Pepsico
Consolidated statement of income
PepsiCo, Inc. and Subsidiaries
(in millions except per share amounts)
Fiscal years ended December 25, 2010, December 26, 2009 and December 27, 2008
2010 2009 2008
Net Revenue $67,838 $43,232 $43,251
Cost of sales 26,575 20,099 20,351
Selling, general and administrative expenses 22,814 15,026 15,877
Amortization of intangible assets 117 63 64
Operating Profit 8,332 8,044 6,959
Bottling equity income 735 365 374
Interest expense (903) (397) (329)
Interest income 68 67 41
Income before income taxes 8,232 8,079 7,045
Provision for income taxes 1,894 2,100 1,879
Net income 6,338 5,979 5,166
Less: Net income attributable to noncontrolling interests 18 33 24
Net Income Attributable to PepsiCo $ 6,320 $ 5,946 $ 5,142
Net income attributable to PepsiCo per common share
Basic $ 3.97 $ 3.81 $ 3.26
Diluted $ 3.91 $ 3.77 $ 3.21
Cash dividends declared per common share $ 1.89 $ 1.775 $ 1.65
Consolidated statement of cash flows
PepsiCo, Inc. and Subsidiaries
(in millions)
Fiscal years ended December 25, 2010, December 26, 2009 and December 27, 2008
2010 2009 2008
Operating activities
Net income 6,338 5,979 5,166
Depreciation and amortization 2,327 1,635 1,543
Stock-based compensation expense 299 227 238
Restructuring and impairment charges - 36 543
Cash payments for restructuring charges (31) (196) (180)
Merger and integration costs 808 50 -
Cash payments for merger and integration costs (385) (49) -
Gain on previously held equity interests in PBG and PAS (958) - -
Asset write-off 145 - -
Non-cash foreign exchange loss related to Venezuela devaluation 120 - -
Excess tax benefits from share-based payment arrangements (107) (42) (107)
Pension and retiree medical plan contributions (1,734) (1,299) (219)
Pension and retiree medical plan expenses 483 423 459
Bottling equity income, net of dividends 42 (235) (202)
Deferred income taxes and other tax charges and credits 500 284 573
Change in accounts and notes receivable (268) 188 (549)
Change in inventories 276 17 (345)
Change in prepaid expenses and other current assets 144 (127) (68)
Change in accounts payable and other current liabilities 488 (133) 718
Change in income taxes payable 123 319 (180)
Other, net (132) (281) (391)
Net Cash Provided by Operating Activities 8,448 6,796 6,999
Investing activities
Capital spending (3,253) (2,128) (2,446)
Sales of property, plant and equipment 81 58 98
Acquisitions of PBG and PAS, net of cash and cash equivalents acquired (2,833) - -
Acquisition of manufacturing and distribution rights from DPSG (900) - -
Investment in WBD (463) - -
Other acquisitions and investments in noncontrolled affiliates (83) (500) (1,925)
Divestitures 12 99 6
Cash restricted for pending acquisitions - 15 (40)
Cash proceeds from sale of PBG and PAS stock - - 358
Short-term investments, by original maturity
More than three months - purchases (12) (29) (156)
More than three months - maturities 29 71 62
Three months or less, net (229) 13 1,376
Other investing, net (17) - -
Net Cash Used for Investing Activities (7,668) (2,401) (2,667)
Consolidated statement of cash flows
(continued)
PepsiCo, Inc. and Subsidiaries
(in millions)
Fiscal years ended December 25, 2010, December 26, 2009 and December 27, 2008
2010 2009 2008
Financing activities
Proceeds from issuances of long-term debt $ 6,451 $ 1,057 $ 3,719
Payments of long-term debt (69) (226) (648)
Debt repurchase (500) - -
Short-term borrowings, by original maturity
More than three months - proceeds 227 26 89
More than three months - payments (96) (81) (269)
Three months or less, net 2,351 (963) 625
Cash dividends paid (2,978) (2,732) (2,541)
Share repurchases - common (4,978) - (4,720)
Share repurchases - preferred (5) (7) (6)
Proceeds from exercises of stock options 1,038 413 620
Consolidated balance sheet
PepsiCo, Inc. and Subsidiaries
(in millions except per share amounts)
December 25, 2010 and December 26, 2009
2010 2009
Assets
Current Assets
Cash and cash equivalents $ 5,043 $ 3,943
Short-term investments 426 192
Accounts and notes receivable, net 6,323 4,624
Inventories 3,372 2,818
Prepaid expenses and other current assets 1,505 1,194
Total Current Assets 17,569 12,571
Property, Plant and Equipment, net 19,058 12,671
Amortizable Intangible Assets, net 2,025 841
Goodwill 14,661 6,534
Other nonamortizable intangible assets 1,783 1,782
Nonamortizable Intangible Assets 26,444 8,316
Investments in Noncontrolled Affiliates 1,368 4,484
Other Assets 1,689 965
Total Assets $ 68,153 $ 39,848
Liabilities and equity
Current Liabilities
Short-term obligations $ 4,899 $ 464
Accounts payable and other current liabilities 10,923 8,127
Income taxes payable 71 165
Total Current Liabilities 15,892 8,756
Long-Term Debt Obligations 19,999 7,400
Other Liabilities 6,729 5,591
Deferred Income Taxes 4,057 659
Total Liabilities 46,677 22,406
Commitments and Contingencies
Preferred Stock, no par value 41 41
Repurchased Preferred Stock (160) (145)
PepsiCo Common Shareholders' Equity
Common stock, par value 1 2/3¢ per share (authorized 3,600 shares, issued 1,865 and 1,782 shares, respectively) 31 30
Capital in excess of par value 4,527 250
Retained earnings 37,090 33,805
Accumulated other comprehensive loss (3,630) (3,794)
Repurchased common stock, at cost (284 and 217 shares, respectively) (16,745) (13,383)
Total PepsiCo Common Shareholders' Equity 21,273 16,908
Noncontrolling interests 312 638
Total Equity 21,475 17,442
Total Liabilities and Equity $ 68,153 $ 39,848
Consolidated statement of equity
PepsiCo, Inc. and Subsidiaries
(in millions)
Fiscal years ended December 25, 2010, December 26, 2009 and December 27, 2008
Columns: 2010 Shares; 2010 Amount; 2009 Shares; 2009 Amount; 2008 Shares; 2008 Amount
Preferred Stock: 0.8; $41; 0.8; $41; 0.8; $41
Repurchased preferred stock
Balance, beginning of year: (0.6); (145); (0.5); (138); (0.5); (132)
Redemptions: -; (5); (0.1); (7); -; (6)
Balance, end of year: (0.6); (150); (0.6); (145); (0.5); (138)
Common stock
Balance, beginning of year: 1,782; 30; 1,782; 30; 1,782; 30
Shares issued in connection with our acquisitions of PBG and PAS: 83; 1; -; -; -; -
Balance, end of year: 1,865; 31; 1,782; 30; 1,782; 30
Capital in excess of par value
Balance, beginning of year: 250; 351; 450
Stock-based compensation expense: 299; 227; 238
Stock option exercises/RSUs converted(a): (500); (292); (280)
Withholding tax on RSUs converted: (68); (36); (57)
Equity issued in connection with our acquisitions of PBG and PAS: 4,451; -; -
Consolidated statement of equity
(continued)
(in millions)
Fiscal years ended December 25, 2010,December 26, 2009 and December 27, 2008
2010 2009 2008
Noncontrolling interests
Balance, beginning of year $ 638 $ 476 $ 62
Net income attributable to noncontrolling interests 18 33 24
Distributions to/contributions from noncontrolling interests, net (332) 150 450
Currency translation adjustment (13) (12) (48)
Other, net 1 (9) (12)
Balance, end of year 312 638 476
Total Equity $ 21,476 $ 17,442 $ 12,582
Comprehensive income
Net income $ 6,338 $ 5,979 $ 5,166
Other Comprehensive Income/(Loss)
Currency translation adjustment 299 788 (2,532)
Cash flow hedges, net of tax (58) (27) 21
Pension and retiree medical, net of tax
Net prior service credit/(cost) 22 (3) 55
Net (losses)/gains (136) 110 (1,358)
Unrealized gains/(losses) on securities, net of tax 23 20 (21)
Other 1 - (6)
151 888 (3,841)
Comprehensive Income 6,489 6,867 1,325
Comprehensive (income)/loss attributable to noncontrolling interests (5) (21) 24
Comprehensive Income Attributable to PepsiCo $ 6,484 $ 6,846 $ 1,349
Programma
Parte prima
Principi di marketing
L’evoluzione della funzione di marketing all’interno dell’impresa - Definizioni classica e moderna del marketing - Micromarketing e macromarketing - Il marketing e le altre aree funzionali della impresa - Il marketing e l'ambiente generale e specifico della impresa.
Pianificazione strategica e di marketing
La pianificazione strategica - L'analisi strategica e la sua utilità ai fini del marketing - Il marketing e le strategie di sviluppo - Il marketing e le strategie competitive - Le strategie di marketing dell’impresa - Dalla strategia corporate alla strategia di marketing - Le diverse strategie di marketing in relazione alla posizione occupata dall’impresa sul mercato.
Il mercato
Il comportamento di acquisto del consumatore - Il comportamento di acquisto delle organizzazioni - L'analisi della concorrenza - Le ricerche di mercato ed il sistema informativo
La segmentazione - Il posizionamento
Parte seconda
Le variabili del marketing mix
Politiche di prodotto/servizio - Sviluppo di nuovi prodotti/servizi - Le politiche di prezzo: i metodi di determinazione del prezzo - I prezzi di mercato in condizioni particolari - Le politiche di distribuzione: la scelta dei canali, l'intensità di distribuzione, la gestione dei canali - La logistica - Strategie di promozione - La vendita mediante personale, la pubblicità e le pubbliche relazioni - Internet marketing: campi di applicazione e strategie di gestione - Pianificazione e controllo delle strategie di marketing.
Parte terza
Gli aspetti finanziari e quantitativi del marketing
La ripartizione degli stanziamenti commerciali - L'analisi del flusso di fondi - La creazione di valore con l'orientamento al mercato - L'analisi quantitativa dell'investimento pubblicitario - L'analisi dei costi di marketing.
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