Mondelez 2012 Annual Report Download - page 32

Table of Contents
2011 compared with 2010
Net Revenues – Net revenues increased $4,321 million (13.7%) to $35,810 million in 2011, and Organic Net Revenues
increased
$2,193 million (7.0%) to $33,385 million as follows.
Organic Net Revenue growth was driven by higher net pricing and favorable volume/mix. Higher net pricing was realized across all
reportable segments as we increased pricing to offset higher input costs. Favorable volume/mix was driven primarily by higher
shipments in Developing Markets. Favorable foreign currency increased net revenues by $1,074 million, due primarily to the
strength of most foreign currencies relative to the U.S. dollar, primarily the euro, Australian dollar, Brazilian real, Swedish krona,
British pound, Swiss franc, Canadian dollar and Russian ruble. The Cadbury acquisition (due to the incremental January 2011
operating results) added $697 million in net revenues in 2011. Accounting calendar changes (including the 53 week of shipments
in 2011 and excluding the effects of foreign currency) added $655 million in net revenues in 2011, as compared to $193 million in
2010. These gains were partially offset by the impact of divestitures.
29
For the Years Ended
December 31,
2011
2010
$ change
% change
(in millions, except per share data)
Net revenues
$
35,810
$
31,489
$
4,321
13.7%
Operating income
3,498
2,496
1,002
40.1%
Earnings from continuing operations
1,737
672
1,065
158.5%
Net earnings attributable to
Mondel
ē
z International
3,527
4,114
(587
)
(14.3%
)
Diluted earnings per share from
continuing operations attributable to
Mondel
ē
z International
0.97
0.38
0.59
155.3%
Diluted earnings per share attributable to
Mondelēz International
1.99
2.39
(0.40
)
(16.7%
)
Change in net revenues (by percentage point)
Higher net pricing
5.5pp
Favorable volume/mix
1.5pp
Total change in organic net revenues
7.0%
Favorable foreign currency
3.4pp
Impact of the Cadbury acquisition
2.3pp
Impact of accounting calendar changes (including the 53
week of shipments)
1.4pp
Impact of divestitures
(0.4)pp
Total change in net revenues
13.7%
(1)
Please see the
Non
-
GAAP Financial Measures
section at the end of this item.
(2)
Impact of acquisition reflects the incremental January 2011 operating results from our Cadbury acquisition.
(1)
(1)
(2)
rd
rd