Coca Cola 2013 Annual Report Download - page 99
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A summary of financial information for our equity method investees in the aggregate is as follows (in millions):
Year Ended December 31, 2013 2012 2011
Net operating revenues $ 53,038 $ 47,087 $ 42,472
Cost of goods sold 32,377 28,821 26,271
Gross profit $ 20,661 $ 18,266 $ 16,201
Operating income $ 4,380 $ 4,605 $ 4,181
Consolidated net income $ 2,364 $ 2,993 $ 2,237
Less: Net income attributable to noncontrolling interests 62 89 99
Net income attributable to common shareowners $ 2,302 $ 2,904 $ 2,138
Equity income (loss) — net $ 602 $ 819 $ 690
December 31, 2013 2012
Current assets $ 19,229 $ 16,054
Noncurrent assets 40,427 32,687
Total assets $ 59,656 $ 48,741
Current liabilities $ 14,386 $ 12,004
Noncurrent liabilities 17,779 12,272
Total liabilities $ 32,165 $ 24,276
Equity attributable to shareowners of investees $ 26,668 $ 23,827
Equity attributable to noncontrolling interests 823 638
Total equity $ 27,491 $ 24,465
Company equity investment $ 10,393 $ 9,216
Net sales to equity method investees, the majority of which are located outside the United States, were $9,178 million,
$7,082 million and $6,874 million in 2013, 2012 and 2011, respectively. Total payments, primarily marketing, made to equity
method investees were $1,807 million, $1,587 million and $1,147 million in 2013, 2012 and 2011, respectively. In addition,
purchases of finished products from equity method investees were $415 million, $392 million and $430 million in 2013, 2012 and
2011, respectively.
If valued at the December 31, 2013, quoted closing prices of shares actively traded on stock markets, the value of our equity
method investments in publicly traded bottlers would have exceeded our carrying value by $9,155 million.
Net Receivables and Dividends from Equity Method Investees
Total net receivables due from equity method investees were $1,308 million and $1,280 million as of December 31, 2013 and 2012,
respectively. The total amount of dividends received from equity method investees was $401 million, $393 million and $421 million
for the years ended December 31, 2013, 2012 and 2011, respectively. Dividends received included a $35 million and $60 million
special dividend from Coca-Cola Hellenic during 2012 and 2011, respectively. We classified the receipt of these cash dividends in
cash flows from operating activities because our cumulative equity in earnings from Coca-Cola Hellenic exceeded the cumulative
distributions received; therefore, the dividends were deemed to be a return on our investment and not a return of our investment.
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