Coca Cola 2011 Annual Report Download - page 53

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Analysis of Consolidated Statements of Income
Percent Change
Year Ended December 31, 2011 2010 2009 2011 vs. 2010 2010 vs. 2009
(In millions except percentages and per share data)
NET OPERATING REVENUES $ 46,542 $ 35,119 $ 30,990 33% 13%
Cost of goods sold 18,216 12,693 11,088 44 14
GROSS PROFIT 28,326 22,426 19,902 26 13
GROSS PROFIT MARGIN 60.9% 63.9% 64.2%
Selling, general and administrative expenses 17,440 13,158 11,358 33 16
Other operating charges 732 819 313 **
OPERATING INCOME 10,154 8,449 8,231 20 3
OPERATING MARGIN 21.8% 24.1% 26.6%
Interest income 483 317 249 52 27
Interest expense 417 733 355 (43) 106
Equity income (loss) — net 690 1,025 781 (33) 31
Other income (loss) — net 529 5,185 40 **
INCOME BEFORE INCOME TAXES 11,439 14,243 8,946 (20) 59
Income taxes 2,805 2,384 2,040 18 17
Effective tax rate 24.5% 16.7% 22.8%
CONSOLIDATED NET INCOME 8,634 11,859 6,906 (27) 72
Less: Net income attributable to noncontrolling interests 62 50 82 24 (39)
NET INCOME ATTRIBUTABLE TO SHAREOWNERS OF
THE COCA-COLA COMPANY $ 8,572 $ 11,809 $ 6,824 (27)% 73%
BASIC NET INCOME PER SHARE1$ 3.75 $ 5.12 $ 2.95 (27)% 74%
DILUTED NET INCOME PER SHARE1$ 3.69 $ 5.06 $ 2.93 (27)% 73%
* Calculation is not meaningful.
1Basic net income per share and diluted net income per share are calculated based on net income attributable to shareowners of
The Coca-Cola Company.
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