Common-Size Income Statement
Based on: 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26).
- Cost of Sales
- The cost of sales as a percentage of net revenue increased from -45.18% in 2020 to a peak of -46.97% in 2022, followed by a slight decline to -45.45% in 2024. This indicates a temporary rise in production or procurement costs before a moderate recovery.
- Gross Profit
- Gross profit margin declined from 54.82% in 2020 to 53.03% in 2022, aligned with the rise in cost of sales, but gradually improved to 54.55% by 2024, reflecting a rebound in profitability at the gross level.
- Selling, General and Administrative Expenses
- SG&A expenses as a percentage of net revenue showed minor fluctuations, decreasing from -40.49% in 2020 to -39.3% in 2021, then slightly increasing again to -40.49% by 2024, suggesting consistent investment in operational expenditures over the period.
- Special Items
- A gain associated with the Juice Transaction appeared exclusively in 2023 at 3.84%, contributing positively to that year's profitability. Conversely, impairment of intangible assets was recorded from 2022 through 2024, with a notable impact of -3.66% in 2022 tapering down to minimal at -0.04% in 2024, indicating some asset write-downs that lessened over time.
- Operating Profit
- Operating profit margin declined from 14.32% in 2020 to 13.1% in 2023, then showed recovery to 14.03% in 2024. The dip corresponds with increased costs and impairments, while the recovery may be linked to operational efficiencies and one-time gains.
- Interest and Other Financial Items
- Interest expense fluctuated over the period, increasing in 2021 to -2.5% before decreasing somewhat, ending at -1.75% in 2024. Interest income and other related income improved noticeably, especially from 2022 onwards, raising net interest expense to a minimum of -0.9% in 2023 before increasing slightly to -1% in 2024, indicating some benefit from financial activities.
- Income Before Taxes
- This metric remained relatively stable, fluctuating between 12.36% and 13.01% over the years, with a modest upward trend towards 2024, indicating stable earnings before tax adjustments.
- Provision for Income Taxes
- The provision for income taxes remained fairly constant, around -2.5%, with a slight reduction to -2.0% in 2022, reflecting minor variations in tax liability or effective rates.
- Net Income
- Net income as a percentage of net revenue decreased from 10.2% in 2020 to 9.59% in 2021, then steadily increased to 10.48% in 2024, suggesting an overall improvement in profitability after earlier dips. Net income attributable to noncontrolling interests remained minimal and stable, showing limited influence on consolidated profitability.