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PBG » Topics » FINANCIAL PERFORMANCE SUMMARY AND WORLDWIDE FINANCIAL HIGHLIGHTS FOR FISCAL YEAR 2008This excerpt taken from the PBG 8-K filed Sep 16, 2009. FINANCIAL
PERFORMANCE SUMMARY AND WORLDWIDE FINANCIAL HIGHLIGHTS FOR
FISCAL YEAR 2008
Volume –
Decrease of four percent versus the prior year driven by
declines in each of our segments due to the soft economic
conditions globally which have negatively impacted the liquid
refreshment beverage category.
Net revenues
– Increase of two percent versus the prior
year is driven by strong increases in net price per case in each
of our segments, partially offset by volume declines. Net price
per case increased six percent due primarily to rate increases
and includes one percentage point of growth from foreign
currency.
Cost of
sales – Increase of three percent versus
the prior year due to rising raw material costs partially offset
by volume declines. Cost of sales per case increased seven
percent, which includes one percentage point from foreign
currency. Increase in costs of sales per case was driven by
plastic bottle components, sweetener and concentrate.
Gross
profit – Growth was flat driven by rate
increases offset by volume declines and higher raw material
costs. Rate gains more than offset higher raw material costs
driving a four percent increase in gross profit per case.
Selling, Delivery and
Administrative (“SD&A”)
expenses – Flat results versus the prior
year include one percentage point of growth relating to
restructuring and asset disposal charges taken in the current
and prior year. The remaining one percentage point improvement
in SD&A expenses was driven by lower operating costs due to
decreases in volume and continued cost and productivity
improvements across all our segments, partially offset by the
negative impact from strengthening foreign currencies during the
first half of the year.
Operating
income – Decrease of 39 percent versus
the prior year was driven primarily by the impairment,
restructuring and asset disposal charges taken in the current
and prior year, which together contributed 41 percentage
points to the operating income decline for the year. The
remaining two percentage points of growth in operating income
were driven by increases in Europe and the U.S. &
Canada. During 2008, we captured over $170 million of
productivity gains reflecting an increased focus on cost
containment across all of our businesses. Savings include
productivity from manufacturing and logistics coupled with
reduced headcount and decreased discretionary spending.
Operating income growth includes one percentage point of growth
from foreign currency translation.
Net income attributable to
PBG – Net income attributable to PBG for
the year of $162 million includes a net after-tax charge of
$338 million, or $1.53 per diluted share, from impairment
and asset disposal charges, and restructuring initiatives
discussed above. In addition, net income attributable to PBG
reflects higher interest and foreign currency transactional
expenses versus the prior year. For 2007, net income
attributable to PBG of $532 million included a net
after-tax gain of $21 million, or $0.09 per diluted share,
from tax items, restructuring charges and asset disposal charges.
These excerpts taken from the PBG 10-K filed Feb 20, 2009. FINANCIAL
PERFORMANCE SUMMARY AND WORLDWIDE FINANCIAL HIGHLIGHTS FOR
FISCAL YEAR 2008
Volume –
Decrease of four percent versus the prior year driven by
declines in each of our segments due to the soft economic
conditions globally which have negatively impacted the liquid
refreshment beverage category.
Net revenues
– Increase of two percent versus the prior
year is driven by strong increases in net price per case in each
of our segments, partially offset by volume declines. Net price
per case increased six percent due primarily to rate increases
and includes one percentage point of growth from foreign
currency.
Cost of
sales – Increase of three percent versus
the prior year due to rising raw material costs partially offset
by volume declines. Cost of sales per case increased seven
percent, which includes one percentage point from foreign
currency. Increase in costs of sales per case was driven by
plastic bottle components, sweetener and concentrate.
Gross
profit – Growth was flat driven by rate
increases offset by volume declines and higher raw material
costs. Rate gains more than offset higher raw material costs
driving a four percent increase in gross profit per case.
Selling, Delivery and
Administrative (“SD&A”)
expenses – Flat results versus the prior
year include one percentage point of growth relating to
restructuring and asset disposal charges taken in the current
and prior year. The remaining one percentage point improvement
in SD&A expenses was driven by lower operating costs due to
decreases in volume and continued cost and productivity
improvements across all our segments, partially offset by the
negative impact from strengthening foreign currencies during the
first half of the year.
Operating
income – Decrease of 39 percent versus
the prior year was driven primarily by the impairment,
restructuring and asset disposal charges taken in the current
and prior year, which together contributed 41 percentage
points to the operating income decline for the year. The
remaining two percentage points of growth in operating income
were driven by increases in Europe and the U.S. &
Canada. During 2008, we captured over $170 million of
productivity gains reflecting an increased focus on cost
containment across all of our businesses. Savings include
productivity from manufacturing and logistics coupled with
reduced headcount and decreased discretionary spending.
Operating income growth includes one percentage point of growth
from foreign currency translation.
Net
income – Net income for the year of
$162 million includes a net after-tax charge of
$338 million, or $1.53 per diluted share, from impairment
and asset disposal charges, and restructuring initiatives
discussed above. In addition, net income reflects higher
interest and foreign currency transactional expenses versus the
prior year. For 2007, net income of $532 million included a
net after-tax gain of $21 million, or $0.09 per diluted
share, from tax items, restructuring charges and asset disposal
charges.
FINANCIAL PERFORMANCE SUMMARY AND WORLDWIDE FINANCIAL HIGHLIGHTS FOR FISCAL YEAR 2008
Volume – Decrease of four percent versus the prior year driven by declines in each of our segments due to the soft economic conditions globally which have negatively impacted the liquid refreshment beverage category. Net revenues – Increase of two percent versus the prior year is driven by strong increases in net price per case in each of our segments, partially offset by volume declines. Net price per case increased six percent due primarily to rate increases and includes one percentage point of growth from foreign currency. Cost of sales – Increase of three percent versus the prior year due to rising raw material costs partially offset by volume declines. Cost of sales per case increased seven percent, which includes one percentage point from foreign currency. Increase in costs of sales per case was driven by plastic bottle components, sweetener and concentrate. Gross profit – Growth was flat driven by rate increases offset by volume declines and higher raw material costs. Rate gains more than offset higher raw material costs driving a four percent increase in gross profit per case. Selling, Delivery and Administrative (“SD&A”) expenses – Flat results versus the prior year include one percentage point of growth relating to restructuring and asset disposal charges taken in the current and prior year. The remaining one percentage point improvement in SD&A expenses was driven by lower operating costs due to decreases in volume and continued cost and productivity improvements across all our segments, partially offset by the negative impact from strengthening foreign currencies during the first half of the year. Operating income – Decrease of 39 percent versus the prior year was driven primarily by the impairment, restructuring and asset disposal charges taken in the current and prior year, which together contributed 41 percentage points to the operating income decline for the year. The remaining two percentage points of growth in operating income were driven by increases in Europe and the U.S. & Canada. During 2008, we captured over $170 million of productivity gains reflecting an increased focus on cost containment across all of our businesses. Savings include productivity from manufacturing and logistics coupled with reduced headcount and decreased discretionary spending. Operating income growth includes one percentage point of growth from foreign currency translation. Net income – Net income for the year of $162 million includes a net after-tax charge of $338 million, or $1.53 per diluted share, from impairment and asset disposal charges, and restructuring initiatives discussed above. In addition, net income reflects higher interest and foreign currency transactional expenses versus the prior year. For 2007, net income of $532 million included a net after-tax gain of $21 million, or $0.09 per diluted share, from tax items, restructuring charges and asset disposal charges. | EXCERPTS ON THIS PAGE:
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