2010年可口可乐公司财务报表分析(financial.ppt

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1、Financial Statement Analysis Of The Coca-Cola CompanyMembers of our groupWe have 12 members in our group.They are:曹斯烨 何杭珂 乐卓羚(data collecting)费涛 韩超凡 郑东华 龙晴 朱宁峰（data analysis）沈颖 鲍银盈 诸葛霖 楼何英(PPT maker)Presentation is made by:曹斯烨，龙晴,诸葛霖Brief Introduction of the companyCoca-Cola Company was established

2、in 1892 and headquartered in Atlanta,United States.With 48%of the global market share and the ownership of two of the top three drinks(Coca-Cola,Pepsi Cola,Diet Coke)in the world,It is one of the worlds largest beverage companies.Brief Introduction of the companyThe Coca-Cola Company is the worlds l

3、argest beverage distributors(饮料销售商).It keeps over 500 kinds of drinks brands(including soft drinks,sports drinks,dairy drinks,fruit juices,tea and coffee,fruit juice)in over 200 countries.It can be said that the products of Coca-Cola is being purchased in every corner among the world.Balance Sheet F

4、inancial statementsBalance SheetIncome StatementCash FlowGeneral Tendency Total assets，total debt and debt to assets keep in a raising tendency.General TendencyOperating Cash-in was keeping raising during the past 3 years and the investing and financing Cash-out stays stable.General Tendency The rev

5、enue during the past 3 years was fluctuating.But the net income and profit margin kept raising.So the profitability of the company was raising during the past 3 years.Revenue Total revenues of each year from 2008 to 2010.(in millions of USD)Total revenue from sales in 2010 is the highest among the 3

6、years.So in the year of 2010,sales of the company was prefect,it was a good year for the company.RevenueTotal Revenue of the three years.(Pepsi VS Coca)But compared with the Pepsi Company,we found that revenue from sales(among these three years)of Pepsi company all exceed the Coca Company.The revenu

7、e data of Pepsi was more stable and more able to increase.So we can conclude that problems can be found in the operating of the Coca company.Vertical analysisCocaPepsiAssetsCash11.70%8.70%Total receivable6.10%9.30%Total invention3.60%4.90%Total current assets29.60%25.80%Intangible goodwill net36.90%

8、20.30%Other asset12.10%31.00%Liabilities RatioCocaPepsilong term debt0.450.94Total current liability1.350.74Vertical analysisnAssets:In 2010,Coca cola companys percentage of flow asset is 21.4%,but Pepsi companys percentage of flow assets is 22.9%.The greater percentage of flow assets in total asset

9、s stands for greater operating of the company,so Pepsi companys operating in2010 was greater than Coca Cola.nLiabilities:The ratio of total liabilities divided by total equity is 1.35 of Coca Cola company in 2010,this show that this company has full ability to pay liabilities,and its safe for invest

10、ors to invest.Pepsi company of this ratio is 0.74,much lower than Coca Cola company,so it was safer for investors to invest Coca Cola than Pepsi company.As for long term liability divided by total equity,Pepsi companys ratio was higher than Coca Cola company,it shows Pepsi companys cash flow was mor

11、e frequent than Coca Cola,but we must care about Pepsi companys operating.Analysis of ratio from Balance SheetHorizontal analysis and comparing,Liquidityyear201020092008Items(in Millions of USD)CocaPepsiCocaPepsiCocaPepsiOperating Capital（运营资本）3,071.00 1,677.00 3,830.00 3,815.00-812.00 2,019.00 Debt

12、 to Total Assets(资产负债率)0.580.690.490.580.490.66Current Rate（流动比率）1.21.11.31.40.941.2Equity Ratio(产权比率)1.42.20.961.40.982Cash to Current Liability Ratio(现金流动负债比)0.520.600.58Inventory Turnover Term(存货周转周期)70.673.569.2Accounts Receivable Turnover Term(应收账款周转周期)41.942.339.640.93640.9Analysis the liquidi

13、tynThe operation capital is increasing during the three years.And stay in the high level.(no risk of abnormal operating caused from leaking operating capital.)nDebt to total assets ratio is staying in a perfect level(below 0.7)both Coca and Pepsi.(So no risk of payment of total liability.)nCurrent r

14、ate stays stable but not at a perfect level.(it will be perfect if the rate is 2)nEquity Ratio of Coca is raising during three years but stay in a good level near 1.2.(During the recovery of economy,the company can gradually increase this ratio to gain more benefits.)nThe Cash to Current Liability R

15、atio of the Coca company decreased from 2009 to 2010 and is a little high.(perfect data is 0.5)But during the recovery period of economy,is not a bad thing to move the loss to creditors.nThe Inventory Turnover Term is increasing from 2008 to 2010,so the liquidity of inventory is a little decrease bu

16、t still high.nAccounts Receivable Turnover Ratio stays stable during three years and in a high level.All these can show that the capital of Coca-Cola company is in a high liquidity level.Analysis the SolvencynSolvency of Short-term liability(all about 2010)Coca PepsiPerfect dataCurrent rate1.21.11.2

17、Cash to current liability rate0.520.5 We can conclude from the table that figures of the Current Rate and Cash to Current Liability Rate are all close to the perfect data.So the Coca-Cola Company doesnt have to take the risk in paying short-term liability.And the data of two companies are closed.nSo

18、lvency of long-term Liabilities(all about 2010)CocaPepsiPerfect dataDebt to total assets0.580.690.7Equity ratio1.42.21.2 We can conclude from the table that the Coca company has lower rate of long-term liability.So the risk in paying the long-term liability is none,either.Analysis the profitabilityY

19、ear 201020092008In millions of USDCocaPepsiCocaPepsiCocaPepsiROE（资产收益率）0.420.330.300.410.280.35Perfect data is 0.08The ROE keeps raising from 0.28 in the year of 2008 to 0.42 in the year of 2010.So the profitability of the company is keeping raising.This also can be seen from the chart on the left(p

20、rofit margin).Compared to Pepsi,the company of Coca-Cola has the stronger profitability.Analysis the Cash FlowCash-in2010 Total Cash-in=161871、Cash from operating activities/Total Cash-in=88.3%2、Cash from investing activities/Total Cash-in=03、Cash from financing activities/Total Cash-in=11.7%2009 To

21、tal Cash-in=116891、Cash from operating activities/Total Cash-in=74.9%2、Cash from investing activities/Total Cash-in=03、Cash from financing activities/Total Cash-in=25.1%The operating cash-in take 88.3%of the total cash-in in 2010,it can conclude that operating activities is the most important part o

22、f the cash flow.And from 2009 to 2010,the part operating take increased from 74.9%to 88.3%.We can conclude that the operating activities became much better.And in that case the finance base of the company is stable and strong.But the disadvantages of this situation is that the structure of the funds

23、 is single.And if problem arise to the operating activities,the company will suffer a great loss.Cash-out2010 Total Cash-out=146911、Cash from operating activities/Total Cash-out=32.4%2、Cash from investing activities/Total Cash-out=30.0%3、Cash from financing activities/Total Cash-out=37.6%2009 Total

24、Cash-out=1、Cash from operating activities/Total Cash-out=6.0%2、Cash from investing activities/Total Cash-out=44.3%3、Cash from financing activities/Total Cash-out=49.7%The three parts of cash-out takes almost the same part of the total cash-out in 2010.Among them cash from financing activities takes

25、the largest part with 37.6%.It can be conclude that the company focus its funds not only on operating,but also pay much attention to the investing activities and other financing activities.Its a good thing to a company because this means the company can arrange its funds property to make more profit

26、s.（more Financial Flexibility）Quality of earningStructure of earning2010 Total Cash-in=161871、Cash from operating activities/Total Cash-in=88.3%2、Cash from investing activities/Total Cash-in=03、Cash from financing activities/Total Cash-in=11.7%We can conclude that earning from operating activities t

27、ake the largest part of the cash-in.So the company of Coca-Cola has a high quality of earning.The problem of operating expense20092010Change rateOperating expense22759.0026670,000.17Operating income823184490.03 The table above tells us that from 2009 to 2010 the operating expense increased for about 17%and the operating income only increased for 3%.So we think the company of Coca-Cola should pay more attention to its operating expense and focus more on decreasing it.Thats all.Thanks you guys for listening.