Kraft 2003 Annual Report Download - page 4

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2003฀Financial฀Highlights.฀Consolidated฀Results
2
฀
(in฀millions,฀except฀per฀share฀data)฀ ฀ 2003฀฀ ฀ 2002฀฀ %฀Change
Volume฀(in฀pounds)฀ ฀ 18,681฀ ฀ 18,549฀ 0.7%
Net฀revenues฀$฀ 31,010฀$฀ 29,723฀ 4.3%
Operating฀income฀ ฀ 6,011฀ ฀ 6,114฀ (1.7)%
Net฀earnings฀ ฀ 3,476฀ ฀ 3,394฀ 2.4%
Diluted฀earnings฀per฀share฀ ฀ 2.01฀ ฀ 1.96฀ 2.6%
Results฀by฀Business฀Segment
North฀America
Cheese,฀Meals฀and฀Enhancers
฀฀฀Net฀revenues฀$฀ 9,439฀$฀ 9,172**฀ 2.9%
฀฀฀Operating฀companies฀income*฀ ฀ 2,230฀ ฀ 2,210**฀ 0.9%
Biscuits,฀Snacks฀and฀Confectionery
฀฀฀Net฀revenues฀ ฀ 4,801฀ ฀ 4,887**฀ (1.8)%
฀฀฀Operating฀companies฀income*฀ ฀ 887฀ ฀ 1,051**฀ (15.6)%
Beverages,฀Desserts฀and฀Cereals
฀฀฀Net฀revenues฀ ฀ 4,567฀ ฀ 4,412฀ 3.5%
฀฀฀Operating฀companies฀income*฀ ฀ 1,247฀ ฀ 1,136฀ 9.8%
Oscar฀Mayer฀and฀Pizza
฀฀฀Net฀revenues฀ ฀ 3,100฀ ฀ 3,014฀ 2.9%
฀฀฀Operating฀companies฀income*฀ ฀ 556฀ ฀ 556฀ –
Total฀North฀America
฀฀฀Net฀revenues฀$฀ 21,907฀$฀ 21,485฀ 2.0%
฀฀฀Operating฀companies฀income*฀ ฀ 4,920฀ ฀ 4,953฀ (0.7)%
International
Europe,฀Middle฀East฀and฀Africa
฀฀฀Net฀revenues฀$฀ 7,045฀$฀ 6,203฀ 13.6%
฀฀฀Operating฀companies฀income*฀ ฀ 1,012฀ ฀ 962฀ 5.2%
Latin฀America฀and฀Asia฀Pacific
฀฀฀Net฀revenues฀ ฀ 2,058฀ ฀ 2,035฀ 1.1%
฀฀฀Operating฀companies฀income*฀ ฀ 270฀ ฀ 368฀ (26.6)%
Total฀International
฀฀฀Net฀revenues฀$฀ 9,103฀$฀ 8,238฀ 10.5%
฀฀฀Operating฀companies฀income*฀ ฀ 1,282฀ ฀ 1,330฀ (3.6)%
฀*Kraft’s฀management฀reviews฀operating฀companies฀income,฀which฀is฀defined฀as฀operating฀income฀before฀general฀corporate฀expenses฀and฀amortization฀of฀intangibles,฀฀
฀ to฀evaluate฀segment฀performance฀and฀allocate฀resources.฀For฀a฀reconciliation฀of฀operating฀companies฀income฀to฀operating฀income,฀see฀Note฀13.฀Segment฀Reporting.
**During฀2003,฀management฀responsibility฀for฀the฀Canadian฀Biscuits฀and฀Pet฀Snacks฀operations฀was฀transferred฀from฀the฀Biscuits,฀Snacks฀and฀Confectionery฀segment฀
฀ to฀the฀Cheese,฀Meals฀and฀Enhancers฀segment,฀which฀contains฀the฀other฀Canadian฀businesses.฀Accordingly,฀the฀2002฀amounts฀have฀been฀reclassified฀to฀reflect฀
฀ the฀transfer.