Mondelez International, Inc. · NASDAQ:MDLZ
Mondelez International — Kraft Foods — Investor Presentation (September 2012)
93 slides from Mondelez International's investor presentation, Sep 6, 2012
Slide 1: Unleashing a Global Snacking Powerhouse
1 Unleashing a Global Snacking Powerhouse September 6, 2012 Exhibit 99.2
Slide 2: Irene Rosenfeld Chairman and CEO
Irene Rosenfeld Chairman and CEO
Slide 3: Agenda
Agenda Unleashing a global snacking powerhouse Leveraging our global categories – Biscuits – Gum and Candy – Chocolate Delivering top-tier financial performance
Slide 4: Successfully set Kraft Foods on a new trajectory
Successfully set Kraft Foods on a new trajectory Delivered strong performance Transformed portfolio and geographic footprint Successfully integrated LU and Cadbury Enhanced market positions to become #1 or #2 in all core categories Created a virtuous cycle in each geography
Slide 5: Our world-class leadership will build on these results
Daniel Myers EVP, Integrated Supply Chain Gerd Pleuhs EVP, Legal Affairs and General Counsel Mary Beth West EVP and Chief Category and Marketing Officer David Brearton EVP and Chief Financial Officer Our world-class leadership will build on these results Irene Rosenfeld Chairman and Chief Executive
Slide 6: Kraft Foods Group, Inc.
Kraft Foods Group, Inc. Opportunity to accelerate growth as two independent companies
Slide 7: Mondelez International is a unique investment vehicle
Fast- Growing Categories Advantaged Geographic Footprint Favorite Snacks Brands Strong Route-to- Market Proven Innovation Platforms World-Class Talent & Capabilities Mondelez International is a unique investment vehicle
Slide 8: Snacks are growth categories
Snacks are growth categories Well-aligned with consumer trends Expandable consumption Developing Markets consumption supported by GDP growth Higher margins
Slide 9: We are a global snacks powerhouse
Biscuits (1) 30% Chocolate 27% Gum & Candy 16% Beverages 17% Cheese & Grocery 10% We are a global snacks powerhouse … $36 Billion in Revenues (2) • Nearly 75% of revenues in fast-growing snacks categories • Beverages provide multi- region scale, attractive growth and strong margins (1) Biscuits incl
Slide 10: and a leader in our categories
… and a leader in our categories North America Europe Latin America Asia Pacific Eastern Europe Middle East & Africa Global Developing Markets Source: Euromonitor 2011, Kraft Foods analysis Share Market Share Position Biscuits # 1 # 1 # 1 # 1 # 1 # 1 # 1 18% Chocolate #5 # 1 # 2 # 1 # 2 # 1 # 1 15%
Slide 11: We offer many of the world's favorite snacks brands
We offer many of the world’s favorite snacks brands
Slide 12: Each region plays a critical role in our strategy
Latin America MEA Asia Pacific Europe 37% North America 19% Developing Markets 44% CEE Each region plays a critical role in our strategy $36 Billion* • Large, growing Developing Markets footprint • Strong, advantaged positions in North America and Europe • Broad-based growth across categories and ge
Slide 13: Developing Markets: Strong geographic and category footprint
Biscuits (1) 22% Chocolate 29% Gum & Candy 20% Latin America 35% Central & Eastern Europe 24% Middle East & Africa 10% Asia Pacific 31% 70%+ Snacks Beverages 19% Cheese & Grocery 10% Developing Markets: Strong geographic and category footprint $16 billion (2) (1) Biscuits includes salty/other snacks
Slide 14: We rank among the leading CPG players in developing markets
We rank among the leading CPG players in developing markets Source: Company reports and presentations. See page 93 for source details. Percentage of Revenues from Developing Markets 54% 51% 50% 45% 44% 40% 39% 36% 34% 21% 14% 13% 10% 8% 3%
Slide 15: 5-10-10 focus strategy has driven both top- and bottom-line growth
5-10-10 focus strategy has driven both top- and bottom-line growth Organic Net Revenue Growth (1) Adjusted Segment Operating Income Margin (2) Kraft Foods Developing Markets (1) Organic Net Revenue growth excludes the impact of acquisitions in the first 12 months after the acquisition date. Reported
Slide 16: Three priority clusters within Developing Markets
BRIC Three priority clusters within Developing Markets China India Russia Brazil 5-Yr Revenue Growth Outlook % DM 2011 Revenue 33% Mid-to-High Teens
Slide 17: Win in BRIC: Brazil and Russia
Win in BRIC Brazil Revenue: $2+ billion Portfolio 80% Snacks 15% Beverages (powdered) 5% Cheese & Grocery Strategic Priorities “Strengthen the Fortress” Drive growth in North/NE Region Russia Revenue: $1+ billion Portfolio 70% Snacks 30% Beverages (soluble coffee) Strategic Priorities Focus on premi
Slide 18: Win in BRIC: India and China
Win in BRIC India Revenue: $0.7 billion Portfolio 80% Snacks, primarily Chocolate 20% Beverages (malt) Strategic Priorities Expand Chocolate distribution Launch White Space categories Launched Oreo and Tang in 2011; Toblerone in 2012 China Revenue: $0.8 billion Portfolio 90% Snacks, primarily Biscui
Slide 19: BRIC Next Wave Markets
BRIC Next Wave Markets Middle East & Africa Indonesia Three priority clusters within Developing Markets China India Russia Brazil 5-Yr Revenue Growth Outlook % DM 2011 Revenue 33% 12% Mid-to-High Teens Mid-to-High Teens
Slide 20: Next Wave Markets: Middle East & Africa
Next Wave Markets: Middle East & Africa Region full of opportunities 2 billion consumers by 2020 * Additional $1 trillion of wealth from aspirant and middle class by 2020 * Snacks growing double-digits Well-positioned to capture growth Focused snacks portfolio Broad geographic footprint Established
Slide 21: BRIC, Next Wave and Scale Markets
BRIC Next Wave Markets Scale Markets Middle East & Africa Indonesia Australia Japan Mexico Central Europe Three priority clusters within Developing Markets China India Russia Brazil 5-Yr Revenue Growth Outlook % DM 2011 Revenue 33% 12% 27% Mid-to-High Teens Mid-to-High Teens Low-to-Mid Single Digits
Slide 22: North America: Solid growth with margin upside
Biscuits (1) 74% Chocolate 5% Gum & Candy 20% Other 1% North America: Solid growth with margin upside $7 billion (2) Snacks “pure play” Leading share of U.S. Biscuit category, 2x closest competitor Strong #2 player in Gum Opportunity to improve growth and profitability through Focusing on Power Bran
Slide 23: Europe: Continue to drive top-tier performance
Biscuits (1) 20% Chocolate 35% Gum & Candy 8% Beverages 24% Cheese & Grocery 13% Europe: Continue to drive top-tier performance in a challenging environment 60%+ of revenues in Snacks #1 or #2 share in each category Continued margin opportunities Portfolio mix Productivity Overheads $13 billion (2)
Slide 24: Our strategies to deliver top-tier performance
Our strategies to deliver top-tier performance Build global Power Brands Leverage global innovation platforms Revolutionize selling Drive efficiency to fuel growth Consistently Deliver Top-Tier Revenue and EPS Growth
Slide 25: Build Global Power Brands
Biscuits 40% of Biscuit Revenue Gum & Candy 60% of Gum & Candy Revenue Chocolate 50% of Chocolate Revenue Build Global Power Brands Drive 70% of Growth
Slide 26: Leverage Global Innovation Platforms
Biscuits Gum & Candy Chocolate Leverage Global Innovation Platforms Sustaining Energy Children Wholesome Hunger Satisfaction Teen Market Penetration Advantaged Candy Brands Drive Frequency Bubbly Hollow Wafer Choco-Bakery Bitesize
Slide 27: Revolutionize Selling
Revolutionize Selling Near-term focus: – Complete integration of Cadbury – Capitalize on route-to-market capabilities Long-term focus: – Develop best-in-class Instant Consumption Channel / Hot Zone sales and distribution capabilities
Slide 28: Drive Efficiency to Fuel Growth
Drive Efficiency to Fuel Growth Expand gross margin – Price to offset input cost inflation – Optimize product mix – Deliver industry-leading productivity Reduce overheads as a percent of revenue – Drive top-line growth – Capture Restructuring Program savings – Align overhead support to growth priori
Slide 29: Global Category Teams are the cornerstone of these strategies
Global Category Teams are the cornerstone of these strategies Drive Bigger, Faster, More Profitable Initiatives Integrated, cross-functional teams driving a common category agenda – Build brand equity – Develop innovation platforms – Prioritize resources
Slide 30: with highly experienced leaders
… with highly experienced leaders Lorna Davis SVP and Global Category Leader Biscuits Jim Cali SVP and Global Category Leader Gum & Candy Bharat Puri SVP and Global Category Leader Chocolate
Slide 31: Lorna Davis SVP and Global Biscuit Category Leader
Lorna Davis SVP and Global Biscuit Category Leader
Slide 32: Our global Biscuits business
Our global Biscuits business 2011 Revenue: $11 billion 2011 Growth: +9%* – Developing Markets up double-digits – Developed Markets up mid-single digits Global Share Position: #1 $500+ Million Brands:
Slide 33: $75B Biscuit category with developing markets as the primary driver
Source: Euromonitor 2011 estimates Biscuits Retail Value ($B) CAGR (Cst Fx '09-'11) $75B Biscuit category with developing markets as the primary driver $75 $45 $30 8% 11% 2% Developed Developing Global
Slide 34: We are the clear global leader
>4x Closest competitor We are the clear global leader Source: 2011 Euromonitor for global shares Global Biscuits Market Share Kellogg Campbell 18% 4% 3%
Slide 35: Well-positioned to maintain leadership
Focus resources in Developing Markets Focus on Power Brands Drive Global Innovation Platforms Well-positioned to maintain leadership Hunger Satisfaction Sustaining Energy Children Wholesome
Slide 36: Focusing resources on Priority Markets
Focusing resources on Priority Markets 12% • Large, high-growth markets that will drive revenue growth • Strong share in 3 of 4 markets % Total Biscuits Revenue 58% • Mature markets with margin upside to fund growth in Developing Markets • Leading market share positions 2% • Mature markets with an o
Slide 37: Priority Markets case study: Oreo in China
“Oreo” GLOCAL model: Local Form, Flavors, Formats $130MM Revenue 2009 $375MM Revenue 2011 Form Flavor Packaging Wafer “Green Tea” for Traditional Trade Priority Markets case study: Ore o in China +68% CAGR Ore o Ore o Ore o
Slide 38: Power Brand case study: Oreo
Capitalize on Strength in Developed Markets Expand in Developing Markets Enter White Space Opportunities Power Brand case study: Oreo Leverage successful US experience, up 7%+ in 2011 Use the “China template” of the Oreo playbook Recent launches in Germany, France, UK, Czech Republic & India – nearl
Slide 39: Global innovation case study: Sustaining Energy
Global innovation case study: Sustaining Energy Focused on Breakfast – #2 Snacking Moment Proprietary Sustaining Energy Bundle – Anchors health and wellness credentials Driving Category Growth – 50%+ incremental to category
Slide 40: Fast track global rollout for belVita
Fast track global rollout for belVita 2011 Launches 2012 Launches United States Canada Australia Generated nearly $50MM of revenue Spain, Belgium, UK and Brazil
Slide 41: Drive Power Brands and innovation platforms
Drive Power Brands and innovation platforms Focus on Power Brands and Priority Markets Rapidly expand innovation platforms globally 2011 Revenues $11 Billion Continue to grow Mid-to-High Single Digits
Slide 42: Jim Cali SVP and Global Gum & Candy Category Leader
Jim Cali SVP and Global Gum & Candy Category Leader
Slide 43: Our global Gum & Candy business
Our global Gum & Candy business 2011 Revenue: $6 billion 2011 Growth: +1%* – Developing Markets up mid-single digits – Developed Markets down mid-single digits Global Share Position: #2 in Gum, #1 in Candy $500+ Million Brands:
Slide 44: Gum and Candy are high margin categories with attractive growth rates
Gum 10 15 26 26 32 57 CAGR (Cst Fx '08-'11) Gum and Candy are high margin categories with attractive growth rates Gum & Candy Retail Value ($B) $83 Gum Candy Total Candy $48 $35 3% 4% 4% 6% 7% 7% 2% 0% 1% Source: Euromonitor 2011 estimates (Gum Adjusted Nielsen Estimate 2011) Developed Developing Gl
Slide 45: After a decade of strong growth, the Gum category decelerated
After a decade of strong growth, the Gum category decelerated over the past 3 years … Gum Category Growth (%CAGR) Key Drivers to Gum Category Slowdown Source: Euromonitor (1998-2010), adjusted Nielsen estimates (2011) Weak macroeconomy – GDP softness – Unemployment – Declining distribution (TDP’s) B
Slide 46: but the Gum category has strong underlying fundamentals
… but the Gum category has strong underlying fundamentals Expandable Consumption – Snack occasions – Impulse-driven – Responsive to innovation and marketing Strong margins fund A&C and innovation investments Led by global players, with product quality and innovation insulated by proprietary technolo
Slide 47: We are a leader in Gum, with a strong #2 position
We are a leader in Gum, with a strong #2 position … Global Gum Market Share Mars-Wrigley Perfetti-Van Melle Source: Gum Adjusted Nielsen Estimate 32% 30% 7%
Slide 48: and a proven ability to grow share
… and a proven ability to grow share Global Gum Market Share Value Share based on Euromonitor (’04-’10), Adjusted Nielsen Estimates (’11) Mars- Wrigley
Slide 49: Near-term actions to grow share and expand the category
Price/Size Architecture A&C Support Brand Architecture We have taken near-term actions to grow share and expand the category Drive penetration with entry offers Expand consumption trading up to larger / premium offers Restore A&C support to mid-teens Simplify brand architecture Roll-out integrated m
Slide 50: Well-positioned to restore growth and increase market share
Focus resources on Priority Markets Focus on Power Brands Drive Global Innovation Platforms Well-positioned to restore growth and increase market share in the long-term Drive Frequency – Pleasure/Freshness Teen Market Penetration Advantaged Candy Brands
Slide 51: Focusing resources on Priority Markets
Focusing resources on Priority Markets 28% Large, critical markets with strong growth potential Strong market share % Total Gum & Candy Revenue 20% Larger Next Wave markets with strong growth potential Ability to build on solid market share 19% Mature markets with slow category growth Strong market
Slide 52: Power Brand case study: China
Launch Bundle Supply Chain Sales Power Brand case study: China Launched Stride in China in August 2012 Preferred brand proposition Product and packaging superiority Built strong Hot-Zone/ Impulse capabilities Strong trade reception Best in class manufacturing start up Growth/capacity plans in place
Slide 53: Power Brand case study: Trident
Power Brand case study: Trident Strong Rights to Win – #1 global gum brand – High historic growth driven by innovation Simplify brand architecture New master brand campaign Innovation to drive growth, new occasions U.S. Brazil Unleash Power of “One” Trident
Slide 54: Global innovation case study: ID
Global innovation case study: ID Teen-Specific Gum First-to-Market Technologies Global Roll-Out Heaviest user cohort Gum/Candy flavor blends Printed flavor swirls Magnetic closure Artwork from emerging young artists Launched in U.S. in August 2012 Europe roll-out in Q4 2012 Further geographic expans
Slide 55: Rebuild category growth
Rebuild category growth Focus on Power Brands and Priority Markets Rebuild category growth – Simplify brand and price/size architectures – Step-up innovation – Restore A&C support 2011 Revenues $6 Billion Return to Mid-Single Digit Growth
Slide 56: Bharat Puri SVP and Global Chocolate Category Leader
Bharat Puri SVP and Global Chocolate Category Leader
Slide 57: Our global Chocolate business
Our global Chocolate business 2011 Revenue: $10 billion 2011 Growth: +6%* – Developing Markets up double digits – Developed Markets up low-single digits Global Share Position: #1 $500+ Million Brands:
Slide 58: $101B Chocolate category growth driven by developing markets
Chocolate Retail Value ($B) CAGR (Cst Fx '08-'11) $101B Chocolate category growth driven by developing markets 5% $101 $35 $66 10% 2% Source: Euromonitor 2011 estimates Developed Developing Global
Slide 59: We are a leading chocolate company
We are a leading chocolate company Source: 2011 Euromonitor for global shares Mars Nestle Ferrero Hershey Lindt Global Chocolate Market Share 15% 15% 12% 7% 7% 4%
Slide 60: Well-positioned to continue top-tier growth in Chocolate
Focus resources on Priority Markets Focus on Power Brands Drive Global Innovation Platforms Well-positioned to continue top-tier growth in Chocolate Bubbly Hollow Wafer Choco-Bakery Bitesize
Slide 61: Focusing resources on Priority Markets
Big Bets Next Waves Scale Focusing resources on Priority Markets 20% Large, fastest growing markets Market share leader or strong #2 with fabric-of-the-nation Power Brands Scale advantage; able to step change growth trajectory % Total Chocolate Revenue 42% Big, mature markets with strong presence Le
Slide 62: Developing Markets will be the primary driver of our future growth
GDP/capita ($) GDP growth (%) Snacks pcc (kg) Chocolate pcc (kg) India Brazil Russia Belgium UK 2.0 0.1 18.6 1.4 22.2 4.6 42.5 5.2 55.7 10.5 3,400 10,900 15,900 37,900 35,100 8.3 7.5 3.8 2.1 1.6 Affinity Countries: • So. Africa • Indonesia • China • Egypt • Argentina • Mexico • Turkey • USA • German
Slide 63: Priority Markets case study: India
$0.25B Revenue 2009 $0.5B Revenue 2011 Mainstream Aspirants More Special Category growth delivered through a consumer & portfolio strategy Gifting Priority Markets case study: India +37% CAGR
Slide 64: Power Brand case study: Cadbury Dairy Milk
Power Brand case study: Cadbury Dairy Milk & Milka , together over $3B
Slide 65: Global innovation case study: Bubbly
Global innovation case study: Bubbly An aerated chocolate with an innovative, playful mood that makes chocolate tablets more exciting Brazil Launched June 2012 Performing above expectations Will be in 20 major countries by end of 2013! United Kingdom Launched February 2012 Most successful NPD in the
Slide 66: Global innovation case study: Bitesize
Bringing the magic of our Power Brands into new incremental snacking occasions Global innovation case study: Bitesize United Kingdom • Launched in 2009 • NPD’s growing the category: Twirl Bites , Bitsa Wispa , Popcorn Continental Europe Launched in 2011 Strong share performance and repeat in all key
Slide 67: Continue to exceed category growth rates
Continue to exceed category growth rates Focus on Power Brands Focus on Priority Markets – Lead Developing Markets growth – Drive category growth in Developed Markets through broader Snacking Expand innovation platforms globally 2011 Revenues $10 Billion Continue to Grow Mid-to-High Single Digits
Slide 68: Mondelez International
.Mondeléz. International
Slide 69: Growth algorithm driven by virtuous cycle
Growth algorithm driven by virtuous cycle Expand Gross Margin Reinvest in Growth Leverage Overheads Focus on Power Brands & Priority Markets
Slide 70: Key Enablers: Expand gross margin
Key Enablers Expand gross margin Price to offset input cost inflation Optimize product mix Target productivity of 4%+ of COGS Expand Gross Margin Reinvest in Growth Leverage Overheads Focus on Power Brands & Priority Markets
Slide 71: Key Enablers: Leverage overheads
Key Enablers Leverage overheads Top-Line Growth Capture Restructuring Program savings Align overhead spending to growth priorities Expand Gross Margin Reinvest in Growth Leverage Overheads Focus on Power Brands & Priority Markets
Slide 72: Priorities: Reinvest in Growth
Priorities Reinvest in Growth Investments weighted towards Developing Markets Focus investments on Power Brands and innovation platforms Capitalize on White Space opportunities Expand Gross Margin Reinvest in Growth Leverage Overheads Focus on Power Brands & Priority Markets
Slide 73: Strong KFT results in 1H 2012
Strong KFT results in 1H 2012 Kraft Foods (KFT) 2012 guidance – Organic Net Revenue growth of around 5% – Operating EPS of at least 9% on a constant currency basis 1H’12 results in-line with guidance – Organic Net Revenue growth +4.9%* – Operating EPS +11.4%* on a constant currency basis Confirmed c
Slide 74: Full year financials represent blend of KFT and Mondelez results
full year financials represent blend of KFT and Mondelez results Q1-Q3 to reflect Kraft Foods Group as “Discontinued Operations” Q4 presentation to be based on actual revenue realized and costs incurred Full year results include variety of items – Stranded costs – Tax rate anomalies – Cadbury Integr
Slide 75: Transaction-related and restructuring costs
Transaction-related and restructuring costs KFT MDLZ ($ billions) Pre- Spin Post- Spin Spin-Off Costs $0.5 $0.1 Restructuring & Implementation Costs $0.3 $0.8 Debt Migration Costs $0.2 $0.4 - $0.6
Slide 76: Long-term financial targets will deliver top-tier performance
Long-Term Target Long-term financial targets will deliver top-tier performance Driving Shareholder Value Organic Net Revenue Growth 5%-7% Operating EPS Growth Double-Digit (constant FX)
Slide 77: Revenue growth target reflects large, growing Developing Markets contribution
NA EU DM NA EU DM Revenue growth target reflects large, growing Developing Markets contribution Double Digit Growth Low-to-Mid Single Digit Growth 5%-7% Organic Growth $36B * * Based on reported net revenues; includes accounting calendar changes and rd Week.
Slide 78: Long-term EPS target reflects the following assumptions
Long-term EPS target reflects the following assumptions Operating income growth of high single digits Interest expense essentially flat – Opening debt balance of ~$20B, weighted average interest rate of ~5.75% Tax rate in the mid-20’s Double-Digit Operating EPS Growth (constant FX)
Slide 79: Priorities for free cash flow
Priorities for free cash flow Reinvest in the business to drive top-tier growth Tack-on M&A, especially in Developing Markets Return of capital to shareholders Pay down debt to preserve balance sheet flexibility Disciplined Capital Deployment
Slide 80: Outlook consistent with long-term profile
outlook consistent with long-term profile Organic net revenue growth of 5%-7% Operating EPS of $1.50 - $1.55 – Strong Operating Income growth at constant FX – Significant FX headwind of $(0.15) vs. average 2011 rates* – Tax rate in the mid-20’s * Based on average August 2012 currency rates
Slide 81: Long-term targets reflect benefits of driving a virtuous cycle
Long-term targets reflect benefits of driving a virtuous cycle Expand Gross Margin Reinvest in Growth Leverage Overheads Focus on Power Brands & Priority Markets Operating EPS Growth 5%-7% Double-Digit (constant FX) Organic Net Revenue Growth Long-Term Targets
Slide 82: Irene Rosenfeld Chairman and CEO
Irene Rosenfeld Chairman and CEO
Slide 83: Mondelez International is a unique investment vehicle
Fast- Growing Categories Advantaged Geographic Footprint Favorite Snacks Brands Strong Route-to- Market Proven Innovation Platforms World-Class Talent & Capabilities Mondelez International is a unique investment vehicle -
Slide 84: Joining for Q&A
Joining for Q&A Sanjay Kholsa President Developing Markets Tim Cofer President Europe Mary Beth West EVP and Chief Category and Marketing Officer Mark Clouse President North America
Slide 85: Mondelez International
Mondelez International ad
Slide 86: Average foreign currency rates for key countries
Average foreign currency rates for key countries Russian Ruble Mexican Peso Euro Indian Rupee Brazilian Real Canadian Dollar 31.92 / $US 13.17 / $US US$1.24 / € 55.51 / $US 2.03 / $US US$1.01 / $Cdn August 2012 Australian Dollar Pound Sterling US$1.57 / £ US$1.05 / AUD August 2011 28.67 / $US 12.20
Slide 87: Key to flags used in presentation
Key to flags used in presentation Indonesia Australia Czech Republic Russia Mexico Ukraine Belgium European Union India Spain Colombia Argentina Egypt Japan Austria Turkey Brazil United Kingdom Poland France China South Africa Hungary Germany United States Canada Saudi Arabia Switzerland
Slide 88: Developing Markets as a percentage of revenue – source detail
Developing Markets as a percentage of revenue – source detail Unilever – Emerging markets per 2011 annual report Danone – Emerging markets per 2011 results presentation Colgate – Emerging markets per 2011 annual report Coca-Cola – Pacific, Latin America, Eurasia & Africa, Bottling Investments per 20
Slide 89: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation As Reported (GAAP) Impact of Divestitures (1) Impact of Accounting Calendar Changes Impact of Currency Organic (Non-GAAP) As Reported (GAAP) Organic (Non-GAAP) Kraft Foods 26,379 $ - $ - $ $ 27,263 $ (0.3)% 4.9% Kraft Foods 26,451 $ (91) $ (361) $ - $ 25,999 $ (1) Imp
Slide 90: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation As Reported (GAAP) Integration Program costs (1) Spin-Off Costs (2) 2012 - 2014 Restructuring Program costs (3) Operating (Non-GAAP) Currency (4) Operating Constant FX (Non-GAAP) As Reported EPS Growth (GAAP) Operating EPS Growth (Non-GAAP) Operating Constant FX EPS G
Slide 91: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation As Reported (GAAP) Impact of Divestitures Impact of Acquisitions (1) Impact of Integration Programs Impact of Accounting Calendar Changes (2) Impact of Currency Organic (Non-GAAP) As Reported (GAAP) Organic (Non-GAAP) For the Twelve Months Ended December 31, 13,613 $
Slide 92: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation As Reported (GAAP) Integration Program Costs (1) Acquisition- Related Costs (2) Spin-off Costs (3) 2012 - Restructuring Program Costs (4) Adjusted (Non-GAAP) Segment Operating Income 1,577 $ $ $ - $ - $ 1,783 $ Segment Operating Income Margin 11.6% 13.1% Segment Opera
Slide 93: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Mondelez International Pro Forma Continuing (1) (GAAP) Impact of Divestitures Impact of Acquisitions (2) Impact of Integration Program Impact of Accounting Calendar Changes Impact of Currency Mondelez International Pro Forma Organic (Non-GAAP) Mondelez International P