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1、2010年可口可乐公司财务报表分析(financialMembers of our groupWe have 12 members in our group.They are:曹斯烨 何杭珂 乐卓羚(data collecting)费涛 韩超凡 郑东华 龙晴 朱宁峰（data analysis）沈颖 鲍银盈 诸葛霖 楼何英(PPT maker)Presentation is made by:曹斯烨，龙晴,诸葛霖Balance SheetIncome StatementCash FlowGeneral Tendency Total assets，total debt and debt to as
2、sets keep in a raising tendency.General TendencyOperating Cash-in was keeping raising during the past 3 years and the investing and financing Cash-out stays stable.General Tendency The revenue during the past 3 years was fluctuating.But the net income and profit margin kept raising.So the profitabil
3、ity of the company was raising during the past 3 years.Revenue Total revenues of each year from 2008 to 2010.(in millions of USD)Total revenue from sales in 2010 is the highest among the 3years.So in the year of 2010,sales of the company was prefect,it was a good year for the company.RevenueTotal Re
4、venue of the three years.(Pepsi VS Coca)But compared with the Pepsi Company,we found that revenue from sales(among these three years)of Pepsi company all exceed the Coca Company.The revenue data of Pepsi was more stable and more able to increase.So we can conclude that problems can be found in the o
5、perating of the Coca company.Vertical analysisCocaPepsiAssetsCash11.70%8.70%Total receivable6.10%9.30%Total invention3.60%4.90%Total current assets29.60%25.80%Intangible goodwill net36.90%20.30%Other asset12.10%31.00%Liabilities RatioCocaPepsilong term debt0.450.94Total current liability1.350.74Vert
6、ical analysisnAssets:In 2010,Coca cola companys percentage of flow asset is 21.4%,but Pepsi companys percentage of flow assets is 22.9%.The greater percentage of flow assets in total assets stands for greater operating of the company,so Pepsi companys operating in2010 was greater than Coca Cola.nLia
7、bilities:The ratio of total liabilities divided by total equity is 1.35 of Coca Cola company in 2010,this show that this company has full ability to pay liabilities,and its safe for investors to invest.Pepsi company of this ratio is 0.74,much lower than Coca Cola company,so it was safer for investor
8、s to invest Coca Cola than Pepsi company.As for long term liability divided by total equity,Pepsi companys ratio was higher than Coca Cola company,it shows Pepsi companys cash flow was more frequent than Coca Cola,but we must care about Pepsi companys operating.Analysis of ratio from Balance SheetHo
9、rizontal analysis and comparing,Liquidityyear201020092008Items(in Millions of USD)CocaPepsiCocaPepsiCocaPepsiOperating Capital（运营资本）3,071.00 1,677.00 3,830.00 3,815.00-812.00 2,019.00 Debt to Total Assets(资产负债率)0.580.690.490.580.490.66Current Rate（流动比率）1.21.11.31.40.941.2Equity Ratio(产权比率)1.42.20.96
10、1.40.982Cash to Current Liability Ratio(现金流动负债比)0.520.600.58Inventory Turnover Term(存货周转周期)70.673.569.2Accounts Receivable Turnover Term(应收账款周转周期)41.942.339.640.93640.9Analysis the liquiditynThe operation capital is increasing during the three years.And stay in the high level.(no risk of abnormal op
11、erating caused from leaking operating capital.)nDebt to total assets ratio is staying in a perfect level(below 0.7)both Coca and Pepsi.(So no risk of payment of total liability.)nCurrent rate stays stable but not at a perfect level.(it will be perfect if the rate is 2)nEquity Ratio of Coca is raisin
12、g during three years but stay in a good level near 1.2.(During the recovery of economy,the company can gradually increase this ratio to gain more benefits.)nThe Cash to Current Liability Ratio of the Coca company decreased from 2009 to 2010 and is a little high.(perfect data is 0.5)But during the re
13、covery period of economy,is not a bad thing to move the loss to creditors.nThe Inventory Turnover Term is increasing from 2008 to 2010,so the liquidity of inventory is a little decrease but still high.nAccounts Receivable Turnover Ratio stays stable during three years and in a high level.All these c
14、an show that the capital of Coca-Cola company is in a high liquidity level.Analysis the SolvencynSolvency of Short-termliability(all about 2010)Coca PepsiPerfect dataCurrent rate1.21.11.2Cash to current liability rate0.520.5 We can conclude from the table that figures of the Current Rate and Cash to
15、 Current Liability Rate are all close to the perfect data.So the Coca-Cola Company doesnt have to take the risk in paying short-term liability.And the data of two companies are closed.nSolvency of long-termLiabilities(all about 2010)CocaPepsiPerfect dataDebt to total assets0.580.690.7Equity ratio1.4
16、2.21.2 We can conclude from the table that the Coca company has lower rate of long-term liability.So the risk in paying the long-term liability is none,either.Analysis the profitabilityYear 201020092008In millions of USDCocaPepsiCocaPepsiCocaPepsiROE（资产收益率）0.420.330.300.410.280.35Perfect data is 0.0
17、8The ROE keeps raising from 0.28 in the year of 2008 to 0.42 in the year of 2010.So the profitability of the company is keeping raising.This also can be seen from the chart on the left(profit margin).Compared to Pepsi,the company of Coca-Cola has the stronger profitability.Analysis the Cash FlowCash
18、-in2010 Total Cash-in=161871、Cash from operating activities/Total Cash-in=88.3%2、Cash from investing activities/Total Cash-in=03、Cash from financing activities/Total Cash-in=11.7%2009 Total Cash-in=116891、Cash from operating activities/Total Cash-in=74.9%2、Cash from investing activities/Total Cash-i
19、n=03、Cash from financing activities/Total Cash-in=25.1%The operating cash-in take 88.3%of the total cash-in in 2010,it can conclude that operating activities is the most important part of the cash flow.And from 2009 to 2010,the part operating take increased from 74.9%to 88.3%.We can conclude that th
20、e operating activities became much better.And in that case the finance base of the company is stable and strong.But the disadvantages of this situation is that the structure of the funds is single.And if problem arise to the operating activities,the company will suffer a great loss.Cash-out2010 Tota
21、l Cash-out=146911、Cash from operating activities/Total Cash-out=32.4%2、Cash from investing activities/Total Cash-out=30.0%3、Cash from financing activities/Total Cash-out=37.6%2009 Total Cash-out=1、Cash from operating activities/Total Cash-out=6.0%2、Cash from investing activities/Total Cash-out=44.3%
22、3、Cash from financing activities/Total Cash-out=49.7%The three parts of cash-out takes almost the same part of the total cash-out in 2010.Among them cash from financing activities takes the largest part with 37.6%.It can be conclude that the company focus its funds not only on operating,but also pay
23、 much attention to the investing activities and other financing activities.Its a good thing to a company because this means the company can arrange its funds property to make more profits.（more Financial Flexibility）Quality of earningStructure of earning2010 Total Cash-in=161871、Cash from operating
24、activities/Total Cash-in=88.3%2、Cash from investing activities/Total Cash-in=03、Cash from financing activities/Total Cash-in=11.7%We can conclude that earning from operating activities take the largest part of the cash-in.So the company of Coca-Cola has a high quality of earning.The problem of opera
25、ting expense20092010Change rateOperating expense22759.0026670,000.17Operating income823184490.03 The table above tells us that from 2009 to 2010 the operating expense increased for about 17%and the operating income only increased for 3%.So we think the company of Coca-Cola should pay more attention to its operating expense and focus more on decreasing it.Thatsall.Thanksyouguysforlistening.结束语结束语谢谢大家聆听！谢谢大家聆听！26