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These excerpts taken from the GIS 10-K filed Jul 11, 2008. Joint Ventures
Change in Net Sales
For fiscal 2008, CPW net sales grew by 23.3 percent
reflecting higher volume, key new product introductions
including Oats & More in the United Kingdom and
Nesquik Duo across a number of regions, favorable foreign
currency effects, and the benefit of a full year of sales from
the fiscal 2007 Uncle Tobys acquisition. Net sales for our
Häagen-Dazs joint ventures increased 15.7 percent from
fiscal 2007, as a result of favorable foreign exchange and
introductory product shipments.
For fiscal 2007, CPW net sales grew by 17.9 percent
reflecting the introduction of new products and favorable
currency translation. The acquisition of Uncle Tobys in
Australia also contributed 5.5 points of CPW’s net sales
growth. Net sales for our Häagen-Dazs joint ventures
declined 6.8 percent from fiscal 2006, reflecting the
change in our reporting period for these joint ventures.
Selected cash flows from our joint ventures are set forth in the
following table:
Joint Ventures Change in Net Sales
For fiscal 2008, CPW net sales grew by 23.3 percent reflecting higher volume, key new product introductions including Oats & More in the United Kingdom and Nesquik Duo across a number of regions, favorable foreign currency effects, and the benefit of a full year of sales from the fiscal 2007 Uncle Tobys acquisition. Net sales for our Häagen-Dazs joint ventures increased 15.7 percent from fiscal 2007, as a result of favorable foreign exchange and introductory product shipments. For fiscal 2007, CPW net sales grew by 17.9 percent reflecting the introduction of new products and favorable currency translation. The acquisition of Uncle Tobys in Australia also contributed 5.5 points of CPW’s net sales growth. Net sales for our Häagen-Dazs joint ventures declined 6.8 percent from fiscal 2006, reflecting the change in our reporting period for these joint ventures. Selected cash flows from our joint ventures are set forth in the following table: This excerpt taken from the GIS 10-K filed Jul 26, 2007. Joint Ventures Change in Net Sales
For fiscal 2007, CPW net sales grew by 18 percent reflecting the introduction of new products and favorable currency translation. The acquisition of Uncle Tobys in Australia also contributed 6 points of CPW’s net sales growth. Net sales for our Häagen-Dazs joint ventures declined 7 percent from fiscal 2006, reflecting the change in our reporting period for these joint ventures. IMPACT OF INFLATION We believe that changes in the general rate of inflation have not had a significant effect on profitability over the three most recent fiscal years other than as noted above related to ingredients, packaging, energy, and employee benefit costs. We attempt to minimize the effects of inflation through appropriate planning and operating practices. Our risk management practices are discussed in Item 7A on pages 35 through 36 of this report. LIQUIDITY The primary source of our liquidity is cash flow from operations. Over the most recent three-year period, our operations have generated $5.4 billion in cash. A substantial portion of this operating cash flow has been returned to stockholders annually through share repurchases and dividends. We also use this source of liquidity to fund our annual capital expenditures. We typically use a combination of available cash, notes payable, and long-term debt to finance acquisitions and major capital expansions. 21 | EXCERPTS ON THIS PAGE:
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