Coca-Cola Co

Financials

2008-12 2009-12 2010-12 2011-12 2012-12 2013-12

Revenue USD Mil 31,944 30,990 35,119 46,542 48,017 46,854
Gross Margin % 64.4 64.2 63.9 60.9 60.3 60.7
Operating Income USD Mil 8,446 8,231 8,449 10,154 10,779 10,228
Operating Margin % 26.4 26.6 24.1 21.8 22.4 21.8
Net Income USD Mil 5,807 6,824 11,809 8,572 9,019 8,584
Earnings Per Share USD 1.25 1.47 2.53 1.85 1.97 1.9
Dividends USD 0.76 0.82 0.88 0.94 1.02 1.12
Payout Ratio % * — 55.9 34.8 34 51.8 56.7
Shares Mil 4,672 4,658 4,667 4,646 4,584 4,509
Book Value Per Share * USD — 5.38 6.76 7.34 7.34 7.3
Operating Cash Flow USD Mil 7,571 8,186 9,532 9,474 10,645 10,542
Cap Spending USD Mil -1,968 -1,993 -2,215 -2,920 -2,780 -2,550
Free Cash Flow USD Mil 5,603 6,193 7,317 6,554 7,865 7,992
Free Cash Flow Per Share * USD — 1.33 1.57 1.35 1.72 1.79
Working Capital USD Mil -812 3,830 3,071 1,214 2,507 3,493

Profitability
Margins % of Sales 2008-12 2009-12 2010-12 2011-12 2012-12 2013-12
Revenue 100 100 100 100 100 100
COGS 35.61 35.78 36.14 39.14 39.68 39.32
Gross Margin 64.39 64.22 63.86 60.86 60.32 60.68
SG&A 36.86 36.65 37.47 37.47 36.94 36.94
R&D — — — — — —
Other 1.1 1.01 2.33 1.57 0.93 1.91
Operating Margin 26.44 26.56 24.06 21.82 22.45 21.83
Net Int Inc & Other -3.15 2.31 16.5 2.76 2.15 2.67
EBT Margin 23.29 28.87 40.56 24.58 24.59 24.5
Profitability 2008-12 2009-12 2010-12 2011-12 2012-12 2013-12
Tax Rate % 21.94 22.8 16.74 24.52 23.06 24.84
Net Margin % 18.18 22.02 33.63 18.42 18.78 18.32
Asset Turnover (Average) 0.76 0.69 0.58 0.61 0.57 0.53
Return on Assets % 13.86 15.3 19.42 11.21 10.86 9.74
Financial Leverage (Average) 1.98 1.96 2.35 2.53 2.63 2.71
Return on Equity % 27.51 30.15 42.32 27.37 28 26.03
Return on Invested Capital % 19.35 20.79 26.69 14.87 14.27 12.58
Interest Coverage 17.98 26.2 20.43 28.43 30.75 25.79
 2014-12 2015-12 2016-12 2017-12 TTM
45,998 44,294 41,863 35,410 32,310
61.1 60.5 60.7 62.6 63.7
9,708 8,728 8,626 9,427 10,246
21.1 19.7 20.6 26.6 31.7
7,098 7,351 6,527 1,248 2,812
1.6 1.67 1.49 0.29 0.66
1.22 1.32 1.4 1.48 1.54
66.4 82.5 83.6 140.3 211
4,450 4,405 4,367 4,324 4,302
7.66 6.02 6.08 5.19 4.29
10,615 10,528 8,796 7,106 6,934
-2,406 -2,553 -2,262 -1,675 -1,398
8,209 7,975 6,534 5,431 5,536
1.85 1.94 1.47 1.41 —
612 6,465 7,478 9,351 —

2014-12 2015-12 2016-12 2017-12 TTM

100 100 100 100 100
38.89 39.47 39.33 37.44 36.33
61.11 60.53 60.67 62.56 63.67
37.43 37.09 36.46 35.29 32.46
— — — — —
2.57 3.74 3.61 0.65 -0.5
21.11 19.7 20.61 26.62 31.71
-0.83 1.98 -1.17 -7.58 -5.4
20.27 21.68 19.43 19.04 26.31
2014-12 2015-12 2016-12 2017-12 TTM
23.6 23.31 19.49 82.47 63.33
15.43 16.6 15.59 3.52 8.7
0.51 0.49 0.47 0.4 0.36
7.8 8.07 7.36 1.42 3.17
3.04 3.53 3.78 5.15 4.76
22.36 26.31 26.85 6.22 13.93
9.86 10.63 9.53 1.91 4.4
20.31 12.22 12.1 9.02 10.58
Cash Flow
Cash Flow Ratios 2008-12 2009-12 2010-12 2011-12 2012-12 2013-12 2014-12
Operating Cash Flow Growth % YOY — 0.08 0.16 -0.01 0.12 -0.01 0.01
Free Cash Flow Growth % YOY — 0.11 0.18 -0.1 0.2 0.02 0.03
Cap Ex as a % of Sales 6.16 6.43 6.31 6.27 5.79 5.44 5.23
Free Cash Flow/Sales % 17.54 19.98 20.83 14.08 16.38 17.06 17.85
Free Cash Flow/Net Income 0.96 0.91 0.62 0.76 0.87 0.93 1.16

Financial Health
Balance Sheet Items (in %) 2008-12 2009-12 2010-12 2011-12 2012-12 2013-12 2014-12
Cash & Short-Term Investments 12.29 18.93 15.55 17.55 19.21 22.51 23.55
Accounts Receivable 7.63 7.72 6.08 6.15 5.52 5.41 4.85
Inventory 5.4 4.84 3.63 3.87 3.79 3.64 3.37
Other Current Assets 4.74 4.57 4.34 4.31 6.68 3.2 4.07
Total Current Assets 30.05 36.06 29.59 31.88 35.19 34.76 35.85
Net PP&E 20.55 19.64 20.2 18.68 16.8 16.62 15.9
Intangibles 30.86 26.36 36.9 34.6 31.72 30.66 28.66
Other Long-Term Assets 18.54 17.94 13.31 14.84 16.28 17.96 19.6
Total Assets 100 100 100 100 100 100 100
Accounts Payable 3.38 2.93 2.6 2.73 2.29 2.15 2.28
Short-Term Debt 16.12 14.13 12.91 18.71 20.83 19.96 24.71
Taxes Payable 0.62 0.55 0.38 0.45 1 0.85 0.99
Accrued Liabilities 11.93 10.9 9.6 6.76 6.15 6.97 6.14
Other Short-Term Liabilities — — — 1.82 2.15 1.04 1.15
Total Current Liabilities 32.05 28.51 25.49 30.47 32.43 30.97 35.27
Long-Term Debt 6.86 10.51 19.34 17.14 17.18 21.33 20.77
Other Long-Term Liabilities 10.56 9.44 12.47 12.69 12.18 10.75 10.92
Total Liabilities 49.48 48.47 57.3 60.3 61.78 63.05 66.97
Total Stockholders' Equity 50.52 51.53 42.7 39.7 38.22 36.95 33.03
Total Liabilities & Equity 100 100 100 100 100 100 100

Liquidity/Financial Health 2008-12 2009-12 2010-12 2011-12 2012-12 2013-12 2014-12

Current Ratio 0.94 1.28 1.17 1.05 1.09 1.13 1.02
Quick Ratio 0.62 0.95 0.85 0.78 0.77 0.9 0.81
Financial Leverage 1.98 1.96 2.35 2.53 2.63 2.71 3.04
Debt/Equity 0.14 0.2 0.45 0.43 0.45 0.58 0.63

Efficiency Ratios
Efficiency 2008-12 2009-12 2010-12 2011-12 2012-12 2013-12 2014-12
Days Sales Outstanding 36.6 40.33 42.55 36.66 36.79 37.52 37.05
Days Inventory 70.71 74.74 71.95 57.53 60.88 64.8 65.06
Payables Period 44.12 45.76 47.4 40.67 39.66 38.66 41.03
Cash Conversion Cycle 63.19 69.31 67.09 53.52 58 63.66 61.08
Receivables Turnover 9.97 9.05 8.58 9.96 9.92 9.73 9.85
Inventory Turnover 5.16 4.88 5.07 6.34 6 5.63 5.61
Fixed Assets Turnover 3.8 3.47 2.89 3.14 3.26 3.18 3.11
Asset Turnover 0.76 0.69 0.58 0.61 0.57 0.53 0.51
2015-12 2016-12 2017-12 TTM
-0.01 -0.16 -0.19 —
-0.03 -0.18 -0.17 —
5.76 5.4 4.73 4.33
18 15.61 15.34 17.13
1.08 1 4.35 1.97

2015-12 2016-12 2017-12 Latest Qtr

22.09 25.44 23.52 21.69
4.37 4.42 4.17 4.26
3.22 3.07 3.02 3.02
7.38 6.05 10.86 9.48
37.07 38.97 41.58 38.46
13.95 12.19 9.33 8.52
26.79 24.21 18.93 19.4
22.19 24.63 30.16 33.62
100 100 100 100
3.11 3.08 2.66 12.14
17.59 18.4 19.19 22.73
0.86 0.78 0.88 0.37
6.1 5.61 6.12 —
2.3 2.59 2.78 1.75
29.96 30.46 31.62 36.99
31.6 34.08 36.26 30.04
10 8.99 12.26 11.47
71.57 73.53 80.15 78.5
28.43 26.47 19.85 21.5
100 100 100 100

2015-12 2016-12 2017-12 Latest Qtr

1.24 1.28 1.34 1.06
0.89 0.98 0.9 0.72
3.53 3.78 5.15 4.76
1.11 1.29 1.83 1.4

2015-12 2016-12 2017-12 TTM

34.64 33.99 38.77 41.61
62.66 61.82 73.38 81.39
50.99 60.71 68.42 319.15
46.31 35.1 43.73 -196.16
10.54 10.74 9.41 8.77
5.83 5.9 4.97 4.48
3.26 3.61 3.76 4.11
0.49 0.47 0.4 0.36