Threats:

 Change in consumer taste

 Water Scarcity

 Saturated carbonated drinks market

FINANCIAL ANALYSIS

Income statement
Annual Income Statement (values in 000's)
Account Title 12/31/2017 12/31/20216 Vertical Vertical
Analysis(2017) Analysis(2016)
Total Revenue $4,323,668 $3,156,428 100% 100%
Cost of Revenue $2,782,721 $1,940,706 64.36% 61.48%
Gross Profit $1,540,947 $1,215,722 35.63% 38.51%
Operating Expenses
Research and $0 $0 0% 0%
Development
Sales, General and Admin. $1,444,768 $1,087,863 33.41% 34.46%
Non-Recurring Items $0 $0 0% 0%
Other Operating Items $0 $0 0% 0%
Operating Income $96,179 $127,859 2.22% 4.05%
Add'l income/expense $8,696 $1,178 0.20% 0.03%
items
Earnings Before Interest $104,875 $129,037 2.42% 4.09%
and Tax
Interest Expense $41,869 $36,325 0.96% 1.15%
Earnings Before Tax $63,006 $92,712 1.46% 2.93%
Income Tax ($39,841) $36,049 0.92% 1.14%
Minority Interest ($6,312) ($6,517) 0.14% 0.20%
Equity Earnings/Loss $0 $0 0% 0%
Unconsolidated
Subsidiary
Net Income-Cont. $96,535 $50,146 2.23% 1.59%
Operations
Net Income $96,535 $50,146 2.23% 1.59%
Net Income Applicable $96,535 $50,146 2.23% 1.59%
to Common Shareholders

Reference:

www.nasdaq.com
Revenue:
Revenue is the amount of money that a company actually receives during a
specific period, including discounts and deductions for returned merchandise.
It is the top line or gross income figure from which costs are subtracted to
determine net income.
Revenue for coke in 2017 is $4,323,668 while in 2016 is $3,156,428. So year
2017 is better then year 2016 with respect to revenue

Cost of Revenue:
The cost of revenue is the total cost of manufacturing and delivering a
product or service.Cost of revenue information is found in a company's
income statement, and is designed to represent the direct costs associated
with the goods and services the company provides.
Cost of revenue for COKE in 2017 is $2,782,721while in 2016 is $1,940,706 So
year 2017 is better then year 2016 with respect to Cost of revenue

Gross profit:
Gross profit is the profit a company makes after deducting the costs
associated with making and selling its products, or the costs associated with
providing its services. Gross profit will appear on a company's income
statement, and can be calculated with this formula: Gross profit = Revenue -
Cost of Goods Sold.
Gross profit for COKE in 2017 $1,540,947 is while in 2016 is $1,215,722 So year 2016 is
better then year 2017 with respect to Gross profit

Selling General & Administrative (SG&A):

SG&A is the acronym for selling, general andadministrative. SG&A are the
expenses incurred to 1) promote, sell, and deliver a company's products and
services, and 2) manage the overall company. SG&A will appear as operating
expenses on the income statement for the period in which the expenses
occurred.
Selling General & Administrative (SG&A) for COKE in 2017 is $1,444,768
while in 2016 is $1,087,863 So year 2016 is better then 2017 with respect to Selling
General & Administrative (SG&A)

Non-Recurring Items:
A non-recurring item is a gain or loss found on a company's income
statement that is not expected to occur regularly. Examples of non-recurring
items are litigation fees, write-offs of bad debt or worthless assets, employee-
separation costs, and repair costs for damage caused by natural disasters.

Non-Recurring Items for COKE in 2017 is $0 while in 2016 is $0 .

Interest:
Interest is payment from a borrower or deposit-taking financial institution to a
lender or depositor of an amount above repayment of the principal sum (i.e.,
the amount borrowed), at a particular rate.

Interest for COKE in 2017 is $41,869 while in 2016 is $36,325 So year 2016 is better
then 2017 with respect to Interest

Earnings Before Tax (EBT):

In accounting and finance, earnings before interest and taxes (EBIT) is a
measure of a firm's profit that includes all expenses
except interest and income tax expenses. It is the difference between
operating revenues and operating expenses.

Earnings Before Tax (EBT) for COKE in 2017 is $63,006 while in 2016 is $92,712
So year 2016 is better then 2017 with respect to Earnings Before Tax (EBT)
Tax:
A tax (from the Latin taxo) is a mandatory financial charge or some other type
of levy imposed upon a taxpayer (an individual or other legal entity) by a
governmental organization in order to fund various public expenditures. A
failure to pay, or evasion of or resistance to taxation, is punishable by law.

Tax for COKE in 2017 is ($39,841) while in 2016 is $36,049 So year 2017 is better then
2016 with respect to Tax

Net Earnings:
In business, net income (total comprehensive income, net
earnings, net profit, informally, bottom line) is an entity's income minus cost
of goods sold, expenses and taxes for an accounting period.

Net earnings for COKE in 2017 is $96,535 while in 2016 is $50,146. So year 2017
is better then 2016with respect to Net Earnings
 Balance Sheet
Annual Income Statement (values in 000's)
Period Ending: 12/31/2017 12/31/2016 Vertical Vertical
Analysis(2017) Analysis(201
6)
Current Assets
Cash and Cash $16,902 $21,850 0.55% 0.89%
Equivalents
Short-Term $0 0% 0% 0%
Investments
Net Receivables $493,372 $364,574 16.05% 14.88%
Inventory $183,618 $143,553 5.97% 5.86%
Other Current Assets $100,646 $63,834 3.27% 2.6%
Total Current Assets $794,538 $593,811 25.85% 24.24%
Long-Term Assets
Long-Term $0 0% 0% 0%
Investments
Fixed Assets $1,061,225 $846,541 34.53% 34.55%
Goodwill $169,316 $144,586 5.5% 5.9%
Intangible Assets $931,672 $778,455 30.31% 31.78%
Other Assets $116,209 $86,091 3.78% 3.51%
Deferred Asset $0 0% 0% 0%
Charges
Total Assets $3,072,960 $2,449,484 100% 100%
Current Liabilities
Accounts Payable $631,231 $450,380 20.54% 18.38%
Short-Term Debt / $8,221 $7,527 0.26% 0.30%
Current
Portion of Long-Term
Debt
Other Current $0 0% 0% 0%
Liabilities
Total Current Liabilities $639,452 $457,907 20.8% 18.69%
Long-Term Debt $1,123,266 $948,448 36.55 38.72%
Other Liabilities $738,971 $505,251 24.04% 20.62%
Deferred Liability $112,364 $174,854 3.65% 7.13%
Charges
Misc. Stocks $0 0% 0% 0%
Minority Interest $92,205 $85,893 3.0% 3.5%
Total Liabilities $2,706,258 $2,172,353 88.06% 88.68%
Stock Holders Equity
Common Stocks $13,023 $13,002 0.42% 0.53%
Capital Surplus $120,417 $116,769 3.91% 4.76%
Retained Earnings $388,718 $301,511 12.64% 12.30%
Treasury Stock ($61,254) ($61,254) 1.99% 2.5%
Other Equity ($94,202) ($92,897) 3.06% 3.79%
Total Equity $366,702 $277,131 11.93% 11.31%
Total Liabilities & $3,072,960 $2,449,484 100% 100%
Equity

Reference:
www.nasdaq.com

Cash and Cash Equivalents:

The term cash and cash equivalents includes: currency, coins, checks
received but not yet deposited, checking accounts, petty cash, savings
accounts, money market accounts, and short-term, highly liquid investments
with a maturity of three months or less at the time of purchase such as U.S.
treasury bills and ...

Cash and Cash Equivalents for COKE in 2017 is $16,902 while in 2016 is $21,850

So year 2016 is better then 2017 with respect to Cash and Cash Equivalents

Net Receivables:

The net receivables amount is calculated by subtracting the allowance for

doubtful accounts from the gross amount of accounts receivable outstanding.
The calculation is: Gross trade receivables - Allowance for doubtful accounts
= Net receivables.

Net Receivables for COKE in 2017 is $493,372 while in 2016 is $364,574

So year 2017 is better then 2016 with respect to Net Receivables

Inventory:

Inventory is the raw materials, work-in-process products and finished goods

that are considered to be the portion of a business's assets that are ready or
will be ready for sale.

Inventory for COKE in 2017 is $183,618 while in 2016 is $143,553. So year 2017 is
better then 2016 with respect to Inventory

Total Current Assets:

Cash and other assets that are expected to be converted to cash within a
year.

Total Current Assets for COKE in 2017 is $794,538 while in 2016 is $593,811 So
year 2017 is better then 2016 with respect to Total Current Assets

Total Assets:

An Asset is a resource with economic value that an individual, corporation or

country owns or controls with the expectation that it will provide future benefit.

Total Assets for COKE in 2017 is $3,072,960 while in 2016 is $2,449,484 So year
2017 is better then 2016 with respect to Total Assets

Accounts Payable:

Accounts payable (AP) is money owed by a business to its suppliers shown

as a liability on a company's balance sheet. It is distinct from notes
payable liabilities, which are debts created by formal legal instrument
documents.

Accounts Payable for COKE in 2017 is $631,231 while in 2016 is $450,380 So year

2016 is better then 2017 with respect to Accounts Payable

Total Current Liabilities:

Current liabilities are a company's debts or obligations that are due within one
year or within a normal operating cycle.

Total Current Liabilities for COKE in 2017 is $639,452 while in 2016 is $457,907 So
year 2016 is better then 2017 with respect to Total Current Liabilities

Goodwill:
Goodwill is an intangible asset that arises when one company purchases
another for a premium value. The value of a company's brand name, solid
customer base, good customer relations, good employee relations ,and any
patents or proprietary technology represent goodwill.

Goodwill for COKE in 2017 is $169,316 while in 2016 is $144,586. So year 2017 is better

then 2016 with respect to Goodwill

Total Liabilities:

Total liabilities are the aggregate debt and financial obligations owed by a
business to individuals and organizations at any specific period of time.

Total Liabilities for COKE in 2017 is $2,706,258 while in 2016 is $2,172,353

So year 2017 is better then 2016 with respect to Total Liabilities

Long-Term Debt:

Amount owed for a period exceeding 12 months from the date of the balance
sheet. It could be in the form of a bank loan, mortgage bonds, debenture, or
other obligations not due for one year. A firm must disclose its long-term
debt in its balance sheet with its interest rate and date of maturity.

Long-Term Debt for COKE in 2017 is $639,452 while in 2016 is $457,907 So

year 2016 is better then 2017 with respect to Long-Term Debt

Common Stocks:

Common stock is a security that represents ownership in a corporation.

Holders of common stock exercise control by electing a board of directors and
voting on corporate policy.

Common Stocks for COKE in 2017 is $13,023 while in 2016 is $13,002

 So year 2016 is better then 2017 with respect to Common Stocks

Total Equity:

Total equity is the value left in the company after subtractingtotal liabilities
from total assets. The formula to calculate total equity is Equity = Assets -
Liabilities.

Total Equity for COKE in 2017 is $366,702 while in 2016 is $277,131 So year 2017
is better then 2016 with respect to Total Equity