Mondelez 2014 Annual Report Download - page 53
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Table of Contents
Adjusted EPS
Applying the definition of “Adjusted EPS”, the adjustments made to “diluted EPS attributable to Mondelēz International” (the most
comparable U.S. GAAP financial measure) were to exclude Spin-Off Costs, 2012 pension costs related to the obligations
transferred in the Spin-Off, 2012-2014 Restructuring Program costs, 2014-2018 Restructuring Program costs, the Integration
Program and other acquisition integration costs, the net benefit from the Cadbury acquisition-related indemnification resolution, the
residual tax benefit impact from the resolution of the Starbucks arbitration, losses on debt extinguishment and related expenses, the
remeasurement of net monetary assets in Venezuela, impairment charges related to intangible assets, hedging gains or losses and
incremental costs associated with the JDE coffee transactions, net gains on an acquisition and divestitures, acquisition-related
costs and net earnings from divestitures, and including a 2012 interest expense adjustment related to the Spin-Off transaction. We
also evaluate Adjusted EPS on a constant currency basis. We believe Adjusted EPS provides improved comparability of operating
results.
50
For the Years Ended
December 31,
2014
2013
$ Change
% Change
Adjusted EPS (constant currency)
$
1.90
$
1.54
$
0.36
23.4%
Impact of unfavorable currency
(0.14
)
–
(
0.14
)
Adjusted EPS
$
1.76
$
1.54
$
0.22
14.3%
Spin
-
Off Costs
(0.01
)
(0.02
)
0.01
2012
-
2014 Restructuring Program
(0.21
)
(0.14
)
(0.07
)
2014-2018 Restructuring Program
(0.16
)
–
(
0.16
)
Integration Program and other acquisition integration
costs –
(
0.10
)
0.10
Net benefit from indemnification resolution –
0.20
(0.20
)
Residual tax benefit associated with
Starbucks arbitration resolution –
0.02
(0.02
)
Loss on debt extinguishment and related expenses
(0.18
)
(0.22
)
0.04
Remeasurement of net monetary assets in Venezuela
(0.09
)
(0.03
)
(0.06
)
Intangible asset impairment charges
(0.02
)
–
(
0.02
)
Income / (costs) associated with the
JDE coffee transactions
0.19
–
0.19
Gains on acquisition and divestitures, net –
0.04
(0.04
)
Acquisition
-
related costs
–
–
–
Net earnings from divestitures
–
–
–
Diluted EPS attributable to Mondel
ē
z International
from continuing operations
$
1.28
$
1.29
$
(0.01
)
(0.8)%
Discontinued operations –
0.90
(0.90
)
Diluted EPS attributable to Mondel
ē
z International
$
1.28
$
2.19
$
(0.91
)
(41.6)%