Food Industry V2

FOOD INDUSTRY FINANCIAL ANALYSIS
Alberto Bodritti 178945

Samuele Gaiotti 178105
Julieth Giraldo 172557
Andres Cardona Ganen 172463
Farrukh Bashir 178053
Rosanna D'orsi 178080
In the following papers we analyzed 6 firms from the food industry sector. Computing the economic ratios we used some ass
o We assumed a VAT of 8,875% since the companies are listed on the New York Stock Exchange, except for Danon
19,6% (France).
o In the statements where is not specified the Net purchased, we calculate it as 80% of the Cost of sales.
o To calculate the Wages expense we assume that as the 80% of the Selling general and administrative expenses,
o The risk free rate and market risk premium used are the ones relative to the state where the company is located
o In the evaluation of the firm operating risk (paper o) we assigned to firms a o between 0,8 and 1,8, reducing th
o Since the corporate taxes that we obtained from the firms financial statements are in some cases very variable a
the EV and EP computations we used an estimation of taxes.
o We assumed that CAP is +5 in case EP is positive and -5 in case it is negative. This is not influencing the computa
CAP in absolute value.
NALYSIS
conomic ratios we used some assumptions:
Stock Exchange, except for Danone for which we assumed a VAT of
80% of the Cost of sales.
eral and administrative expenses, the rest 20% are the Variable Cost.
ate where the company is located.

o between 0,8 and 1,8, reducing the usual range.
s are in some cases very variable and sometimes even negative, for
his is not influencing the computantion of Epn since we must use the
Chiquita Brands International, Inc.

Balance Sheet
Year
Cash & Equivalents
Accounts Receivable
Inventories
Pre-paid Expenses
Other Current Assets
Current assets from disc. Operations
Total Current Assets
Property, Plant & Equipment
Goodwill & Intangibles
Other Long-term Assets (Investments)
Non-current assets of disc. Operations
Total Long-Term Assets
Total Assets
(USD in Milions)
2007
2008
2009
2010
61.264
393.624
206.383
41.129
27.672
191.01
921.082
77.267
430.348
214.198
41.169
1.794
0
764.776
121.369
447.723
212.893
36.728
8.212
0
826.925
156.481
381.921
212.249
38.044
19.939
0
808.634
343.878 332.445 335.528

349.65
1141.665
759.59 750.496 740.652
168.624 131.374 131.877
168.21
102.353
0
0
0
1756.52 1223.409 1217.901 1258.512
2677.602 1988.185 2044.826 2067.146
Accounts Payable
Short Term Debt
Accrued Liabilities
Current Liabilities of disc. Operations
Total Current Liabilities
320.734
4.459
145.287
152.636
623.116
294.635
10.495
138.887
0
444.017
295.572
17.607
158.746
0
471.925
264.292
20.169
127.466
0
411.927
Long Term Debt

Deferred Tax Liabilities
Accrued pension and other employee benefits
Other Long-term Liabilities
Non-current liabilities of disc. Operations
Total Long-term Liabilities
798.013 686.816
106.202 104.359
59.059
59.154
184.702 169.438
11.037
0
1159.013 1019.767
638.462
105.094
65.812
103.23
0
912.598
613.973
115.825
73.797
111.636
0
915.231
Total Liabilities
1782.129 1463.784 1384.523 1327.158
Common Stock, $.01 par value

Additional Paid-In Capital
Retained Earnings
Other Equity
Total Shareholder's Equity
Total Liabilities and Shareholder's Equity
0.427
0.444
0.448
0.453
695.647 797.779 819.984
815.01
104.934 -223.761
-133.27
-75.915
94.465
-50.061
-16.859
0.44
895.473 524.401 660.303 739.988
2677.602 1988.185 2044.826 2067.146
Income Statement (USD in Millions)

Year
2007
2008
2009
2010
Total Revenue
Cost of sales
Gross Profit
3464.703 3609.371 3470.435 3227.432

2949.788 3067.612 2890.835 2765.104
514.915 541.759 579.600 462.328
SG&A
Depreciation
Amortization
Equity in losses (earnings) of investees
Other Expenses
Gain on deconsolidation of European smoothie business
Total Operating Expenses
Operating Income
374.715
72.403
9.823
0.441
25.912
0.000
483.294
31.621
378.248
62.899
9.824
-10.321
382.226
0.000
822.876
-281.117
372.209
52.695
10.294
-16.885
13.978
0.000
432.291
147.309
321.076
51.172
9.844
2.925
2.148
-32.497
354.668
107.660
Interest Expense
Interest Income
Other Income (expenses)
Income (loss) from continuing operations before taxes
-86.191
9.780
0.000
-44.790
-80.802
7.152
22.708
-332.059
-62.058
6.045
-0.488
90.808
-57.058
5.532
2.889
59.023
Income tax benefit

Net Income from Continuing Ops
-0.900
-45.690
1.900
-330.159
0.400
91.208
1.600
60.623
Income - Discontinued Ops

Net Income
-3.351
-49.041
1.464
-328.695
-0.717
90.491
-3.268
57.355
Cash Flow Statement (USD in milions)

Year
OPERATING
Net income
Loss from discontinued ops
Depreciation and amortization
Loss on debt extinguishment, net
Income tax benefits
Reserve for grower receivables
Gain on deconsolidation of European smoothie
Amortization of discount on Convertible Notes
Equity in losses (earnings) of investees
Amortization of gain on shipping fleet sale
Stock-based compensation
Changes in current assets and liabilities:
Trade receivables
Other receivables
Inventories
Prepaid expenses and other current assets
Accounts payable and accrued liabilities
Deferred tax and other liabilities
Other
2007
2008
2009
2010
-49.041
3.351
82.226
0
-13.744
0
0
0
0.441
-8.444
10.804
-323.725
-1.464
72.723
-14.114
-16.731
0
0
0
-10.321
-15.165
11.332
90.491
717
62.989
488
-12.627
1.902
0
6.753
-16.885
-15.164
14.268
57.355
3.268
61.016
246
-10.465
2.148
-32.497
7.623
2.925
-14.562
14.033
-5.911
-26.087
25.815
2.937
29.253
0
13.281
-5.929
-35.917
-10.617
-2.251
-31.177
0
391.075
3.056
-14.416
-3.273
17.798
4.312
1.136
-6.45
21.286
25.417
663
-5.286
-70.422
17.455
17.658
Operating cash flow

INVESTING
Capital expenditures
Acquisition of businesses
Net proceeds from sale
Other long-term assets
Other, net
Investing cash flow
FINANCING
Issuances of long-term debt
Repayments of long-term debt
Payments of debt issuance costs
Payments of debt extinguishment costs
Borrowings under the revolving credit facility
Proceeds from exercisa of stock options
Repayments of revolving credit facility and other
Financing cash flow
Increase (decrease) in cash and equivalents
Cash and equivalents, beginning of period
Cash and equivalents, end of period
64.881
7.719
135.095
97.861
-62.529
-21
234.83
6.639
3.16
161.1
-63
-3.171
91.837
4.212
-1.695
28.181
-68.305
-1.2
16.8
7.121
2.473
-43.111
-65.542
0
38.227
1.089
-6.094
-32.32
0
-173.855
-0.254
-84.198
40
1.833
0
-216.474
400
-409.282
-19.508
-57.719
57
12.412
0
-17.097
0
-47.764
-118
0
38
0
-38
-47.882
0
-30.429
0
0
0
0
0
-30.429
1.268
59.996
61.264
16.003
61.264
77.267
44.102
77.267
121.369
35.112
121.369
156.481
al, Inc.
VAT
8.875%
2007
NET FINANCIAL DEBT
741.208
NET CAPITAL EMPLOYED
1636.681
NET FIXED ASSETS
1338.7
Total direct cost (Cost of sales+SG&A*0,2) 3024.7
Total fixed cost (TFC)
408
CM
440.0
CM%
14.86%
Wages expenses (SG&A * 0,8)
299.8
EBIAT
30.7
2011
45.261
333.359
238.279
43.177
44.597
0
704.673
369.687
731.366
132.233
0
1233.286
1937.959
251.572
16.774
114.979
0
383.325
555.705
43.248
76.903
78.708
0
754.564
1137.889
0.458
827.001
-19.079
-8.31
800.07
1937.959
2011
2008
620.044
1144.445
823.7
3143.3
747
466
15.01%
303
-279.2
2009
534.7
1195.003
840.0
2965.3
358
505.2
16.70%
297.8
147.7
Assets/Liabilities Ratios
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
QUICK RATIO
TREASURY MARGIN
CURRENT RATIO
NET WORKING CAPITAL
NET OPERATING WORKING CAPITAL
EQUITY DEBT RATIO
EQUITY DEBT MARGIN
DAYS SALES OUTSTANDING
DAYS PURCHASING OUTSTANDING
DAYS INVENTORY OUTSTANDING
ELASTICITY INDEX
NET FIXED ASSET COVERAGE INDEX
INVESTMENT GROWTH INDEX
GNCE
GNFD
GNFD > GNCE ?
CAGRNCE (3,4,5 years)
E/NFD
18 FIcompared competitors
19 FIcompared best competitor
2007
0.730
-168.228
1.478
298
241.16
1.208
154.3
0.147
1.265
1.21
0.73
0.23
2008
1.143
63.598
1.722
321
253.99
0.846
-95.6
38.266
29.900
25.021
0.222
1.470
-7.19
-30%
-16%
bad
0.85
0.85
0.43
2009
1.206
97.167
1.752
355
251.24
1.235
125.6
42.411
34.058
26.962
0.210
1.546
1.31
4%
-14%
good
-15%
1.23
0.69
0.28
Revenues/Costs Ratios
1
2
3
4
Return on investment (ROI)

Return on sales (ROS)
Net asset turnover (NAT)
Return over equity (ROE)
2007
0.019
0.009
2.117
-18.26
2008
-0.246
-0.078
3.154
-1.60
2009
0.123
0.042
2.904
7.30
3139.296
2691.78
447.516
307.716
51.533
9.394
6.314
38.819
0.000
413.776
33.740
-51.586
4.204
-11.722
-25.364
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
BEPrev
BEPnrev
OLv
OLp
2747.67
0.928
13.91
109.57
4978.26
1.603
-1.66
-12.84
-9.890
32.88
-236.86
-0.14
1.07
164
67%
6%
-30%
4%
-1009%
OL pv
ROIT
ROST
NATT
CMT
AVp
140
FC
GCM
GNCE
GREV
GEBIAT
CAGRREV (3,4,5 years)
CAGREBIAT (3,4,5 years)
ROIcompered competitors
ROIcompered best competitor
0.13
0.06
-1.94
-0.65
2142.67
0.708
3.43
23.56
-1.524
-34.50
39.59
-0.87
0.68
207
73%
8%
4%
-4%
153%
0.1%
119%
0.60
0.33
113.85
-208.39
-231.19
211.12
209.22
0.6%
210.30
176.06
96.75
96.35
-0.4%
82.200
56.836
0.000
56.836
EBITDA
Current Operating Cash Flows (COCF)
Gross Operating Cash Flows (GOCF)
Net Operating Cash Flows (NOCF)
Company tax (tc)
2011
56.836
0
60.927
11.722
-100.836
32.967
0
8.606
6.314
-14.131
10.042
-11.022
33.306
-26.546
-9.981
-18.617
2.995
-3.624
-2.0%
Cash In/Cash Out Ratios

2007
1 NOCFr
2 EBITDACV
3 TZFD
Self Financing
Shareholders' contribution
Financial Leverage Contribution
4 GS
GS
5
6
7
8
9
10
Solvency index
GCOCF
GGOCF
NOCFrcompared target
NOCFrcompared best competitor
CagrNOCF
Kd
tc
2008
0.058
0.901
2.96
-17%
-2.6%
-10.4%
-30.1%
-30.1%
-1.42
0.31
0.18
12%
15%
13%
15%
2009
0.028
1.194
5.55
13%
4.0%
-12.5%
4.4%
4.4%
-1.48
176%
-54%
0.34
0.21
-54%
12%
35%
38.958
-75.535
0
3.307
3.512
745
-67.971
1.25
1.12
1.36
rf
2.5%
2.3%
2.8%
Wacc
5.5%
2.13
14.21%
12.25%
5.5%
2.25
14.65%
12.71%
5.5%
2.08
14.22%
11.23%
EP
CAP
-173.65
-5
-384.46
-5
-38.46
-5
EPn
-622.08
-1361.71
-141.33
MP
e
Ke
EV
330.067
-400.333
-5.026
-6.915
0
0
0
-82.207
-111.22
156.481
45.261
2010
477.661
1217.649
820.9
2829.3
290
398.1
14.32%
256.9
109.3
2011
527.218
1327.288
1005.9
2753.3
352
386.0
14.26%
246.2
115.9
2010
1.307
126.475
1.963
397
260.40
1.549
262.3
43.089
33.913
28.060
0.214
1.649
0.63
2%
-11%
good
-9%
2011
0.988
-4.705
1.838
321
292.86
1.518
272.9
38.193
31.667
30.545
0.221
1.348
4.59
9%
10%
bad
-5%
1636.681 1144.445 1195.003 1217.649 1327.288
Ratios
1.55
1.60
1.00
1.52
1.61
1.00
Ratios
2010
0.088
0.033
2.651
12.90
2011
0.025
0.011
2.365
14.08
1.075
22.861
1.751
2027.60
0.730
3.70
29.98
-0.269
-14.20
3.84
-3.69
1.53
141
100%
-21%
2%
-7%
-26%
-2%
53%
0.69
0.34
2470.89
0.913
11.44
93.04
-0.687
-7.63
25.14
-0.30
1.02
140
-104%
-3%
9%
-3%
6%
-2%
39%
0.20
0.09
168.68
126.97
85.01
83.41
-2.7%
94.67
170.03
-75.90
-158.10
324%
2010
0.026
1.328
5.73
9%
1.9%
-9.2%
1.9%
1.9%
-2.10
-28%
-12%
-0.33
0.46
-37%
2011
-0.0504
0.557
-3.33
-6%
0.3%
14.9%
9.0%
9.0%
55.61
34%
-189%
-0.79
-0.38
-191%
12%
35%
10%
35%
Ratios
1.04
1.24
3.0%
4.8%
5.5%
1.48
11.12%
9.80%
5.5%
1.77
14.54%
11.29%
-49.40
-5
-127.94
-5
-188.19
-469.40
-2133.10
-173.65
-384.46
-38.46
-49.40
-127.94
Groupe Danone
Balance Sheet
(EUR in Milions)
Year
2011
2010
Cash & Equivalents

Short Term Investments
Cash and Short Term Investments
1027
1114
2141
1054
1111
2165
Accounts Receivable - Trade, Net

Notes Receivable - Short Term
Receivables - Other
Total Receivables, Net
1930
91
720
2741
1873
85
681
2639
Total Inventory
Prepaid Expenses
Other Current Assets, Total
Operating Current Assets
1060
93
77
3971
6112
974
86
40
3739
5904
8441
-4525
3916
11289
4789
1319
53
948
28426
8077
-4267
3810
11311
4813
1204
42
936
28020
2634
756
72
1865
1635
5097
6962
2372
714
45
2529
1544
4675
7204
Total Long Term Debt

Total Debt
Deferred Income Tax
Minority Interest
Other Liabilities, Total
Total Liabilities
7166
9103
1108
98
992
16326
6946
9520
1129
47
957
16283
Common Stock, Total
161
162
Property/Plant/Equipment, Total - Gross

Accumulated Depreciation, Total
Property/Plant/Equipment, Total - Net
Goodwill, Net
Intangibles, Net
Long Term Investments
Note Receivable - Long Term
Other Long Term Assets, Total
Total Assets
Accounts Payable
Accrued Expenses
Notes Payable/Short Term Debt
Current Port. of LT Debt/Capital Leases
Other Current liabilities, Total
Operating Current Liabilities

Retained Earnings (Accumulated Deficit)
Treasury Stock - Common
Other Equity, Total
Total Equity
3452
10192
-1564
-141
12100
3627
9251
-1216
-87
11737
Total Liabilities & Shareholders' Equity
28426
28020
601
601
611
611
Shares Outs - Common Stock Primary Issue

Total Common Shares Outstanding
Income Statement (EUR in Millions)

Year
Revenue
Total Revenue
Cost of Revenue, Total
Gross Profit
EBIT
FinC
2011
2010
19318
19318
9541
9777
17010
17010
7957
9053
Selling/General/Admin. Expenses, Total

Research & Development
Unusual Expense (Income)
Other Operating Expenses, Total
Total Operating Expense
Operating Income
6785
233
34
-4
7048
2729
6290
209
80
-43
6536
2517
Interest Expense, Net Non-Operating

Interest/Invest Income - Non-Operating
Interest Income(Exp), Net Non-Operating
Other Interest Expense(Income), Net
Other, Net
Net Income Before Taxes
-241
67
-120
-48
0
2435
-230
324
-114
-13
0
2497
Provision for Income Taxes

Net Income After Taxes
626
1809
578
1919
Minority Interest
Equity In Affiliates
Net Income Before Extra. Items
-184
46
1671
-165
121
1875
0
1671
0
1875
1671
1671
602
2775
1875
1875
614
3052
TAX
Discontinued Operations
Net Income
Income Available to Com Excl ExtraOrd
Income Available to Com Incl ExtraOrd
Basic Weighted Average Shares
Basic EPS Excluding Extraordinary Items
Basic EPS Including Extraordinary Items

Dilution Adjustment
Diluted Weighted Average Shares
Diluted EPS Excluding ExtraOrd Items
Diluted EPS Including ExtraOrd Items
DPS - Common Stock Primary Issue
Gross Dividends - Common Stock
Total Special Items
Normalized Income Before Taxes
2775
0
604
2766
2766
1390
893
70
2505
3052
0
616
3044
3044
1300
842
92
2589
Effect of Special Items on Income Taxes

Inc Tax Ex Impact of Sp Items
Normalized Income After Taxes
Normalized Inc. Avail to Com.
Basic Normalized EPS
Diluted Normalized EPS
18
644
1861
1723
2861
2852
21
599
1990
1946
3167
3159
Cash Flow Statement (EUR in milions)

Year
Net Income/Starting Line
Depreciation/Depletion
Non-Cash Items
Changes in Working Capital
Cash from Operating Activities
Capital Expenditures
Other Investing Cash Flow Items, Total
Cash from Investing Activities
Financing Cash Flow Items
Total Cash Dividends Paid
Issuance (Retirement) of Stock, Net
Issuance (Retirement) of Debt, Net
Cash from Financing Activities
Foreign Exchange Effects
Net Change in Cash
2011
2010
1671
637
201
96
2605
-885
118
-767
-211
-783
-622
-248
-1864
-1
-27
1875
592
-42
51
2476
-832
280
-552
-803
-737
-197
151
-1586
72
410
none
Milions)
2009
2008
2007
644
454
1098
591
441
1032
548
493
1041
1635
88
588
2311
1534
26
950
2510
1548
30
763
2341
765
57
176
3309
4407
795
0
861
0
546
3851
4883
151
3353
4394
6983
-3803
3180
10227
4258
1587
27
621
24307
6538
-3455
3083
9886
4226
1641
73
639
24431
6298
-3263
3035
12869
4362
2035
67
814
27576
1945
1511
89
1702
609
4154
5856
2189
2024
0
652
33
4246
4898
2306
2047
0
2447
13
4366
6813
6092
7883
937
54
813
13752
11435
12087
1109
56
723
18221
9855
12302
1157
82
651
18558
162
128
128
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
1
2
3
4
3596
8437
-1027
-613
10555
297
7965
-1225
-955
6210
255
9594
-1270
311
9018
24307
24431
27576
613
613
478
478
523
523
in Millions)
2009
2008
2007
14982
14982
6749
8233
15220
15220
7172
8048
12776
12776
6380
6396
5596
206
-1
-79
5722
2511
5513
198
-60
210
5861
2187
4441
121
-17
305
4850
1546
-340
76
0
-63
-225
2022
-497
58
0
596
-145
1603
-307
132
5
7
8
9
10
11
12
13
14
15
16
17
18
19
EBIAT
20
21
22
23
24
25
26
EBITDA
1
2
3
0
148
-2
1369
424
1598
443
1160
410
959
-160
-77
1361
-178
62
1044
-158
87
888
0
1361
269
1313
3292
4180
1361
1361
566
2407
1044
1313
525
1990
888
4180
524
1696
5
6
7
8
9
10
11
12
13
14
15
16
17
2407
0
566
2406
2406
1200
776
-1
2021
2503
0 -526
1984
2495
1200
617
-60
1543
7981
-0
424
1597
1360
2405
2405
-17
426
1117
1001
1907
1902
-5
405
947
876
1673
1661
2009
2008
2007
1361
549
165
-75
2000
-699
1021
322
-552
-221
3077
-4581
-2277
8
53
1313
525
-55
-29
1754
-706
137
-569
63
-705
94
-563
-1111
-31
43
4180
420
-3200
211
1611
-726
-7372
-8098
1708
-622
-373
5683
6396
-16
-107
528
1683
7923
1000
564
-17
1352
in milions)
20
21
22
23
24
25
26
27
28
30
VAT
NET FINANCIAL DEBT
NET FIXED ASSETS
Total direct costs
CM
CM%
Variable cost = selling gen. and administ.*0,2
Wages expense = selling gen. and administ.*0,8
Net purchased = cost of sales*0,8
Net sales = Net Revenues
0.196
2011
8076.00
20176.00
21026.00
10898.00
6065.00
9777.00
51%
1357
5428
7632.8
19318
2010
2009
2008
8466.00 7239.00 11496.00
20203.00 17794.00 17706.00
21503.00 19243.00 17721.00
9215.00 7868.20 8274.60
5624.00 5025.80 4935.40
9053.00 8233.00 8048.00
53%
55%
53%
1258
1119.2
1102.6
5032
4476.8
4410.4
6365.6
5399.2
5737.6
17010
14982
15220
QUICK RATIO
TREASURY MARGIN
CURRENT RATIO
NET WORKING CAPITAL
EQUITY DEBT RATIO
EQUITY DEBT MARGIN
ELASTICITY INDEX
G(NCE)
G(NFD)
G(NFD) > G(NCE) ?
CAGR(NCE)5years;4years;3years
E/NFD Company
2011
2010
0.70
0.67
-2080.00
-2400.00
0.88
0.82
-850.00
-1300.00
-1126.00
-936.00
1.50
1.39
4024.00
3271.00
30.04
31.47
100.08
103.48
38.91
39.89
-0.06
-0.05
0.92
0.87
1.75
-2.82
0%
14%
-5%
17%
good
bad
-1%
-1%
1.50
1.39
2009
0.58
-2447.00
0.75
-1449.00
-845.00
1.46
3316.00
32.28
116.83
42.18
-0.05
0.87
-1.77
0%
-37%
good
-7%
1.46
2008
0.72
-1356.00
1.00
-15.00
-395.00
0.54
-5286.00
30.90
119.54
42.14
-0.02
1.00
11.42
-15%
-2%
bad
2009
14%
17%
1.69
13%
2008
12%
14%
2.85
21%
0.54
Revenues/Costs Ratios
2011
14%
14%
1.67
14%
2010
12%
15%
1.72
16%
BEP rev
11983.60
10567.13
9145.70
9333.60
0.62
3.58
7.08
0.08
-63.02
0.62
0.00
0.68
4349.00
2.91%
0.08
-0.00
0.14
2103.00
0.08
0.11
0.17
1.07
0.50
1.59
0.99
0.62
3.60
6.76
0.00
0.02
0.02
-0.14
0.76
4021.00
2.93%
0.10
0.14
0.14
1939.00
-0.07
0.10
0.20
0.97
0.48
1.43
0.89
0.61
3.28
5.97
0.15
29.81
-9.47
0.00
0.27
3756.20
3.63%
0.02
0.00
-0.02
2087.00
0.20
0.08
0.36
0.69
0.37
0.82
0.33
0.61
3.68
6.96
0.41
-2.81
2.17
2011
3366.00
2916.00
2756.00
2130.00
2010
3109.00
2960.00
108.00
-470.00
2009
3060.00
4494.00
2423.00
1999.00
2008
2712.00
308.00
5253.00
4810.00
Company tax
Corporate Tax
26%
34.43%
23%
34.43%
21%
34.43%
28%
34.43%
NOCF(r)
EBITDA(cv)
TZFD
Self Financing
Shareholders Contribution
G(S)
G(s) test
Solvency index
G(COCF)
G(GOCF)
NOCF(r compared)
NOCF(r best compared)
Cagr(NOCF)
0.11
1.15
3.79
10%
-6.47%
-3.69%
-0.13%
-0.13%
-21.19
-0.01
24.52
1.72
0.84 -0.24
-0.03
1.05
-18.01
11%
-3.89%
6.56%
13.54%
13.54%
0.40
-0.34
-0.96
0.35
0.49
-0.69
0.13
0.68
3.62
11%
16.85%
-27.56%
0.50%
0.50%
-0.67
13.59
-0.54
1.63
1.00
-0.58
0.32
8.81
2.39
8%
-19.84%
-2.54%
-14.76%
-14.76%
22.60
BEP nrev
OL v
OL p
OL pv
ROI t
ROS t
NAT t
CM t
AV p
FC
G(CM)
G(NCE)
G(REV)
EBIAT
G(EBIAT)
CAGR(REV)5years,4years,3years
CAGR(EBIAT)5years,4years,3years
ROI(compared)
ROI(best compared)
E/NFD(compared)
E/NFD(best compared)
1.54
3637.60
4.28%
0.26
-0.15
0.19
1744.00
0.54
0.98
0.33
0.54
0.28
Cash In / Cash Out Ratios
Current Operating Cash Flows

Gross Operating Cash Flows
Net Operating Cash Flows
1.67
1.00
Rf
Rm-Rf (MP)
Beta e
Ke
WACC
EP
CAP
EP(n)
EV
Kd
2.7%
6%
2.01
15%
10%
-156.53
-5
-599
-6009.65
2.98%
1.35%
6%
2.12
14%
9%
-152.56
-5
-595
2.89%
6%
2.15
16%
11%
-240.30
-5
-897
4.39%
6%
2.92
22%
10%
-253.32
-5
-972
2.72%
4.70%
4.32%
2007
11754.00
20772.00
23191.00
7268.20
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%
20176.00 20203.00 17794.00 17706.00 20772.00
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%
4.39%
6%
2.78
21%
10%
-1088.74
-5
-4114
2.61%
Del Monte Foods

Consolidate Balance Sheet
ASSETS
Financial
Operating
(Millions USD)
2007
2008
2009
Cash & Equivalents

Short Term Investents
Accounts Receivable
Inventories
Pre-paid Expenses
Deferred Tax Assets
13
0
261
810
93.9
0
38.6
1216.5
25.7
0
287
817
64.7
0
34.3
1228.7
143
0
188
677
139
0
0
1147
Property, Plant & Equipent

Other Long-term Assets
Total Assets
719
2590
38.5
3350
4566.5
712
2570
33.6
3320
4548.7
643
2510
22.3
3170
4317
Total Financial Assets

Total Operating Assets
13
25.7
143
1203.5
1203
1004
200
0
51.2
0
251.2
230
0
37.5
110
377.5
397
0
34.6
4.9
436.5
1950
0
468
346.8
2764.8
1850
0
397
266
2513
1530
0
390
291
2211
Minority Interest
Total Liabilities
0
3016
0
2890.5
0
2647.5
Total Financial Liabilities

Total Operating Liabilities
Net Financial Debts
2001.2
1887.5
1564.6
1014.8
1003
1082.9
1988.2
1861.8
1421.6
LIABILITIES AND EQUITY
Financial
Financial
Accounts Payable
Accrued Expenses
Short Term Debt
Other Current Liabilities
Long Term Debt
Capital Lease Obligations
Deferred Income Tax
Preferred Stock
Common Par
Retained Earnings
Treasury Stock
Other Equity
0
2.1
1120
537
-133
24.4
0
2.1
1191.9
639
-183
8.2
0
2.1
1110.8
778
-183
-38.4
1550.5
1658.2
1669.5
Total Liabilities and Equity
4566.5
4548.7
4317
Consolidate Income Statement (Millions USD)

2007
2008
2009
3410
2420
990
3740
2710
1030
3630
2520
1110
Research & Developent

SG&A
Amortization & Deprec
Other Expenses
Operating Income
0
578
101
0
679
311
0
575
106
0
681
349
0
643
105
0
748
362
Other Income
EBIT
-30
281
-60
289
-24.1
337.9
Minority Interest
Interest Expense
Income Before Taxes
0
155
126
0
20
269
0
255
82.9
Income Taxes
53.6
68
78.8
Net Income from Continuing Ops
72.4
201
4.1
-0.4
118
26.2
0
0
72
0
0
319
0
0
30.3
0
72
0
319
0
30.3
Total Revenue
Cost of Sales
Gross Profit
Extraordinary Items
Effect of Accounting Changes
Other Items
Net Income
Preferred Dividends
Net Income to Common
Cash Flow Statement
(USD)
2007
2008
2009
113
133
172
Depreciation
Amortization
Deferred Taxes
Change In Working Capital
Other Non Cash Operating Items
Cash From Operations
101
0
52.9
-55.3
19.3
230.9
106
0
44.1
8.4
-4.9
286.6
105
0
29.5
-117
10.7
200.2
Sale of Assets
Acquisitions
Investments
Other Investing Activities
Cash from Investing
-95
17.5
-1310
0
-51.7
-77.5
-96.7
17.5
0
0
-97.2
-79.2
-88.7
366
0
0
-88.7
277.3
Dividends Paid
Sale / Purchase of Stock
Net Borrowings
Other Financing Cash Flows
Cash From Financing
-32.1
8.7
700
-9.2
667.4
-32.2
-46.2
-111
-5.2
-194.6
-31.6
2.1
-332
0
-361.5
0.1
-447
0
12.7
0.6
117
Net Income
Foreign Exchange Effect

Net Change in Cash
2007
USD)
NET FINANCIAL DEBT

NET FIXED ASSETS
CM%
CM
EBIAT
E/NFD
Total Direct Cost (TDC)
Wages Expenses (SG&A*0,8)
2010
53.7
0
187
726
128
0
0
1094.7
2008
1988.2
3538.7
4504
679
29%
990
227.4
0.780
2535.6
462.4
1861.8
3520
2668.8
681
28%
1030
221
0.891
2825
460
2007
659
2500
34.4
3190
4284.7
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
53.7
1041
406
0
35.6
0.5
442.1
16
1260
0
441
260
1961
0
2403.1
1295.6
1107.5
1241.9
Quick Ratio
Treasury margin
Current ratio
Net Working capital
Net Operating Working capital
Equity Debt ratio
Equity Debt Margin
Days sales outstanding
Days purchasing outstanding
Days inventory outstanding
Elasticity index
Net fixed asset coverage index
Investment growth index
G (NCE)
G (NFD)
G(NCE) > G(NFD)
Cagr (NCE) 5years;4years;3years
(E/NFD)company
2008
0.83
-64.8
3.25
851.2
938.7
0.89
-203.6
25
27
101
0.273
0.242
0.78
1.31
19.17
-1%
-6%
bad
1.09
22.8
4.84
965.3
964.9
0.78
-437.7
0.78
0.89
1
2
3
4
5
6
7
8
Return on Investment (ROI)

Return on Sales (ROS)
Net Asset Turnover (NAT)
Return on Equity (ROE)
BEPrev
BEPnrev
OLv
OLp
Revenue/Cost Ratios
2007
2008
0.09
0.10
0.09
0.09
1.0
1.1
21.53
5.20
2338.8 2472.76
0.69
0.66
3.18
3.56
12.14
12.94
0
2.2
1139.2
983
-183
-59.8
1881.6
4284.7
ons USD)
2010
9
10
11
12
13
14
15
16
17
18
OLpv
ROIT
ROST
NATT
CMT
AVp
21
22
23
GEBIAT
CAGRREV(2,3,4 years)
CAGREBIAT (2,3,4 years)
3740
2410
1330
0
721
99.4
0
820.4
509.6
527.6
8%
FC
GCM
GNCE
GREV
-3%
5%
-1%
Cash in/ Cash out Ratios

2007
EBITDA
412
Company tax (Tc)
43%
NOCFr
2008
455
-1361.5
367.7
299.7
25%
140
6
7
EBITDACV
TZFD
Self Financing
G(s)
g(s)
Solvency index
GCOCF
301.6
GGOCF
NOCFrcompared target
0.47
99
NOCFrcompared best competitor
0.25
10
CagrNOCF
-45
464.6
0
23
441.6
0
0
400.6
0
400.6
1
2
3
4a
4b
4c
5
0.12
-23.12
1.26
-18.31
0.85
570
1%
4%
-1%
10%
0.08
-0.33
6.21
7.37%
-5.97%
-1.92%
-0.53%
-0.53%
-2.22
-
Kd
tc
o
rf
8%
35%
1.25
1%
35%
1.2
2.5%
2.3%
MP
6.5%
6.5%
2.29
2.08
Ke
Wacc
17.40%
10.47%
15.79%
7.81%
EP
CAP
EPn
-168.34
-5
-630.57
-48.02
-5
-192.71
274
215
813.5
237.5
313.5
747
2010
244
99.4
0
54.4
-104
61.6
355.4
-105
0
0
0
-105
-105
-37.6
12.3
-313
1.7
-336.6
-3.8
-89
EV
Average account receivable

Average account payable
Average inventory
2009
2010
1421.6
3091.1
2380.6
748
31%
1110
259.1
1.174
2648.6
514.4
1241.9
3123.5
2470.9
820.4
36%
1330
324.6
1.515
2554.2
576.8
VAT
8.875%
os
2009
2010
0.76
0.54
-105.5
-201.4
2.63
2.48
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
1.27
3.72
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
0.81
-87.23
3.30
0.04
-0.31
-1.27
0.24
0.47
595.6
18%
8%
-12%
-3%
0.41
38.90
13.46
2.89
-0.85
753.2
2%
20%
1%
3%
17%
-1%
5%
25%
1%
6%
2009
467
607.7
790.9
712.1
95%
2010
609
666.9
477.2
337.2
32%
0.20
0.77
2.00
0.51%
-0.54%
-12.14%
-12.18%
-12.18%
-1.23
-1.45
0.09
0.91
3.68
11.26%
-6.10%
-4.11%
1.05%
1.05%
-1.93
0.10
1.15
-0.40
1.97
-1.43
1.00
1.00
138%
-53%
18%
35%
1.16
2%
35%
1.24
2.8%
3.0%
6.5%
6.5%
1.80
1.77
14.51%
13.20%
14.52%
9.22%
-172.75
-5
-604.63
43.12
-5
166.76
187.5
401.5
701.5
93.5
203
363
Kellogg Company
Balance Sheet (Million USD)
Cash & Equivalents

Short Term Investments
Accounts Receivable
Inventories
Pre-paid Expenses
Deferred Tax Assets
2007
2008
2009
2010
2011
524
255
334
444
460
1,011
1,100
1,093
1,190
1,188
924
897
910
1,056
1,132
140
114
225
98
103
0
112
43
0
221
0
0
149
0
2,702
2,521
2,558
2,915
3,027
2,990
2,933
3,010
3,128
3,281
4,965
740
5,098
394
5,101
531
5,084
720
5,077
516
8,695
8,425
8,642
8,932
8,874
11,397
10,946
11,200
11,847
11,901
Accounts Payable
Accrued Expenses
Short Term Debt
1,081
1,135
1,077
1,149
1,189
1,955
1,008
1,390
392
45
1,166
996
1039
995
1129
4,044
3,552
2,288
3,184
3,313
Long Term Debt
3,270
4,068
4,835
4,908
5,037
647
300
425
697
637

Other Long-term Assets
Total Assets

Deferred Income Tax
910
1,571
1,377
904
1,152
4,827
5,939
6,637
6,509
6,826
Total Liabilities
8,871
9,491
8,925
9,693
10,139
Preferred Stock
Common Par
Retained Earnings
Treasury Stock
Other Equity
105
105
105
105
105
388
438
472
495
522
4,217
4,836
5,481
6,122
6,721
-1,357
-827
-1,790
-2,134
-1,820
-1,963
-2,650
-1,918
-3,130
-2,456
2,526
1,455
2,275
2,154
1,762
Income (USD)
2007
2008
2009
2010
2011
11,776
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
3,311
3,414
3,390
3,299
3,472
372
375
384
392
369
3,683
3,789
3,774
3,691
3,841
Operating Income
1,868
1,953
2,001
1,990
1,976
-3
-14
-22
-11
1,865
1,939
1,979
1,990
1,965
-1
319
-2
308
-4
295
-7
248
-2
233
1,546
1,631
1,684
1,742
1,732
444
485
476
502
503
1,102
1,146
1,208
1,240
1,229
0
0
0
0
0
0
0
0
0
0
1,102
1,146
1,208
1,240
1,229
-1
-2
-4
-7
-2
1,103
1,148
1,212
1,247
1,231
Total Revenue

SG&A
Amortization & Deprec
Other Expenses
Other Income
EBIT
Minority Interest
Interest Expense
Income Before Taxes
Income Taxes
Net Income - Continuing Ops
Extraordinary Items
Effect of Accounting Changes
Other Items
Net Income
Preferred Dividends
Cash Flow (Million USD)
Net Income
2007
2008
2009
2010
2011
1,102
1,146
1,208
1,240
1,229
Depreciation
372
375
384
392
369
Amortization
Deferred Taxes
Change In Working Capital
-69
157
-40
266
84
10
-81
178
-344
127
Other Non Cash Op Items
88
-330
-87
-546
-214
1,503
1,267
1,643
1,008
1,595
Sale of Assets
Acquisitions
Investments
Cash from Investing
-472
-461
-377
-474
-594
13
-128
-213
-4
-601
-681
-370
-465
-587
Dividends Paid
Sale / Purchase of Stock
Net Borrowings
Cash From Financing
-475
-495
-546
-584
-604
-487
-475
-56
-848
-507
168
6
185
5
-585
5
985
8
139
15
-788
-780
-1,182
-439
-957
-1
-75
-12
-35
113
-269
79
110
16

Net Change in Cash
2007
$4,701
$7,227
$8,569
$3,683
47%
$5,551
1,421
54%
NET FINANCIAL DEBT

NET FIXED ASSETS
CM%
CM
EBIAT
E/NFD
2008
$5,203
$6,658
$7,689
$3,789
45%
$5,742
1,454
28%
2009
$4,546
$6,821
$6,551
$3,804
46%
$5,775
1,503
50%
2010
$5,460
$7,614
$7,883
$3,691
46%
$5,681
1,488
39%
Assests/Liabilities Ratios
1
2
3
4
5
6
7
8
9
10
11
12
13
14
QUICK RATIO
TREASURY MARGIN
CURRENT RATIO
NET WORKING CAPITAL
EQUITY DEBT RATIO
EQUITY DEBT MARGIN
DAY SALES OUTSTANDING
DAY PURCHASING OUTSTANDING
DAY INVENTORY OUTSTANDING
ELASTICITY INDEX
INVESTMENT GROWTH RATE
G NCE
2007
0.380
-$2,509
0.668
-$1,342
$2,105
0.537
-$2,175
29
58
50
0.29
0.68
-
2008
2009
2010
0.381
0.624
0.513
-$2,197
-$861 -$1,550
0.710
1.118
0.916
-$1,031
$270
-$269
$1,523 $2,313 $2,361
0.280
0.500
0.395
-$3,748 -$2,271 -$3,306
28
29
31
52
55
56
43
45
50
0.23
0.34
0.31
0.72
1.09
0.90
- 1.35 - 1.96
4.40
-8%
2%
12%
15 G NFD
16 G NCE > G NFD
bad
17 Cagr NCE
18 FI target cluster
0.324
19 FI best competitor
0.103
11%
-13%
good
20%
not bad
-0.056
0.026
0.281
0.281
0.406
0.142
0.113
0.255
0.29
0.16
1.84
0.61
8,283
0.659
2.92
6.35
0.26
0.16
1.63
0.62
8,054
0.650
2.85
6.23
Revenue/Cost Ratios
1
2
3
4
5
6
7
8

BEP rev
BEP nrev
OL v
OL p
0.26
0.16
1.63
0.59
7,813
0.663
2.98
6.31
0.29
0.15
1.93
0.59
8,461
0.660
2.96
6.61
9
10
11
12
13
14
15
OL pv
ROI t
ROS t
NAT t
CM t
FC
G CM
16 G NCE
17 G REV
4.5%
-
0.04
-50%
45%
-113%
65%
4.2%
3.4%
0.02
84%
-107%
-79%
49%
4.0%
0.6%
0.01
5%
-39%
-12%
115%
3.2%
-1.6%
-7.9%
2.4%
11.6%
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

22 ROI compered best competitor
1.74
2.30
1.42
2.04
0.74
0.77
0.77
1.00
23 CagrROI compered best competitor
Cash in/Cash out Ratios

EBITDA
COCF
OCF
NOCF
Tc
1 NOCF r
2
3
4a
4b
4c
EBITDA CV
TZFD
Self financing
Shareholders contribution
Financial leverage contribution
5 GS
6a g s
6b Solvency index
7 G COCF
$2,237
29%
$2,314
$2,003
$2,508
$2,023
30%
$2,363
$1,062
$1,816
$1,340
28%
$2,382
$2,921
$1,197
$695
29%
15.8%
10.7%
5.6%
1.16
2.23
0.82
2.57
3.39
7.86
18.85% 21.32% 20.77%
-30.68% -5.83% -19.95%
3.93% -13.09% 10.74%
-7.89%
-7.87%
2.812
8 G GOCF
9 NOCFr TARGET
10 NOCFr BEST COMPETITOR
Kd
tc
2.41%
2.45%
-4.624
- 0.89
4.5%
29%
11.55%
11.63%
0.980
0.64
0.38 -
0.52
0.84
1.30 -
0.72
0.50
0.80
1.00
4.2%
30%
4.0%
28%
3.2%
29%
1.32
1.36
1.52
1.64
rf
2.5%
2.3%
2.8%
3.0%
Risk Premium
e
Ke
5.5%
3.07
5.5%
4.78
5.5%
3.70
5.5%
4.60
19.4%
28.6%
23.1%
28.3%
8.8%
8.5%
9.6%
9.6%
$690
5
$2,694
$795
5
$3,131
$764
5
$2,923
$684
5
$2,619
Wacc
EP
CAP
EPn
EV
2011
$5,572
$7,334
$7,620
$3,851
44%
$5,817
1,462
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%
VAT
8.9%
1.200
1.000
0.800
0.600
0.400
0.200
0.000
2007
QUICK RATIO
2008
2009
CURRENT RATIO
2010
2011
EQUITY DEBT RATIO
2%
bad
0.005
0.335
0.208
0.27
0.15
1.80
0.63
8,737
0.662
2.96
6.72
OL v
3.00
2.98
2.96
2.94
2.92
2.90
2.88
2.86
2.84
OL v
2.86
2.84
2.82
2.80
2.78
0.01
34%
-19%
-176%
65%
2.8%
2.4%
-3.7%
2007
2008
2009
2010
2011
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%
NOCF r
0.18
0.16
0.14
0.12
0.10
0.06
0.04
0.02
2007
-3.70%
-3.68%
6.383
- 0.24
0.47
2008
2009
2010
2011
NOCF
2.06
1.00
NOCF r
0.08
2,500.00
2,000.00
2.8%
29%
1,500.00
NOCF
1.45
NOCF
1,000.00
4.8%
5.5%
4.70
30.7%
8.9%
$743
5
$2,899
$11,061
500.00
2007
2008
2009
2010
2011

0.30
0.29
0.28
0.27
Return on investment
(ROI)
0.26
0.25
0.24
2007
OL v
2008
2009
2010
2011
Kraft Foods
Consolidated Balance Sheet Millions $
Fiscal Year Ending
31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10
Assets
Current Assets
Cash and Equivalents
Short-term Investments
Accounts Recievable
Inventories
Prepaid Expense
Deferred Tax Assets
Non Current Assets
Other long-term Assets
Total Non-current Assets
Total Assets
Liabilities&ShareholdersEquity
Current Liabilities
Accounts Payable
Accrued Expenses
Short-term debt
Non Current Liabilities
Long Term Debt
Deferred Income Tax
Other Long-Term Liabilities
Total Long-Term Liabilities

Minority Interest
Total Liabilities
Preferred Stock
Common Par
Retained Earnings
Treasury Stock
Other Equity
Total Shareholder`s Equity
239
0
5200
4100
0
575
302
1240
0
4700
3730
0
861
828
2100
0
5200
3770
0
730
651
2480
0
6500
5310
0
898
993
10700
11400
12500
16200
10800
43400
3080
57300
68000
9920
40500
1290
51700
63100
10700
42200
1370
54300
66700
13800
63800
1460
79100
95300
4070
0
8110
100
17100
3370
0
1660
3250
11000
3770
0
966
3400
11500
5410
0
1860
4580
15700
12900
18600
18000
26900
0
4880
5830
23600
0
0
4060
7180
29800
0
0
4510
6720
29300
96
0
7980
8840
43700
108
40700
0
0
23400
12200
-6520
-1830
27300
40900
0
0
23600
13300
-8710
-5990
22200
40800
0
0
23600
14600
-8420
-3960
25900
59500
0
0
31200
16600
-8130
-3890
35800
Kraft Foods
Income Statement Billion $
Fiscal Year Ending
31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10
Total Revenue
37200
42200
40400
49200
Cost of Revenue
23800
27200
24900
30100
Gross Profit
13500
0
15000
0
15500
0
19100
0
7810
9060
9110
12000
Amortization & Depreciation
899
1010
957
1650
Other Expenses
345
1090
-67
-193
9050
11200
10000
13500
Operating Income
4410
3820
5510
5670
15
32
17
-240
EBIT
Minority Interest
Interest Expenses
4420
0
698
3850
0
1270
5520
7
1240
5430
25
1790
Income Before Taxes

Income Taxes
Net Income fromContinuing Operations
income-Discontinued Ops
Extraordinary Items
Eddect of Accounting Changes
Other Items
Net Income
3730
1140
2590
0
0
0
0
2590
2580
728
1850
1050
0
0
0
2900
4280
1260
3020
0
0
0
0
3020
3620
1150
2470
1640
0
0
0
4110
Preferred Dividents
0
2590
0
2900
0
3020
0
4110

Selling,General&AdministrativeExpenses
Other Income
Kraft Foods
Cash Flow Statement Billion $
Fiscal Year Ending
31-Dec-07 31-Dec-08 31-Dec-09 31-Dec-10
Net Income
Depreciation
Amortization
2590
886
0
2900
986
0
3020
931
0
4110
1440
0
Deferred Taxes
-436
-262
-38
-251
Change in Working Capital
-222
356
870
-1180
753
160
217
-907
3570
4140
5080
3750
-1240
0
-7220
-1370
0
-2000
-1330
0
0
-1660
0
-5810
Other Investing Activities
-1200
-1320
-1240
-1650
Cash From Investing
-8420
-1320
-1240
-7460
Dividends Paid
Sale/Purchase of Stock
Net Borrowings
-1640
-3710
10500
-1660
-777
311
-1710
0
-1410
-2170
0
7300
Other Non Cash Operating Items

Sale of Assets
Acquisitions
Investments
-56
-72
-10
-936
Cash From Financing
5120
-2060
-3130
4190

Net Change in Cash
52
-328
-87
-677
145
-857
-94
-380
1000
VAT
31-Dec-11
NET FINANCIAL DEBT
NET FIXED ASSETS
CM%
CM
Total Direct Cost
Wages Expense
EBIAT
1970
0
6360
5710
0
912
1250
8%
2007
2008
20771.00
48071.00
54471.00
7492.00
0.36
13500
25362.00
6248.00
3280
19020
41220
40820
9348.00
0.36
15000
29012
7248.00
3122
Assets & Liabilities Ratios
16200
13800
62500
1340
77600
93800
5530
0
3840
4860
18400
23100
0
6740
10200
40100
111
58600
0
0
31300
18000
-7840
-6640
35200
1
2
3
4
5
6
7
8
9
10
11
12
13
15
QUICK RATIO
TREASURY MARGIN
CURRENT RATIO
NET WORKING CAPITAL
EQUITY DEBT RATIO
EQUITY DEBT MARGIN
DAY SALES OUTSTANDING
DAY PURCHASING OUTSTANDING
DAY INVENTORY OUTSTANDING
ELASTICITY INDEX
INVESTMENT GROWTH RATE
G NCE
16
17
18
19
G NFD
G (nce) > G (nfd)
Cagr (NCE) for year 3,4,5
E/NFD
2007
0.32
-11661.00
0.63
-6400
6044.00
1.31
6529.00
0.13
0.93
2008
0.54
-5060
1.04
400
7161.00
1.17
3180.00
39.64
46.22
52.54
0.17
1.27
-12.84
-14%
-8%
bad
1.31
1.17
Revenue & Cost Ratios

1
2
3
4
5
6
7
8
9

BEP rev
BEP nrev
Olv
Ol p
Ol pv
2007
2008
9.19%
9.34%
11.88%
9.12%
0.77
1.02
9.49%
13.06%
20644.62 26299.04
0.55
0.62
3.05
3.90
8.42
10.96
-0.13
10 ROI t
0.90
11 ROST
-0.96
31-Dec-11
12 NATT
-0.94
54400
13 CMT
0.93
34100
14 AVp
7252
7752
20300
0
15 FC
16 GCM
0.03
0.07
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
-20
1650
23 ROIcompered best competitor
0.26
0.25
4750
1230
3530
0
0
0
0
3530
0
3530
31-Dec-11
Cash In & Cash Out Ratios

EBITDA
Company tax (tc)
1 NOCF r
2
3
4a
4b
4c
2007
5306.00
EBITDA CV
-2.46
1.91
-5823%
-17%
-4%
TZFD
Self financing
Shareholders contribution
Financial leverage contribution
3530
1490
0
5 GS
gs
6 Solvency index
7 G COCF
-351
8 G GOCF
2008
4836.00
-1964.00
10701.00
9973.00
31%
0.24
-5843%
-14%
-23.31
-920
9 NOCFr compared
10 NOCFr BEST COMPETITOR
4520
11 Kd
0.03
0.07
-1770
-430
0
12 Rf
13 MP
14 tc
2.5%
2.3%
5.6%
41.2%
5.6%
41.2%
-690
1.25
0.75
15 o
1.5
1.44
-1770
16 e
2.17
2.17
-1730
17 Ke
14.7%
14.4%
-2040
-511
-1080
18 WACC or Km
19 EP
20 CAP
0.09
0.10
-1813.085 -1685.626
-5
-5
-565
-3170
-124
-507
21 Discount Factor
22 EPatt
23 EPn
24 EV
0.92
0.83
-1660.666 -1403.745
-7019.785 -6458.784
2009
2010
2011
16866
42766
41766
8178.00
0.38
15500
26722
7288.00
4260
26280
62080
61580
11057.00
0.39
19100
32500
9600.00
4280
24970
60170
62370
11158.00
0.37
20300
36520
9680.00
5190
Assets & Liabilities Ratios

2009
0.63
-4200
1.09
1000
8030.00
1.54
9034.00
41.41
48.45
54.97
0.19
1.32
2.02
4%
2010
0.57
-6720
1.03
500
9778.00
1.36
9520.00
40.18
51.54
55.05
0.16
1.29
14.76
45%
-11%
good
2011
0.45
-10070
0.88
-2200
9422.00
1.41
10230.00
39.95
54.21
58.98
0.16
1.21
1.53
-3%
56%
not too bad
good
-0.06
0.23
1.54
1.36
-5%
0.19
1.41
Revenue & Cost Ratios

2009
12.91%
13.66%
0.94
11.66%
21315.56
0.53
2.81
7.32
0.43
2010
8.75%
11.04%
0.79
11.48%
28481.91
0.58
3.52
9.06
-0.02
2011
10.67%
11.80%
0.90
10.03%
29901.24
0.55
3.16
8.47
0.18
11.57
-0.04
-5.93
-10.17
-0.07
1.73
0.50
-7542.20
0.93
-1.14
0.48
-3.44
0.54
1.01
0.85
8212
9500
10620
0.07
0.03
0.07
0.23
0.07
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
2009
6451.00
5851.00
3974.00
2714.00
28%
0.07
2010
6870.00
7370.00
-13884.00
-15034.00
29%
-0.31
2011
7910.00
10610.00
8330.00
7100.00
32%
0.13
1.10
6.21
-16860%
2%
-7%
0.93
-1.75
-14589%
14%
22%
0.75
3.52
-12710%
-7%
-4%
-16866%
4%
-5.27
-3.98
-14554%
45%
-1.12
0.26
-12720%
-3%
26.68
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%
41.2%
5.6%
41.2%
1.28
1.48
1.44
1.77
2.12
2.04
12.7%
14.9%
16.2%
0.09
-775.937
-5
0.10
-3181.499
-5
0.11
-2907.354
-5
Cash In & Cash Out Ratios
5.6%
41.2% (Tax rate combined state and federal)
0.76
0.68
0.59
-592.554
-2151.962
-1717.179
-2986.755
-11978.282
-10716.763
-28521.00
PepsiCo, Inc. and Sub

Consolidated Balance Sheet
2011
2010
2009
2008
(in millions except per share amounts)
fin
fin
fin
fin
ASSETS
Current Assets
Cash and cash equivalents
Short-term investments
Accounts and notes receivable, net
Inventories
Prepaid expenses and other current assets
Total current assets
Property, plant and equipment, net
Amortizable Intangible assets, net
Goodwill
Other non-amortizable intangible assets
Non-amortizable intangible assets
Investments in Noncontrolled Affiliates
Other Assets
Total Assets
4067
358
6912
3827
2277
17441
19698
1888
16800
14557
31357
1477
1021
72882
5943
426
6323
3372
1505
17569
19058
2025
14661
11783
26444
1368
1689
68153
3943
192
4624
2618
1194
12571
12671
841
6534
1782
8316
4484
965
39848
2064
213
4683
2522
1324
10806
11663
732
5124
1128
6252
3883
2658
35994
Total Financial assets

Total Operating assets
4425
68457
6369
61784
4135
35713
2277
33717
LIABILITIES AND EQUITY

Current Liabilities
Short-term obligations
Accounts payable and other current liabilities
Income taxes payable
Total current Liabilities
Long-term Debt Obligations
Other Liabilities
Deferred income taxes
Total Liabilities
6205
11757
192
18154
20568
8266
4995
51983
4898
10923
71
15892
19999
6729
4057
46677
464
8127
165
8756
7400
5591
659
22406
369
8273
145
8787
7858
7017
226
23888
26773 24897
7864
25210 21780 14542
22706 18954
3921
6617.50 5473.50 4653.50
11340
9525
8200
3599.50
2995
2570
8227
15661
6163
4536
7937.5
2406
8.875% 8.875% 8.875%
8.875%
Total Financial Liabillities

Total Operating Liabilities
NFD Net Financial debts
Average account receivable
Average account payable
Average inventory
VAT
Commitments and contingecies

Preferre stock, no par value
Repurchased preferred stock
41
-157
41
-150
41
-145
41
-138
PepsiCo common shareholders' equity

Common stock, par value 1(2/3)per share *
Capital excess of par value
Retained earnings
Accumulated other comprehensive loss
Repurchased common stock, at cost **
Total PepsiCo common shareholders' equity
Non controlling interests
Total Equity
Total Liabilities and Equity
*authorized 3600 shares, issued:
**
Consolidated statement of Income
31
31
30
4461
4527
250
40316 37909 33805
-6229
-3630
-2794
-17875 -16745 -13383
20704 21273 16908
311
312
638
20899 21476 17442
72882 68153 39848
30
351
30638
-4694
-14122
12203
12106
35994
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
Cost of Sales
Selling general and administrative expenses
Amortization of intangible assets
EBIT Operating Profit
Bottling equity income
FinC Interest expense
Interest income and other
Income before taxes
TAX Provision for income taxes
Net Income
Less:net income attributable to non controlling interest
Net income attributable to PepsiCo
Net income attributable to PepsiCo per common share
Basic
Diluted
weighted-average common shares outstanding
basic
diluted
Cash dividends declared per common share
Total direct cost = cost of sales + variable cost
Total fixed cost = wages expense + amortization
Consolidated statement of Cash Flows

(in millions)
Operating Activities
66504
31593
25145
133
9633
0
-856
57
8834
2372
6462
19
6443
57838
26575
22814
117
8332
735
-903
68
8232
1894
6338
18
6320
43232
20099
15026
63
8044
365
-397
67
8079
2100
5979
33
5946
43251
20351
15901
64
6935
374
-329
41
7021
1879
5166
24
5142
4.08
4.03
3.97
3.91
3.81
3.77
3.26
3.21
1576
1597
1590
1614
1558
1577
2.025
1.89
1.775
1.65
5029
36622
20116
20249
25274.4
66504
4562.8
31138
18251
18368
21260
57838
3005.2
23104
12021
12084
16079
43232
3180.2
23531.2
12720.8
12784.8
16280.8
43251
2011
2010
2009
2008
Net Income
Depreciation and amortization
Stock-based compensation expense
Restructuring and impairment charges
Cash payment for restructuring charges
Merger and integration costs
Cash payments for merger and integration costs
Gain on previously held equity interests in PBG and PAS
Asset write-off
Noncash foreign exchange loss related to Venezuela devaluation
Excess tax benefits from share-based payment arrangements
Pension and retiree medical plan contributions
Pension and retiree medical plan expenses
Bottling equity income, net of dividens
deferred income taxes and other tax charges and credits
Change in accounts and notes receivable
Change in inventories
Change in prepaid expenses and other current assets
Change in accounts payable and other current liabilities
Change in income taxes payable
Other, net
Net cash provided by Operating Activities

Investing Activities
Capital spending
Sales of property, plant and equipment
Acquisition of PBG and PAS, net cash and cash eq. acquired
Proceeds from investments in finance assets
Acquisitionof manufacturing and distribution rights from DPSG
Acquisition of WBD, net cash and cash equivalent acquired
Investment in WBD
Other acquisitions and investments in non controlled affiliates
Divestitures
Cash restricted for pending acquisition
Cash proceeds from sale of PBG and PAS stock
Short-term investments by original maturity
More than three months - purchases
More than three months - maturities
Three months or less, net
Other investing, net
Net cash used for Investing Activities

Financing activities
**
Proceeds from issuances of long-term debt

Payments of long-term debt
Debt purchase
Short-term borrowings, by original maturity
More than three months - proceeds
More than three months - payments
Three months or less, net
Cash dividens paid
Share repurchases-common
6462
2737
326
383
-31
329
-377
0
0
0
-70
-349
571
0
495
-666
-331
-27
520
-340
-688
8944
6338
2327
299
0
-31
808
-385
-958
145
120
-107
-1734
453
42
500
-268
276
144
488
123
-132
8448
5979
1635
227
36
-196
50
-49
0
0
0
-42
-1299
423
-235
284
188
17
-127
-133
319
-281
6796
5166
1543
238
543
-180
0
0
0
0
0
-107
-219
459
-202
573
-549
-345
-68
718
-180
-391
6999
-3339
84
0
0
0
-2428
-164
-601
780
0
0
-3253
81
-2833
0
-900
0
-463
-83
12
0
0
-2128
58
0
0
0
0
0
-500
99
15
0
-2446
98
0
0
0
0
0
-1925
6
-40
358
0
21
45
-16
-5618
-12
29
-229
-17
-7668
-29
71
13
0
-2401
-156
62
1376
0
-2667
3000
-1596
-771
6451
-59
-500
1057
-226
0
3719
-649
0
523
-559
339
-3157
-2489
227
-96
2351
-2978
-4978
26
-81
-963
-2732
0
89
-269
625
-2541
-4720
Share repurchases-preferred
Proceeds from exercises of stock options
Excess tax benefits from share-based payment arrangements
Acquisition of non-controlling interests
Other financing
Net cash (used for)/provided by Financing activities

Effect of exchange rate changes on cash and cash equivalents
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents, Beginning of year
Cash and cash equivalents, End of year
Non-cash activity: issuance of common stock and equity awards
-7
945
70
-1406
-27
-5135
-67
-1876
5943
4067
0
-5
1038
107
-159
-13
1386
-166
2000
3943
5943
4451
-7
413
42
0
-26
-2497
-19
1879
2064
3943
0
-6
620
107
0
0
-3025
-153
1154
910
2064
0
PepsiCo, Inc. and Subsidiaries

2007
910
1571
4389
2290
991
10151
11228
796
5169
1248
6417
4354
1682
34628
2481
32147
0
7602
151
7753
4203
4792
646
17394
4203
13191
3293
41
-132
1
2
3
4
5
6
7
NCE
NFA
8
9
10
11
12
13
14
15
16
17
18
19
Quick Ratio
Treasury margin
Current ratio
Net Working capital
Equity Debt ratio
Equity Debt margin
Net Capital Employed
Net Fixed assets
Elasticity index
G (NCE)
G (NFD)
G(NCE) > G(NFD)
(E/NFD)company
FI compared
FI best competitor
Revenue/Cost Ratios
1
2
3
4
CM
CM%
5
6
7
8
9
10
11
12
13
14
15
16
ROI
ROS
NAT
ROE
Contribution Margin
BEP (rev)
BEP (Nrev)
OL (v)
OL (p)
OL (pv)
ROI (t)
ROS (t)
NAT (t)
CM (t)
AV (p)
FC
G (CM)
2011
2010
2009
0.62
-6817
0.96
-713
43247
0.92
-1807
43605
44318
33.36
150.42
41.59
0.99
0.94
3.03
0.08
0.20
bad
0.80
-3200
1.11
1677
40004
1.13
2522
40430
38753
31.73
150.20
41.14
0.99
1.07
10.11
0.89
3.83
bad
1.00
3
1.44
3815
21171
4.45
13521
21363
17548
36.09
170.97
46.67
0.99
1.42
1.79
0.17
-0.36
good
20.73%
0.92
0.98
0.61
25.35%
1.13
1.17
0.73
2.02%
4.45
2.50
1.00
2011
2010
2009
22.09%
14.48%
1.53
30.92%
20.61%
14.41%
1.43
29.51%
37.65%
18.61%
2.02
34.28%
29882
26700.2
20127.8
44.93%
46.16%
46.56%
45065.24
0.68
3.10
6.90
0.16
1.99
1.04
1.91
0.79
9766
39789.21
0.69
3.20
6.94
0.04
0.04
0.11
0.38
1.05
8449
25954.49
0.60
2.50
5.37
0.16
0.94
-364.02
-0.00
0.04
8107
3.77%
4.76%
10.12%
0.12
0.33
0.02
30
450
28184
-952
-10387
17325
17
18
EBIAT
21
22
23
24
25
G (NCE)
G (Rev)
0.08
0.15
7261
0.13
0.14
0.09
1.75
0.82
G (Ebiat)
Cagr (Rev) (5,4,3 years)
Cagr (Ebiat) (5,4,3 years)
ROI compared
ROI best competitor
0.89
0.34
6438
0.08
0.14
0.07
1.61
0.79
0.17
-0.00
5944
0.18
0.05
0.07
1.85
1.00
17234
34628

1782 sh
177 sh
2007
39474
18038
14208
58
7170
560
-224
125
7631
1973
5658
0
5658
3.48
3.41
2841.6
20879.6
11366.4
11424.4
14430.4
39474
2007
EBITDA
COCF
GOCF
NOCF
tc
1
2
3
4
5
6
7
8
9
10
2011
2010
2009
12370
14760
6458
4086
10659
12797
-10735
-12629
9679
7883
4950
2850
26.85%
23.01%
25.99%
0.06
0.84
5.56
-0.22
0.83
-1.50
0.07
1.23
1.38
17.43%
-17.41%
7.83%
30.03%
-10.79%
70.01%
32.59%
-3.52%
-12.13%
7.85%
7.85%
1.77
0.15
-1.60
0.96
0.47
89.25%
89.25%
-0.42
0.62
-3.17
2.79
-3.89
-2.64
16.94%
16.94%
-3.68
-0.11
-0.46
0.81
0.49
-0.38
Kd
o
1.83%
1.32
2.12%
1.24
1.84%
1.00
rf
2.5%
2.3%
2.8%
Risk Premium
e
Ke
5.5%
2.37
16%
0.081
5.5%
2.08
14%
0.081
5.5%
1.17
9%
0.078

Company tax
NOCF(r)
EBITDA(cv)
TZFD
Self Financing
G(s)
g(s)
Solvency index
G(COCF)
G(GOCF)
NOCF(r compared)
Cagr(NOCF)
Wacc
EP
CAP
EP(n)
EV
NS
3497.07
3151.43
4292.43
5
5
5
72012.894 65522.779 93195.673
302392.02
5658
1426
260
102
-22
0
0
0
0
0
-208
-310
535
-441
118
-405
-204
-16
522
128
-209
6934
-2430
47
0
27
0
0
0
-1320
0
0
315
-83
113
-413
0
-3744
2168
-579
0
83
-133
-345
-2204
-4300
PepsiCo weighted-average Black and Scholes fair value assumptions are as follows:
2011
Expected life (years)
Risk-free interest rate
Expected volatility
Expected dividend yield
2010
2009
2.5%
16.0%
2.9%
2.3%
17.0%
2.8%
2.8%
17.0%
3.0%
The expected life is the period over which our employee groups
are expected to hold their options. It is based on our historical experience
with similar grants. The risk- free interest rate is based on the
expected U.S. Treasury rate over the expected life. Volatility reflects
movements in our stock price over the most recent historical period
equivalent to the expected life. Dividend yield is estimated over the
expected life based on our stated dividend policy and forecasts of
net income, share repurchases and stock price.
-12
1108
208
0
0
-4006
75
-741
1651
910
0
2008
0.79
-1827
1.23
2019
18056
1.96
5943
18269
16250
35.16
163.45
43.15
0.99
1.23
-0.22
-0.11
0.87
bad
1.96
1.97
1.00
2008
2007
0.89
-883
1.31
2398
18956
5.23
13941
20527
18129
0.92
1.18
13.71
5.23
3.16
1.00
2007
37.96%
16.03%
2.37
42.67%
34.93%
18.16%
1.92
32.83%
19719.8
18594.4
45.59%
47.11%
28040.62
0.65
2.84
6.24
-0.03
0.30
-0.34
-0.87
0.75
6999
24252.83
0.61
2.59
5.51
5.34%
6.80%
0.06
7228
-0.11
0.10
5056
-0.03
3.00
1.00
2008
5197
2.35
1.00
2007
8478
8857
9193
7314
8596
26.76%
25.86%
0.17
0.96
0.84
24.74%
-50.03%
14.29%
-11.00%
-11.00%
2.93
0.90
0.54
1.40%
1.08
1.35%
0.85
3.0%
4.8%
5.5%
1.48
11%
0.077
5.5%
0.97
10%
0.087
3665.49
5
80011.104
3536.17
5
67685.11
umptions are as follows:
2008
2007
6
3.0%
16.0%
1.9%
4.8%
15.0%
1.9%
o estimation
2011
OLv
QR
CR
E/D
NOCFr
2010
OLv
QR
CR
E/D
NOCFr
2009
OLv
QR
CR
E/D
NOCFr
2008
OLv
QR
CR
E/D
NOCFr
2007
OLv
QR
CR
E/D
NOCFr
Very low
0.8
Low
1
Medium
1.2
High
1.4
Chiquita Danone DelMonte

11.44
3.58
0.00
0.99
0.70
0.00
1.84
0.88
0.00
1.52
1.50
0.00
-0.05
0.11
0.00
Kellogg
2.96
0.50
0.91
0.32
0.13
Kraft
PepsiCo
3.16
3.10
0.45
0.62
0.88
0.96
1.41
0.92
0.13
0.06

3.70
3.60
0.00
1.31
0.67
0.81
1.96
0.82
3.30
1.55
1.39
0.00
0.03
-0.03
0.00
Kellogg
2.85
0.51
0.92
0.39
0.06
Kraft
PepsiCo
3.52
3.20
0.57
0.80
1.03
1.11
1.36
1.13
-0.31
-0.22

3.43
3.28
2.86
1.21
0.58
0.54
1.75
0.75
2.48
1.23
1.46
1.52
0.03
0.13
0.09
Kellogg
2.92
0.62
1.12
0.50
0.11
Kraft
PepsiCo
2.81
2.50
0.63
1.00
1.09
1.44
1.54
4.45
0.07
0.07

-1.66
3.68
3.28
1.14
0.72
0.76
1.72
1.00
2.63
0.85
0.54
1.17
0.06
0.32
0.20
Kellogg
2.96
0.38
0.71
0.28
0.16
Kraft
PepsiCo
3.9
2.84
0.54
0.79
1.04
1.23
1.17
1.96
0.24
0.17

13.91
4.14
3.56
0.73
0.50
0.83
1.48
0.64
3.25
1.21
0.77
0.89
Kellogg
2.98
0.38
0.67
0.54
-
Kraft
PepsiCo
3.05
2.59
0.32
0.89
0.63
1.31
1.31
5.23
Very high
1.6
Too high
1.8
o 2011
OLv
QR
CR
E/D
NOCFr
Average

1.80
1.60
1.40
0.80
1.00
1.40
0.80
1.80
1.00
1.00
1.20
0.80
1.80
1.40
0.80
1.24
1.4
1.08
Kellogg
0.80
1.60
1.40
1.80
1.00
1.32
Kraft
PepsiCo
1.2
1.00
1.8
1.20
1.6
1.20
1.4
1.60
1.2
1.60
1.44
1.32
o 2010
OLv
QR
CR
E/D
NOCFr
Average

1.80
1.60
1.40
0.80
1.40
1.20
0.80
1.80
1.00
0.80
1.20
1.00
1.00
1.20
1.60
1.04
1.44
1.24
Kellogg
0.80
1.80
1.60
1.80
0.80
1.36
Kraft
PepsiCo
1.2
1.00
1.6
1.00
1.4
1.20
1.4
1.60
1.8
1.40
1.48
1.24
o 2009
OLv
QR
CR
E/D
NOCFr
Average

1.80
1.60
1.00
0.80
1.80
1.20
0.80
1.80
1.00
1.60
1.40
1.00
1.80
0.80
1.60
1.36
1.48
1.16
Kellogg
1.40
1.60
1.40
1.80
1.40
1.52
Kraft
PepsiCo
1.2
0.80
1.4
1.00
1.6
1.20
1.2
0.80
1
1.20
1.28
1
o 2008
Olv
QR
CR
E/D
NOCFr

0.80
1.40
1.60
0.80
1.20
1.40
0.80
1.60
1.00
1.40
1.60
1.00
1.80
0.80
1.00
1.12
1.32
1.2
Kellogg
1.20
1.80
1.80
1.80
1.60
1.64
Kraft
PepsiCo
1.8
1.00
1.6
1.00
1.4
1.20
1.2
0.80
1.2
1.40
1.44
1.08

1.80
1.60
1.40
1.00
1.20
1.40
0.80
1.60
1.20
1.40
1.60
1.00
Kellogg
1.00
1.60
1.40
1.80
Kraft
PepsiCo
1.2
0.80
1.8
0.80
1.8
1.00
1.2
0.80
Average
o 2007
OLv
QR
CR
E/D
NOCFr
Average
1.25
1.5
1.25
1.45
1.5
0.85
Chiquita
Danone
DelMonte
Kellogg
Kraft
PepsiCo
AVG
BEST
Chiquita
Danone
DelMonte
Kellogg
Kraft
PepsiCo
AVG
BEST
2007
0.019
0.074
0.099
0.258
0.092
0.349
0.149
0.349
ROI
2008
-0.246
0.124
0.117
0.291
0.093
0.380
0.127
0.380
2009
0.123
0.141
0.163
0.290
0.129
0.377
0.204
0.377
2010
0.088
0.125
0.000
0.261
0.087
0.206
0.128
0.261
2011
0.025
0.135
0.000
0.268
0.107
0.221
0.126
0.268
2007
1.208
0.767
0.891
0.537
1.314
5.234
1.659
5.234
E/NFD
2008
0.846
0.540
1.174
0.280
1.167
1.964
0.995
1.964
2009
1.235
1.458
1.515
0.500
1.536
4.448
1.782
4.448
2010
1.549
1.386
0.395
1.362
1.133
0.971
1.549
2011
1.518
1.498
0.316
1.410
0.920
0.944
1.518
Chiquita
Danone
DelMonte
Kellogg
Kraft
PepsiCo
AVG
BEST
2007
NOCFr
2008
0.058
0.316
0.196
0.158
0.236
0.169
0.189
0.316
2009
0.028
0.133
0.090
0.107
0.067
0.066
0.082
0.133
2010
0.026
-0.028
0.000
0.056
-0.306
-0.218
-0.078
0.056
2011
-0.050
0.110
0.000
0.132
0.131
0.061
0.064
0.132
Pepsico
NCE
NFA
8
9
10
11
12
13
14
15
16
17
18
19
1
2
3
4
CM
CM%
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Quick Ratio
Treasury margin
Current ratio
Net Working capital
Equity Debt ratio
Equity Debt margin
Net Capital Employed (NCE)
Net Fixed assets
Elasticity index
G (NCE)
G (NFD)
G(NCE) > G(NFD)
(E/NFD)company
FI compared
FI best competitor
2007
0.89
-883.00
1.31
2398.00
18956.0050.00
5.2345.00
13941.0040.00
20527.0035.00
18129.0030.00
Days
1
2
3
4
5
6
7
25.00
20.00
15.00
0.9210.00
1.18 5.00
13.71 0.00
2008
0.79
-1827.00
1.23
2019.00
18056.00
1.96
5943.00
18269.00
16250.00
35.16
163.45
43.15
0.99
1.23
-0.22
2008
-11%
87%
bad
5.23
2.95
1.00
1.96
1.93
1.00
Revenue/Cost Ratios
2007.00
2008.00
ROI
ROS
NAT
ROE
Contribution Margin
0.35
0.18
1.92
0.33
18594.40
0.47
24252.83
0.61
2.59
5.51
0.38
0.16
2.37
0.43
19719.80
0.46
28040.62
0.65
2.84
6.24
-0.03
0.30
-0.34
-0.87
0.75
6999.00
0.05
0.06
-0.11
0.10
BEP (rev)
BEP (Nrev)
OL (v)
OL (p)
OL (pv)
ROI (t)
ROS (t)
NAT (t)
CM (t)
AV (p)
FC
G (CM)
G (NCE)
G (Rev)
7228.00
0.07
Days sales outsta
EBIAT
21
22
23
24
25
G (Ebiat)
Cagr (Rev) (5,4,3 years)
Cagr (Ebiat) (5,4,3 years)
ROI compared
ROI best competitor

EBITDA
COCF
GOCF
NOCF
tc

Company tax
5197.00
5056.00
-0.03
2.39
1.00
3.12
1.00
2007.00
2008.00
8596.00
8478.00
8857.00
9193.00
7314.00
0.27
0.26
1 NOCF(r)
2 EBITDA(cv)
3 TZFD
Self Financing
4 G(s)
g(s)
5 Solvency index
6 G(COCF)
7 G(GOCF)
8 NOCF(r compared)
9 NOCF(r best compared)
10 Cagr(NOCF)
Kd
o
rf
Risk Premium
e
Ke
Wacc
EP
CAP
EP(n)
EV
Equity
EBIT
NFD
Net Sales = Net Revenues
0.17
0.96
0.84
0.25
-0.50
0.14
-0.11
-0.11
2.93
0.84
0.54
0.01
0.85
0.05
0.06
0.97
0.10
0.09
0.01
1.08
0.03
0.06
1.48
0.11
0.08
3536.17
5.00
67685.11
3665.49
5.00
80011.10
17234
7170
3293
39474
12106
6935
6163
43251
DANONE
NET FINANCIAL DEBT

NET FIXED ASSETS
Total direct costs
CM
CM%
Net Revenues ($)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
1
2
3
4
QUICK RATIO
TREASURY MARGIN
CURRENT RATIO
NET WORKING CAPITAL
EQUITY DEBT RATIO
EQUITY DEBT MARGIN
ELASTICITY INDEX
G(NCE)
G(NFD)
G(NFD) > G(NCE) ?
CAGR(NCE)5years;4years;3years
E/NFD Company

5 BEP rev
7
8
9
10
11
12
13
14
BEP nrev
OL v
OL p
OL pv
ROI t
ROS t
NAT t
CM t
11754
11496
20772
17706
23191
17721
7268.2
8274.6
3972.8
4935.4
6396
8048
0.500626174 0.528777924
888.2
1102.6
3552.8
4410.4
5104
5737.6
12776
15220
15842.24
18872.80
2007
2008
0.496403934 0.723152307
-3431
-1356
0.64494349 0.996937526
-2419
-15
-1013
-395
0.767228178 0.540187891
-2736
-5286
30.89937329
119.5449177
42.1388734
-0.048767572 -0.022308822
0.81380708 0.995711303
11.41904762
-15%
-2%
bad
0.767228178 0.540187891
2007
2008
0.074427113 0.123517452
0.12100814 0.14369251
2.303393214 2.851207729
0.46351741 0.211433172
7935.661789 9333.596918
0.621138211 0.613245527
4.137128072 3.67992684
8.263906856 6.959304984
0.41461837
-2.809019172
2.167415833
1.540997008
15
16
17
18
19
AV p
FC
G(CM)
G(NCE)
G(REV)
20
21
22
23
24
25
26
G(EBIAT)
CAGR(REV)5years,4years,3years
CAGR(EBIAT)5years,4years,3years
ROI(compared)
ROI(best compared)
E/NFD(compared)
E/NFD(best compared)
EBIAT
2843.2
3637.6
0.042752688
0.258286429
-0.147602542
0.19129618
1136
1744
0.535211268
0.509235448 1.016610951
0.213077456 0.32538433
0.432955581 0.530566743
0.146598723 0.275002311
2007
1966
EBITDA
1 Current Operating Cash Flows
2 Gross Operating Cash Flows
3 Net Operating Cash Flows
4 Company tax
Corporate Tax
5
6
7
8
9
10
11
12
13
14
15
16
17
NOCF(r)
EBITDA(cv)
TZFD
Self Financing
G(S)
G(s) test
Solvency index
G(COCF)
G(GOCF)
NOCF(r compared)
Cagr(NOCF)
20
21
22
23
24
25
26
27
28
30
Rf
Rm-Rf (MP)
Beta e
Ke
WACC
EP
CAP
EP(n)
EV
Kd
Equity
2008
2712
308
5253
4810
0.299488678 0.276356831
0.3443
0.3443
0.316031537
8.805194805
2.39002079
0.076189467
-0.198392066
-0.025399949
-0.147602548
-0.147602542
22.59832636
1.56061672
1
0.0439
0.06
2.781952395
0.210817144
0.101215526
-1088.736702
-5
-4114.384664
0.0439
0.06
2.922264719
0.219235883
0.095297511
-253.3218342
-5
-971.9374959
0.026118768 0.043232429
9018
6210
EBIT
NFD
1546
11754.00
2187
11496.00
Pepsico
good
2010
bad
0.02
4.45
2.44
1.00
Quick Ratio
1.20
1.00
0.80
0.60
0.40
0.20
0.00
2007
2008
Current Ratio
1.60
1.40
1.20
0.21
0.92
0.76
0.58
1.00
0.80
0.60
0.40
0.20
2009.00
2010.00
2011.00
0.38
0.19
2.02
0.34
20127.80
0.47
25954.49
0.60
2.50
5.37
0.16
0.94
-364.02
0.00
0.04
8107.00
0.10
0.02
0.17
0.00
0.21
0.14
1.43
0.30
26700.20
0.46
39789.21
0.69
3.20
6.94
0.04
0.04
0.11
0.38
1.05
8449.00
0.05
0.33
0.89
0.34
0.22
0.14
1.53
0.31
29882.00
0.45
45065.24
0.68
3.10
6.90
0.16
1.99
1.04
1.91
0.79
9766.00
0.04
0.12
0.08
0.15
0.00
2007
2008
Current Ratio
6.00
5.00
Axis Title
2008
2011 MEDIA
0.62
0.82
-6817.00 -2544.80
0.96
1.21
-713.00
1839.20
43247.00 28286.80
0.92
2.74
-1807.00
6824.00
43605.00 28838.80
PepsiCo 26999.60
44318.00
33.36
34.08
Kraft
150.42
158.76
Chiquita
41.59
43.14
Danone
0.99
0.98
0.94
1.17
3.03
5.69
8%
0.26
20%
1.13
Axis Title
2010
0.80
-3200.00
1.11
1677.00
40004.00
1.13
2522.00
40430.00
38753.00
31.73
150.20
41.14
0.99
1.07
10.11
2011
89%
383%
bad
0.25
1.13
0.93
0.73
Axis Title
2009
1.00
3.00
1.44
3815.00
21171.00
4.45
13521.00
21363.00
17548.00
36.09
170.97
46.67
0.99
1.42
1.79
2009 17%
-36%
4.00
3.00
2.00
1.00
0.00
2007
2008
5944.00
0.18
0.05
0.07
1.92
1.00
6438.00
0.08
0.14
0.07
1.45
0.79
7261.00
0.13
0.14
0.09
1.54
0.82
2009.00
2010.00
2011.00
9679.00
7883.00
4950.00
2850.00
0.26
10659.00
12797.00
-10735.00
-12629.00
0.23
12370.00
14760.00
6458.00
4086.00
0.27
0.07
1.23
1.38
0.33
-0.04
-0.12
0.17
0.17
-3.68
-0.11
-0.46
0.88
0.49
-0.38
DANONE
-0.22
0.83
-1.50
0.30
-0.11
0.70
0.89
0.89
-0.42
0.62
-3.17
1.69
-3.89
-2.64 NS
0.06
0.84
5.56
0.17
-0.17
0.08
0.08
0.08
1.77
0.15
-1.60
0.71
0.46
0.02
1.00
0.03
0.06
1.17
0.09
0.08
0.02
1.24
0.02
0.06
2.08
0.14
0.08
0.02
1.32
0.03
0.06
2.37
0.16
0.08
4292.43
5.00
93195.67
3151.43
5.00
65522.78
17442
8044
3921
43232
21476
8332
18954
57838
3497.07
5.00
72012.89
302392.02
20899
9633
22706
66504
7239
17794
19243
7868.2
5025.8
8233
0.549526098
1119.2
4476.8
5399.2
14982
18577.68
8466
20203
21503
9215
5624
9053
0.532216343
1258
5032
6365.6
17010
21092.40
8076
20176
21026
10898
6065
9777
0.506108293
1357
5428
7632.8
19318
23954.32
70000
60000
50000
40000
2009
0.582137978
-2447
0.752561475
-1449
-845
1.45807432
3316
32.27632914
116.8349417
42.18402726
-0.047487917
0.8650938
-1.772313297
0%
-37%
good
2010
0.666851749
-2400
0.819544697
-1300
-936
1.386369005
3271
31.46929113
103.4842825
39.8853211
-0.046329753
0.868855509
-2.817567568
14%
17%
bad
2011
0.701235277
-2080
0.877908647
-850
-1126
1.498266469
4024
30.0397181
100.0780078
38.90629913
-0.055808882
0.916294112
1.748822606
0%
-5%
good
-0.074454793
1.45807432
-0.009215547
1.386369005
-0.007251616
1.498266469
2009
0.141114983
0.167601121
1.685836097
0.128943629
2010
0.124585458
0.147971781
1.721308682
0.159751214
2011
0.135259715
0.141267212
1.667438017
0.138099174
9145.698482
10567.13134
11983.60131
0.610445767
3.278773397
5.966547192
0.148148148
29.80808081
-9.474011827
0.002911376
0.265132043
0.621230531
3.596742153
6.758045292
0.002389486
0.017649862
0.017652506
-0.135110689
0.756259167
0.620333436
3.582631
7.078783437
0.084227255
-63.02382319
0.620756327
0.00397142
0.681593863
0.63
-2342.80
0.82
30000
20000
10000
0
2007
3756.2
0.036295703
0.022987078
0.004970067
-0.015637319
2087
0.196674312
0.082897734
0.355414286
0.717933862
0.374768694
0.801294521
0.327778317
4021
0.029290035
0.099599174
0.135382713
0.135362435
1939
-0.070915189
0.100110906
0.195087836
0.875596228
0.476680238
1.133291027
0.894898844
4349
0.029137952
0.079973489
-0.001336435
0.135684891
2103
0.08457968
0.108898548
0.166447604
0.944318624
0.504831932
1.240472853
0.945408716
2009
3060
4494
2423
1999
2010
3109
2960
108
-470
2011
3366
2916
2756
2130
0.209693373
0.3443
0.231477773
0.3443
0.257084189
0.3443
0.133426779
0.680907877
3.621310655
0.112078388
0.168530442
-0.275638602
0.004970228
0.004970067
-0.674751085
13.59090909
-0.538739768
1.775270357
1
-0.584407484
-0.027630805
1.050337838
-18.01276596
0.10870914
-0.038945712
0.065619403
0.135382831
0.135382713
0.40082361
-0.341344014
-0.955427156
0.213320205
-0.492862007
-0.687409057
0.110259861
1.154320988
3.791549296
0.100352287
-0.06474286
-0.036945694
-0.001336267
-0.001336435
-21.18791946
-0.014864865
24.51851852
1.282107262
0.834349208
-0.237783799
0.0289
0.06
2.145560038
0.157633602
0.106033532
-240.2979722
-5
-897.0497699
0.0135
0.06
2.121065428
0.140763926
0.089242053
-152.5602957
-5
-594.5751958
0.046967813
0.027167494
0.027
0.06
2.01269475
0.147761685
0.09644826
-156.5347888
-5
-598.8136061
-6009.64756
0.029841506
10555
11737
12100
2511
7239.00
2517
8466.00
2729
8076.00
Quick Ratio
Quick Ratio
1.4
1.2
1
PepsiCo
Kraft
0.8
0.6
0.4
0.2
0
2009
2010
2011
2007
2008
Current Ratio
2009
Current Ratio
2.5
2
PepsiCo
Kraft
1.5
1
0.5
2009
2010
2011
2007
Current Ratio
Del Monte
2009
2010
2010
2011
2008
2009
Revenues
PepsiCo
Danone
Chiquita
Del Monte
Kellogg's
Kraft
2008
2009
2010
2011
Quick Ratio
Danone
Chiquita
Kellogg's
Del Monte
2010
2011
Current Ratio
Danone
Chiquita
Kellogg's
PepsiCo
Kraft
2010
2011
Quick Ratio
1.40
1.20
1.00
PepsiCO
Danone
0.80
Chiquita
0.60
Kellogg's
Kraft
0.40
Del Monte
0.20
0.00
2007
2008
2009
2010
2011
Current Ratio
6.00
5.00
PepsiCO
4.00
Danone
Chiquita
3.00
Kellogg's
Kraft
2.00
Del Monte
1.00
0.00
2007
2008
2009
NOWC
3000
2500
2010
2011
2500
2000
1500
Danone
1000
Chiquita
500
Kellogg's
Del Monte
0
2007
2008
2009
2010
2011
-500
-1000
-1500
Elasticity
1.20
1.00
0.80
PepsiCO
Danone
0.60
Chiquita
Kellogg's
0.40
Kraft
Del Monte
0.20
0.00
2007
2008
2009
2010
2011
-0.20
NCE - Del Monte

4000
3500
3000
2500
2000
NFD
NFD
2000
Equity
1500
1000
500
0
2007
2008
2009
2010
NCE - Kellogg's
8,000
7,000
6,000
5,000
NFD
4,000
Equity
3,000
2,000
1,000
0
2007
2008
2009
2010
2011
NCE - PepsiCo
50000
45000
40000
35000
30000
25000
NFD
20000
Equity
15000
10000
5000
0
0
2007
2008
2009
2010
2011
G (NFD)
450%
400%
350%
300%
PepsiCO
250%
Danone
200%
Chiquita
150%
Kellogg's
100%
Kraft
Del Monte
50%
0%
2008
-50%
2009
2010
2011
-100%
G(NCE) vs G(NFD) - Chiquita

30%
20%
Axis Title
10%
0%
-10%
2008
2009
2010
2011
G(NFD)
G(NCE)
-20%
-30%
-40%
-50%
G(NCE) vs G(NFD) - Del Monte

5%
0%
-5%
2008
2009
2010
Axis Title
-10%
-15%
G(NFD)
-20%
G(NCE)
Axis Title
-15%
G(NFD)
-20%
G(NCE)
-25%
-30%
-35%
-40%
G(NCE) vs G(NFD) - Kraft

120%
100%
Axis Title
80%
60%
G(NFD)
40%
G(NCE)
20%
0%
-20%
-40%
2008
2009
2010
2011
Treasury Margin
2000.00
0.00
2007
2008
2009
2010
2011
-2000.00
PepsiCO
Danone
Chiquita
Kellogg's
PepsiCO
-4000.00
Danone
Chiquita
-6000.00
Kellogg's
Kraft
-8000.00
Del Monte
Del Monte
-10000.00
-12000.00
-14000.00
NWC
6000.00
4000.00
PepsiCO
2000.00
PepsiCO
Danone
Chiquita
Kellogg's
Danone
0.00
2007
2008
2009
2010
2011
Chiquita
Kellogg's
-2000.00
Kraft
Del Monte
Del Monte
-4000.00
-6000.00
-8000.00
E/D
6.00
5.00
PepsiCO
4.00
Danone
Danone
Chiquita
Chiquita
3.00
Kellogg's
Kellogg's
Del Monte
Kraft
2.00
Del Monte
1.00
0.00
2007
2008
2009
2010
2011
NCE - Chiquita
1800
1600
1400
PepsiCO
1200
Danone
Chiquita
Kellogg's
1000
800
600
Del Monte
400
200
0
2007
2008
2009
NCE - Danone
25000
20000
15000
NFD
2010
2011
NFD
Equity
10000
5000
0
2007
2008
2009
2010
2011
2010
2011
NCE - Kraft
70000
60000
50000
40000
NFD
Equity
30000
20000
10000
0
2007
2008
2009
G (NFD)
100%
80%
60%
PepsiCO
Danone
NFD
40%
Chiquita
Equity
Kellogg's
20%
Kraft
Del Monte
0%
2008
-20%
2009
2010
2011
-20%
-40%
G(NCE) vs G(NFD) - PepsiCo

500%
400%
PepsiCO
300%
Chiquita
Kellogg's
Axis Title
Danone
G(NFD)
200%
G(NCE)
100%
Del Monte
0%
2008
2009
2010
2011
-100%
G(NCE) vs G(NFD) - Danone

40%
30%
G(NFD)
G(NCE)
Axis Title
20%
10%
G(NFD)
0%
-10%
2008
2009
2010
2011
G(NCE)
-20%
-30%
-40%
G(NCE) vs G(NFD) - Kellogg's

35%
30%
25%
G(NFD)
G(NCE)
Axis Title
20%
15%
10%
G(NFD)
G(NCE)
Axis Title
G(NFD)
G(NFD)
10%
G(NCE)
5%
0%
-5%
-10%
-15%
G(NFD)
G(NCE)
2008
2009
2010
2011
PepsiCO
Danone
Chiquita
Kellogg's
Kraft
Del Monte
PepsiCO
Danone
Chiquita
Kellogg's
Kraft
Del Monte
PepsiCO
Danone
Chiquita
Kellogg's
Kraft
Del Monte
NFD
Equity
NFD
NFD
Equity
NFD
Equity
PepsiCO
Danone
Chiquita
Kellogg's
Kraft
Del Monte
G(NFD)
G(NCE)
G(NFD)
G(NCE)
G(NFD)
G(NFD)
G(NCE)
ROI
0.5
0.4
Chiquita
0.3
Danone
0.2
Del monte
0.1
Kellogg
0
-0.1
2007
2008
2009
2010
2011
Kraft
Pepsi
-0.2
-0.3
NAT
3.5
3
Chiquita
2.5
Danone
2
Del monte
1.5
Kellogg
Kraft
0.5
Pepsi
0
2007
2008
2009
2010
2011
BEPrev
1.8
1.6
1.4
1.2
1
0.8
0.6
0.6
0.4
0.2
0
2007
2008
2009
2010
2011
Growth rev
0.4
0.35
0.3
0.25
0.2
0.15
0.1
0.05
0
2008
2009
2010
2011
-0.05
-0.1
ROI t
60
40
Axis Title
20
0
2008
-20
-40
2009
2010
2011
-40
-60
-80
NAT t
5
0
2008
Axis Title
-5
-10
-15
-20
2009
2010
2011
ROS
0.2
0.15
Chiquita
Danone
0.1
Del monte
0.05
Kellogg
Kraft
2007
2008
2009
2010
2011
-0.05
Pepsi
-0.1
ROE
0.7
0.6
0.5
Danone
0.4
Kellogg
0.3
Kraft
0.2
Pepsi
0.1
0
2007
2008
2009
2010
2011
Operating Leverage
16
14
12
Chiquita
Danone
Del monte
Kellogg
10
8
6
Kraft
Pepsi
Kraft
4
Pepsi
2
0
2007
2008
2009
2010
-2
-4
Growth CM
0.4
0.3
0.2
Chiquita
Del monte
Kellogg
Kraft
Axis Title
Danone
0.1
0
2008
Pepsi
2009
2010
-0.1
-0.2
-0.3
ROS t
100
50
0
2008
-50
Chiquita
Danone
Kellogg
Kraft
Pepsi
Axis Title
Del monte
-100
-150
-200
-250
2009
2010
-300
-350
-400
Chiquita
Danone
Del monte
Kellogg
Kraft
Pepsi
ROE
60
50
40
30
20
Chiquita
10
Del monte
0
-10
2007
2008
2009
-20
-30
Leverage
Chiquita
Danone
Del monte
Kellogg
Kraft
2010
2011
Kellogg
Kraft
Pepsi
2010
2011
Chiquita
Danone
Del monte
Kellogg
2011
Kraft
Pepsi
2011
Chiquita
Danone
Del monte
Kellogg
Kraft
Pepsi
Liquidity
Quick ratio
current ratio
DSO
DIO
DPO
short tern operating activity

inventory turnover
receivables turnover
working capital turnover
operating cycle
Solidity
E/NFD
best competitor, target competitor
Average NFD cluster
NFA coverage index
GNFD
long term investing activity

net fixed asset turnover
total asset turnover
equity turnover
Profitability
ROI
ebit showing important up and down
Revenues vs variable costs
ROI compared with wacc
ROS
BEP
profitability
gross profit margin
operating profit margin
net profit margin
ROE
ROA
Cash flows
COCF
NOCF
Shareholders CF
Sustainable growth
Company risk
cost of equity - CAPM
Cost of capital - WACC
EP
EV
enterprise value
EV
EV/EBITDA
EV/FCFF
How to increase competitiveness:
ROS, NET, CAPM, CF, Fiscal rate, WACC.

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FOOD INDUSTRY FINANCIAL ANALYSIS

Alberto Bodritti 178945

conomic ratios we used some assumptions:

Stock Exchange, except for Danone for which we assumed a VAT of

80% of the Cost of sales.

ate where the company is located.

Chiquita Brands International, Inc.

343.878 332.445 335.528

Long Term Debt

1782.129 1463.784 1384.523 1327.158

Common Stock, $.01 par value

Income Statement (USD in Millions)

3464.703 3609.371 3470.435 3227.432

Income tax benefit

Income - Discontinued Ops

Cash Flow Statement (USD in milions)

Operating cash flow

Return on investment (ROI)

Cash In/Cash Out Ratios

1636.681 1144.445 1195.003 1217.649 1327.288

Cash & Equivalents

Accounts Receivable - Trade, Net

Total Long Term Debt

Common Stock, Total

Property/Plant/Equipment, Total - Gross

Additional Paid-In Capital

Total Liabilities & Shareholders' Equity

Shares Outs - Common Stock Primary Issue

Income Statement (EUR in Millions)

Selling/General/Admin. Expenses, Total

Interest Expense, Net Non-Operating

Provision for Income Taxes

Basic EPS Including Extraordinary Items

Effect of Special Items on Income Taxes

Cash Flow Statement (EUR in milions)

Cash In / Cash Out Ratios

Current Operating Cash Flows

20176.00 20203.00 17794.00 17706.00 20772.00

Del Monte Foods

Cash & Equivalents

Property, Plant & Equipent

Total Financial Assets

Total Financial Liabilities

LIABILITIES AND EQUITY

Total Liabilities and Equity

Consolidate Income Statement (Millions USD)

Research & Developent

Net Income from Continuing Ops

Income - Discontinued Ops

Cash Flow Statement

Foreign Exchange Effect

NET FINANCIAL DEBT

Return on Investment (ROI)

Cash in/ Cash out Ratios

NOCFrcompared best competitor

Average account receivable

Cash & Equivalents

Total Current Liabilities

Long Term Debt

Property, Plant & Equipment

Capital Lease Obligations

Total Operating Expenses

Research & Development