Business Report - Coca Cola Amatil Limited

This business report assesses the financial position of Coca Cola Amatil Limited and analyzes its board of directors, investment decisions, and ethical aspects. It also includes an analysis of the top five investors and the company's financial statements.

Running head: BUSINESS REPORT- COCA COLA AMATIL LIMITED
Business report- Coca Cola Amatil limited
Name of the Student
Name of the University
Author Note

1BUSINESS REPORT- COCA COLA AMATIL LIMITED
Executive Summary
The purpose of this project is to assess and study the business report and thereafter analyse
the financial position of the company with respect to its competitors. The composition of the
Board of Directors, its structure and characteristics has been demonstrated in the report. The
auditor independence and the ethical aspects of the company has been also analysed in the
report. Report also comprise of the analysis of the top five investors of the company and the
significance of their stake in the ownership. The financial statement data are taken and then
the liquidity, profitability, cash flow management, asset management efficiency and the
capital structure has been calculated. The report is concluded by the overall financial position
of the company and the implications of the results being derived.

2BUSINESS REPORT- COCA COLA AMATIL LIMITED
Table of Contents
Introduction................................................................................................................................3
Discussion:.................................................................................................................................3
Brief summary of Coca Cola Amatil Limited:...........................................................................3
Outlining the details of board of directors:................................................................................4
Assessment of the characteristics of the board:.........................................................................7
Important financing or investment decisions made by Cola Cola Amatil in year 2017:...........8
ASX Corporate Governance Council and Coca Cola............................................................9
Company’s Audit Firm........................................................................................................10
Coca Cola Amatil Ethics and the key measures taken by Amatil to ensure ethics in their
business judgment:...................................................................................................................10
Identifying top five investors and evaluating the significance of their ownership stake:........11
Analyzing the financial statements using ratios:......................................................................11
Conclusion:..............................................................................................................................22
References and Bibliography...................................................................................................23

3BUSINESS REPORT- COCA COLA AMATIL LIMITED
Introduction
Financial planning is a very important task performed by the business organisation. It
helps in the smooth functioning of the organisation. It refers to the performing of all such
financial activities that helps the organisation in achieving its organisational goals. It involves
analysis of the balance sheets and the income statements of the organisation, the analysis of
the capital structure and the position of the organisation in the industry (Finkler, Smith and
Calabrese 2018). The management of the financials of the business helps the business in
taking several important decisions related to investment opportunities, credit facilities,
borrowing and lending facilities and cash control. The purpose of this report is to analyse the
overall business position of Coca Cola Amatil Limited with respect to its competitive
industry. The details about the composition of the top management, the investment, the
financing decisions and the investor and the competitor analysis are done in the following
paragraphs. The liquidity, profitability, efficiency, cash flow analysis and the overall
financial performance and status has been also been clearly shown in the below mentioned
topics in order to show a detailed report on the business. This analysis helps the company in
understanding its stability and competitiveness of the organisation.
Discussion:
Brief summary of Coca Cola Amatil Limited:
The Coca-Cola Amatil is one of the largest alcoholic and non-alcoholic beverage
distributor and Bottler Company headquartered at Australia. It is one of the major five Coca-
Cola bottler. It also have a diversified product portfolio that includes fruit juices, carbonated
soft drinks, spring water, energy drinks, coffee, tea, flavoured milk and sports drinks. The
company started its operation in the year 1904 as a tobacco company (Ashley 2017). In the
year 1909, the company engaged itself with printing business and then it again expanded its

4BUSINESS REPORT- COCA COLA AMATIL LIMITED
business into the packaging sector followed by the beverage industry in the year 1963. The
company’s initial tag name was the British tobacco, which was changed to Allied
Manufacturing and Trade Industries Limited (AMATIL). In the later period it acquired the
Coca-Cola bottling franchises. In the early 90’s the company was split into two companies
that created a new bottler listed in Europe and named Coca-Cola Beverages Plc. The tobacco
division was sold to the British American Tobacco in the year 1989. The company is
currently the largest bottler and distributor in the Asia-Pacific regions. It has facilities, which
is scattered all over Australia. The Paradise Beverages (Fiji) Limited was acquired by the
company in the year 2012 and it also established the Australian Beer Company in the year
2013, which is a partnership with Casella family. The company is listed in the Australian
Securities exchange and the Coca-Cola Company have around 31% of shareholding in the
Coca Cola Amatil. The company employs around 14700 employees and operates in six
countries across the region of the Asia Pacific. The current business is diversified into
segments, which are Australian beverages, alcohol, coffee, New Zealand, Fiji segments,
Indonesia, Papua New Guinea segment, and SPC (ccamatil.com 2019). The company is
continuously involving itself with the improvement in the financial performance and it will
be shown in the following paragraphs.
Outlining the details of board of directors:
The Board of Directors is composed of the Executive Directors and the Non-
Executive Directors. The list in case of the company is shown with the help of the following
chart.

5BUSINESS REPORT- COCA COLA AMATIL LIMITED
Composition of the board of directors
(Source: ccamatil.com 2019)

Running head: BUSINESS REPORT- COCA COLA AMATIL LIMITED
The details of the board of the Directors that is the details about the name, gender, educational background, age, career history and
many other details is discussed as below (ccamatil.com 2019):
PARTICULARS ILANA ATLAS ALISON
WATKINS JOHN BORGHETTI CATHERINE
BRENNER
JULIE
COATES JORGE GADUNO
GENDER Female Female Male Female Female Male
AGE 62 53 61 45 55 48
MEMBER SINCE Feb-11 Mar-14 Dec-15 Apr-08 Mar-18 May-18
QUALIFICATIONS
Bachelors of
Jurisprudence,
Bachelors and
Masters of Law.
Bachelors of
Commerce; Fellow,
Australian Institute
of Company
Directors, Chartered
Accountants
Australia and New
Zealand , Fellow
Financial Services
Institute of
Australasia.
- Bachelor of Law and
Economiocs, MBA -
B. A (Business
Administration),
Masters in
Management,
Masters in Business
Management
CAREER
HISTORY
Executive role in
Westpac Banking
Corporation and
Managing partner
of Mallesons
Stephen Jaques
Managing Director
of Grain Corp. Ltd.,
Partner at McKinsey
& Company ,
executive and non-
executive roles in
food , beverages,
retail and financial
services.
CEO and MD of Virgin
Australia Airline Group,
experience in aviation and
Qantas.
Investment Banking,
Financial Services , Audit
and Risk management.
MD of
Goodman
fielder Australia
and New
Zealand and Big
W, Senior roles
at Woolworths.
International
leadership roles in
Coca Cola and also
general Manager
and President role
in Coca Cola.

Running head: BUSINESS REPORT- COCA COLA AMATIL LIMITED
PARTICULARS MARK
JOHNSON PAUL O’ SLLIVAN KRISHNAKUMAR
THIRUMALAI
GENDER Male Male Male
AGE 58 57 57
MEMBER SINCE Dec-16 Mar-17 Mar-14
QUALIFICATIONS
Bachelor of
Commerce,
Fellow Chartered
Accountants
Australia and new
Zealand, CPA
Australia and
Fellow ACID.
BA (Economics),
Graduate of
Advanced
management
program.
Bachelor of Engineering,
MBA and Advanced
Management Program.
CAREER
HISTORY
CEO and Senior
Partner of PWC,
experienced
company director
in listed, private
and non-profit
sector.
Experience
telecommunications,
banking and oil, gas
sectors.
President of Coca Cola
India and South West
Asia, Regional Director
of the bottling operations
in Bangladesh, India,
Srillanka and Nepal.
Assessment of the characteristics of the board:
The Board presently is composed of one Executive Director, two Non-executive
Directors and six Independent Non-Executive Directors. The responsibility of ensuring that
the Board comprises of Directors collectively having the skills, knowledge, experience and
variations as per need, lies in the hands of the Nominations Committee. The Committee also
ensures that the Board supports the strategic objectives of the Board and fulfil all the
regulatory and legal requirements.
The team has a very strong and accountable top management team who acts as a
role model and influence the employees at large. It serves the shareholders of Coca Cola
Amatil and is responsible to manage the business and its affairs by maintaining the highest
possible standards of corporate governance. It also wants to optimize the company’s

8BUSINESS REPORT- COCA COLA AMATIL LIMITED
performance and increase the shareholder’s value. The board also aims to increase the
sustainability for the shareholders in relation to the following of duties and obligations. They
help in maintaining a stable and prudent control within the organisation and helps in risk
assessment and management. The roles and the responsibilities of the Board of Directors are
mentioned in the Coca Cola Amatil’s Board Charter.
The skill matrix of the Board plays an important part in the success of the Board
and the company in a broader term. It reflects the experiences and the skills that the Board of
Directors wants to add in the membership team along with their own set of experiences and
skills. The skill matrix is reviewed every year and the Board of Director undertakes a self-
assessment against the set matrix in order to measure their own skill levels with respect to the
other skills. Every director’s gap in the skills is identified and several opportunities are
thereafter targeted for the elimination of such gaps. The skills are considered based on
strategic themes ad general skills and experiences. Strategic themes involve the skills of
marketing, media, innovation, and regulatory, digital technology, improvement in the
productivity, brand partners and joint ventures. The general skills and experiences are related
to finance, governance, legal, human resource, leadership, worker safety, risk and corporate
sustainability (ccamatil.com 2019).
Important financing or investment decisions made by Cola Cola Amatil in year 2017:
The company is a major Coca Cola franchisee and their partnership with the
company helps them in accessing the portfolios of several leading brands and increases their
investment opportunities. The investment is done for increasing the efficiency and the
capacity for all their sites. The company has a steady cash flow from Australia and New
Zealand and therefore strong dividends can be given to the shareholders and some amount of
the profit can be reinvested. The strong dividend also attracts more customers. The company
earns high EBIT because of its focus on the growth of the revenue and the costs. Each of the

9BUSINESS REPORT- COCA COLA AMATIL LIMITED
business has been set with a medium term EBIT. The company has made higher capital
expenditures and investments. Investments are done at the Richland facilities, automated
warehouse and a new waterline in New Zealand. Investment has been also done in cold drink
equipment at Indonesia. The company has targeted to continue their dividend payout ratio of
more than 80%. It has completed the four years co-investment of $100 million in the SPC
along with Victorian Government, which they again decided to divest in the later stage
(ccamatil.com 2019).
ASX Corporate Governance Council and Coca Cola
The Company follows and compares its performance with the principles and the
recommendations mentioned in the ASX Corporate Governance Council. The governing
principles of the ASX are as follows (Tricker 2015):
The Principles Deals With
1. Solid management and oversight foundations Board and Nominations Committee Charter
2. Value addition in the Board by proper
structuring - Board and Nominations Committee Charter
3. Ethical and Responsible acts.
Code of Conduct, Trading Policies,
Corruption and Anti-bribery Policies, Human
Rights Policy, Children Policy, Sources
Guidelines, Whistle-blower Policy and
gender Diversity Policy.
4. Safeguarding of integrity in the corporate
reporting. Auditing and Financing
5. Timely and balanced disclosures. Communications and Disclosure Policy
6. Respects the right of the security holders. Corporate Governance, Investor Relations
and Communications and Disclosure Policy
7. Risk recognition and management.
Audit and Finance, Risk and Sustainability,
Risk management, Water Policy,
Environment Policy, Health and Hazards
Safety
8. Fair and responsible remuneration. Charter of Committee of the People

10BUSINESS REPORT- COCA COLA AMATIL LIMITED
Company’s Audit Firm
The audit firm of the company is Ernst and Young (Australia). As per section 307C
of the Corporations Act 2001, the declaration of the auditor’s independence is required to be
presented. The audit independence states the freedom and the independence of the auditor in
performing his duties related to the auditing tasks. The auditor can carry out his tasks freely
and can ask for all the documents and information that it requires while performing the audit
procedure. The auditor must not be hidden from any of the affairs of the company and must
not be influenced by the company members (Tepalagul and Lin 2015). There were several
non-audited services that were also provided by the Company’s auditor and the directors of
the company are also satisfied with the fact that there is a provision of providing the non-
audited services along with the normal standard of auditor independence. Ernst and Young
has declared the audit independence report and stated that there were no contraventions of the
requirements of the audit independence and no contraventions in the code of professional
conduct of auditing. A true and proper view of the company’s financial statement has been
provided and the company adhered to the Australian Accounting Standards and the
Corporation Regulations 2001 (ccamatil.com 2019).
Coca Cola Amatil Ethics and the key measures taken by Amatil to ensure ethics in their
business judgment:
Coca Cola Amatils provides equal employment opportunity for everyone and
involves themselves with fair employment practices and anti-discrimination laws. They
ensure that the workplace is free from any kind of harassments, discrimination or intimidation
of the employees. It investigates all the allegations of harassments, bullying, discrimination
and victimisation and thereafter takes all the necessary corrective actions whenever
necessary. The company follows a proper workplace health and safety, fraud, corruption and
facilitation payments.

11BUSINESS REPORT- COCA COLA AMATIL LIMITED
The company follows all the necessary rules and regulations and follows all the
regulatory bodies like the Corporation Act 2001 and the ASX Corporate Government
Compliance (Lama and Anderson 2015). The company is also committed in approaching the
sustainability with reference to the Global Reporting Initiative Framework. The company has
set new goals of obtaining a zero-harm workplace; reduce the carbon footprint of the drink by
25% and providing the drinks in recyclable packages. It has plans to allocate 1% of its EBIT
to community investment programs (ccamatil.com 2019).
Identifying top five investors and evaluating the significance of their ownership stake:
The five major shareholders of the company are Coca Cola Holding Limited, HSBC
Custody Nominees, JP Morgan Nominees Australia Limited, Citicorp Nominees Pty Limited
and National Nominees Limited. The respective shareholding of each of them are 30.81%,
24.40%, 10.36%, 9.75%, 2.31% and 1.95% respectively (ccamatil.com 2019). It has been
seen that Coca Cola is the major shareholder and in a manner, it has benefitted both Coca
Cola Amatil and Coca Cola beverage companies. The shares are being allocated as per the
investments being made by each of the companies.
Analyzing the financial statements using ratios:
I) Liquidity
The liquidity position of Coca Cola Amatil has been assessed by evaluating the
current and quick ratios. Computation of such ratios helps in determining the ability of
company to meet the short-term obligations using current and quick assets (Gârleanu and
Pedersen 2018).

12BUSINESS REPORT- COCA COLA AMATIL LIMITED
2016 2017
1.40
1.45
1.50
1.55
1.60
1.65
1.70 1.68
1.52
Current Ratio
Current Ratio
Graph 1: Current ratio
(Source: created by author)
The above chart depicts that the value of current ratio has declined from 1.68 in year
2016 compared to 1.52 in year 2017. This has the implication that the ability of company to
meet its obligations using assets have reduced.
2016 2017
1.26
1.28
1.30
1.32
1.34
1.36
1.38
1.30
1.36
Quick ratio
Quick ratio
Graph 2: Quick ratio
(Source: created by author)

13BUSINESS REPORT- COCA COLA AMATIL LIMITED
The chart presented above depicts that quick ratio has increased to 1.36 in year 2017
compared to previous year 2016 at a value of 1.30. It indicates that the availability of funds
on hand to meet the obligations have improved in the current year of analysis.
II) Asset management efficiency
The management of efficiency of assets for generating income is measured with the
help of efficiency ratio. For this purpose, two ratios have been computed that is total asset
turnover and net fixed asset turnover ratio.
2016 2017
0.76
0.77
0.78
0.79
0.80
0.81
0.82
0.78
0.81
Total Assets Turnover Ratio
Total Assets Turnover
Ratio
Graph 3: Total assets turnover ratio
(Source: created by author)
Value of total asset turnover ratio had witnessed a considerable increase to 0.81 in
year 2017 from 0.78 in year 2016. This increase is indicative of the fact that efficiency of
total assets in generating income has increased because of enhanced utilization.

14BUSINESS REPORT- COCA COLA AMATIL LIMITED
2016 2017
1.63
1.64
1.65
1.64
1.65
Net Fixed Assets Turnover Ratio
Net Fixed Assets Turnover
Ratio
Graph 4: Net fixed asset turnover ratio
(Source: created by author)
Value of net fixed asset turnover has increased by fewer points from 1.64 in year 2016
compared to 1.65 in year 2017. This value implies that the efficiency of company in
producing sales with the help of its fixed assets has increased.
III) Capital structure
Capital structure is evaluated by the computation of debt ratio and debt to equity ratio.
Such ratio helps in assessing the proportion of debt and equity in the capital of company
(Alviniussen and Jankensgard 2015).

15BUSINESS REPORT- COCA COLA AMATIL LIMITED
2016 2017
0.400
0.410
0.420
0.430
0.440
0.450
0.460
0.470
0.423
0.457
Debt Ratio
Debt Ratio
Graph 5: Debt ratio
(Source: created by author)
The above graph depicts that the debt ratio value has increased from 0.423 in year
2016 compared to 0.457 in year 2017. It is observed from the value of ratio that the assets of
company are sufficient to pay off the long-term liabilities or total debt.
2016 2017
0.75
0.80
0.85
0.90
0.95
1.00
1.05
0.86
1.00
Debt Equity Ratio
Debt Equity Ratio
Graph 6: Debt equity ratio
(Source: created by author)

16BUSINESS REPORT- COCA COLA AMATIL LIMITED
The chart presented above outlines that the value of debt equity ratio has increased to
1 in year 2017 compared to 0.86 in year 2016. This increase in value of ratio is not
considered favourable for business of Amatil because it implies that creditors than
shareholders equity have financed the debt more.
IV) Profitability
The profitability position of company is analyzed by computing gross profit and net
profit right.
2016 2017
37.50
37.55
37.60
37.65
37.70
37.75
37.80
37.85
37.64
37.82
Gross profit ratio
Gross profit ratio
Graph 7: Gross profit ratio
(Source: created by author)
The gross profit ratio has remained stable for two years of business operations.
However, there has been increase by fewer points from 37.64 in 37.64 to 37.82 in year 2017.
It is suggested by the figures of the ratio that company is not generating favourable value of
gross profits and is not efficient in managing the cost of sales.

17BUSINESS REPORT- COCA COLA AMATIL LIMITED
2016 2017
0.0%
100.0%
200.0%
300.0%
400.0%
500.0%
600.0%
700.0%
800.0%
900.0%
1000.0%
506.73%
934.37%
Net Profit ratio
Net Profit ratio
Graph 8: Net profit ratio
(Source: created by author)
The chart depicts a significant increase in value of ratio from 506.7% in year 2016
compared to 934.37% in year 2017. Higher ratio in the current year implies efficiency of
management in managing the affair of business.
V) Market value
Market value intends to evaluate the price of shares of company and its stock
performance. Ratios such as price earnings per share and market value per share have been
computed.

18BUSINESS REPORT- COCA COLA AMATIL LIMITED
2016 2017
0.00
1.00
2.00
3.00
4.00
5.00
6.00
4.43
5.52
Dividend yield per share
Dividend yield per share
Graph 9: Dividend yield per share
(Source: created by author)
The dividend yield has increased to 5.52 in year 2017 compared to 4.43 in year 2016
which implies that that the total value of dividend paid to shareholders have increased. This
fall in value indicates that the company is undervalued.
2016 2017
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35 0.31
0.14
Price Earnings per share
Price Earnings per share
Graph 10: Price earnings per share
(Source: created by author)

19BUSINESS REPORT- COCA COLA AMATIL LIMITED
The graph shows that the price earnings per share have reduced from 0.31 in year
2016 as against 0.14 in year 2017. This fall is ratio is considered unfavourable because it
indicates poor current and future performance of company.
VI) Cash flow management
The management of cash flow of company is analyzed by the computation of
operating cash flow and cash flow margin ratio.
2016 2017
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
0.40
0.45 0.42
0.32
Operating cash flow ratio
Operating cash flow ratio
Graph 11: Operating cash flow ratio
(Source: created by author)
Operating cash flow ratio of Coca Cola Amatil has reduced from 0.42 in year 2016 to
0.32 in year 2017. This fall in ratio implies that the ability of company to pay off its current
liabilities using the cash generated from the operations of business has reduced. It is
attributable to the decline in the cash flow from operating activities in the current year.

20BUSINESS REPORT- COCA COLA AMATIL LIMITED
2016 2017
0.00
0.02
0.04
0.06
0.08
0.10
0.12
0.14
0.16
0.18
0.15
0.12
Cash flow margin ratio
Cash flow margin ratio
Graph 12: Cash flow margin ratio
(Source: created by author)
The above chart depicts a reduction in cash flow margin ratio to 0.12 in year 2017
compared to 0.15 in year 2016. This has the implication that the efficiency of company in
converting sales into cash has reduced.
VII) Overall performance and financial status
2016 2017
0.0475
0.0480
0.0485
0.0490
0.0495
0.0500
0.0505
0.0510
0.0515
0.0520 0.0517
0.0490
Return on Investment
Return on Investment

21BUSINESS REPORT- COCA COLA AMATIL LIMITED
Graph 13: Return on investment
(Source: created by author)
The graph presented above depicts that there is no significant difference between the
return on investment for both the year. Value for year 2016 stood at 0.0517 as against 0.0490
in year 2017. However, this fall in value is attributable to fall in net income.
2016 2017
0.1490
0.1500
0.1510
0.1520
0.1530
0.1540
0.1550
0.1509
0.1546
Return on Equity
Return on Equity
Graph 12: Return on equity
(Source: created by author)
The graph presented above depicts the return on equity ratio, which does not indicate
any considerable difference in value. Nevertheless, there was increase in value to 0.1546 in
year 2017 compared to 0.1509 in year 2016. Increase in ratio indicates that the company
effectively utilizes the funds of investors.

22BUSINESS REPORT- COCA COLA AMATIL LIMITED
Conclusion:
From the analysis of the figures, it can be inferred that the Coca Cola has effectively
utilized their total assets for generating income. The ability of company to translate their
assets into sales has improved. Moreover, the solvency position of company is favourable in
the present year because the capital of company is financed more by equity than debt. In
addition to this, the stake of investors and creditors in the business is same as indicated from
the figures of the debt to equity ratio. The company seems to be undervalued, as the earning
per share is considerably higher than the market price of share. Investment into the shares of
company seems promising, as the dividend yield per share has increased in the current year.
Furthermore, the profitability position of the company has also improved which indicates that
the company has lower down its cost of sales of doing business.

23BUSINESS REPORT- COCA COLA AMATIL LIMITED
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