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.