Projected Income Statement (KO)

Coca Cola Company
Income Statement (All numbers in Thousands)
Period Ending 12/31/18 12/31/17 12/31/16 12/31/15 12/31/14
Revenue
Total Revenue $ 28,358,975 100.00% $ 35,410,000 100.00% $ 41,863,000 100.00% $ 44,294,000 100.00% $ 45,998,000 100.00%
Cost of Revenue $ 10,411,287 36.71% $ 13,256,000 37.44% $ 16,465,000 39.33% $ 17,482,000 39.47% $ 17,889,000 38.89%
Gross Profit $ 17,947,688 63.29% $ 22,154,000 62.56% $ 25,398,000 60.67% $ 26,812,000 60.53% $ 28,109,000 61.11%
Operating Expense
Research Development $ – 0 0.00% $ – 0 $ – 0 0.00% $ – 0 0.00% $ – 0 0.00%
Selling General and Administrative $ 9,869,474 34.80% $ 12,496,000 35.29% $ 15,262,000 36.46% $ 16,427,000 37.09% $ 17,218,000 37.43%
Non Recurring $ – 0 0.00% $ – 0 $ – 0 0.00% $ – 0 0.00% $ – 0 0.00%
Others $ 173,000 0.00% $ 48,000 0.14% $ 274,000 0.65% $ 145,000 0.33% $ 24,000 0.05%
Total Operating Expense $ 20,672,089 72.89% $ 25,800,000 72.86% $ 32,001,000 76.44% $ 34,054,000 76.88% $ 35,131,000 76.38%
Operating Income or Loss $ 7,686,886 27.11% $ 9,610,000 27.14% $ 9,862,000 23.56% $ 10,240,000 23.12% $ 10,867,000 23.62%
Income from Continuing Operations
Total Other Income/Expense Net $ (2,406,183) -8.48% $ (2,868,000) -8.10% $ (1,726,000) -4.12% $ (635,000) -1.43% $ (1,542,000) -3.35%
Earnings Before Interest and Taxes $ 7,686,886 27.11% $ 9,610,000 27.14% $ 9,862,000 23.56% $ 10,240,000 23.12% $ 10,867,000 23.62%
Interest Expense $ (772,920) -2.73% $ (841,000) -2.38% $ (733,000) -1.75% $ (856,000) -1.93% $ (483,000) -1.05%
Income Before Tax $ 6,913,965 24.38% $ 6,742,000 19.04% $ 8,136,000 19.43% $ 9,605,000 21.68% $ 9,325,000 20.27%
Income Tax Expense $ 1,005,711 3.55% $ 5,560,000 15.70% $ 1,586,000 3.79% $ 2,239,000 5.05% $ 2,201,000 4.78%
Minority Interest $ 88,472 0.31% $ 1,905,000 5.38% $ 158,000 0.38% $ 210,000 0.47% $ 241,000 0.52%
Net Income From Continuing Ops $ 5,908,255 20.83% $ 1,182,000 3.34% $ 6,550,000 15.65% $ 7,366,000 16.63% $ 7,124,000 15.49%
Non-recurring Events
Discontinued Operations $ 101,000 0.36% $ 101,000 0.29% $ 101,000 0.24% $ 101,000 0.23% $ 101,000 0.22%
Extraordinary Items $ – 0 0.00% $ – 0 0.00% $ – 0 0.00% $ – 0 0.00% $ – 0 0.00%
Effect of Account Changes $ – 0 0.00% $ – 0 0.00% $ – 0 0.00% $ – 0 0.00% $ – 0 0.00%
Other Items $ – 0 0.00% $ – 0 0.00% $ – 0 0.00% $ – 0 0.00% $ – 0 0.00%
Net Income
Net Income $ 4,136,650 14.59% $ 1,248,000 3.52% $ 6,527,000 15.59% $ 7,351,000 16.60% $ 7,098,000 15.43%
Preferred Stock and Other Adjustments $ – 0 0.00% $ – 0 0.00% $ – 0 0.00% $ – 0 0.00% $ – 0 0.00%
Net Income Applicable to Common Shares $ 4,136,650 14.59% $ 1,248,000 3.52% $ 6,527,000 15.59% $ 7,351,000 16.60% $ 7,098,000 15.43%
Earnings Per Share
2014 1.6
2015 1.67
2016 1.49
2017 1.48
2018 1.425

Projected Calculations (KO)

Coke Revnue Growth Rate Cost of Revenue Selling and Admin Other Operating Expense Other income Interest Expense Income Tax Expense Minority Interest Net Income
12/31/14 $ 45,998,000.00 38.8908% 37.4321% 24000 76.3751% -3% -1.0500% 4.7850% 0.5239% 15.4311%
12/31/15 $ 44,294,000.00 0.96295 39.4681% 37.0863% 145000 76.8817% -1% -1.9325% 5.0549% 0.4741% 16.5959%
12/31/16 $ 41,863,000.00 0.94512 39.3307% 36.4570% 274000 76.4422% -4% -1.7509% 3.7885% 0.3774% 15.5913%
12/31/17 $ 35,410,000.00 0.84585 37.4358% 35.2895% 48000 72.8608% -8% -2.3750% 15.7018% 5.3798% 3.5244%
12/31/18 $ 28,358,974.73 0.8008747451 0.3671249509 0.3480194239 173000 0.7289434607 -0.0848473339 -0.0272548724 0.0354635761 0.0031197319 0.1458674006
0.9629549111 0.3889082134 0.3743206226 24000 0.7637505979 -0.0335231967 -0.0105004565 0.0478499065 0.0052393582 0.154311057
0.9451167201 0.3946809952 0.3708628708 145000 0.7688174471 -0.0143360275 -0.0193254165 0.050548607 0.0047410484 0.1659592721
0.8458543344 0.3933067386 0.3645701455 274000 0.7644220433 -0.0412297255 -0.0175094953 0.0378854836 0.0037742159 0.1559133364
0.8008747451 0.3743575261 0.3528946625 48000 0.7286077379 -0.0809940695 -0.023750353 0.1570177916 0.053798362 0.0352442813
0.3671249509 0.3480194239 173000 0.7289434607 -0.0848473339 -0.0272548724 0.0354635761 0.0031197319 0.1458674006

Projected Income Statement (M)

Coca Cola Company
Income Statement (All numbers in Thousands)
Period Ending 12/31/18 12/31/17 1/1/17 1/3/16 12/28/14
Revenue
Total Revenue $ 3,739,918 100% $ 3,369,045 100% $ 3,049,393 100% $ 2,722,564 100% $ 2,464,867 100%
Cost of Revenue $ 1,192,466 32% $ 1,231,355 37% $ 1,107,393 36% $ 1,090,263 40% $ 1,125,057 46%
Gross Profit $ 2,547,452 68% $ 2,137,690 63% $ 1,942,000 64% $ 1,632,301 60% $ 1,339,810 54%
Operating Expense
Research Development $ – 0 $ – 0 $ – 0 0% $ – 0 0% $ – 0 0%
Selling General and Administrative $ 1,029,860 28% $ 903,493 27% $ 770,872 25% $ 660,622 24% $ 587,638 24%
Non Recurring $ – 0 $ – 0 $ – 0 0% $ – 0 0% $ – 0 0%
Others $ – 0 $ – 0 0% $ – 0 0% $ – 0 0% $ – 0 0%
Total Operating Expense $ 2,436,123 65% $ 2,134,848 63% $ 1,878,265 62% $ 1,750,885 64% $ 1,712,695 69%
Operating Income or Loss $ 1,303,795 35% $ 1,234,197 37% $ 1,171,128 38% $ 971,679 36% $ 752,172 31%
Income from Continuing Operations
Total Other Income/Expense Net $ 39,830 1% $ (32,574) -1% $ (91,443) -3% $ (80,131) -3% $ (6,384) -0%
Earnings Before Interest and Taxes $ 1,303,795 35% $ 1,234,197 37% $ 1,171,128 38% $ 971,679 36% $ 752,172 31%
Interest Expense $ (109) -0% $ (80) -0% $ (70) -0% $ (30) -0% $ (30) -0%
Income Before Tax $ 1,343,625 36% $ 1,201,623 36% $ 1,079,685 35% $ 891,548 33% $ 745,788 30%
Income Tax Expense $ 448,711 12% $ 380,945 11% $ 367,000 12% $ 344,815 13% $ 262,603 11%
Minority Interest $ – 0 $ – 0 0% $ – 0 0% $ – 0 0% $ – 0 0%
Net Income From Continuing Ops $ 894,914 24% $ 820,678 24% $ 712,685 23% $ 546,733 20% $ 483,185 20%
Non-recurring Events
Discontinued Operations $ – 0 0% $ – 0 0% $ – 0 0% $ – 0 0% $ – 0 0%
Extraordinary Items $ – 0 0% $ – 0 0% $ – 0 0% $ – 0 0% $ – 0 0%
Effect of Account Changes $ – 0 0% $ – 0 0% $ – 0 0% $ – 0 0% $ – 0 0%
Other Items $ – 0 0% $ – 0 0% $ – 0 0% $ – 0 0% $ – 0 0%
Net Income
Net Income $ 894,914 24% $ 820,678 24% $ 712,685 23% $ 546,733 20% $ 483,185 20%
Preferred Stock and Other Adjustments $ – 0 0% $ – 0 0% $ – 0 0% $ – 0 0% $ – 0 0%
Net Income Applicable to Common Shares $ 894,914 24% $ 820,678 24% $ 712,685 23% $ 546,733 20% $ 483,185 20%
Eanrings Per Share
2014 0.92
2015 0.95
2016 1.19
2017 1.42
2018 1.555

Projected Calculations (M)

Coke Revnue Growth Rate Cost of Revenue Selling and Admin Operating Expense Other Income Interest Expense Income Tax Expense Minority Interest Net Income
12/28/14 $ 2,464,867.00 45.6437% 23.8406% 69.4843% -0% -0.0012% 10.6538% 0.5239% 15.4311%
1/3/16 $ 2,722,564.00 1.10455 40.0454% 24.2647% 64.3102% -3% -0.0011% 12.6651% 0.4741% 16.5959%
1/1/17 $ 3,049,393.00 1.12004 36.3152% 25.2795% 61.5947% -3% -0.0023% 12.0352% 0.3774% 15.5913%
12/31/17 $ 3,369,045.00 1.10482 36.5491% 26.8175% 63.3666% -1% -0.0024% 11.3072% 5.3798% 3.5244%
12/31/18 $ 3,739,918.10 1.1100825591 31.8848% 27.5370% 65.1384% 1% -0.0029% 11.9979% 1.3936% 2.1294%
1.1045480344 0.4564372033 0.238405561 0.6948427643 -0.0025899978 -0.000012171 0.1065384055
1.1200445609 0.400454498 0.2426470048 0.6431015028 -0.0294321823 -0.000011019 0.1266508336
1.1048247963 0.3631519453 0.2527952284 0.6159471737 -0.0299872794 -0.0000229554 0.1203518208
1.1100825591 0.3654908142 0.2681748092 0.6336656233 -0.0096686153 -0.0000237456 0.113072102
0.3188481852 0.2753696429 0.6513840729 0.0106500489 -0.0000291378 0.1199788097