Coca-Cola Company 12/31 2019

Net sales (in millions) 37,266

Operating Cost (exc. Depr.) 25,368 Depreciation expense 1365

Operating Income 10,533

Interest income 253

Earnings before taxes 10,786

Income taxes 1,801

Net income 8,985

Assets: (in Millions) 2019 ~ 2018

Cash and marketable securities $11,175 ~ $15,964

Accounts receivable $3,971 ~$3,396

Inventories 3,379 ~ 2,766

Prepaid expenses 1,886 ~ 8,508

Total current assets $20,411 ~ $30,634

Net fixed assets $10,838 ~ $8,232

Other assets $55,132 ~ $44,350

Total assets $86,381 ~ $83,216

Liabilities and Equity:

Accounts payable $10,705 ~ $8,416

Notes payable 15,247 ~ 18,191

Other Current Liabilities 1,021 ~ 2616

Total current liabilities $26,973 ~ $29,223

Long-term debt 38,310 ~ 34,935

Owner's equity 21,098 ~ 19,058

Total liabilities and owner's equity $86,381 ~ $83,216

Other Data 2019

Ordinary Shares Outstanding (M) 4,268M Market Price $53.30

Tax Rate 21.20%

WACC (After-tax % cost of capital) 5.0%

1. Based on Cokes income Statement and Balance Sheet. What is Cokes net operating working capital for 2019? Assume that all the cash is excess cash, i.e., this cash is not needed for operating purposes.

2. Based on Cokes Income Statement and Balance Sheet. What is Cokes Market Value of Equity?

3. Based on Cokes Income Statement and Balance Sheet. What is Cokes 2019 MVA ?

4. Based on Cokes Income Statement and Balance Sheet. What is Cokes Net Operating Profit After Tax ( NOPAT) ?

5. Based on Cokes Income Statement and Balance Sheet. What is Cokes Total Invested Capital ( TIC )?

6. Based on Cokes Income Statement and Balance Sheet. What is Cokes Annual Dollar Cost of Capital ?

7. Based on Cokes Income Statement and Balance Sheet. What is Cokes 2019 EVA?