Integ

 a Philippines-based company engaged in the bottling and distribution of
PepsiCo beverages and snack foods in the Philippines since March 8,

1989.
 employs its own sales force, consisting largely of supermarkets,
restaurants and convenience store chains.
 is an independently-listed company.
 its major shareholders are Lotte Chilsung beverage Co., Ltd. and
PepsiCo Inc.
 61st in the list of top 1,000 companies in the Philippines.
 manufactures carbonated soft drinks, non-carbonated beverages and
snacks that include brands
John Clarkin acquired a
franchise to bottle and
distribute Pepsi-Cola in the
Philippines, establishing
Pepsi-Cola Bottling Company
of the Philippine Islands Ltd.
Pepsi-Cola Products
Philippines, Inc.
(PCPPI) was
established as Premier
Beverages by
Luis Lorenzo, Sr.
the Guoco Group
acquired Lorenzo’s
holdings in PCPPI
PCPPI became listed in
the Philippine Stock
Exchange
Lotte Chilsung
Beverage Company
Ltd. and PepsiCo., Inc.
are the largest
shareholder in PCPPI
PCPPI announced that
the company would
undertake the
expansion of its
production
and distribution
capabilities.
The company
commenced
production at its new
facility in Sto. Tomas,
Batangas and Cabuyao,
Laguna
PEPSI-COLA PRODUCTS PHILIPPINES, INC.
INCOME STATEMENT
For the Years Ended December 2015, 2016, 2017
(Amounts in Thousands)
2017 2016 2015

Gross Sales 35,866,107 35,751,495 32,075,704
Sales Discounts, Returns and Allowances 5,560,539 5,431,027 4,742,276
Net Sales 30,305,568 30,320,468 27,333,428
Cost of Goods Sold 23,032,590 23,406,143 20,945,460
Gross Profit 7,272,978 6,914,325 6,387,968
Operating Expenses
Selling and Distribution 4,418,587 3,676,995 3,406,150
Marketing 1,055,267 1,005,630 725,796
General and Administrative 941,953 970,232 1,112,826
Operating Profit 857,171 1,261,468 1,143,196
Finance and Other Income (Expenses)
Equity in net earnings of associates 11,880 13,920 21,923
Interest Income 4,725 4,427 4,335
Interest Expense -136,837 -90,768 -68,942
Other Income-net 31,065 23,304 50,117
Profit before tax 768,004 1,212,351 1,150,629
Income tax expense 226,679 359,229 338,547
Profit 541,325 853,122 812,082
BALANCE SHEET
December 2015, 2016, 2017
2017 2016 2015

ASSETS
Current Assets
Cash 498,352 320,048 464,786
Receivables-net 2,404,681 1,927,216 1,714,222
Inventories 2,484,230 2,069,001 1,908,987
Due from related parties 580,174 585,174 594,078
Prepaid expenses and other current assets 284,299 259,814 215,464
Total Current Assets 6,251,736 5,161,253 4,897,537
Noncurrent Assets
Investments in associates 596,077 584,197 570,277
Bottles and cases-net 4,970,119 5,057,831 4,838,337
Property, Plant and Equipment-net 11,920,635 11,015,132 10,118,703
Deferred tax assets 125,397 117,678 109,339
Other noncurrent assets 280,407 268,669 282,428
Total Noncurrent Assets 17,892,635 17,043,507 15,919,084
Total Assets 24,144,371 22,204,760 20,816,621
2017 2016 2015
LIABILITIES AND EQUITY
LIABILITIES
Current Liabilities
Accounts Payable and Accrued Expenses 8,132,493 7,426,471 6,721,734
Short-term debt 3,100,000 1,600,000 900,000
Current portion of long-term-debt 598,749 598,410 547,054
Income tax payable 42,343 5,145 132,645
Total Current Liabilities 11,873,585 9,630,026 8,301,433
Noncurrent Liabilities
Long-term debt-net of current portion 1,147,783 1,745,755 2,344,147
Deferred tax liabilities 870,002 900,095 845,306
Other noncurrent liabilities 807,545 766,281 783,126
Total Noncurrent Liabilities 2,825,330 3,412,131 3,972,579
Total Liabilities 14,698,915 13,042,157 12,274,012
EQUITY
Share Capital 1,751,435 1,751,435 1,751,435
Remeasurement losses on net defined benefit liability
-270,754 -267,152 -277,813
Retained Earnings 7,964,775 7,678,320 7,068,987
Total Equity 9,445,456 9,162,603 8,542,609
Total Liabilities and Equity 24,144,371 22,204,760 20,816,621
STATEMENTS OF CASH FLOWS
2017 2016 2015

CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax 768,004 1,212,351 1,150,629
Adjustment for:
Depreciation and Amortization 2,952,727 2,739,392 2,200,097
Impairment losses on (reversal of) receivables,
inventories, bottles and cases, and machinery and 327,306 -3,292 174,661
Interest expense 136,837 90,768 68,942
Retirement cost 116,684 112,462 102,508
Loss on disposal of Property and Equipment 24,516 6,243 13,277
Equity in net earnings of associates -11,880 -13,920 -21,923
Interest income -4,725 -4,427 -4,335
Operarting profit before working capital changes 4,309,469 4,139,577 3,683,856
Changes in operating assets and liabilities
Decrease (Increase) in:
Receivables -485,270 -251,483 -86,598
Inventories -773,110 -251,245 -138,927
Due from related parties 5,000 8,904 21,407
Prepaid expenses and other current assets -76,791 -44,349 -60,586
Increase in accounts payable and accrued expenses 639,019 694,992 1,388,396
Cash generated from operations 3,618,317 4,296,396 4,807,548
Interest received 4,718 4,432 4,329
Interest taxes paid -173,443 -444,848 -361,168
Retirement benefits paid directly to employees -36,276 -47,580 -35,920
Contribution to plan asstes -33,000 -50,000 -30,000
Net Cash provided by Operating Activities 3,380,316 3,758,400 4,384,789
2017 2016 2015
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from disposal of property and equipment 6,347 267 314
Additions to:
Property, Plant and Equipment -2,215,112 -2,055,792 -2,585,227
Bottles and Cases -1,472,332 -1,602,419 -1,525,783
Decrease (Increase) in other noncurrent assets -11,737 13,759 -52,130
Net Cash used in Investing Activities -3,692,834 -3,644,185 -4,162,826
CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from availments of short-term debt 18,200,000 10,550,000 5,475,000
Repayments of:
Short-term debt -16,700,000 -9,850,000 -5,375,000
Long-term debt -600,000 -550,000 -100,000
Cash dividends paid -254,870 -243,789 -243,789
Interest paid -154,308 -165,164 -158,769
Net Cash provided by (used in) Financing Activities 490,822 -258,953 -402,558
Net Increase (Decrease) in Cash 178,304 -144,738 -180,595
Cash at beginning of the year 320,048 464,786 645,381
Cash at end of year 498,352 320,048 464,786
COMPARATIVE INCOME STATEMENT (HORIZONTAL ANALYSIS)
For the Years Ended December 2015 and 2016
Increase
2016 2015 Percentage
(Decrease)
Gross Sales 35,751,495 32,075,704 3,675,791 11.46
Sales Discounts, Returns and Allowances 5,431,027 4,742,276 688,751 14.52
Net Sales 30,320,468 27,333,428 2,987,040 10.93
Cost of Goods Sold 23,406,143 20,945,460 2,460,683 11.75
Gross Profit 6,914,325 6,387,968 526,357 8.24
Operating Expenses
Selling and Distribution 3,676,995 3,406,150 270,845 7.95
Marketing 1,005,630 725,796 279,834 38.56
General and Administrative 970,232 1,112,826 -142,594 -12.81
Operating Profit 1,261,468 1,143,196 118,272 10.35
Equity in net earnings of associates 13,920 21,923 -8,003 -36.51
Interest Income 4,427 4,335 92 2.12
Interest Expense -90,768 -68,942 -21,826 31.66
Other Income-net 23,304 50,117 -26,813 -53.50
Profit before tax 1,212,351 1,150,629 61,722 5.36
Income tax expense 359,229 338,547 20,682 6.11
Profit 853,122 812,082 41,040 5.05
For the Years Ended December 2016 and 2017
Increase
(Decrease)
Gross Sales 35,866,107 35,751,495 114,612 0.32
Sales Discounts, Returns and Allowances 5,560,539 5,431,027 129,512 2.38
Net Sales 30,305,568 30,320,468 -14,900 -0.05
Cost of Goods Sold 23,032,590 23,406,143 -373,553 -1.60
Gross Profit 7,272,978 6,914,325 358,653 5.19
Operating Expenses
Selling and Distribution 4,418,587 3,676,995 741,592 20.17
Marketing 1,055,267 1,005,630 49,637 4.94
General and Administrative 941,953 970,232 -28,279 -2.91
Operating Profit 857,171 1,261,468 -404,297 -32.05
Equity in net earnings of associates 11,880 13,920 -2,040 -14.66
Interest Income 4,725 4,427 298 6.73
Interest Expense -136,837 -90,768 -46,069 50.75
Other Income-net 31,065 23,304 7,761 33.30
Profit before tax 768,004 1,212,351 -444,347 -36.65
Income tax expense 226,679 359,229 -132,550 -36.90
Profit 541,325 853,122 -311,797 -36.55
COMPARATIVE BALANCE SHEET (HORIZONTAL ANALYSIS)
December 2015 and 2016
Increase
(Decrease)
ASSETS
Current Assets
Cash 320,048 464,786 -144,738 -31.14
Receivables-net 1,927,216 1,714,222 212,994 12.43
Inventories 2,069,001 1,908,987 160,014 8.38
Due from related parties 585,174 594,078 -8,904 -1.50
Prepaid expenses and other current assets 259,814 215,464 44,350 20.58
Total Current Assets 5,161,253 4,897,537 263,716 5.38
Noncurrent Assets
Investments in associates 584,197 570,277 13,920 2.44
Bottles and cases-net 5,057,831 4,838,337 219,494 4.54
Property, Plant and Equipment-net 11,015,132 10,118,703 896,429 8.86
Deferred tax assets 117,678 109,339 8,339 7.63
Other noncurrent assets 268,669 282,428 -13,759 -4.87
Total Noncurrent Assets 17,043,507 15,919,084 1,124,423 7.06
Total Assets 22,204,760 20,816,621 1,388,139 6.67
Increase
(Decrease)
LIABILITIES
Current Liabilities
Accounts Payable and Accrued Expenses 7,426,471 6,721,734 704,737 10.48
Short-term debt 1,600,000 900,000 700,000 77.78
Current portion of long-term-debt 598,410 547,054 51,356 9.39
Income tax payable 5,145 132,645 -127,500 -96.12
Total Current Liabilities 9,630,026 8,301,433 1,328,593 16.00
Long-term debt-net of current portion 1,745,755 2,344,147 -598,392 -25.53
Deferred tax liabilities 900,095 845,306 54,789 6.48
Other noncurrent liabilities 766,281 783,126 -16,845 -2.15
Total Noncurrent Liabilities 3,412,131 3,972,579 -560,448 -14.11
Total Liabilities 13,042,157 12,274,012 768,145 6.26
EQUITY
Share Capital 1,751,435 1,751,435 0 0.00
-267,152 -277,813 10,661 -3.84
Retained Earnings 7,678,320 7,068,987 609,333 8.62
Total Equity 9,162,603 8,542,609 619,994 7.26
Total Liabilities and Equity 22,204,760 20,816,621 1,388,139 6.67
December 2016 and 2017
Increase
(Decrease)
ASSETS
Current Assets
Cash 498,352 320,048 178,304 55.71
Receivables-net 2,404,681 1,927,216 477,465 24.77
Inventories 2,484,230 2,069,001 415,229 20.07
Due from related parties 580,174 585,174 -5,000 -0.85
Prepaid expenses and other current assets 284,299 259,814 24,485 9.42
Total Current Assets 6,251,736 5,161,253 1,090,483 21.13
Noncurrent Assets
Investments in associates 596,077 584,197 11,880 2.03
Bottles and cases-net 4,970,119 5,057,831 -87,712 -1.73
Property, Plant and Equipment-net 11,920,635 11,015,132 905,503 8.22
Deferred tax assets 125,397 117,678 7,719 6.56
Other noncurrent assets 280,407 268,669 11,738 4.37
Total Noncurrent Assets 17,892,635 17,043,507 849,128 4.98
Total Assets 24,144,371 22,204,760 1,939,611 8.74
Increase
(Decrease)
LIABILITIES
Current Liabilities
Accounts Payable and Accrued Expenses 8,132,493 7,426,471 706,022 9.51
Short-term debt 3,100,000 1,600,000 1,500,000 93.75
Current portion of long-term-debt 598,749 598,410 339 0.06
Income tax payable 42,343 5,145 37,198 722.99
Total Current Liabilities 11,873,585 9,630,026 2,243,559 23.30
Long-term debt-net of current portion 1,147,783 1,745,755 -597,972 -34.25
Deferred tax liabilities 870,002 900,095 -30,093 -3.34
Other noncurrent liabilities 807,545 766,281 41,264 5.38
Total Noncurrent Liabilities 2,825,330 3,412,131 -586,801 -17.20
Total Liabilities 14,698,915 13,042,157 1,656,758 12.70
EQUITY
Share Capital 1,751,435 1,751,435 0 0.00
-270,754 -267,152 -3,602 1.35
Retained Earnings 7,964,775 7,678,320 286,455 3.73
Total Equity 9,445,456 9,162,603 282,853 3.09
Total Liabilities and Equity 24,144,371 22,204,760 1,939,611 8.74
COMPARATIVE INCOME STATEMENT (VERTICAL ANALYSIS)
2017 2016 2015

Amount Percentage Amount Percentage Amount Percentage
Gross Sales 35,866,107 118.35 35,751,495 117.91 32,075,704 117.35
Sales Discounts, Returns and Allowances 5,560,539 18.35 5,431,027 17.91 4,742,276 17.35
Net Sales 30,305,568 100.00 30,320,468 100.00 27,333,428 100.00
Cost of Goods Sold 23,032,590 76.00 23,406,143 77.20 20,945,460 76.63
Gross Profit 7,272,978 24.00 6,914,325 22.80 6,387,968 23.37
Operating Expenses
Selling and Distribution 4,418,587 14.58 3,676,995 12.13 3,406,150 12.46
Marketing 1,055,267 3.48 1,005,630 3.32 725,796 2.66
General and Administrative 941,953 3.11 970,232 3.20 1,112,826 4.07
Operating Profit 857,171 2.83 1,261,468 4.16 1,143,196 4.18
Equity in net earnings of associates 11,880 0.04 13,920 0.05 21,923 0.08
Interest Income 4,725 0.02 4,427 0.01 4,335 0.02
Interest Expense -136,837 -0.45 -90,768 -0.30 -68,942 -0.25
Other Income-net 31,065 0.10 23,304 0.08 50,117 0.18
Profit before tax 768,004 2.53 1,212,351 4.00 1,150,629 4.21
Income tax expense 226,679 0.75 359,229 1.18 338,547 1.24
Profit 541,325 1.79 853,122 2.81 812,082 2.97
COMPARATIVE BALANCE SHEET (VERTICAL ANALYSIS)
December 2015, 2016, 2017
2017 2016 2015

ASSETS
Current Assets
Cash 498,352 2.06 320,048 1.44 464,786 2.23
Receivables-net 2,404,681 9.96 1,927,216 8.68 1,714,222 8.23
Inventories 2,484,230 10.29 2,069,001 9.32 1,908,987 9.17
Due from related parties 580,174 2.40 585,174 2.64 594,078 2.85
Prepaid expenses and other current assets 284,299 1.18 259,814 1.17 215,464 1.04
Total Current Assets 6,251,736 25.89 5,161,253 23.24 4,897,537 23.53
Noncurrent Assets
Investments in associates 596,077 2.47 584,197 2.63 570,277 2.74
Bottles and cases-net 4,970,119 20.59 5,057,831 22.78 4,838,337 23.24
Property, Plant and Equipment-net 11,920,635 49.37 11,015,132 49.61 10,118,703 48.61
Deferred tax assets 125,397 0.52 117,678 0.53 109,339 0.53
Other noncurrent assets 280,407 1.16 268,669 1.21 282,428 1.36
Total Noncurrent Assets 17,892,635 74.11 17,043,507 76.76 15,919,084 76.47
Total Assets 24,144,371 100.00 22,204,760 100.00 20,816,621 100.00
2017 2016 2015
Current Liabilities
Accounts Payable and Accrued Expenses 8,132,493 33.68 7,426,471 33.45 6,721,734 32.29
Short-term debt 3,100,000 12.84 1,600,000 7.21 900,000 4.32
Current portion of long-term-debt 598,749 2.48 598,410 2.69 547,054 2.63
Income tax payable 42,343 0.18 5,145 0.02 132,645 0.64
Total Current Liabilities 11,873,585 49.18 9,630,026 43.37 8,301,433 39.88
Long-term debt-net of current portion 1,147,783 4.75 1,745,755 7.86 2,344,147 11.26
Deferred tax liabilities 870,002 3.60 900,095 4.05 845,306 4.06
Other noncurrent liabilities 807,545 3.34 766,281 3.45 783,126 3.76
Total Noncurrent Liabilities 2,825,330 11.70 3,412,131 15.37 3,972,579 19.08
Total Liabilities 14,698,915 60.88 13,042,157 58.74 12,274,012 58.96
EQUITY
Share Capital 1,751,435 7.25 1,751,435 7.89 1,751,435 8.41
-270,754 -1.12 -267,152 -1.20 -277,813 -1.33
Retained Earnings 7,964,775 32.99 7,678,320 34.58 7,068,987 33.96
Total Equity 9,445,456 39.12 9,162,603 41.26 8,542,609 41.04
Total Liabilities and Equity 24,144,371 100.00 22,204,760 100.00 20,816,621 100.00
Earnings Performance Analysis (Profitability)
Net Income after tax
Rate Earned on Average Total Assets (ROA) 2.34 %
Average Total Assets
Rate Earned on Average Total Equity (ROE) 5.82 %
Average Total Equity
Rate Earned on Net Sales 1.79 %
Net Sales
Earnings Per Share 0.15
Outstanding shares
Market price per share
Price-Earnings Ratio 23.33 times
Earnings per share
Efficiency Analysis (Liquidity)
Net Sales
Accounts Receivable Turnover Ratio 13.99 times
Average Accounts Receivable
Days in a year
Average Days for Payment 9.22 days
AR Turnover ratio
Cost of goods sold
Inventory Turnover Ratio 10.12 times
Average Inventory
Days in a year
Average number of Days Sales in Inventory 36.07 days
InventortyTurnover ratio
Short-Term Financial Strength Analysis
Working Capital Current Assets-Current Liabilities -5,621,849.00
Current Assets
Current Ratio 52.65 times
Current Liabilities
Cash + Accounts Receivable
Acid-Test Ratio 24.45 times
Current Liabilities
Long-Term Financial Strength Analysis
Total Liabilities
Debt Ratio 60.88 %
Total Assets
Total Equity
Equity Ratio 39.12 %
Total Assets
Total Equity
Equity Per Share 2.56
Outsanding shares
sharing happiness since 1886
COCA-COLA IS THE MOST POPULAR AND BIGGEST-

SELLING SOFT DRINK IN HISTORY, AS WELL AS THE
BEST-KNOWN BRAND IN THE WORLD.
Coca-Cola FEMSA Philippines, Inc.
(formerly Coca-Cola Bottlers Philippines, Inc.) is a Philippines-
based company engaged in bottling and distribution of Coca-
Cola soft drink brands. It is among the ten biggest Coca-Cola
bottlers globally and one of the top 100 Philippine corporations. It
operates 23 plants and 42 sales offices with over 7,800 direct
employees offers the widest selection of beverages for different
needs like soft drinks, water, juices, teas, sports and energy
drinks.
Type Subsidiary
Founded 1927; 1981 (as Coca-Cola Bottlers
Philippines, Inc.)
Headquarters Fort Bonifacio , Taguig
Area served Philippines
Key People Fabricio Ponce (CEO)
Products Soft drinks
Parent The Coca-Cola Company FEMSA
Website www.coca-cola.com.ph
The First Taste
Coca-Cola is first
served at Jacobs’
Pharmacy on May 8,
1886. Nine drinks a
day are sold during
this year.
A NAME IS BORN
Company accountant, Frank Robinson, names

the drink “Coca-Cola,” and thinking the two Cs
would look well in advertising, pens the famous
Spencerian script logo.
Coca-Cola first arrived in the Philippines in 1912, fully penetrating the local
market in 1927, thanks to its first-ever bottler in the country, San Miguel
Brewery Inc.
Since then, so much has happened to the history of Coke in these islands,
including ownership. Today, Mexico-based franchise-owner Coca-Cola FEMSA
manufacturers, distributes and sells the soft drink in the country. What
remains unchanged is the beverage's taste and popularity.
To be the best global enterprise in
leading beverage brand sales.
To generate sustainable economic and
social value by managing innovative
and winning business.
Satisfy and please beverage
consumers with excellence.
Passion for customer service
Respect and integral development
of employees
Integrity and austerity
Creation of social value
Trust
Carbonated drinks
Non-Carbonated drinks
Coca-Cola Femsa Inc.
INCOME STATEMENT
December 2015, 2016, 2017
(Amounts in Millions)
2017 2016 2015

Total revenues 183,256 177,718 152,360
Cost of goods solds 99,748 98,056 80,330
Gross profit 83,508 79,662 72,030
Operative expenses 58,044 55,462 48,284
Other expenses, net 8,049 3,812 1,748
Comprehensive financing result 5,362 6,080 7,273
Income before income taxes and share of the profit or of associates and joint
12,053 14,308 14,725
ventures accounted for using the equity method
Income taxes 4,184 3,928 4,551
Share of the profit of associates and joint ventures accounted for using the equity
60 147 155
method, net of taxes
Net income (loss) after tax from discontinued operations 3,725 — —
Consolidated net income 11,654 10,527 10,329
Equity holders of the parent for continuing operations 16,058 10,070 10,235
Equity holders of the parent for discontinued operations 3,256 — —
Non-controlling interest net income for continuing operations 679 457 94
Non-controlling interest net income for discontinued operations 469 — —

BALANCE SHEET
December 2015, 2016, 2017
2017 2016 2015

Current assets 55,657 45,453 42,232
Investment in shares 12,540 22,357 17,873
Property, plant and equipment, net 75,827 65,288 50,532
Intangible assets, net 124,243 123,964 90,754
Deferred charges and other assets, net 17,410 22,194 8,858
Total Assets 285,677 279,256 210,249
Liabilities
Short-term bank loans and notes payable 12,171 3,052 3,470
Interest payable 487 520 411
Other current liabilities 42,936 36,296 26,599
Long-term bank loans and notes payable 71,189 85,857 63,260
Other long-term liabilities 18,184 24,298 7,774
Total Liabilities 144,967 150,023 101,514
Equity 140,710 129,233 108,735
Non-controlling interest in consolidated subsidiaries 18,141 7,096 3,986
Equity attributable to equity holders of the parent 122,569 122,137 104,749
STATEMENT OF CASH FLOW
December 2015, 2016, 2017
2017 2016 2015

Cash flows from operating activities:
Income before income taxes PS. (7,100) Ps. 14,455 14,880
Adjustments for:
Non-cash operating expenses 4,611 2,329 1,435
Depreciation 10,216 7,579 6,310
Amortization 1,441 1,087 834
(Loss) on disposal of long-lived assets -128 -22 -217
Write-off of long-lived assets 174 40 332
Share of the (profit) loss of associates and joint ventures accounted for using the equity method, net of taxes -60 -147 -155
Interest income -887 -715 -414
Interest expense 4,649 4,388 3,718
Foreign exchange loss, net -810 1,792 1,459
Non-cash movements in post-employment and other non-current employee benefits obligations 500 580 68
Impairment Venezuela 1,843 – –
Deconsolidation of Venezuela 26,333 – –
Consolidation of Philippines -2,996 – –
Monetary position loss, net -1,591 -2,417 33
Market value loss on financial instruments (Increase) decrease: 4,073 2,817 3,096
Accounts receivable and other current assets -3,530 -2,727 -1,010
Other current financial assets -1,903 -3,552 -2,849
Inventories Increase (decrease): -482 -2,142 -1,784
Suppliers and other accounts payable 3,718 11,199 3,329
Other liabilities 934 931 249
Employee benefits paid -384 -258 -193
Income taxes paid -5,385 -2,771 -5,919
Net cash flows from operating activities 33,236 32,446 23,202
Investing activities:
Acquisition and mergers, net of cash acquired (see Note 4) 4,038 -13,198 –
Deconsolidation of Venezuela (see Note 3.3) -170 – –
Interest received 887 715 414
Acquisitions of long-lived assets -11,069 -10,308 -10,545
Proceeds from the sale of long-lived assets 322 324 233
Acquisition of intangible assets -3,753 -2,385 -956
Other non-current assets -258 – -72
Dividends received from investments in associates and joint ventures 33 5 13
Investment in shares -920 -2,068 -32
Net cash flows used in investing activities -10,890 -26,915 -10,945
Financing activities:
Proceeds from borrowings 12,488 8,040 1,907
Repayment of borrowings -13,109 -4,948 -9,076
Interest paid -4,589 -4,122 -3,568
Dividends paid -6,992 -7,013 -6,416
Other financing activities -2,655 -2,517 8,586
Proceeds from issuing shares (see Note 4) 4,082 – –
Increase in non-controlling interest – 826 –
Net cash flows (used in) financing activities -10,775 -9,734 -8,567
Net increase (decrease) in cash and cash equivalents 11,571 -4,203 3,690
Initial balance of cash and cash equivalents Effects of exchange rate changes and inflation 10,476 15,989 12,958
effects on cash and cash equivalents held in foreign currencies -3,280 -1,310 -659
Ending balance of cash and cash equivalents PS. 18,767 Ps. 10,476 15,989
COCA-COLA FEMSA, INC.
December 2015, 2016
INCREASE/(DECREASE)
2016 2015 AMOUNT PERCENTAGE
Total revenues 177,718 152,360 25,358 16.64
Cost of goods solds 98,056 80,330 17,726 22.07
Gross profit 79,662 72,030 7,632 10.60
Operative expenses 55,462 48,284 7,178 14.87
Other expenses, net 3,812 1,748 2,064 118.08
Comprehensive financing result 6,080 7,273 -1,193 -16.40
Income before income taxes and share of the profit or of
associates and joint ventures accounted for using the equity 14,308 14,725 -417 -2.83
method
Income taxes 3,928 4,551 -623 -13.69
Share of the profit of associates and joint ventures accounted for
147 155 -8 -5.16
using the equity method, net of taxes
Net income (loss) after tax from discontinued operations 3,725 0 3,725 100.00
Consolidated net income 10,527 10,329 198 1.92
Equity holders of the parent for continuing operations 10,070 10,235 -165 -1.61
Equity holders of the parent for discontinued operations 0 0 0 0.00
Non-controlling interest net income for continuing operations 457 94 363 386.17
December 2016, 2017
INCREASE/(DECREASE)
Total revenues 183,256 177,718 5,538 3.12
Cost of goods solds 99,748 98,056 1,692 1.73
Gross profit 83,508 79,662 3,846 4.83
Operative expenses 58,044 55,462 2,582 4.66
Other expenses, net 8,049 3,812 4237 1.11
Comprehensive financing result 5,362 6,080 -718 -11.81
Income before income taxes and share of the profit or of associates
and joint ventures accounted for using the equity method
12,053 14,308 -2,255 -0.16
Income taxes 4,184 3,928 256 6.52
Share of the profit of associates and joint ventures accounted for using
-87 -59.18
the equity method, net of taxes 60 147
Net income (loss) after tax from discontinued operations 3,725 3,725 100.00
Consolidated net income 11,654 10,527 -22,181 -210.71
Equity holders of the parent for continuing operations 16,058 10,070 -26,128 -259.46
Equity holders of the parent for discontinued operations 3,256 0 3,256 100.00
Non-controlling interest net income for continuing operations 679 457 222 48.58
Non-controlling interest net income for discontinued operations 469 0 469 100
December 2015, 2016
INCREASE/(DECREASE)
Current assets 45,453 42,232 3,221 7.63
Investment in shares 22,357 17,873 4,484 25.09
Property, plant and equipment, net 65,288 50,532 14,756 29.20
Intangible assets, net 123,964 90,754 33,210 36.59
Deferred charges and other assets, net 22,194 8,858 13,336 150.55
Total Assets 279,256 210,249 69,007 32.82
Liabilities
Short-term bank loans and notes payable 3,052 3,470 -418 -12.05
Interest payable 520 411 109 26.52
Other current liabilities 36,296 26,599 9,697 36.46
Long-term bank loans and notes payable 85,857 63,260 22,597 35.72
Other long-term liabilities 24,298 7,774 16,524 212.55
Total Liabilities 150,023 101,514 48,509 47.79
Equity 129,233 108,735 20,498 18.85
Non-controlling interest in consolidated subsidiaries 7,096 3,986 3,110 78.02
Equity attributable to equity holders of the parent 122,137 104,749 17,388 16.60
December 2016, 2017
INCREASE/(DECREASE)
Current assets 55,657 45,453 10,204 22.45
Investment in shares 12,540 22,357 -9,817 -43.91
Property, plant and equipment, net 75,827 65,288 10,539 16.14
Intangible assets, net 124,243 123,964 279 0.23
Deferred charges and other assets, net 17,410 22,194 -4,784 -21.56
Total Assets 285,677 279,256 6,421 2.30
Liabilities
Short-term bank loans and notes payable 12,171 3,052 9,119 298.79
Interest payable 487 520 -33 -6.35
Other current liabilities 42,936 36,296 6,640 18.29
Long-term bank loans and notes payable 71,189 85,857 -14,668 -17.08
Other long-term liabilities 18,184 24,298 -6,114 -25.16
Total Liabilities 144,967 150,023 -5,056 -3.37
Equity 140,710 129,233 11,477 8.88
Non-controlling interest in consolidated subsidiaries 18,141 7,096 11,045 155.65
Equity attributable to equity holders of the parent 122,569 122,137 432 0.35
COMPARATIVE INCOME STATEMENT (VERTICAL ANALYSIS)
December 2015, 2016, 2017
2017 PERCENTAGE 2016 PERCENTAGE 2015 PERCENTAGE

Total revenues 183,256 100.00 177,718 100.00 152,360 100.00
Cost of goods solds 99,748 54.43 98,056 55.18 80,330 52.72
Gross profit 83,508 45.57 79,662 44.82 72,030 47.28
Operative expenses 58,044 31.67 55,462 31.21 48,284 31.69
Other expenses, net 8,049 4.39 3,812 2.14 1,748 1.15
Comprehensive financing result 5,362 6,080 7,273
Income before income taxes and share of the profit or of
associates and joint ventures accounted for using the equity 12053 6.58 14,308 8.05 14,725 9.66
method
Income taxes 4,184 2.28 3,928 2.21 4,551 2.99
Share of the profit of associates and joint ventures accounted
60 0.03 147 0.08 155 0.10
for using the equity method, net of taxes
Net income (loss) after tax from discontinued operations 3,725 2.03 0 0.00 0 0.00
Consolidated net income 11,654 10,527 10,329
Equity holders of the parent for continuing operations 16,058 8.76 10,070 5.67 10,235 6.72
Equity holders of the parent for discontinued operations 3,256 1.78 0 0.00 0 0.00
Non-controlling interest net income for continuing operations 679 0.37 457 0.26 94 0.06
Non-controlling interest net income for discontinued
469 0.26 0 0.00 0 0.00
operations
COMPARATIVE BALANCE SHEET STATEMENT (VERTICAL ANALYSIS)
December 2015, 2016, 2017
2017 PERCENTAGE 2016 PERCENTAGE 2015 PERCENTAGE

Current assets 55,657 19.48 45,453 16.28 42,232 20.09
Investment in shares 12,540 4.39 22,357 8.01 17,873 8.50
Property, plant and equipment, net 75,827 26.54 65,288 23.38 50,532 24.03
Intangible assets, net 124,243 43.49 123,964 44.39 90,754 43.17
Deferred charges and other assets, net 17,410 6.09 22,194 7.95 8,858 4.21
Total Assets 285,677 100.00 279,256 100.00 210,249 100.00
Liabilities
Short-term bank loans and notes payable 12,171 4.26 3,052 1.09 3,470 1.65
Interest payable 487 0.17 520 0.19 411 0.20
Other current liabilities 42,936 15.03 36,296 13.00 26,599 12.65
Long-term bank loans and notes payable 71,189 24.92 85,857 30.74 63,260 30.09
Other long-term liabilities 18,184 6.37 24,298 8.70 7,774 3.70
Total Liabilities 144,967 50.75 150,023 53.72 101,514 48.28
Equity 140,710 49.25 129,233 46.28 108,735 51.72
Non-controlling interest in consolidated subsidiaries 18,141 6.35 7,096 2.54 3,986 1.90
Equity attributable to equity holders of the parent 122,569 42.90 122,137 43.74 104,749 49.82

Rate Earned on Average Total Assets (ROA) 4.13%
Average Total Assets

Rate Earned on Average Total Equity (ROE) 8.63%
Average Total Equity

Rate Earned on Net Sales(P 6.36%
Net Sales

Earnings Per Share 11.75
Outstanding shares
Market price per share

Price-Earnings Ratio 79.49times
Earnings per share
Efficiency Analysis (Liquidity)
Net Sales
Accounts Receivable Turnover Ratio Average Accounts Receivable 11.25times
Days in a year
Average Days for Payment 32.00days
AR Turnover ratio
Cost of goods sold

Inventory Turnover Ratio 9.02times
Average Inventory
Days in a year
Average number of Days Sales in Inventory 39.91days
InventortyTurnover ratio
Short-Term Financial Strength Analysis
Working Capital Current Assets-Current Liabilities 63,000.00
Current Assets
Current Ratio 1.00times
Current Liabilities
Cash + Accounts Receivable

Acid-Test Ratio 0.65times
Current Liabilities
Long-Term Financial Strength Analysis
Total Liabilities
Debt Ratio 50.75%
Total Assets
Total Equity
Equity Ratio 49.25%
Total Assets
Total Equity
Equity Per Share 141.84
Outsanding shares
Accounts Change Opinion Why?
An increase in current assets indicates that the expected
Current Assets Increase (Both) Unfavourable to be converted into cash, used or consumed within one
year is better than the perfomance of previous year.
An increase of non-current assets such as fixed assets,
Non-Current Assets Increase (Both) Unfavourable investments and deferred charges.
An increase in current liabilities are claims against

Current Liabilities Increase (Both) Favourable assets and those payables that must satisfied in one year
or one operating cycle, which ever is longer.
A decrease in non-current assets indicates that the

Non-Current Liabilities Decrease (Both) Unfavourable obligations did not met the maturities beyond one year.
An increase in equity reents the ownership interest. The

Equity Increase (Both) Favourable owners bear the greatest risk because the claims are
subordinate to creditors in the event of liquidation.
 Coca-Cola reported total revenue/net sales is 183,256,000,000 which is higher than
30,305,568,000 the reported net sales of Pepsi-Cola.
 Pepsi-Cola's 76% cost of goods sold is higher than Coca-Cola's 54.43% cost of goods sold.
 Coca-Cola's operating expenses is 31.67% compared to Pepsi-Cola's 21.17% operating
expenses.
 Coca-Cola's net income (2.03%) is higher than Pepsi-Cola's net income (1.51%)
 Based on the data in our income statements, Pepsi-Cola manages its operating expenses better
but weak in controlling its cost of production. Therefore, Coca-Cola performs better in terms
of return on sales than Pepsi-Cola.
 To improve the return on sales of Pepsi-Cola they must reduce their cost of production.
 Coca-Cola's management must look into ways on how to reduce their over spending of
operating expenses and still improve return on sales.
 Return on Asset
 Pepsi-Cola: 2.34% The ROA of Coca-Cola is greater than Pepsi-Cola of 1.79%
which means the profit generated by Coca-Cola is higher
 Coca-Cola: 4.13% than Pepsi-Cola.
 Return on Equity The ROE of Coca-Cola is 2.81% higher than Pepsi-Cola that
 Pepsi-Cola: 5.82% would mean it has an effective management of generating
 Coca-Cola: 8.63% wealth.
 Rate earned on Net Sales The ROS of Coca-Cola is 4.57% greater than Pepsi-Cola that
 Pepsi-Cola: 1.79% would mean it has an effective and efficient handling of all
 Coca-Cola: 6.36% the costs and expenses encountered in the operating cycle.
 Earnings per share

The EPS of Coca-Cola is 5.35 greater that Pepsi-Cola that
 Pepsi-Cola: 0.15 indicates the effectiveness on profitability. The higher the
 Coca-Cola: 5.50 EPS, the more impressive the business operation is.
Earnings Efficience Analysis (Liquidity)
 Accounts Receivable
Turnover Ratio
 Pepsi-Cola: 13.99 times
Inventory turnover indicates the effectiveness of the
 Coca-Cola: 11.25 times business in selling its inventories.The higher the turnover,
 Average Days for Payment the shorter the conversion period, the shorter the operating
 Pepsi-Cola: 9.22 days cycle and the more liquid the business will be.
 Coca-Cola: 32 days
 Inventory Turnover Ratio

The receivable turnover measures the effectivenes of using
 Coca-Cola: 9.02 times
the investment in receivables. The higher the turnover, the
 Average Number of Days shorter the conversion period, the shorter the operating
Sales in Inventory cycle and the more liquid the business will be.
 Coca-Cola: 39.91 times
Short-Term Financial Strength
 Working Capital
 Pepsi-Cola: -5,621,849 Pepsi-Cola generates a negative working capital that
 Coca-Cola: 63,000,000 indicates the current liabilities is greater than current assets.
 Current Ratio
The current ratio of Coca-Cola is 1 times which is greater
 Pepsi-Cola: 0.53 times than Pepsi-Cola's current ratio of 0.53 times. The higher the
 Coca-Cola: 1 times ratios are , the better it would be for the business.
 Acid-Test Ratio
The acid-test ratio of Coca-Cola is 0.65 times which is
 Pepsi-Cola: 0.24 times greater than Pepsi-Cola acid-test ratio of 0.24 times. The
 Coca-Cola: 0.65 times higher the ratios are , the better it would be for the
business.
Long-Term Financial Strength
 Debt Ratio The debt ratio of Pepsi-Cola is 60.88% greater than Coca-
 Pepsi-Cola: 60.88% Cola's debt ratio of 50.75% which means the higher the debt
ratio, the more leveraged the business is, the more debt is
 Coca-Cola: 50.75% used to finance investing and operating activities, the
higher the risk of insolvency , the higher the financial risk ,
the higher the ROE.
 Equity Ratio The equity ratio of Pepsi-Cola is 39.12% an the equity ratio
 Pepsi-Cola: 39.12% of Coca-Cola is 49.25% which represents the percentage of
 Coca-Cola: 49.12% assets financed by Shareholders' Equity.
 Equity per share

The equity per share of Coca-Cola is 139.28 higher than
 Pepsi-Cola: 2.56 Pepsi-Cola this measures the company's wealth based on
 Coca-Cola: 141.84 the value of its net assets.

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 a Philippines-based company engaged in the bottling and distribution of

PepsiCo beverages and snack foods in the Philippines since March 8,

2017 2016 2015

2017 2016 2015

2017 2016 2015

CASH FLOWS FROM FINANCING ACTIVITIES

2017 2016 2015

2017 2016 2015

COCA-COLA IS THE MOST POPULAR AND BIGGEST-

Company accountant, Frank Robinson, names

2017 2016 2015

Non-controlling interest net income for discontinued operations 469 — —

2017 2016 2015

2017 2016 2015

Equity holders of the parent for discontinued operations 0 0 0 0.00

2017 PERCENTAGE 2016 PERCENTAGE 2015 PERCENTAGE

2017 PERCENTAGE 2016 PERCENTAGE 2015 PERCENTAGE

Net Income after tax

Net Income after tax

Net Income after tax

Net Income after tax

Market price per share

Cost of goods sold

Working Capital Current Assets-Current Liabilities 63,000.00

Cash + Accounts Receivable

An increase in current liabilities are claims against

A decrease in non-current assets indicates that the

An increase in equity reents the ownership interest. The

 Earnings per share

 Inventory Turnover Ratio

 Equity per share

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