TESIS PARA OPTAR AL GRADO DE MAGÍSTER EN FINANZAS / Pardo, María José, [Parte I mediante método de múltiplos], Reyes, Katherine, [Parte II mediante método de flujo de caja] / El presente documento consiste en determinar el Valor económico de Coca Embonor S.A al 30 de Junio 2017, mediante el método de valorización de Múltiplos. Coca Cola Embonor S.A fundada a partir de la Embotelladora Arica S.A en el año 1962 en Chile, cuyo propósito es elaborar y distribuir productos de bebidas carbonatadas bajo la licencia The Coca Cola Company (TCCC), expandiéndose a contar del año 1995 en Bolivia, adquiriendo las franquicias y activos de (EMBOL). El método de múltiplos consistirá en estimar el valor económico a través de la comparación de ratios de la empresa entre sus competidores, bajo indicadores relacionados de: utilidad, ingresos, EBITDA, EBIT, Patrimonio, Deuda Financiera, entre otros. Para este caso, se utilizarán los indicadores de las empresas comparables de los últimos dos años 2016-2017, considerando el resultado de sus actividades de carácter anual. Bajo la valorización de múltiplos, se obtienen estimaciones entre 992 - $1.849 CLP por acción, rango aceptable de valor de la acción, no evidenciándose que la acción se encuentre sobre o sub valorada. / El presente documento consiste en determinar el Valor económico de Coca Embonor S.A al 30 de Junio 2017, mediante el método de valorización de Flujo de Caja Descontado (FCD). Coca Cola Embonor S.A fundada a partir de la Embotelladora Arica S.A en el año 1962 en Chile, cuyo propósito es elaborar y distribuir productos de bebidas carbonatadas bajo la licencia The Coca Cola Company (TCCC), expandiéndose a contar del año 1995 en Bolivia, adquiriendo las franquicias y activos de (EMBOL). El método de valorización de Flujo de Caja Descontado estará basado en los factores claves de estimación de los flujos de las actividades operacionales, de inversión y riesgos que impacten en la generación de estos flujos. Se considerará el periodo 2013 a Junio de 2017 como base histórica de la información financiera y de mercado para la valorización, con el fin de determinar la estructura de capital objetivo de la Compañía, el costo patrimonial y de capital, la deuda financiera, entre otros. Con esto se proyectará, en base a estimaciones históricas y propias, los ingresos y egresos operacionales que permitirán obtener Estado de Resultado desde Junio 2017 a Diciembre 2021 y el Flujo de Caja Libre, para finalmente obtener el valor del Patrimonio Económico. El valor económico estimado de la acción al 30 de Junio de 2017 corresponde a $1.684,9 CLP, mientras que el valor de mercado de cierre en el mismo período correspondió a $1.621,5 CLP, lo que representa una desviación de 3,9% por sobre su valor de mercado.

Stockholm Vatten har sedan januari 2014 infört en avgift på biokemiskt syreförbrukande ämnen (BOD) som släpps ut av industriella processer. Obehandlat kan BOD ha syretärande effekter på recipienten och således påverka akvatiskt liv om mottagaren är en sjö eller ett vattendrag. Målet med det här examensarbetet är att undersöka fluktuationerna av specifikt BOD7 i Coca-Cola Enterprises Sverige (CCES) industriella avloppsvatten. Därutöver finna eventuella BOD7 källor och undersöka var, hur och varför fluktuationerna uppkommer. Ytterligare mål för examensarbetet är att diskutera korrelationen mellan kemiskt syreförbrukande material (COD) och BOD. En stor del av examensarbete bestod av att analysera data från CCES och Eurofins . Eurofins är ett externt företag som analyserar prover av industriavloppsvattnet från CCES. Under arbetets gång har också prover tagits på industriavloppet som sedan skickats för analys av BOD7 och CODcr. Efter ombyggnationer i produktionsanläggningen valdes det att titta på data från 2015-01-01 till 2016-05-31. Det som analyserades var vid vilka datum som provtagningen av BOD7 och CODcr skett för att sedan jämföra med händelser som skedde under produktion av dryck under dessa datum. De händelser som undersökningen omfattade var om någon kassaktion eller dumpning av dryck skett, vilka produkter som tillverkades och antal sortbyten som inträffade under provtagningsdatumet. Resultatet från rapporten indikerade att de tillfällen då det var ett högt antal sortbyten brukade generellt ge en hög andel BOD7. Samtidigt som även dumpningar och kassaktion av dryck kunde ge ett högt BOD7, som kan bekräftas med momentan provtagningen som utfördes på industriavloppsvattnet. Vid kassaktion av dryck finns alternativet att skicka iväg den kasserade drycken till ett företag, SITA, som tar hand om industriavloppet för att producera biogas. Detta visade sig inte ge någon ekonomisk fördel med vad de sparar på avgiften för BOD7 då CCES måste betala SITA för att hämta den kasserade drycken. Analysen av den existerande datan från Eurofins fastställde även en positiv korrelation mellan BOD7 och CODcr. CODcr mäter den kemiskt syreförbrukande materialet vilket innebär att oxiderbara oorganiska ämnen ger ett CODcr värde utöver det organiskt syreförbrukande materialet. Detta resulterar i att CODcr nästan alltid kommer att vara större än BOD7. / Stockholm Vatten introduced in januari 2014 a fee on biochemical oxygen demand (BOD) that is being releaed by industrial processes. Untreated BOD could have an oxygen depleting effect on recipients and thus affect aquatic life if the reciever is a lake or a stream. The goal with this research thesis is to investigate the fluctuating patterns of specifically BOD7 in the industrial sewage of Coca-Cola Enterprises Sweden (CCES). Additionally to find possible BOD7 sources and investigate where, how and why these fluctuating patterns occur. Another objective for this research thesis is to discuss the correlation of chemical oxygen demand (COD) and BOD. A large part of this research thesis consisted of analyzing data from the databases of CCES and Eurofins. Eurofins is an external company that analyzes samples taken from the industrial waste of CCES. During the research thesis samples were taken from the industrial waste and sent for analysis of BOD7 and CODcr. After rebuilding at CCES production plant the dates which were looked at were 2015-01-01 to 2016-05-31. The analysis consisted of looking at what dates sampling was done of BOD7 and CODcr and correlating these with events happening in the production facility during these dates. The temporary events that were looked at were if discarding or dumping of beverage happened, what products were manufactured and how many changeovers took place during the sampling dates. The results indicated that a high number of changeovers would generally give a high BOD7. Discarding and dumping of products would also give a high BOD7, which can be confirmed by the sampling of the industrial waste. The discarded beverage would also have the alternative of sending the it away to another company, SITA, that would use it to make biofuel. This however did not show any economic advantage regarding savings on the fee for BOD7 since CCES have to pay SITA for the transport of the discarded beverage. The analysis of the existing data from Eurofins confirmed a positive correlation of BOD7 and CODcr. CODcr measure the chemical oxidizable material which means that in addition to measuring the organic oxidizable material it also measures the inorganic oxidizable material. This results in that CODcr will almost always be larger than the BOD7.

Les producteurs d'aluminium sont constamment confrontés à des défis concernant l'augmentation des coûts de production et notamment ceux liés au brai de goudron de houille. Le brai de goudron de houille est utilisé comme liant pour produire des anodes en carbone. Indépendamment des avantages techniques du brai de goudron de houille, il contient des hydrocarbures aromatiques polycycliques (HAP), connus pour être cancérigènes pour l'homme et nocifs pour l'environnement. De plus, l’augmentation phénoménale de la production d’aluminium des trente dernières années exerce une pression importante sur le marché du brai, causant une difficulté en l’approvisionnement de ce dernier. Pour surmonter ce défi, des sources de substitution au brai de goudron de houille capables de résoudre les problèmes de coût et de santé sans diminuer la qualité de l'anode sont donc d'un grand intérêt pour l’industrie. Le bio-brai produit à partir de bio-huile, pourrait être un bon candidat à cet égard. Cependant, les propriétés du bio-brai pourraient être significativement différentes de celles du brai de goudron de houille en fonction de ses origines et des conditions de son procédé. Cette étude se concentre sur la synthèse de bio-brai à partir de bio-huile dans différentes conditions de pyrolyse et la caractérisation de ses propriétés physiques et chimiques, dans le but de déterminer les conditions qui peuvent conduire à des propriétés appropriées pour la formulation d'anode. Nous avons d’abord synthétisé du bio-brai dans différentes conditions. Les bio-brais produits ont été soigneusement caractérisés afin de comprendre l’effet du procédé de fabrication sur leurs propriétés. Parmi les caractérisations typiques, on peut nommer l’analyse chimique et la détermination de la densité, du point de ramollissement, de la valeur de cokéfaction, de la teneur en insolubles de quinoléine (QI), de la teneur en HAP, de la masse moléculaire, de la viscosité, de la composition élémentaire, des structures chimiques ainsi que des mécanismes de réaction se produisant pendant le processus de pyrolyse. Ensuite, nous nous sommes concentrés sur la caractérisation de l'interaction du bio-brai avec du coke afin de comprendre son comportement et son rôle, en tant que lien, lors de la fabrication d’anode. Les informations sur la capacité de mouillage du bio-brai à la surface de la particule de coke sont d'un grand intérêt pour évaluer son utilisation éventuelle en tant que liant dans la formulation d’anode. iv Nous avons montré que la mouillabilité du bio-brai est fortement influencée par sa viscosité, sa tension superficielle, ses groupes chimiques fonctionnels de surface, sa quantité de QI et sa distribution de masse moléculaire. La bonne mouillabilité du bio-brai améliore la densification de l'anode et atténue ainsi l'effet négatif de sa faible valeur de cokéfaction sur la densité de l'anode cuite. Afin d'optimiser les propriétés du bio-brai, l'étude visant à ajuster la teneur en QI a également été effectuée afin d'améliorer ainsi sa valeur de cokéfaction en ajoutant différentes quantités d'additif (bio-char). / Aluminium producers are constantly facing challenges regarding the increase in production costs including those related to coal-tar-pitch (CTP). CTP, a fossil material with carbon footprint, is used as binder to produce carbon anodes. Regardless of the technical benefits of CTP, it contains polycyclic aromatic hydrocarbons (PAHs), known to be carcinogenic for humans and detrimental to the environment. Furthermore, the escalating production capacity of aluminium during the past 3 decades exerts a considerable pressure on the pitch supply chain. To overcome this challenge, alternative sources to CTP capable of addressing the health issues and zero carbon footprint without decreasing anode quality, are thus of great interest. Bio-pitch, produced from bio-oil, could be a good candidate in this regard. However, the properties of bio-pitch could be significantly different from those of CTP depending on its origins and process conditions. This study focuses on the synthesis of bio-pitches from bio-oil under different pyrolysis conditions and characterization of its physical and chemical properties, aiming at determining the conditions which may result in suitable properties for anode formulation. We first synthesized biopitch from bio-oil under different conditions. The resulting biopitches were deeply characterized in order to understand the effect of process parameters on their properties. Among these typical characterizations are determination of density, softening point, coking value, quinoline insoluble, PAH content, molecular weight, viscosity, elemental composition, chemical structures as well as the reaction mechanisms occurring during the pyrolysis process. Then we focused on characterisation of biopitch interaction with coke in order to assess its behaviour and its role, as a binder, in anode formulation. Information on the wetting capacity of bio-pitch on the surface of coke particle is also of great interest in assessing its possible use as a renewable and environmental-friendly binder. It was shown that the wettability of bio-pitch is greatly influenced by its viscosity, surface tension, surface chemical functional groups, amount of quinoline insoluble, and molecular weight distribution. The good wettability of bio-pitch enhances the anode densification, thus mitigates the negative effect of its low coking value on the baked anode density. In order to improve the bio-pitch properties, the investigation to increase the QI content thereby to vi improve its coking value by adding different amounts of solid bio-char as an additive were also studied

Nowadays, packaging design is seen as a competitive tool and its importance for corporations is becoming increasingly apparent. The rivalry within homogeneous markets puts high demands on differentiation and the ability to create something more than the product itself. With this fundamental question, the soft drink industry has been examined and a case study of the brand Coca-Cola has been performed. The aim is to investigate how packaging design is used as a tool for strengthening a brand and to explore which additional values this contributes. In addition, the study observes the most important factors in the development of packaging design. A theoretical work of reference, consisting primarily of theories related to branding, design development and visual identity, has been developed to support the study. The thesis has been carried out using two semi-structured interviews with companies that think of packaging design as a vital part of their business: Designkontoret Silver and Amore Brand Identity Studios. The question formulations in this thesis are answered by describing the research front to the matter and to inquire how packaging design has made its mark in the Coca-Cola brand in the years 1886-2014. In this essay, the iconic Coca-Cola bottle plays a central role, as it sets an example of a successful design, along with the campaign “Share a Coke”. The study’s findings show that the phenomena of packaging design and branding are inseparable and require a strategic anchor between them. Packaging design is an effective means to create a good image of your company in the consumer’s mind. Important factors in the design development are recognition, color and shape, and consistency. These are highly characteristic marks of Coca-Cola who over a century stringently has maintained the brand’s well-known design language. The company has historically used design as an innovative tool, not least at the launch of the Contour Bottle in 1916, and has only performed minor changes since then.

<p><em>Drink! The Marketing History of The Coca-Cola Company: A Modernization Perspective</em> examines the development of <em>The Coca-Cola Company’s</em> marketing history, from the founding of the company in 1886 until today. <em>The Coca-Cola Company</em> has been superior on the market for over a century. It has also developed along with the urbanisation of its society, which is interesting in a modernization perspective. The essay investigates the marketing strategies of the company, with focus on three themes: gender, sponsorship and interactive culture phenomenon. The examination is based on an analysis of six significant photo- and TV advertisements, two from each theme. The research is based on profound literature studies combined with studies of visual culture. With the work of this essay, we have come to the conclusion that <em>The Coca-Cola Company</em> has reached its power and fame because of it’s creative marketing strategies. Hence, of the fact that the company has developed together with the urbanisation and technical an economical growth of society.</p>

Drink! The Marketing History of The Coca-Cola Company: A Modernization Perspective examines the development of The Coca-Cola Company’s marketing history, from the founding of the company in 1886 until today. The Coca-Cola Company has been superior on the market for over a century. It has also developed along with the urbanisation of its society, which is interesting in a modernization perspective. The essay investigates the marketing strategies of the company, with focus on three themes: gender, sponsorship and interactive culture phenomenon. The examination is based on an analysis of six significant photo- and TV advertisements, two from each theme. The research is based on profound literature studies combined with studies of visual culture. With the work of this essay, we have come to the conclusion that The Coca-Cola Company has reached its power and fame because of it’s creative marketing strategies. Hence, of the fact that the company has developed together with the urbanisation and technical an economical growth of society.

Thesis (M.B.A.)--University of Hong Kong, 1997. / Includes bibliographical references (leaf 145-150).

Dissertation presents theoretical approaches to category management including the definition of its 8-step process. The implementation of category management is shown on examples of the Coca-Cola company, which support functionality of suggested methodology and objectives from the beginning of this dissertation.

Diss. Univ. St. Gallen, 2002.

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / This research aims at examining in what ways brands configure their consuming public's identity via advertising in the contemporary context. For that, it departs from observing the adverts from both competitor brands over the same period of time: the ones from Coca-Cola and the ones from Pepsi. Considering that the main product offered by those brands - soda - is very similar, sold at identical prices and whose flavour is sometimes indistinguishable for the consumer, it seems pertinent to propose the hypothesis that what determines consumption of a certain brand as opposite to the other is related to the way of characterisation and interpolation of consumers, engraved in those brands's adverts, which, in a certain manner, interferes in the choices made by individuals. Such configuring elements of the consumers's image projected by the company would have the capacity to allow sudden identification of individuals aimed at by one of the brands - and not the other. Thus, this research's main objective is to comprehend the relations that are established by brands and their public as from the observation of televisual commercials vehicled by the before-mentioned companies. So that we can better visualise such a relation, we have defined the following specific objectives: (1) analyse discursive strategies employed in televisual adverts for brand and offered product characterisation; (2) identify values put on the agenda by those brands to interpolate the consumer; (3) look for configuring threads of the consuming public summoned by both brands in their interpolation process; (4) verify configuration of the consumption surroundings of those products proposed by commercials (elements and/or situations which involve type/habit of consumption), looking forward to better understanding the public in question. The analysis's steps include: (a) description of different Coca-Cola and Pepsi televisual adverts selected to compose our research corpus; (b) identification of themes and values involved in those texts; (c) examining of manipulating figures and discursive strategies employed in the narratives; (d) description of brand discursive configuration, of consuming public and of surroundings in which that consumption occurs (procedures of figurativisation, actoralisation, spacialisation, temporalisation and tonalisation). Employed methodology is inspired by discursive semiotics developed by the Greimasian group. / A presente pesquisa propõe-se a examinar de que maneira as marcas configuram a identidade do seu público consumidor via publicidade no contexto contemporâneo. Para tanto, parte da observação das ofertas publicitárias de duas marcas concorrentes em período simultâneo: as da Coca-Cola e da Pepsi. Considerando que o principal produto oferecido por essas marcas, o refrigerante, é bastante similar, com preços idênticos e diferença de sabor às vezes imperceptíveis para o consumidor, parece pertinente a hipótese de que o que determina o consumo de uma marca em detrimento da outra está relacionado à forma de caracterização e interpelação do consumidor, inscrita nas campanhas publicitárias dessas marcas, que, de certa forma, passa a interferir nas escolhas feitas pelos sujeitos. Tais elementos configuradores da imagem dos consumidores projetada pela empresa teriam a capacidade de possibilitar a pronta identificação dos sujeitos visados com uma das marcas e não com a outra. Assim, o objetivo central da investigação é a compreensão das relações que se estabelecem entre as marcas e seus públicos, a partir da observação de comerciais televisuais veiculados pelas referidas empresas. Para que se possa melhor visualizar tal relação, definiram-se os seguintes objetivos específicos: (1) analisar as estratégias discursivas empregadas nas publicidades televisuais para a caracterização da marca e produto ofertado; (2) identificar os valores colocados em pauta por essas marcas para interpelar o consumidor; (3) buscar os traços configuradores da identidade do público consumidor convocado pelas duas marcas em seu processo de interpelação; (4) verificar a configuração do entorno de consumo desses produtos propostos pelos comerciais (elementos e/ou situações que envolvem o tipo/hábito de consumo), com vistas a melhor compreender o público visado. As etapas de análise compreendem: (a) a descrição das diferentes publicidades televisuais das marcas Coca-Cola e Pepsi selecionadas para comporem o corpus da pesquisa; (b) a identificação dos temas e valores envolvidos nesses textos; (c) o exame das figuras de manipulação e das estratégias discursivas empregadas nas narrativas; (d) a descrição das configurações discursivas da marca, do público consumidor e do entorno em que se dá esse consumo (procedimentos de figurativização, actorialização, espacialização, temporalização e tonalização). A metodologia adotada inspira-se na semiótica discursiva desenvolvida pelo grupo greimasiano.