Details

Sheet 1 Financial Statements

Sheet 2 Common Size Financial Statements

Sheet 3 Managerial Balance Sheets

Sheet 4 ROE Model

Sheet 5 Net Working Capital Analysis

Sheet 6 Market Information

 Coca Cola

Income Statements
(in millions of $)

2022 2021

Sales 43,004 38,655

Cost of Sales -18,000 -15,357
Gross Profit 25,004 23,298
Selling. General, and Adminstrative Expenses -12,880 -12,144
Other Operating Income (Expenses) 444 2,868
Operating Income 12,568 14,022
Interest Expense -882 -1,597
Income Before Tax 11,686 12,425
Tax Expense -2,115 -2,621
Net Income 9,571 9,804

Balance Sheets
(in millions of $)

2022 2021

Cash and Cash Equivalents 11,631 12,625

Accounts Receivable 3,487 3,512
Inventories 4,233 3,414
Prepaid Expenses 3,240 2,994
Total Current Assets 22,591 22,545
Net Property, Plant, and Equipment 9,841 9,920
Other Non-Current Assets 60,331 61,889
Total Non-Current Assets 70,172 71,809
Total Assets 92,763 94,354

Short-Term Debt 2,772 4,645

Accounts Payable 15,749 14,619
Accured Expenses 1,203 686
Total Current Liabilities 19,724 19,950
Long-Term Debt 36,377 38,116
Other Non-Current Liabilities 10,836 11,428
Total Non-Current Liabilities 47,213 49,544
Total Liabilities 66,937 69,494
Total Equity 25,826 24,860
Total Liabilities and Equity 92,763 94,354

Cash Flow Statements

(in millions of $)

2022 2021

Net Income 9,571 9,804

Depreciation and Amortization Expenses 1,260 1,452
Other Non-Cash Expenses 792 44
Change in Operating Assets and Liabilities -605 1,325
Cash Flow from Operating Activities (CFFO) 11,018 12,625

Capital Expenditures -1,484 -1,367

Acquisitions -73 -4,766
Other 794 3,368
Cash Flow from Investing Activities (CFFI) -763 -2,765

Proceeds from Issuance of Debt 3,972 13,094

Repayment of Debt -4,930 -12,866
Proceeds from Issuance of Equity 837 702
Repurchase of Equity -1,418 -111
Payment of Dividends -7,616 -7,252
Other -1,095 -353
Cash Flow from Financing Activities (CFFI) -10,250 -6,786
 PepsiCo

Income Statements
(in millions of $)

2020

33,014 Sales
-13,433 Cost of Sales
19,581 Gross Profit
-9,731 Selling. General, and Adminstrative Expenses
1,336 Other Operating Income (Expenses)
11,186 Operating Income
-1,437 Interest Expense
9,749 Income Before Tax
-1,981 Tax Expense
7,768 Net Income

Balance Sheets
(in millions of $)

2020

10,914 Cash and Cash Equivalents

3,144 Accounts Receivable
3,266 Inventories
1,916 Prepaid Expenses
19,240 Total Current Assets
10,777 Net Property, Plant, and Equipment
57,279 Other Non-Current Assets
68,056 Total Non-Current Assets
87,296 Total Assets

2,668 Short-Term Debt

11,145 Accounts Payable
788 Accured Expenses
14,601 Total Current Liabilities
40,125 Long-Term Debt
11,286 Other Non-Current Liabilities
51,411 Total Non-Current Liabilities
66,012 Total Liabilities
21,284 Total Equity
87,296 Total Liabilities and Equity

Cash Flow Statements

(in millions of $)

2020

7,768 Net Income

1,536 Depreciation and Amortization Expenses
-150 Other Non-Cash Expenses
690 Change in Operating Assets and Liabilities
9,844 Cash Flow from Operating Activities (CFFO)

-1,177 Capital Expenditures

-1,052 Acquisitions
752 Other
-1,477 Cash Flow from Investing Activities (CFFI)

26,934 Proceeds from Issuance of Debt

-28,796 Repayment of Debt
647 Proceeds from Issuance of Equity
-118 Repurchase of Equity
-7,047 Payment of Dividends
310 Other
-8,070 Cash Flow from Financing Activities (CFFI)
PepsiCo

2022 2021 2020

86,392 79,474 70,372

-40,576 -37,075 -31,797
45,816 42,399 38,575
-34,459 -31,237 -28,453
287 522 75
11,644 11,684 10,197
-939 -1,863 -1,128
10,705 9,821 9,069
-1,727 -2,142 -1,894
8,978 7,679 7,175

2022 2021 2020

5,348 7,776 9,551

10,163 8,680 8,404
5,222 4,347 4,172
806 980 874
21,539 21,783 23,001
24,291 22,407 21,369
46,357 48,187 48,548
70,648 70,594 69,917
92,187 92,377 92,918

3,414 4,308 3,780

23,371 21,159 19,592
0 753 0
26,785 26,220 23,372
35,657 36,026 40,370
12,472 13,980 15,624
48,129 50,006 55,994
74,914 76,226 79,366
17,273 16,151 13,552
92,187 92,377 92,918

2022 2021 2020

8,978 7,679 7,175

2,763 2,710 2,548
-42 509 1,193
-888 718 -303
10,811 11,616 10,613

-5,207 -4,625 -4,240

-873 -61 -6,372
3,650 1,417 -1,007
-2,430 -3,269 -11,619

3,364 4,167 14,223

-4,174 -8,299 -2,930
138 185 179
-1,500 -106 -2,000
-6,172 -5,815 -5,509
-179 -139 -144
-8,523 -10,007 3,819
 Coca Cola

Income Statements
(in millions of $)

2022 2021

Sales 100% 100%

Cost of Sales -42% -40%
Gross Profit 58% 60%
Selling. General, and Adminstrative Expenses -30% -31%
Other Operating Income (Expenses) 1% 7%
Operating Income 29% 36%
Interest Expense -2% -4%
Income Before Tax 27% 32%
Tax Expense -5% -7%
Net Income 22% 25%

Balance Sheets
(in millions of $)

2022 2021

Cash and Cash Equivalents 13% 13%

Accounts Receivable 4% 4%
Inventories 5% 4%
Prepaid Expenses 3% 3%
Total Current Assets 24% 24%
Net Property, Plant, and Equipment 11% 11%
Other Non-Current Assets 65% 66%
Total Non-Current Assets 76% 76%
Total Assets 100% 100%

Short-Term Debt 3% 5%
Accounts Payable 17% 15%
Accured Expenses 1% 1%
Total Current Liabilities 21% 21%
Long-Term Debt 39% 40%
Other Non-Current Liabilities 12% 12%
Total Non-Current Liabilities 51% 53%
Total Liabilities 72% 74%
Total Equity 28% 26%
Total Liabilities and Equity 100% 100%
 PepsiCo

Income Statements
(in millions of $)

2020

100% Sales
-41% Cost of Sales
59% Gross Profit
-29% Selling. General, and Adminstrative Expenses
4% Other Operating Income (Expenses)
34% Operating Income
-4% Interest Expense
30% Income Before Tax
-6% Tax Expense
24% Net Income

Balance Sheets
(in millions of $)

2020

13% Cash and Cash Equivalents

4% Accounts Receivable
4% Inventories
2% Prepaid Expenses
22% Total Current Assets
12% Net Property, Plant, and Equipment
66% Other Non-Current Assets
78% Total Non-Current Assets
100% Total Assets

3% Short-Term Debt
13% Accounts Payable
1% Accured Expenses
17% Total Current Liabilities
46% Long-Term Debt
13% Other Non-Current Liabilities
59% Total Non-Current Liabilities
76% Total Liabilities
 24% Total Equity
100% Total Liabilities and Equity
PepsiCo

2022 2021 2020

100% 100% 100%

-47% -47% -45%
53% 53% 55%
-40% -39% -40%
0% 1% 0%
13% 15% 14%
-1% -2% -2%
12% 12% 13%
-2% -3% -3%
10% 10% 10%

2022 2021 2020

6% 8% 10%
11% 9% 9%
6% 5% 4%
1% 1% 1%
23% 24% 25%
26% 24% 23%
50% 52% 52%
77% 76% 75%
100% 100% 100%

4% 5% 4%
25% 23% 21%
0% 1% 0%
29% 28% 25%
39% 39% 43%
14% 15% 17%
52% 54% 60%
81% 83% 85%
 19% 17% 15%
100% 100% 100%
 Coca Cola

Managerial Balance Sheets

(in millions of $)

2022 2021

Cash 11,631 12,625

Net Working Capital -5,992 -5,385
Net Fixed Assets 70,172 71,809
Invested Capital 75,811 79,049

Short-Term Debt 2,772 4,645

Long-Term Debt 36,377 38,116
Interest-Bearig Debt 39,149 42,761
Other Liabilities 10,836 11,428
Liabilities 49,985 54,189
Equity 25,826 24,860
Capital Employed 75,811 79,049

Common-Size Managerial Balance Sheets

2022 2021

Cash 15% 16%

Net Working Capital -8% -7%
Net Fixed Assets 93% 91%
Invested Capital 100% 100%

Short-Term Debt 4% 6%
Long-Term Debt 48% 48%
Interest-Bearig Debt 52% 54%
Other Liabilities 14% 14%
Liabilities 66% 69%
Equity 34% 31%
Capital Employed 100% 100%
 PepsiCo

Managerial Balance Sheets

(in millions of $)

2020

10,914 Cash
-3,607 Net Working Capital
68,056 Net Fixed Assets
75,363 Invested Capital

2,668 Short-Term Debt

40,125 Long-Term Debt
42,793 Interest-Bearig Debt
11,286 Other Liabilities
54,079 Liabilities
21,284 Equity
75,363 Capital Employed

Common-Size Managerial Balance Sheets

2020

14% Cash
-5% Net Working Capital
90% Net Fixed Assets
100% Invested Capital

4% Short-Term Debt
53% Long-Term Debt
57% Interest-Bearig Debt
15% Other Liabilities
72% Liabilities
28% Equity
100% Capital Employed
PepsiCo

2022 2021 2020

5,348 7,776 9,551

-7,180 -7,905 -6,142
70,648 70,594 69,917
68,816 70,465 73,326

3,414 4,308 3,780

35,657 36,026 40,370
39,071 40,334 44,150
12,472 13,980 15,624
51,543 54,314 59,774
17,273 16,151 13,552
68,816 70,465 73,326

2022 2021 2020

8% 11% 13%
-10% -11% -8%
103% 100% 95%
100% 100% 100%

5% 6% 5%
52% 51% 55%
57% 57% 60%
18% 20% 21%
75% 77% 82%
25% 23% 18%
100% 100% 100%
 Coca Cola PepsiCo

ROE Model ROE Model

2022 2021 2020

Growth Rate in Sales 11.3% 17.1% Growth Rate in Sales

Operating Income 12,568 14,022 11,186 Operating Income

Sales 43,004 38,655 33,014 Sales
Operating Profit Margin (1) 29.2% 36.3% 33.9% Operating Profit Margin (1)

Sales 43,004 38,655 33,014 Sales

Invested Capital 75,811 79,049 75,363 Invested Capital
Capital Turnover (2) 0.6 0.5 0.4 Capital Turnover (2)

Pre-Tax Return on Invested Capital (3)=(1)×(2) 16.6% 17.7% 14.8% Pre-Tax Return on Invested Capital (3)=(1)×(2)

Net Income 9,571 9,804 7,768 Net Income

Income Before Tax 11,686 12,425 9,749 Income Before Tax
Tax Effect (4) 0.8 0.8 0.8 Tax Effect (4)
Effective Tax Rate 18.1% 21.1% 20.3% Effective Tax Rate

Return on Invested Capital (5)=(3)×(4) 13.6% 14.0% 11.8% Return on Invested Capital (5)=(3)×(4)

Income Before Tax 11,686 12,425 9,749 Income Before Tax

Operating Income 12,568 14,022 11,186 Operating Income
Financial Cost Effect (6) 0.9 0.9 0.9 Financial Cost Effect (6)

Invested Capital 75,811 79,049 75,363 Invested Capital

Equity 25,826 24,860 21,284 Equity
Financial Structure Effect (7) 2.9 3.2 3.5 Financial Structure Effect (7)

Financial Leverage Multiplier (8)=(6)×(7) 2.7 2.8 3.1 Financial Leverage Multiplier (8)=(6)×(7)

Return on Equity (9)=(5)×(8) 37.1% 39.4% 36.5% Return on Equity (9)=(5)×(8)

psiCo

2022 2021 2020

8.7% 12.9%

11,644 11,684 10,197

86,392 79,474 70,372
13.5% 14.7% 14.5%

86,392 79,474 70,372

68,816 70,465 73,326
1.3 1.1 1.0

16.9% 16.6% 13.9%

8,978 7,679 7,175

10,705 9,821 9,069
0.8 0.8 0.8
16.1% 21.8% 20.9%

14.2% 13.0% 11.0%

10,705 9,821 9,069

11,644 11,684 10,197
0.9 0.8 0.9

68,816 70,465 73,326

17,273 16,151 13,552
4.0 4.4 5.4

3.7 3.7 4.8

52.0% 47.5% 52.9%

 Coca Cola PepsiCo

Net Working Capital Net Working Capital

(in millions of $) (in millions of $)

2022 2021 2020

Accounts Receivable 3,487 3,512 3,144 Accounts Receivable

Inventories 4,233 3,414 3,266 Inventories
Prepaid Expenses 3,240 2,994 1,916 Prepaid Expenses
Operating Assets 10,960 9,920 8,326 Operating Assets

Accounts Payable 15,749 14,619 11,145 Accounts Payable

Accrued Expenses 1,203 686 788 Accrued Expenses
Operating Liabilities 16,952 15,305 11,933 Operating Liabilities

NWC -5,992 -5,385 -3,607 NWC

Sales 43,004 38,655 33,014 Sales
NWC /Sales -13.9% -13.9% -10.9% NWC /Sales
Components of Net Working Capital Components of Net Working Capital
(in millions of $) (in millions of $)

2022 2021 2020

Inventories 4,233 3,414 3,266 Inventories

Sales 43,004 38,655 33,014 Sales
Inventories Turnover 10.2 11.3 10.1 Inventories Turnover
Inventories Conversion Period 36 32 36 Inventories Conversion Period

Accounts Receivable 3,487 3,512 3,144 Accounts Receivable

Sales 43,004 38,655 33,014 Sales
Accounts Receivable Turnover 12.3 11.0 10.5 Accounts Receivable Turnover
Accounts Receivable Conversion Period 30 33 35 Accounts Receivable Conversion Period

Operating Cycle 66 65 71 Operating Cycle

Accounts Payable 15,749 14,619 11,145 Accounts Payable

Sales 43,004 38,655 33,014 Sales
Accounts Payable Turnover 2.7 2.6 3.0 Accounts Payable Turnover
Accounts Payable Deferral Period 134 138 123 Accounts Payable Deferral Period

Cash-to-Cash Cycle -68 -73 -52 Cash-to-Cash Cycle

psiCo

2022 2021 2020

10,163 8,680 8,404

5,222 4,347 4,172
806 980 874
16,191 14,007 13,450

23,371 21,159 19,592

0 753 0
23,371 21,912 19,592

-7,180 -7,905 -6,142

86,392 79,474 70,372
-8.3% -9.9% -8.7%
 2022 2021 2020

5,222 4,347 4,172

86,392 79,474 70,372
16.5 18.3 16.9
22 20 22

10,163 8,680 8,404

86,392 79,474 70,372
8.5 9.2 8.4
43 40 44

65 60 65

23,371 21,159 19,592

86,392 79,474 70,372
3.7 3.8 3.6
99 97 102

-34 -37 -36

Market Information

Coca Cola PepsiCo

Market Capitalization (billion) $245.2 $229.5

Stock Price $56.7 $166.9
Dividend Yield 3.2% 2.9%
P/E Ratio 22.8 27.6

Credit Rating A+