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Financial
Management
Lecturer: Prof. Thomas Bradley
Group 16
Đinh Công Tài 332887
Lê Ngọc Hoàng Nhật 332896
Financial analysis : Pepsico & Coca-cola
Outline
I. Overview
II.Financial analysis
III.Conclusion
IV.References
Overview
Pepsi’s Income Statement
Year 2008 2009 2010 2013 2014
Net Sales Or Revenues 43251 43232 57838 66415 66683
Cost Of Goods Sold 20351 20099 26575 31243 30884
Gross Profit 22900 23133 31263 35172 35799
Selling General And Admin Expense 15901 15026 22814 25357 26126
Income Before Depreciation Depletion Amortization 6999 8107 8449 9815 9673
Depreciation Depletion Amortization 64 63 117 110 92
Non Operating Income 415 432 803 97 85
Interest Expense 329 397 903 911 909
Pretax Income 7021 8079 8232 8891 8757
Provisionfor Income Taxes 1879 2100 1894 2104 2199
Minority Interest - 33 18 47 45
Income Before Extraordinaries And Disc Operations 5142 5979 6338 6787 6558
Net Income 5142 5946 6320 6740 6513
Average Shares Used To Compute Diluted E P S 1602 1577 1614 1560 1527
Average Shares Used To Compute Basic E P S 1602 1577 1590 1560 1509
Income Before Non Recurring Items 5887 5846 6675 6823 7066
Income From Non Recurring Items (745) 100 (355) (83) (553)
E P S Basic Net 3.21 3.77 3.97 4.32 4.27
E P S Diluted Net 3.21 3.77 3.91 4.32 4.27
E P S Diluted Before Non Recurring Items 3.68 3.71 4.13 4.37 4.63
Dividend Per Share Common 1.65 1.78 1.89 2.24 2.53
Pepsi’s Balance Sheet
Year 2008 2009 2010 2013 2014 Year 2008 2009 2010 2013 2014
Cash 2064 3943 5943 9375 6134 Notes Payable 369 464 4898 5306 5076
Marketable Securities 213 192 426 303 2592 Accounts Payable 8273 8127 10923 12533 13016
Receivables 4683 4624 6323 6954 6651 Income Taxes Payable 145 165 71 N/A N/A
Inventory 2522 2618 3372 3409 3143 Total Current Liabilities 8787 8756 15892 17839 18092
Raw Materials 1228 1274 1654 1732 1593
Deferred Charges Taxes
Income 226 659 4057 5986 5304
Work In Progress 169 165 128 168 173 Long Term Debt 7858 7400 19999 24333 23821
Finished Goods 1125 1179 1590 1509 1377 Other Long Term Liabilities 7017 5591 6729 4931 5744
Other Current Assets 1324 1194 1505 2162 2143 Total Liabilities 23888 22406 46677 53089 52961
Total Current Assets 10806 12571 17569 22203 20663 Preferred Stock (97) (104) (109) (130) (140)
Property Plant And
Equipment 22552 24912 33041 36961 36300 Common Stock Net 30 30 31 25 25
Accumulated Depreciation 10889 12241 13983 18386 19056 Capital Surplus 351 250 4527 4095 4115
Net Property Plant And
Equipment 11663 12671 19058 18575 17244 Retained Earnings 30638 33805 37090 46420 49092
Investment And Advances 3883 4484 1368 1841 2689 Treasury Stock 14122 13383 16745 21004 24985
Intangibles 6984 9157 28469 32652 29053 Other Liabilities (4,694) (3,156) (3,318) (5,017) (10,559)
Deposits And Other Assets 2658 965 1689 2207 860 Shareholders Equity 12106 17442 21476 24389 17548
Total Assets 35994 39848 68153 77478 70509
Total Liabilities And
Shareholders Equity 35994 39848 68153 77478 70509
Year 2008 2009 2010 2013 2014
Net Income Cash Flow 5142 5979 6338 6787 6558
Depreciation Depletion Amortization C F 1543 1635 2327 2663 2625
Net Increase Decrease In Assets Liabilities (424) 264 763 958 1159
Other Adjustments Net 738 (1,082) (980) (720) 164
Net Cash From Used By Operating Activities 6999 6796 8448 9688 10506
Increase Decrease In Prop Plant And Equipment (2,348) (2,070) (3,172) (2,686) (2,744)
Acquisition Disposition Of Subsidiaires (1,601) (386) (3,804) 21 115
Increase Decrease In Investments 1282 55 (675) 61 (2,298)
Other Cash Inflow From Investment Activities N/A N/A (17) (21) (10)
Net Cash From Used By Investment Activities (2,667) (2,401) (7,668) (2,625) (4,937)
Issuance Purchase Of Equity Shares (4,106) 406 (3,945) (1,885) (4,267)
Issuance Repayment Of Debt Securities 3070 831 5892 301 1666
Increase Decrease In Bank And Other Borrowings 445 (1,018) 2482 1165 (1,997)
Payment Of Dividends And Other Cash Distributions (2,541) (2,732) (2,978) (3,434) (3,730)
Other Cash From Used By Financing Activities 107 16 (65) 64 64
Net Cash From Used By Financing Activities (3,025) (2,497) 1,386 (3,789) (8,264)
Effect Of Exchange Rate Changes On Cash (153) (19) (166) (196) (546)
Net Change In Cash And Cash Equivalents 1154 1879 2000 3078 (3,241)
Cash And Equivalents At Beginning Of Year 910 2064 3943 6297 9375
Cash And Equivalents At Year End 2064 3943 5943 9375 6134
Pepsi’s Cash Flow
Coca-cola’s Income Statement
Year 2008 2009 2010 2013 2014
Net Sales Or Revenues 31944 30990 35119 46854 45998
Cost Of Goods Sold 11374 11088 12693 18421 17889
Gross Profit 20570 19902 22426 28433 28109
Selling General And Admin Expense 12124 11671 13977 18205 18401
Income Before Depreciation Depletion Amortization 8446 8231 8449 10228 9708
Non Operating Income -569 1070 6527 1712 100
Interest Expense 438 355 733 463 483
Pretax Income 7439 8946 14243 11477 9325
Provisionfor Income Taxes 1632 2040 2384 2851 2201
Minority Interest - 82 50 42 26
Income Before Extraordinaries And Disc Operations 5807 6906 11859 8626 7124
Net Income 5807 6824 11809 8584 7098
Average Shares Used To Compute Diluted E P S 4672 4658 4665.74 4509 4450
Average Shares Used To Compute Basic E P S 4672 4658 4666 4434 4450
Income Before Non Recurring Items 7350.41 7119 8148 9395.62 9091
Income From Non Recurring Items (1,543) (295) 3,661 (812) (1,993)
E P S Basic Net 1.25 1.47 2.53 1.94 1.6
E P S Diluted Net 1.25 1.47 2.53 1.9 1.6
E P S Diluted Before Non Recurring Items 1.58 1.53 1.75 2.08 2.04
Dividend Per Share Common 0.76 0.82 0.88 1.12 1.22
Coca-cola’s Balance Sheet
Year 2008 2009 2010 2013 2014 Year 2008 2009 2010 2013 2014
Cash 4701 9151 8517 10414 8958 Notes Payable 6066 6749 8100 16901 19130
Marketable Securities 278 62 2820 9854 12717 Accounts Payable 6205 6657 8859 9577 9234
Receivables 3090 3758 4430 4873 4466
Income Taxes
Payable 252 264 273 309 400
Inventory 2187 2354 2650 3277 3100
Total Current
Liabilities 12988 13721 18508 27811 32374
Raw Materials 1481 1657 1621 2037 1966
Deferred Charges
Taxes Income 877 1580 4261 6152 5636
Finished Goods 706 697 1029 1240 1134 Long Term Debt 2781 5059 14041 19154 19063
Other Current Assets 1920 2226 3162 2886 3745
Other Long Term
Liabilities 3401 2965 4794 3498 4389
Total Current Assets 12176 17551 21579 31304 32986 Total Liabilities 20047 23325 41604 56615 61462
Property Plant And Equipment 14400 16467 21706 25032 25258 Common Stock Net 880 880 880 1760 1760
Accumulated Depreciation 6074 6906 6979 10065 10625 Capital Surplus 7966 8537 10057 12276 13154
Net Property Plant And Equipment 8326 9561 14727 14967 14633 Retained Earnings 38513 41537 49278 61660 63408
Investment And Advances 5779 6755 15096 11512 13625 Treasury Stock 24213 25398 27762 39091 42225
Intangibles 12505 12828 19398 27611 26372 Other Liabilities (2,674) (210) (1,136) (3,165) (5,536)
Deposits And Other Assets 1733 1976 2121 4661 4407 Shareholders Equity 20472 25346 31317 33440 30561
Total Assets 40519 48671 72921 90055 92023
Total Liabilities
And Shareholders
Equity 40519 48671 72921 90055 92023
Coca-cola’s Cash Flow
Year 2008 2009 2010 2013 2014
Net Income Cash Flow 5807 6906 11859 8626 7124
Depreciation Depletion Amortization C F 1228 1236 1443 1977 1976
Net Increase Decrease In Assets Liabilities (688) (564) 370 (932) (439)
Other Adjustments Net 1224 608 (4,140) 871 1954
Net Cash From Used By Operating Activities 7571 8186 9532 10542 10615
Increase Decrease In Prop Plant And Equipment (1,489) (1,889) (2,081) (2,439) (2,183)
Acquisition Disposition Of Subsidiaires (759) (300) (1,539) 519 (241)
Increase Decrease In Investments (111) (1,912) (679) (1,991) (4,814)
Other Cas Inflow From Investment Activities (4) (48) (106) (303) (268)
Net Cash From Used By Investment Activities (2,363) (4,149) (4,405) (4,214) (7,506)
Issuance Purchase Of Equity Shares (493) (856) (1,295) (3,504) (2,630)
Issuance Repayment Of Debt Securities 29 2363 1848 4711 4712
Payment Of Dividends And Other Cash Distributions (3,521) (3,800) (4,068) (4,969) (5,350)
Other Cash From Used By Financing Activities N/A N/A 50 17 (363)
Net Cash From Used By Financing Activities (3,985) (2,293) (3,465) (3,745) (3,631)
Effect Of Exchange Rate Changes On Cash (615) 576 (166) (611) (934)
Net Change In Cash And Cash Equivalents 608 2320 1496 1972 (1,456)
Cash And Equivalents At Beginning Of Year 4093 4701 7021 8442 10414
Cash And Equivalents At Year End 4701 7021 8517 10414 8958
Year 2008 2009 2010 2013 2014
Liquidity Ratios
Current ratio Pepsi 1.23 1.44 1.11 1.24 1.14
Coca-cola 0.94 1.28 1.17 1.13 1.02
Industrial 0.99 1.10 1.29 0.91 1.03
Quick ratio Pepsi 0.94 1.14 0.89 1.05 0.97
Coca-cola 0.77 1.11 1.02 1.01 0.92
Industrial 0.72 0.99 0.89 0.92 0.65
Cash ratio Pepsi 0.23 0.45 0.37 0.53 0.34
Coca-cola 0.36 0.67 0.46 0.37 0.28
Industrial 0.15 0.29 0.19 0.25 0.18
-
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
Pepsi
Coca-cola
Industrial
Pepsi
Coca-cola
Industrial
Pepsi
Coca-cola
Industrial
Current ratio Quick ratio Cash ratio
Liquidity Ratios
2008
2009
2010
2013
2014
Financial Ratios Comparison
Year 2008 2009 2010 2013 2014
Financial Leverage Ratios
Debt ratio Pepsi 0.66 0.56 0.68 0.69 0.75
Coca-cola 0.49 0.48 0.57 0.63 0.67
Industrial 0.48 0.51 0.44 0.47 0.46
Time interest earned Pepsi 21.34 20.35 9.12 9.76 9.63
Coca-cola 16.98 25.20 19.43 24.79 19.31
Industrial 17.51 18.08 16.31 14.13 13.30
Cash coverage ratio Pepsi 21.53 20.51 9.25 9.88 9.73
Coca-cola 19.79 28.68 21.40 29.06 23.40
Industrial N/A N/A N/A N/A N/A
-
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
2008 2009 2010 2013 2014
Debt ratio Pepsi
Debt ratio Coca-cola
Debt ratio Industrial
-
5.00
10.00
15.00
20.00
25.00
30.00
35.00
Pepsi Coca-cola Industrial Pepsi Coca-cola
Time interest earned Cash coverage ratio
2008
2009
2010
2013
2014
Financial Leverage Ratios
Financial ratios comparison
Year 2008 2009 2010 2013 2014
Asset management ratios
Inventory turnover Pepsi 8.07 7.68 7.88 9.16 9.83
Coca-cola 5.20 4.71 4.79 5.62 5.77
Industrial 4.36 4.84 5.75 6.13 5.06
Day's sales in inventory Pepsi 45.23 47.54 46.31 39.83 37.15
Coca-cola 70.18 77.49 76.20 64.93 63.25
Industrial 72.02 59.45 63.38 75.30 83.53
Receivables turnover Pepsi 9.24 9.35 9.15 9.55 10.03
Coca-cola 10.34 8.25 7.93 8.62 10.30
Industrial 7.66 8.95 8.76 7.72 6.91
Day's sales in receivables Pepsi 39.52 39.04 39.90 38.22 36.41
Coca-cola 35.31 44.26 46.04 37.96 35.44
Industrial 47.59 40.75 41.62 47.23 52.79
-
2.00
4.00
6.00
8.00
10.00
12.00
Pepsi
Coca-cola
Industrial
Pepsi
Coca-cola
Industrial
Inventory turnover Receivables turnover
2008
2009
2010
2013
2014 -
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
90.00
Pepsi
Coca-cola
Industrial
Pepsi
Coca-cola
Industrial
Day's sales in inventory Day's sales in receivables
2008
2009
2010
2013
2014
Asset management ratios
Financial Ratios Comparison
Financial Ratios Comparison
Year 2008 2009 2010 2013 2014
Asset management ratios
Total asset turnover Pepsi 1.20 1.08 0.85 0.86 0.95
Coca-cola 0.79 0.64 0.48 0.52 0.50
Industrial 1.03 0.99 0.94 0.78 0.69
-
0.20
0.40
0.60
0.80
1.00
1.20
1.40
Pepsi Coca-cola Industrial
Total asset turnover
2008
2009
2010
2013
2014
Financial Ratios Comparison
Year 2008 2009 2010 2013 2014
Profitability ratios
Profit margin Pepsi 0.12 0.14 0.11 0.10 0.10
Coca-cola 0.18 0.22 0.34 0.18 0.15
Industrial 0.17 0.10 0.32 0.10 0.15
Return on asset Pepsi 0.14 0.15 0.09 0.09 0.09
Coca-cola 0.14 0.14 0.16 0.10 0.08
Industrial 0.17 0.11 0.34 0.10 0.31
Return on equity Pepsi 0.42 0.34 0.29 0.28 0.37
Coca-cola 0.28 0.27 0.38 0.26 0.23
Industrial 0.34 0.21 0.67 0.21 0.31
-
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
Pepsi
Coca-cola
Industrial
Pepsi
Coca-cola
Industrial
Pepsi
Coca-cola
Industrial
Profit margin Return on asset Return on equity
2008
2009
2010
2013
2014
Profitability ratios
Financial ratios of Pepsi and Coca-cola in 2008
and 2014
Year 2008 2014 2008 2014
Liquidity Ratios
Current ratio 1.23 1.14 0.94 1.02
Quick ratio 0.94 0.97 0.77 0.92
Cash ratio 0.23 0.34 0.36 0.28
Financial Leverage Ratios
Debt ratio 0.66 0.75 0.49 0.67
Time interest earned 21.34 9.63 16.98 19.31
Cash coverage ratio 21.53 9.73 19.79 23.40
Asset management ratios
Inventory turnover 8.07 9.83 5.20 5.77
Day's sales in inventory 45.23 37.15 70.18 63.25
Receivables turnover 9.24 10.03 10.34 10.3
Day's sales in receivables 39.52 36.41 35.31 35.44
Total asset turnover 1.20 0.95 0.79 0.50
Profitability ratios
Profit margin 0.12 0.10 0.18 0.15
Return on asset 0.14 0.09 0.14 0.08
Return on equity 0.42 0.37 0.28 0.23
Pepsi
company
Coca-cola
company
-
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
Pepsi
Coca-cola
Pepsi
Coca-cola
Pepsi
Coca-cola
Time interest
earned
Cash
coverage
ratio
Day's sales in
inventory
2008
2014
Pepsico Bonds
Pepsico 0.7% / Maturity:2015
Coca-Cola Bonds
Coca-Cola 1.5% / Maturity: 2015
Cash Conversion Cycle
2008-2014
Year Dec-08 Dec-09 Dec-10 Dec-13 Dec-14
Cash Conversion Cycle -69.5 -60.96 28.65 17.57 7.87
-80
-60
-40
-20
0
20
40
Cash Conversion Cycle
Dec-08
Dec-09
Dec-10
Dec-13
Dec-14
Significant changes in 2008-2014Changes (%)
Net Sales Or Revenues 54
Cost Of Goods Sold 52
Gross Profit 56
Selling General And Admin Expense 64
Income Before Depreciation Depletion Amortization 38
Depreciation Depletion Amortization 44
Non Operating Income -80
Interest Expense 176
Pretax Income 25
Provisionfor Income Taxes 17
Minority Interest 36
Income Before Extraordinaries And Disc Operations 28
Net Income 27
Average Shares Used To Compute Diluted E P S -5
Average Shares Used To Compute Basic E P S -6
Income Before Non Recurring Items 20
Income From Non Recurring Items -26
E P S Basic Net 33
E P S Diluted Net 33
E P S Diluted Before Non Recurring Items 26
Dividend Per Share Common 53
Pepsico’s Income
Significant changes in 2008-2014
Changes (%)
Cash 197
Marketable Securities 1117
Receivables 42
Inventory 25
Raw Materials 30
Work In Progress 2
Finished Goods 22
Other Current Assets 62
Total Current Assets 91
Property Plant And Equipment 61
Accumulated Depreciation 75
Net Property Plant And Equipment 48
Investment And Advances -31
Intangibles 316
Deposits And Other Assets -68
Total Assets 96
Changes (%)
Notes Payable 1276
Accounts Payable 57
Income Taxes Payable -51
Total Current Liabilities 106
Deferred Charges Taxes Income 2247
Long Term Debt 203
Other Long Term Liabilities -18
Total Liabilities 122
Preferred Stock 44
Common Stock Net -17
Capital Surplus 1072
Retained Earnings 60
Treasury Stock 77
Other Liabilities 125
Shareholders Equity 45
Total Liabilities And Shareholders Equity 96
Pepsico’s Balance
Significant changes in 2008-2014
Changes (%)
Net Income Cash Flow 28
Depreciation Depletion Amortization C F 70
Net Increase Decrease In Assets Liabilities -373
Other Adjustments Net -78
Net Cash From Used By Operating Activities 50
Increase Decrease In Prop Plant And Equipment 17
Acquisition Disposition Of Subsidiaires -107
Increase Decrease In Investments -279
Other Cas Inflow From Investment Activities -41
Net Cash From Used By Invesment Activities 85
Issuance Purchase Of Equity Shares 4
Issuance Repayment Of Debt Securities -46
Increase Decrease In Bank And Other Borrowings -549
Payment Of Dividends And Other Cash Distributions 47
Other Cash From Used By Financing Activities -40
Net Cash From Used By Financing Activities 173
Effect Of Exchange Rate Changes On Cash 257
Net Change In Cash And Cash Equivalents -381
Cash And Equivalents At Beginning Of Year 930
Cash And Equivalents At Year End 197
Pepsico’s Cash Flow
Significant changes in 2008-2014
Changes (%)
Net Sales Or Revenues 44
Cost Of Goods Sold 57
Gross Profit 37
Selling General And Admin Expense 52
Income Before Depreciation Depletion Amortization 15
Non Operating Income -118
Interest Expense 10
Pretax Income 25
Provisionfor Income Taxes 35
Minority Interest N/A
Income Before Extraordinaries And Disc Operations 23
Net Income 22
Average Shares Used To Compute Diluted E P S -5
Average Shares Used To Compute Basic E P S -5
Income Before Non Recurring Items 24
Income From Non Recurring Items 29
E P S Basic Net 28
E P S Diluted Net 28
E P S Diluted Before Non Recurring Items 29
Dividend Per Share Common 61
Coca-cola’s Income
Significant changes in 2008-2014
Changes (%)
Cash 91
Marketable Securities 4474
Receivables 45
Inventory 42
Raw Materials 33
Finished Goods 61
Other Current Assets 95
Total Current Assets 171
Property Plant And Equipment 75
Accumulated Depreciation 75
Net Property Plant And Equipment 76
Investment And Advances 136
Intangibles 111
Deposits And Other Assets 154
Total Assets 127
Changes (%)
Notes Payable 215
Accounts Payable 49
Current Portion Of Long Term Debt 664
Income Taxes Payable 59
Other Current Liabilities N/A
Total Current Liabilities 149
Deferred Charges Taxes Income 543
Long Term Debt 585
Other Long Term Liabilities 29
Total Liabilities 207
Common Stock Net 100
Capital Surplus 65
Retained Earnings 65
Treasury Stock 74
Other Liabilities 107
Shareholders Equity 49
Total Liabilities And Shareholders Equity 127
Coca-cola’s Balance Sheet
Significant changes in 2008-2014
Changes (%)
Net Income Cash Flow 23
Depreciation Depletion Amortization C F 61
Net Increase Decrease In Assets Liabilities -36
Other Adjustments Net 60
Net Cash From Used By Operating Activities 40
Increase Decrease In Prop Plant And Equipment 47
Acquisition Disposition Of Subsidiaires -68
Increase Decrease In Investments 4237
Other Cas Inflow From Investment Activities 6600
Net Cash From Used By Invesment Activities 218
Issuance Purchase Of Equity Shares 433
Issuance Repayment Of Debt Securities 16148
Payment Of Dividends And Other Cash Distributions 52
Other Cash From Used By Financing Activities N/A
Net Cash From Used By Financing Activities -9
Effect Of Exchange Rate Changes On Cash 52
Net Change In Cash And Cash Equivalents -339
Cash And Equivalents At Beginning Of Year 154
Cash And Equivalents At Year End 91
Coca-cola’s Cash Flow
Major elements in Income Statement
Year 2008 2009 2010 2013 2014
Net Sales Or Revenues 43251 43232 57838 66415 66683
Cost Of Goods Sold 20351 20099 26575 31243 30884
Net Income 5142 5946 6320 6740 6513
Interest Expense 329 397 903 911 909
0
10000
20000
30000
40000
50000
60000
70000
80000
2008 2009 2010 2013 2014
Net Sales Or
Revenues
Cost Of Goods Sold
Net Income
0
100
200
300
400
500
600
700
800
900
1000
2008 2009 2010 2013 2014
Interest Expense
Interest Expense
Major elements in Balance Sheet
Year 2008 2009 2010 2013 2014
Total Assets 35994 39848 68153 77478 70509
Total Liabilities 23888 22406 46677 53089 52961
Shareholders Equity 12106 17442 21476 24389 17548
0
10000
20000
30000
40000
50000
60000
70000
80000
90000
2008 2009 2010 2013 2014
Total Assets
Total Liabilities
Shareholders Equity
Major elements in Cash Flow
Year 2008 2009 2010 2013 2014
Net Income Cash Flow 5142 5979 6338 6787 6558
Net Cash From Used By Operating Activities 6999 6796 8448 9688 10506
0
2000
4000
6000
8000
10000
12000
2008 2009 2010 2013 2014
Net Income Cash
Flow
Net Cash From
Used By Operating
Activities
References
• http://amigobulls.com/stocks/PEP/income-statement/annual
• http://amigobulls.com/stocks/KO/income-statement/annual
• http://csimarket.com/Industry/Industry_Data.php?ind=502
• http://www.bloomberg.com/research/stocks/financials/ratios.asp
?ticker=KO
• http://quicktake.morningstar.com/stocknet/bonds.aspx?symbol=
pep
• http://quicktake.morningstar.com/stocknet/bonds.aspx?symbol=
KO
THANKS FOR YOUR ATTENTION!!!

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Financial management VN

  • 2. Group 16 Đinh Công Tài 332887 Lê Ngọc Hoàng Nhật 332896 Financial analysis : Pepsico & Coca-cola
  • 5. Pepsi’s Income Statement Year 2008 2009 2010 2013 2014 Net Sales Or Revenues 43251 43232 57838 66415 66683 Cost Of Goods Sold 20351 20099 26575 31243 30884 Gross Profit 22900 23133 31263 35172 35799 Selling General And Admin Expense 15901 15026 22814 25357 26126 Income Before Depreciation Depletion Amortization 6999 8107 8449 9815 9673 Depreciation Depletion Amortization 64 63 117 110 92 Non Operating Income 415 432 803 97 85 Interest Expense 329 397 903 911 909 Pretax Income 7021 8079 8232 8891 8757 Provisionfor Income Taxes 1879 2100 1894 2104 2199 Minority Interest - 33 18 47 45 Income Before Extraordinaries And Disc Operations 5142 5979 6338 6787 6558 Net Income 5142 5946 6320 6740 6513 Average Shares Used To Compute Diluted E P S 1602 1577 1614 1560 1527 Average Shares Used To Compute Basic E P S 1602 1577 1590 1560 1509 Income Before Non Recurring Items 5887 5846 6675 6823 7066 Income From Non Recurring Items (745) 100 (355) (83) (553) E P S Basic Net 3.21 3.77 3.97 4.32 4.27 E P S Diluted Net 3.21 3.77 3.91 4.32 4.27 E P S Diluted Before Non Recurring Items 3.68 3.71 4.13 4.37 4.63 Dividend Per Share Common 1.65 1.78 1.89 2.24 2.53
  • 6. Pepsi’s Balance Sheet Year 2008 2009 2010 2013 2014 Year 2008 2009 2010 2013 2014 Cash 2064 3943 5943 9375 6134 Notes Payable 369 464 4898 5306 5076 Marketable Securities 213 192 426 303 2592 Accounts Payable 8273 8127 10923 12533 13016 Receivables 4683 4624 6323 6954 6651 Income Taxes Payable 145 165 71 N/A N/A Inventory 2522 2618 3372 3409 3143 Total Current Liabilities 8787 8756 15892 17839 18092 Raw Materials 1228 1274 1654 1732 1593 Deferred Charges Taxes Income 226 659 4057 5986 5304 Work In Progress 169 165 128 168 173 Long Term Debt 7858 7400 19999 24333 23821 Finished Goods 1125 1179 1590 1509 1377 Other Long Term Liabilities 7017 5591 6729 4931 5744 Other Current Assets 1324 1194 1505 2162 2143 Total Liabilities 23888 22406 46677 53089 52961 Total Current Assets 10806 12571 17569 22203 20663 Preferred Stock (97) (104) (109) (130) (140) Property Plant And Equipment 22552 24912 33041 36961 36300 Common Stock Net 30 30 31 25 25 Accumulated Depreciation 10889 12241 13983 18386 19056 Capital Surplus 351 250 4527 4095 4115 Net Property Plant And Equipment 11663 12671 19058 18575 17244 Retained Earnings 30638 33805 37090 46420 49092 Investment And Advances 3883 4484 1368 1841 2689 Treasury Stock 14122 13383 16745 21004 24985 Intangibles 6984 9157 28469 32652 29053 Other Liabilities (4,694) (3,156) (3,318) (5,017) (10,559) Deposits And Other Assets 2658 965 1689 2207 860 Shareholders Equity 12106 17442 21476 24389 17548 Total Assets 35994 39848 68153 77478 70509 Total Liabilities And Shareholders Equity 35994 39848 68153 77478 70509
  • 7. Year 2008 2009 2010 2013 2014 Net Income Cash Flow 5142 5979 6338 6787 6558 Depreciation Depletion Amortization C F 1543 1635 2327 2663 2625 Net Increase Decrease In Assets Liabilities (424) 264 763 958 1159 Other Adjustments Net 738 (1,082) (980) (720) 164 Net Cash From Used By Operating Activities 6999 6796 8448 9688 10506 Increase Decrease In Prop Plant And Equipment (2,348) (2,070) (3,172) (2,686) (2,744) Acquisition Disposition Of Subsidiaires (1,601) (386) (3,804) 21 115 Increase Decrease In Investments 1282 55 (675) 61 (2,298) Other Cash Inflow From Investment Activities N/A N/A (17) (21) (10) Net Cash From Used By Investment Activities (2,667) (2,401) (7,668) (2,625) (4,937) Issuance Purchase Of Equity Shares (4,106) 406 (3,945) (1,885) (4,267) Issuance Repayment Of Debt Securities 3070 831 5892 301 1666 Increase Decrease In Bank And Other Borrowings 445 (1,018) 2482 1165 (1,997) Payment Of Dividends And Other Cash Distributions (2,541) (2,732) (2,978) (3,434) (3,730) Other Cash From Used By Financing Activities 107 16 (65) 64 64 Net Cash From Used By Financing Activities (3,025) (2,497) 1,386 (3,789) (8,264) Effect Of Exchange Rate Changes On Cash (153) (19) (166) (196) (546) Net Change In Cash And Cash Equivalents 1154 1879 2000 3078 (3,241) Cash And Equivalents At Beginning Of Year 910 2064 3943 6297 9375 Cash And Equivalents At Year End 2064 3943 5943 9375 6134 Pepsi’s Cash Flow
  • 8. Coca-cola’s Income Statement Year 2008 2009 2010 2013 2014 Net Sales Or Revenues 31944 30990 35119 46854 45998 Cost Of Goods Sold 11374 11088 12693 18421 17889 Gross Profit 20570 19902 22426 28433 28109 Selling General And Admin Expense 12124 11671 13977 18205 18401 Income Before Depreciation Depletion Amortization 8446 8231 8449 10228 9708 Non Operating Income -569 1070 6527 1712 100 Interest Expense 438 355 733 463 483 Pretax Income 7439 8946 14243 11477 9325 Provisionfor Income Taxes 1632 2040 2384 2851 2201 Minority Interest - 82 50 42 26 Income Before Extraordinaries And Disc Operations 5807 6906 11859 8626 7124 Net Income 5807 6824 11809 8584 7098 Average Shares Used To Compute Diluted E P S 4672 4658 4665.74 4509 4450 Average Shares Used To Compute Basic E P S 4672 4658 4666 4434 4450 Income Before Non Recurring Items 7350.41 7119 8148 9395.62 9091 Income From Non Recurring Items (1,543) (295) 3,661 (812) (1,993) E P S Basic Net 1.25 1.47 2.53 1.94 1.6 E P S Diluted Net 1.25 1.47 2.53 1.9 1.6 E P S Diluted Before Non Recurring Items 1.58 1.53 1.75 2.08 2.04 Dividend Per Share Common 0.76 0.82 0.88 1.12 1.22
  • 9. Coca-cola’s Balance Sheet Year 2008 2009 2010 2013 2014 Year 2008 2009 2010 2013 2014 Cash 4701 9151 8517 10414 8958 Notes Payable 6066 6749 8100 16901 19130 Marketable Securities 278 62 2820 9854 12717 Accounts Payable 6205 6657 8859 9577 9234 Receivables 3090 3758 4430 4873 4466 Income Taxes Payable 252 264 273 309 400 Inventory 2187 2354 2650 3277 3100 Total Current Liabilities 12988 13721 18508 27811 32374 Raw Materials 1481 1657 1621 2037 1966 Deferred Charges Taxes Income 877 1580 4261 6152 5636 Finished Goods 706 697 1029 1240 1134 Long Term Debt 2781 5059 14041 19154 19063 Other Current Assets 1920 2226 3162 2886 3745 Other Long Term Liabilities 3401 2965 4794 3498 4389 Total Current Assets 12176 17551 21579 31304 32986 Total Liabilities 20047 23325 41604 56615 61462 Property Plant And Equipment 14400 16467 21706 25032 25258 Common Stock Net 880 880 880 1760 1760 Accumulated Depreciation 6074 6906 6979 10065 10625 Capital Surplus 7966 8537 10057 12276 13154 Net Property Plant And Equipment 8326 9561 14727 14967 14633 Retained Earnings 38513 41537 49278 61660 63408 Investment And Advances 5779 6755 15096 11512 13625 Treasury Stock 24213 25398 27762 39091 42225 Intangibles 12505 12828 19398 27611 26372 Other Liabilities (2,674) (210) (1,136) (3,165) (5,536) Deposits And Other Assets 1733 1976 2121 4661 4407 Shareholders Equity 20472 25346 31317 33440 30561 Total Assets 40519 48671 72921 90055 92023 Total Liabilities And Shareholders Equity 40519 48671 72921 90055 92023
  • 10. Coca-cola’s Cash Flow Year 2008 2009 2010 2013 2014 Net Income Cash Flow 5807 6906 11859 8626 7124 Depreciation Depletion Amortization C F 1228 1236 1443 1977 1976 Net Increase Decrease In Assets Liabilities (688) (564) 370 (932) (439) Other Adjustments Net 1224 608 (4,140) 871 1954 Net Cash From Used By Operating Activities 7571 8186 9532 10542 10615 Increase Decrease In Prop Plant And Equipment (1,489) (1,889) (2,081) (2,439) (2,183) Acquisition Disposition Of Subsidiaires (759) (300) (1,539) 519 (241) Increase Decrease In Investments (111) (1,912) (679) (1,991) (4,814) Other Cas Inflow From Investment Activities (4) (48) (106) (303) (268) Net Cash From Used By Investment Activities (2,363) (4,149) (4,405) (4,214) (7,506) Issuance Purchase Of Equity Shares (493) (856) (1,295) (3,504) (2,630) Issuance Repayment Of Debt Securities 29 2363 1848 4711 4712 Payment Of Dividends And Other Cash Distributions (3,521) (3,800) (4,068) (4,969) (5,350) Other Cash From Used By Financing Activities N/A N/A 50 17 (363) Net Cash From Used By Financing Activities (3,985) (2,293) (3,465) (3,745) (3,631) Effect Of Exchange Rate Changes On Cash (615) 576 (166) (611) (934) Net Change In Cash And Cash Equivalents 608 2320 1496 1972 (1,456) Cash And Equivalents At Beginning Of Year 4093 4701 7021 8442 10414 Cash And Equivalents At Year End 4701 7021 8517 10414 8958
  • 11. Year 2008 2009 2010 2013 2014 Liquidity Ratios Current ratio Pepsi 1.23 1.44 1.11 1.24 1.14 Coca-cola 0.94 1.28 1.17 1.13 1.02 Industrial 0.99 1.10 1.29 0.91 1.03 Quick ratio Pepsi 0.94 1.14 0.89 1.05 0.97 Coca-cola 0.77 1.11 1.02 1.01 0.92 Industrial 0.72 0.99 0.89 0.92 0.65 Cash ratio Pepsi 0.23 0.45 0.37 0.53 0.34 Coca-cola 0.36 0.67 0.46 0.37 0.28 Industrial 0.15 0.29 0.19 0.25 0.18 - 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 Pepsi Coca-cola Industrial Pepsi Coca-cola Industrial Pepsi Coca-cola Industrial Current ratio Quick ratio Cash ratio Liquidity Ratios 2008 2009 2010 2013 2014 Financial Ratios Comparison
  • 12. Year 2008 2009 2010 2013 2014 Financial Leverage Ratios Debt ratio Pepsi 0.66 0.56 0.68 0.69 0.75 Coca-cola 0.49 0.48 0.57 0.63 0.67 Industrial 0.48 0.51 0.44 0.47 0.46 Time interest earned Pepsi 21.34 20.35 9.12 9.76 9.63 Coca-cola 16.98 25.20 19.43 24.79 19.31 Industrial 17.51 18.08 16.31 14.13 13.30 Cash coverage ratio Pepsi 21.53 20.51 9.25 9.88 9.73 Coca-cola 19.79 28.68 21.40 29.06 23.40 Industrial N/A N/A N/A N/A N/A - 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 2008 2009 2010 2013 2014 Debt ratio Pepsi Debt ratio Coca-cola Debt ratio Industrial - 5.00 10.00 15.00 20.00 25.00 30.00 35.00 Pepsi Coca-cola Industrial Pepsi Coca-cola Time interest earned Cash coverage ratio 2008 2009 2010 2013 2014 Financial Leverage Ratios Financial ratios comparison
  • 13. Year 2008 2009 2010 2013 2014 Asset management ratios Inventory turnover Pepsi 8.07 7.68 7.88 9.16 9.83 Coca-cola 5.20 4.71 4.79 5.62 5.77 Industrial 4.36 4.84 5.75 6.13 5.06 Day's sales in inventory Pepsi 45.23 47.54 46.31 39.83 37.15 Coca-cola 70.18 77.49 76.20 64.93 63.25 Industrial 72.02 59.45 63.38 75.30 83.53 Receivables turnover Pepsi 9.24 9.35 9.15 9.55 10.03 Coca-cola 10.34 8.25 7.93 8.62 10.30 Industrial 7.66 8.95 8.76 7.72 6.91 Day's sales in receivables Pepsi 39.52 39.04 39.90 38.22 36.41 Coca-cola 35.31 44.26 46.04 37.96 35.44 Industrial 47.59 40.75 41.62 47.23 52.79 - 2.00 4.00 6.00 8.00 10.00 12.00 Pepsi Coca-cola Industrial Pepsi Coca-cola Industrial Inventory turnover Receivables turnover 2008 2009 2010 2013 2014 - 10.00 20.00 30.00 40.00 50.00 60.00 70.00 80.00 90.00 Pepsi Coca-cola Industrial Pepsi Coca-cola Industrial Day's sales in inventory Day's sales in receivables 2008 2009 2010 2013 2014 Asset management ratios Financial Ratios Comparison
  • 14. Financial Ratios Comparison Year 2008 2009 2010 2013 2014 Asset management ratios Total asset turnover Pepsi 1.20 1.08 0.85 0.86 0.95 Coca-cola 0.79 0.64 0.48 0.52 0.50 Industrial 1.03 0.99 0.94 0.78 0.69 - 0.20 0.40 0.60 0.80 1.00 1.20 1.40 Pepsi Coca-cola Industrial Total asset turnover 2008 2009 2010 2013 2014
  • 15. Financial Ratios Comparison Year 2008 2009 2010 2013 2014 Profitability ratios Profit margin Pepsi 0.12 0.14 0.11 0.10 0.10 Coca-cola 0.18 0.22 0.34 0.18 0.15 Industrial 0.17 0.10 0.32 0.10 0.15 Return on asset Pepsi 0.14 0.15 0.09 0.09 0.09 Coca-cola 0.14 0.14 0.16 0.10 0.08 Industrial 0.17 0.11 0.34 0.10 0.31 Return on equity Pepsi 0.42 0.34 0.29 0.28 0.37 Coca-cola 0.28 0.27 0.38 0.26 0.23 Industrial 0.34 0.21 0.67 0.21 0.31 - 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 Pepsi Coca-cola Industrial Pepsi Coca-cola Industrial Pepsi Coca-cola Industrial Profit margin Return on asset Return on equity 2008 2009 2010 2013 2014 Profitability ratios
  • 16. Financial ratios of Pepsi and Coca-cola in 2008 and 2014 Year 2008 2014 2008 2014 Liquidity Ratios Current ratio 1.23 1.14 0.94 1.02 Quick ratio 0.94 0.97 0.77 0.92 Cash ratio 0.23 0.34 0.36 0.28 Financial Leverage Ratios Debt ratio 0.66 0.75 0.49 0.67 Time interest earned 21.34 9.63 16.98 19.31 Cash coverage ratio 21.53 9.73 19.79 23.40 Asset management ratios Inventory turnover 8.07 9.83 5.20 5.77 Day's sales in inventory 45.23 37.15 70.18 63.25 Receivables turnover 9.24 10.03 10.34 10.3 Day's sales in receivables 39.52 36.41 35.31 35.44 Total asset turnover 1.20 0.95 0.79 0.50 Profitability ratios Profit margin 0.12 0.10 0.18 0.15 Return on asset 0.14 0.09 0.14 0.08 Return on equity 0.42 0.37 0.28 0.23 Pepsi company Coca-cola company - 10.00 20.00 30.00 40.00 50.00 60.00 70.00 80.00 Pepsi Coca-cola Pepsi Coca-cola Pepsi Coca-cola Time interest earned Cash coverage ratio Day's sales in inventory 2008 2014
  • 17. Pepsico Bonds Pepsico 0.7% / Maturity:2015
  • 18. Coca-Cola Bonds Coca-Cola 1.5% / Maturity: 2015
  • 19. Cash Conversion Cycle 2008-2014 Year Dec-08 Dec-09 Dec-10 Dec-13 Dec-14 Cash Conversion Cycle -69.5 -60.96 28.65 17.57 7.87 -80 -60 -40 -20 0 20 40 Cash Conversion Cycle Dec-08 Dec-09 Dec-10 Dec-13 Dec-14
  • 20. Significant changes in 2008-2014Changes (%) Net Sales Or Revenues 54 Cost Of Goods Sold 52 Gross Profit 56 Selling General And Admin Expense 64 Income Before Depreciation Depletion Amortization 38 Depreciation Depletion Amortization 44 Non Operating Income -80 Interest Expense 176 Pretax Income 25 Provisionfor Income Taxes 17 Minority Interest 36 Income Before Extraordinaries And Disc Operations 28 Net Income 27 Average Shares Used To Compute Diluted E P S -5 Average Shares Used To Compute Basic E P S -6 Income Before Non Recurring Items 20 Income From Non Recurring Items -26 E P S Basic Net 33 E P S Diluted Net 33 E P S Diluted Before Non Recurring Items 26 Dividend Per Share Common 53 Pepsico’s Income
  • 21. Significant changes in 2008-2014 Changes (%) Cash 197 Marketable Securities 1117 Receivables 42 Inventory 25 Raw Materials 30 Work In Progress 2 Finished Goods 22 Other Current Assets 62 Total Current Assets 91 Property Plant And Equipment 61 Accumulated Depreciation 75 Net Property Plant And Equipment 48 Investment And Advances -31 Intangibles 316 Deposits And Other Assets -68 Total Assets 96 Changes (%) Notes Payable 1276 Accounts Payable 57 Income Taxes Payable -51 Total Current Liabilities 106 Deferred Charges Taxes Income 2247 Long Term Debt 203 Other Long Term Liabilities -18 Total Liabilities 122 Preferred Stock 44 Common Stock Net -17 Capital Surplus 1072 Retained Earnings 60 Treasury Stock 77 Other Liabilities 125 Shareholders Equity 45 Total Liabilities And Shareholders Equity 96 Pepsico’s Balance
  • 22. Significant changes in 2008-2014 Changes (%) Net Income Cash Flow 28 Depreciation Depletion Amortization C F 70 Net Increase Decrease In Assets Liabilities -373 Other Adjustments Net -78 Net Cash From Used By Operating Activities 50 Increase Decrease In Prop Plant And Equipment 17 Acquisition Disposition Of Subsidiaires -107 Increase Decrease In Investments -279 Other Cas Inflow From Investment Activities -41 Net Cash From Used By Invesment Activities 85 Issuance Purchase Of Equity Shares 4 Issuance Repayment Of Debt Securities -46 Increase Decrease In Bank And Other Borrowings -549 Payment Of Dividends And Other Cash Distributions 47 Other Cash From Used By Financing Activities -40 Net Cash From Used By Financing Activities 173 Effect Of Exchange Rate Changes On Cash 257 Net Change In Cash And Cash Equivalents -381 Cash And Equivalents At Beginning Of Year 930 Cash And Equivalents At Year End 197 Pepsico’s Cash Flow
  • 23. Significant changes in 2008-2014 Changes (%) Net Sales Or Revenues 44 Cost Of Goods Sold 57 Gross Profit 37 Selling General And Admin Expense 52 Income Before Depreciation Depletion Amortization 15 Non Operating Income -118 Interest Expense 10 Pretax Income 25 Provisionfor Income Taxes 35 Minority Interest N/A Income Before Extraordinaries And Disc Operations 23 Net Income 22 Average Shares Used To Compute Diluted E P S -5 Average Shares Used To Compute Basic E P S -5 Income Before Non Recurring Items 24 Income From Non Recurring Items 29 E P S Basic Net 28 E P S Diluted Net 28 E P S Diluted Before Non Recurring Items 29 Dividend Per Share Common 61 Coca-cola’s Income
  • 24. Significant changes in 2008-2014 Changes (%) Cash 91 Marketable Securities 4474 Receivables 45 Inventory 42 Raw Materials 33 Finished Goods 61 Other Current Assets 95 Total Current Assets 171 Property Plant And Equipment 75 Accumulated Depreciation 75 Net Property Plant And Equipment 76 Investment And Advances 136 Intangibles 111 Deposits And Other Assets 154 Total Assets 127 Changes (%) Notes Payable 215 Accounts Payable 49 Current Portion Of Long Term Debt 664 Income Taxes Payable 59 Other Current Liabilities N/A Total Current Liabilities 149 Deferred Charges Taxes Income 543 Long Term Debt 585 Other Long Term Liabilities 29 Total Liabilities 207 Common Stock Net 100 Capital Surplus 65 Retained Earnings 65 Treasury Stock 74 Other Liabilities 107 Shareholders Equity 49 Total Liabilities And Shareholders Equity 127 Coca-cola’s Balance Sheet
  • 25. Significant changes in 2008-2014 Changes (%) Net Income Cash Flow 23 Depreciation Depletion Amortization C F 61 Net Increase Decrease In Assets Liabilities -36 Other Adjustments Net 60 Net Cash From Used By Operating Activities 40 Increase Decrease In Prop Plant And Equipment 47 Acquisition Disposition Of Subsidiaires -68 Increase Decrease In Investments 4237 Other Cas Inflow From Investment Activities 6600 Net Cash From Used By Invesment Activities 218 Issuance Purchase Of Equity Shares 433 Issuance Repayment Of Debt Securities 16148 Payment Of Dividends And Other Cash Distributions 52 Other Cash From Used By Financing Activities N/A Net Cash From Used By Financing Activities -9 Effect Of Exchange Rate Changes On Cash 52 Net Change In Cash And Cash Equivalents -339 Cash And Equivalents At Beginning Of Year 154 Cash And Equivalents At Year End 91 Coca-cola’s Cash Flow
  • 26. Major elements in Income Statement Year 2008 2009 2010 2013 2014 Net Sales Or Revenues 43251 43232 57838 66415 66683 Cost Of Goods Sold 20351 20099 26575 31243 30884 Net Income 5142 5946 6320 6740 6513 Interest Expense 329 397 903 911 909 0 10000 20000 30000 40000 50000 60000 70000 80000 2008 2009 2010 2013 2014 Net Sales Or Revenues Cost Of Goods Sold Net Income 0 100 200 300 400 500 600 700 800 900 1000 2008 2009 2010 2013 2014 Interest Expense Interest Expense
  • 27. Major elements in Balance Sheet Year 2008 2009 2010 2013 2014 Total Assets 35994 39848 68153 77478 70509 Total Liabilities 23888 22406 46677 53089 52961 Shareholders Equity 12106 17442 21476 24389 17548 0 10000 20000 30000 40000 50000 60000 70000 80000 90000 2008 2009 2010 2013 2014 Total Assets Total Liabilities Shareholders Equity
  • 28. Major elements in Cash Flow Year 2008 2009 2010 2013 2014 Net Income Cash Flow 5142 5979 6338 6787 6558 Net Cash From Used By Operating Activities 6999 6796 8448 9688 10506 0 2000 4000 6000 8000 10000 12000 2008 2009 2010 2013 2014 Net Income Cash Flow Net Cash From Used By Operating Activities
  • 29. References • http://amigobulls.com/stocks/PEP/income-statement/annual • http://amigobulls.com/stocks/KO/income-statement/annual • http://csimarket.com/Industry/Industry_Data.php?ind=502 • http://www.bloomberg.com/research/stocks/financials/ratios.asp ?ticker=KO • http://quicktake.morningstar.com/stocknet/bonds.aspx?symbol= pep • http://quicktake.morningstar.com/stocknet/bonds.aspx?symbol= KO
  • 30. THANKS FOR YOUR ATTENTION!!!