Mondelez 2014 Annual Report Download - page 43
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Table of Contents
North America
2014 compared with 2013:
Net revenues decreased $55 million (0.8%), due to unfavorable currency (1.0 pp) and the impact of divestitures (0.6 pp), partially
offset by favorable volume/mix (0.7 pp) and higher net pricing (0.1 pp). Unfavorable currency impact was due to the strength of the
U.S. dollar relative to the Canadian dollar. Divestitures completed in 2013 resulted in a $39 million decline in net revenues.
Favorable volume/mix was driven primarily by higher shipments in biscuits, partially offset by lower shipments in gum. Higher net
pricing was reflected primarily in biscuits and gum, partially offset by lower net pricing in chocolate.
Segment operating income increased $33 million (3.7%), due primarily to lower raw material costs, lower other selling, general and
administrative expenses, favorable volume/mix, lower 2012-2014 Restructuring Program costs, lower advertising and consumer
promotion costs and higher net pricing. These favorable items were partially offset by costs incurred for the 2014-2018
Restructuring Program, higher manufacturing costs and the impact of divestitures.
2013 compared with 2012:
Net revenues increased $88 million (1.3%), due to favorable volume/mix (2.5 pp) and higher net pricing (0.4 pp), partially offset by
the impact of current and prior-year divestitures (1.0 pp) and unfavorable currency (0.6 pp). Favorable volume/mix was driven
primarily by higher shipments in biscuits and candy, partially offset by lower shipments in gum. Higher net pricing was reflected
primarily in biscuits and candy, partially offset by lower net pricing in gum.
Segment operating income increased $108 million (13.8%), due primarily to favorable volume/mix, lower pension expenses due to
the transfer of certain benefit plan obligations to Kraft Foods Group, Inc. in the Spin-Off, higher net pricing, lower manufacturing
costs, lower advertising and consumer promotion costs (including a reversal of some prior-year accruals), lower Spin-
Off Costs and
lower Integration Program costs. These favorable items were partially offset by higher 2012-2014 Restructuring Program costs,
higher raw material costs, and the impact of a current and prior-year divestitures.
40
For the Years Ended
December 31,
2014
2013
$ change
% change
(in millions)
Net revenues
$
6,936
$
6,991
$
(55
)
(0.8)%
Segment operating income
922
889
33
3.7%
For the Years Ended
December 31,
2013
2012
$ change
% change
(in millions)
Net revenues
$
6,991
$
6,903
$
88
1.3%
Segment operating income
889
781
108
13.8%