Mondelez International : Q4 2022 Financial Schedules and GAAP to Non-GAAP Information
February 01, 2023 at 03:38 am EST
Share
Schedule 1 PnL
Schedule 1
Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings
(in millions of U.S. dollars and shares, except per share data)
(Unaudited)
For the Three Months Ended December 31,
For the Twelve Months Ended December 31,
2022
2021
2022
2021
Net revenues
$ 8,695
$ 7,658
$ 31,496
$ 28,720
Cost of sales
5,620
4,825
20,184
17,466
Gross profit
3,075
2,833
11,312
11,254
Gross profit margin
35.4%
37.0%
35.9%
39.2%
Selling, general and administrative expenses
2,131
1,670
7,384
6,263
Asset impairment and exit costs
74
(74)
262
212
Loss/(gain) on acquisition and divestitures
-
1
-
(8)
Amortization of intangible assets
36
32
132
134
Operating income
834
1,204
3,534
4,653
Operating income margin
9.6%
15.7%
11.2%
16.2%
Benefit plan non-service income
(24)
(28)
(117)
(163)
Interest and other expense, net
86
89
423
447
Earnings before income taxes
772
1,143
3,228
4,369
Income tax provision
(270)
(238)
(865)
(1,190)
Effective tax rate
35.0%
20.8%
26.8%
27.2%
(Loss)/gain on equity method investment transactions
(3)
(3)
(22)
742
Equity method investment net earnings
85
103
385
393
Net earnings
584
1,005
2,726
4,314
Noncontrolling interest earnings
(1)
(2)
(9)
(14)
Net earnings attributable to Mondelēz International
$ 583
$ 1,003
$ 2,717
$ 4,300
Per share data:
Basic earnings per share attributable to Mondelēz International
$ 0.43
$ 0.72
$ 1.97
$ 3.06
Diluted earnings per share attributable to Mondelēz International
$ 0.42
$ 0.71
$ 1.96
$ 3.04
Average shares outstanding:
Basic
1,368
1,396
1,378
1,403
Diluted
1,375
1,405
1,385
1,413
Schedule 2 BS
Schedule 2
Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in millions of U.S. dollars)
(Unaudited)
December 31,
December 31,
2022
2021
ASSETS
Cash and cash equivalents
$ 1,923
$ 3,546
Trade receivables
3,088
2,337
Other receivables
819
851
Inventories, net
3,381
2,708
Other current assets
880
900
Total current assets
10,091
10,342
Property, plant and equipment, net
9,020
8,658
Operating lease right of use assets
660
613
Goodwill
23,450
21,978
Intangible assets, net
19,710
18,291
Prepaid pension assets
1,016
1,009
Deferred income taxes
473
541
Equity method investments
4,879
5,289
Other assets
1,862
371
TOTAL ASSETS
$ 71,161
$ 67,092
LIABILITIES
Short-term borrowings
$ 2,299
$ 216
Current portion of long-term debt
383
1,746
Accounts payable
7,562
6,730
Accrued marketing
2,370
2,097
Accrued employment costs
949
822
Other current liabilities
3,168
2,397
Total current liabilities
16,731
14,008
Long-term debt
20,251
17,550
Long-term operating lease liabilities
514
459
Deferred income taxes
3,437
3,444
Accrued pension costs
403
681
Accrued postretirement health care costs
217
301
Other liabilities
2,688
2,326
TOTAL LIABILITIES
44,241
38,769
EQUITY
Common Stock
-
-
Additional paid-in capital
32,143
32,097
Retained earnings
31,481
30,806
Accumulated other comprehensive losses
(10,947)
(10,624)
Treasury stock
(25,794)
(24,010)
Total Mondelēz International Shareholders' Equity
26,883
28,269
Noncontrolling interest
37
54
TOTAL EQUITY
26,920
28,323
TOTAL LIABILITIES AND EQUITY
$ 71,161
$ 67,092
December 31,
December 31,
2022
2021
Incr/(Decr)
Short-term borrowings
$ 2,299
$ 216
$ 2,083
Current portion of long-term debt
383
1,746
(1,363)
Long-term debt
20,251
17,550
2,701
Total Debt
22,933
19,512
3,421
Cash and cash equivalents
1,923
3,546
(1,623)
Net Debt (1)
$ 21,010
$ 15,966
$ 5,044
(1) Net debt is defined as total debt, which includes short-term borrowings, current portion of long-term debt and long-term debt, less cash and cash equivalents.
Schedule 3 CF
Schedule 3
Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(in millions of U.S. dollars)
(Unaudited)
For the Twelve Months Ended December 31,
2022
2021
CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES
Net earnings
$ 2,726
$ 4,314
Adjustments to reconcile net earnings to operating cash flows:
Depreciation and amortization
1,107
1,113
Stock-based compensation expense
120
121
Deferred income tax (benefit)/provision
(42)
205
Asset impairments and accelerated depreciation
233
128
Loss on early extinguishment of debt
38
110
Net gain on acquisition and divestitures
-
(8)
Loss/(gain) on equity method investment transactions
22
(742)
Equity method investment net earnings
(385)
(393)
Distributions from equity method investments
184
172
Mark-to-market and other non-cash items, net
426
(230)
Change in assets and liabilities, net of acquisitions and divestitures:
Receivables, net
(719)
(197)
Inventories, net
(635)
(170)
Accounts payable
715
702
Other current assets
(286)
(169)
Other current liabilities
630
(502)
Change in pension and postretirement assets and liabilities, net
(226)
(313)
Net cash provided by/(used in) operating activities
3,908
4,141
CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES
Capital expenditures
(906)
(965)
Acquisitions, net of cash received
(5,286)
(833)
Proceeds from divestitures including equity method investments
601
1,539
Proceeds from derivative settlements and other
703
233
Net cash provided by/(used in) investing activities
(4,888)
(26)
CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES
Net issuances of short-term borrowings
1,914
194
Long-term debt proceeds
4,490
5,921
Long-term debt repayments
(3,032)
(6,247)
Repurchase of Common Stock
(2,017)
(2,110)
Dividends paid
(1,985)
(1,826)
Other
174
(1)
Net cash provided by/(used in) financing activities
(456)
(4,069)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(169)
(143)
Cash, Cash Equivalents and Restricted Cash
Decrease
(1,605)
(97)
Balance at beginning of period
3,553
3,650
Balance at end of period
$ 1,948
$ 3,553
Schedule 4a Org Rev
Schedule 4a
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Revenues
(in millions of U.S. dollars)
(Unaudited)
Latin America
AMEA
Europe
North America
Mondelēz International
For the Three Months Ended December 31, 2022
Reported (GAAP)
$ 1,014
$ 1,661
$ 3,210
$ 2,810
$ 8,695
Acquisitions
(98)
-
(167)
(213)
(478)
Currency
34
196
351
19
600
Organic (Non-GAAP)
$ 950
$ 1,857
$ 3,394
$ 2,616
$ 8,817
For the Three Months Ended December 31, 2021
Reported (GAAP)
$ 708
$ 1,639
$ 3,121
$ 2,190
$ 7,658
Divestitures
(15)
(5)
-
-
(20)
Organic (Non-GAAP)
$ 693
$ 1,634
$ 3,121
$ 2,190
$ 7,638
% Change
Reported (GAAP)
43.2%
1.3%
2.9%
28.3%
13.5%
Divestitures
3.1 pp
0.4 pp
- pp
- pp
0.3 pp
Acquisitions
(14.1)
-
(5.4)
(9.7)
(6.3)
Currency
4.9
11.9
11.2
0.9
7.9
Organic (Non-GAAP)
37.1%
13.6%
8.7%
19.5%
15.4%
Vol/Mix
6.9 pp
6.3 pp
(3.9)pp
4.2 pp
1.6 pp
Pricing
30.2
7.3
12.6
15.3
13.8
Latin America
AMEA
Europe
North America
Mondelēz International
For the Twelve Months Ended December 31, 2022
Reported (GAAP)
$ 3,629
$ 6,767
$ 11,420
$ 9,680
$ 31,496
Divestitures
(22)
-
-
-
(22)
Acquisitions
(98)
(15)
(707)
(396)
(1,216)
Currency
123
483
1,263
36
1,905
Organic (Non-GAAP)
$ 3,632
$ 7,235
$ 11,976
$ 9,320
$ 32,163
For the Twelve Months Ended December 31, 2021
Reported (GAAP)
$ 2,797
$ 6,465
$ 11,156
$ 8,302
$ 28,720
Divestitures
(43)
(35)
-
-
(78)
Organic (Non-GAAP)
$ 2,754
$ 6,430
$ 11,156
$ 8,302
$ 28,642
% Change
Reported (GAAP)
29.7%
4.7%
2.4%
16.6%
9.7%
Divestitures
1.3 pp
0.5 pp
- pp
- pp
0.2 pp
Acquisitions
(3.5)
(0.3)
(6.3)
(4.7)
(4.2)
Currency
4.4
7.6
11.3
0.4
6.6
Organic (Non-GAAP)
31.9%
12.5%
7.4%
12.3%
12.3%
Vol/Mix
8.2 pp
7.4 pp
- pp
0.8 pp
2.7 pp
Pricing
23.7
5.1
7.4
11.5
9.6
Schedule 4b Org Rev
Schedule 4b
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Revenues - Markets
(in millions of U.S. dollars)
(Unaudited)
Emerging Markets
Developed Markets
Mondelēz International
For the Three Months Ended December 31, 2022
Reported (GAAP)
$ 3,320
$ 5,375
$ 8,695
Acquisitions
(220)
(258)
(478)
Currency
237
363
600
Organic (Non-GAAP)
$ 3,337
$ 5,480
$ 8,817
For the Three Months Ended December 31, 2021
Reported (GAAP)
$ 2,692
$ 4,966
$ 7,658
Divestitures
(15)
(5)
(20)
Organic (Non-GAAP)
$ 2,677
$ 4,961
$ 7,638
% Change
Reported (GAAP)
23.3%
8.2%
13.5%
Divestitures
0.7 pp
0.1 pp
0.3 pp
Acquisitions
(8.2)
(5.2)
(6.3)
Currency
8.9
7.4
7.9
Organic (Non-GAAP)
24.7%
10.5%
15.4%
Vol/Mix
4.6 pp
- pp
1.6 pp
Pricing
20.1
10.5
13.8
Emerging Markets
Developed Markets
Mondelēz International
For the Twelve Months Ended December 31, 2022
Reported (GAAP)
$ 12,184
$ 19,312
$ 31,496
Divestitures
(22)
-
(22)
Acquisitions
(596)
(620)
(1,216)
Currency
744
1,161
1,905
Organic (Non-GAAP)
$ 12,310
$ 19,853
$ 32,163
For the Twelve Months Ended December 31, 2021
Reported (GAAP)
$ 10,132
$ 18,588
$ 28,720
Divestitures
(43)
(35)
(78)
Organic (Non-GAAP)
$ 10,089
$ 18,553
$ 28,642
% Change
Reported (GAAP)
20.3%
3.9%
9.7%
Divestitures
0.2 pp
0.2 pp
0.2 pp
Acquisitions
(5.9)
(3.3)
(4.2)
Currency
7.4
6.2
6.6
Organic (Non-GAAP)
22.0%
7.0%
12.3%
Vol/Mix
8.0 pp
(0.2)pp
2.7 pp
Pricing
14.0
7.2
9.6
Schedule 5a GP_OI
Schedule 5a
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Gross Profit / Operating Income
(in millions of U.S. dollars)
(Unaudited)
For the Three Months Ended December 31, 2022
Net Revenues
Gross Profit
Gross Profit Margin
Operating Income
Operating Income Margin
Reported (GAAP)
$ 8,695
$ 3,075
35.4%
$ 834
9.6%
Simplify to Grow Program
-
12
53
Mark-to-market (gains)/losses from derivatives
-
59
58
Acquisition integration costs and contingent consideration adjustments
-
4
40
Inventory step-up
-
5
5
Acquisition-related costs
-
-
12
Divestiture-related costs
-
-
6
2017 malware incident net recoveries
-
(25)
(37)
European Commission legal matter
-
-
318
Incremental costs due to war in Ukraine
-
1
-
Remeasurement of net monetary position
-
-
14
Impact from pension participation changes
(1)
(1)
Adjusted (Non-GAAP)
$ 8,695
$ 3,130
36.0%
$ 1,302
15.0%
Currency
183
70
Adjusted @ Constant FX (Non-GAAP)
$ 3,313
$ 1,372
For the Three Months Ended December 31, 2021
Net Revenues
Gross Profit
Gross Profit Margin
Operating Income
Operating Income Margin
Reported (GAAP)
$ 7,658
$ 2,833
37.0%
$ 1,204
15.7%
Simplify to Grow Program
-
22
(62)
Mark-to-market (gains)/losses from derivatives
-
(9)
(9)
Acquisition integration costs and contingent consideration adjustments
-
(1)
14
Acquisition-related costs
-
-
1
Loss on divestitures
-
-
1
Divestiture-related costs
-
-
22
Operating income from divestiture
(20)
(6)
(4)
Remeasurement of net monetary position
-
-
3
Impact from pension participation changes
-
-
1
Rounding
-
1
-
Adjusted (Non-GAAP)
$ 7,638
$ 2,840
37.2%
$ 1,171
15.3%
Gross Profit
Operating Income
$ Change - Reported (GAAP)
$ 242
$ (370)
$ Change - Adjusted (Non-GAAP)
290
131
$ Change - Adjusted @ Constant FX (Non-GAAP)
473
201
% Change - Reported (GAAP)
8.5%
(30.7)%
% Change - Adjusted (Non-GAAP)
10.2%
11.2%
% Change - Adjusted @ Constant FX (Non-GAAP)
16.7%
17.2%
Schedule 5b GP_OI
Schedule 5b
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Gross Profit / Operating Income
(in millions of U.S. dollars)
(Unaudited)
For the Twelve Months Ended December 31, 2022
Net Revenues
Gross Profit
Gross Profit Margin
Operating Income
Operating Income Margin
Reported (GAAP)
$ 31,496
$ 11,312
35.9%
$ 3,534
11.2%
Simplify to Grow Program
-
45
122
Intangible asset impairment charges
-
-
101
Mark-to-market (gains)/losses from derivatives
-
324
326
Acquisition integration costs and contingent consideration adjustments
-
6
136
Inventory step-up
-
25
25
Acquisition-related costs
-
72
330
Divestiture-related costs
-
3
18
Operating income from divestitures
(22)
(3)
(4)
2017 malware incident net recoveries
-
(25)
(37)
European Commission legal matter
-
-
318
Incremental costs due to war in Ukraine
-
36
121
Remeasurement of net monetary position
-
40
Impact from pension participation changes
-
(1)
(1)
Adjusted (Non-GAAP)
$ 31,474
$ 11,794
37.5%
$ 5,029
16.0%
Currency
664
319
Adjusted @ Constant FX (Non-GAAP)
$ 12,458
$ 5,348
For the Twelve Months Ended December 31, 2021
Net Revenues
Gross Profit
Gross Profit Margin
Operating Income
Operating Income Margin
Reported (GAAP)
$ 28,720
$ 11,254
39.2%
$ 4,653
16.2%
Simplify to Grow Program
-
114
319
Intangible asset impairment charges
-
-
32
Mark-to-market (gains)/losses from derivatives
-
(279)
(279)
Acquisition integration costs and contingent consideration adjustments
-
1
(40)
Acquisition-related costs
-
-
25
Net gain on acquisition and divestitures
-
-
(8)
Divestiture-related costs
-
-
22
Operating income from divestitures
(78)
(15)
(15)
Remeasurement of net monetary position
-
-
13
Impact from pension participation changes
-
20
48
Impact from resolution of tax matters
-
-
(5)
Rounding
-
1
-
Adjusted (Non-GAAP)
$ 28,642
$ 11,096
38.7%
$ 4,765
16.6%
Gross Profit
Operating Income
$ Change - Reported (GAAP)
$ 58
$ (1,119)
$ Change - Adjusted (Non-GAAP)
698
264
$ Change - Adjusted @ Constant FX (Non-GAAP)
1,362
583
% Change - Reported (GAAP)
0.5%
(24.0)%
% Change - Adjusted (Non-GAAP)
6.3%
5.5%
% Change - Adjusted @ Constant FX (Non-GAAP)
12.3%
12.2%
Schedule 6a Cons IS
Schedule 6a
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Earnings and Tax Rate
(in millions of U.S. dollars and shares, except per share data)
(Unaudited)
For the Three Months Ended December 31, 2022
Operating Income
Benefit plan non-service expense / (income)
Interest and other expense, net
Earnings before income taxes
Income taxes (1)
Effective tax rate
Loss on equity method investment transactions
Equity method investment net losses / (earnings)
Non-controlling interest earnings
Net Earnings attributable to Mondelēz International
Diluted EPS attributable to Mondelēz International
Reported (GAAP)
$ 834
$ (24)
$ 86
$ 772
$ 270
35.0 %
$ 3
$ (85)
$ 1
$ 583
$ 0.42
Simplify to Grow Program
53
-
-
53
10
-
-
-
43
0.03
Mark-to-market (gains)/losses from derivatives
58
-
(43)
101
15
3
-
-
83
0.06
Acquisition integration costs and contingent consideration adjustments
40
(8)
-
48
15
-
-
-
33
0.03
Inventory step-up
5
-
-
5
2
-
-
-
3
-
Acquisition-related costs
12
-
76
(64)
(14)
-
-
-
(50)
(0.04)
Divestiture-related costs
6
-
-
6
6
-
-
-
-
-
2017 malware incident net recoveries
(37)
-
-
(37)
(10)
-
-
-
(27)
(0.02)
European Commission legal matter
318
-
-
318
-
-
-
-
318
0.23
Remeasurement of net monetary position
14
-
-
14
-
-
-
-
14
0.01
Impact from pension participation changes
(1)
-
(3)
2
1
-
-
-
1
-
Initial impacts from enacted tax law changes
-
-
-
-
5
-
-
-
(5)
-
Loss on equity method investment transactions
-
-
-
-
(1)
(6)
-
-
7
0.01
Equity method investee items
-
-
-
-
6
-
(5)
-
(1)
-
Adjusted (Non-GAAP)
$ 1,302
$ (32)
$ 116
$ 1,218
$ 305
25.0 %
$ -
$ (90)
$ 1
$ 1,002
$ 0.73
Currency
72
0.05
Adjusted @ Constant FX (Non-GAAP)
$ 1,074
$ 0.78
Diluted Average Shares Outstanding
1,375
For the Three Months Ended December 31, 2021
Operating Income
Benefit plan non-service expense / (income)
Interest and other expense, net
Earnings before income taxes
Income taxes (1)
Effective tax rate
Loss on equity method investment transactions
Equity method investment net losses / (earnings)
Non-controlling interest earnings
Net Earnings attributable to Mondelēz International
Diluted EPS attributable to Mondelēz International
Reported (GAAP)
$ 1,204
$ (28)
$ 89
$ 1,143
$ 238
20.8 %
$ 3
$ (103)
$ 2
$ 1,003
$ 0.71
Simplify to Grow Program
(62)
(1)
-
(61)
(15)
-
-
-
(46)
(0.03)
Mark-to-market (gains)/losses from derivatives
(9)
-
-
(9)
(2)
-
-
-
(7)
-
Acquisition integration costs and contingent consideration adjustments
14
-
-
14
2
-
-
-
12
0.01
Acquisition-related costs
1
-
-
1
-
-
-
-
1
-
Loss on divestitures
1
-
-
1
(1)
-
-
-
2
-
Divestiture-related costs
22
-
-
22
8
-
-
-
14
0.01
Net earnings from divestitures
(4)
-
-
(4)
(1)
-
7
-
(10)
-
Remeasurement of net monetary position
3
-
-
3
-
-
-
-
3
-
Impact from pension participation changes
1
-
(3)
4
-
-
-
-
4
-
Initial impacts from enacted tax law changes
-
-
-
-
(5)
-
-
-
5
-
Loss on equity method investment transactions
-
-
-
-
-
(3)
-
-
3
-
Equity method investee items
-
-
-
-
1
-
(10)
-
9
0.01
Adjusted (Non-GAAP)
$ 1,171
$ (29)
$ 86
$ 1,114
$ 225
20.2 %
$ -
$ (106)
$ 2
$ 993
$ 0.71
Diluted Average Shares Outstanding
1,405
(1) Taxes were computed for each of the items excluded from the company's GAAP results based on the facts and tax assumptions associated with each item.
Schedule 1
Schedule 1
Schedule 1
Schedule 1
Schedule 6b Cons IS
Schedule 6b
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Earnings and Tax Rate
(in millions of U.S. dollars and shares, except per share data)
(Unaudited)
For the Twelve Months Ended December 31, 2022
Operating Income
Benefit plan non-service expense / (income)
Interest and other expense, net
Earnings before income taxes
Income taxes (1)
Effective tax rate
Loss on equity method investment transactions
Equity method investment net losses / (earnings)
Non-controlling interest earnings
Net Earnings attributable to Mondelēz International
Diluted EPS attributable to Mondelēz International
Reported (GAAP)
$ 3,534
$ (117)
$ 423
$ 3,228
$ 865
26.8 %
$ 22
$ (385)
$ 9
$ 2,717
$ 1.96
Simplify to Grow Program
122
(1)
-
123
26
-
-
-
97
0.07
Intangible asset impairment charges
101
-
-
101
25
-
-
-
76
0.05
Mark-to-market (gains)/losses from derivatives
326
-
8
318
56
-
-
-
262
0.19
Acquisition integration costs and contingent consideration adjustments
136
(8)
(4)
148
72
-
-
-
76
0.05
Inventory step-up
25
-
-
25
7
-
-
-
18
0.01
Acquisition-related costs
330
-
76
254
(11)
-
-
-
265
0.19
Divestiture-related costs
18
-
-
18
9
-
-
-
9
0.01
Net earnings from divestitures
(4)
-
-
(4)
(1)
-
14
-
(17)
(0.01)
2017 malware incident net recoveries
(37)
-
-
(37)
(10)
-
-
-
(27)
(0.02)
European Commission legal matter
318
-
-
318
-
-
-
-
318
0.23
Incremental costs due to war in Ukraine
121
-
-
121
(4)
-
-
-
125
0.09
Remeasurement of net monetary position
40
-
-
40
-
-
-
-
40
0.03
Impact from pension participation changes
(1)
-
(11)
10
3
-
-
-
7
0.01
Loss on debt extinguishment and related expenses
-
-
(129)
129
31
-
-
-
98
0.07
Initial impacts from enacted tax law changes
-
-
-
-
(17)
-
-
-
17
0.01
Loss on equity method investment transactions
-
-
-
-
(2)
(22)
-
-
24
0.02
Equity method investee items
-
-
-
-
5
-
8
-
(13)
(0.01)
Adjusted (Non-GAAP)
$ 5,029
$ (126)
$ 363
$ 4,792
$ 1,054
22.0 %
$ -
$ (363)
$ 9
$ 4,092
$ 2.95
Currency
326
0.24
Adjusted @ Constant FX (Non-GAAP)
$ 4,418
$ 3.19
Diluted Average Shares Outstanding
1,385
For the Twelve Months Ended December 31, 2021
Operating Income
Benefit plan non-service expense / (income)
Interest and other expense, net
Earnings before income taxes
Income taxes (1)
Effective tax rate
Gain on equity method investment transactions
Equity method investment net losses / (earnings)
Non-controlling interest earnings
Net Earnings attributable to Mondelēz International
Diluted EPS attributable to Mondelēz International
Reported (GAAP)
$ 4,653
$ (163)
$ 447
$ 4,369
$ 1,190
27.2 %
$ (742)
$ (393)
$ 14
$ 4,300
$ 3.04
Simplify to Grow Program
319
(2)
-
321
83
-
-
-
238
0.17
Intangible asset impairment charges
32
-
-
32
8
-
-
-
24
0.02
Mark-to-market (gains)/losses from derivatives
(279)
-
(4)
(275)
(44)
2
-
-
(233)
(0.17)
Acquisition integration costs and contingent consideration adjustments
(40)
-
-
(40)
(12)
-
-
-
(28)
(0.02)
Acquisition-related costs
25
-
-
25
4
-
-
-
21
0.01
Net gain on acquisition and divestitures
(8)
-
-
(8)
(3)
-
-
-
(5)
-
Divestiture-related costs
22
-
-
22
8
-
-
-
14
0.01
Net earnings from divestitures
(15)
-
-
(15)
(12)
-
53
-
(56)
(0.03)
Remeasurement of net monetary position
13
-
-
13
-
-
-
-
13
0.01
Impact from pension participation changes
48
17
(11)
42
8
-
-
-
34
0.02
Loss on debt extinguishment and related expenses
-
-
(137)
137
34
-
-
-
103
0.07
Impact from resolution of tax matters
(5)
-
2
(7)
(1)
-
-
-
(6)
-
Initial impacts from enacted tax law changes
-
-
-
-
(100)
-
-
-
100
0.07
Gain on equity method investment transactions
-
-
-
-
(184)
740
-
-
(556)
(0.39)
Equity method investee items
-
-
-
-
4
-
(61)
-
57
0.04
Adjusted (Non-GAAP)
$ 4,765
$ (148)
$ 297
$ 4,616
$ 983
21.3 %
$ -
$ (401)
$ 14
$ 4,020
$ 2.85
Diluted Average Shares Outstanding
1,413
(1) Taxes were computed for each of the items excluded from the company's GAAP results based on the facts and tax assumptions associated with each item.
Schedule 1
Schedule 1
Schedule 1
Schedule 1
Schedule 7a EPS
Schedule 7a
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Diluted EPS
(Unaudited)
For the Three Months Ended December 31,
2022
2021
$ Change
% Change
Diluted EPS attributable to Mondelēz International (GAAP)
$ 0.42
$ 0.71
$ (0.29)
(40.8)%
Simplify to Grow Program
0.03
(0.03)
0.06
Mark-to-market (gains)/losses from derivatives
0.06
-
0.06
Acquisition integration costs and contingent consideration adjustments
0.03
0.01
0.02
Acquisition-related costs
(0.04)
-
(0.04)
Divestiture-related costs
-
0.01
(0.01)
2017 malware incident net recoveries
(0.02)
-
(0.02)
European Commission legal matter
0.23
-
0.23
Remeasurement of net monetary position
0.01
-
0.01
Loss on equity method investment transactions
0.01
-
0.01
Equity method investee items
-
0.01
(0.01)
Adjusted EPS (Non-GAAP)
$ 0.73
$ 0.71
$ 0.02
2.8 %
Impact of unfavorable currency
0.05
-
0.05
Adjusted EPS @ Constant FX (Non-GAAP)
$ 0.78
$ 0.71
$ 0.07
9.9 %
Adjusted EPS @ Constant FX - Key Drivers
Increase in operations
$ 0.11
Impact from acquisitions
-
Change in benefit plan non-service income
-
Change in interest and other expense, net
(0.02)
Change in equity method investment net earnings
(0.01)
Change in income taxes
(0.03)
Change in shares outstanding
0.02
$ 0.07
Schedule 7b EPS
Schedule 7b
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Diluted EPS
(Unaudited)
For the Twelve Months Ended December 31,
2022
2021
$ Change
% Change
Diluted EPS attributable to Mondelēz International (GAAP)
$ 1.96
$ 3.04
$ (1.08)
(35.5)%
Simplify to Grow Program
0.07
0.17
(0.10)
Intangible asset impairment charges
0.05
0.02
0.03
Mark-to-market (gains)/losses from derivatives
0.19
(0.17)
0.36
Acquisition integration costs and contingent consideration adjustments
0.05
(0.02)
0.07
Inventory step-up
0.01
-
0.01
Acquisition-related costs
0.19
0.01
0.18
Divestiture-related costs
0.01
0.01
-
Net earnings from divestitures
(0.01)
(0.03)
0.02
2017 malware incident net recoveries
(0.02)
-
(0.02)
European Commission legal matter
0.23
-
0.23
Incremental costs due to war in Ukraine
0.09
-
0.09
Remeasurement of net monetary position
0.03
0.01
0.02
Impact from pension participation changes
0.01
0.02
(0.01)
Loss on debt extinguishment and related expenses
0.07
0.07
-
Initial impacts from enacted tax law changes
0.01
0.07
(0.06)
Loss/(gain) on equity method investment transactions
0.02
(0.39)
0.41
Equity method investee items
(0.01)
0.04
(0.05)
Adjusted EPS (Non-GAAP)
$ 2.95
$ 2.85
$ 0.10
3.5 %
Impact of unfavorable currency
0.24
-
0.24
Adjusted EPS @ Constant FX (Non-GAAP)
$ 3.19
$ 2.85
$ 0.34
11.9 %
Adjusted EPS @ Constant FX - Key Drivers
Increase in operations
$ 0.29
Impact from acquisitions
0.03
Change in benefit plan non-service income
-
Change in interest and other expense, net
(0.03)
Change in equity method investment net earnings
(0.01)
Change in income taxes
-
Change in shares outstanding
0.06
$ 0.34
Schedule 8a Seg OI
Schedule 8a
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Segment Data
(in millions of U.S. dollars)
(Unaudited)
For the Three Months Ended December 31, 2022
Latin America
AMEA
Europe
North America
Unrealized G/(L) on Hedging Activities
General Corporate Expenses
Amortization of Intangibles
Other Items
Mondelēz International
Net Revenue
Reported (GAAP)
$ 1,014
$ 1,661
$ 3,210
$ 2,810
$ -
$ -
$ -
$ -
$ 8,695
Divestitures
-
-
-
-
-
-
-
-
-
Adjusted (Non-GAAP)
$ 1,014
$ 1,661
$ 3,210
$ 2,810
$ -
$ -
$ -
$ -
$ 8,695
Operating Income
Reported (GAAP)
$ 83
$ 189
$ 311
$ 432
$ (58)
$ (75)
$ (36)
$ (12)
$ 834
Simplify to Grow Program
1
12
18
21
-
1
-
-
53
Mark-to-market (gains)/losses from derivatives
-
-
-
-
58
-
-
-
58
Acquisition integration costs and contingent consideration adjustments
5
-
(3)
38
-
-
-
-
40
Inventory step-up
5
-
-
-
-
-
-
-
5
Acquisition-related costs
-
-
-
-
-
-
-
12
12
Divestiture-related costs
-
-
1
-
-
5
-
-
6
2017 malware incident net recoveries
2
4
7
2
-
(52)
-
-
(37)
European Commission legal matter
-
-
318
-
-
-
-
-
318
Remeasurement of net monetary position
12
-
2
-
-
-
-
-
14
Impact from pension participation changes
-
-
(1)
-
-
-
-
-
(1)
Adjusted (Non-GAAP)
$ 108
$ 205
$ 653
$ 493
$ -
$ (121)
$ (36)
$ -
$ 1,302
Currency
(12)
31
53
4
-
(4)
(2)
-
70
Adjusted @ Constant FX (Non-GAAP)
$ 96
$ 236
$ 706
$ 497
$ -
$ (125)
$ (38)
$ -
$ 1,372
$ Change - Reported (GAAP)
$ 43
$ (23)
$ (303)
$ (7)
n/m
$ 1
$ (4)
n/m
$ (370)
$ Change - Adjusted (Non-GAAP)
42
(12)
25
131
n/m
(51)
(4)
n/m
131
$ Change - Adjusted @ Constant FX (Non-GAAP)
30
19
78
135
n/m
(55)
(6)
n/m
201
% Change - Reported (GAAP)
107.5%
(10.8)%
(49.3)%
(1.6)%
n/m
1.3%
(12.5)%
n/m
(30.7)%
% Change - Adjusted (Non-GAAP)
63.6%
(5.5)%
4.0%
36.2%
n/m
(72.9)%
(12.5)%
n/m
11.2%
% Change - Adjusted @ Constant FX (Non-GAAP)
45.5%
8.8%
12.4%
37.3%
n/m
(78.6)%
(18.8)%
n/m
17.2%
Operating Income Margin
Reported %
8.2%
11.4%
9.7%
15.4%
9.6%
Reported pp change
2.6 pp
(1.5)pp
(10.0)pp
(4.6)pp
(6.1)pp
Adjusted %
10.7%
12.3%
20.3%
17.5%
15.0%
Adjusted pp change
1.2 pp
(1.0)pp
0.2 pp
1.0 pp
(0.3)pp
For the Three Months Ended December 31, 2021
Latin America
AMEA
Europe
North America
Unrealized G/(L) on Hedging Activities
General Corporate Expenses
Amortization of Intangibles
Other Items
Mondelēz International
Net Revenue
Reported (GAAP)
$ 708
$ 1,639
$ 3,121
$ 2,190
$ -
$ -
$ -
$ -
$ 7,658
Divestitures
(15)
(5)
-
-
-
-
-
-
(20)
Adjusted (Non-GAAP)
$ 693
$ 1,634
$ 3,121
$ 2,190
$ -
$ -
$ -
$ -
$ 7,638
Operating Income
Reported (GAAP)
$ 40
$ 212
$ 614
$ 439
$ 9
$ (76)
$ (32)
$ (2)
$ 1,204
Simplify to Grow Program
5
4
3
(78)
-
4
-
-
(62)
Mark-to-market (gains)/losses from derivatives
-
-
-
-
(9)
-
-
-
(9)
Acquisition integration costs and contingent consideration adjustments
-
1
10
1
-
2
-
-
14
Acquisition-related costs
-
-
-
-
-
-
-
1
1
Loss on divestitures
-
-
-
-
-
-
-
1
1
Divestiture-related costs
22
-
-
-
-
-
-
-
22
Operating income from divestitures
(4)
-
-
-
-
-
-
-
(4)
Remeasurement of net monetary position
3
-
-
-
-
-
-
-
3
Impact from pension participation changes
-
-
1
-
-
-
-
-
1
Adjusted (Non-GAAP)
$ 66
$ 217
$ 628
$ 362
$ -
$ (70)
$ (32)
$ -
$ 1,171
Operating Income Margin
Reported %
5.6%
12.9%
19.7%
20.0%
15.7%
Adjusted %
9.5%
13.3%
20.1%
16.5%
15.3%
Schedule 8b Seg OI
Schedule 8b
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Segment Data
(in millions of U.S. dollars)
(Unaudited)
For the Twelve Months Ended December 31, 2022
Latin America
AMEA
Europe
North America
Unrealized G/(L) on Hedging Activities
General Corporate Expenses
Amortization of Intangibles
Other Items
Mondelēz International
Net Revenue
Reported (GAAP)
$ 3,629
$ 6,767
$ 11,420
$ 9,680
$ -
$ -
$ -
$ -
$ 31,496
Divestitures
(22)
-
-
-
-
-
-
-
(22)
Adjusted (Non-GAAP)
$ 3,607
$ 6,767
$ 11,420
$ 9,680
$ -
$ -
$ -
$ -
$ 31,474
Operating Income
Reported (GAAP)
$ 388
$ 929
$ 1,481
$ 1,769
$ (326)
$ (245)
$ (132)
$ (330)
$ 3,534
Simplify to Grow Program
1
19
41
49
-
12
-
-
122
Intangible asset impairment charges
-
101
-
-
-
-
-
-
101
Mark-to-market (gains)/losses from derivatives
-
-
-
-
326
-
-
-
326
Acquisition integration costs and contingent consideration adjustments
11
1
78
46
-
-
-
-
136
Inventory step-up
5
-
-
20
-
-
-
-
25
Acquisition-related costs
-
-
-
-
-
-
-
330
330
Divestiture-related costs
3
-
1
-
-
14
-
-
18
Operating income from divestitures
(4)
-
-
-
-
-
-
-
(4)
2017 malware incident net recoveries
2
4
7
2
-
(52)
-
-
(37)
European Commission legal matter
-
-
318
-
-
-
-
-
318
Incremental costs due to war in Ukraine
-
-
121
-
-
-
-
-
121
Remeasurement of net monetary position
39
-
1
-
-
-
-
-
40
Impact from pension participation changes
-
-
(1)
-
-
-
-
-
(1)
Adjusted (Non-GAAP)
$ 445
$ 1,054
$ 2,047
$ 1,886
$ -
$ (271)
$ (132)
$ -
$ 5,029
Currency
(4)
91
241
6
-
(7)
(8)
-
319
Adjusted @ Constant FX (Non-GAAP)
$ 441
$ 1,145
$ 2,288
$ 1,892
$ -
$ (278)
$ (140)
$ -
$ 5,348
$ Change - Reported (GAAP)
$ 127
$ (125)
$ (611)
$ 398
n/m
$ 8
$ 2
n/m
$ (1,119)
$ Change - Adjusted (Non-GAAP)
148
11
(146)
292
n/m
(43)
2
n/m
264
$ Change - Adjusted @ Constant FX (Non-GAAP)
144
102
95
298
n/m
(50)
(6)
n/m
583
% Change - Reported (GAAP)
48.7%
(11.9)%
(29.2)%
29.0%
n/m
3.2%
1.5%
n/m
(24.0)%
% Change - Adjusted (Non-GAAP)
49.8%
1.1%
(6.7)%
18.3%
n/m
(18.9)%
1.5%
n/m
5.5%
% Change - Adjusted @ Constant FX (Non-GAAP)
48.5%
9.8%
4.3%
18.7%
n/m
(21.9)%
(4.5)%
n/m
12.2%
Operating Income Margin
Reported %
10.7%
13.7%
13.0%
18.3%
11.2%
Reported pp change
1.4 pp
(2.6)pp
(5.8)pp
1.8 pp
(5.0)pp
Adjusted %
12.3%
15.6%
17.9%
19.5%
16.0%
Adjusted pp change
1.5 pp
(0.6)pp
(1.8)pp
0.3 pp
(0.6)pp
For the Twelve Months Ended December 31, 2021
Latin America
AMEA
Europe
North America
Unrealized G/(L) on Hedging Activities
General Corporate Expenses
Amortization of Intangibles
Other Items
Mondelēz International
Net Revenue
Reported (GAAP)
$ 2,797
$ 6,465
$ 11,156
$ 8,302
$ -
$ -
$ -
$ -
$ 28,720
Divestitures
(43)
(35)
-
-
-
-
-
-
(78)
Adjusted (Non-GAAP)
$ 2,754
$ 6,430
$ 11,156
$ 8,302
$ -
$ -
$ -
$ -
$ 28,642
Operating Income
Reported (GAAP)
$ 261
$ 1,054
$ 2,092
$ 1,371
$ 279
$ (253)
$ (134)
$ (17)
$ 4,653
Simplify to Grow Program
16
(7)
37
250
-
23
-
-
319
Intangible asset impairment charges
-
-
-
32
-
-
-
-
32
Mark-to-market (gains)/losses from derivatives
-
-
-
-
(279)
-
-
-
(279)
Acquisition integration costs and contingent consideration adjustments
-
1
16
(59)
-
2
-
-
(40)
Acquisition-related costs
-
-
-
-
-
-
-
25
25
Net gain on acquisition and divestitures
-
-
-
-
-
-
-
(8)
(8)
Divestiture-related costs
22
-
-
-
-
-
-
-
22
Operating income from divestitures
(10)
(5)
-
-
-
-
-
-
(15)
Remeasurement of net monetary position
13
-
-
-
-
-
-
-
13
Impact from pension participation changes
-
-
48
-
-
-
-
-
48
Impact from resolution of tax matters
(5)
-
-
-
-
-
-
-
(5)
Adjusted (Non-GAAP)
$ 297
$ 1,043
$ 2,193
$ 1,594
$ -
$ (228)
$ (134)
$ -
$ 4,765
Operating Income Margin
Reported %
9.3%
16.3%
18.8%
16.5%
16.2%
Adjusted %
10.8%
16.2%
19.7%
19.2%
16.6%
Schedule 9 FCF
Schedule 9
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Cash Provided by Operating Activities to Free Cash Flow
(in millions of U.S. dollars)
(Unaudited)
For the Twelve Months Ended December 31,
2022
2021
$ Change
Net Cash Provided by Operating Activities (GAAP)
$ 3,908
$ 4,141
$ (233)
Capital Expenditures
(906)
(965)
59
Free Cash Flow (Non-GAAP)
$ 3,002
$ 3,176
$ (174)
WC - 22-18 Org Rev
GAAP to Non-GAAP Reconciliation
Net Revenues to Organic Net Revenue
(in millions of U.S. dollars) (Unaudited)
Mondelēz International
For the Twelve Months Ended December 31,
2019
2020
2021
3 Year Avg/CAGR
2022
Reported (GAAP)
$ 25,868
$ 26,581
$ 28,720
$ 31,496
Divestitures
(91)
(32)
(78)
(22)
Acquisitions
(88)
(445)
(254)
(1,216)
Currency
1,127
627
(472)
1,905
Organic (Non-GAAP)
$ 26,816
$ 26,731
$ 27,916
$ 32,163
For the Twelve Months Ended December 31,
2018
2019
2020
2021
Reported (GAAP)
$ 25,938
$ 25,868
$ 26,581
$ 28,720
Divestitures
(165)
(91)
(32)
(78)
Organic (Non-GAAP)
$ 25,773
$ 25,777
$ 26,549
$ 28,642
$ Change - Reported (GAAP)
$ (70)
$ 713
$ 2,139
$ 927
$ 2,776
$ Change - Organic (Non-GAAP)
1,043
954
1,367
1,121
3,521
% Change - Reported (GAAP)
(0.3)%
2.8%
8.0%
3.4%
9.7%
% Change - Organic (Non-GAAP)
4.0%
3.7%
5.1%
4.3%
12.3%
WC - 22-18 GP
GAAP to Non-GAAP Reconciliation
Gross Profit to Adjusted Gross Profit
(in millions of U.S. dollars) (Unaudited)
Mondelēz International
For the Twelve Months Ended December 31,
2019
2020
2021
3 Year Avg/CAGR
2022
Reported (GAAP)
$ 10,337
$ 10,446
$ 11,254
$ 11,312
Simplify to Grow Program
101
90
114
45
Mark-to-market (gains)/losses from derivatives
(92)
(16)
(279)
324
Acquisition integration costs and contingent consideration adjustments
-
1
1
6
Inventory step-up
-
-
-
25
Acquisition-related costs
-
-
-
72
Divestiture-related costs
1
-
-
3
Divestitures
(20)
(2)
(15)
(3)
2017 malware incident net recoveries
-
-
-
(25)
Incremental costs due to war in Ukraine
-
-
-
36
Impact from pension participation changes
-
-
20
(1)
Rounding
-
-
1
-
Adjusted (Non-GAAP)
$ 10,327
$ 10,519
$ 11,096
$ 11,794
Currency
444
178
(210)
664
Adjusted @ Constant FX (Non-GAAP)
$ 10,771
$ 10,697
$ 10,886
$ 12,458
For the Twelve Months Ended December 31,
2018
2019
2020
2021
Reported (GAAP)
$ 10,352
$ 10,337
$ 10,446
$ 11,254
Simplify to Grow Program
189
101
90
114
Mark-to-market (gains)/losses from derivatives
(140)
(92)
(16)
(279)
Acquisition integration costs and contingent consideration adjustments
-
-
1
1
Divestiture-related costs
1
1
-
-
Divestitures
(38)
(20)
(2)
(15)
Impact from pension participation changes
-
-
-
20
Impacts from resolution of tax matters
(1)
-
-
-
Rounding
-
-
-
1
Adjusted (Non-GAAP)
$ 10,363
$ 10,327
$ 10,519
$ 11,096
$ Change - Reported (GAAP)
$ (15)
$ 109
$ 808
$ 301
$ 58
$ Change - Adjusted (Non-GAAP)
(36)
192
577
244
698
$ Change - Adjusted @ Constant FX (Non-GAAP)
408
370
367
382
1,362
% Change - Reported (GAAP)
(0.1)%
1.1%
7.7%
2.8%
0.5%
% Change - Adjusted (Non-GAAP)
(0.3)%
1.9%
5.5%
2.3%
6.3%
% Change - Adjusted @ Constant FX (Non-GAAP)
3.9%
3.6%
3.5%
3.7%
12.3%
WC - 22-18 A&C
GAAP to Non-GAAP Reconciliation
Advertising and Consumer Promotions to Adjusted Advertising and Consumer Promotions
(in millions of U.S. dollars) (Unaudited)
Mondelēz International
For the Twelve Months Ended December 31,
2019
2020
2021
3 Year Avg/CAGR
2022
Reported (GAAP)
$ 2,227
$ 2,236
$ 2,483
$ 2,635
Divestitures
(3)
-
-
-
Incremental costs due to war in Ukraine
-
-
-
(1)
Adjusted (Non-GAAP)
$ 2,224
$ 2,236
$ 2,483
$ 2,634
Currency
(10)
36
(52)
159
Adjusted @ Constant FX (Non-GAAP)
$ 2,314
$ 2,272
$ 2,431
$ 2,793
For the Twelve Months Ended December 31,
2018
2019
2020
2021
Reported (GAAP)
$ 2,118
$ 2,227
$ 2,236
$ 2,483
Divestitures
(7)
(3)
-
-
Adjusted (Non-GAAP)
$ 2,111
$ 2,224
$ 2,236
$ 2,483
$ Change - Reported (GAAP)
$ 109
$ 9
$ 247
$ 122
$ 152
$ Change - Adjusted (Non-GAAP)
113
12
247
124
151
$ Change - Adjusted @ Constant FX (Non-GAAP)
203
48
195
149
310
% Change - Reported (GAAP)
5.1%
0.4%
11.0%
5.4%
6.1%
% Change - Adjusted (Non-GAAP)
5.4%
0.5%
11.0%
5.5%
6.1%
% Change - Adjusted @ Constant FX (Non-GAAP)
9.6%
2.2%
8.7%
6.8%
12.5%
WC - 22-18 OI
GAAP to Non-GAAP Reconciliation
Operating Income to Adjusted Operating Income
(in millions of U.S. dollars) (Unaudited)
Mondelēz International
For the Twelve Months Ended December 31,
2019
2020
2021
3 Year Avg/CAGR
2022
Reported (GAAP)
$ 3,843
$ 3,853
$ 4,653
$ 3,534
Simplify to Grow Program
442
360
319
122
Intangible asset impairment charges
57
144
32
101
Mark-to-market (gains)/losses from derivatives
(91)
(16)
(279)
326
Acquisition integration costs and contingent consideration adjustments
-
4
(40)
136
Inventory step-up
-
-
-
25
Acquisition-related costs
3
15
25
330
Net gain on acquisition and divestitures
(44)
-
(8)
-
Divestiture-related costs
6
4
22
18
Operating income from divestitures
(16)
(2)
(15)
(4)
2017 malware incident net recoveries
-
-
-
(37)
European Commission legal matter
-
-
-
318
Incremental costs due to war in Ukraine
-
-
-
121
Costs associated with the JDEP coffee business transactions
-
48
-
-
Remeasurement of net monetary position
(4)
9
13
40
Impact from pension participation changes
(35)
-
48
(1)
CEO transition renumeration
9
-
-
-
Impact from resolution of tax matters
85
(20)
(5)
-
Swiss tax reform net impacts
2
-
-
-
Adjusted (Non-GAAP)
$ 4,257
$ 4,399
$ 4,765
$ 5,029
Currency
219
59
(120)
319
Adjusted @ Constant FX (Non-GAAP)
$ 4,476
$ 4,458
$ 4,645
$ 5,348
For the Twelve Months Ended December 31,
2018
2019
2020
2021
Reported (GAAP)
$ 3,312
$ 3,843
$ 3,853
$ 4,653
Simplify to Grow Program
626
442
360
319
Intangible asset impairment charges
68
57
144
32
Mark-to-market (gains)/losses from derivatives
(141)
(91)
(16)
(279)
Acquisition integration costs and contingent consideration adjustments
3
-
4
(40)
Acquisition-related costs
13
3
15
25
Net gain on acquisition and divestitures
-
(44)
-
(8)
Divestiture-related costs
(1)
6
4
22
Operating income from divestitures
(28)
(16)
(2)
(15)
Costs associated with the JDEP coffee business transactions
-
-
48
-
Remeasurement of net monetary position
11
(4)
9
13
Impact from pension participation changes
423
(35)
-
48
CEO transition renumeration
22
9
-
-
Impact from resolution of tax matters
(15)
85
(20)
(5)
Swiss tax reform net impacts
-
2
-
-
Adjusted (Non-GAAP)
$ 4,293
$ 4,257
$ 4,399
$ 4,765
$ Change - Reported (GAAP)
$ 531
$ 10
$ 800
$ 447
$ (1,119)
$ Change - Adjusted (Non-GAAP)
(36)
142
366
157
264
$ Change - Adjusted @ Constant FX (Non-GAAP)
183
201
246
210
583
% Change - Reported (GAAP)
16.0%
0.3%
20.8%
12.0%
(24.0)%
% Change - Adjusted (Non-GAAP)
(0.8)%
3.3%
8.3%
3.5%
5.5%
% Change - Adjusted @ Constant FX (Non-GAAP)
4.3%
4.7%
5.6%
4.9%
12.2%
WC - MDLZ Org Rev
GAAP to Non-GAAP Reconciliation
Net Revenues to Organic Net Revenue
(in millions of U.S. dollars) (Unaudited)
Latin America
AMEA
Europe
North America
Mondelēz International
For the Three Months Ended December 31, 2022
Reported (GAAP)
$ 1,014
$ 1,661
$ 3,210
$ 2,810
$ 8,695
Acquisitions
(98)
-
(167)
(213)
(478)
Currency
34
196
351
19
600
Organic (Non-GAAP)
$ 950
$ 1,857
$ 3,394
$ 2,616
$ 8,817
For the Three Months Ended December 31, 2021
Reported (GAAP)
$ 708
$ 1,639
$ 3,121
$ 2,190
$ 7,658
Divestitures
(15)
(5)
-
-
(20)
Organic (Non-GAAP)
$ 693
$ 1,634
$ 3,121
$ 2,190
$ 7,638
% Change
Reported (GAAP)
43.2%
1.3%
2.9%
28.3%
13.5%
Divestitures
3.1 pp
0.4 pp
- pp
- pp
0.3 pp
Acquisitions
(14.1)
-
(5.4)
(9.7)
(6.3)
Currency
4.9
11.9
11.2
0.9
7.9
Organic (Non-GAAP)
37.1%
13.6%
8.7%
19.5%
15.4%
Vol/Mix
6.9 pp
6.3 pp
(3.9)pp
4.2 pp
1.6 pp
Pricing
30.2
7.3
12.6
15.3
13.8
Latin America
AMEA
Europe
North America
Mondelēz International
For the Twelve Months Ended December 31, 2022
Reported (GAAP)
$ 3,629
$ 6,767
$ 11,420
$ 9,680
$ 31,496
Divestitures
(22)
-
-
-
(22)
Acquisitions
(98)
(15)
(707)
(396)
(1,216)
Currency
123
483
1,263
36
1,905
Organic (Non-GAAP)
$ 3,632
$ 7,235
$ 11,976
$ 9,320
$ 32,163
For the Twelve Months Ended December 31, 2021
Reported (GAAP)
$ 2,797
$ 6,465
$ 11,156
$ 8,302
$ 28,720
Divestitures
(43)
(35)
-
-
(78)
Organic (Non-GAAP)
$ 2,754
$ 6,430
$ 11,156
$ 8,302
$ 28,642
% Change
Reported (GAAP)
29.7%
4.7%
2.4%
16.6%
9.7%
Divestitures
1.3 pp
0.5 pp
- pp
- pp
0.2 pp
Acquisitions
(3.5)
(0.3)
(6.3)
(4.7)
(4.2)
Currency
4.4
7.6
11.3
0.4
6.6
Organic (Non-GAAP)
31.9%
12.5%
7.4%
12.3%
12.3%
Vol/Mix
8.2 pp
7.4 pp
- pp
0.8 pp
2.7 pp
Pricing
23.7
5.1
7.4
11.5
9.6
WC - Mkt Org Rev
GAAP to Non-GAAP Reconciliation
Net Revenues to Organic Net Revenue
(in millions of U.S. dollars) (Unaudited)
Emerging Markets
Developed Markets
Mondelēz International
For the Three Months Ended December 31, 2022
Reported (GAAP)
$ 3,320
$ 5,375
$ 8,695
Acquisitions
(220)
(258)
(478)
Currency
237
363
600
Organic (Non-GAAP)
$ 3,337
$ 5,480
$ 8,817
For the Three Months Ended December 31, 2021
Reported (GAAP)
$ 2,692
$ 4,966
$ 7,658
Divestitures
(15)
(5)
(20)
Organic (Non-GAAP)
$ 2,677
$ 4,961
$ 7,638
% Change
Reported (GAAP)
23.3%
8.2%
13.5%
Divestitures
0.7 pp
0.1 pp
0.3 pp
Acquisitions
(8.2)
(5.2)
(6.3)
Currency
8.9
7.4
7.9
Organic (Non-GAAP)
24.7%
10.5%
15.4%
Vol/Mix
4.6 pp
- pp
1.6 pp
Pricing
20.1
10.5
13.8
Emerging Markets
Developed Markets
Mondelēz International
For the Twelve Months Ended December 31, 2022
Reported (GAAP)
$ 12,184
$ 19,312
$ 31,496
Divestitures
(22)
-
(22)
Acquisitions
(596)
(620)
(1,216)
Currency
744
1,161
1,905
Organic (Non-GAAP)
$ 12,310
$ 19,853
$ 32,163
For the Twelve Months Ended December 31, 2021
Reported (GAAP)
$ 10,132
$ 18,588
$ 28,720
Divestitures
(43)
(35)
(78)
Organic (Non-GAAP)
$ 10,089
$ 18,553
$ 28,642
% Change
Reported (GAAP)
20.3%
3.9%
9.7%
Divestitures
0.2 pp
0.2 pp
0.2 pp
Acquisitions
(5.9)
(3.3)
(4.2)
Currency
7.4
6.2
6.6
Organic (Non-GAAP)
22.0%
7.0%
12.3%
Vol/Mix
8.0 pp
(0.2)pp
2.7 pp
Pricing
14.0
7.2
9.6
WC - 21-18 Mkt Org Rev
GAAP to Non-GAAP Reconciliation
Net Revenues to Organic Net Revenue
(in millions of U.S. dollars) (Unaudited)
Emerging Markets
Developed Markets
For the Twelve Months Ended December 31,
2019
2020
2021
2019
2020
2021
Reported (GAAP)
$ 9,675
$ 9,097
$ 10,132
$ 16,193
$ 17,484
$ 18,588
Divestitures
(91)
(32)
(43)
-
-
(35)
Acquisitions
-
-
-
(88)
(445)
(254)
Currency
624
739
64
503
(112)
(536)
Organic (Non-GAAP)
$ 10,208
$ 9,804
$ 10,153
$ 16,608
$ 16,927
$ 17,763
For the Twelve Months Ended December 31,
2018
2019
2020
2018
2019
2020
Reported (GAAP)
$ 9,659
$ 9,675
$ 9,097
$ 16,279
$ 16,193
$ 17,484
Divestitures
(165)
(91)
(32)
-
-
-
Organic (Non-GAAP)
$ 9,494
$ 9,584
$ 9,065
$ 16,279
$ 16,193
$ 17,484
% Change - Reported (GAAP)
0.2%
(6.0)%
11.4%
(0.5)%
8.0%
6.3%
% Change - Organic (Non-GAAP)
7.5%
2.3%
12.0%
2.0%
4.5%
1.6%
WC - QTD22 ex Arg Org Rev
GAAP to Non-GAAP Reconciliation
Net Revenues to Organic Net Revenue
(in millions of U.S. dollars) (Unaudited)
Emerging Markets
Argentina
Emerging Markets ex. Argentina
For the Three Months Ended December 31, 2022
Reported (GAAP)
$ 3,320
$ 111
$ 3,209
Acquisition
(220)
-
(220)
Currency
237
68
169
Organic (Non-GAAP)
$ 3,337
$ 179
$ 3,158
For the Three Months Ended December 31, 2021
Reported (GAAP)
$ 2,692
$ 105
$ 2,587
Divestitures
(15)
(11)
(4)
Organic (Non-GAAP)
$ 2,677
$ 94
$ 2,583
% Change
Reported (GAAP)
23.3%
5.7%
24.0%
Divestitures
0.7 pp
- pp
0.2 pp
Acquisition
(8.2)
-
(8.5)
Currency
8.9
84.7
6.6
Organic (Non-GAAP)
24.7%
90.4%
22.3%
Latin America
Argentina
Latin America ex. Argentina
For the Three Months Ended December 31, 2022
Reported (GAAP)
$ 1,014
$ 111
$ 903
Acquisition
(98)
-
(98)
Currency
34
68
(34)
Organic (Non-GAAP)
$ 950
$ 179
$ 771
For the Three Months Ended December 31, 2021
Reported (GAAP)
$ 708
$ 105
$ 603
Divestitures
(15)
(11)
(4)
Organic (Non-GAAP)
$ 693
$ 94
$ 599
% Change
Reported (GAAP)
43.2%
5.7%
49.8%
Divestitures
3.1 pp
- pp
1.0 pp
Acquisition
(14.1)
-
(16.4)
Currency
4.9
84.7
(5.7)
Organic (Non-GAAP)
37.1%
90.4%
28.7%
WC - Sector Org Rev
GAAP to Non-GAAP Reconciliation
Net Revenues to Organic Net Revenue by Consumer Sector
(in millions of U.S. dollars) (Unaudited)
Biscuits & Baked Snacks
Chocolate
Gum & Candy
Total Snacks
Beverage
Cheese & Grocery
Mondelēz International
For the Three Months Ended December 31, 2022
Reported (GAAP)
$ 4,267
$ 2,732
$ 938
$ 7,937
$ 254
$ 504
$ 8,695
Acquisitions
(376)
(42)
(57)
(475)
-
(3)
(478)
Currency
200
266
59
525
31
44
600
Organic (Non-GAAP)
$ 4,091
$ 2,956
$ 940
$ 7,987
$ 285
$ 545
$ 8,817
For the Three Months Ended December 31, 2021
Reported (GAAP)
$ 3,466
$ 2,685
$ 754
$ 6,905
$ 245
$ 508
$ 7,658
Divestitures
-
(11)
(2)
(13)
-
(7)
(20)
Organic (Non-GAAP)
$ 3,466
$ 2,674
$ 752
$ 6,892
$ 245
$ 501
$ 7,638
% Change - Reported (GAAP)
23.1%
1.8%
24.4%
14.9%
3.7%
(0.8)%
13.5%
% Change - Organic (Non-GAAP)
18.0%
10.5%
25.0%
15.9%
16.3%
8.8%
15.4%
Biscuits & Baked Snacks
Chocolate
Gum & Candy
Total Snacks
Beverage
Cheese & Grocery
Mondelēz International
For the Twelve Months Ended December 31, 2022
Reported (GAAP)
$ 15,608
$ 9,486
$ 3,412
$ 28,506
$ 1,100
$ 1,890
$ 31,496
Divestitures
-
(10)
(5)
(15)
-
(7)
(22)
Acquisitions
(1,091)
(60)
(57)
(1,208)
(5)
(3)
(1,216)
Currency
621
801
233
1,655
84
166
1,905
Organic (Non-GAAP)
$ 15,138
$ 10,217
$ 3,583
$ 28,938
$ 1,179
$ 2,046
$ 32,163
For the Twelve Months Ended December 31, 2021
Reported (GAAP)
$ 13,552
$ 9,271
$ 2,872
$ 25,695
$ 1,035
$ 1,990
$ 28,720
Divestitures
-
(27)
(7)
(34)
-
(44)
(78)
Organic (Non-GAAP)
$ 13,552
$ 9,244
$ 2,865
$ 25,661
$ 1,035
$ 1,946
$ 28,642
% Change - Reported (GAAP)
15.2%
2.3%
18.8%
10.9%
6.3%
(5.0)%
9.7%
% Change - Organic (Non-GAAP)
11.7%
10.5%
25.1%
12.8%
13.9%
5.1%
12.3%
WC - 21-18 Sector Org Rev
GAAP to Non-GAAP Reconciliation
Net Revenues to Organic Net Revenue by Consumer Sector
(in millions of U.S. dollars) (Unaudited)
Biscuits & Baked Snacks
Chocolate
Gum & Candy
Total Snacks
Beverage
Cheese & Grocery
Mondelēz International
For the Twelve Months Ended December 31, 2021
Reported (GAAP)
$ 13,552
$ 9,271
$ 2,872
$ 25,695
$ 1,035
$ 1,990
$ 28,720
Divestitures
-
(27)
(7)
(34)
-
(44)
(78)
Acquisitions
(210)
(30)
-
(240)
(14)
-
(254)
Currency
(165)
(247)
(25)
(437)
27
(62)
(472)
Organic (Non-GAAP)
$ 13,177
$ 8,967
$ 2,840
$ 24,984
$ 1,048
$ 1,884
$ 27,916
For the Twelve Months Ended December 31, 2020
Reported (GAAP)
$ 12,796
$ 8,149
$ 2,662
$ 23,607
$ 1,049
$ 1,925
$ 26,581
Divestitures
-
(18)
(5)
(23)
-
(9)
(32)
Organic (Non-GAAP)
$ 12,796
$ 8,131
$ 2,657
$ 23,584
$ 1,049
$ 1,916
$ 26,549
% Change - Reported (GAAP)
5.9%
13.8%
7.9%
8.8%
(1.3)%
3.4%
8.0%
% Change - Organic (Non-GAAP)
3.0%
10.3%
6.9%
5.9%
(0.1)%
(1.7)%
5.1%
Biscuits & Baked Snacks
Chocolate
Gum & Candy
Total Snacks
Beverage
Cheese & Grocery
Mondelēz International
For the Twelve Months Ended December 31, 2020
Reported (GAAP)
$ 12,796
$ 8,149
$ 2,662
$ 23,607
$ 1,049
$ 1,925
$ 26,581
Divestitures
-
(18)
(5)
(23)
-
(9)
(32)
Acquisitions
(445)
-
-
(445)
-
-
(445)
Currency
131
249
100
480
123
24
627
Organic (Non-GAAP)
$ 12,482
$ 8,380
$ 2,757
$ 23,619
$ 1,172
$ 1,940
$ 26,731
For the Twelve Months Ended December 31, 2019
Reported (GAAP)
$ 11,464
$ 8,132
$ 3,355
$ 22,951
$ 1,095
$ 1,822
$ 25,868
Divestitures
-
(19)
(7)
(26)
-
(65)
(91)
Organic (Non-GAAP)
$ 11,464
$ 8,113
$ 3,348
$ 22,925
$ 1,095
$ 1,757
$ 25,777
% Change - Reported (GAAP)
11.6%
0.2%
(20.7)%
2.9%
(4.2)%
5.7%
2.8%
% Change - Organic (Non-GAAP)
8.9%
3.3%
(17.7)%
3.0%
7.0%
10.4%
3.7%
Biscuits & Baked Snacks
Chocolate
Gum & Candy
Total Snacks
Beverage
Cheese & Grocery
Mondelēz International
For the Twelve Months Ended December 31, 2019
Reported (GAAP)
$ 11,464
$ 8,132
$ 3,355
$ 22,951
$ 1,095
$ 1,822
$ 25,868
Divestitures
-
(19)
(7)
(26)
-
(65)
(91)
Acquisitions
(88)
-
-
(88)
-
-
(88)
Currency
323
479
137
939
114
74
1,127
Organic (Non-GAAP)
$ 11,699
$ 8,592
$ 3,485
$ 23,776
$ 1,209
$ 1,831
$ 26,816
For the Twelve Months Ended December 31, 2018
Reported (GAAP)
$ 11,207
$ 8,155
$ 3,491
$ 22,853
$ 1,184
$ 1,901
$ 25,938
Divestitures
-
(19)
(10)
(29)
-
(136)
(165)
Organic (Non-GAAP)
$ 11,207
$ 8,136
$ 3,481
$ 22,824
$ 1,184
$ 1,765
$ 25,773
% Change - Reported (GAAP)
2.3%
(0.3)%
(3.9)%
0.4%
(7.5)%
(4.2)%
(0.3)%
% Change - Organic (Non-GAAP)
4.4%
5.6%
0.1%
4.2%
2.1%
3.7%
4.0%
WC - QTD22 GP_OI
GAAP to Non-GAAP Reconciliation
Gross Profit/Operating Income to Adjusted Gross Profit/Operating Income
(in millions of U.S. dollars) (Unaudited)
For the Three Months Ended December 31, 2022
Net Revenues
Gross Profit
Gross Profit Margin
Operating Income
Operating Income Margin
Reported (GAAP)
$ 8,695
$ 3,075
35.4%
$ 834
9.6%
Simplify to Grow Program
-
12
53
Mark-to-market (gains)/losses from derivatives
-
59
58
Acquisition integration costs and contingent consideration adjustments
-
4
40
Inventory step-up
-
5
5
Acquisition-related costs
-
-
12
Divestiture-related costs
-
-
6
2017 malware incident net recoveries
-
(25)
(37)
European Commission legal matter
-
-
318
Incremental costs due to war in Ukraine
-
1
-
Remeasurement of net monetary position
-
-
14
Impact from pension participation changes
(1)
(1)
Adjusted (Non-GAAP)
$ 8,695
$ 3,130
36.0%
$ 1,302
15.0%
Currency
183
70
Adjusted @ Constant FX (Non-GAAP)
$ 3,313
$ 1,372
For the Three Months Ended December 31, 2021
Net Revenues
Gross Profit
Gross Profit Margin
Operating Income
Operating Income Margin
Reported (GAAP)
$ 7,658
$ 2,833
37.0%
$ 1,204
15.7%
Simplify to Grow Program
-
22
(62)
Mark-to-market (gains)/losses from derivatives
-
(9)
(9)
Acquisition integration costs and contingent consideration adjustments
-
(1)
14
Acquisition-related costs
-
-
1
Loss on divestitures
-
-
1
Divestiture-related costs
-
-
22
Operating results from divestitures
(20)
(6)
(4)
Remeasurement of net monetary position
-
-
3
Impact from pension participation changes
-
-
1
Rounding
-
1
-
Adjusted (Non-GAAP)
$ 7,638
$ 2,840
37.2%
$ 1,171
15.3%
Gross Profit
Operating Income
$ Change - Reported (GAAP)
$ 242
$ (370)
$ Change - Adjusted (Non-GAAP)
290
131
$ Change - Adjusted @ Constant FX (Non-GAAP)
473
201
% Change - Reported (GAAP)
8.5%
(30.7)%
% Change - Adjusted (Non-GAAP)
10.2%
11.2%
% Change - Adjusted @ Constant FX (Non-GAAP)
16.7%
17.2%
WC - FY22 GP_OI
GAAP to Non-GAAP Reconciliation
Gross Profit/Operating Income to Adjusted Gross Profit/Operating Income
(in millions of U.S. dollars) (Unaudited)
For the Twelve Months Ended December 31, 2022
Net Revenues
Gross Profit
Gross Profit Margin
Operating Income
Operating Income Margin
Reported (GAAP)
$ 31,496
$ 11,312
35.9%
$ 3,534
11.2%
Simplify to Grow Program
-
45
122
Intangible asset impairment charges
-
-
101
Mark-to-market (gains)/losses from derivatives
-
324
326
Acquisition integration costs and contingent consideration adjustments
-
6
136
Inventory step-up
-
25
25
Acquisition-related costs
-
72
330
Divestiture-related costs
-
3
18
Operating results from divestitures
(22)
(3)
(4)
2017 malware incident net recoveries
-
(25)
(37)
European Commission legal matter
-
-
318
Incremental costs due to war in Ukraine
-
36
121
Remeasurement of net monetary position
-
40
Impact from pension participation changes
-
(1)
(1)
Adjusted (Non-GAAP)
$ 31,474
$ 11,794
37.5%
$ 5,029
16.0%
Currency
664
319
Adjusted @ Constant FX (Non-GAAP)
$ 12,458
$ 5,348
For the Twelve Months Ended December 31, 2021
Net Revenues
Gross Profit
Gross Profit Margin
Operating Income
Operating Income Margin
Reported (GAAP)
$ 28,720
$ 11,254
39.2%
$ 4,653
16.2%
Simplify to Grow Program
-
114
319
Intangible asset impairment charges
-
-
32
Mark-to-market (gains)/losses from derivatives
-
(279)
(279)
Acquisition integration costs and contingent consideration adjustments
-
1
(40)
Acquisition-related costs
-
-
25
Net gain on acquisition and divestitures
-
-
(8)
Divestiture-related costs
-
-
22
Operating results from divestitures
(78)
(15)
(15)
Remeasurement of net monetary position
-
-
13
Impact from pension participation changes
-
20
48
Impact from resolution of tax matters
-
-
(5)
Rounding
-
1
-
Adjusted (Non-GAAP)
$ 28,642
$ 11,096
38.7%
$ 4,765
16.6%
Gross Profit
Operating Income
$ Change - Reported (GAAP)
$ 58
$ (1,119)
$ Change - Adjusted (Non-GAAP)
698
264
$ Change - Adjusted @ Constant FX (Non-GAAP)
1,362
583
% Change - Reported (GAAP)
0.5%
(24.0)%
% Change - Adjusted (Non-GAAP)
6.3%
5.5%
% Change - Adjusted @ Constant FX (Non-GAAP)
12.3%
12.2%
WC - QTD22 Seg OI
GAAP to Non-GAAP Reconciliation
Segment Data
(in millions of U.S. dollars) (Unaudited)
For the Three Months Ended December 31, 2022
Latin America
AMEA
Europe
North America
Unrealized G/(L) on Hedging Activities
General Corporate Expenses
Amortization of Intangibles
Other Items
Mondelēz International
Net Revenue
Reported (GAAP)
$ 1,014
$ 1,661
$ 3,210
$ 2,810
$ -
$ -
$ -
$ -
$ 8,695
Divestitures
-
-
-
-
-
-
-
-
-
Adjusted (Non-GAAP)
$ 1,014
$ 1,661
$ 3,210
$ 2,810
$ -
$ -
$ -
$ -
$ 8,695
Operating Income
Reported (GAAP)
$ 83
$ 189
$ 311
$ 432
$ (58)
$ (75)
$ (36)
$ (12)
$ 834
Simplify to Grow Program
1
12
18
21
-
1
-
-
53
Mark-to-market (gains)/losses from derivatives
-
-
-
-
58
-
-
-
58
Acquisition integration costs and contingent consideration adjustments
5
-
(3)
38
-
-
-
-
40
Inventory step-up
5
-
-
-
-
-
-
-
5
Acquisition-related costs
-
-
-
-
-
-
-
12
12
Divestiture-related costs
-
-
1
-
-
5
-
-
6
2017 malware incident net recoveries
2
4
7
2
-
(52)
-
-
(37)
European Commission legal matter
-
-
318
-
-
-
-
-
318
Remeasurement of net monetary position
12
-
2
-
-
-
-
-
14
Impact from pension participation changes
-
-
(1)
-
-
-
-
-
(1)
Adjusted (Non-GAAP)
$ 108
$ 205
$ 653
$ 493
$ -
$ (121)
$ (36)
$ -
$ 1,302
Currency
(12)
31
53
4
-
(4)
(2)
-
70
Adjusted @ Constant FX (Non-GAAP)
$ 96
$ 236
$ 706
$ 497
$ -
$ (125)
$ (38)
$ -
$ 1,372
$ Change - Reported (GAAP)
$ 43
$ (23)
$ (303)
$ (7)
n/m
$ 1
$ (4)
n/m
$ (370)
$ Change - Adjusted (Non-GAAP)
42
(12)
25
131
n/m
(51)
(4)
n/m
131
$ Change - Adjusted @ Constant FX (Non-GAAP)
30
19
78
135
n/m
(55)
(6)
n/m
201
% Change - Reported (GAAP)
107.5%
(10.8)%
(49.3)%
(1.6)%
n/m
1.3%
(12.5)%
n/m
(30.7)%
% Change - Adjusted (Non-GAAP)
63.6%
(5.5)%
4.0%
36.2%
n/m
(72.9)%
(12.5)%
n/m
11.2%
% Change - Adjusted @ Constant FX (Non-GAAP)
45.5%
8.8%
12.4%
37.3%
n/m
(78.6)%
(18.8)%
n/m
17.2%
Operating Income Margin
Reported %
8.2%
11.4%
9.7%
15.4%
9.6%
Reported pp change
2.6 pp
(1.5)pp
(10.0)pp
(4.6)pp
(6.1)pp
Adjusted %
10.7%
12.3%
20.3%
17.5%
15.0%
Adjusted pp change
1.2 pp
(1.0)pp
0.2 pp
1.0 pp
(0.3)pp
For the Three Months Ended December 31, 2021
Latin America
AMEA
Europe
North America
Unrealized G/(L) on Hedging Activities
General Corporate Expenses
Amortization of Intangibles
Other Items
Mondelēz International
Net Revenue
Reported (GAAP)
$ 708
$ 1,639
$ 3,121
$ 2,190
$ -
$ -
$ -
$ -
$ 7,658
Divestitures
(15)
(5)
-
-
-
-
-
-
(20)
Adjusted (Non-GAAP)
$ 693
$ 1,634
$ 3,121
$ 2,190
$ -
$ -
$ -
$ -
$ 7,638
Operating Income
Reported (GAAP)
$ 40
$ 212
$ 614
$ 439
$ 9
$ (76)
$ (32)
$ (2)
$ 1,204
Simplify to Grow Program
5
4
3
(78)
-
4
-
-
(62)
Mark-to-market (gains)/losses from derivatives
-
-
-
-
(9)
-
-
-
(9)
Acquisition integration costs and contingent consideration adjustments
-
1
10
1
-
2
-
-
14
Acquisition-related costs
-
-
-
-
-
-
-
1
1
Loss on divestitures
-
-
-
-
-
-
-
1
1
Divestiture-related costs
22
-
-
-
-
-
-
-
22
Operating results from divestitures
(4)
-
-
-
-
-
-
-
(4)
Remeasurement of net monetary position
3
-
-
-
-
-
-
-
3
Impact from pension participation changes
-
-
1
-
-
-
-
-
1
Adjusted (Non-GAAP)
$ 66
$ 217
$ 628
$ 362
$ -
$ (70)
$ (32)
$ -
$ 1,171
Operating Income Margin
Reported %
5.6%
12.9%
19.7%
20.0%
15.7%
Adjusted %
9.5%
13.3%
20.1%
16.5%
15.3%
WC - FY22 Seg OI
GAAP to Non-GAAP Reconciliation
Segment Data
(in millions of U.S. dollars) (Unaudited)
For the Twelve Months Ended December 31, 2022
Latin America
AMEA
Europe
North America
Unrealized G/(L) on Hedging Activities
General Corporate Expenses
Amortization of Intangibles
Other Items
Mondelēz International
Net Revenue
Reported (GAAP)
$ 3,629
$ 6,767
$ 11,420
$ 9,680
$ -
$ -
$ -
$ -
$ 31,496
Divestitures
(22)
-
-
-
-
-
-
-
(22)
Adjusted (Non-GAAP)
$ 3,607
$ 6,767
$ 11,420
$ 9,680
$ -
$ -
$ -
$ -
$ 31,474
Operating Income
Reported (GAAP)
$ 388
$ 929
$ 1,481
$ 1,769
$ (326)
$ (245)
$ (132)
$ (330)
$ 3,534
Simplify to Grow Program
1
19
41
49
-
12
-
-
122
Intangible asset impairment charges
-
101
-
-
-
-
-
-
101
Mark-to-market (gains)/losses from derivatives
-
-
-
-
326
-
-
-
326
Acquisition integration costs and contingent consideration adjustments
11
1
78
46
-
-
-
-
136
Inventory step-up
5
-
-
20
-
-
-
-
25
Acquisition-related costs
-
-
-
-
-
-
-
330
330
Divestiture-related costs
3
-
1
-
-
14
-
-
18
Operating results from divestitures
(4)
-
-
-
-
-
-
-
(4)
2017 malware incident net recoveries
2
4
7
2
-
(52)
-
-
(37)
European Commission legal matter
-
-
318
-
-
-
-
-
318
Incremental costs due to war in Ukraine
-
-
121
-
-
-
-
-
121
Remeasurement of net monetary position
39
-
1
-
-
-
-
-
40
Impact from pension participation changes
-
-
(1)
-
-
-
-
-
(1)
Adjusted (Non-GAAP)
$ 445
$ 1,054
$ 2,047
$ 1,886
$ -
$ (271)
$ (132)
$ -
$ 5,029
Currency
(4)
91
241
6
-
(7)
(8)
-
319
Adjusted @ Constant FX (Non-GAAP)
$ 441
$ 1,145
$ 2,288
$ 1,892
$ -
$ (278)
$ (140)
$ -
$ 5,348
$ Change - Reported (GAAP)
$ 127
$ (125)
$ (611)
$ 398
n/m
$ 8
$ 2
n/m
$ (1,119)
$ Change - Adjusted (Non-GAAP)
148
11
(146)
292
n/m
(43)
2
n/m
264
$ Change - Adjusted @ Constant FX (Non-GAAP)
144
102
95
298
n/m
(50)
(6)
n/m
583
% Change - Reported (GAAP)
48.7%
(11.9)%
(29.2)%
29.0%
n/m
3.2%
1.5%
n/m
(24.0)%
% Change - Adjusted (Non-GAAP)
49.8%
1.1%
(6.7)%
18.3%
n/m
(18.9)%
1.5%
n/m
5.5%
% Change - Adjusted @ Constant FX (Non-GAAP)
48.5%
9.8%
4.3%
18.7%
n/m
(21.9)%
(4.5)%
n/m
12.2%
Operating Income Margin
Reported %
10.7%
13.7%
13.0%
18.3%
11.2%
Reported pp change
1.4 pp
(2.6)pp
(5.8)pp
1.8 pp
(5.0)pp
Adjusted %
12.3%
15.6%
17.9%
19.5%
16.0%
Adjusted pp change
1.5 pp
(0.6)pp
(1.8)pp
0.3 pp
(0.6)pp
For the Twelve Months Ended December 31, 2021
Latin America
AMEA
Europe
North America
Unrealized G/(L) on Hedging Activities
General Corporate Expenses
Amortization of Intangibles
Other Items
Mondelēz International
Net Revenue
Reported (GAAP)
$ 2,797
$ 6,465
$ 11,156
$ 8,302
$ -
$ -
$ -
$ -
$ 28,720
Divestitures
(43)
(35)
-
-
-
-
-
-
(78)
Adjusted (Non-GAAP)
$ 2,754
$ 6,430
$ 11,156
$ 8,302
$ -
$ -
$ -
$ -
$ 28,642
Operating Income
Reported (GAAP)
$ 261
$ 1,054
$ 2,092
$ 1,371
$ 279
$ (253)
$ (134)
$ (17)
$ 4,653
Simplify to Grow Program
16
(7)
37
250
-
23
-
-
319
Intangible asset impairment charges
-
-
-
32
-
-
-
-
32
Mark-to-market (gains)/losses from derivatives
-
-
-
-
(279)
-
-
-
(279)
Acquisition integration costs and contingent consideration adjustments
-
1
16
(59)
-
2
-
-
(40)
Acquisition-related costs
-
-
-
-
-
-
-
25
25
Net gain on acquisition and divestitures
-
-
-
-
-
-
-
(8)
(8)
Divestiture-related costs
22
-
-
-
-
-
-
-
22
Operating results from divestitures
(10)
(5)
-
-
-
-
-
-
(15)
Remeasurement of net monetary position
13
-
-
-
-
-
-
-
13
Impact from pension participation changes
-
-
48
-
-
-
-
-
48
Impact from resolution of tax matters
(5)
-
-
-
-
-
-
-
(5)
Adjusted (Non-GAAP)
$ 297
$ 1,043
$ 2,193
$ 1,594
$ -
$ (228)
$ (134)
$ -
$ 4,765
Operating Income Margin
Reported %
9.3%
16.3%
18.8%
16.5%
16.2%
Adjusted %
10.8%
16.2%
19.7%
19.2%
16.6%
WC - QTD22 EPS
GAAP to Non-GAAP Reconciliation
Diluted EPS to Adjusted EPS
(Unaudited)
For the Three Months Ended December 31,
2022
2021
$ Change
% Change
Diluted EPS attributable to Mondelēz International (GAAP)
$ 0.42
$ 0.71
$ (0.29)
(40.8)%
Simplify to Grow Program
0.03
(0.03)
0.06
Mark-to-market (gains)/losses from derivatives
0.06
-
0.06
Acquisition integration costs and contingent consideration adjustments
0.03
0.01
0.02
Acquisition-related costs
(0.04)
-
(0.04)
Divestiture-related costs
-
0.01
(0.01)
2017 malware incident net recoveries
(0.02)
-
(0.02)
European Commission legal matter
0.23
-
0.23
Remeasurement of net monetary position
0.01
-
0.01
Loss on equity method investment transactions
0.01
-
0.01
Equity method investee items
-
0.01
(0.01)
Adjusted EPS (Non-GAAP)
$ 0.73
$ 0.71
$ 0.02
2.8 %
Impact of unfavorable currency
0.05
-
0.05
Adjusted EPS @ Constant FX (Non-GAAP)
$ 0.78
$ 0.71
$ 0.07
9.9 %
Adjusted EPS @ Constant FX - Key Drivers
Increase in operations
$ 0.11
Impact from acquisitions
-
Change in benefit plan non-service income
-
Change in interest and other expense, net
(0.02)
Change in equity method investment net earnings
(0.01)
Change in income taxes
(0.03)
Change in shares outstanding
0.02
$ 0.07
WC - FY22 EPS
GAAP to Non-GAAP Reconciliation
Diluted EPS to Adjusted EPS
(Unaudited)
For the Twelve Months Ended December 31,
2022
2021
$ Change
% Change
Diluted EPS attributable to Mondelēz International (GAAP)
$ 1.96
$ 3.04
$ (1.08)
(35.5)%
Simplify to Grow Program
0.07
0.17
(0.10)
Intangible asset impairment charges
0.05
0.02
0.03
Mark-to-market (gains)/losses from derivatives
0.19
(0.17)
0.36
Acquisition integration costs and contingent consideration adjustments
0.05
(0.02)
0.07
Inventory step-up
0.01
-
0.01
Acquisition-related costs
0.19
0.01
0.18
Divestiture-related costs
0.01
0.01
-
Net earnings from divestitures
(0.01)
(0.03)
0.02
2017 malware incident net recoveries
(0.02)
-
(0.02)
European Commission legal matter
0.23
-
0.23
Incremental costs due to war in Ukraine
0.09
-
0.09
Remeasurement of net monetary position
0.03
0.01
0.02
Impact from pension participation changes
0.01
0.02
(0.01)
Loss on debt extinguishment and related expenses
0.07
0.07
-
Initial impacts from enacted tax law changes
0.01
0.07
(0.06)
Loss/(gain) on equity method investment transactions
0.02
(0.39)
0.41
Equity method investee items
(0.01)
0.04
(0.05)
Adjusted EPS (Non-GAAP)
$ 2.95
$ 2.85
$ 0.10
3.5 %
Impact of unfavorable currency
0.24
-
0.24
Adjusted EPS @ Constant FX (Non-GAAP)
$ 3.19
$ 2.85
$ 0.34
11.9 %
Adjusted EPS @ Constant FX - Key Drivers
Increase in operations
$ 0.29
Impact from acquisitions
0.03
Change in benefit plan non-service income
-
Change in interest and other expense, net
(0.03)
Change in equity method investment net earnings
(0.01)
Change in income taxes
-
Change in shares outstanding
0.06
$ 0.34
WC - YTD22 FCF
GAAP to Non-GAAP Reconciliation
Net Cash Provided by Operating Activities to Free Cash Flow
(in millions of U.S. dollars) (Unaudited)
Mondelēz International
For the Twelve Months Ended December 31,
2022
2021
$ Change
Net Cash Provided by Operating Activities (GAAP)
$ 3,908
$ 4,141
$ (233)
Capital Expenditures
(906)
(965)
59
Free Cash Flow (Non-GAAP)
$ 3,002
$ 3,176
$ (174)
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Mondelez International Inc. published this content on 31 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 February 2023 08:37:02 UTC.
Mondelez International, Inc. is one of the world's leading food processing groups. Net sales break down by family of products as follows:
- cookies and snacks (48.9%): Barni, belVita, Chips Ahoy, Club Social, Enjoy Life Foods, Honey Maid, Kinh Do, LU, Oreo, Prince, Ritz, Tate's Bake Shop, Tiger, Triscuit, TUC, Wheat Thins, etc. brands;
- chocolates (29.5%): 5 Star, Alpen Gold, Cadbury, Cadbury Dairy Milk, Côte d'Or, Daim, Freia, Hu, Lacta, Marabou, Milka, Toblerone, etc. brands;
- chewing gums and candies (12.3%): Halls, Clorets, Maynards Bassett's, Sour Patch Kids, Stride, etc. brands;
- cheese and grocery products (6%);
- beverages (3.3%): juices, teas and powdered beverages (Tang brand) and malted beverages (Cadbury Bournvita).
At the end of 2023, the group had 148 manufacturing sites worldwide.
Net sales are distributed geographically as follows: the United States (26.6%), North America (4.2%), Europe (35.7%), Asia/Pacific/Middle East/Africa (19.6%) and Latin America (13.9%).