 9.27 5.22 6.33 9.41 6.58 -1.49 -6.79 -5.52 -8.24 5-Year Average 10.1 7.63 6.78 9.99 8.25 3.9 3.36 0.65 -3.21 -6.99 10-Year Average 5.45 7.53 8.63 6.61 7.04 6.96 5.47 3.67 3.18 0.34 Net Income % Year over Year -2.91 17.51 73.05 -27.41 5.21 -4.82 -17.31 3.56 -11.21 -80.88 3-Year Average 6.03 10.34 25.45 13.86 9.74 -10.09 -6.1 -6.59 -8.73 -43.98 5-Year Average 5.96 7.08 19.37 11.03 8.56 8.13 0.79 -9.05 -5.31 -32.67 10-Year Average 5.09 10.87 18.42 8 11.45 7.04 3.89 4.2 2.54 -14.5 EPS % Year over Year -3.11 17.67 72.7 -27.08 6.78 -3.55 -15.79 4.38 -10.78 -80.54 -641.67 3-Year Average 6.87 10.7 25.34 14.01 10.38 -9.1 -4.64 -5.36 -7.78 -43.41 5-Year Average 7.06 7.94 19.92 11.31 8.92 8.82 1.78 -7.97 -4.18 -31.83 10-Year Average 5.78 11.57 19.12 8.72 12.35 7.94 4.81 5.05 3.27 -13.83

Key Ratios -> Cash Flow Cash Flow Ratios 2008-12 2009-12 2010-12 2011-12 2012-12 2013-12 2014-12 2015-12 2016-12 2017-12 TTM Operating Cash Flow Growth % YOY 5.89 8.12 16.44 -0.61 12.36 -0.97 0.69 -0.82 -16.45 -20.48 Free Cash Flow Growth % YOY 1.84 10.53 18.15 -10.43 20 1.61 2.72 -2.85 -18.07 -18.58

Cap Ex as a % of Sales 6.16 6.43 6.31 6.27 5.79 5.44 5.23 5.76 5.4 4.73 4.73 Free Cash Flow/Sales % 17.54 19.98 20.83 14.08 16.38 17.06 17.85 18 15.61 15.02 15.02 Free Cash Flow/Net Income 0.96 0.91 0.62 0.76 0.87 0.93 1.16 1.08 1 4.26 4.26

Key Ratios -> Financial Health Balance Sheet Items (in %) 2008-12 2009-12 2010-12 2011-12 2012-12 2013-12 2014-12 2015-12 2016-12 2017-12 Latest Qtr Cash & Short-Term Investments 12.29 18.93 15.55 17.55 19.21 22.51 23.55 22.09 25.44 23.52 23.52 Accounts Receivable 7.63 7.72 6.08 6.15 5.52 5.41 4.85 4.37 4.42 4.17 4.17 Inventory 5.4 4.84 3.63 3.87 3.79 3.64 3.37 3.22 3.07 3.02 3.02 Other Current Assets 4.74 4.57 4.34 4.31 6.68 3.2 4.07 7.38 6.05 10.86 10.86 Total Current Assets 30.05 36.06 29.59 31.88 35.19 34.76 35.85 37.07 38.97 41.58 41.58 Net PP&E 20.55 19.64 20.2 18.68 16.8 16.62 15.9 13.95 12.19 9.33 9.33 Intangibles 30.86 26.36 36.9 34.6 31.72 30.66 28.66 26.79 24.21 18.93 18.93 Other Long-Term Assets 18.54 17.94 13.31 14.84 16.28 17.96 19.6 22.19 24.63 30.16 30.16 Total Assets 100 100 100 100 100 100 100 100 100 100 100 Accounts Payable FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE Short-Term Debt FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE Taxes Payable FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE Accrued Liabilities FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE Other Short-Term Liabilities FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE Total Current Liabilities FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE Long-Term Debt FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE Other Long-Term Liabilities Total Liabilities Total Stockholders' Equity FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE Total Liabilities & Equity 100 100 100 100 100 100 100 100 100 100 100

Liquidity/Financial Health 2008-12 2009-12 2010-12 2011-12 2012-12 2013-12 2014-12 2015-12 2016-12 2017-12 Latest Qtr Current Ratio 0.94 1.28 1.17 1.05 1.09 1.13 1.02 1.24 1.28 1.34 1.34 Quick Ratio 0.62 0.95 0.85 0.78 0.77 0.9 0.81 0.89 0.98 0.9 0.9 Financial Leverage 1.98 1.96 2.35 2.53 2.63 2.71 3.04 3.53 3.78 5.15 5.15 Debt/Equity 0.14 0.2 0.45 0.43 0.45 0.58 0.63 1.11 1.29 1.83 1.83

Key Ratios -> Efficiency Ratios

Efficiency 2008-12 2009-12 2010-12 2011-12 2012-12 2013-12 2014-12 2015-12 2016-12 2017-12 TTM Days Sales Outstanding 36.6 40.33 42.55 36.66 36.79 37.52 37.05 34.64 33.99 38.77 38.77 Days Inventory 70.71 74.74 71.95 57.53 60.88 64.8 65.06 62.66 61.82 73.38 73.38 Payables Period 44.12 45.76 47.4 40.67 39.66 38.66 41.03 50.99 60.71 68.42 68.42 Cash Conversion Cycle 63.19 69.31 67.09 53.52 58 63.66 61.08 46.31 35.1 43.73 43.73 Receivables Turnover 9.97 9.05 8.58 9.96 9.92 9.73 9.85 10.54 10.74 9.41 9.41 Inventory Turnover 5.16 4.88 5.07 6.34 6 5.63 5.61 5.83 5.9 4.97 4.97 Fixed Assets Turnover 3.8 3.47 2.89 3.14 3.26 3.18 3.11 3.26 3.61 3.76 3.76 Asset Turnover 0.76 0.69 0.58 0.61 0.57 0.53 0.51 0.49 0.47 0.4 0.4