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This excerpt taken from the PBG 8-K filed Sep 16, 2009. Europe
In our Europe segment, operating income increased
86 percent versus the prior year. Operating income growth
includes 35 percentage points of growth from the
consolidation of PR Beverages and restructuring charges taken
during the year. The remaining 52 percentage points of
growth reflect strong increases in volume, gross profit per
case, cost productivity improvements and an 11 percentage
point positive impact of foreign currency translation. This
growth was partially offset by higher operating expenses in
Russia.
Gross profit per case in Europe grew 26 percent versus the
prior year. This growth was driven by improvements in net
revenue per case partially offset by a 16 percent increase
in cost of sales. Increases in cost of sales reflected a nine
percentage point impact from foreign currency translation, cost
per case increases resulting from higher raw material costs,
shifts in package mix and strong volume growth. These increases
were partially offset by a three percentage point impact from
consolidating PR Beverages in our financial results.
SD&A costs in Europe increased 25 percent versus the
prior year, which includes a nine percentage point negative
impact from foreign currency translation. The remaining increase
in SD&A costs is due to higher operating expenses in Russia
due to its growth during the year.
These excerpts taken from the PBG 10-K filed Feb 20, 2009. Europe
In our Europe segment, volume declined by three percent
resulting from a soft volume performance in the second half of
the year. Results reflect overall weak macroeconomic
environments throughout Europe with high
22
Table of Contents
single digit declines in Spain and flat volume growth in Russia.
Despite the slowing growth in Russia, we showed improvements in
our energy and tea categories, partially offset by declines in
the CSD category. In Spain, there were declines across all
channels due to a weakening economy and our continued focus on
improving revenue and gross profit growth.
Europe
In our Europe segment, overall volume grew four percent. This
growth was driven primarily by 17 percent growth in Russia,
partially offset by declines of eight percent in Spain and two
percent in Turkey. Volume increases in Russia were strong in all
channels, led by growth of 40 percent in our non-carbonated
portfolio.
Europe
In our Europe segment, growth in net revenues for the year
reflects an increase in net price per case and the positive
impact of foreign currency translation, partially offset by
volume declines. Net revenue per case grew in every country in
Europe led by double-digit growth in Russia and Turkey due
mainly to rate increases.
Europe
In our Europe segment, 22 percent growth in net revenues
reflected exceptionally strong increases in net price per case,
strong volume growth in Russia and the positive impact of
foreign currency translation. Growth in net revenues in Europe
was mainly driven by a 44 percent increase in Russia.
Europe In our Europe segment, volume declined by three percent resulting from a soft volume performance in the second half of the year. Results reflect overall weak macroeconomic environments throughout Europe with high 22 Table of Contentssingle digit declines in Spain and flat volume growth in Russia. Despite the slowing growth in Russia, we showed improvements in our energy and tea categories, partially offset by declines in the CSD category. In Spain, there were declines across all channels due to a weakening economy and our continued focus on improving revenue and gross profit growth. Europe
In our Europe segment, operating income was $101 million in
2008, decreasing five percent versus the prior year. The net
impact of restructuring and impairment charges contributed
20 percentage points to the decline for the year. The
remaining 14 percentage point increase in operating income
growth for the year reflects improvements in gross profit per
case and the positive impact from foreign currency translation,
partially offset by higher SD&A expenses.
Gross profit per case in Europe increased 16 percent versus
the prior year due to net price per case increases and foreign
currency translation, partially offset by higher sweetener and
packaging costs. Foreign currency contributed six percentage
points of growth to gross profit for the year.
SD&A expenses in Europe increased 16 percent due to
additional operating costs associated with our investments in
Europe coupled with charges in Russia due to softening volume
and weakening economic conditions in the fourth quarter. Foreign
currency contributed five percentage points to SD&A growth.
Restructuring charges taken in the current and prior year
contributed approximately two percentage points of growth to
SD&A expenses for the year.
Europe In our Europe segment, overall volume grew four percent. This growth was driven primarily by 17 percent growth in Russia, partially offset by declines of eight percent in Spain and two percent in Turkey. Volume increases in Russia were strong in all channels, led by growth of 40 percent in our non-carbonated portfolio. Europe
In our Europe segment, operating income increased
86 percent versus the prior year. Operating income growth
includes 35 percentage points of growth from the
consolidation of PR Beverages and restructuring charges taken
during the year. The remaining 52 percentage points of
growth reflect strong increases in volume, gross profit per
case, cost productivity improvements and an 11 percentage
point positive impact of foreign currency translation. This
growth was partially offset by higher operating expenses in
Russia.
Gross profit per case in Europe grew 26 percent versus the
prior year. This growth was driven by improvements in net
revenue per case partially offset by a 16 percent increase
in cost of sales. Increases in cost of sales reflected a nine
percentage point impact from foreign currency translation, cost
per case increases resulting from higher raw material costs,
shifts in package mix and strong volume growth. These increases
were partially offset by a three percentage point impact from
consolidating PR Beverages in our financial results.
SD&A costs in Europe increased 25 percent versus the
prior year, which includes a nine percentage point negative
impact from foreign currency translation. The remaining increase
in SD&A costs is due to higher operating expenses in Russia
due to its growth during the year.
Europe In our Europe segment, growth in net revenues for the year reflects an increase in net price per case and the positive impact of foreign currency translation, partially offset by volume declines. Net revenue per case grew in every country in Europe led by double-digit growth in Russia and Turkey due mainly to rate increases. Europe In our Europe segment, 22 percent growth in net revenues reflected exceptionally strong increases in net price per case, strong volume growth in Russia and the positive impact of foreign currency translation. Growth in net revenues in Europe was mainly driven by a 44 percent increase in Russia. Europe In our Europe segment, operating income was $101 million in 2008, decreasing five percent versus the prior year. The net impact of restructuring and impairment charges contributed 20 percentage points to the decline for the year. The remaining 14 percentage point increase in operating income growth for the year reflects improvements in gross profit per case and the positive impact from foreign currency translation, partially offset by higher SD&A expenses. Gross profit per case in Europe increased 16 percent versus the prior year due to net price per case increases and foreign currency translation, partially offset by higher sweetener and packaging costs. Foreign currency contributed six percentage points of growth to gross profit for the year. SD&A expenses in Europe increased 16 percent due to additional operating costs associated with our investments in Europe coupled with charges in Russia due to softening volume and weakening economic conditions in the fourth quarter. Foreign currency contributed five percentage points to SD&A growth. Restructuring charges taken in the current and prior year contributed approximately two percentage points of growth to SD&A expenses for the year. Europe In our Europe segment, operating income increased 86 percent versus the prior year. Operating income growth includes 35 percentage points of growth from the consolidation of PR Beverages and restructuring charges taken during the year. The remaining 52 percentage points of growth reflect strong increases in volume, gross profit per case, cost productivity improvements and an 11 percentage point positive impact of foreign currency translation. This growth was partially offset by higher operating expenses in Russia. Gross profit per case in Europe grew 26 percent versus the prior year. This growth was driven by improvements in net revenue per case partially offset by a 16 percent increase in cost of sales. Increases in cost of sales reflected a nine percentage point impact from foreign currency translation, cost per case increases resulting from higher raw material costs, shifts in package mix and strong volume growth. These increases were partially offset by a three percentage point impact from consolidating PR Beverages in our financial results. SD&A costs in Europe increased 25 percent versus the prior year, which includes a nine percentage point negative impact from foreign currency translation. The remaining increase in SD&A costs is due to higher operating expenses in Russia due to its growth during the year. | EXCERPTS ON THIS PAGE:
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