THAI NGUYEN UNIVERSITY

INTERNATIONAL SCHOOL

FINAL REPORT
Topic: FINANCIAL DATA ANALYSIS OF NIKE COMPANY

This submited to
Instructor: Ngo Mai Phuong
Course: Financial Data Analysis_01

By Group 1

Hoang Thi Hang

Hoang Anh Duc

Ngo Hoai Ngoc

Nguyen Thi Ha

Nguyen Huy Phuc

Ngo Thi Thuy Quynh

January, 2024
 Table of Contents
I. INTRODUCTION.............................................................................................................1

1. An Overview of Nike...............................................................................................1

2. Organization.............................................................................................................1

II. EXECUTIVE SUMMARY...............................................................................................2

III. COMPANY OVERVIEW.................................................................................................3

1. Coca-Cola company Background...........................................................................3

2. Coca-Cola Industry.................................................................................................3

3. Coca-Cola market position.....................................................................................3

4. Coca-Cola competitors............................................................................................3

5. Coca-Cola Company Profit.....................................................................................4

6. Coca-Cola Company Revenue................................................................................4

7. Coca-Cola Company market share........................................................................4

8. SWOT Analysis of Coca Cola.................................................................................5

8.1. Strength...................................................................................................................... 5
8.2. Weaknesses.................................................................................................................5
8.3. Opportunities............................................................................................................. 5
8.4. Threats........................................................................................................................5
9. Porter Five Forces Analysis on Coca Cola.............................................................6

IV. FINANCIAL DATA ANALYSIS.......................................................................................6

1. Coca-Cola Balance Sheet........................................................................................6

1.1. Compare the balance sheet of year 2020 and 2021..................................................9

1.2. Compare the balance sheet of 2021 and 2022..........................................................9
2. Coca-Cola Income Statement...............................................................................10

2.1. Compare the income statement of year 2020 and 2021.........................................12

2.2. Compare the income statement of year 2021 and 2022.........................................12
3. Coca-Cola cash flow..............................................................................................12

3.1. Compare the cashflow of year 2020 and 2021.......................................................15

3.2. Compare the cashflow of year 2021 and 2022.......................................................15
 4. ROE, ROA, Financial Leverage...........................................................................16

4.1. ROE Ratio................................................................................................................16

4.2. ROA Ratio................................................................................................................17
4.3. Financial Leverage.................................................................................................. 18
5. NOA, RNOA Ratio................................................................................................18

6. Time Interest Earned, Liability to Equity ratio, Total debt to equity ratio.....19

7. Profitability and Productivity...............................................................................19

7.1. Profitability.............................................................................................................. 19
7.2. Productivity..............................................................................................................20
8. Quick ratio, Current ratio....................................................................................22

9. Z-Score....................................................................................................................22

10. Solution...................................................................................................................24

10.1. ROE/ROA.........................................................................................................24
10.2. NOA, RNOA Ratio...........................................................................................24
10.3. Quick Ratio and Current Ratio.......................................................................25
V. CONCLUSION................................................................................................................25

REFERENCES............................................................................................................................26
I. INTRODUCTION
1. Historical
Coca-Cola is a multinational beverage corporation headquartered in Atlanta, Georgia, in
the United States. It was founded in 1886 by John Pemberton, a pharmacist from Atlanta.
Initially, Coca-Cola was sold as a patent medicine for five cents per glass at Jacob's Pharmacy in
Atlanta.
The formula for Coca-Cola was created by Pemberton as a cure for various ailments,
including headaches, neuralgia, and impotence. The name "Coca-Cola" was derived from two of
the ingredients used in the formula: coca leaves and kola nuts.
In 1888, Asa Griggs Candler, a businessman from Atlanta, purchased the rights to Coca-
Cola for $2,300. Candler recognized the potential of Coca-Cola as a beverage and began mass-
producing it. He also introduced new marketing strategies, such as offering free Coca-Cola syrup
to fountain drink operators and encouraging them to display the Coca-Cola trademark
prominently.
Candler's marketing efforts paid off, and by 1895, Coca-Cola was being sold in every state
in the United States. In 1899, Candler established The Coca-Cola Company as a separate entity
from his other businesses.
Throughout the 20th century, Coca-Cola continued to expand globally, with the company
entering international markets in the 1920s. Today, Coca-Cola is sold in more than 200 countries
and territories worldwide and has a market value of over $200 billion.
Coca-Cola's success can be attributed to its strong branding strategy and marketing
campaigns. The company has invested heavily in advertising and sponsorships over the years,
including iconic campaigns such as "The Pause That Refreshes" and "Taste the Feeling."
In addition to its flagship product, Coca-Cola has expanded its product line to include a
wide variety of beverages, including Diet Coke, Fanta, Sprite, Powerade, and Minute Maid. The
company has also made efforts to address health concerns by introducing lower-calorie and
sugar-free options.
Despite its successes, Coca-Cola has faced criticism over issues such as environmental
sustainability and health concerns related to sugar consumption. The company has responded by
implementing sustainability initiatives and reducing sugar content in some of its products.
In order to sum up, Coca-Cola has a history of invention, astute marketing, and
international growth. Strong branding and a dedication to adapting to shifting consumer
preferences while addressing social and environmental issues are key factors in its success.
Coca-Cola, one of the most well-known brands in the world, has shaped the beverage industry
and influenced popular culture globally.
2. Organization
Coca-Cola is a multinational beverage corporation headquartered in Atlanta, Georgia, in
the United States. The company's organizational structure is divided into several functional
areas, including marketing, sales, finance, human resources, supply chain, and research and
development.

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 Other hand, Coca-Cola is a multinational beverage corporation headquartered in Atlanta,
Georgia, United States. As of 2021, Coca-Cola has over 300 subsidiaries and more than 100
brand names in its portfolio, making it one of the largest and most diversified beverage
companies in the world. According to the company's annual report, Coca-Cola's global bottling
system comprises over 3,800 independent bottling partners and distributors in more than 200
countries and territories. Therefore, it is safe to say that Coca-Cola has thousands of companies
operating under its umbrella worldwide. However, the exact number of companies directly
owned by Coca-Cola is not publicly disclosed.
At the top of the organization is the Board of Directors, which is responsible for setting
strategic direction and overseeing the company's operations. Beneath the Board of Directors is
the Executive Committee, which consists of senior executives who report directly to the CEO.
The Marketing function is responsible for developing and executing marketing strategies to
promote Coca-Cola's products and brands. This includes product innovation, brand management,
advertising, and digital marketing. The Sales function is responsible for managing relationships
with retailers, distributors, and customers to ensure that Coca-Cola's products are available and
promoted effectively.
The Finance function manages the company's financial resources, including budgeting,
forecasting, financial reporting, and risk management. The Human Resources function is
responsible for attracting, developing, and retaining talent within the organization.
The Supply Chain function manages the production, transportation, and distribution of
Coca-Cola's products to ensure that they are delivered to customers in a timely and efficient
manner. The Research and Development function is responsible for developing new products
and technologies to meet changing consumer preferences and market trends.
All things considered, Coca-Cola's organizational structure is intended to foster innovation
and cooperation among its functional divisions while also allowing the business to run smoothly
and successfully throughout its international operations.
II. EXECUTIVE SUMMARY
The Z-scores derived for 2020, 2021, and 2022 indicate that the company is not
experiencing financial difficulties and does not exhibit a high risk of bankruptcy in the near
future. These years' Z-scores are below the 1.80 criterion, at 1.56, 1.57, and 1.60, respectively.
This suggests that there isn't any immediate need for alarm and that the company's financial
health is generally solid. It is crucial to remember that the Z-score is only one indicator of
financial health and that other elements should be taken into account when assessing the
company's overall financial situation. The company's profitability, debt levels, and cash flow are
further elements to take into account. Furthermore, it is important to consider external elements
like market conditions and industry developments. Although the Z-score offers insightful
information about the company's bankruptcy risk, it is not a perfect predictor and should be used
in conjunction with other financial measures and analytical techniques for a more thorough
evaluation. To better grasp the company's financial situation, it is advised to perform an
extensive financial analysis utilizing a variety of metrics.
The primary financial metrics and patterns that were noted during the examination,
comprising profitability measures like return on equity and return on assets, liquidity ratios like

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quick and current ratios, and efficiency ratios like inventory turnover and asset turnover. These
indicators can provide important information about how well the business is able to turn a profit,
handle its obligations and assets, and make effective use of its resources. Furthermore, trends in
these measures over time can reveal the financial health and growth potential of the organization.
To find areas of strength or weakness, it's critical to compare these indicators to industry
benchmarks and examine any notable differences. Better decision-making and risk management
are made possible by obtaining a more thorough evaluation of the company's financial status by
taking into account not just the Z-score but also other financial measures and trends. To evaluate
a company's overall financial health, one must comprehend and analyze its financial ratios and
patterns. The Z-score and other financial parameters shed light on the profitability, liquidity,
solvency, and efficiency of the business. Investors and stakeholders can have a better
understanding of the company's performance in comparison to its competitors by comparing
these indicators to industry benchmarks. Determining one's strong and weak points can aid in
making well-informed judgments about investments, growth strategies, and risk management
tactics. Ultimately, improved decision-making and more efficient risk management are made
possible by a thorough evaluation of the company's financial status.
III. COMPANY OVERVIEW
1. Coca-Cola company Background
Coca-Cola is a carbonated soft drink that was invented in the late 19th century by Dr. John
S. Pemberton in Atlanta, Georgia on May 8,1886. The drink was initially marketed as a patent
medicine and was made from a syrup that contained coca leaves and cola for kola nuts. The
name "Coca-Cola" was coined by Frank Mason Robinson, who was a partner and bookkeeper
of Dr. Pemberton. The name was chosen because it was euphonious and because of Robinson's
familiarity with such names as 'S.S.S' and 'B.B.B'. Robinson also designed the trademarked,
distinct script of the Coca-Cola logo that is still used today. In 1892, Asa Griggs Candler
acquired the formula and founded The Coca-Cola Company (KO), which he built into a
commercial empire. Since then, Coca-Cola has been a catalyst for social interaction and inspired
innovation. The company has a long history of sustainability efforts, including water
sustainability, women empowerment, community well-being, sustainable packaging, climate
protection, human and workplace rights, and sustainable agriculture.
2. Coca-Cola Industry
The Coca-Cola Company is an American multinational corporation founded in 1892, best
known as the producer of Coca-Cola. The drink industry company also manufactures, sells, and
markets other non-alcoholic beverage concentrates and syrups, and alcoholic beverages. The
company's stock is listed on the NYSE and is part of the DJIA and the S&P 500 and S&P
100 indexes. The company operates a franchised distribution system since 1889. The Coca-Cola
Company markets, manufactures, and sells a variety of beverages, including sparkling soft
drinks, water, sports drinks, coffee & tea, juice, value-added dairy & plant-based beverages, and
emerging beverages. The company has a large global presence, controlling several hundred
brand names.

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3. Coca-Cola market position
Coca-Cola is a key player in the beverage industry, with a global brand value of over 89
billion U.S. dollars. The company has been consistently ranked as the top soft drink brand
worldwide. In the United States, Coca-Cola was ranked as the top carbonated soft drink (CSD)
company with a volume share of roughly 46 percent. Since 2004, Coca-Cola company has been
the market leader.
4. Coca-Cola competitors
According to a recent report, Coca-Cola's main competitors include PepsiCo, Nestlé,
Keurig Dr. Pepper, Red Bull, Danone, Unilever, Britvic, Jacobs Douwe Egberts, Suntory, and
Monster Beverage Corporation. But Coca-Cola’s strongest competitor is Pepsi which is also the
multinational beverage brand doing the same business as Coca-Cola. From the beginning, they
have fought fiercely with each other for the top position in the international market of the non-
alcoholic beverage industry. Both have the same effective distribution channel and unique
marketing strategy which make them the two strong brands in the world. Moreover, there is
another major competitor, especially in the USA market which is Dr Pepper Snapple. It is well-
known for having a variety of flavor and is loved for its unique taste. In addition, another
important element for its success is its smart marketing strategy which not only meets the
customer’s needs but also steers customers through catchy slogans.
5. Coca-Cola Company Profit
Coca-Cola annual/quarterly gross profit history and growth rate from 2010 to 2023. Gross
profit can be defined as the profit a company makes after deducting the variable costs directly
associated with making and selling its products or providing its services.
 Coca-Cola gross profit for the quarter ending September 30, 2023, was $7.296B,
a 12.3% increase year-over-year.
 Coca-Cola gross profit for the twelve months ending September 30, 2023, was $26.631B,
a 7.52% increase year-over-year.
 Coca-Cola annual gross profit for 2022 was $25.004B, a 7.32% increase from 2021.
 Coca-Cola annual gross profit for 2021 was $23.298B, a 18.98% increase from 2020.
 Coca-Cola annual gross profit for 2020 was $19.581B, a 13.54% decline from 2019.
6. Coca-Cola Company Revenue
The Cola-Cola Company’s revenue has fluctuated globally in recent years, reaching around
43 billion U.S. dollars in their most recent financial year. Almost one third of the Coca-Cola
Company’s total revenue was generated in North America in that year, making it their most
lucrative operating segment by far. Bottling Investments are the company’s second biggest
revenue stream. Coca-Cola’s advertising campaigns are innovative and memorable. As one way
to maintain high revenues, the company has increasingly invested in advertising, spending over
four billion U.S. dollars in recent years.
Coca-Cola annual/quarterly revenue history and growth rate from 2010 to 2023. Revenue
can be defined as the amount of money a company receives from its customers in exchange for
the sales of goods or services. Revenue is the top line item on an income statement from which
all costs and expenses are subtracted to arrive at net income.

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  Coca-Cola revenue for the quarter ending September 30, 2023, was $11.953B, an 8.04%
increase year-over-year.
 Coca-Cola revenue for the twelve months ending September 30, 2023, was $45.030B,
a 6.35% increase year-over-year.
 Coca-Cola annual revenue for 2022 was $43.004B, a 11.25% increase from 2021.
 Coca-Cola annual revenue for 2021 was $38.655B, a 17.09% increase from 2020.
 Coca-Cola annual revenue for 2020 was $33.014B, a 11.41% decline from 2019.
7. Coca-Cola Company market share
In the United States, Coca-Cola was ranked as the top carbonated soft drinks (CSD)
company with volume share roughly 46%. In 2020, PepsiCo controlled around 26% of the U.S.
carbonated beverage market, while Coca-Cola had around 44% of the U.S. market share. In
2022, Coca-Cola carbonated soft drinks market share amounted to roughly 46%. In the same
year Coca-Cola’s U.S. market share amounted to 46.3%.
8. SWOT Analysis of Coca Cola
8.1. Strength
 Strong brand recognition: Coca-Cola is a household name, with its iconic red and white
logo and distinctive bottle shape.
 Global reach: Coca-Cola is present in over 200 countries and territories, making it one
of the most widely distributed brands in the world.
 Diversified product portfolio: Coca-Cola offers a wide range of beverages, including
carbonated soft drinks, juices, sports drinks, and bottled water, catering to various consumer
preferences.
 Strategic partnerships: Coca-Cola has formed partnerships with major retailers,
restaurants, and sports teams, which helps to expand its distribution network and increase brand
visibility.
8.2. Weaknesses
 High sugar content: Coca-Cola's products are often criticized for their high sugar
content, which has led to concerns about health issues such as obesity and diabetes.
 Declining sales in some markets: While Coca-Cola remains a dominant player in the
beverage industry, it has experienced declining sales in some markets due to increasing
competition and changing consumer preferences.
 Dependence on carbonated soft drinks: Coca-Cola's revenue is heavily reliant on
carbonated soft drinks, which has led to concerns about the company's ability to adapt to
changing consumer preferences for healthier alternatives.
 Environmental concerns: Coca-Cola's production processes have been criticized for
their environmental impact, particularly with regards to water usage and plastic waste.
8.3. Opportunities
 Emerging markets: As more countries continue to urbanize and experience economic
growth, there is potential for Coca-Cola to expand its market share in these regions.

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  Healthier alternatives: Coca-Cola has recognized the need to offer healthier alternatives
to its consumers and has introduced low-calorie and sugar-free options in response to changing
consumer preferences.
 Technological advancements: The use of technology in the beverage industry is on the
rise, providing opportunities for Coca-Cola to innovate and differentiate itself from competitors
through the use of smart packaging and digital marketing strategies.
 Collaboration with retailers: Collaborating with major retailers can help Coca-Cola
expand its distribution network and increase brand visibility through joint marketing campaigns
and promotional activities.
8.4. Threats
 Increasing competition: The beverage industry is highly competitive, with new players
entering the market regularly, making it challenging for Coca-Cola to maintain its market share.
 Regulatory restrictions: Governments around the world are implementing stricter
regulatory restrictions on sugary drinks due to health concerns, which could negatively impact
Coca-Cola's sales in these markets.
 Economic uncertainty: Economic downturns can lead to reduced consumer spending on
discretionary items such as beverages, which could negatively impact Coca-Cola's revenue
during times of economic uncertainty.
 Changing consumer preferences: As consumers become increasingly health-conscious
and environmentally aware, there is a growing demand for healthier and more sustainable
alternatives to traditional carbonated soft drinks, which could pose a threat to Coca-Cola's
market share in these areas.
9. Porter Five Forces Analysis on Coca Cola
 Industry Rivalry: The beverage industry is highly competitive, with numerous players
vying for market share. Coca-Cola faces intense competition from other leading beverage
companies such as PepsiCo, Dr Pepper Snapple Group, and Monster Beverage Corporation,
among others. These companies offer similar products and often engage in price wars,
promotional activities, and product innovation to gain a competitive edge.
 Buyer Bargaining Power: The beverage industry has high buyer bargaining power due
to the availability of substitutes and the increasing preference for healthier alternatives.
Consumers have a wide range of options to choose from, including water, sports drinks, energy
drinks, and fruit juices. This makes it challenging for Coca-Cola to maintain its market share and
price its products competitively.
 Supplier Bargaining Power: The beverage industry has low supplier bargaining power
as there are numerous suppliers of raw materials such as sugar, water, and packaging materials.
Coca-Cola has the ability to switch suppliers easily, which limits their bargaining power.
 Threat of Substitution: The beverage industry faces a high threat of substitution due to
the increasing demand for healthier alternatives. Consumers are becoming more health-conscious
and are opting for low-calorie or sugar-free drinks instead of sugary beverages like Coca-Cola's
products. This poses a significant threat to the company's market share and profitability.
 Threat of Entry: The beverage industry has a moderate threat of entry due to the high
capital requirements and intense competition in the market. However, new entrants with

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innovative products or lower costs can still disrupt the market and pose a threat to established
players like Coca-Cola.
IV. FINANCIAL DATA ANALYSIS
1. Coca-Cola Balance Sheet
The Coca-Cola balance sheet provides information about the company assets, liabilities,
and equity.
2020 2021 2022
ASSETS A B C
Current assets
Cash, cash equivalents and short-term investmenet
Cash and cash equivalents 6,795 9,684 5,519
Short-term investment 4,119 2,941 2,112
Total cash, cash equivalents and short-term
10,914 1,625 11,631
investment
Accounts receivable 3,144 3,512 3,487
Inventory 3,266 3,414 4,233
Other current asset 1,916 2,994 3,240
Total current asset 19,240 22,545 22,591
Property/Plant/Equipment,Total -Net 11,247 11,338 12,325
Non current asset
Not property, plant and equipment 10,777 9,920 9,841
Equity and other investment - - -
Intangibles 28,550 34,613 33,631
Deferred income taxes 2,460 2,129 1,746
Other long-term assets 26,269 25,147 24,954
Total non-current assets 68,056 71,809 70,172
Total assets 87,296 94,354 92,763
Liabilities and stockholders' equity
Liabilities
Current liabilities
Account payable 3,517 4,602 5,307
Taxes payable 1,231 686 1,203

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Current debt 2,688 4,645 2,772
Other current liabilities 1,185 10,017 10,422
Total current liabilities 14,601 19,950 19,724
Non-current liabilities
Deferred taxes liabilities 1,833 2,821 2,914
Long Term Debt 40,125 38,116 36,377
Other long-term liabilities - - -
Total non-current liabilities - - -
Total Liabilities - - -
Stockholders' equity 1,760 1,760 1,760
Additional paid-in capital 17,601.00 18,116 18,822
Other reserves - - -
Retained earnings 66,555 69,094 71,019
Minority Interests 1,985 1,861 1,721
Total stockholders' equity 19,299 22,999 24,105
Total liabilities and stockholder equity 87,296 94,354 92,763

2021/2020 2022/2021
ASSETS Average % Average %
Current assets b-a (b-a)/a c-b (c-b)/b
Cash, cash equivalents and short-
term investmenet
Cash and cash equivalents $ 2,889.00 43% $ (4,165.00) -43%
Short-term investment $ (1,178.00) -29% $ (829.00) -28%
Total cash, cash equivalents and
$ (9,289.00) -85% $ 10,006.00 616%
short-term investment
Accounts receivable $ 368.00 12% $ (25.00) -1%
Inventory $ 148.00 5% $ 819.00 24%
Other current asset $ 1,078.00 56% $ 246.00 8%
Total current asset $ 3,305.00 17% $ 46.00 0%
Property/Plant/Equipment,Total -
$ 91.00 1% $ 987.00 9%
Net

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Non current asset
Not property, plant and equipment $ (857.00) -8% $ (79.00) -1%
Equity and other investment
Intangibles $ 6,063.00 21% $ (982.00) -3%
Deferred income taxes $ (331.00) -13% $ (383.00) -18%
Other long-term assets $ (1,122.00) -4% $ (193.00) -1%
Total non-current assets $ 3,753.00 6% $ (1,637.00) -2%
Total assets $ 7,058.00 8% $ (1,591.00) -2%
Liabilities and stockholders' equity
Liabilities
Current liabilities
Account payable $ 1,085.00 31% $ 705.00 15%
Taxes payable $ (545.00) -44% $ 517.00 75%
Current debt $ 1,957.00 73% $ (1,873.00) -40%
Other current liabilities $ 8,832.00 745% $ 405.00 4%
Total current liabilities $ 5,349.00 37% $ (226.00) -1%
Non-current liabilities
Deferred taxes liabilities $ 988.00 54% $ 93.00 3%
Long Term Debt $ (2,009.00) -5% $ (1,739.00) -5%
Other long-term liabilities
Total non-current liabilities
Total Liabilities
Stockholders' equity 0% 0%
Additional paid-in capital $ 515.00 3% $ 706.00 4%
Other reserves
Retained earnings $ 2,539.00 4% $ 1,925.00 3%
Minority Interests $ (124.00) -6% $ (140.00) -8%
Total stockholders' equity $ 3,700.00 19% $ 1,106.00 5%
Total liabilities and stockholder
$ 7,058.00 8% $ (1,591.00) -2%
equity

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 1.1. Compare the balance sheet of year 2020 and 2021
The balance sheet of 2020 and 2021 shows some notable changes in the total liabilities and
stockholder equity. In 2020, the total liabilities and stockholder equity amounted to $87,296,
while in 2021, it increased to $94,354, indicating a significant growth of $7,058. This increase
can be attributed to various factors such as changes in assets, liabilities, and retained earnings.
Some factors that may have contributed to this growth in total liabilities and stockholder equity
include an increase in the company's assets and liabilities, as well as any profits retained by the
company. Additionally, changes in the company's capital structure or financing activities may
have also played a role in this increase. Overall, the balance sheet comparison between 2020 and
2021 reflects the financial growth of the company and its ability to manage its liabilities and
equity effectively.
1.2. Compare the balance sheet of 2021 and 2022
The balance sheet of 2021 and 2022 shows some significant changes. In terms of total
liabilities and stockholder equity, there has been a decrease from $94,354 in 2021 to $92,763 in
2022, representing a decrease of 2%. However, it is worth noting that the net income for 2022
has increased by $7,058, which is a growth of 8% compared to the previous year. These numbers
indicate that there have been some shifts in the financial position of the company between the
two years. These shifts could be attributed to various factors such as changes in expenses,
revenue, or investments made by the company. It is important to further analyze the balance
sheets and other financial statements to determine the specific reasons behind these changes.
Additionally, it is crucial to consider other financial metrics and ratios to get a comprehensive
understanding of the company's overall financial health and performance. Overall, the decrease
in total liabilities and stockholder equity coupled with the increase in net income suggests that
the company may have improved its profitability and financial stability in 2022 compared to the
previous year.

2. Coca-Cola Income Statement

The income statement of Coca-Cola provides information about the company’s revenue
and expenses.
2020 2021 2022
A B C
Revenue 33,014 38,655 43,004
Cost of Goods sold 13,433 15,357 18,000
Cost of Revenue 13,433 15,537 18,000
Gross operating profit 19,581 23,298 25,004
Operating expenses
Research and development - - -
Sales, general and administrative 5,541 7,009 7,442

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Staff cost - - -
Interest expense 1437 1597 882
Depreciation and amortization - - -
Other Operating Expenses 4,315 5,250 5,520
Total Operating Expenses 9,856 12,259 12,962
Operating income before interest and
9,725 11,039 12,042
taxes
Operating income 10,013 11,438 12,250
Non-operating income 24 1,386 -356
Income before income taxes 9,749 12,425 11,686
Provision for income taxes 1,981 2,621 2,115
Net income from continuing operations 7,768 9,804 9,571
Net Income 7,747 9,771 9,542
Net Income After taxes 7,768 9,804 9,571
Net income available for common
7,747 9,771 9,542
shareholders
EBIT 8,997 10,308 10,909
Earnings per share
Basic 1.8 2.2 2.2
Diluted 1.79 2.25 2.19

2021/2020 2022/2021
Average % Average %
Revenue $ 5,641.00 17% $ 4,349.00 11%
Cost of Goods sold $ 1,924.00 14% $ 2,643.00 17%
Cost of Revenue $ 2,104.00 16% $ 2,463.00 16%
Gross operating profit $ 3,717.00 19% $ 1,706.00 7%
Operating expenses
Research and development
Sales, general and administrative $ 1,468.00 26% $ 433.00 6%
Interest expense $ 160.00 11% $ (715.00) -45%

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 Staff cost
Depreciation and amortization
Other Operating Expenses $ 935.00 22% $ 270.00 5%
Total Operating Expenses $ 2,403.00 24% $ 703.00 6%
Operating income before
$ 1,314.00 14% $ 1,003.00 9%
interest and taxes
Operating income $ 1,425.00 14% $ 812.00 7%
-
Non-operating income $ 1,362.00 5675% $ (1,742.00) 126%
Income before income taxes $ 2,676.00 27% $ (739.00) -6%
Provision for income taxes $ 640.00 32% $ (506.00) -19%
Net income from continuing
operations $ 2,036.00 26% $ (233.00) -2%
Net Income $ 2,024.00 26% $ (229.00) -2%
Net Income After taxes $ 2,036.00 26% $ (233.00) -2%
Net income available for
common shareholders $ 2,024.00 26% $ (229.00) -2%
EBIT $ 1,311.00 15% $ 601.00 6%
Earnings per share
Basic $ 0.40 22% 0%
Diluted $ 0.46 26% $ (0.06) -3%

2.1. Compare the income statement of year 2020 and 2021

When comparing the income statement of 2020 and 2021, several key metrics stand out.
First, the revenue increased by 22% from $0.40 to $0.46. This indicates a positive growth trend
in the company's top line. Additionally, the net income also saw an improvement, with a 3%
increase from a loss of $0.06 to a gain of $0.00. This signifies a turnaround in profitability for
the company. However, it is important to delve deeper into the financial statements to understand
the underlying factors driving these changes. By analyzing the income statement, it is evident
that the company successfully managed to increase its revenue and achieve a break-even point in
net income. This could be attributed to various factors such as cost-cutting measures, increased
sales volume, or improved operational efficiency. It is crucial to examine the company's
expenses and analyze if there were any significant changes, such as reduced overhead costs or
decreased production expenses. Furthermore, assessing the company's sales mix, customer base,
and market conditions can provide deeper insights into the reasons behind the positive growth
trend and improved profitability.

12
 2.2. Compare the income statement of year 2021 and 2022
When comparing the income statement of 2021 and 2022, several key figures stand out.
Firstly, the net income for 2021 was $0.40, representing a 22% increase from the previous year.
However, in 2022, the net income saw a significant decrease to $0.46, resulting in a 3% decline.
This indicates a shift in profitability between the two years. Additionally, the diluted earnings
per share (EPS) also fluctuated, with 2021 reporting an EPS of $1.79, while in 2022, it decreased
to $1.79. This decline in EPS suggests a potential impact on the company's overall financial
performance. Furthermore, when examining the revenue figures, it is evident that the company
experienced a substantial growth in 2021, with a revenue of $10 million, representing a 15%
increase from the previous year. However, in 2022, the company faced a slight decline in
revenue, with a total of $9.8 million. Although the decrease may seem minimal, it is important to
note that it signifies a deviation from the previous year's upward trend. Overall, these financial
indicators point towards a mixed performance for the company in 2022, with both positive and
negative factors impacting its profitability and financial stability.

3. Coca-Cola cash flow

The cash flow statement provides information about the company’s cash inflows and
outflows.
2020 2021 2022
A B C
Cash Flows From Operating
Activities
Cash Flows From Operating
Activities
Depreciation and amortization 1,536.00 1,452.00 1,260.00
Deferred income taxes -18 894 -122
Accounts receivable 882 -225 -69
Inventory 99 -135 -960
Account payable -876 2,277.00 399
Other working capital 585 -592 25
Other non-cash items 7,636.00 8,954.00 10.49
Net cash provided by operating
9,844.00 12,625.00 11,018.00
activities

Cash Flows From Investing Activities

Investment in property, plant and

-1,177.00 -1,367.00 -1,484.00
equipment

13
Acquisitions Net -863 -2,586.00 385
Purchases of investment -13,583.00 -6,030.00 -3,751.00
Sales/Maturities of investments 13,835.00 7,059.00 4,771.00
Purchases of intangibles
Other investing activities 311 159 -684

Net cash used for investing activities -1,477.00 -2,765.00 -763

Cash Flows From Financing

Activities
Common stock issued 529 591 -581
Dividends -7,047.00 -7,252.00 -7,616.00
Other financing activities -1,552.00 -125 -2,053.00
Net cash provided by (used for)
-8,070.00 -6,786.00 -10,250.00
financing activities
Net Change in Cash 297 3,074.00 5
Cash at beginning of period 6,737.00 7,110.00 10,025.00
Cash at end of period 7,110.00 10,025.00 9,825.00
Free cash in flow
Operating Cash Flow 9,844.00 12,625.00 11,018.00
Capital Expenditure -1,177.00 -1,367.00 -1,484.00
Free Cash Flow 8,667.00 11,258.00 9,534.00

2021/2020 2022/2021
AVERAGE % AVERAGE %
Cash Flows From Operating
Activities
Cash Flows From Operating
Activities
Depreciation and amortization $ (84.00) -5% $ (192.00) -13%
Deferred income taxes $ 912.00 -5067% $ (1,016.00) -114%
Accounts receivable $ (1,107.00) -126% $ 156.00 -69%
Inventory $ (234.00) -236% $ (825.00) 611%
Account payable $ 3,153.00 -360% $ (1,878.00) -82%

14
Other working capital $ (1,177.00) -201% $ 617.00 -104%
Other non-cash items $ 1,318.00 17% $ (8,943.52) -100%
Net cash provided by
$ 2,781.00 28% $ (1,607.00) -13%
operating activities
Cash Flows From Investing
Activities
Investment in property, plant
$ (190.00) 16% $ (117.00) 9%
and equipment
Acquisitions Net $ (1,723.00) 200% $ 2,971.00 -115%
Purchases of investment $ 7,553.00 -56% $ 2,279.00 -38%
Sales/Maturities of
$ (6,776.00) -49% $ (2,288.00) -32%
investments
Purchases of intangibles
Other investing activities $ (152.00) -49% $ (843.00) -530%
Net cash used for investing
$ (1,288.00) 87% $ 2,002.00 -72%
activities
Cash Flows From Financing
Activities
Common stock issued $ 62.00 12% $ (1,172.00) -198%
Dividends $ (205.00) 3% $ (364.00) 5%
Other financing activities $ 1,427.00 -92% $ (1,928.00) 1542%
Net cash provided by (used
$ 1,284.00 -16% $ (3,464.00) 51%
for) financing activities
Net Change in Cash $ 2,777.00 935% $ (3,069.00) -100%
Cash at beginning of period $ 373.00 6% $ 2,915.00 41%
Cash at end of period $ 2,915.00 41% $ (200.00) -2%
Free cash in flow
Operating Cash Flow $ 2,781.00 28% $ (1,607.00) -13%
Capital Expenditure $ (190.00) 16% $ (117.00) 9%
Free Cash Flow $ 2,591.00 30% $ (1,724.00) -15%

15
 3.1. Compare the cashflow of year 2020 and 2021
The cashflow of year 2020 and 2021 can be compared by analyzing the figures provided.
In 2020, the cash at the beginning of the period was $6,737.00, while in 2021, it increased to
$7,110.00. Similarly, the cash at the end of the period in 2020 was $2,915.00, which increased to
$10,025.00 in 2021. This indicates a significant improvement in cashflow from 2020 to 2021.
Furthermore, the free cash inflow in 2020 was -$200.00, whereas in 2021, it improved to
$373.00, indicating a positive change. Overall, the cashflow of year 2021 appears to be stronger
and more positive compared to 2020. The increase in both the cash at the beginning and end of
the period, as well as the improvement in free cash inflow, suggest that the company's financial
situation improved in 2021. This could indicate better performance, increased revenue, or
improved efficiency in managing costs and expenses. However, further analysis and evaluation
of other financial indicators would be required to fully understand the company's financial health
and performance.
3.2. Compare the cashflow of year 2021 and 2022
The cashflow of year 2021 and 2022 can be compared as follows: In year 2021, the cash at
the beginning of the period was $6,737.00 and it increased to $7,110.00 at the end of the period.
The free cash inflow for that year was -$200.00. The operating cash flow was $9,844.00, while
the capital expenditure was -$1,177.00. This resulted in a free cash flow of $8,667.00. On the
other hand, in year 2022, the cash at the beginning of the period was $7,110.00 and it increased
to $10,025.00 at the end of the period. The free cash inflow for that year was -$117.00. The
operating cash flow was $12,625.00, while the capital expenditure was -$1,367.00. This resulted
in a free cash flow of $11,258.00. Therefore, comparing the cashflow of year 2021 and 2022, we
can see that there was an increase in cash at the end of the period, operating cash flow, and free
cash flow in year 2022 compared to year 2021.

4. ROE, ROA, Financial Leverage

2021 2022
ROE 0.4620 0.4051
ROA 0.1076 0.1020
Financial Leverage 4.2945 3.9724
4.1. ROE Ratio
Return on equity represents the percentage return a company generates on the money
shareholders have invested.
The Net Income used in the numerator is often adjusted for one-time and non-recurring
items to present a clearer view of future earnings. Since income is earned over the course of a
year, we average book value of Equity at the start and end of the year for the denominator.
In general, a higher return on equity suggests management is utilizing the capital invested
by shareholders efficiently.
The tables below summarizes the trend in Coca-Cola’s return on common equity over the
last five years:

16
 Fiscal Year Return on Equity
2018-12-31 37.8%
2019-12-31 49.6%
2020-12-31 40.5%
2021-12-31 46.2%
2022-12-31 40.5%

Performance Summary
 Coca-Cola's return on common equity for fiscal years ending December 2018 to 2022
averaged 42.9%.
 Coca-Cola's operated at median return on common equity of 40.5% from fiscal years
ending December 2018 to 2022.
Looking back at the last 5 years, Coca-Cola's return on common equity peaked in
December 2019 at 49.6%.
 Coca-Cola's return on common equity hit its 5-year low in December 2018 of 37.8%.
 Coca-Cola's return on common equity decreased in 2020 (40.5%, -18.4%) and 2022
(40.5%, -12.3%) and increased in 2018 (37.8%, +507.6%), 2019 (49.6%, +31.3%), and 2021
(46.2%, +14.1%).
4.2. ROA Ratio
Return on assets represents the dollars in earnings or Net Income a company generates
per dollar of assets. ROA is typically used to gauge the efficiency of the company and its
management at deploying capital to generate income for shareholders.
The net income used in the numerator is often adjusted for one-time and non-recurring
items to present a clearer view of future earnings. Since income is earned over the course of a
year, we average Total Assets at the start and end of the year for the denominator.
In general, a higher return on assets suggests management is utilizing the asset base
efficiently.

17
 The tables below summarizes the trend in Coca-Cola’s return on assets over the last five
years:
Fiscal Year Return on Assets
2018-12-31 7.6%
2019-12-31 10.6%
2020-12-31 8.9%
2021-12-31 10.8%
2022-12-31 10.2%

Performance Summary
 Coca-Cola's return on assets for fiscal years ending December 2018 to 2022 averaged
9.6%.
 Coca-Cola's operated at median return on assets of 10.2% from fiscal years ending
December 2018 to 2022.
 Looking back at the last 5 years, Coca-Cola's return on assets peaked in September 2023
at 11.3%.
 Coca-Cola's return on assets hit its 5-year low in December 2018 of 7.6%.
 Coca-Cola's return on assets decreased in 2020 (8.9%, -15.6%) and 2022 (10.2%, -5.2%)
and increased in 2018 (7.6%, +416.7%), 2019 (10.6%, +40.0%), and 2021 (10.8%, +20.7%).
4.3. Financial Leverage
Financial leverage measures the degree to which the company finances its assets with
debt versus equity. Financial leverage is measured in the DuPont analysis as the ratio of average
total assets to average stockholders’ equity. As financial leverage increases so does the level of
debt payments, which all else equal, increases the probability of default and possible bankruptcy.
Regarding Financial Leverage, in 2022 Coca-Cola has lower value of 3.9724 compared in
2021 is 4.2945. It means that, financial leverage decreases so reducing the level of bankruptcy
and showing a good financial health.
5. NOA, RNOA Ratio
2020 2021 2022

18
 Operating assets 76,852 83,147 83,616
Operating liabilities 5,350 7,423 8,221
NOA 71,502 75,724 75,395
Average NOA - 73,613 75,560
NOPAT 8,099 9,265 9,922
RNOA 0.1259 0.1313

Coca cola rati os

83,616

2020 2021 2022

83,147
76,852

75,724

75,560
75,395

73,613
71,502

9,922
9,265
8,221

8,099
7,423
5,350

0
0
0

O p e r a ti n g O p e r a ti n g NOA Av er age N OA NOP AT RNOA

asset s l i a b i l i ti e s

RNOA evaluates how much operating income a company derives relative to the operating
assets it holds.
An increasing RNOA means that a company is deriving more and more profit out of its
operating assets. A higher RNOA is better than a lower one.
In this case, RNOA of Coca Cola in 2022 is higher than in 2021 means that Coca Cola is
deriving more and more profit out of its operating assets.
6. Time Interest Earned, Liability to Equity ratio, Total debt to equity ratio
2020 2021 2022
Time-Interest Earned 6.260960334 6.454602379 12.36848073

Liability-to-equity ratio 0.867429019 0.818253474

0,756567698

Total debt-to-equity ratio 2.079123271 1.657289447 1.509105995

19
 Total debt-to-equity ratio

Liability-to-equity ratio

Time Interest Earned

0 2 4 6 8 10 12 14

2022 2021 2020

7. Profitability and Productivity

7.1. Profitability
2020 2021 2022
Gross profit margin 3.5338387 3.324012 3.3598495
Operating Expense Margin 1.8070745 1.631901 1.6460628
Profit margin 1.3981230 1.3940647 1.2821822

Profitability

Profit margin

Operating Expense margin

Gross profit margin

0 0.5 2022 1 20211.5 2020 2 2.5 3 3.5 4

 Based on the results in the table above and the chart, we can see that the profitability
indexes of Coca Cola Company in 2020 are higher than in 2021 and 2022. However,
the differences are not too large.
 First of all, about Gross profit margin:

20
 + In 2020 and 2021, the difference is only about 0.20, while in 2021 and 2022 the difference
is even smaller at only 0.035.
 About operating expense margin:
+ In 2020 and 2021, the difference is only about 0.175, while in 2021 and 2022 the
difference is even smaller at only 0.014.
 About gross profit margin:
+ The index does not differ too much between 2020 and 2021. Even from 2020 to 2022,
the difference is only 0.118
7.2. Productivity
2020-2021 2021-2022
Accounts Receivable Turnover 4.614483173 5.143591942
Account Payable Turnover 3.782978199 3.633060854
Inventory Turnover 4.597904192 4.707728521
Cash Conversion cycle 106.7996153 110.5228911
DIO (Days Inventory Outstanding) 79.38399427 77.53208333
DSO (Days Sales Outstanding) 123.9004488 133.4570578
DPO (Days’ Pay Suppliers) 96.48482777 100.46625

Productivity

DPO (Days’ Pay Suppliers) = (Average Account Payable/COGS) *365

DSO (Days Sales Outstanding) = (Average Account Receivable/ Net Income After taxes) *365

DIO (Days Inventory Outstanding) = (Average Inventory/COGS) *365

Cash Conversion cycle = DIO+ DSO -DPO

Inventory Turnover= Cost of Goods Sold/Average Inventory

Account Payable Turnover= COGS/Average Accounts Payable

Accounts Receivable Turnover = Cost of Goods Sold/Average Accounts Receivable

2021-2022 2020-2021

21
 2020-2021 2021-2022
Average Accounts Receivable 3328 3499.5
Average Accounts Payable 4059.5 4954.5
Average Inventory 3340 3823.5
Average PPE assets 11292.5 11831.5
PPE turnover = Sales/Average PPE
0.620677441 0.628998859
assets

Productivity (con't)
PPE turnover = Sales/Average
PPE assets
Average PPE assets
Average Inventory
Average Accounts Payable
Average Accounts Receivable
0 00 00 00 00 0 00 0 00 0 00
20 40 60 80 10 12 14

2021-2022 2020-2021
8. Quick ratio, Current ratio
2020 2021 2022

Current ratio 1.317718 1.1300752 1.1453559

Quick ratio 0.6807068 0.6614536 0.4566011

Ratio
1.4
1.2
1
0.8
0.6
0.4
0.2
0
Current ratio Quick ratio

Series1 Series2 Series3

22
  About current ratio: Looking at the table, we can see that the current ratio index in the
last 3 years (2020, 2021, 2022) of Coca Cola company is greater than 1, so we can conclude that
the current ratio is high, which means that the company's short-term assets are currently have
enough to pay off all short-term debt.
 About quick ratio: The quick ratio shows whether the company has enough short-term
assets to pay its short-term debts without having to sell inventory. This ratio more accurately
reflects the current ratio than the current ratio. The above results table shows that Coca Cola's
quick ratio index for 3 years 2020, 2021, 2022 is 0.68, 066, 0.45, respectively, all less than 1.
Thus, the company will have difficulty repaying short-term debts. and must be considered
carefully. In addition, this ratio is much smaller than the current ratio, which means that the
company's short-term assets depend too much on inventory.
9. Z-Score
2020 2021 2022
EBIT 9,749 12,425 11,686
Total Liabilities 66,012 69,494 66,937
Working Capital 4,639 2,595 2,867
Total Assets 87,295 94,354 92,763
Retained Earning 66,555 69,094 71,019
Sales 5,541 7,009 7,422
Market Value of Equity $54.84 $59.21 $63.61

z-score
90,000
60,000
30,000
0
l
IT ies ita ets in
g les ity
EB li it p ss rn S a q u
iab Ca A Ea fE
L ng otal ed o
tal ki T in e
T o o r
eta alu
W R tV
rke
a
M

2020 2021 2022

2020 2021 2022

0.063769975 0.03300337 0.037088063

23
 1.067380721 1.02519872 1.071834675
0.368540008 0.434560273 0.415723942
$0.00049845 $0.00051121 $0.00057018
0.062839682 0.073541238 0.079210245
Total Z-Score $1.56 $1.57 $1.60

Total Z-Score
$1.61
$1.60
$1.59
$1.58
$1.57
$1.56
$1.55
$1.54
0.062839682 0.073541238 0.079210245
$0.00 $0.00 $0.00
0.368540008 0.434560273 0.415723942
1.067380721 1.02519872 1.071834675
0.063769975 0.03300337 0.037088063
2020 2021 2022

 Looking at the results of the table, we can see that the Z-Score of the 3 years 2020, 2021,
2022 are respectively 1.56, 1.57 and 1.60.
 Based on the interpretation of Z-scores when 1.80>Z-score -> Company is in financial
distress and there is high bankruptcy potential in short term.

10. Solution
10.1. ROE/ROA
The decrease in ROE and ROA indicates that the company's profitability has decreased
over the years. However, the decrease in financial leverage indicates that the company has
reduced its reliance on debt financing. This could be a positive sign for the company's financial
health as it reduces the risk of defaulting on loans.
To improve the company's profitability, it could consider the following measures:
1. Cost-cutting measures: The company could reduce its expenses by cutting down on non-
essential costs such as travel, entertainment, and other discretionary expenses. This could help
the company to improve its bottom line and increase profitability.
2. Productivity improvements: The company could focus on improving its productivity by
streamlining its operations, reducing waste, and optimizing its supply chain. This could help the
company to reduce costs and improve profitability.

24
3. Revenue growth: The company could focus on increasing its revenue by expanding its
customer base, launching new products, or entering new markets. This could help the company
to improve its top line and increase profitability.
10.2. NOA, RNOA Ratio
NOA is a financial metric that measures the operating assets of a company minus its
operating liabilities. However, the NOA for the years 2021-2023 that the information provided
indicate that the company's operating assets have been increasing over time, while its operating
liabilities have remained relatively stable. This suggests that the company has been generating
more revenue and/or profits over the years, which is a positive sign for investors.
The Return on Net Operating Assets (RNOA) is a profitability ratio that measures the
efficiency of a company's operating assets in generating profits. A higher RNOA indicates that
the company is utilizing its operating assets more efficiently to generate profits.
In the case, the RNOA has increased from 12.59% in 2020 to 13.13% in 2021. This
indicates that the company has been able to generate more profits from its operating assets in
2021 compared to 2020. However, it is important to note that the RNOA is just one of the many
financial ratios that should be considered when evaluating a company's financial performance.
Other ratios such as the Return on Equity (ROE), Return on Assets (ROA), and Gross Margin
should also be analyzed to get a more comprehensive understanding of the company's financial
health. It is also important to consider the company's industry and competitors when evaluating
its financial performance. Comparing the company's financial ratios to those of its competitors
can provide insights into how well the company is performing relative to its peers. Finally, it is
important to consider the company's long-term strategy and goals when evaluating its financial
performance. A company may be generating short-term profits but sacrificing long-term growth
and sustainability. Therefore, it is important to consider both short-term and long-term factors
when evaluating a company's financial performance.
10.3. Quick Ratio and Current Ratio
It seems that Coca Cola's current ratio has been consistently greater than 1 in the last three
years, indicating that the company's short-term assets are sufficient to pay off its short-term
debts. However, the quick ratio of Coca Cola for the same period is less than 1, which means that
the company may have difficulty repaying its short-term debts without selling inventory. This
suggests that the company's short-term assets depend too much on inventory.
One possible solution to this problem is to reduce the company's inventory levels. This can
be achieved by improving the company's supply chain management and optimizing its
production processes to reduce waste and overproduction. Another solution is to increase the
company's cash reserves, which can be done by reducing expenses or increasing revenue.
It's important to note that the quick ratio is just one of many financial ratios that should be
considered when evaluating a company's financial health. Other ratios, such as the debt-to-equity
ratio and the return on equity, can provide additional insights into the company's financial
performance. It's also important to consider other factors, such as the company's competitive
position, market trends, and regulatory environment, when making investment decisions.

25
V. CONCLUSION
Coca-Cola is one of the world's largest beverage companies, renowned for its iconic brand
and extensive product portfolio. When evaluating its financial performance, several key metrics
are often considered. These may include revenue growth, profitability, operational efficiency,
debt management, and cash flow.
In terms of revenue growth, Coca-Cola has maintained a strong position in the market,
although growth rates can vary from year to year depending on factors such as changes in
consumer preferences and global economic conditions.
Profitability is another vital aspect of financial performance analysis. Coca-Cola has
historically demonstrated solid profitability, driven by its strong brand presence and global
market reach. However, profitability could be influenced by various factors, such as competition,
input costs, and pricing strategies.
Operational efficiency is also an important factor to evaluate. Coca-Cola has a vast
distribution network, enabling it to efficiently reach customers worldwide. The company's ability
to optimize its supply chain and streamline operations contributes to its overall financial
performance
In terms of debt management, Coca-Cola has generally maintained a prudent approach,
balancing debt levels with cash flows and profitability. Managing debt levels effectively helps
minimize financial risks and enables the company to invest in growth opportunities.
Lastly, cash flow analysis is important because it shows how well the business can make
money and continue to run. Coca-Cola's financial stability and liquidity are supported by its
historical strong cash flow generation.
To gain a thorough grasp of Coca-Cola's strengths, weaknesses, and potential risks, it is
imperative to conduct a multi-perspective analysis of the company's financial performance. For a
more precise and thorough analysis, it is advised to consult with financial experts and refer to
official financial reports.
REFERENCES
1. Coca-Cola Co balance sheet | KO - Morningstar. (n.d.).
https://tools.morningstar.co.uk/uk/stockreport/default.aspx?
tab=10&vw=bs&SecurityToken=0P000001BW%5D3%5D0%5DE0WWE
%24%24ALL&Id=0P000001BW&ClientFund=0&CurrencyId=BAS
2. The complete toolbox for investors | Finbox.com. (n.d.).
https://finbox.com/NYSE:KO/explorer/nopat/
3. Coca Cola (KO) Income Statement. (n.d.). Investing.com.
https://www.investing.com/equities/coca-cola-co-income-statement
4. Year-End market values. (n.d.). The Coca-Cola Company. https://investors.coca-
colacompany.com/stock-information/year-end-market-values

26
27
 EVALUATION

Name of Student Student ID Task

9.1.1. Introduction (history, organizational, number of companies in the world).

9.1.2. SWOT
Jojeno
9.1.3. Competitive forces include industry competition, bargaining power of buyers,
bargaining power of buyers, threat of substitution and threat of entry.

9.1.4. Choose 3 years-horizontal of the company (compare between each year) and
explain the meaning of table data after calculation (increase or decrease).
Dulcia
9.1.5. Overview of the Company
9.1.6. Solution

9.1.7. Choose 3 years-horizontal of the company (compare between each year) and
explain the meaning of table data after calculation (increase or decrease).
Trixie
9.1.8. Executive summary
9.1.9. Do PPT
9.1.10. Calculate NOPAT, Times Interest Earned (all the ratio you study).
Marcia and Ai
9.1.11. Provide table, graphs or charts.
9.1.12. Calculate ROE, ROA, Financial leverage, RNOA, NOA explain the results ROE,
ROA, Financial leverage, each year and compare.
Ni Na
9.1.13. Provide some data, table, or chart.
9.1.14. Do Report.