PEP » Topics » PepsiAmericas

This excerpt taken from the PEP 10-K filed Feb 22, 2010.

PepsiAmericas

At year-end 2009 and 2008, we owned approximately 43%, respectively, of the outstanding common stock of PAS.

PAS summarized financial information is as follows:

 

     2009    2008    2007

Current assets

   $ 952    $ 906   

Noncurrent assets

     4,141      4,148   
                

Total assets

   $ 5,093    $ 5,054   
                

Current liabilities

   $ 669    $ 1,048   

Noncurrent liabilities

     2,493      2,175   
                

Total liabilities

   $ 3,162    $ 3,223   
                

Our investment

   $ 1,071    $ 972   
                

Net sales

   $ 4,421    $ 4,937    $ 4,480

Gross profit

   $ 1,767    $ 1,982    $ 1,823

Operating income

   $ 381    $ 473    $ 436

Net income attributable to PAS

   $ 181    $ 226    $ 212

Our investment in PAS, which includes the related goodwill, was $322 million and $318 million higher than our ownership interest in their net assets less noncontrolling interests at year-end 2009 and 2008, respectively. Based upon the quoted closing price of PAS shares at year-end 2009, the calculated market value of our shares in PAS exceeded our investment balance by approximately $515 million.

Additionally, in 2007, we completed the joint purchase of Sandora, LLC, a juice company in the Ukraine, with PAS. PAS holds a 60% majority interest in the joint venture and consolidates the entity. We account for our interest of 40% under the equity method of accounting.

 

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Table of Contents
This excerpt taken from the PEP 8-K filed Aug 27, 2009.

PepsiAmericas

At year-end 2008 and 2007, we owned approximately 43% and 44%, respectively, of the outstanding common stock of PAS.

PAS summarized financial information is as follows:

 

     2008    2007    2006

Current assets

   $ 906    $ 922   

Noncurrent assets

     4,148      4,386   
                

Total assets

   $ 5,054    $ 5,308   
                

Current liabilities

   $ 1,048    $ 903   

Noncurrent liabilities

     2,175      2,274   

Minority interest

     307      273   
                

Total liabilities

   $ 3,530    $ 3,450   
                

Our investment

   $ 972    $ 1,118   
                

Net revenue

   $ 4,937    $ 4,480    $ 3,972

Gross profit

   $ 1,982    $ 1,823    $ 1,608

Operating profit

   $ 473    $ 436    $ 356

Net income attributable to PAS

   $ 226    $ 212    $ 158

Our investment in PAS, which includes the related goodwill, was $318 million and $303 million higher than our ownership interest in their net assets at year-end 2008 and 2007, respectively. Based upon the quoted closing price of PAS shares at year-end 2008, the calculated market value of our shares in PAS exceeded our investment balance by approximately $143 million.

Additionally, in 2007, we completed the joint purchase of Sandora, LLC, a juice company in the Ukraine, with PAS. PAS holds a 60% majority interest in the joint venture and consolidates the entity. We account for our interest of 40% under the equity method of accounting.

This excerpt taken from the PEP 8-K filed Mar 25, 2009.

PepsiAmericas

At year-end 2008 and 2007, we owned approximately 43% and 44%, respectively, of the outstanding common stock of PAS.

PAS summarized financial information is as follows:

 

     2008    2007    2006

Current assets

   $ 906    $ 922   

Noncurrent assets

     4,148      4,386   
                

Total assets

   $ 5,054    $ 5,308   
                

Current liabilities

   $ 1,048    $ 903   

Noncurrent liabilities

     2,175      2,274   

Minority interest

     307      273   
                

Total liabilities

   $ 3,530    $ 3,450   
                

Our investment

   $ 972    $ 1,118   
                

Net revenue

   $ 4,937    $ 4,480    $ 3,972

Gross profit

   $ 1,982    $ 1,823    $ 1,608

Operating profit

   $ 473    $ 436    $ 356

Net income

   $ 226    $ 212    $ 158

Our investment in PAS, which includes the related goodwill, was $318 million and $303 million higher than our ownership interest in their net assets at year-end 2008 and 2007, respectively. Based upon the quoted closing price of PAS shares at year-end 2008, the calculated market value of our shares in PAS exceeded our investment balance by approximately $143 million.

Additionally, in 2007, we completed the joint purchase of Sandora, LLC, a juice company in the Ukraine, with PAS. PAS holds a 60% majority interest in the joint venture and consolidates the entity. We account for our interest of 40% under the equity method of accounting.

This excerpt taken from the PEP 10-K filed Feb 19, 2009.

PepsiAmericas

At year-end 2008 and 2007, we owned approximately 43% and 44%, respectively, of the outstanding common stock of PAS.

PAS summarized financial information is as follows:

 

     2008    2007    2006

Current assets

   $ 906    $ 922   

Noncurrent assets

     4,148      4,386   
                

Total assets

   $ 5,054    $ 5,308   
                

Current liabilities

   $ 1,048    $ 903   

Noncurrent liabilities

     2,175      2,274   

Minority interest

     307      273   
                

Total liabilities

   $ 3,530    $ 3,450   
                

Our investment

   $ 972    $ 1,118   
                

Net revenue

   $ 4,937    $ 4,480    $ 3,972

Gross profit

   $ 1,982    $ 1,823    $ 1,608

Operating profit

   $ 473    $ 436    $ 356

Net income

   $ 226    $ 212    $ 158

Our investment in PAS, which includes the related goodwill, was $318 million and $303 million higher than our ownership interest in their net assets at year-end 2008 and 2007, respectively. Based upon the quoted closing price of PAS shares at year-end 2008, the calculated market value of our shares in PAS exceeded our investment balance by approximately $143 million.

Additionally, in 2007, we completed the joint purchase of Sandora, LLC, a juice company in the Ukraine, with PAS. PAS holds a 60% majority interest in the joint venture and consolidates the entity. We account for our interest of 40% under the equity method of accounting.

This excerpt taken from the PEP 8-K filed Apr 7, 2008.

PepsiAmericas

At year-end 2007 and 2006, we owned approximately 44% of PAS, and their summarized financial information is as follows:

 

     2007    2006    2005

Current assets

   $ 922    $ 675   

Noncurrent assets

     4,386      3,532   
                

Total assets

   $ 5,308    $ 4,207   
                

Current liabilities

   $ 903    $ 694   

Noncurrent liabilities

     2,274      1,909   

Minority interest

     273      —     
                

Total liabilities

   $ 3,450    $ 2,603   
                

Our investment

   $ 1,118    $ 1,028   
                

Net revenue

   $ 4,480    $ 3,972    $ 3,726

Gross profit

   $ 1,823    $ 1,608    $ 1,562

Operating profit

   $ 436    $ 356    $ 393

Net income

   $ 212    $ 158    $ 195

Our investment in PAS, which includes the related goodwill, was $303 million and $316 million higher than our ownership interest in their net assets at year-end 2007 and 2006, respectively. Based upon the quoted closing price of PAS shares at year-end 2007 and 2006, the calculated market value of our shares in PAS exceeded our investment by $855 million and $173 million, respectively.

Additionally, in 2007, we completed the joint purchase of Sandora, LLC with PAS. PAS holds a 60% majority interest in the joint venture and consolidates the entity. We account for our interest of 40% under the equity method of accounting.

This excerpt taken from the PEP 10-K filed Feb 15, 2008.

PepsiAmericas

At year-end 2007 and 2006, we owned approximately 44% of PAS, and their summarized financial information is as follows:

 

     2007         2006         2005

Current assets

   $ 922       $ 675      

Noncurrent assets

     4,386         3,532      
                      

Total assets

   $ 5,308       $ 4,207      
                      

Current liabilities

   $ 903       $ 694      

Noncurrent liabilities

     2,274         1,909      

Minority interest

     273         —        
                      

Total liabilities

   $ 3,450       $ 2,603      
                      

Our investment

   $ 1,118       $ 1,028      
                      

Net revenue

   $ 4,480       $ 3,972       $ 3,726

Gross profit

   $ 1,823       $ 1,608       $ 1,562

Operating profit

   $ 436       $ 356       $ 393

Net income

   $ 212       $ 158       $ 195

Our investment in PAS, which includes the related goodwill, was $303 million and $316 million higher than our ownership interest in their net assets at year-end 2007 and 2006, respectively. Based upon the quoted closing price of PAS shares at year-end 2007 and 2006, the calculated market value of our shares in PAS exceeded our investment by $855 million and $173 million, respectively.

Additionally, in 2007, we completed the joint purchase of Sandora, LLC with PAS. PAS holds a 60% majority interest in the joint venture and consolidates the entity. We account for our interest of 40% under the equity method of accounting.

This excerpt taken from the PEP 10-K filed Feb 20, 2007.

PepsiAmericas

At year-end 2006 and 2005, we owned approximately 44% and 43% of PepsiAmericas, respectively, and their summarized financial information is as follows:

 

     2006    2005    2004

Current assets

   $ 675    $ 598   

Noncurrent assets

     3,532      3,456   
                

Total assets

   $ 4,207    $ 4,054   
                

Current liabilities

   $ 694    $ 722   

Noncurrent liabilities

     1,909      1,763   
                

Total liabilities

   $ 2,603    $ 2,485   
                

Our investment

   $ 1,028    $ 968   
                

Net revenue

   $ 3,972    $ 3,726    $ 3,345

Gross profit

   $ 1,608    $ 1,562    $ 1,423

Operating profit

   $ 356    $ 393    $ 340

Net income

   $ 158    $ 195    $ 182

Our investment in PAS, which includes the related goodwill, was $316 million and $292 million higher than our ownership interest in their net assets at year-end 2006 and 2005, respectively. Based upon the quoted closing price of PAS shares at year-end 2006 and 2005, the calculated market value of our shares in PepsiAmericas exceeded our investment balance by approximately $173 million and $364 million, respectively.

In January 2005, PAS acquired a regional bottler, Central Investment Corporation. The table above includes the results of Central Investment Corporation from the transaction date forward.

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