Coca Cola 2013 Annual Report Download - page 49
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Unit case volume for Bottling Investments increased 10 percent. The group had growth in key markets where we own or otherwise
consolidate bottling operations, including unit case volume growth of 4 percent in China, 16 percent in India, 5 percent in the
Philippines and 1 percent in Germany. The Company’s consolidated bottling operations accounted for 34 percent, 65 percent,
100 percent and 100 percent of the unit case volume in China, India, the Philippines and Germany, respectively. The group’s
volume growth included a benefit of 3 percentage points attributable to the acquisition of bottling operations in Vietnam,
Cambodia and Guatemala during the year ended December 31, 2012.
Concentrate Sales Volume
In 2013, concentrate sales volume and unit case volume both grew 2 percent compared to 2012. Likewise, in 2012, concentrate
sales volume and unit case volume both grew 4 percent compared to 2011. The differences between concentrate sales volume and
unit case volume growth rates for individual operating segments in 2013 and 2012 were primarily due to the timing of concentrate
shipments and the impact of unit case volume from certain joint ventures in which the Company has an equity interest, but to
which the Company does not sell concentrates, syrups, beverage bases or powders.
Analysis of Consolidated Statements of Income
Percent Change
Year Ended December 31, 2013 2012 2011 2013 vs. 2012 2012 vs. 2011
(In millions except percentages and per share data)
NET OPERATING REVENUES $ 46,854 $ 48,017 $ 46,542 (2)% 3%
Cost of goods sold 18,421 19,053 18,215 (3) 5
GROSS PROFIT 28,433 28,964 28,327 (2) 2
GROSS PROFIT MARGIN 60.7% 60.3% 60.9%
Selling, general and administrative expenses 17,310 17,738 17,422 (2) 2
Other operating charges 895 447 732 **
OPERATING INCOME 10,228 10,779 10,173 (5) 6
OPERATING MARGIN 21.8% 22.4% 21.9%
Interest income 534 471 483 13 (2)
Interest expense 463 397 417 17 (5)
Equity income (loss) — net 602 819 690 (27) 19
Other income (loss) — net 576 137 529 **
INCOME BEFORE INCOME TAXES 11,477 11,809 11,458 (3) 3
Income taxes 2,851 2,723 2,812 5(3)
Effective tax rate 24.8% 23.1% 24.5%
CONSOLIDATED NET INCOME 8,626 9,086 8,646 (5) 5
Less: Net income attributable to noncontrolling interests 42 67 62 (38) 8
NET INCOME ATTRIBUTABLE TO SHAREOWNERS OF
THE COCA-COLA COMPANY $ 8,584 $ 9,019 $ 8,584 (5)% 5%
BASIC NET INCOME PER SHARE1$ 1.94 $ 2.00 $ 1.88 (3)% 6%
DILUTED NET INCOME PER SHARE1$ 1.90 $ 1.97 $ 1.85 (4)% 6%
* Calculation is not meaningful.
1Calculated based on net income attributable to shareowners of The Coca-Cola Company.
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