2019年Q3可口可乐财报.pdf

1Coca-Cola Reports Solid Operating Results in First Quarter;Remains Confident in Full Year GuidanceNet Revenues Grew 5% in First Quarter; Organic Revenues (Non-GAAP) Grew 6%, Including a 2% Benefit from TimingOperating Income Grew 29%; Comparable Currency Neutral Operating Income (Non-GAAP) Grew 16%Operating Margin was 29.1%; Comparable Operating Margin (Non-GAAP) was 30.5%, Including the Impact fromCurrency Headwinds and AcquisitionsEPS from Continuing Operations Grew 24% to $0.38; Comparable EPS from Continuing Operations (Non-GAAP) Grew 2% to $0.48, Impacted by 11% Currency Headwind and a 2 Cent Benefit from TimingATLANTA, April 23, 2019 The Coca-Cola Company today reported a solid start to 2019, with continued momentum that included gaining global value share. Reported net revenues grew 5% in the first quarter, and organic revenues (non-GAAP) grew 6%, with positive performance across all operating groups, in addition to a benefit from timing.“Were encouraged by our first quarter results as our disciplined growth strategies continue to deliver strong underlying performance,“ said James Quincey, CEO of The Coca-Cola Company. “We remain confident in our full year guidance as we continue to make progress on our transformation as a consumer-centric total beverage company.“HighlightsQuarterly Performance Revenues: Net revenues grew 5% to $8.0 billion. Organic revenues (non-GAAP) grew 6%. An estimated 2 points of revenue growth was attributable to timing, primarily related to bottler inventory build in order to manage uncertainty related to Brexit. Additionally, the quarter included one less day, which resulted in an approximate 1-point headwind to revenue growth. Margin: Operating margin for the quarter, which included items impacting comparability, was 29.1% versus 23.7% in the prior year. Comparable operating margin (non-GAAP) was 30.5% versus 30.7% in the prior year. Strong underlying margin (non-GAAP) expansion was offset by an approximate 260 basis point negative impact from currency headwinds and net acquisitions. Earnings per share: EPS from continuing operations grew 24% to $0.38. Comparable EPS from continuing operations (non-GAAP) grew 2% to $0.48, despite an 11-point currency headwind. EPS included an estimated 2 cent benefit from timing, primarily from the bottler inventory build related to Brexit.2 Market share: The company continued to gain value share in total nonalcoholic ready-to-drink (NARTD) beverages. Cash flow: Cash from operations was $699 million, up 14%. Free cash flow (non-GAAP) was $335 million, down 1% as strong underlying cash generation was offset by currency headwinds along with an increase in capital expenditures and cash tax payments. Share repurchases: Purchases of stock for treasury were $397 million. Net share repurchases (non-GAAP) totaled $243 millionpany Updates Chairman transition and an evolving growth culture: Following the companys annual meeting on April 24, James Quincey will become the 14th chairman of The Coca-Cola Company, contingent upon his reelection as a director. Quincey succeeds Muhtar Kent, who is retiring after a Coca-Cola system career that started in 1978. Kent served as chairman and CEO from 2009 until 2017 and then as chairman after Quincey became CEO. Quincey intends to build on the strong foundation Kent has established within the system, including a focus on fostering a growth-oriented culture. Pursuing the companys World Without Waste goals: Supporting its commitment to the World Without Waste initiative and improved transparency, the company issued its annual progress report, which cited continued progress globally on design, collect and partner efforts. For example, the company, along with its bottling partners, now has 100% recycled PET bottles in multiple markets and will have them in more than a dozen markets by the end of 2019, driving successful circular solutions for packaging. Much of the systems Latin America business is engaged in a multi-country project to significantly increase the use of refillable packaging, and markets globally are assessing ways to move toward more diverse business models for product delivery. Broadening a consumer-centric portfolio: During the quarter, the company completed its acquisition of Costa Ltd., which gives Coca-Cola a significant entry point into hot beverages and a global platform in coffee. In the second quarter, the company will begin to leverage Costas scalable platform across formats and channels with the introduction of Costa ready-to-drink products. Coca-Cola also closed its acquisition of CHI Ltd., an innovative, fast-growing leader in expanding beverage categories in West Africa, including juices, value-added dairy and iced tea. Driving profitable growth under the Leader, Challenger, Explorer framework: Strong innovation within Leader brands included double-digit growth for Coca-Cola Zero Sugar globally for the sixth consecutive quarter. Within the U.S., the company showed strong performance for Orange Vanilla Coke and Orange Vanilla Coke Zero Sugar, which helped drive 6% retail value growth for brand Coca-Cola. The company also launched Simply smoothies in the U.S., while innocent, the companys leading juice brand in Europe, expanded into plant-based beverages. As a Challenger brand, smartwater continues to innovate through the successful rollout of smartwater antioxidant and smartwater alkaline in the U.S. Within Explorer brands, the company continued to capitalize on brands with edge, including Aquarius GlucoCharge, which has shown early signs of success in the fast-growing enhanced hydration category in India. Aligned and engaged system investing for growth: The company has established a sustained platform for performance that is focused on disciplined portfolio growth through an aligned and engaged system. Across the bottling system, the company is seeing the right strategic investments in supply chain, cold-drink equipment and sales force capabilities to drive accelerated results. These investments are creating a winning strategy in the marketplace, centered around improved execution that is committed to increasing the availability of core products, in addition to expanding the total portfolio.3Operating Review Three Months Ended March 29, 2019Revenues and VolumePercent ChangeConcentrate Sales1 Price/MixCurrencyImpactAcquisitions,Divestitures andStructural Items, NetReportedNetRevenuesOrganic Revenues2UnitCaseVolumeConsolidated 1 5 (6) 5 5 6 2Europe, Middle East the exact timing and amount of acquisitions, divestitures and/or structural changes; and the exact timing and amount of comparability items throughout 2019. The unavailable information could have a significant impact on full year 2019 GAAP financial results.Full Year 2019 Revenues: Approximately 4% growth in organic revenues (non-GAAP) No Change 12% to 13% growth in comparable currency neutral net revenues (non-GAAP), including an 8% to 9% tailwind from acquisitions, divestitures and structural items No Change Comparable net revenues (non-GAAP): 3% to 4% currency headwind based on the current rates and including the impact of hedged positions No ChangeFull Year 2019 Operating Income: 10% to 11% growth in comparable currency neutral operating income (non-GAAP), including a low single-digit tailwind from acquisitions, divestitures and structural items No Change Comparable operating income (non-GAAP): 6% to 7% currency headwind based on the current rates and including the impact of hedged positions No ChangeFull Year 2019 EPS: -1% to 1% growth versus $2.08 in 2018 in comparable EPS from continuing operations (non-GAAP) No ChangeFull Year 2019 Other Items: Underlying effective tax rate (non-GAAP): Estimated to be 19.5% No Change Cash from operations: At least $8.0 billion No Change Capital expenditures (excluding discontinued operations): Approximately $2.0 billion No Change Net share repurchases (non-GAAP): Share repurchases to offset dilution from employee stock-based compensation plans No ChangeSecond Quarter 2019 Considerations New: Comparable net revenues (non-GAAP): 6% tailwind from acquisitions, divestitures and structural items; 4% to 5% currency headwind based on the current rates and including the impact of hedged positions Comparable operating income (non-GAAP): 7% currency headwind based on the current rates and including the impact of hedged positions7Notes All references to growth rate percentages and share compare the results of the period to those of the prior year comparable period. All references to volume and volume percentage changes indicate unit case volume, unless otherwise noted. All volume percentage changes are computed based on average daily sales, unless otherwise noted. “Unit case“ means a unit of measurement equal to 24 eight-ounce servings of finished beverage. “Unit case volume“ means the number of unit cases (or unit case equivalents) of company beverages directly or indirectly sold by the company and its bottling partners to customers. “Concentrate sales“ represents the amount of concentrates, syrups, beverage bases, source waters and powders/minerals (in all instances expressed in equivalent unit cases) sold by, or used in finished beverages sold by, the company to its bottling partners or other customers. In the reconciliation of reported net revenues, “concentrate sales“ represents the percent change in net revenues attributable to the increase (decrease) in concentrate sales volume for the geographic operating segments and the Global Ventures operating segment (excluding Costa) (expressed in equivalent unit cases) after considering the impact of structural changes. For the Bottling Investments operating segment, this represents the percent change in net revenues attributable to the increase (decrease) in unit case volume computed based on total sales (rather than average daily sales) in each of the corresponding periods after considering the impact of structural changes. The Bottling Investments operating segment reflects unit case volume growth for consolidated bottlers only. “Price/mix“ represents the change in net operating revenues caused by factors such as price changes, the mix of products and packages sold, and the mix of channels and geographic territories where the sales occurred. First quarter 2019 financial results were impacted by one less day as compared to the same period in 2018, and fourth quarter 2019 financial results will be impacted by one additional day as compared to the same period in 2018. Unit case volume results for the quarters are not impacted by the variances in days due to the average daily sales computation referenced above.Conference CallThe company is hosting a conference call with investors and analysts to discuss first quarter 2019 operating results today, April 23, 2019, at 8:30 a.m. ET. The company invites participants to listen to a live webcast of the conference call on the companys website, coca-colacompany, in the “Investors“ section. An audio replay in downloadable digital format and a transcript of the call will be available on the website within 24 hours following the call. Further, the “Investors“ section of the website includes a reconciliation of non-GAAP financial measures to the companys results as reported under GAAP, which may be used during the call when discussing financial results.Contacts: Investors and Analysts MediaTim Leveridge: +1 404.676.7563 Scott Leith: +1 404.676.87688THE COCA-COLA COMPANY AND SUBSIDIARIESCondensed Consolidated Statements of Income(UNAUDITED)(In millions except per share data)Three Months EndedMarch 29,2019March 30,2018%ChangeNet Operating Revenues $ 8,020 $ 7,626 5Cost of goods sold 2,990 2,738 9Gross Profit 5,030 4,888 3Selling, general and administrative expenses 2,567 2,541 1Other operating charges 127 536 (76)Operating Income 2,336 1,811 29Interest income 129 165 (22)Interest expense 232 230 1Equity income (loss) net 133 142 (6)Other income (loss) net (234) (55) (321)Income from Continuing Operations Before Income Taxes 2,132 1,833 16Income taxes from continuing operations 486 506 (4)Net Income from Continuing Operations 1,646 1,327 24Income from discontinued operations (net of income taxes of $36 and $40, respectively) 57 73 (21)Consolidated Net Income 1,703 1,400 22Less: Net income attributable to noncontrolling interests 25 32 (20)Net Income Attributable to Shareowners of The Coca-Cola Company $ 1,678 $ 1,368 23Basic net income per share from continuing operations1 $ 0.39 $ 0.31 24Basic net income per share from discontinued operations2 0.01 0.01 (23)Basic Net Income Per Share3 $ 0.39 $ 0.32 22Average Shares Outstanding Basic 4,271 4,265 0Diluted net income per share from continuing operations1 $ 0.38 $ 0.31 24Diluted net income per share from discontinued operations2 0.01 0.01 (23)Diluted Net Income Per Share $ 0.39 $ 0.32 23Average Shares Outstanding Diluted 4,306 4,306 0Note: Certain growth rates may not recalculate using the rounded dollar amounts provided. 1 Calculated based on net income from continuing operations less net income from continuing operations attributable to noncontrolling interests.2 Calculated based on net income from discontinued operations less net income from discontinued operations attributable to noncontrolling interests.3 Certain columns may not add due to rounding.9THE COCA-COLA COMPANY AND SUBSIDIARIESCondensed Consolidated Balance Sheets(UNAUDITED)(In millions except par value)March 29,2019December 31,2018ASSETSCurrent AssetsCash and cash equivalents $ 5,645 $ 8,926Short-term investments 1,538 2,025Total Cash, Cash Equivalents and Short-Term Investments 7,183 10,951Marketable securities 4,765 5,013Trade accounts receivable, less allowances of $492 and $489, respectively 3,852 3,396Inventories 3,178 2,766Prepaid expenses and other assets 2,935 1,962Assets held for sale discontinued operations 6,627 6,546Total Current Assets 28,540 30,634Equity Method Investments 19,283 19,407Other Investments 915 867Other Assets 5,382 4,139Deferred Income Tax Assets 2,617 2,667Property, Plant and Equipment net 8,866 8,232Trademarks With Indefinite Lives 9,351 6,682Bottlers Franchise Rights With Indefinite Lives 111 51Goodwill 12,964 10,263Other Intangible Assets 318 274Total Assets $ 88,347 $ 83,216LIABILITIES AND EQUITYCurrent LiabilitiesAccounts payable and accrued expenses $ 10,986 $ 8,932Loans and notes payable 11,570 13,194Current maturities of long-term debt 3,297 4,997Accrued income taxes 255 378Liabilities held for sale discontinued operations 1,835 1,722Total Current Liabilities 27,943 29,223Long-Term Debt 29,400 25,364Other Liabilities 8,598 7,638Deferred Income Tax Liabilities 2,602 1,933The Coca-Cola Company Shareowners EquityCommon stock, $0.25 par value; Authorized 11,200 shares;Issued 7,040 and 7,040 shares, respectively 1,760 1,760Capital surplus 16,577 16,520Reinvested earning