Mondelez 2012 Annual Report Download - page 39

Table of Contents
North America
2012 compared with 2011:
Net revenues increased $70 million (1.0%), due to higher net pricing (3.6 pp), partially offset by unfavorable volume/mix (1.2 pp),
the impact of prior year’s 53 week of shipments (1.0 pp), the impact of divestitures (0.2 pp) and unfavorable foreign currency (0.2
pp). In the U.S., net revenues increased due to higher net pricing, partially offset by the impact of prior year’s 53 week of
shipments, unfavorable volume/mix including the impact of package size changes primarily in biscuits and the impact of
divestitures. Higher net pricing was reflected primarily in biscuits. In Canada, net revenues decreased due to unfavorable
volume/mix, unfavorable foreign currency and the impact of prior year’s 53 week of shipments, partially offset by higher net
pricing. Unfavorable volume/mix was due primarily to lower shipments in chocolate and gum & candy as well as the completion of a
co-manufacturing agreement from a previous divestiture, partially offset by higher shipments in biscuits. Higher net pricing was
reflected primarily in biscuits and chocolate.
Segment operating income increased $10 million (1.2%), due primarily to higher net pricing, lower Integration Program costs and
lower manufacturing costs, partially offset by higher raw material costs, costs incurred for the 2012-2014 Restructuring Program,
unfavorable volume/mix, higher advertising and consumer promotion costs, higher other selling, general and administrative
expenses and the impact of the prior year’s 53 week of shipments.
2011 compared with 2010:
Net revenues increased $392 million (6.1%), due to higher net pricing (3.5 pp), our Cadbury acquisition (1.8 pp), the impact of the
53 week of shipments (1.1 pp) and favorable foreign currency (0.7 pp), partially offset by unfavorable volume/mix (1.0 pp). In the
U.S., net revenues increased, due to higher net pricing, our Cadbury acquisition and the impact of the 53 week of shipments,
partially offset by unfavorable volume/mix. Higher net pricing was reflected across all categories. Unfavorable volume/mix was due
primarily to lower shipments in gum & candy, partially offset by higher shipments in biscuits. In Canada, net revenues increased,
driven primarily by favorable foreign currency, our Cadbury acquisition, the impact of the 53 week of shipments and higher net
pricing, partially offset by unfavorable volume/mix. Higher net pricing was reflected primarily in biscuits. Unfavorable volume/mix
was due primarily to lower shipments in chocolate and biscuits.
Segment operating income increased $58 million (7.2%), due to higher net pricing, lower other selling, general and administrative
expenses, our Cadbury acquisition due to the incremental January 2011 operating results, the impact of the 53 week of
shipments, favorable foreign currency, lower acquisition-related costs and lower advertising and consumer promotion costs,
partially offset by higher raw material costs, higher manufacturing costs, unfavorable volume/mix, and higher Integration Program
costs.
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For the Years Ended
December 31,
2012
2011
$ change
% change
(in millions)
Net revenues
$
6,903
$
6,833
$
70
1.0%
Segment operating income
873
863
10
1.2%
For the Years Ended
December 31,
2011
2010
$ change
% change
(in millions)
Net revenues
$
6,833
$
6,441
$
392
6.1%
Segment operating income
863
805
58
7.2%
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