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Example research essay topic: Gross Profit Margin Coca Cola - 1,199 words

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Managerial Finance The Coca-Cola Company is the largest manufacturer, distributor and marketer of nonalcoholic beverage concentrates and syrups in the world. Finished beverage products bearing our trademarks, sold in the United States since 1886, are now sold in more than 200 countries and include the leading soft drink products in most of these countries. Net Operating Revenues Net operating revenues increased by $ 1, 480 million in 2003 versus 2002. Net operating revenues increased by $ 2, 019 million in 2002 versus 2001.

The increase in gallon sales in 2003 included the favorable impact of the consolidation of full year results in 2003 for 2002 acquisitions. In the second quarter of 2002, the Company entered into a long-term license agreement involving Seagrams mixers, a carbonated line of drinks. The combined 2002 net operating revenues resulting from the structural change of CCEAG and the acquisitions of our interests in Odwalla, CCDA and CBC were approximately $ 1. 5 billion. The Russian and Baltics bottling operations accounted for approximately $ 150 million of 2001 net operating revenues. Gross Profit The decrease in 2003 gross profit margin versus 2002 was primarily the result of the inclusion of higher revenue, lower-margin CCEAG, CCDA and Evian results for the full year of 2003. These results were partially offset by the creation of the nationally integrated supply chain company in Japan, the de consolidation of CBC during the second quarter of 2003 and the receipt during the first quarter of 2003 of a settlement of approximately $ 52 million from certain defendants in a vitamin antitrust litigation.

The company currently estimate that the creation of the nationally integrated supply chain company in Japan, partially offset by other structural changes such as consolidation of entities in accordance with Interpretation 46, will improve the gross profit margin in 2004 compared to 2003. Selling, general and administrative expenses were approximately 7 percent higher in 2003 versus 2002. Approximately 4 percentage points of this increase were due to an overall weaker U. S.

dollar (primarily compared to the euro). These expenses also increased by $ 75 million as a result of increases for benefit plans, including defined benefit pension plans, defined contribution pension plans, and post retirement health care and life insurance benefits plans. Selling expenses increased by approximately $ 32 million due to the inclusion of one additional month of operations for CCEAG in 2003 compared to 2002. Operating income in 2003 reflected the impact of $ 561 million of expenses related to the 2003 streamlining initiatives. Selected other operations also took steps to streamline their operations to improve overall efficiency and effectiveness. As demonstrated by the table above, the percentage contribution to operating income by each operating segment fluctuated from year to year.

PepsiCo International In 2003 PepsiCo International was created by combining Frito-Lay International with PepsiCo Beverages International. PepsiCo believes the new integrated organization model increases global scale while maintaining local execution capabilities, and enables accelerated growth in the future. It is organized into seven regional units, each headed by a field president with individual functions focused on innovation, marketing, and selling. The restructuring actions taken in the fourth quarter will substantially consolidate the support functions in the Europe, UK, Middle East/Africa and Asia Pacific regions.

PepsiCo will undertake several actions that collectively will result in a charge of approximately $ 0. 06 per share in the fourth quarter of 2003. These actions are intended to: (1) streamline the organizations to increase focus and eliminate redundancies at PepsiCo Beverages North America (PBNA) and PepsiCo International (PI); and (2) optimize manufacturing technology and improve the efficiency of the supply chain at Frito-Lay North America (FLNA). Together, PepsiCo believes these actions will simplify its processes and enable the Company to operate more productively. In aggregate, approximately 750 employees will be impacted, rincipally employees based in North America. During the fourth quarter, PepsiCo anticipates a tax benefit of approximately $ 0. 07 to $ 0. 08 per share, resulting principally from the conclusion of prior years' domestic audits, for which a final settlement was reached with the IRS. PepsiCo believes a substantial portion of this tax benefit will offset the investment actions outlined above.

As a result of the favorable audit resolution, together with the continuing growth of its international earnings, PepsiCo estimates its effective tax rate for 2004 will be 29. 5 %. Beginning in 2004, PepsiCo will adopt a new Compensation Program. Share Power, PepsiCo's longstanding stock option program for all employees, also will undergo changes. Employees will continue to receive annual Share Power option grants -- although the number of Share Power options to be issued to U. S. -based employees will be reduced by approximately one-half to fund a new 401 (k) match in PepsiCo stock. PepsiCo's total contribution to Share Power in the form of options and 401 (k) matching will be equivalent to what had previously been contributed to Share Power entirely in the form of options.

This change is intended to provide greater flexibility to PepsiCo employees and strengthen their incentive to build shareholder value. Option expense for 2003 is expected to be $ 0. 20 per share, which is a non- cash charge. A complete restatement of 2001 - 2003 financial results to reflect the historical option expense will be available shortly after fourth quarter and full year 2003 results are announced in early February. Because tax benefits are expected to exceed restructuring costs in the fourth quarter, PepsiCo believes full year 2003 EPS will be one to two cents higher than prior 2003 guidance of $ 2. 19 (which included an estimated $ 0. 02 per share of merger costs). Reflecting the combined impact of the tax benefit, restructuring charges, and option expense, the Company has adjusted its full year 2003 earnings per share guidance to a range of $ 2. 00 to $ 2. 01.

The Company's fundamental operating performance is unchanged from previous guidance. The Company expects 2004 EPS to grow 12 - 14 % from its restated 2003 EPS base, delivering a range of $ 2. 24 to $ 2. 28. As communicated in recent investor meetings, PepsiCo's long-term expected growth in return on invested capital is 50 - 100 basis points per year. For the full year 2003, ROIC is expected to improve approximately 250 basis points. For the full year 2004, the Company expects ROIC to improve 50 - 100 basis points. For 2003, cash flow from operations, net of capital spending and pension contributions is expected to be $ 3 billion, as previously indicated.

The Company anticipates solid growth in cash flow net of capital spending in 2004 and will provide more details as part of its year-end conference call. 1. Annual Report Pursuant to Section 13 or 15 (d) of the Securities exchange Act of 1934: web 2. Coca-Cola - Investors - Financials - Annual Reports web irene / inside . z html? ticker = KO&script = 700 - 25 k 3. Introduction To Business With Coca Cola Annual Report web title/ introduction -to-business-with-coca-cola-annu al-report - 7 k 4.

Form 10 -K PEPSICO INC-PEP Welcome To PepsiCo web - 49 k 5. The Official Web Site of Pepsi Center web - 1 k


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Research essay sample on Gross Profit Margin Coca Cola

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