food industry v2

7/31/2019 Food Industry V2

1/108

o In the statements where is not specified the Net purchased, we calculate it as 80% of the

o To calculate the Wages expense we assume that as the 80% of the Selling general and ad

o We assumed that CAP is +5 in case EP is positive and -5 in case it is negative. This is not inf

CAP in absolute value.

o Since the corporate taxes that we obtained from the firms financial statements are in som

the EV and EP computations we used an estimation of taxes.

In the following papers we analyzed 6 firms from the food industry sector. Computing the economic rat

o We assumed a VAT of 8,875% since the companies are listed on the New York Stock Excha

19,6% (France).

o In the evaluation of the firm operating risk (paper o) we assigned to firms a o between 0

FOOD INDUSTRY FINANCIAL ANAL

Rosanna D'orsi 178080

Alberto Bodritti 178945

Samuele Gaiotti 178105Julieth Giraldo 172557

Andres Cardona Ganen 172463

Farrukh Bashir 178053

o The risk free rate and market risk premium used are the ones relative to the state where t


2/108

ost of sales.

inistrative expenses, the rest 20% are the Variable Cost.

luencing the computantion of Epn since we must use the

e cases very variable and sometimes even negative, for

ios we used some assumptions:

nge, except for Danone for which we assumed a VAT of

,8 and 1,8, reducing the usual range.

SIS

he company is located.


3/108

Year 2007 2008 2009 2010

Cash & Equivalents 61.264 77.267 121.369 156.481

Accounts Receivable 393.624 430.348 447.723 381.921

Inventories 206.383 214.198 212.893 212.249

Pre-paid Expenses 41.129 41.169 36.728 38.044

Other Current Assets 27.672 1.794 8.212 19.939

Current assets from disc. Operations 191.01 0 0 0

Total Current Assets 921.082 764.776 826.925 808.634

Property, Plant & Equipment 343.878 332.445 335.528 349.65

Goodwill & Intangibles 1141.665 759.59 750.496 740.652

Other Long-term Assets (Investments) 168.624 131.374 131.877 168.21Non-current assets of disc. Operations 102.353 0 0 0

Total Long-Term Assets 1756.52 1223.409 1217.901 1258.512

Total Assets 2677.602 1988.185 2044.826 2067.146

Accounts Payable 320.734 294.635 295.572 264.292

Short Term Debt 4.459 10.495 17.607 20.169

Accrued Liabilities 145.287 138.887 158.746 127.466

Current Liabilities of disc. Operations 152.636 0 0 0

Total Current Liabilities 623.116 444.017 471.925 411.927

Long Term Debt 798.013 686.816 638.462 613.973

Deferred Tax Liabilities 106.202 104.359 105.094 115.825

Accrued pension and other employee benefits 59.059 59.154 65.812 73.797

Other Long-term Liabilities 184.702 169.438 103.23 111.636Non-current liabilities of disc. Operations 11.037 0 0 0

Total Long-term Liabilities 1159.013 1019.767 912.598 915.231

Total Liabilities 1782.129 1463.784 1384.523 1327.158

Common Stock, $.01 par value 0.427 0.444 0.448 0.453

Additional Paid-In Capital 695.647 797.779 819.984 815.01

Retained Earnings 104.934 -223.761 -133.27 -75.915

Other Equity 94.465 -50.061 -16.859 0.44Total Shareholder's Equity 895.473 524.401 660.303 739.988

Total Liabilities and Shareholder's Equity 2677.602 1988.185 2044.826 2067.146

Year 2007 2008 2009 2010

Balance Sheet (USD in Milions)

Chiquita Brands International, Inc.

Income Statement (USD in Millions)


4/108

Total Revenue 3464.703 3609.371 3470.435 3227.432

Cost of sales 2949.788 3067.612 2890.835 2765.104

Gross Profit 514.915 541.759 579.600 462.328

SG&A 374.715 378.248 372.209 321.076

Depreciation 72.403 62.899 52.695 51.172

Amortization 9.823 9.824 10.294 9.844Equity in losses (earnings) of investees 0.441 -10.321 -16.885 2.925

Other Expenses 25.912 382.226 13.978 2.148

Gain on deconsolidation of European smoothie business 0.000 0.000 0.000 -32.497Total Operating Expenses 483.294 822.876 432.291 354.668

Operating Income 31.621 -281.117 147.309 107.660

Interest Expense -86.191 -80.802 -62.058 -57.058

Interest Income 9.780 7.152 6.045 5.532

Other Income (expenses) 0.000 22.708 -0.488 2.889

Income (loss) from continuing operations before taxes -44.790 -332.059 90.808 59.023

Income tax benefit -0.900 1.900 0.400 1.600

Net Income from Continuing Ops -45.690 -330.159 91.208 60.623

Income - Discontinued Ops -3.351 1.464 -0.717 -3.268

Net Income -49.041 -328.695 90.491 57.355

Year 2007 2008 2009 2010

OPERATINGNet income -49.041 -323.725 90.491 57.355

Loss from discontinued ops 3.351 -1.464 717 3.268

Depreciation and amortization 82.226 72.723 62.989 61.016

Loss on debt extinguishment, net 0 -14.114 488 246

Income tax benefits -13.744 -16.731 -12.627 -10.465

Reserve for grower receivables 0 0 1.902 2.148

Gain on deconsolidation of European smoothie 0 0 0 -32.497

Amortization of discount on Convertible Notes 0 0 6.753 7.623

Equity in losses (earnings) of investees 0.441 -10.321 -16.885 2.925

Amortization of gain on shipping fleet sale -8.444 -15.165 -15.164 -14.562

Stock-based compensation 10.804 11.332 14.268 14.033

Changes in current assets and liabilities:

Trade receivables -5.911 -5.929 3.056 21.286

Other receivables -26.087 -35.917 -14.416 25.417

Inventories 25.815 -10.617 -3.273 663

Prepaid expenses and other current assets 2.937 -2.251 17.798 -5.286

Accounts payable and accrued liabilities 29.253 -31.177 4.312 -70.422

Deferred tax and other liabilities 0 0 1.136 17.455

Other 13.281 391.075 -6.45 17.658

Cash Flow Statement (USD in milions)


5/108

Operating cash flow 64.881 7.719 135.095 97.861

INVESTING

Capital expenditures -62.529 -63 -68.305 -65.542

Acquisition of businesses -21 -3.171 -1.2 0

Net proceeds from sale 234.83 91.837 16.8 38.227

Other long-term assets 6.639 4.212 7.121 1.089

Other, net 3.16 -1.695 2.473 -6.094Investing cash flow 161.1 28.181 -43.111 -32.32

FINANCING

Issuances of long-term debt 0 400 0 0

Repayments of long-term debt -173.855 -409.282 -47.764 -30.429

Payments of debt issuance costs -0.254 -19.508 -118 0

Payments of debt extinguishment costs -84.198 -57.719 0 0

Borrowings under the revolving credit facility 40 57 38 0

Proceeds from exercisa of stock options 1.833 12.412 0 0

Repayments of revolving credit facility and other 0 0 -38 0Financing cash flow -216.474 -17.097 -47.882 -30.429

Increase (decrease) in cash and equivalents 1.268 16.003 44.102 35.112

Cash and equivalents, beginning of period 59.996 61.264 77.267 121.369

Cash and equivalents, end of period 61.264 77.267 121.369 156.481


6/108

VAT 8.875%

2007 2008 2009

NET FINANCIAL DEBT 741.208 620.044 534.7

2011 NET CAPITAL EMPLOYED 1636.681 1144.445 1195.003

NET FIXED ASSETS 1338.7 823.7 840.0

45.261 Total direct cost (Cost of sales+SG&A*0 3024.7 3143.3 2965.3

333.359 Total fixed cost (TFC) 408 747 358

238.279 CM 440.0 466 505.2

43.177 CM% 14.86% 15.01% 16.70%

44.597 Wages expenses (SG&A * 0,8) 299.8 303 297.8

0 EBIAT 30.7 -279.2 147.7

704.673

369.687

731.366

132.2330 2007 2008 2009

1233.286 1 QUICK RATIO 0.730 1.143 1.206

1937.959 2 TREASURY MARGIN -168.228 63.598 97.167

3 CURRENT RATIO 1.478 1.722 1.752

251.572 4 NET WORKING CAPITAL 298 321 355

16.774 5 NET OPERATING WORKING CAPITAL 241.16 253.99 251.24

114.979 6 EQUITY DEBT RATIO 1.208 0.846 1.235

0 7 EQUITY DEBT MARGIN 154.3 -95.6 125.6

383.325 8 DAYS SALES OUTSTANDING 38.266 42.411

9 DAYS PURCHASING OUTSTANDING 29.900 34.058

555.705 10 DAYS INVENTORY OUTSTANDING 25.021 26.962

43.248 11 ELASTICITY INDEX 0.147 0.222 0.210

76.903 12 NET FIXED ASSET COVERAGE INDEX 1.265 1.470 1.546

78.708 13 INVESTMENT GROWTH INDEX -7.19 1.310 14 GNCE -30% 4%

754.564 15 GNFD -16% -14%

16 GNFD > GNCE ? bad good

1137.889 17 NCE , , years -15%

E/NFD 1.21 0.85 1.23

0.458 18 FIcompared competitors 0.73 0.85 0.69

827.001 19 FIcompared best competitor 0.23 0.43 0.28

-19.079

-8.31800.07

1937.959

2007 2008 2009

1 Return on investment (ROI) 0.019 -0.246 0.123

2 Return on sales (ROS) 0.009 -0.078 0.042

3 Net asset turnover (NAT) 2.117 3.154 2.904

2011 4 Return over equity (ROE) -18.26 -1.60 7.30

Assets/Liabilities Ratios

Revenues/Costs Ratios


7/108

5 BEPrev 2747.67 4978.26 2142.67

3139.296 6 BEPnrev 0.928 1.603 0.708

2691.78 7 OLv 13.91 -1.66 3.43

447.516 8 OLp 109.57 -12.84 23.56

9 OL pv -9.890 -1.524307.716 10 ROIT 32.88 -34.50

51.533 11 ROST -236.86 39.59

9.394 12 NATT -0.14 -0.876.314 13 CMT 1.07 0.68

38.819 14 AVp 140 164 207

0.000 15 FC 67% 73%413.776 16 GCM 6% 8%

33.740 17 GNCE -30% 4%

18 GREV 4% -4%

-51.586 19 GEBIAT -1009% 153%

4.204 20 CAGRREV (3,4,5 years) 0.1%

-11.722 21 CAGREBIAT (3,4,5 years) 119%

-25.364 22 ROIcompered competitors 0.13 -1.94 0.60

23 ROIcompered best competitor 0.06 -0.65 0.33

82.200

56.836

0.000

56.836 EBITDA 113.85 -208.39 210.30

Current Operating Cash Flows (COCF) -231.19 176.06

Gross Operating Cash Flows (GOCF) 211.12 96.75

Net Operating Cash Flows (NOCF) 209.22 96.35

Company tax (tc) -2.0% 0.6% -0.4%

2011

56.836 2007 2008 2009

0 1 NOCFr 0.058 0.028

60.927 2 EBITDACV 0.901 1.194

11.722 3 TZFD 2.96 5.55

-100.836 Self Financing -17% 13%

32.967 Shareholders' contribution -2.6% 4.0%

0 Financial Leverage Contribution -10.4% -12.5%

8.606 4 GS -30.1% 4.4%

6.314 GS -30.1% 4.4%

-14.131 5 Solvency index -1.42 -1.48

10.042 6 GCOCF

176%

7 GGOCF -54%

-11.022 8 NOCFrcompared target 0.31 0.34

33.306 9 NOCFrcompared best competitor 0.18 0.21

-26.546 10 CagrNOCF -54%

-9.981

-18.617

2.995 Kd 12% 13% 12%

-3.624 tc 15% 15% 35%

Cash In/Cash Out Ratios


8/108

38.958 o 1.25 1.12 1.36

rf 2.5% 2.3% 2.8%

MP 5.5% 5.5% 5.5%

-75.535 e 2.13 2.25 2.08

0 Ke 14.21% 14.65% 14.22%

3.307 Wacc 12.25% 12.71% 11.23%

3.512

745 EP -173.65 -384.46 -38.46-67.971 CAP -5 -5 -5

EPn -622.08 -1361.71 -141.33

EV

330.067

-400.333

-5.026

-6.915

0

0

0-82.207

-111.22

156.481

45.261


9/108

2010 2011

477.661 527.218

1217.649 1327.288 1636.681 1144.445 1195.003 1217.649 1327.288

820.9 1005.9

2829.3 2753.3

290 352

398.1 386.0

14.32% 14.26%

256.9 246.2

109.3 115.9

2010 2011

1.307 0.988 1.075

126.475 -4.705 22.861

1.963 1.838 1.751

397 321

260.40 292.86

1.549 1.518

262.3 272.9

43.089 38.193

33.913 31.667

28.060 30.545

0.214 0.221

1.649 1.348

0.63 4.592% 9%

-11% 10%

good bad

-9% -5%

1.55 1.52

1.60 1.61

1.00 1.00

2010 2011

0.088 0.025

0.033 0.011

2.651 2.365

12.90 14.08


10/108

2027.60 2470.89

0.730 0.913

3.70 11.44

29.98 93.04

-0.269 -0.687-14.20 -7.63

3.84 25.14

-3.69 -0.301.53 1.02

141 140

100% -104%-21% -3%

2% 9%

-7% -3%

-26% 6%

-2% -2%

53% 39%

0.69 0.20

0.34 0.09

168.68 94.67

126.97 170.03

85.01 -75.90

83.41 -158.10

-2.7% 324%

2010 2011

0.026 -0.0504

1.328 0.557

5.73 -3.33

9% -6%

1.9% 0.3%

-9.2% 14.9%

1.9% 9.0%

1.9% 9.0%

-2.10 55.61

-28% 34%

-12% -189%

-0.33 -0.79

0.46 -0.38

-37% -191%

12% 10%

35% 35%


11/108

1.04 1.24

3.0% 4.8%

5.5% 5.5%

1.48 1.77

11.12% 14.54%

9.80% 11.29%

-49.40 -127.94 -173.65 -384.46 -38.46 -49.40 -127.94-5 -5

-188.19 -469.40

-2133.10


12/108

Year 2011 2010

Cash & Equivalents 1027 1054

Short Term Investments 1114 1111

Cash and Short Term Investments 2141 2165

Accounts Receivable - Trade, Net 1930 1873

Notes Receivable - Short Term 91 85

Receivables - Other 720 681

Total Receivables, Net 2741 2639

Total Inventory 1060 974

Prepaid Expenses 93 86

Other Current Assets, Total 77 40

Operating Current Assets 3971 3739

Total Current Assets 6112 5904

Property/Plant/Equipment, Total - Gross 8441 8077

Accumulated Depreciation, Total -4525 -4267

Property/Plant/Equipment, Total - Net 3916 3810

Goodwill, Net 11289 11311

Intangibles, Net 4789 4813

Long Term Investments 1319 1204

Note Receivable - Long Term 53 42

Other Long Term Assets, Total 948 936Total Assets 28426 28020

Accounts Payable 2634 2372

Accrued Expenses 756 714

Notes Payable/Short Term Debt 72 45

Current Port. of LT Debt/Capital Leases 1865 2529

Other Current liabilities, Total 1635 1544

Operating Current Liabilities 5097 4675

Total Current Liabilities 6962 7204

Total Long Term Debt 7166 6946

Total Debt 9103 9520

Deferred Income Tax 1108 1129

Minority Interest 98 47

Other Liabilities, Total 992 957

Total Liabilities 16326 16283

Common Stock, Total 161 162

Groupe Danone

Balance Sheet (EUR in Milions)


13/108

Additional Paid-In Capital 3452 3627

Retained Earnings (Accumulated Deficit) 10192 9251

Treasury Stock - Common -1564 -1216

Other Equity, Total -141 -87

Total Equity 12100 11737

Total Liabilities & Shareholders' Equity 28426 28020

Shares Outs - Common Stock Primary Issue 601 611

Total Common Shares Outstanding 601 611

Year 2011 2010

Revenue 19318 17010

Total Revenue 19318 17010Cost of Revenue, Total 9541 7957

Gross Profit 9777 9053

Selling/General/Admin. Expenses, Total 6785 6290

Research & Development 233 209

Unusual Expense (Income) 34 80

Other Operating Expenses, Total -4 -43

Total Operating Expense 7048 6536

EBIT Operating Income 2729 2517

FinC Interest Expense, Net Non-Operating -241 -230

Interest/Invest Income - Non-Operating 67 324

Interest Income(Exp), Net Non-Operating -120 -114

Other Interest Expense(Income), Net -48 -13

Other, Net 0 0

Net Income Before Taxes 2435 2497

TAX

Provision for Income Taxes 626 578

Net Income After Taxes 1809 1919

Minority Interest -184 -165

Equity In Affiliates 46 121

Net Income Before Extra. Items 1671 1875

Discontinued Operations 0 0

Net Income 1671 1875

Income Available to Com Excl ExtraOrd 1671 1875

Income Available to Com Incl ExtraOrd 1671 1875

Basic Weighted Average Shares 602 614

Basic EPS Excluding Extraordinary Items 2775 3052

Income Statement (EUR in Millions)


14/108

Basic EPS Including Extraordinary Items 2775 3052

Dilution Adjustment 0 0

Diluted Weighted Average Shares 604 616

Diluted EPS Excluding ExtraOrd Items 2766 3044

Diluted EPS Including ExtraOrd Items 2766 3044

DPS - Common Stock Primary Issue 1390 1300

Gross Dividends - Common Stock 893 842

Total Special Items 70 92Normalized Income Before Taxes 2505 2589

Effect of Special Items on Income Taxes 18 21

Inc Tax Ex Impact of Sp Items 644 599

Normalized Income After Taxes 1861 1990

Normalized Inc. Avail to Com. 1723 1946

Basic Normalized EPS 2861 3167

Diluted Normalized EPS 2852 3159

Year 2011 2010

Net Income/Starting Line 1671 1875

Depreciation/Depletion 637 592

Non-Cash Items 201 -42

Changes in Working Capital 96 51

Cash from Operating Activities 2605 2476

Capital Expenditures -885 -832

Other Investing Cash Flow Items, Total 118 280

Cash from Investing Activities -767 -552

Financing Cash Flow Items -211 -803

Total Cash Dividends Paid -783 -737

Issuance (Retirement) of Stock, Net -622 -197

Issuance (Retirement) of Debt, Net -248 151

Cash from Financing Activities -1864 -1586

Foreign Exchange Effects -1 72

Net Change in Cash -27 410

Cash Flow Statement (EUR in milions)


15/108

2009 2008 2007

644 591 548

454 441 493

1098 1032 1041

1635 1534 1548

88 26 30

588 950 763

2311 2510 2341

765 795 861

57 0 0

176 546 151

3309 3851 3353

4407 4883 4394 1

2

6983 6538 6298 3

-3803 -3455 -3263 4

3180 3083 3035 5

10227 9886 12869 6

4258 4226 4362 7

1587 1641 2035 8

27 73 67 9

621 639 814 1024307 24431 27576 11

12

1945 2189 2306 13

1511 2024 2047 14

89 0 0 15

1702 652 2447 16

609 33 13 17

4154 4246 4366 18

5856 4898 6813

6092 11435 9855

7883 12087 12302

937 1109 1157

54 56 82 1

813 723 651 2

13752 18221 18558 3

4

162 128 128


16/108

3596 297 255 5

8437 7965 9594

-1027 -1225 -1270 7

-613 -955 311 8

10555 6210 9018 9

10

24307 24431 27576 11

12

613 478 523 13

613 478 523 14

15

16

17

18

19

2009 2008 2007

20

14982 15220 12776 21

14982 15220 12776 226749 7172 6380 23

8233 8048 6396 24

25

5596 5513 4441 26

206 198 121

-1 -60 -17

-79 210 305

5722 5861 4850

2511 2187 1546 EBITDA

1

-340 -497 -307 2

76 58 132 3

0 0 0

-63 596 148 4

-225 -145 -2

2022 1603 1369

5

424 443 410 6

1598 1160 959 7

8

-160 -178 -158 9

-77 62 87 10

1361 1044 888 11

0 269 3292 12

1361 1313 4180 13

14

1361 1044 888 15

1361 1313 4180 16

566 525 524 17

2407 1990 1696

EBIAT


17/108

2407 2503 7981 20

0 0 -- 21

566 526 528 22

2406 1984 1683 23

2406 2495 7923 24

1200 1200 1000 25

776 617 564 26

-1 -60 -17 272021 1543 1352 28

30

-0 -17 -5

424 426 405

1597 1117 947

1360 1001 876

2405 1907 1673

2405 1902 1661

2009 2008 2007

1361 1313 4180

549 525 420

165 -55 -3200

-75 -29 211

2000 1754 1611

-699 -706 -726

1021 137 -7372

322 -569 -8098

-552 63 1708

-221 -705 -622

3077 94 -373

-4581 -563 5683

-2277 -1111 6396

8 -31 -16

53 43 -107


18/108

VAT 0.196

2011 2010 2009 2008

NET FINANCIAL DEBT 8076.00 8466.00 7239.00 11496.00

NET CAPITAL EMPLOYED 20176.00 20203.00 17794.00 17706.00

NET FIXED ASSETS 21026.00 21503.00 19243.00 17721.00Total direct costs 10898.00 9215.00 7868.20 8274.60

Total fixed cost (TFC) 6065.00 5624.00 5025.80 4935.40

CM 9777.00 9053.00 8233.00 8048.00

CM% 51% 53% 55% 53%

Variable cost = selling gen. and administ.*0,2 1357 1258 1119.2 1102.6

Wages expense = selling gen. and administ.*0,8 5428 5032 4476.8 4410.4

Net purchased = cost of sales*0,8 7632.8 6365.6 5399.2 5737.6

Net sales = Net Revenues 19318 17010 14982 15220

2011 2010 2009 2008

QUICK RATIO 0.70 0.67 0.58 0.72

TREASURY MARGIN -2080.00 -2400.00 -2447.00 -1356.00

CURRENT RATIO 0.88 0.82 0.75 1.00

NET WORKING CAPITAL -850.00 -1300.00 -1449.00 -15.00

NET OPERATING WORKING CAPITAL -1126.00 -936.00 -845.00 -395.00

EQUITY DEBT RATIO 1.50 1.39 1.46 0.54

EQUITY DEBT MARGIN 4024.00 3271.00 3316.00 -5286.00

DAYS SALES OUTSTANDING 30.04 31.47 32.28 30.90

DAYS PURCHASING OUTSTANDING 100.08 103.48 116.83 119.54

DAYS INVENTORY OUTSTANDING 38.91 39.89 42.18 42.14ELASTICITY INDEX -0.06 -0.05 -0.05 -0.02

NET FIXED ASSET COVERAGE INDEX 0.92 0.87 0.87 1.00

INVESTMENT GROWTH INDEX 1.75 -2.82 -1.77 11.42

G(NCE) 0% 14% 0% -15%

G(NFD) -5% 17% -37% -2%

G(NFD) > G(NCE) ? good bad good bad

CAGR(NCE)5years;4years;3years -1% -1% -7%

E/NFD Company 1.50 1.39 1.46 0.54

2011 2010 2009 2008

Return on investment (ROI) 14% 12% 14% 12%

Return on sales (ROS) 14% 15% 17% 14%

Net asset turnover (NAT) 1.67 1.72 1.69 2.85

Return over equity (ROE) 14% 16% 13% 21%


Revenues/Costs Ratios


19/108

BEP rev 11983.60 10567.13 9145.70 9333.60

BEP nrev 0.62 0.62 0.61 0.61

OL v 3.58 3.60 3.28 3.68

OL p 7.08 6.76 5.97 6.96

OL pv 0.08 0.00 0.15 0.41

ROI t -63.02 0.02 29.81 -2.81

ROS t 0.62 0.02 -9.47 2.17

NAT t 0.00 -0.14 0.00

CM t 0.68 0.76 0.27 1.54

AV p 4349.00 4021.00 3756.20 3637.60

FC 2.91% 2.93% 3.63% 4.28%

G(CM) 0.08 0.10 0.02 0.26

G(NCE) -0.00 0.14 0.00 -0.15

G(REV) 0.14 0.14 -0.02 0.19

2103.00 1939.00 2087.00 1744.00

G(EBIAT) 0.08 -0.07 0.20 0.54

CAGR(REV)5years,4years,3years 0.11 0.10 0.08

CAGR(EBIAT)5years,4years,3years 0.17 0.20 0.36ROI(compared) 1.07 0.97 0.69 0.98

ROI(best compared) 0.50 0.48 0.37 0.33

E/NFD(compared) 1.59 1.43 0.82 0.54

E/NFD(best compared) 0.99 0.89 0.33 0.28

2011 2010 2009 2008

3366.00 3109.00 3060.00 2712.00

Current Operating Cash Flows 2916.00 2960.00 4494.00 308.00

Gross Operating Cash Flows 2756.00 108.00 2423.00 5253.00

Net Operating Cash Flows 2130.00 -470.00 1999.00 4810.00

Company tax 26% 23% 21% 28%

Corporate Tax 34.43% 34.43% 34.43% 34.43%

NOCF(r) 0.11 -0.03 0.13 0.32

EBITDA(cv) 1.15 1.05 0.68 8.81

TZFD 3.79 -18.01 3.62 2.39

Self Financing 10% 11% 11% 8%

Shareholders Contribution -6.47% -3.89% 16.85% -19.84%

Financial Leverage Contribution -3.69% 6.56% -27.56% -2.54%

G(S) -0.13% 13.54% 0.50% -14.76%G(s) test -0.13% 13.54% 0.50% -14.76%

Solvency index -21.19 0.40 -0.67 22.60

G(COCF) -0.01 -0.34 13.59

G(GOCF) 24.52 -0.96 -0.54

NOCF(r compared) 1.72 0.35 1.63 1.67

NOCF(r best compared) 0.84 0.49- 1.00 1.00

Cagr(NOCF) -0.24 -0.69 -0.58

Cash In / Cash Out Ratios


20/108

Rf 2.7% 1.35% 2.89% 4.39%

Rm-Rf (MP) 6% 6% 6% 6%

Beta e 2.01 2.12 2.15 2.92

Ke 15% 14% 16% 22%

WACC 10% 9% 11% 10%

EP -156.53 -152.56 -240.30 -253.32

CAP -5 -5 -5 -5

EP(n) -599 -595 -897 -972EV -6009.65

Kd 2.98% 2.72% 4.70% 4.32%


21/108

2007

11754.00

20772.00 20176.00 20203.00 17794.00 17706.00 20772.00

23191.007268.20

3972.80

6396.00

50%

888.2

3552.8

5104

12776

2007

0.50

-3431.00

0.64

-2419.00

-1013.00

0.77

-2736.00

-0.05

0.81

0.77

2007

7%

12%

2.30

46%


22/108

7935.66

0.62

4.14

8.26

2843.20

1136.00

0.50

0.21

0.46

0.15

2007

1966.00

30%

34.43%


23/108

4.39%

6%

2.78

21%

10%

-1088.74

-5

-4114

2.61%


24/108

ASSETS 2007 2008 2009

Financial Cash & Equivalents 13 25.7 143

Short Term Investents 0 0 0

Operating Accounts Receivable 261 287 188

Inventories 810 817 677

Pre-paid Expenses 93.9 64.7 139

Deferred Tax Assets 0 0 0

Other Current Assets 38.6 34.3 0

Total Current Assets 1216.5 1228.7 1147

Property, Plant & Equipent 719 712 643

Goodwill & Intangibles 2590 2570 2510

Other Long-term Assets 38.5 33.6 22.3

Total Long-Term Assets 3350 3320 3170

Total Assets 4566.5 4548.7 4317

Total Financial Assets 13 25.7 143

Total Operating Assets 1203.5 1203 1004

LIABILITIES AND EQUITY

Accounts Payable 200 230 397Accrued Expenses 0 0 0

Financial Short Term Debt 51.2 37.5 34.6

Other Current Liabilities 0 110 4.9

Total Current Liabilities 251.2 377.5 436.5

Financial Long Term Debt 1950 1850 1530

Capital Lease Obligations 0 0 0

Deferred Income Tax 468 397 390

Other Long-term Liabilities 346.8 266 291

Total Long-term Liabilities 2764.8 2513 2211

Minority Interest 0 0 0

Total Liabilities 3016 2890.5 2647.5

Total Financial Liabilities 2001.2 1887.5 1564.6

Total Operating Liabilities 1014.8 1003 1082.9

Net Financial Debts 1988.2 1861.8 1421.6

Del Monte Foods

Consolidate Balance Sheet (Millions USD)


25/108

Preferred Stock 0 0 0

Common Par 2.1 2.1 2.1

Additional Paid-In Capital 1120 1191.9 1110.8

Retained Earnings 537 639 778

Treasury Stock -133 -183 -183

Other Equity 24.4 8.2 -38.4

Total Shareholder's Equity 1550.5 1658.2 1669.5

Total Liabilities and Equity 4566.5 4548.7 4317

2007 2008 2009

Total Revenue 3410 3740 3630

Cost of Sales 2420 2710 2520

Gross Profit 990 1030 1110

Research & Developent 0 0 0

SG&A 578 575 643

Amortization & Deprec 101 106 105

Other Expenses 0 0 0

Total Operating Expenses 679 681 748

Operating Income 311 349 362

Other Income -30 -60 -24.1

EBIT 281 289 337.9

Minority Interest 0 0 0

Interest Expense 155 20 255

Income Before Taxes 126 269 82.9

Income Taxes 53.6 68 78.8

Net Income from Continuing Ops 72.4 201 4.1

Income - Discontinued Ops -0.4 118 26.2

Extraordinary Items 0 0 0Effect of Accounting Changes 0 0 0

Other Items 0 0 0

Net Income 72 319 30.3

Preferred Dividends 0 0 0

Net Income to Common 72 319 30.3

Consolidate Income Statement(Millions US


26/108

2007 2008 2009

Net Income 113 133 172

Depreciation 101 106 105

Amortization 0 0 0

Deferred Taxes 52.9 44.1 29.5

Change In Working Capital -55.3 8.4 -117

Other Non Cash Operating Items 19.3 -4.9 10.7

Cash From Operations 230.9 286.6 200.2

Capital Expenditures -95 -96.7 -88.7

Sale of Assets 17.5 17.5 366

Acquisitions -1310 0 0Investments 0 0 0

Other Investing Activities -51.7 -97.2 -88.7

Cash from Investing -77.5 -79.2 277.3

Dividends Paid -32.1 -32.2 -31.6

Sale / Purchase of Stock 8.7 -46.2 2.1

Net Borrowings 700 -111 -332

Other Financing Cash Flows -9.2 -5.2 0

Cash From Financing 667.4 -194.6 -361.5

Foreign Exchange Effect 0.1 0 0.6

Net Change in Cash -447 12.7 117

Cash Flow Statement (USD)


27/108

2007 2008

NET FINANCIAL DEBT 1988.2 1861.8

NET CAPITAL EMPLOYED 3538.7 3520

2010 NET FIXED ASSETS 4504 2668.8

Total fixed cost (TFC) 679 68153.7 CM% 29% 28%

0 CM 990 1030

187 EBIAT 227.4 221

726 E/NFD 0.780 0.891

128 Total Direct Cost (TDC) 2535.6 2825

0 Wages Expenses (SG&A*0,8) 462.4 460

0

1094.7

2007 2008

659 1 Quick Ratio 1.09 0.83

2500 2 Treasury margin 22.8 -64.8

34.4 3 Current ratio 4.84 3.25

3190 4 Net Working capital 965.3 851.2

4284.7 5 Net Operating Working capital 964.9 938.7

6 Equity Debt ratio 0.78 0.89

53.7 7 Equity Debt Margin -437.7 -203.6

1041 8 Days sales outstanding 25

9 Days purchasing outstanding 27

10 Days inventory outstanding 101

11 Elasticity index 0.273 0.242

406 12 Net fixed asset coverage index 0.78 1.310 13 Investment growth index - 19.17

35.6 14 G (NCE) - -1%

0.5 15 G (NFD) - -6%

442.1 G(NCE) > G(NFD) - bad

16 Cagr (NCE) 5years;4years;3years

1260 (E/NFD)company 0.78 0.89

0 0

441

260

1961 2007 2008

1 Return on Investment (ROI) 0.09 0.10

0 2 Return on Sales (ROS) 0.09 0.09

2403.1 3 Net Asset Turnover (NAT) 1.0 1.1

4 Return on Equity (ROE) 21.53 5.20

1295.6 5 BEPrev 2338.8 2472.76

1107.5 6 BEPnrev 0.69 0.66

1241.9 7 OLv 3.18 3.56

8 OLp 12.14 12.94


Revenue/Cost Ratios


28/108

0 9 OLpv - 0.12

2.2 10 ROIT - -23.12

1139.2 11 ROST - 1.26

983 12 NATT - -18.31

-183 13 CMT - 0.85

-59.8 14 AVp 527.6 570

1881.6 15 FC 8% 1%16 GCM - 4%

4284.7 17 GNCE - -1%

18 GREV - 10%

21 GEBIAT - -3%

22 CAGRREV(2,3,4 years) - 5%

2010 23 CAGREBIAT (2,3,4 years) - -1%

3740

2410

1330 2007 2008EBITDA 412 455

0 Current Operating Cash Flows (COCF) - -1361.5

721 Gross Operating Cash Flows (GOCF) - 367.7

99.4 Net Operating Cash Flows (NOCF) - 299.7

0 Company tax (Tc) 43% 25%

820.4

509.6 1 NOCFr - 0.08

2 EBITDACV - -0.33

-45 3 TZFD - 6.21

464.6 4a Self Financing - 7.37%

4b Shareholders Contribution - -5.97%

0 4c Financial Leverage Contribution - -1.92%

23 5 G(s) - -0.53%

441.6 g(s) - -0.53%

6 Solvency index - -2.22

140 7 GCOCF - -

301.6 7 GGOCF - -

8 NOCFrcompared target 0.47

99 9 NOCFrcompared best competitor 0.25

0 10 CagrNOCF0

0

400.6 Kd 8% 1%

tc 35% 35%

0 o 1.25 1.2

400.6 rf 2.5% 2.3%

MP 6.5% 6.5%

Cash in/ Cash out Ratios

)


29/108

e 2.29 2.08

Ke 17.40% 15.79%

Wacc 10.47% 7.81%

2010

EP -168.34 -48.02

244 CAP -5 -5

EPn -630.57 -192.71

99.4 EV

0

54.4

-104 Average account receivable 274 237.5

61.6 Average account payable 215 313.5

355.4 Average inventory 813.5 747

-105

0

00

-105

-105

-37.6

12.3

-313

1.7

-336.6

-3.8

-89


30/108

2009 2010 VAT

1421.6 1241.9 8.875%

3091.1 3123.5

2380.6 2470.9

748 820.431% 36%

1110 1330

259.1 324.6

1.174 1.515

2648.6 2554.2

514.4 576.8

2009 2010

0.76 0.54 0.81

-105.5 -201.4 -87.23

2.63 2.48 3.30

710.5 652.6

607 635

1.17 1.52

247.9 639.7

22 17

42 56

99 98

0.230 0.209

1.34 1.273.72 0.14

-12% 1%

-24% -13%

good bad

-0.13 -0.06

1.17 1.52

2009 2010

0.12 0.16

0.10 0.14

1.2 1.2

55.10 4.70

2446.16 2306.99

0.67 0.62

3.28 2.86

10.74 8.05


31/108

0.04 0.41

-0.31 38.90

-1.27 13.46

0.24 2.89

0.47 -0.85

595.6 753.2

18% 2%8% 20%

-12% 1%

-3% 3%

17% 25%

-1% 1%

5% 6%

2009 2010467 609

607.7 666.9

790.9 477.2

712.1 337.2

95% 32%

0.20 0.09

0.77 0.91

2.00 3.68

0.51% 11.26%

-0.54% -6.10%

-12.14% -4.11%

-12.18% 1.05%

-12.18% 1.05%

-1.23 -1.93

-1.45 0.10

1.15 -0.40

1.97 -1.43

1.00 1.00

138% -53%

18% 2%

35% 35%

1.16 1.24

2.8% 3.0%

6.5% 6.5%


32/108

1.80 1.77

14.51% 14.52%

13.20% 9.22%

-172.75 43.12

-5 -5

-604.63 166.76

187.5 93.5

401.5 203

701.5 363


33/108

2007 2008 2009 2010 2011

Cash & Equivalents 524 255 334 444 460

Short Term Investments 0 0 0 0 0

Accounts Receivable 1,011 1,100 1,093 1,190 1,188

Inventories 924 897 910 1,056 1,132

Pre-paid Expenses 140 114 0 225 98

Deferred Tax Assets 103 112 0 0 149

Other Current Assets 0 43 221 0 0

Total Current Assets 2,702 2,521 2,558 2,915 3,027

Property, Plant & Equipment 2,990 2,933 3,010 3,128 3,281

Goodwill & Intangibles 4,965 5,098 5,101 5,084 5,077

Other Long-term Assets 740 394 531 720 516

Total Long-Term Assets 8,695 8,425 8,642 8,932 8,874

Total Assets 11,397 10,946 11,200 11,847 11,901

Accounts Payable 1,081 1,135 1,077 1,149 1,189

Accrued Expenses 0 0 0 0 0

Short Term Debt 1,955 1,390 45 996 995

Other Current Liabilities 1,008 392 1,166 1039 1129

Total Current Liabilities 4,044 3,552 2,288 3,184 3,313

Long Term Debt 3,270 4,068 4,835 4,908 5,037

Capital Lease Obligations 0 0 0 0 0

Deferred Income Tax 647 300 425 697 637

Other Long-term Liabilities 910 1,571 1,377 904 1,152

Total Long-term Liabilities 4,827 5,939 6,637 6,509 6,826

Total Liabilities 8,871 9,491 8,925 9,693 10,139

Preferred Stock 0 0 0 0 0

Common Par 105 105 105 105 105

Additional Paid-In Capital 388 438 472 495 522

Retained Earnings 4,217 4,836 5,481 6,122 6,721

Treasury Stock -1,357 -1,790 -1,820 -2,650 -3,130

Other Equity -827 -2,134 -1,963 -1,918 -2,456

Total Shareholder's Equity 2,526 1,455 2,275 2,154 1,762

Kellogg Company

Balance Sheet (Million USD)


34/108

2007 2008 2009 2010 2011

Total Revenue11,776 12,822 12,575 12,397 13,198

Cost of Revenue 6,225 7,080 6,800 6,716 7,381

Gross Profit 5,551 5,742 5,775 5,681 5,817

Research & Development 0 0 0 0 0

SG&A 3,311 3,414 3,390 3,299 3,472

Amortization & Deprec 372 375 384 392 369

Other Expenses 0 0 0 0 0

Total Operating Expenses 3,683 3,789 3,774 3,691 3,841

Operating Income 1,868 1,953 2,001 1,990 1,976

Other Income -3 -14 -22 0 -11

EBIT 1,865 1,939 1,979 1,990 1,965

Minority Interest -1 -2 -4 -7 -2

Interest Expense 319 308 295 248 233

Income Before Taxes 1,546 1,631 1,684 1,742 1,732

Income Taxes 444 485 476 502 503

Net Income - Continuing Ops 1,102 1,146 1,208 1,240 1,229

Income - Discontinued Ops 0 0 0 0 0

Extraordinary Items 0 0 0 0 0

Effect of Accounting Changes 0 0 0 0 0

Other Items 0 0 0 0 0

Net Income 1,102 1,146 1,208 1,240 1,229

Preferred Dividends -1 -2 -4 -7 -2

Net Income to Common 1,103 1,148 1,212 1,247 1,231

2007 2008 2009 2010 2011

Net Income 1,102 1,146 1,208 1,240 1,229

Cash Flow (Million USD)

Income (USD)


35/108

Depreciation 372 375 384 392 369

Amortization 0 0 0 0 0

Deferred Taxes -69 157 -40 266 84

Change In Working Capital 10 -81 178 -344 127

Other Non Cash Op Items 88 -330 -87 -546 -214

Cash From Operations 1,503 1,267 1,643 1,008 1,595

Capital Expenditures -472 -461 -377 -474 -594

Sale of Assets 3 13 0 0 0

Acquisitions -128 -213 0 0 0

Investments -4 0 0 0 0

Cash from Investing -601 -681 -370 -465 -587

Dividends Paid -475 -495 -546 -584 -604

Sale / Purchase of Stock -487 -475 -56 -848 -507

Net Borrowings 168 185 -585 985 139

Other Financing Cash Flows 6 5 5 8 15

Cash From Financing -788 -780 -1,182 -439 -957

Foreign Exchange Effect -1 -75 -12 6 -35

Net Change in Cash 113 -269 79 110 16


36/108

2007 2008 2009 2010

NET FINANCIAL DEBT $4,701 $5,203 $4,546 $5,460

NET CAPITAL EMPLOYED $7,227 $6,658 $6,821 $7,614

NET FIXED ASSETS $8,569 $7,689 $6,551 $7,883

Total fixed cost (TFC) $3,683 $3,789 $3,804 $3,691

CM% 47% 45% 46% 46%

CM $5,551 $5,742 $5,775 $5,681EBIAT 1,421 1,454 1,503 1,488

E/NFD 54% 28% 50% 39%

2007 2008 2009 2010

1 QUICK RATIO 0.380 0.381 0.624 0.513

2 TREASURY MARGIN -$2,509 -$2,197 -$861 -$1,550

3 CURRENT RATIO 0.668 0.710 1.118 0.916

4 NET WORKING CAPITAL -$1,342 -$1,031 $270 -$269

5 NET OPERATING WORKING CAPITAL $2,105 $1,523 $2,313 $2,361

6 EQUITY DEBT RATIO 0.537 0.280 0.500 0.395

7 EQUITY DEBT MARGIN -$2,175 -$3,748 -$2,271 -$3,306

8 DAY SALES OUTSTANDING 29 28 29 31

9 DAY PURCHASING OUTSTANDING 58 52 55 56

10 DAY INVENTORY OUTSTANDING 50 43 45 50

11 ELASTICITY INDEX 0.29 0.23 0.34 0.31

12 NET FIXED ASSET COVERAGE INDEX 0.68 0.72 1.09 0.90

13 INVESTMENT GROWTH RATE - 1.35- 1.96- 4.40

14 G NCE - -8% 2% 12%

15 G NFD - 11% -13% 20%

16 G NCE > G NFD - bad good not bad

17 Cagr NCE - - -0.056 0.026

18 FI target cluster 0.324 0.281 0.281 0.406

19 FI best competitor 0.103 0.142 0.113 0.255

1 Return on investment (ROI) 0.26 0.29 0.29 0.26

2 Return on sales (ROS) 0.16 0.15 0.16 0.16

3 Net asset turnover (NAT) 1.63 1.93 1.84 1.63

4 Return over equity (ROE) 0.59 0.59 0.61 0.62

5 BEP rev 7,813 8,461 8,283 8,054

6 BEP nrev 0.663 0.660 0.659 0.650

7 OL v 2.98 2.96 2.92 2.85

8 OL p 6.31 6.61 6.35 6.23

Assests/Liabilities Ratios

Revenue/Cost Ratios


37/108

9 OL pv - 0.04 0.02 0.01

10 ROI t - -50% 84% 5%

11 ROS t - 45% -107% -39%

12 NAT t - -113% -79% -12%

13 CM t 65% 49% 115%

14 FC 4.5% 4.2% 4.0% 3.2%

15 G CM - 3.4% 0.6% -1.6%16 G NCE - -7.9% 2.4% 11.6%

17 G REV - 8.9% -1.9% -1.4%

18 G EBIAT - 2.3% 3.4% -1.0%

19 Cagr rev - - 0.06785 0.02603

20 Cagr ebiat - - 0.05771 0.02338

21 ROI compered competitors 1.74 2.30 1.42 2.04

22 ROI compered best competitor 0.74 0.77 0.77 1.00

23 CagrROI compered best competitor

EBITDA $2,237 $2,314 $2,363 $2,382

COCF - $2,003 $1,062 $2,921

OCF - $2,508 $1,816 $1,197

NOCF - $2,023 $1,340 $695

Tc 29% 30% 28% 29%

1 NOCF r - 15.8% 10.7% 5.6%

2 EBITDA CV - 1.16 2.23 0.82

3 TZFD - 2.57 3.39 7.86

4a Self financing - 18.85% 21.32% 20.77%

4b Shareholders contribution - -30.68% -5.83% -19.95%

4c Financial leverage contribution - 3.93% -13.09% 10.74%

5 G S - -7.89% 2.41% 11.55%

6a g s - -7.87% 2.45% 11.63%

6b Solvency index 2.812 -4.624 0.980

7 G COCF 0.89- 0.64

8 G GOCF 0.38- 0.52-

9 NOCFr TARGET 0.84 1.30 0.72-

10 NOCFr BEST COMPETITOR 0.50 0.80 1.00

Kd 4.5% 4.2% 4.0% 3.2%

tc 29% 30% 28% 29%

Cash in/Cash out Ratios


38/108

o 1.32 1.36 1.52 1.64

rf 2.5% 2.3% 2.8% 3.0%

Risk Premium 5.5% 5.5% 5.5% 5.5%

e 3.07 4.78 3.70 4.60

Ke 19.4% 28.6% 23.1% 28.3%

Wacc 8.8% 8.5% 9.6% 9.6%

EP $690 $795 $764 $684

CAP 5 5 5 5

EPn $2,694 $3,131 $2,923 $2,619

EV


39/108

2011

$5,572

$7,334 VAT

$7,620 8.9%

$3,851

44%

$5,8171,462

32%

2011

0.497 0.479

-$1,665 -1756.400

0.914 0.865

-$286

$2,507

0.316

-$3,810

30

53

50

0.34

0.89

0.29

-4%

2%

bad

0.005

0.335

0.208

0.27

0.15

1.80

0.63

8,737

0.662

2.96

6.72

0.000

0.200

0.400

0.600

0.800

1.000

1.200

2007 2008 2009 2010 2011

QUICK RATIO CURRENT RATIO EQUITY DEBT RATIO

2.86

2.88

2.90

2.92

2.94

2.96

2.98

3.00

OL v


40/108

0.01-

34%

-19%

-176%

65%

2.8%

2.4%-3.7% 3

6.5%

-1.7%

0.03873

-0.0273

2.13

1.00

$2,334

$2,351

$2,245

$1,742

29%

13.2%

0.99

3.20

18.31%

-21.29%

-0.72%

-3.70%

-3.68%

6.383

0.24-

0.47

2.06

1.00

2.8%

29%

2.78

2.80

2.82

2.84

2007 2008 2009 2010 2011

-

0.02

0.04

0.06

0.08

0.10

0.12

0.14

0.16

0.18

2007 2008 2009 2010 2011

NOCF r

NOCF r

1,500.00

2,000.00

2,500.00

NOCF


41/108

1.45

4.8%

5.5%

4.70

30.7%

8.9%

$743

5

$2,899

$11,061

-

500.00

1,000.00

2007 2008 2009 2010 2011

NOCF


42/108

OL v

0.24

0.25

0.26

0.27

0.28

0.29

0.30

2007 2008 2009 2010 2011

Return on investment (ROI)

Return on investment

(ROI)


43/108


44/108

Kraft FoodsConsolidated Balance Sheet Millions $

Fiscal Year Ending 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10Assets

Current Assets

Cash and Equivalents 239 1240 2100 2480Short-term Investments 0 0 0 0

Accounts Recievable 5200 4700 5200 6500

Inventories 4100 3730 3770 5310

Prepaid Expense 0 0 0 0

Deferred Tax Assets 575 861 730 898

Other Current Assets 302 828 651 993

Total Current Assets 10700 11400 12500 16200

Non Current Assets

Property, Plant & Equipment 10800 9920 10700 13800

Goodwill & Intangibles 43400 40500 42200 63800

Other long-term Assets 3080 1290 1370 1460Total Non-current Assets 57300 51700 54300 79100

Total Assets 68000 63100 66700 95300

Liabilities&ShareholdersEquity

Current Liabilities

Accounts Payable 4070 3370 3770 5410

Accrued Expenses 0 0 0 0

Short-term debt 8110 1660 966 1860

Other Current Liabilities 100 3250 3400 4580

Total Current Liabilities 17100 11000 11500 15700

Non Current Liabilities

Long Term Debt 12900 18600 18000 26900Capital Lease Obligations 0 0 0 0

Deferred Income Tax 4880 4060 4510 7980

Other Long-Term Liabilities 5830 7180 6720 8840

Total Long-Term Liabilities 23600 29800 29300 43700

Minority Interest 0 0 96 108

Total Liabilities 40700 40900 40800 59500

Preferred Stock 0 0 0 0

Common Par 0 0 0 0

Additional Paid-In Capital 23400 23600 23600 31200

Retained Earnings 12200 13300 14600 16600

Treasury Stock -6520 -8710 -8420 -8130Other Equity -1830 -5990 -3960 -3890

Total Shareholder`s Equity 27300 22200 25900 35800

Kraft Foods

Income Statement Billion $


45/108

Fiscal Year Ending 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10Total Revenue 37200 42200 40400 49200

Cost of Revenue 23800 27200 24900 30100

Gross Profit 13500 15000 15500 19100

Research & Development 0 0 0 0

Selling,General&AdministrativeExp 7810 9060 9110 12000

Amortization & Depreciation 899 1010 957 1650

Other Expenses 345 1090 -67 -193

Total Operating Expenses 9050 11200 10000 13500

Operating Income 4410 3820 5510 5670

Other Income 15 32 17 -240

EBIT 4420 3850 5520 5430

Minority Interest 0 0 7 25

Interest Expenses 698 1270 1240 1790

Income Before Taxes 3730 2580 4280 3620

Income Taxes 1140 728 1260 1150

Net Income fromContinuing Opera 2590 1850 3020 2470

income-Discontinued Ops 0 1050 0 1640

Extraordinary Items 0 0 0 0

Eddect of Accounting Changes 0 0 0 0

Other Items 0 0 0 0

Net Income 2590 2900 3020 4110

Preferred Dividents 0 0 0 0

Net Income to Common 2590 2900 3020 4110

Kraft Foods

Cash Flow Statement Billion $

Fiscal Year Ending 31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10Net Income 2590 2900 3020 4110

Depreciation 886 986 931 1440

Amortization 0 0 0 0

Deferred Taxes -436 -262 -38 -251

Change in Working Capital -222 356 870 -1180

Other Non Cash Operating Items 753 160 217 -907

Cash From Operations 3570 4140 5080 3750

Capital Expenditures -1240 -1370 -1330 -1660

Sale of Assets 0 0 0 0

Acquisitions -7220 -2000 0 -5810

Investments 0 0 0 0

Other Investing Activities -1200 -1320 -1240 -1650

Cash From Investing -8420 -1320 -1240 -7460

Dividends Paid -1640 -1660 -1710 -2170

Sale/Purchase of Stock -3710 -777 0 0

Net Borrowings 10500 311 -1410 7300


46/108

Other Financing Cash Flows -56 -72 -10 -936

Cash From Financing 5120 -2060 -3130 4190

Foreign Exchange Effect 52 -87 145 -94

Net Change in Cash -328 -677 -857 -380


47/108

1000

VAT 8%

31-Dec-11 2007 2008

NET FINANCIAL DEBT 20771.00 19020

NET CAPITAL EMPLOYED 48071.00 41220

1970 NET FIXED ASSETS 54471.00 408200 Total fixed cost (TFC) 7492.00 9348.00

6360 CM% 0.36 0.36

5710 CM 13500 15000

0 Total Direct Cost 25362.00 29012

912 Wages Expense 6248.00 7248.00

1250 EBIAT 3280 3122

16200 Assets &2007 2008

13800 1 QUICK RATIO 0.32 0.54

62500 2 TREASURY MARGIN -11661.00 -5060

1340 3 CURRENT RATIO 0.63 1.0477600 4 NET WORKING CAPITAL -6400 400

93800 5 NET OPERATING WORKING CAPITAL 6044.00 7161.00

6 EQUITY DEBT RATIO 1.31 1.17

7 EQUITY DEBT MARGIN 6529.00 3180.00

5530 8 DAY SALES OUTSTANDING 39.64

0 9 DAY PURCHASING OUTSTANDING 46.22

3840 10 DAY INVENTORY OUTSTANDING 52.54

4860 11 ELASTICITY INDEX 0.13 0.17

18400 12 NET FIXED ASSET COVERAGE INDEX 0.93 1.27

13 INVESTMENT GROWTH RATE -12.84

23100 15 G NCE -14%0 16 G NFD -8%

6740 17 G (nce) > G (nfd) bad

10200 18 Cagr (NCE) for year 3,4,5

40100 19 E/NFD 1.31 1.17

111

58600 Revenue0 2007 2008

0 1 Return on investment (ROI) 9.19% 9.34%

31300 2 Return on sales (ROS) 11.88% 9.12%

18000 3 Net asset turnover (NAT) 0.77 1.02

-7840 4 Return over equity (ROE) 9.49% 13.06%-6640 5 BEP rev 20644.62 26299.04

35200 6 BEP nrev 0.55 0.62

7 Olv 3.05 3.90

8 Ol p 8.42 10.96

9 Ol pv -0.13

10 ROI t 0.90

11 ROST -0.96


48/108

31-Dec-11 12 NATT -0.94

54400 13 CMT 0.93

34100 14 AVp 7252 7752

20300 15 FC 0.03 0.07

0 16 GCM 0.11

12100 17 GNCE -0.14

1710 18 GREV 0.13

-232 19 GEBIAT -0.05

13600 20 CAGRREV (3,4,5 years)

6660 21 CAGREBIAT (3,4,5 years)

-240 22 ROIcompered competitors 0.62 0.74

6420 23 ROIcompered best competitor 0.26 0.25

-20

1650

4750 Cash In1230 2007 2008

3530 EBITDA 5306.00 4836.00

0 Current Operating Cash Flows (COCF) -1964.00

0 Gross Operating Cash Flows (GOCF) 10701.00

0 Net Operating Cash Flows (NOCF) 9973.00

0 Company tax (tc) 31%

3530 1 NOCF r 0.24

0 2 EBITDA CV -2.46

3530 3 TZFD 1.91

4a Self financing -5823%

4b Shareholders contribution -17%

4c Financial leverage contribution -4%

31-Dec-11 5 G S -5843%3530 gs -14%

1490 6 Solvency index -23.31

0 7 G COCF

-351 8 G GOCF

-690 9 NOCFr compared 1.25

-920 10 NOCFr BEST COMPETITOR 0.75

4520 11 Kd 0.03 0.07

-1770 12 Rf 2.5% 2.3%

-430 13 MP 5.6% 5.6%

0 14 tc 41.2% 41.2%

0 15 o 1.5 1.44

-1770 16 e 2.17 2.17

-1730 17 Ke 14.7% 14.4%

-2040 18 WACC or Km 0.09 0.10

-511 19 EP -1813.085 -1685.626

-1080 20 CAP -5 -5


49/108

-565 21 Discount Factor 0.92 0.83

-3170 22 EPatt -1660.666 -1403.745

-124 23 EPn -7019.785 -6458.784

-507 24 EV


50/108

2009 2010 2011

16866 26280 24970

42766 62080 60170

41766 61580 623708178.00 11057.00 11158.00

0.38 0.39 0.37

15500 19100 20300

26722 32500 36520

7288.00 9600.00 9680.00

4260 4280 5190

Liabilities Ratios2009 2010 2011

0.63 0.57 0.45 0.50

-4200 -6720 -10070 -7542.20

1.09 1.03 0.88 0.931000 500 -2200

8030.00 9778.00 9422.00

1.54 1.36 1.41

9034.00 9520.00 10230.00

41.41 40.18 39.95

48.45 51.54 54.21

54.97 55.05 58.98

0.19 0.16 0.16

1.32 1.29 1.21

2.02 14.76 1.53

4% 45% -3%-11% 56% -5%

good not too bad good

-0.06 0.23 0.19

1.54 1.36 1.41

& Cost Ratios2009 2010 2011

12.91% 8.75% 10.67%

13.66% 11.04% 11.80%

0.94 0.79 0.90

11.66% 11.48% 10.03%21315.56 28481.91 29901.24

0.53 0.58 0.55

2.81 3.52 3.16

7.32 9.06 8.47

0.43 -0.02 0.18

11.57 -0.04 -5.93

-10.17 -0.07 1.73


51/108

-1.14 0.48 -3.44

0.54 1.01 0.85

8212 9500 10620

0.07 0.07 0.07

0.03 0.23 0.06

0.04 0.45 -0.03

-0.04 0.22 0.11

0.36 0.00 0.21

0.04 0.10 0.10

0.14 0.09 0.12

0.63 0.68 0.85

0.34 0.33 0.40

Cash Out Ratios2009 2010 2011

6451.00 6870.00 7910.00

5851.00 7370.00 10610.00

3974.00 -13884.00 8330.00

2714.00 -15034.00 7100.00

28% 29% 32%

0.07 -0.31 0.13

1.10 0.93 0.75

6.21 -1.75 3.52

-16860% -14589% -12710%

2% 14% -7%

-7% 22% -4%

-16866% -14554% -12720%

4% 45% -3%

-5.27 -1.12 26.68

-3.98 0.26 0.44

-0.63 -4.49 -1.60

0.82 3.90 2.04

0.50 -5.45 0.99

0.07 0.07 0.07

2.8% 3.0% 4.8%

5.6% 5.6% 5.6%

41.2% 41.2% 41.2% (Tax rate combined state and federal)

1.28 1.48 1.44

1.77 2.12 2.04

12.7% 14.9% 16.2%

0.09 0.10 0.11

-775.937 -3181.499 -2907.354

-5 -5 -5


52/108

0.76 0.68 0.59

-592.554 -2151.962 -1717.179

-2986.755 -11978.282 -10716.763

-28521.00


53/108

2011 2010 2009 2008

(in millions except per share amounts)

ASSETS

Current Assetsfin Cash and cash equivalents 4067 5943 3943 2064

fin Short-term investments 358 426 192 213

Accounts and notes receivable, net 6912 6323 4624 4683

Inventories 3827 3372 2618 2522

Prepaid expenses and other current assets 2277 1505 1194 1324

Total current assets 17441 17569 12571 10806

Property, plant and equipment, net 19698 19058 12671 11663

Amortizable Intangible assets, net 1888 2025 841 732

Goodwill 16800 14661 6534 5124

Other non-amortizable intangible assets 14557 11783 1782 1128

Non-amortizable intangible assets 31357 26444 8316 6252

Investments in Noncontrolled Affiliates 1477 1368 4484 3883

Other Assets 1021 1689 965 2658

Total Assets 72882 68153 39848 35994

Total Financial assets 4425 6369 4135 2277

Total Operating assets 68457 61784 35713 33717

LIABILITIES AND EQUITY

Current Liabilities

fin Short-term obligations 6205 4898 464 369

Accounts payable and other current liabilities 11757 10923 8127 8273

Income taxes payable 192 71 165 145Total current Liabilities 18154 15892 8756 8787

fin Long-term Debt Obligations 20568 19999 7400 7858

Other Liabilities 8266 6729 5591 7017

Deferred income taxes 4995 4057 659 226

Total Liabilities 51983 46677 22406 23888

Total Financial Liabillities 26773 24897 7864 8227

Total Operating Liabilities 25210 21780 14542 15661

NFD Net Financial debts 22706 18954 3921 6163

Average account receivable 6617.50 5473.50 4653.50 4536

Average account payable 11340 9525 8200 7937.5

Average inventory 3599.50 2995 2570 2406

VAT 8.875% 8.875% 8.875% 8.875%

Commitments and contingecies

Preferre stock, no par value 41 41 41 41

Repurchased preferred stock -157 -150 -145 -138

PepsiC

Consolidated Balance Sheet


54/108

PepsiCo common shareholders' equity

Common stock, par value 1(2/3)per share * 31 31 30 30

Capital excess of par value 4461 4527 250 351

Retained earnings 40316 37909 33805 30638

Accumulated other comprehensive loss -6229 -3630 -2794 -4694

Repurchased common stock, at cost ** -17875 -16745 -13383 -14122

Total PepsiCo common shareholders' equity 20704 21273 16908 12203

Non controlling interests 311 312 638Total Equity 20899 21476 17442 12106

Total Liabilities and Equity 72882 68153 39848 35994

*authorized 3600 shares, issued: 1865 sh 1865 sh 1782 sh 1782 sh

** 301 sh 284 sh 217 sh 229 sh

2011 2010 2009 2008

(in millions except per share amounts)

Net Revenue 66504 57838 43232 43251

Cost of Sales 31593 26575 20099 20351Selling general and administrative expenses 25145 22814 15026 15901

Amortization of intangible assets 133 117 63 64

EBIT Operating Profit 9633 8332 8044 6935

Bottling equity income 0 735 365 374

FinC Interest expense -856 -903 -397 -329

Interest income and other 57 68 67 41

Income before taxes 8834 8232 8079 7021

TAX Provision for income taxes 2372 1894 2100 1879

Net Income 6462 6338 5979 5166

Less:net income attributable to non controlling interest 19 18 33 24

Net income attributable to PepsiCo 6443 6320 5946 5142

Net income attributable to PepsiCo per common share

Basic 4.08 3.97 3.81 3.26

Diluted 4.03 3.91 3.77 3.21

weighted-average common shares outstanding

basic 1576 1590 1558

diluted 1597 1614 1577

Cash dividends declared per common share 2.025 1.89 1.775 1.65

Variable cost = selling gen. and administ.*0,2 5029 4562.8 3005.2 3180.2

Total direct cost = cost of sales + variable cost 36622 31138 23104 23531.2

Wages expense = selling gen. and administ.*0,8 20116 18251 12021 12720.8

Total fixed cost = wages expense + amortization 20249 18368 12084 12784.8

Net purchased = cost of sales*0,8 25274.4 21260 16079 16280.8

Net sales = Net Revenues 66504 57838 43232 43251

2011 2010 2009 2008

(in millions)

Operating Activities

Consolidated statement of Income

Consolidated statement of Cash Flows


55/108

Net Income 6462 6338 5979 5166

Depreciation and amortization 2737 2327 1635 1543

Stock-based compensation expense 326 299 227 238

Restructuring and impairment charges 383 0 36 543

Cash payment for restructuring charges -31 -31 -196 -180

Merger and integration costs 329 808 50 0

Cash payments for merger and integration costs -377 -385 -49 0

Gain on previously held equity interests in PBG and PAS 0 -958 0 0Asset write-off 0 145 0 0

Noncash foreign exchange loss related to Venezuela devaluation 0 120 0 0

Excess tax benefits from share-based payment arrangements -70 -107 -42 -107

Pension and retiree medical plan contributions -349 -1734 -1299 -219

Pension and retiree medical plan expenses 571 453 423 459

Bottling equity income, net of dividens 0 42 -235 -202

deferred income taxes and other tax charges and credits 495 500 284 573

Change in accounts and notes receivable -666 -268 188 -549

Change in inventories -331 276 17 -345

Change in prepaid expenses and other current assets -27 144 -127 -68

Change in accounts payable and other current liabilities 520 488 -133 718Change in income taxes payable -340 123 319 -180

Other, net -688 -132 -281 -391

Net cash provided by Operating Activities 8944 8448 6796 6999

Investing Activities

Capital spending -3339 -3253 -2128 -2446

Sales of property, plant and equipment 84 81 58 98

Acquisition of PBG and PAS, net cash and cash eq. acquired 0 -2833 0 0

Proceeds from investments in finance assets 0 0 0 0

Acquisitionof manufacturing and distribution rights from DPSG 0 -900 0 0

Acquisition of WBD, net cash and cash equivalent acquired -2428 0 0 0

Investment in WBD -164 -463 0 0

Other acquisitions and investments in non controlled affiliates -601 -83 -500 -1925Divestitures 780 12 99 6

Cash restricted for pending acquisition 0 0 15 -40

Cash proceeds from sale of PBG and PAS stock 0 0 0 358

Short-term investments by original maturity

More than three months - purchases 0 -12 -29 -156

More than three months - maturities 21 29 71 62

Three months or less, net 45 -229 13 1376

Other investing, net -16 -17 0 0

Net cash used for Investing Activities -5618 -7668 -2401 -2667

Financing activities

Proceeds from issuances of long-term debt 3000 6451 1057 3719Payments of long-term debt -1596 -59 -226 -649

Debt purchase -771 -500 0 0

Short-term borrowings, by original maturity

More than three months - proceeds 523 227 26 89

More than three months - payments -559 -96 -81 -269

Three months or less, net 339 2351 -963 625

** Cash dividens paid -3157 -2978 -2732 -2541

Share repurchases-common -2489 -4978 0 -4720


56/108

Share repurchases-preferred -7 -5 -7 -6

Proceeds from exercises of stock options 945 1038 413 620

Excess tax benefits from share-based payment arrangements 70 107 42 107

Acquisition of non-controlling interests -1406 -159 0 0

Other financing -27 -13 -26 0

Net cash (used for)/provided by Financing activities -5135 1386 -2497 -3025

Effect of exchange rate changes on cash and cash equivalents -67 -166 -19 -153

Net (decrease)/increase in cash and cash equivalents -1876 2000 1879 1154Cash and cash equivalents, Beginning of year 5943 3943 2064 910

Cash and cash equivalents, End of year 4067 5943 3943 2064

Non-cash activity: issuance of common stock and equity awards 0 4451 0 0


57/108

2007 Assets/Liabilities Ratios 2011 2010 2009

1 Quick Ratio 0.62 0.80 1.00

2 Treasury margin -6817 -3200 3910 3 Current ratio 0.96 1.11 1.44

1571 4 Net Working capital -713 1677 3815

4389 5 Net Operating Working capital 43247 40004 21171

2290 6 Equity Debt ratio 0.92 1.13 4.45

991 7 Equity Debt margin -1807 2522 13521

10151 NCE Net Capital Employed 43605 40430 21363

11228 NFA Net Fixed assets 44318 38753 17548

796 8 Days sales outstanding 33.36 31.73 36.09

5169 9 Days purchasing outstanding 150.42 150.20 170.97

1248 10 Days inventory outstanding 41.59 41.14 46.67

6417 11 Elasticity index 0.99 0.99 0.99

4354 12 Net fixed asset coverage index 0.94 1.07 1.42

1682 13 Investment growth index 3.03 10.11 1.79

34628 14 G (NCE) 0.08 0.89 0.17

15 G (NFD) 0.20 3.83 -0.36

2481 G(NCE) > G(NFD) bad bad good

32147 16 Cagr (NCE) 5years;4years;3years 20.73% 25.35% 2.02%

17 (E/NFD)company 0.92 1.13 4.45

18 FI compared 0.98 1.17 2.50

19 FI best competitor 0.61 0.73 1.00

0

7602

151 Revenue/Cost Ratios 2011 2010 20097753

4203 1 ROI 22.09% 20.61% 37.65%

4792 2 ROS 14.48% 14.41% 18.61%

646 3 NAT 1.53 1.43 2.02

17394 4 ROE 30.92% 29.51% 34.28%

CM Contribution Margin 29882 26700.2 20127.8

CM% 44.93% 46.16% 46.56%

4203 5 BEP (rev) 45065.24 39789.21 25954.49

13191 6 BEP (Nrev) 0.68 0.69 0.60

3293 7 OL (v) 3.10 3.20 2.50

8 OL (p) 6.90 6.94 5.37

9 OL (pv) 0.16 0.04 0.16

10 ROI (t) 1.99 0.04 0.94

11 ROS (t) 1.04 0.11 -364.02

12 NAT (t) 1.91 0.38 -0.00

13 CM (t) 0.79 1.05 0.04

14 AV (p) 9766 8449 8107

41 15 FC 3.77% 4.76% 10.12%

-132 16 G (CM) 0.12 0.33 0.02

o, Inc. and Subsidiaries


58/108

17 G (NCE) 0.08 0.89 0.17

30 18 G (Rev) 0.15 0.34 -0.00

450 EBIAT 7261 6438 5944

28184 21 G (Ebiat) 0.13 0.08 0.18

-952 22 Cagr (Rev) (5,4,3 years) 0.14 0.14 0.05

-10387 23 Cagr (Ebiat) (5,4,3 years) 0.09 0.07 0.07

17325 24 ROI compared 1.75 1.61 1.85

25 ROI best competitor 0.82 0.79 1.0017234

34628

Cash in/Cash out Ratios 2011 2010 2009

1782 sh

177 sh EBITDA 12370 10659 9679

COCF Current Operating Cash Flows 14760 12797 7883

GOCF Gross Operating Cash Flows 6458 -10735 4950

2007 NOCF Net Operating Cash Flows 4086 -12629 2850

tc Company tax 26.85% 23.01% 25.99%

39474

18038 1 NOCF(r) 0.06 -0.22 0.0714208 2 EBITDA(cv) 0.84 0.83 1.23

58 3 TZFD 5.56 -1.50 1.38

7170 Self Financing 17.43% 30.03% 32.59%

560 Shareholders Contribution -17.41% -10.79% -3.52%

-224 Financial Leverage Contribution 7.83% 70.01% -12.13%

125 4 G(s) 7.85% 89.25% 16.94%

7631 g(s) 7.85% 89.25% 16.94%

1973 5 Solvency index 1.77 -0.42 -3.68

5658 6 G(COCF) 0.15 0.62 -0.11

0 7 G(GOCF) -1.60 -3.17 -0.46

5658 8 NOCF(r compared) 0.96 2.79 0.81

9 NOCF(r best compared) 0.47 -3.89 0.49

3.48 10 Cagr(NOCF) NS -2.64 -0.38

3.41

Kd 1.83% 2.12% 1.84%

o 1.32 1.24 1.00

rf 2.5% 2.3% 2.8%

Risk Premium 5.5% 5.5% 5.5%

2841.6 e 2.37 2.08 1.17

20879.6 Ke 16% 14% 9%

11366.4 Wacc 0.081 0.081 0.078

11424.4

14430.4 EP 3497.07 3151.43 4292.43

39474 CAP 5 5 5

EP(n) 72012.894 65522.779 93195.673

EV 302392.02

2007


59/108

5658 PepsiCo weighted-average Black and Scholes fair value assumptions are as foll

1426

260 2011 2010 2009

102 Expected life (years) 6 5 6

-22 Risk-free interest rate 2.5% 2.3% 2.8%

0 Expected volatility 16.0% 17.0% 17.0%

0 Expected dividend yield 2.9% 2.8% 3.0%

00 The expected life is the period over which our employee groups

0 are expected to hold their options. It is based on our historical experience

-208 with similar grants. The risk- free interest rate is based on the

-310 expected U.S. Treasury rate over the expected life. Volatility reflects

535 movements in our stock price over the most recent historical period

-441 equivalent to the expected life. Dividend yield is estimated over the

118 expected life based on our stated dividend policy and forecasts of

-405 net income, share repurchases and stock price.

-204

-16

522128

-209

6934

-2430

47

0

27

0

0

0

-13200

0

315

-83

113

-413

0

-3744

2168-579

0

83

-133

-345

-2204

-4300


60/108

-12

1108

208

0

0

-4006

75

-7411651

910

0


61/108

2008 2007

0.79 0.89

-1827 -8831.23 1.31

2019 2398

18056 18956

1.96 5.23

5943 13941

18269 20527

16250 18129

35.16

163.45

43.15

0.99 0.92

1.23 1.18

-0.22 13.71

-0.11

0.87

bad

1.96 5.23

1.97 3.16

1.00 1.00

2008 2007

37.96% 34.93%

16.03% 18.16%

2.37 1.92

42.67% 32.83%

19719.8 18594.4

45.59% 47.11%

28040.62 24252.83

0.65 0.61

2.84 2.59

6.24 5.51

-0.03

0.30

-0.34

-0.87

0.75

6999 7228

5.34% 6.80%

0.06


62/108

-0.11

0.10

5056 5197

-0.03

3.00 2.35

1.00 1.00

2008 2007

8478 8596

8857

9193

7314

26.76% 25.86%

0.170.96

0.84

24.74%

-50.03%

14.29%

-11.00%

-11.00%

2.93

0.90

0.54

1.40% 1.35%

1.08 0.85

3.0% 4.8%

5.5% 5.5%

1.48 0.97

11% 10%

0.077 0.087

3665.49 3536.17

5 5

80011.104 67685.11


63/108

ws:

2008 2007

6 6

3.0% 4.8%

16.0% 15.0%

1.9% 1.9%


64/108

Very low Low Medium High Very high

0.8 1 1.2 1.4 1.6

2011 Chiquita Danone DelMonte Kellogg Kraft PepsiCo

OLv 11.44 3.58 0.00 2.96 3.16 3.10

QR 0.99 0.70 0.00 0.50 0.45 0.62CR 1.84 0.88 0.00 0.91 0.88 0.96

E/D 1.52 1.50 0.00 0.32 1.41 0.92r -0.05 0.11 0.00 0.13 0.13 0.06


OLv 3.70 3.60 0.00 2.85 3.52 3.20

QR 1.31 0.67 0.81 0.51 0.57 0.80

CR 1.96 0.82 3.30 0.92 1.03 1.11

E/D 1.55 1.39 0.00 0.39 1.36 1.13

r 0.03 -0.03 0.00 0.06 -0.31 -0.22


OLv 3.43 3.28 2.86 2.92 2.81 2.50

QR 1.21 0.58 0.54 0.62 0.63 1.00

CR 1.75 0.75 2.48 1.12 1.09 1.44

E/D 1.23 1.46 1.52 0.50 1.54 4.45r 0.03 0.13 0.09 0.11 0.07 0.07


OLv -1.66 3.68 3.28 2.96 3.9 2.84

QR 1.14 0.72 0.76 0.38 0.54 0.79

CR 1.72 1.00 2.63 0.71 1.04 1.23

E/D 0.85 0.54 1.17 0.28 1.17 1.96r 0.06 0.32 0.20 0.16 0.24 0.17


OLv 13.91 4.14 3.56 2.98 3.05 2.59

QR 0.73 0.50 0.83 0.38 0.32 0.89CR 1.48 0.64 3.25 0.67 0.63 1.31

E/D 1.21 0.77 0.89 0.54 1.31 5.23r -

o estimation


65/108

Too high

1.8

o 2011 Chiquita Danone DelMonte Kellogg Kraft PepsiCo

OLv 1.80 1.60 1.40 0.80 1.2 1.00

QR 0.80 1.00 1.40 1.60 1.8 1.20CR 0.80 1.80 1.00 1.40 1.6 1.20

E/D 1.00 1.20 0.80 1.80 1.4 1.60NOCFr 1.80 1.40 0.80 1.00 1.2 1.60

Average 1.24 1.4 1.08 1.32 1.44 1.32


OLv 1.80 1.60 1.40 0.80 1.2 1.00

QR 0.80 1.40 1.20 1.80 1.6 1.00

CR 0.80 1.80 1.00 1.60 1.4 1.20

E/D 0.80 1.20 1.00 1.80 1.4 1.60

NOCFr 1.00 1.20 1.60 0.80 1.8 1.40Average 1.04 1.44 1.24 1.36 1.48 1.24


OLv 1.80 1.60 1.00 1.40 1.2 0.80

QR 0.80 1.80 1.20 1.60 1.4 1.00

CR 0.80 1.80 1.00 1.40 1.6 1.20

E/D 1.60 1.40 1.00 1.80 1.2 0.80NOCFr 1.80 0.80 1.60 1.40 1 1.20

Average 1.36 1.48 1.16 1.52 1.28 1


Olv 0.80 1.40 1.60 1.20 1.8 1.00

QR 0.80 1.20 1.40 1.80 1.6 1.00

CR 0.80 1.60 1.00 1.80 1.4 1.20

E/D 1.40 1.60 1.00 1.80 1.2 0.80r 1.80 0.80 1.00 1.60 1.2 1.40

Average 1.12 1.32 1.2 1.64 1.44 1.08


OLv 1.80 1.60 1.40 1.00 1.2 0.80

QR 1.00 1.20 1.40 1.60 1.8 0.80CR 0.80 1.60 1.20 1.40 1.8 1.00

E/D 1.40 1.60 1.00 1.80 1.2 0.80r

Average 1.25 1.5 1.25 1.45 1.5 0.85


66/108

2007 2008 2009 2010 2011

Chiquita 0.019 -0.246 0.123 0.088 0.025 Chiquita

Danone 0.074 0.124 0.141 0.125 0.135 Danone

DelMonte 0.099 0.117 0.163 0.000 0.000 DelMonte

Kellogg 0.258 0.291 0.290 0.261 0.268 KelloggKraft 0.092 0.093 0.129 0.087 0.107 Kraft

PepsiCo 0.349 0.380 0.377 0.206 0.221 PepsiCo

AVG 0.149 0.127 0.204 0.128 0.126 AVG

BEST 0.349 0.380 0.377 0.261 0.268 BEST

2007 2008 2009 2010 2011

Chiquita 1.208 0.846 1.235 1.549 1.518

Danone 0.767 0.540 1.458 1.386 1.498

DelMonte 0.891 1.174 1.515 - -

Kellogg 0.537 0.280 0.500 0.395 0.316

Kraft 1.314 1.167 1.536 1.362 1.410

PepsiCo 5.234 1.964 4.448 1.133 0.920

AVG 1.659 0.995 1.782 0.971 0.944

BEST 5.234 1.964 4.448 1.549 1.518

ROI

E/NFD


67/108

2007 2008 2009 2010 2011

0.058 0.028 0.026 -0.050

0.316 0.133 -0.028 0.110

0.196 0.090 0.000 0.000

- 0.158 0.107 0.056 0.1320.236 0.067 -0.306 0.131

0.169 0.066 -0.218 0.061

0.189 0.082 -0.078 0.064

0.316 0.133 0.056 0.132

NOCFr


68/108

2007 2008

1 Quick Ratio 0.89 0.79

2 Treasury margin -883.00 -1827.00

3 Current ratio 1.31 1.23

4 Net Working capital 2398.00 2019.005 Net Operating Working capital 18956.00 18056.00

6 Equity Debt ratio 5.23 1.96

7 Equity Debt margin 13941.00 5943.00

NCE Net Capital Employed (NCE) 20527.00 18269.00

NFA Net Fixed assets 18129.00 16250.00

8 Days sales outstanding 35.16

9 Days purchasing outstanding 163.45

10 Days inventory outstanding 43.15

11 Elasticity index 0.92 0.99

12 Net fixed asset coverage index 1.18 1.23

13 Investment growth index 13.71 -0.2214 G (NCE) -11%

15 G (NFD) 87%

G(NCE) > G(NFD) bad

16 Cagr (NCE) 5years;4years;3years

17 (E/NFD)company 5.23 1.96

18 FI compared 2.95 1.93

19 FI best competitor 1.00 1.00

Revenue/Cost Ratios 2007.00 2008.00

1 ROI 0.35 0.382 ROS 0.18 0.16

3 NAT 1.92 2.37

4 ROE 0.33 0.43

CM Contribution Margin 18594.40 19719.80

CM% 0.47 0.46

5 BEP (rev) 24252.83 28040.62

6 BEP (Nrev) 0.61 0.65

7 OL (v) 2.59 2.84

8 OL (p) 5.51 6.24

9 OL (pv) -0.03

10 ROI (t) 0.3011 ROS (t) -0.34

12 NAT (t) -0.87

13 CM (t) 0.75

14 AV (p) 7228.00 6999.00

15 FC 0.07 0.05

16 G (CM) 0.06

17 G (NCE) -0.11

18 G (Rev) 0.10

Pepsico

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

45.00

50.00

2008

Days


69/108

EBIAT 5197.00 5056.00

21 G (Ebiat) -0.03

22 Cagr (Rev) (5,4,3 years)

23 Cagr (Ebiat) (5,4,3 years)

24 ROI compared 2.39 3.12

25 ROI best competitor 1.00 1.00

Cash in/Cash out Ratios 2007.00 2008.00

EBITDA 8596.00 8478.00

COCF Current Operating Cash Flows 8857.00

GOCF Gross Operating Cash Flows 9193.00

NOCF Net Operating Cash Flows 7314.00

tc Company tax 0.26 0.27

1 NOCF(r) 0.17

2 EBITDA(cv) 0.96

3 TZFD 0.84Self Financing 0.25

Shareholders Contribution -0.50

Financial Leverage Contribution 0.14

4 G(s) -0.11

g(s) -0.11

5 Solvency index 2.93

6 G(COCF)

7 G(GOCF)

8 NOCF(r compared) 0.84

9 NOCF(r best compared) 0.54

10 Cagr(NOCF)

Kd 0.01 0.01

o 0.85 1.08

rf 0.05 0.03

Risk Premium 0.06 0.06

e 0.97 1.48

Ke 0.10 0.11

Wacc 0.09 0.08

EP 3536.17 3665.49

CAP 5.00 5.00EP(n) 67685.11 80011.10

EV

Equity 17234 12106

EBIT 7170 6935

NFD 3293 6163

Net Sales = Net Revenues 39474 43251

DANONE


70/108

NET FINANCIAL DEBT 11754 11496

NET CAPITAL EMPLOYED 20772 17706

NET FIXED ASSETS 23191 17721

Total direct costs 7268.2 8274.6

Total fixed cost (TFC) 3972.8 4935.4

CM 6396 8048

CM% 0.500626174 0.528777924

Variable cost = selling gen. and administ.*0,2 888.2 1102.6Wages expense = selling gen. and administ.*0,8 3552.8 4410.4

Net purchased = cost of sales*0,8 5104 5737.6

Net sales = Net Revenues 12776 15220

Net Revenues ($) 15842.24 18872.80

2007 2008

1 QUICK RATIO 0.496403934 0.723152307

2 TREASURY MARGIN -3431 -1356

3 CURRENT RATIO 0.64494349 0.996937526

4 NET WORKING CAPITAL -2419 -15

5 NET OPERATING WORKING CAPITAL -1013 -3956 EQUITY DEBT RATIO 0.767228178 0.540187891

7 EQUITY DEBT MARGIN -2736 -5286

8 DAYS SALES OUTSTANDING 30.89937329

9 DAYS PURCHASING OUTSTANDING 119.5449177

10 DAYS INVENTORY OUTSTANDING 42.1388734

11 ELASTICITY INDEX -0.048767572 -0.022308822

12 NET FIXED ASSET COVERAGE INDEX 0.81380708 0.995711303

13 INVESTMENT GROWTH INDEX 11.41904762

14 G(NCE) -15%

15 G(NFD) -2%

16 G(NFD) > G(NCE) ? bad

17 CAGR(NCE)5years;4years;3years18 E/NFD Company 0.767228178 0.540187891

2007 2008

1 Return on investment (ROI) 0.074427113 0.123517452

2 Return on sales (ROS) 0.12100814 0.14369251

3 Net asset turnover (NAT) 2.303393214 2.851207729

4 Return over equity (ROE) 0.46351741 0.211433172

5 BEP rev 7935.661789 9333.596918

7 BEP nrev 0.621138211 0.613245527

8 OL v 4.137128072 3.67992684

9 OL p 8.263906856 6.959304984

10 OL pv 0.41461837

11 ROI t -2.809019172

12 ROS t 2.167415833

13 NAT t

14 CM t 1.540997008


71/108

15 AV p 2843.2 3637.6

16 FC 0.042752688

17 G(CM) 0.258286429

18 G(NCE) -0.147602542

19 G(REV) 0.19129618

EBIAT 1136 1744

20 G(EBIAT) 0.535211268

21 CAGR(REV)5years,4years,3years22 CAGR(EBIAT)5years,4years,3years

23 ROI(compared) 0.509235448 1.016610951

24 ROI(best compared) 0.213077456 0.32538433

25 E/NFD(compared) 0.432955581 0.530566743

26 E/NFD(best compared) 0.146598723 0.275002311

2007 2008

EBITDA 1966 2712

1 Current Operating Cash Flows 308

2 Gross Operating Cash Flows 5253

3 Net Operating Cash Flows 4810

4 Company tax 0.299488678 0.276356831

Corporate Tax 0.3443 0.3443

5 NOCF(r) 0.316031537

6 EBITDA(cv) 8.805194805

7 TZFD 2.39002079

8 Self Financing 0.076189467

9 Shareholders Contribution -0.198392066

10 Financial Leverage Contribution -0.025399949

11 G(S) -0.147602548

G(s) test -0.14760254212 Solvency index 22.59832636

13 G(COCF)

14 G(GOCF)

15 NOCF(r compared) 1.56061672

16 NOCF(r best compared) 1

17 Cagr(NOCF)

20 Rf 0.0439 0.0439

21 Rm-Rf (MP) 0.06 0.06

22 Beta e 2.781952395 2.922264719

23 Ke 0.210817144 0.21923588324 WACC 0.101215526 0.095297511

25 EP -1088.736702 -253.3218342

26 CAP -5 -5

27 EP(n) -4114.384664 -971.9374959

28 EV

30 Kd 0.026118768 0.043232429

Equity 9018 6210


72/108

EBIT 1546 2187

NFD 11754.00 11496.00


73/108

2009 2010 2011 MEDIA

1.00 0.80 0.62 0.82

3.00 -3200.00 -6817.00 -2544.80

1.44 1.11 0.96 1.21

3815.00 1677.00 -713.00 1839.2021171.00 40004.00 43247.00 28286.80

4.45 1.13 0.92 2.74

13521.00 2522.00 -1807.00 6824.00

21363.00 40430.00 43605.00 28838.80

17548.00 38753.00 44318.00 26999.60

36.09 31.73 33.36 34.08

170.97 150.20 150.42 158.76

46.67 41.14 41.59 43.14

0.99 0.99 0.99 0.98

1.42 1.07 0.94 1.17

1.79 10.11 3.03 5.6917% 89% 8% 0.26

-36% 383% 20% 1.13

good bad bad

0.02 0.25 0.21

4.45 1.13 0.92

2.44 0.93 0.76

1.00 0.73 0.58

2009.00 2010.00 2011.00

0.38 0.21 0.220.19 0.14 0.14

2.02 1.43 1.53

0.34 0.30 0.31

20127.80 26700.20 29882.00

0.47 0.46 0.45

25954.49 39789.21 45065.24

0.60 0.69 0.68

2.50 3.20 3.10

5.37 6.94 6.90

0.16 0.04 0.16

0.94 0.04 1.99-364.02 0.11 1.04

0.00 0.38 1.91

0.04 1.05 0.79

8107.00 8449.00 9766.00

0.10 0.05 0.04

0.02 0.33 0.12

0.17 0.89 0.08

0.00 0.34 0.15

0.00

0.20

0.40

0.60

0.80

1.00

1.20

2007 2008

AxisTitle

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

2007 2008

AxisTitle

0.00

1.00

2.00

3.00

4.00

5.00

6.00

2007 2008

AxisTitle

C

2009 2010 2011

Days sales outstanding

PepsiCo

Kraft

Chiquita

Danone


74/108

5944.00 6438.00 7261.00

0.18 0.08 0.13

0.05 0.14 0.14

0.07 0.07 0.09

1.92 1.45 1.54

1.00 0.79 0.82

2009.00 2010.00 2011.00

9679.00 10659.00 12370.00

7883.00 12797.00 14760.00

4950.00 -10735.00 6458.00

2850.00 -12629.00 4086.00

0.26 0.23 0.27

0.07 -0.22 0.06

1.23 0.83 0.84

1.38 -1.50 5.560.33 0.30 0.17

-0.04 -0.11 -0.17

-0.12 0.70 0.08

0.17 0.89 0.08

0.17 0.89 0.08

-3.68 -0.42 1.77

-0.11 0.62 0.15

-0.46 -3.17 -1.60

0.88 1.69 0.71

0.49 -3.89 0.46

-0.38 -2.64 NS

0.02 0.02 0.02

1.00 1.24 1.32

0.03 0.02 0.03

0.06 0.06 0.06

1.17 2.08 2.37

0.09 0.14 0.16

0.08 0.08 0.08

4292.43 3151.43 3497.07

5.00 5.00 5.0093195.67 65522.78 72012.89

302392.02

17442 21476 20899

8044 8332 9633

3921 18954 22706

43232 57838 66504


75/108

7239 8466 8076

17794 20203 20176

19243 21503 21026

7868.2 9215 10898

5025.8 5624 6065

8233 9053 9777

0.549526098 0.532216343 0.506108293

1119.2 1258 13574476.8 5032 5428

5399.2 6365.6 7632.8

14982 17010 19318

18577.68 21092.40 23954.32

2009 2010 2011

0.582137978 0.666851749 0.701235277 0.63

-2447 -2400 -2080 -2342.80

0.752561475 0.819544697 0.877908647 0.82

-1449 -1300 -850

-845 -936 -11261.45807432 1.386369005 1.498266469

3316 3271 4024

32.27632914 31.46929113 30.0397181

116.8349417 103.4842825 100.0780078

42.18402726 39.8853211 38.90629913

-0.047487917 -0.046329753 -0.055808882

0.8650938 0.868855509 0.916294112

-1.772313297 -2.817567568 1.748822606

0% 14% 0%

-37% 17% -5%

good bad good

-0.074454793 -0.009215547 -0.0072516161.45807432 1.386369005 1.498266469

2009 2010 2011

0.141114983 0.124585458 0.135259715

0.167601121 0.147971781 0.141267212

1.685836097 1.721308682 1.667438017

0.128943629 0.159751214 0.138099174

9145.698482 10567.13134 11983.60131

0.610445767 0.621230531 0.620333436

3.278773397 3.596742153 3.582631

5.966547192 6.758045292 7.078783437

0.148148148 0.002389486 0.084227255

29.80808081 0.017649862 -63.02382319

-9.474011827 0.017652506 0.620756327

0.002911376 -0.135110689 0.00397142

0.265132043 0.756259167 0.681593863

0

10000

20000

30000

40000

50000

60000

70000

2007


76/108

3756.2 4021 4349

0.036295703 0.029290035 0.029137952

0.022987078 0.099599174 0.079973489

0.004970067 0.135382713 -0.001336435

-0.015637319 0.135362435 0.135684891

2087 1939 2103

0.196674312 -0.070915189 0.08457968

0.082897734 0.100110906 0.1088985480.355414286 0.195087836 0.166447604

0.717933862 0.875596228 0.944318624

0.374768694 0.476680238 0.504831932

0.801294521 1.133291027 1.240472853

0.327778317 0.894898844 0.945408716

2009 2010 2011

3060 3109 3366

4494 2960 2916

2423 108 2756

1999 -470 2130

0.209693373 0.231477773 0.257084189

0.3443 0.3443 0.3443

0.133426779 -0.027630805 0.110259861

0.680907877 1.050337838 1.154320988

3.621310655 -18.01276596 3.791549296

0.112078388 0.10870914 0.100352287

0.168530442 -0.038945712 -0.06474286

-0.275638602 0.065619403 -0.036945694

0.004970228 0.135382831 -0.001336267

0.004970067 0.135382713 -0.001336435-0.674751085 0.40082361 -21.18791946

13.59090909 -0.341344014 -0.014864865

-0.538739768 -0.955427156 24.51851852

1.775270357 0.213320205 1.282107262

1 -0.492862007 0.834349208

-0.584407484 -0.687409057 -0.237783799

0.0289 0.0135 0.027

0.06 0.06 0.06

2.145560038 2.121065428 2.01269475

0.157633602 0.140763926 0.1477616850.106033532 0.089242053 0.09644826

-240.2979722 -152.5602957 -156.5347888

-5 -5 -5

-897.0497699 -594.5751958 -598.8136061

-6009.64756

0.046967813 0.027167494 0.029841506

10555 11737 12100


77/108

2511 2517 2729

7239.00 8466.00 8076.00


78/108

2009 2010 2011

uick Ratio

PepsiCo

Kraft

0

0.2

0.4

0.6

0.8

1

1.2

1.4

2007 2008 2009

Quick

2009 2010 2011

urrent Ratio

PepsiCo

Kraft

0

0.5

1

1.5

2

2.5

2007 2008 2009

Current

2009 2010 2011

urrent Ratio

Del Monte


79/108


80/108

2008 2009 2010 2011

Revenues

PepsiCo

Danone

Chiquita

Del Monte

Kellogg's

Kraft


81/108


82/108


83/108

2010 2011

atio

Danone

Chiquita

Kellogg's

Del Monte

2010 2011

Ratio

Danone

Chiquita

Kellogg's

PepsiCo

Kraft


84/108

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

2007 2008 2009 2010 2011

Quick Ratio

PepsiCO

Danone

Chiquita

Kellogg'

Kraft

Del Mon

0.00

1.00

2.00

3.00

4.00

5.00

6.00

2007 2008 2009 2010 2011

Current Ratio

PepsiCO

Danone

Chiquita

Kellogg's

Kraft

Del Mon

3000

NOWC


85/108

-1500

-1000

-500

0

500

1000

1500

2000

2500

2007 2008 2009 2010 2011

Danone

Chiquita

Kellogg's

Del Mon

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

1.20

2007 2008 2009 2010 2011

Elasticity

PepsiCO

Danone

Chiquita

Kellogg's

Kraft

Del Mont

2500

3000

3500

4000

NCE - Del Monte


86/108

0

500

1000

1500

2000

2007 2008 2009 2010

NFD

Equi

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2007 2008 2009 2010 2011

NCE - Kellogg's

NFD

Equi

5000

10000

15000

20000

25000

30000

35000

40000

45000

50000

NCE - PepsiCo

NFD

Equi


87/108

0

2007 2008 2009 2010 2011

-100%

-50%

0%

50%

100%

150%

200%

250%

300%

350%

400%

450%

2008 2009 2010 2011

G (NFD)

PepsiCO

Danone

Chiquita

Kellogg's

Kraft

Del Mon

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

2008 2009 2010 2011

AxisTitle

G(NCE) vs G(NFD) - Chiquita

G(NF

G(NC

-15%

-10%

-5%

0%

5%

2008 2009 2010

Title

G(NCE) vs G(NFD) - Del Monte

G(NF


88/108

-40%

-35%

-30%

-25%

-20%Axis G(NCE

-40%

-20%

0%

20%

40%

60%

80%

100%

120%

2008 2009 2010 2011

AxisTitle

G(NCE) vs G(NFD) - Kraft

G(NFD

G(NCE


89/108

s

te

-14000.00

-12000.00

-10000.00

-8000.00

-6000.00

-4000.00

-2000.00

0.00

2000.00

2007 2008 2009 2010 2011

Treasury Margin

Pe

Da

Chi

Kel

Kra

Del

te

-8000.00

-6000.00

-4000.00

-2000.00

0.00

2000.00

4000.00

6000.00

2007 2008 2009 2010 2011

NWC

Pe

Da

Chi

Kel

Kra

Del

6.00

E/D


90/108

te

0.00

1.00

2.00

3.00

4.00

5.00

2007 2008 2009 2010 2011

Pe

Da

Ch

Kel

Kr

De

e

0

200

400

600

800

1000

1200

1400

1600

1800

2007 2008 2009 2010 2011

NCE - Chiquita

15000

20000

25000

NCE - Danone


91/108

y

0

5000

10000

2007 2008 2009 2010 2011

ty

0

10000

20000

30000

40000

50000

60000

70000

2007 2008 2009 2010 2011

NCE - Kraft

ty

-20%

0%

20%

40%

60%

80%

100%

2008 2009 2010 2011

G (NFD)

Pep

Da

Chi

Kell

Kra

Del


92/108

te

-40%

-100%

0%

100%

200%

300%

400%

500%

2008 2009 2010 2011

AxisTitle

G(NCE) vs G(NFD) - PepsiCo

D)

E)

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

2008 2009 2010 2011AxisTitle

G(NCE) vs G(NFD) - Danone

) 15%

20%

25%

30%

35%

itle

G(NCE) vs G(NFD) - Kellogg's


93/108

)

-15%

-10%

-5%

0%

5%

10%

2008 2009 2010 2011

Axis

)

)


94/108

siCO

none

iquita

logg's

ft

l Monte

siCO

none

iquita

logg's

ft

l Monte


95/108

psiCO

none

iqui

food industry v2

Documents