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Đề tài: Phân tích báo cáo tài chính của CocaCola. Trong cuốn báo cáo này, nhóm đã thực hiện phân tích bảng cân đối kế toán (balance sheet), income statement và cash flow sau đó rút ra những nhận xét về tình hình tài chính của Coke. Đồng thơi cũng đưa ra những ý kiến riêng để cải thiện những hạn chế hiện tại.
MINISTRY OF EDUCATION AND TRAINING HOA SEN UNIVERSITY FACULTY OF ECONOMIC AND COMMERCE o0o PROJECT Subject: Financial Statement Analysis COCA-COLA COMPANY FINANCIAL STATEMENT 2009 - 2012 Lecturer : Đặng Thị Thu Hằng Class : TC302DE01 - 0100 Group : 01 Group members : 1. Phạm Nguyên Quỳnh Thi 2002386 2. Bùi Cảnh Vinh 2001796 3. Lý Gia Thạnh 070901 August 2013 MINISTRY OF EDUCATION AND TRAINING HOA SEN UNIVERSITY FACULTY OF ECONOMIC AND COMMERCE o0o PROJECT Subject: Financial Statement Analysis COCA-COLA COMPANY FINANCIAL STATEMENT 2009 - 2012 Lecturer : Đặng Thị Thu Hằng Class : TC302DE01 - 0100 Group : 01 Group members : 1. Phạm Nguyên Quỳnh Thi 2002386 2. Bùi Cảnh Vinh 2001796 3. Lý Gia Thạnh 070901 August 2013 LECTURER COMMENTS ……………………………………………………………………………… ……………………………………………………………………………… ……………………………………………………………………………… ……………………………………………………………………………… ……………………………………………………………………………… ……………………………………………………………………………… ……………………………………………………………………………… ……………………………………………………………………………… ……………………………………………………………………………… ……………………………………………………………………………… ………………………………………………………………………….…… ……………………………………………………………………………… ……………………………………………………………………………… ……………………………………………………………………………… ……………………………………………………………………………… ……………………………………………………………………………… ………………………………….…………………………………………… ……………………………………………………………………………… ……………………………………………………………………………… ……………………………………………………………………………… ……………………………………………………………………………… ………………………………………………………………………….…… ……………………………………………………………………………… ……………………………………………………………………………… ……………………………………………………………………………… ……………………………………………………………………………… ……………………………………………………………………………… ………………………………….…………………………………………… ……………………………………………………………………………… ……………………………………………………………………………… ……………………………………………………………………………… ABSTRACT Those days, financial statement analysis is becoming more and more important in economic cycle. Although each of financial reporting firms has a different statement. Therefore, in this research, we would like to analyze the financial statement of Coca-Cola Company - the world’s leading soft drink maker – during four years 2009 - 2012. Then, we would like to conclude and give opinions about limitations and unsolved problems regarding to this subject. THANKFULNESS We highly appreciate our dedicated teachers at Hoa Sen University, especially Ms. Đặng Thị Thu Hằng, who has assisted us in doing this project. Furthermore, we also thank our classmates for their kindness in helping us deal with difficulties. We cannot avoid mistakes due to lacking of experiences, so we hope to get your honest advices for us to improve better. PREFACE In our report, we would like to mention to analyze the financial statement of The Coca- Cola company during 2009 to 2012. Every aspect is a purpose we want to impart to you: First purpose: Introduction of Coca-Cola Company Second purpose: Steps to analyze the performances. Third purpose: Conclusion and suggestion of our group The project was conducted by three members with following distribution of work: Name Assignment Completion Phạm Nguyên Quỳnh Thi Complete the power point and writing report. Ratios analysis 100% Bùi Cảnh Vinh Income statement analysis Cash flow analysis 100% Lý Gia Thạnh Introduction Balance sheet analysis 100% 7 TABLE OF CONTENTS LECTURER COMMENTS 3 ABSTRACT 4 THANKFULNESS 5 PREFACE 6 TABLE OF CONTENTS 7 CONTENTS 9 1. Introduction to Coca-Cola 9 1.1 Brief Introduction 9 1.2 Mission and Objectives 11 1.2.1 Mission 11 1.2.2 Vision 11 1.3 Past and Present 12 1.4 Products and Competency 15 2. Balance sheet 17 3. Income statement 18 3.1 Reasons for change in Sales 18 3.2 Reasons for change in Net Income 19 4. Cash flow statement 19 4.1 Operating cash flow 20 4.2 Investing cash flow 20 4.3 Financing cash flow 21 5. Ratios analysis 23 5.1 Activity ratios 23 8 5.1.1 Short-term activity ratios 23 5.1.2 Long-term activity ratios 28 5.2 Liquidity analysis 29 5.3 Long-term debt and solvency analysis 32 5.3.1 Capitalization table and debt ratio 32 5.3.2 Interest coverage ratios 33 5.4 Profitability analysis 34 5.5 Dupont system of analysis 37 5.5.1 Two-component disaggregation of ROE 38 5.5.2 Three- component disaggregation of ROE 38 6. Suggestions 39 9 CONTENTS 1. Introduction to Coca-Cola 1.1 Brief Introduction The Coca-Cola Company (Coca-Cola), the world’s leading soft drink maker, operates in more than 200 countries and sells 400 brands of nonalcoholic beverages. Coca- Cola is also the most valuable brand in the world. Coca-Cola is a globally recognized successful company. The Coca-Cola was founded in May of 1886 and continues for more than a century through the times of war and peace, prosperity and depression and economic boom and bust. As late as the 1990s, Coca-Cola was one of the most respected companies Picture 1.1: The Coca-Cola logo’s history Source: http://www.coca-cola.co.uk/ 10 in the world, building and known as a very successful management team. The Coca-Cola Company establishes its firm in the worldwide areas and currently sells its products to over 200 countries. The firm operations are divided into several geographies which are Eurasia and Africa, Europe, Latin American, North American and Pacific. The Coca-Cola Company is a beverage company which produces more than 3000 beverage products. This Company is also a manufacturer, distributor, bottler, and marketer of non-alcoholic beverage concentrates and syrups. Under the implementation of the Coca-Cola system, the Coca- Cola Company has to cooperate with over 300 bottling partners worldwide. The company manufactures and sells concentrates, beverage bases and syrups to bottling operations, owns the brands and is responsible for consumer brand marketing initiatives. Our bottling partners manufacture, package, merchandise and distribute the final branded beverages to our customers and vending partners, who then sell our products to consumers. The company has 92800 worldwide associates around the world live and work in the market the company serves. In 2009, The Coca-Cola Company outputted 24.4 billions unit cases products and the sales revenue of The Coca-Cola Company for the year is 30990 millions. The company produces the products such as waters, juices and juice drinks, teas, coffees, sports drinks and energy drinks. The company has four of the world’s top five nonalcoholic sparkling beverage brands which are Coca-Cola, Diet Picture 1.2: The Coca-Cola bottle’s history Source: http://www.coca-cola.co.uk/ [...]... up to 30.75 dollars in 2012 Coca-Cola s is well above the industry average of 12.865 to 1 2 Financial leverage Financial leverage describes a company s ability to leverage common shareholders’ equity by taking on debt at an interest rate lower than the company s return on assets This ratio for Coca-Cola using 2010 information is calculated as follows: Financial leverage = Financial leverage Dec 31,... Net Income of this company after decreasing rapidly in 2011 (3 million) This is an 6.25% change from the year before and is a promising sign for the company Net Revenues, however, increased gradually year by year Chart 4.1: Cash flow statement of CoCa-Cola from 2008 to 2012 Source: https://www.google.com/finance?fstype=ii&q=NYSE:KO since 2009(highest is in 2012 not 2010) Although, Coca-Cola is earning... increased over the years The company paid dividend increase steadily for customer The cash dividends accounted for more than 50% of the net income The company has paid over 4.400 million in dividends over each of the past three years The net income has stayed relatively the same so this means that the company normally pays about half of their net income to dividends The company pays dividends so that... provides an excellent starting point for analyzing financial information, managers, investors, and other stakeholders also use various ratios to assess the financial performance and financial condition of organizations Each ratio is explained the meaning, provided the formula, calculated the ratio for CocaCola for 4 years, and compare some ratios for Coca-Cola to PepsiCo’s ratio and industry averages1... inventory on hand for Coca-Cola for 2010 is calculated as follows: DOH (Days of inventory on hand) = ~ 76 days Days of inventory on hand Dec 31, 2012 Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Coca-Cola Co 63 62 76 77 The DOH indicates Coca-Cola sold its inventory in 76 days in 2010 (substantially higher than PepsiCo’s 35 days), on average The number of days decreased by 14 days from 2009 to 2012 Coca-Cola is also... outstanding indicates Coca-Cola collected credit sales in 46 days (higher than PepsiCo’s 11 days) in 2010, on average The number of days increased slightly from 2009 to 2010 before falling steadily by 10 days from 2010 to 2012 Coca-Cola s is also above the industry average of 38 days Moreover, the DOS of Coca-Cola has been considerable higher than the benchmark of its industry It is not good Coca-Cola has... Coca-Cola for 2010 is calculated as follows: Working capital turnover = [( )] Working Capital Turnover, Comparison to Industry Dec 31, 2012 Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Coca-Cola Co 19.15 38.34 11.44 8.09 Industry, Consumer Goods 23.29 23.46 12.88 26.61 The working capital ratio indicates Coca-Cola collected working capital 7.93 times during 2010 This ratio peaked at 38.34 times in 2011 Coca-Cola s... turnover illustrates Coca-Cola collected fixed asset 2.385times during 2010, on average The ratio is seems to remain the same for 4 years Coca-Cola s is nearly the same as the industry average 28 Trends As we can see, two asset turnover ratios are seems to remain the same for 4 years, it indicates that Coca-Cola is in maturity, its sales and capacity level off, only to reverse when Coca-Cola enter its... Fanta Since 1998, the company has been struggling with internal weaknesses and external threat 1.2 Mission and Objectives 1.2.1 Mission Coca-Cola declares the purpose as a company and serves as the standard against actions and decisions: To refresh the world… To inspire moments of optimism and happiness… To create value and make a difference 1.2.2 Vision The vision of Coca-Cola is the framework... Financial leverage Dec 31, 2012 Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Coca-Cola Co 2.598 2.505 2.328 1.920 The Financial leverage indicates Coca-Cola had 2.146 dollars of asset be supported by total assets for every dollar of asset be supported by total equity in 2010 This ratio increased steadily from 2009 to 2012 It indicates that Coca-Cola has more risky but more chance to earn profit year by year . from 20 09 to 20 12. Notable changes occurred for intangible assets (26 .4% in 20 09 versus 31.% in 20 12) , loans and notes payable (13.9% in 20 09 versus 18.9% in 20 12) , long-term debt (10.4% in 20 09. debt (10.4% in 20 09 versus 17.1% in 20 12) , retained earnings (86.5% in 20 09 versus 67.8% in 20 12) , and treasury stock ( 52. 2% in 20 09 versus 40,6% in 20 12) . The first thing we noticed is that. FINANCIAL STATEMENT 20 09 - 20 12 Lecturer : Đặng Thị Thu Hằng Class : TC302DE01 - 0100 Group : 01 Group members : 1. Phạm Nguyên Quỳnh Thi 20 023 86 2. Bùi Cảnh Vinh 20 01796 3. Lý Gia