Pepsi 2008 Annual Report Download - page 4

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2003 2004 2005 2006 2007 2008
2008 2007 Chg(a)
Summary of Operations
Total net revenue $43,251 $39,474 10%
Core division operating prot (b) «$««8,475 $««8,025 6%
Core total operating prot (c) $««7,824 $««7,253 8%
Core net income (d) $««5,887 $««5,587 5%
Core earnings per share (d) $««÷3.68 $««÷3.37 9%
Other Data
Management operating cash ow (e) $««4,651 $««4,551 2%
Net cash provided by operating activities $««6,999 $««6,934 1%
Capital spending $««2,446 $««2,430 1%
Common share repurchases $««4,720 $««4,300 10%
Dividends paid $««2,541 $««2,204 15%
Long-term debt $««7,858 $««4,203 87%
(a) Percentage changes are based on unrounded amounts.
(b) Excludes corporate unallocated expenses and restructuring and impairment charges.
Seepage95forareconciliationtothemostdirectlycomparablenancialmeasureinaccordancewithGAAP.
(c) Excludes restructuring and impairment charges and the net mark-to-market impact of our commodity hedges.
Seepage95forareconciliationtothemostdirectlycomparablenancialmeasureinaccordancewithGAAP.
(d) Excludesrestructuringandimpairmentcharges,ourshareofThePepsiBottlingGroup’srestructuringand
impairment charge, the net mark-to-market impact of our commodity hedges and certain tax items.
Seepage95forareconciliationtothemostdirectlycomparablenancialmeasureinaccordancewithGAAP.
(e) Includestheimpactofnetcapitalspending.Also,see“OurLiquidityandCapitalResources”
inManagement’sDiscussionandAnalysis.
Financial Highlights
PepsiCo,Inc.andsubsidiaries
(in millions except per share data; all per share amounts assume dilution)
06
Core Earnings
Per Share*
Management Operating
Cash Flow**
(in millions)
08
07 08 0706
*See page 95 for a reconciliation to
themostdirectlycomparablenancial
measureinaccordancewithGAAP.
**See page 95 for a reconciliation to
themostdirectlycomparablenancial
measureinaccordancewithGAAP.
Cumulative Total Shareholder Return
Return on PepsiCo stock investment (including dividends), the S&P 500
and the S&P Average of Industry Groups.*** PepsiCo, Inc.
S&P 500®
S&P® Average of
Industry Groups***
***TheS&PAverageofIndustryGroupsisderivedbyweightingthereturnsoftwo
applicableS&PIndustryGroups(Non-AlcoholicBeveragesandFood)byPepsiCo’s
salesinitsbeverageandfoodsbusinesses.ThereturnsforPepsiCo,theS&P500,
andtheS&PAverageindicesarecalculatedthroughDecember31,2008.
Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08
PepsiCo, Inc. $100 $114 $131 $141 $175 $130
S&P 500® $100 $111 $116 $135 $142 $ 90
S&P® Avg. of Industry Groups*** $100 $110 $107 $124 $138 $113
$3.01
$3.37
$3.68
$4,065
$4,551 $4,651
2PepsiCo, Inc. 2008 Annual Report