Kraft 2007 Annual Report Download - page 13

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* Management uses segment operating income to evaluate segment performance and allocate resources. Segment operating income
excludes unallocated general corporate expenses and amortization of intangibles. For a reconciliation of segment operating income to
operating income, see Note 16,
Segment Reporting
.
2007 Financial Highlights
(in millions, except per share data) 2007 2006 % Change
Net revenues $ 37,241 $ 34,356 8.4%
Operating income 4,331 4,521 (4.2%)
Net earnings 2,590 3,060 (15.4%)
Diluted earnings per share 1.62 1.85 (12.4%)
Results of Operations by Business Segment
North America
Beverages
Net revenues $ 3,235 $ 3,088 4.8%
Segment operating income* 337 205 64.4%
Cheese & Foodservice
Net revenues 6,382 6,078 5.0%
Segment operating income* 621 886 (29.9%)
Convenient Meals
Net revenues 5,097 4,863 4.8%
Segment operating income* 695 914 (24.0%)
Grocery
Net revenues 2,699 2,731 (1.2%)
Segment operating income* 817 919 (11.1%)
Snacks & Cereals
Net revenues 6,526 6,358 2.6%
Segment operating income* 1,018 829 22.8%
Total North America
Net revenues $ 23,939 $ 23,118 3.6%
Segment operating income* 3,488 3,753 (7.1%)
International
European Union
Net revenues $ 7,954 $ 6,672 19.2%
Segment operating income* 571 548 4.2%
Developing Markets
Net revenues 5,348 4,566 17.1%
Segment operating income* 491 416 18.0%
Total International
Net revenues $ 13,302 $ 11,238 18.4%
Segment operating income* 1,062 964 10.2%
11