Kellogg Company reported strong financial results for 2008 despite challenging economic conditions. Net sales increased 9% to $12.8 billion, operating profit grew 5% to $1.95 billion, and earnings per share rose 8% to $2.99. Kellogg met or exceeded its long-term growth targets through focused strategies to win in cereal and expand snacks. The company remains committed to sustainable growth and managing for cash to deliver dependable returns for shareholders in the future.
Patrick D. Campbell, Senior Vice President and CFOfinance10
The document provides an agenda for a two-day 3M investor conference. Day one includes presentations from several senior vice presidents on topics like financial results, health care business, and safety services. There will be product displays and tours of the 3M Innovation Center. Day two includes presentations on supply chain operations and tours of a pilot plant and main Hutchinson manufacturing plant. The document also provides forward-looking statements about 3M's financial projections and discloses risk factors that could affect results.
Colgate achieved record financial results in 2001, with sales growth of 0.7%, earnings per share growth of 11%, and return on capital reaching a new high of 29.7%. Every operating division contributed to strong 5% volume growth. Colgate continues to focus on speeding innovative new products to market globally in order to drive growth, with a record 39% of sales coming from products launched in the past five years. Speed and efficiency in new product development and global rollout is a key competitive advantage for Colgate.
Masco Corporation's 2007 annual report discusses the company's financial results for 2007. Key points include:
- Net sales declined 7% to $11.8 billion in 2007 compared to $12.7 billion in 2006.
- Income from continuing operations was $397 million or $1.06 per share, down from $478 million or $1.20 per share in 2006.
- The company returned over $1 billion to shareholders through share repurchases and dividends.
- Cash flow from operations was approximately $980 million.
This document is Vigor Alimentos' earnings release for the second quarter of 2012. Some key highlights include:
- EBITDA for the first half of 2012 was R$43.4 million, a 148% increase over the same period in 2011.
- Net revenue for Q2 2012 was R$324.2 million, a 9.8% increase over Q2 2011. Revenue for the first half was R$638.4 million, up 9% year-over-year.
- Gross margin increased to 28.4% in Q2 2012 compared to 25.7% in Q2 2011, contributing to EBITDA margin growth.
Dean Foods reported financial results for the fourth quarter and full year of 2008. The company had strong profit growth in the fourth quarter, with adjusted operating income increasing 27% compared to the fourth quarter of 2007. For the full year, Dean Foods recovered from a weak first quarter, with adjusted operating income growing 7% despite high dairy commodity costs. The company significantly reduced debt in 2008 and expects continued earnings growth in 2009, led by the DSD Dairy and WhiteWave-Morningstar segments. Dean Foods is well positioned for 2009 despite volatility in dairy markets.
The document is AGCO Corporation's 2007 Annual Report. It discusses AGCO achieving record sales and net income in 2007, with net sales increasing 25.6% to $6.8 billion. It focuses on the five factors driving AGCO's growth: strong brands, people, innovation, opportunities, and strategy. The report provides details on new product introductions, investments in research and development, and goals to increase market share in emerging markets.
Gafisa reported its 4Q12 and full year 2012 results on March 12, 2013. Key highlights included:
1) Positive consolidated free cash generation of R$381mn in 4Q12 and R$685mn in 2012, exceeding cash flow guidance.
2) Unit deliveries increased 20% to 27,107 units in 2012, exceeding guidance.
3) Launches totaled R$1.49bn in 4Q12 and R$2.95bn for the full year, near the high end of guidance.
4) Actions taken in 2012 positioned the company with a comfortable cash position and improved balance sheet as it prepares to accelerate investments in 2013.
MeadWestvaco is transforming its business model to focus on packaging and capture global growth opportunities. It is executing initiatives to improve growth and margins in its packaging business and maximize the value of its land holdings. The company is pursuing land sales, development projects, and alternative ownership structures to deliver higher returns to shareholders.
Patrick D. Campbell, Senior Vice President and CFOfinance10
The document provides an agenda for a two-day 3M investor conference. Day one includes presentations from several senior vice presidents on topics like financial results, health care business, and safety services. There will be product displays and tours of the 3M Innovation Center. Day two includes presentations on supply chain operations and tours of a pilot plant and main Hutchinson manufacturing plant. The document also provides forward-looking statements about 3M's financial projections and discloses risk factors that could affect results.
Colgate achieved record financial results in 2001, with sales growth of 0.7%, earnings per share growth of 11%, and return on capital reaching a new high of 29.7%. Every operating division contributed to strong 5% volume growth. Colgate continues to focus on speeding innovative new products to market globally in order to drive growth, with a record 39% of sales coming from products launched in the past five years. Speed and efficiency in new product development and global rollout is a key competitive advantage for Colgate.
Masco Corporation's 2007 annual report discusses the company's financial results for 2007. Key points include:
- Net sales declined 7% to $11.8 billion in 2007 compared to $12.7 billion in 2006.
- Income from continuing operations was $397 million or $1.06 per share, down from $478 million or $1.20 per share in 2006.
- The company returned over $1 billion to shareholders through share repurchases and dividends.
- Cash flow from operations was approximately $980 million.
This document is Vigor Alimentos' earnings release for the second quarter of 2012. Some key highlights include:
- EBITDA for the first half of 2012 was R$43.4 million, a 148% increase over the same period in 2011.
- Net revenue for Q2 2012 was R$324.2 million, a 9.8% increase over Q2 2011. Revenue for the first half was R$638.4 million, up 9% year-over-year.
- Gross margin increased to 28.4% in Q2 2012 compared to 25.7% in Q2 2011, contributing to EBITDA margin growth.
Dean Foods reported financial results for the fourth quarter and full year of 2008. The company had strong profit growth in the fourth quarter, with adjusted operating income increasing 27% compared to the fourth quarter of 2007. For the full year, Dean Foods recovered from a weak first quarter, with adjusted operating income growing 7% despite high dairy commodity costs. The company significantly reduced debt in 2008 and expects continued earnings growth in 2009, led by the DSD Dairy and WhiteWave-Morningstar segments. Dean Foods is well positioned for 2009 despite volatility in dairy markets.
The document is AGCO Corporation's 2007 Annual Report. It discusses AGCO achieving record sales and net income in 2007, with net sales increasing 25.6% to $6.8 billion. It focuses on the five factors driving AGCO's growth: strong brands, people, innovation, opportunities, and strategy. The report provides details on new product introductions, investments in research and development, and goals to increase market share in emerging markets.
Gafisa reported its 4Q12 and full year 2012 results on March 12, 2013. Key highlights included:
1) Positive consolidated free cash generation of R$381mn in 4Q12 and R$685mn in 2012, exceeding cash flow guidance.
2) Unit deliveries increased 20% to 27,107 units in 2012, exceeding guidance.
3) Launches totaled R$1.49bn in 4Q12 and R$2.95bn for the full year, near the high end of guidance.
4) Actions taken in 2012 positioned the company with a comfortable cash position and improved balance sheet as it prepares to accelerate investments in 2013.
MeadWestvaco is transforming its business model to focus on packaging and capture global growth opportunities. It is executing initiatives to improve growth and margins in its packaging business and maximize the value of its land holdings. The company is pursuing land sales, development projects, and alternative ownership structures to deliver higher returns to shareholders.
Vigor Alimentos S.A. reported strong financial results for the first half of 2012, with EBITDA increasing 148% year-over-year to R$43.4 million. Net revenue grew 9% to R$638.4 million, driven by higher sales of value-added products like cheese and spreads. The company aims to further strengthen its brands, expand its distribution network, and invest approximately R$500 million to increase production capacity and margins over the next few years.
federal mogul 9E16462A-2277-45CF-98D1-FD0F18782C97_Q408_Presentationfinance33
Federal-Mogul Corporation held a conference call on February 24, 2009 to discuss its financial results for Q4 and full year 2008. The company reported a net loss for the year driven by restructuring charges and impairment of intangible assets due to the economic downturn. However, operational EBITDA was stable and the company generated positive cash flow through aggressive cost reduction actions. Looking ahead, Federal-Mogul aims to strengthen its market position and pursue strategic acquisitions while continuing global restructuring efforts to adapt to challenging market conditions.
- The document reports strong financial results for Q2 2007 including accelerating revenue growth of 30%, strong earnings growth of 40%, and excellent free cash flow generation.
- Key metrics like total revenue, earnings per share, and free cash flow all increased substantially year-over-year.
- Marketplaces revenue and gross merchandise volume both increased in the high teens to low 20s percent range year-over-year for the US and international segments.
- Total registered users of eBay marketplaces increased by approximately 8 million in the quarter and are up 19% year-over-year.
Colgate achieved record levels of growth and profitability in 2000. Unit volume grew 6% with gains in all divisions worldwide. New products delivered 38% of sales, fueling growth. Earnings per share increased 16% to a new record high. Colgate will continue pursuing growth through innovation, efficiency gains, and investing in markets and technologies.
John A. Luke, Jr., Chairman and CEO of MeadWestvaco, presented at the Goldman Sachs Basic Materials Conference. He discussed MeadWestvaco's transition to focus on higher growth packaging markets. He outlined the company's strategies to drive profitable growth through innovation, emerging markets, and productivity. MeadWestvaco is also working to increase land sales and development to generate new sustainable cash flows from its land assets. The presentation emphasized MeadWestvaco's focus on key margin drivers to deliver growth and returns.
The document provides an overview of HSBC Holdings plc's 2006 interim results. It includes information on key achievements such as strong organic revenue growth and improved return on invested capital. Graphs and tables show results by geography and customer group, with strong growth in emerging markets like Mexico, Middle East, China, and India. Segments like personal financial services and corporate/investment banking saw profits increase. The loan portfolio also grew with increases in residential mortgages and corporate/commercial lending.
Textron delivered consistent growth in 1998 through leveraging existing strengths, building on past accomplishments, and focusing on a clear future vision. Key highlights included 12% revenue growth, 22% earnings per share growth, and strong financial discipline. Looking ahead, Textron is well-positioned for continued growth with a balanced mix of market-leading businesses, commitment to acquisitions and innovation, and a strong leadership team.
The document provides an investor presentation for Newell Rubbermaid highlighting their $6 billion business of leading brands. It summarizes their good year-to-date performance including 2.2% core sales growth and affirmed full year guidance. The presentation outlines their growth game plan to direct actions around sharpening their portfolio choices, building execution capabilities, and unlocking trapped capacity to accelerate performance.
The document provides an overview of a company's 2Q12 and 1H12 results. It discusses financial performance including revenues, gross profit, EBITDA margins, and contributions by brand. Key highlights include consolidated revenues reaching $1.97 billion for 1H12, gross profit of $470.8 million for 1H12 representing a 24% margin, and EBITDA of $253.9 million for 1H12 representing a 13% margin. Legacy projects with lower margins are expected to be delivered in the short to mid-term, impacting overall margins.
MeadWestvaco reported financial results for the fourth quarter and full year of 2007. For the full year, sales increased 6% to $6.9 billion and business segment profit rose 7% to $584 million. The company sold non-strategic forestlands, completed a $400 million share buyback, and strengthened its global packaging platform. Input costs increased significantly but the company implemented price increases across all major grades to offset these costs. For the fourth quarter, sales rose 4% while business segment profit declined 3% due to higher input costs and weaker demand in some segments.
Alicorp announced it reached an agreement to acquire 99.11% of Teal, a Peruvian consumer staples company, for $160 million. This acquisition will help Alicorp consolidate its leadership in key categories like bakery, pasta and cookies. Teal generates annual revenues of $102 million and the acquisition value represents a multiple of 14-15x its EBITDA, which is above peer trading levels but still considered a reasonable price given expected synergies. The analyst upgraded their target price for Alicorp from $8.60 to $9.00 per share given the prospects for higher growth from this deal.
This document provides an overview of a SUPERVALU investor conference on January 24, 2008. It includes a safe harbor statement, information about the executives presenting, and an agenda covering topics like merchandising and marketing strategies, pharmacy offerings, store remodels, and tours of Albertsons and Lucky stores. The document discusses SUPERVALU's goals of delivering strong financial performance through the integration of Albertsons and building for the future with initiatives in areas such as marketing, own brands, pricing, and store execution.
Dover Corporation reported strong financial results for the second quarter of 2007, with record revenue, earnings, and bookings. Revenue increased 12% year-over-year to $1.9 billion, driven by both organic growth and acquisitions. Earnings per share grew 10% to $0.85 per share. Several industrial segments performed well including oil and gas equipment, mobile equipment, and process equipment. The company continued to generate strong free cash flow. Overall, Dover exceeded targets for most key financial metrics in the second quarter.
BRMALLS is the largest shopping mall company in Brazil with a nationwide presence and targeting all income segments. It has 45 regional malls totaling 1.4 million square meters of GLA, making it the largest mall owner and operator in Brazil. The presentation outlines BRMALLS' strong growth through acquisitions, organic expansion of existing malls, and new developments. Financial highlights show rising revenues, occupancy rates, and returns through same store sales growth and rent increases above inflation. The company sees continued opportunities for consolidation in the fragmented Brazilian mall market.
Western Digital Corporation is a leading manufacturer of hard disk drives. In fiscal year 1995, the company achieved record revenues and earnings despite intense competition. It gained market share in hard drives, improved its financial position, and received an ISO 9001 quality certification. Looking forward, Western Digital is expanding its hard drive production capacity and entering new high-performance, high-capacity hard drive markets. It aims to take advantage of growth opportunities through investment in research and development.
This document provides an overview and agenda for a PBG presentation. It includes a snapshot of PBG highlighting their employees, brands, and financial track record. It discusses the evolving landscape facing consumers and the beverage industry. The strategic priorities to drive shareholder value are refreshing and repositioning the brand portfolio, transforming performance through operating excellence, and capitalizing on geographic growth opportunities. Guidance for 2009 anticipates low single-digit top-line and profit growth due to currency pressures but strong cash flow and liquidity.
Merrill Lynch Global Power & Gas Leaders Presentationfinance14
The document is a presentation by Exelon Corporation to investors at the Merrill Lynch Power & Gas Leaders Conference on September 25, 2007. It summarizes Exelon's strategic direction of protecting current value while growing long-term value through operational excellence, supporting competitive markets, and evaluating new growth opportunities. It highlights Exelon's strong financial performance with 12% annual operating EPS growth since 2000, and expectations for continued growth through 2011 driven by its generation business and ComEd's regulatory recovery plan. The presentation also reviews Exelon's financial policies and balance sheet capacity, positioning it well for future opportunities.
Dover Corporation reported strong third quarter 2007 financial results, with record quarterly revenue and earnings. Revenue increased 15% year-over-year to $1.8 billion, driven by organic growth of 3.3% and acquisition growth of 9.6%. Earnings per share increased 16% to $0.88. Free cash flow was $180 million, though down 23% year-over-year due to increased tax payments. All business platforms saw revenue growth except for Electronic Technologies, with Industrial Products and Engineered Systems leading growth.
This presentation discusses the capital structure, market potential, and growth of CCDI, a Brazilian real estate development company. Key points include:
- CCDI had an IPO in January 2007 that raised R$522 million and today has a market capitalization of R$1.1 billion.
- The company has diversified its real estate portfolio across multiple regions and housing segments of Brazil.
- Favorable economic conditions like low interest rates and a growing middle class are increasing the market potential for real estate in Brazil. Government support for housing is also helping drive growth.
- Between 2003-2007, CCDI launched over 20 real estate projects with a 178% increase in launchings from 2006
Textron's 2000 annual report outlines its new strategic framework aimed at delivering compelling growth through creating a portfolio of powerful brands and fostering enterprise excellence, with return on invested capital (ROIC) as the key performance metric. Some key points:
- The framework focuses on transitioning businesses into strong brands in attractive, growing industries and leveraging the potential of the Textron enterprise through initiatives like supply chain management, e-business strategies, and shared services.
- Financial goals include achieving a ROIC at least 400 basis points above the weighted average cost of capital, 5% annual organic revenue growth, segment profit margins over 13%, and 10% annual earnings per share growth.
- A Transformation Leadership Team was established to lead
This document contains the presentation from CSX's 2007 transportation conference. It summarizes CSX's record financial results in 2006, including a 26% increase in operating income and 31% increase in EPS. It outlines CSX's targets for 2010, including 10-12% CAGR for operating income and 12-14% CAGR for EPS. The presentation also discusses factors supporting continued growth in rail transportation demand and CSX's investments to capitalize on trends in industries like intermodal, ethanol and fertilizer. In conclusion, it expresses confidence that the rail renaissance environment remains strong and that CSX is well-positioned for ongoing momentum and record results.
The document discusses CSX Corporation's record financial results in 2006, including a 26% increase in operating income and 31% increase in earnings per share, as well as targets for 10-12% annual growth in operating income and 12-14% growth in earnings per share through 2010. CSX also increased its annual dividend by 20% and initiated a $2 billion share repurchase program to return value to shareholders.
Vigor Alimentos S.A. reported strong financial results for the first half of 2012, with EBITDA increasing 148% year-over-year to R$43.4 million. Net revenue grew 9% to R$638.4 million, driven by higher sales of value-added products like cheese and spreads. The company aims to further strengthen its brands, expand its distribution network, and invest approximately R$500 million to increase production capacity and margins over the next few years.
federal mogul 9E16462A-2277-45CF-98D1-FD0F18782C97_Q408_Presentationfinance33
Federal-Mogul Corporation held a conference call on February 24, 2009 to discuss its financial results for Q4 and full year 2008. The company reported a net loss for the year driven by restructuring charges and impairment of intangible assets due to the economic downturn. However, operational EBITDA was stable and the company generated positive cash flow through aggressive cost reduction actions. Looking ahead, Federal-Mogul aims to strengthen its market position and pursue strategic acquisitions while continuing global restructuring efforts to adapt to challenging market conditions.
- The document reports strong financial results for Q2 2007 including accelerating revenue growth of 30%, strong earnings growth of 40%, and excellent free cash flow generation.
- Key metrics like total revenue, earnings per share, and free cash flow all increased substantially year-over-year.
- Marketplaces revenue and gross merchandise volume both increased in the high teens to low 20s percent range year-over-year for the US and international segments.
- Total registered users of eBay marketplaces increased by approximately 8 million in the quarter and are up 19% year-over-year.
Colgate achieved record levels of growth and profitability in 2000. Unit volume grew 6% with gains in all divisions worldwide. New products delivered 38% of sales, fueling growth. Earnings per share increased 16% to a new record high. Colgate will continue pursuing growth through innovation, efficiency gains, and investing in markets and technologies.
John A. Luke, Jr., Chairman and CEO of MeadWestvaco, presented at the Goldman Sachs Basic Materials Conference. He discussed MeadWestvaco's transition to focus on higher growth packaging markets. He outlined the company's strategies to drive profitable growth through innovation, emerging markets, and productivity. MeadWestvaco is also working to increase land sales and development to generate new sustainable cash flows from its land assets. The presentation emphasized MeadWestvaco's focus on key margin drivers to deliver growth and returns.
The document provides an overview of HSBC Holdings plc's 2006 interim results. It includes information on key achievements such as strong organic revenue growth and improved return on invested capital. Graphs and tables show results by geography and customer group, with strong growth in emerging markets like Mexico, Middle East, China, and India. Segments like personal financial services and corporate/investment banking saw profits increase. The loan portfolio also grew with increases in residential mortgages and corporate/commercial lending.
Textron delivered consistent growth in 1998 through leveraging existing strengths, building on past accomplishments, and focusing on a clear future vision. Key highlights included 12% revenue growth, 22% earnings per share growth, and strong financial discipline. Looking ahead, Textron is well-positioned for continued growth with a balanced mix of market-leading businesses, commitment to acquisitions and innovation, and a strong leadership team.
The document provides an investor presentation for Newell Rubbermaid highlighting their $6 billion business of leading brands. It summarizes their good year-to-date performance including 2.2% core sales growth and affirmed full year guidance. The presentation outlines their growth game plan to direct actions around sharpening their portfolio choices, building execution capabilities, and unlocking trapped capacity to accelerate performance.
The document provides an overview of a company's 2Q12 and 1H12 results. It discusses financial performance including revenues, gross profit, EBITDA margins, and contributions by brand. Key highlights include consolidated revenues reaching $1.97 billion for 1H12, gross profit of $470.8 million for 1H12 representing a 24% margin, and EBITDA of $253.9 million for 1H12 representing a 13% margin. Legacy projects with lower margins are expected to be delivered in the short to mid-term, impacting overall margins.
MeadWestvaco reported financial results for the fourth quarter and full year of 2007. For the full year, sales increased 6% to $6.9 billion and business segment profit rose 7% to $584 million. The company sold non-strategic forestlands, completed a $400 million share buyback, and strengthened its global packaging platform. Input costs increased significantly but the company implemented price increases across all major grades to offset these costs. For the fourth quarter, sales rose 4% while business segment profit declined 3% due to higher input costs and weaker demand in some segments.
Alicorp announced it reached an agreement to acquire 99.11% of Teal, a Peruvian consumer staples company, for $160 million. This acquisition will help Alicorp consolidate its leadership in key categories like bakery, pasta and cookies. Teal generates annual revenues of $102 million and the acquisition value represents a multiple of 14-15x its EBITDA, which is above peer trading levels but still considered a reasonable price given expected synergies. The analyst upgraded their target price for Alicorp from $8.60 to $9.00 per share given the prospects for higher growth from this deal.
This document provides an overview of a SUPERVALU investor conference on January 24, 2008. It includes a safe harbor statement, information about the executives presenting, and an agenda covering topics like merchandising and marketing strategies, pharmacy offerings, store remodels, and tours of Albertsons and Lucky stores. The document discusses SUPERVALU's goals of delivering strong financial performance through the integration of Albertsons and building for the future with initiatives in areas such as marketing, own brands, pricing, and store execution.
Dover Corporation reported strong financial results for the second quarter of 2007, with record revenue, earnings, and bookings. Revenue increased 12% year-over-year to $1.9 billion, driven by both organic growth and acquisitions. Earnings per share grew 10% to $0.85 per share. Several industrial segments performed well including oil and gas equipment, mobile equipment, and process equipment. The company continued to generate strong free cash flow. Overall, Dover exceeded targets for most key financial metrics in the second quarter.
BRMALLS is the largest shopping mall company in Brazil with a nationwide presence and targeting all income segments. It has 45 regional malls totaling 1.4 million square meters of GLA, making it the largest mall owner and operator in Brazil. The presentation outlines BRMALLS' strong growth through acquisitions, organic expansion of existing malls, and new developments. Financial highlights show rising revenues, occupancy rates, and returns through same store sales growth and rent increases above inflation. The company sees continued opportunities for consolidation in the fragmented Brazilian mall market.
Western Digital Corporation is a leading manufacturer of hard disk drives. In fiscal year 1995, the company achieved record revenues and earnings despite intense competition. It gained market share in hard drives, improved its financial position, and received an ISO 9001 quality certification. Looking forward, Western Digital is expanding its hard drive production capacity and entering new high-performance, high-capacity hard drive markets. It aims to take advantage of growth opportunities through investment in research and development.
This document provides an overview and agenda for a PBG presentation. It includes a snapshot of PBG highlighting their employees, brands, and financial track record. It discusses the evolving landscape facing consumers and the beverage industry. The strategic priorities to drive shareholder value are refreshing and repositioning the brand portfolio, transforming performance through operating excellence, and capitalizing on geographic growth opportunities. Guidance for 2009 anticipates low single-digit top-line and profit growth due to currency pressures but strong cash flow and liquidity.
Merrill Lynch Global Power & Gas Leaders Presentationfinance14
The document is a presentation by Exelon Corporation to investors at the Merrill Lynch Power & Gas Leaders Conference on September 25, 2007. It summarizes Exelon's strategic direction of protecting current value while growing long-term value through operational excellence, supporting competitive markets, and evaluating new growth opportunities. It highlights Exelon's strong financial performance with 12% annual operating EPS growth since 2000, and expectations for continued growth through 2011 driven by its generation business and ComEd's regulatory recovery plan. The presentation also reviews Exelon's financial policies and balance sheet capacity, positioning it well for future opportunities.
Dover Corporation reported strong third quarter 2007 financial results, with record quarterly revenue and earnings. Revenue increased 15% year-over-year to $1.8 billion, driven by organic growth of 3.3% and acquisition growth of 9.6%. Earnings per share increased 16% to $0.88. Free cash flow was $180 million, though down 23% year-over-year due to increased tax payments. All business platforms saw revenue growth except for Electronic Technologies, with Industrial Products and Engineered Systems leading growth.
This presentation discusses the capital structure, market potential, and growth of CCDI, a Brazilian real estate development company. Key points include:
- CCDI had an IPO in January 2007 that raised R$522 million and today has a market capitalization of R$1.1 billion.
- The company has diversified its real estate portfolio across multiple regions and housing segments of Brazil.
- Favorable economic conditions like low interest rates and a growing middle class are increasing the market potential for real estate in Brazil. Government support for housing is also helping drive growth.
- Between 2003-2007, CCDI launched over 20 real estate projects with a 178% increase in launchings from 2006
Textron's 2000 annual report outlines its new strategic framework aimed at delivering compelling growth through creating a portfolio of powerful brands and fostering enterprise excellence, with return on invested capital (ROIC) as the key performance metric. Some key points:
- The framework focuses on transitioning businesses into strong brands in attractive, growing industries and leveraging the potential of the Textron enterprise through initiatives like supply chain management, e-business strategies, and shared services.
- Financial goals include achieving a ROIC at least 400 basis points above the weighted average cost of capital, 5% annual organic revenue growth, segment profit margins over 13%, and 10% annual earnings per share growth.
- A Transformation Leadership Team was established to lead
This document contains the presentation from CSX's 2007 transportation conference. It summarizes CSX's record financial results in 2006, including a 26% increase in operating income and 31% increase in EPS. It outlines CSX's targets for 2010, including 10-12% CAGR for operating income and 12-14% CAGR for EPS. The presentation also discusses factors supporting continued growth in rail transportation demand and CSX's investments to capitalize on trends in industries like intermodal, ethanol and fertilizer. In conclusion, it expresses confidence that the rail renaissance environment remains strong and that CSX is well-positioned for ongoing momentum and record results.
The document discusses CSX Corporation's record financial results in 2006, including a 26% increase in operating income and 31% increase in earnings per share, as well as targets for 10-12% annual growth in operating income and 12-14% growth in earnings per share through 2010. CSX also increased its annual dividend by 20% and initiated a $2 billion share repurchase program to return value to shareholders.
The document is an investor presentation by Cummins discussing the company's performance and strategy. It summarizes that Cummins has doubled revenue in 5 years, generated strong earnings growth and cash flow, and improved its debt ratio. It also outlines Cummins' strategic principles of diversifying its end markets and businesses to reduce cyclicality, pursuing low cost leadership, and investing in profitable growth opportunities through new products and markets.
This presentation provides an overview of Cummins Inc.'s performance and strategy. It discusses how Cummins has doubled revenue in 5 years, generated strong earnings and cash flow, and improved its debt ratio. The presentation outlines Cummins' strategic principles of diversifying markets and products to reduce cyclicality, pursuing low cost leadership, and investing in profitable growth opportunities. It highlights Cummins' technology leadership and growing markets in areas like power generation and emerging economies.
1) The company significantly expanded its healthcare offerings through the acquisition of Microtek Medical Holdings, a manufacturer of infection control products with annual sales of $150 million.
2) In 2007, the company launched over 40 new products and services, including a revolutionary warewashing system and a hand hygiene monitoring program for hospitals.
3) The company continued investing in its global sales and service team, adding over 650 associates, and completed the management transition in Europe with plans to establish a European headquarters in Switzerland.
The document is Campbell Soup Company's 2001 annual report. It summarizes the company's transformation plan to revitalize the business and return to growth. The plan focuses on 5 strategies: 1) revitalizing US soup sales, 2) strengthening the broader portfolio, 3) building new growth avenues, 4) improving quality while driving productivity, and 5) improving organizational excellence. The report provides details on initiatives under each strategy, and discusses financial performance and outlook.
The document summarizes Ameriprise Financial's financial performance in 2007. Some key points:
- Net revenues grew 8% to $8.654 billion while net income increased 29% to $814 million.
- Adjusted earnings per diluted share rose 16% to $4.03.
- Total assets under management grew 3% to $480 billion.
- The company met its growth targets through strategies like growing client relationships and driving advisor productivity.
The document summarizes Ameriprise Financial's financial performance in 2007. Some key points:
- Net revenues grew 8% to $8.654 billion while net income increased 29% to $814 million.
- Adjusted earnings per diluted share rose 16% to $4.03.
- Total assets under management grew 3% to $480 billion.
- The company met its growth targets through strategies like growing client relationships and driving advisor productivity.
The document provides consolidated highlights for Ameriprise Financial for 2007. Key metrics include:
- Net revenues grew 8% to $8.654 billion.
- Net income increased 29% to $814 million.
- Earnings per share grew 33% to $3.39.
- Adjusted earnings per share increased 16% to $4.03.
- Owned, managed and administered assets grew 3% to $480 billion.
The 2008 Avery Dennison Annual Report provides an overview of the company's financial performance and business segments in 2008. It notes that while the global economic downturn impacted sales, the company increased free cash flow to a record level. The three main business segments - Pressure-sensitive Materials, Retail Information Services, and Office and Consumer Products - all experienced slowing demand. However, the company increased market share in key products and gained new customers. It also completed a restructuring program aimed at reducing costs. Overall, the annual report emphasizes that while short-term outlook is cautious due to economic uncertainty, the company's strategic focus and investments in growth areas position it well for the long-term.
The 2008 Avery Dennison Annual Report provides an overview of the company's financial performance and business segments in 2008. It notes that while the global economic downturn impacted sales, the company increased free cash flow to a record level. The three main business segments - Pressure-sensitive Materials, Retail Information Services, and Office and Consumer Products - all experienced slowing demand. However, the company increased market share in key products and gained new customers. It also completed a restructuring program targeting $150 million in annual savings. Overall, the annual report emphasizes that despite challenging economic conditions, the company's focus on innovation, quality and service positioned it for long-term growth.
This annual report summarizes the company's financial performance in 2007.
1) Revenues increased 10% to $5 billion compared to 2006, with segment operating margins improving to almost 20%.
2) Diluted earnings per share from continuing operations increased 29% to $3.70 compared to 2006. Free cash flow from continuing operations was $531 million, approximately 93% of income from continuing operations.
3) The company continued its strategy of expanding into new markets, enhancing global market access through acquisitions and regional expansion, and maturing its productivity culture.
Rockwell Automation reported strong financial results for fiscal year 2007. [1] Sales increased 10% to $5 billion and segment operating margins improved to almost 20%. [2] Diluted earnings per share increased 29% to $3.70. [3] Free cash flow was $531 million, reflecting high quality earnings. The company continued expanding into new markets like process control and diversifying its customer base globally. It also made strategic acquisitions to enhance its technology and market position. Rockwell Automation remains focused on driving organic growth while maintaining productivity to reinvest in future opportunities.
1) Ecolab achieved record sales and earnings in 2008 despite challenging economic conditions and increasing costs. Net sales increased 12% to $6.1 billion and operating income increased 7% to $713 million.
2) Ecolab increased its quarterly dividend by 8% to $0.56 per share, representing its 17th consecutive annual dividend increase.
3) For 2009, Ecolab expects continued earnings growth excluding special items, and modest revenue growth at fixed currency exchange rates. However, raw material costs are expected to be above 2008 levels in the first half.
The document summarizes Ameriprise Financial's financial performance in 2007. Some key highlights include:
- Net revenues grew 8% to $8.65 billion.
- Net income increased 29% to $814 million.
- Adjusted earnings per share grew 16% to $4.03.
- Owned, managed, and administered assets increased 3% to $480 billion.
- Life insurance in force grew 8% to $187 billion.
This document is Omnicom's 2005 annual report. It highlights that in 2005, Omnicom achieved record financial results, new business wins, and awards for creative excellence. Key metrics included a 12% increase in diluted earnings per share to $4.36, a 9% increase in net income to $791 million, and 8% growth in worldwide revenue to $10.5 billion. The report credits Omnicom's investments in creative talent and integrated agency networks for driving momentum and collaboration across its businesses.
Omnicom reported strong financial results for 2005, with record revenue of $10.5 billion, up 8% from 2004. Net income increased 9% to $791 million, and diluted earnings per share rose 12% to $4.36. Operating profit grew 10% to $1.3 billion. The company saw growth across all of its business segments, including advertising, customer relationship management, public relations, and specialty communications. Omnicom also had record new business wins in 2005 and continued to make investments to strengthen its creative capabilities and expand its global reach.
This presentation discusses CSX Corporation's performance and outlook. It notes that CSX has created significant shareholder value in recent years. The company is targeting double-digit growth through 2010 by executing on its strategy and continuous improvement. While the economy is moderating, the rail renaissance environment remains strong due to tight transportation capacity and pricing power. CSX is making infrastructure investments to leverage long-term growth in intermodal volumes driven by increasing port traffic. The company's capital philosophy focuses on productivity to support its goal of long-term value creation.
This presentation discusses CSX Corporation's performance and outlook. It notes that CSX has created significant shareholder value in recent years. The company is focused on delivering double-digit growth through 2010 by executing its long-term strategy and meeting new financial targets. The rail renaissance environment remains strong due to tight transportation capacity and pricing power, though the economy is moderating. CSX is making capacity investments to leverage growth around major ports and intermodal volumes. The company aims to continue its financial and operational momentum while delivering value for shareholders.
The document provides a high-level overview of the history of the John S. and James L. Knight Foundation from its establishment in 1950 to 2000. Some key events include:
- The Foundation was established in 1950 with $9,047 to continue the work of the Knight Memorial Education Fund.
- Major donations from Clara I. Knight in 1954 and after James L. Knight's death in 1991 significantly increased the Foundation's assets.
- Initially focused on supporting journalism and education in cities with Knight newspapers, the Foundation expanded its scope and grantmaking over the decades.
- Notable initiatives included support for community recovery after disasters, the creation of fellowships and centers for journalism, and programs to strengthen liberal
The annual report provides an overview of the John S. and James L. Knight Foundation's first 50 years. It discusses the Foundation's origins in 1950 with modest beginnings from the Knight brothers who were dedicated to journalism and community service. Over 50 years the Foundation has grown substantially and now focuses its grantmaking on four key programs while remaining flexible. The report reviews some of the Foundation's signature efforts and looks ahead to further strategic priorities and impact over the coming years and decades.
The document provides an overview of the John S. and James L. Knight Foundation's programs and priorities for 2001-2005. It discusses:
1) The Foundation was established in 1950 by the Knight brothers to further their ideals of service, journalistic excellence, and a free press. While the basic mission remains unchanged, a new strategic plan focuses the Foundation's grantmaking on two signature programs - Journalism and Knight Community Partners.
2) The strategic plan aims to be more outcome-focused and partner-driven in improving quality of life in the 26 Knight communities. The Foundation hopes to direct greater resources over time to local priorities in these communities to help them achieve their definitions of community vitality.
3)
The Knight Foundation supported 246 service providers in 26 communities through its $10 million September 11th Fund. This included organizations that provide services like child care, food banks, homeless shelters, domestic violence assistance, and more. The Foundation also continued its community partnership programs in 2001, forging new partnerships in neighborhoods in cities like Long Beach, Charlotte, and Macon to address local needs and opportunities. Additionally, the Foundation remained committed to supporting journalism through various initiatives.
The 2002 Annual Report of the John S. and James L. Knight Foundation documents the foundation's programs and grants for the year. It focuses on the theme of freedom, with quotes and perspectives from people in Knight communities on what freedom means to them. The foundation continued its signature programs in Journalism Initiatives and Community Partners while also funding national projects through its Venture Fund. Despite investment losses, the foundation was able to pay out over $85 million in grants to support freedom of the press and provide greater access and opportunity in communities across the U.S.
The 2003 annual report of the John S. and James L. Knight Foundation discusses the foundation's purpose, programs, grants, finances, and leadership. It focuses on two main programs - Journalism Initiatives and Community Partners - and a third program called the National Venture Fund. In 2003, the foundation made $90.4 million in grants from its $1.846 billion in assets, focusing on supporting democratic institutions, civic participation, and journalism excellence.
The 2004 annual report of the John S. and James L. Knight Foundation provides information on its programs and leadership over the past year. It discusses the foundation's focus on supporting networks through its Community Partners and Journalism Initiatives programs as well as its National Venture Fund. It highlights some of the foundation's major grants and accomplishments in 2004 and introduces new trustees and leadership changes.
Knight Foundation supported programs that promote citizen journalism and community news. This includes $1 million to the University of Maryland's J-Lab to help communities start innovative news ventures. Ten New Voices projects were launched in 2005, training citizens to write about local issues. In Madison, Wisconsin, citizen correspondents wrote about underserved neighborhoods. Knight Foundation also partnered with the University of South Carolina on a project providing additional news coverage for the town of Hartsville, South Carolina. These initiatives aim to give more diverse community voices a platform and provide residents with information needed for civic participation.
This document contains the financial statements and notes of the John S. and James L. Knight Foundation for the years ended December 31, 2006 and 2005. It includes the statements of financial position, activities, and cash flows, as well as notes describing the foundation's accounting policies and investments. The independent auditors issued an unqualified opinion stating the financial statements fairly represented the financial position and changes in net assets in accordance with accounting principles generally accepted in the United States.
This document is the 2006 annual report of the John S. and James L. Knight Foundation. It summarizes the foundation's work that year to support transformational ideas in journalism and communities. This included initiatives like the Knight News Challenge, which received over 1,650 ideas submitted for the opportunity to innovate digital media. The report also highlights various success stories and updates on the foundation's programs in journalism, communities, and national issues. It aims to showcase the foundation's efforts to inspire and enable journalism and communities to reach their highest potential.
This document summarizes the Knight Foundation's ongoing transformation into a 21st century organization through experimentation and innovation. It discusses four initiatives to find digital innovations that better inform communities, including the Knight News Challenge and Knight Community Information Challenge which provide grants to support journalism and community information needs. The Foundation remains committed to transparency and serving stakeholders, and will engage constituents through new digital and interactive means that reflect challenges of the current age.
The document summarizes an investor meeting held by RR Donnelley. The agenda includes presentations on One RR Donnelley, industry dynamics and RR Donnelley's strategy, and a financial review, followed by a Q&A session. RR Donnelley aims to simplify its branding and reporting structure. It serves over 90% of the Fortune 500 and has opportunities to expand relationships and cross-sell additional products and services. Industry trends include consolidation, pricing pressure, and a shift toward more customized and higher value print. RR Donnelley's strategy focuses on targeted growth, a disciplined investment approach, and continuous productivity improvements to drive profitable growth.
This investor presentation discusses RR Donnelley's financial performance and strategy. It highlights RR Donnelley's scale in a fragmented market, breadth and depth of offerings, and strong cash flow generation. The presentation also notes that RR Donnelley has achieved greater growth than the broader print market through acquisitions and productivity gains. Finally, it emphasizes RR Donnelley's commitment to maintaining strong investment grade credit metrics and financial discipline.
R.R. Donnelley's 2001 annual report summarizes the company's financial performance for the year, noting declines in sales, revenue, and earnings due to a recession. The CEO acknowledges the difficult financial results but emphasizes the progress made in transforming the company by improving costs, assets, and services. Key accomplishments included reducing costs by $160 million, improving logistics operations, expanding premedia and international operations, and positioning the company for future growth through strategic initiatives.
R.R. Donnelley & Sons Company provides comprehensive and integrated communications services including printing, digital photography, digital asset management, and logistics. The company helps content owners leverage their content across various delivery channels. Now, the company is helping customers refine their targeting, reduce costs, and improve results through its growing network of integrated communications services, which is the most comprehensive in the world. R.R. Donnelley is well positioned to lead this revolution in communications effectiveness due to its solid print foundation, customer relationships, leading brand, technology expertise, and experience managing and delivering content.
This document is R.R. Donnelley & Sons Company's annual report (Form 10-K) filed with the SEC for the fiscal year ending December 31, 2002. It provides information on the company's business including providing integrated communications services such as content creation, digital content management, production, and distribution of print and digital media. It also lists executive officers and provides financial statements and notes.
R.R. Donnelley is a communications company that prepares, produces, and delivers integrated communications across multiple channels for publishers, merchandisers, and other content owners. In 2002, the company saw declines in net sales, value-added revenue, and gross profit compared to 2001 due to challenging market conditions. However, earnings from operations increased significantly due to restructuring efforts and the company made progress transforming its core print business and expanding service offerings. The CEO discusses strategies to optimize print assets and strengthen marketing capabilities while expanding content management services aligned with customer needs.
This document is R.R. Donnelley & Sons Company's annual report (Form 10-K) filed with the SEC for the 2003 fiscal year. It provides an overview of the company's business segments including print, logistics, and financial services. The print segment focuses on magazines, catalogs, retail, telecommunications, books, premedia, direct mail, and international markets. The logistics segment provides distribution and delivery services. The financial segment supports the communications needs of corporations accessing global capital markets.
RR Donnelley has combined with Moore Wallace to become the world's largest full-service printing company, with over $8 billion in annual revenues from a diversified mix of print and print-related services. The company's top revenue segments are magazine/catalog/retail at 20% and logistics at 11%. The new RR Donnelley aims to create value for shareholders, customers, and employees by reducing costs, cross-selling its expanded capabilities, and making strategic acquisitions.
The document is R.R. Donnelley & Sons Company's annual report (Form 10-K) filed with the SEC for the fiscal year ending December 31, 2004. It provides an overview of the company's business operations, organizational structure, financial performance, risk factors, and other disclosures. The company operates in commercial printing and related services through business segments including Publishing and Retail Services, Integrated Print Communications, and Forms and Labels. It was significantly expanded through the acquisition of Moore Wallace in February 2004. The commercial printing industry is highly competitive on factors like price, quality, and customer service. The company's main raw materials are paper and ink, and it works to negotiate favorable supply contracts and purchasing terms.
[4:55 p.m.] Bryan Oates
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1. Kellogg Company
t wo thouSand and eight annual rep ort
What maKeS
®
2.
3. ™
At Kellogg Company, we have:
•
For more than a century, Kellogg Company has been dedicated to producing great-tasting, high-quality,
nutritious foods that consumers around the world know and love. With 2008 sales of nearly $13 billion,
Kellogg Company is the world’s leading producer of cereal, as well as a leading producer of convenience
foods, including cookies, crackers, toaster pastries, cereal bars, frozen waffles and vegetarian foods.
We market more than 1,500 products in over 180 countries, and our brands include such trusted names
as Kellogg’s, Keebler, Pop-Tarts, Eggo, Cheez-It, Nutri-Grain, Rice Krispies, Morningstar Farms, Famous
Amos, Special K, All-Bran, Frosted Mini-Wheats, Club, Kashi, Bear Naked, Just Right, Vector, Guardian,
Optivita, Choco Trésor, Frosties, Sucrilhos, Vive, Muslix and Zucaritas. Kellogg products are manufactured
in 19 countries around the world. We enter 2009 with a rich heritage of success and a steadfast commit-
ment to continuing to deliver sustainable and dependable growth in the future.
4. t wo 2008 AnnuAl report
A commitment ™
to sustainable and
dependable GrOWth
™
2008 FInAnCIAl hIGhlIGhts / DelIverInG strOnG results
(dollars in millions, except per share data)
2008 Change 2007 Change 2006 Change
net sales $12,822 9% $11,776 8% $10,907 7%
Gross profit as a % of net sales 41.9% (2.1 pts) 44.0% (0.2 pts) 44.2% (0.7 pts)
operating profit 1,953 5% 1,868 6% 1,766 1%
net earnings 1,148 4% 1,103 10% 1,004 2%
net earnings per share
Basic 3.01 8% 2.79 10% 2.53 6%
6%(b)
Diluted 2.99 8% 2.76 10% 2.51
Cash flow (net cash provided by operating
activities, reduced by capital expenditure) (a) 806 (22%) 1,031 8% 957 24%
Dividends per share $ 1.30 8% $ 1.20 5% $ 1.14 8%
(a) Cash flow is defined as net cash provided by operating activities, reduced by capital expenditures. The Company uses this
non-GAAP financial measure to focus management and investors on the amount of cash available for debt repayment, dividend
distributions, acquisition opportunities and share repurchase. Refer to Management’s Discussion and Analysis within Form 10-K
for reconciliation to the comparable GAAP measure.
(b) Comparable 2006 earnings per share growth of 11% excludes $65 million ($42 million after tax or $0.11 per share) of costs
attributable to the Company’s adoption of a new accounting standard that required the expensing of stock options.
™
™
™
5. Kellogg Company’s 2008 performance
demonstrates the fundamental
strength of our business model and
our capacity to produce sustainable
growth even in volatile conditions.
fellow kellogg ShareownerS :
Guided by our K Values, Kellogg employees continued to successfully execute our focused
strategy and business model in 2008. As a result, we delivered our seventh consecutive
year of growth, despite facing one of the toughest economic environments in decades.
In fact, we either met or exceeded all of our sustainable growth targets:
• e posted a 5 percent increase in internal net sales, outperforming our long-term
W
target of low single-digit growth.
• e delivered a 4 percent increase in internal operating profit, meeting our long-
W
term target of mid single-digit growth.
• e generated earnings per share of $2.99, up 8 percent from $2.76 in 2007,
W
solidly meeting our long-term target of high single-digit growth on a currency-
neutral basis.
We produced these results by continuing to drive our focused strategy: to win in cereal
and expand snacks. During 2008, we met all of our internal sales targets and produced
strong, broad-based performance. Our Ready-to-eat cereal business delivered mid single-
digit growth, our Snacks business posted high single-digit growth, and our Frozen
b
usiness also delivered high single-digit growth. Our Foodservice business grew at an
impressive mid single-digit rate despite fewer consumers dining out of home due to
the weak economy. In addition, we continued to expand our geographic reach through
acquisitions in Russia and China, and strengthened our business through acquisitions in
two of our core markets, the U.S. and Australia. We also continued to invest in growth
opportunities through strong innovation.
Despite difficult economic conditions, we remained true to our Sustainable Growth
and Manage for Cash operating principles and delivered another year of growth.
Consistent with our Sustainable Growth principle, we drove gross profit dollar growth
through price increases, innovation of higher margin products, and implementation of
cost-savings initiatives. We invested in innovation and advertising, and delivered price
and mix growth.
We also continued to implement our Manage for Cash operating principle. Over the
past five years, the combination of our strong earnings, disciplined approach to capital
6. GROW INTERNAL
GROW GROSS
NET SALES
PROFIT
Our operating principles
Sustainable
of Sustainable Growth OVERHEAD
Growth
PRICE/MIX
and Manage for Cash DISCIPLINE
(V2V)
keep us focused on the
right metrics.
ADVERTISING
INNOVATION
EFFECTIVENESS
AND EFFICIENCY
fellow kellogg ShareownerS :
continueD
expenditure and sound working capital management drove strong cash flow, giving us
the financial flexibility to return cash to our shareowners, fund our retirement plans and
continue to invest for sustainable and dependable growth. During 2008, we increased
our dividend by 10 percent, and we returned more than $1 billion in cash to shareowners
through dividends and share repurchases.
Another important element of our business model is to set realistic growth targets.
This encourages our employees to make decisions that support the long-term health of
our business. Furthermore, in addition to maintaining an unwavering commitment to
brand building and innovation, we keep a constant watch on cost control and savings
initiatives, including a multi-year focus on productivity programs and investments that
require up-front costs. By remaining true to our proven business model in 2008, we set
the stage for continued sustainable and dependable growth into the future.
Driving aDvertiSing efficiency
Building great brands is the heart and soul of our business, and we are committed to
continuing to fund promising marketing and advertising programs that help us accom-
plish this. In addition, we believe we can increase our advertising effectiveness and
consumer impressions by generating efficiencies from our more than $1 billion annual
advertising expenditure. We are aggressively embracing digital media, which affords
an efficient, cost-effective way to target specific audiences, providing an excellent
p
latform for developing our brands. We have already tapped the Internet to gain
significant brand development traction for Special K, Frosted Flakes, Apple Jacks, Kashi,
Rice Krispies, Morningstar Farms and Pop-Tarts.
In addition, we are successfully building relationships with moms around the world
through Kelloggs.com and KelloggNutrition.com. Our strength in brand building allows
us to successfully drive new business opportunities that expand our portfolio and reach
more consumers.
Strengthening our Platform for future growth
In late 2007 and 2008, we made several acquisitions that gave us strong growth platforms
in promising markets. All of the companies we acquired were established players in
categories that respond well to brand building.
7. INCREASE RETURN ON GROW NET
INVESTED CAPITAL EARNINGS
Manage
For Cash
IMPROVE
DISCIPLINED CORE
FINANCIAL
WORKING CAPITAL
FLEXIBILITY
PRIORITIZE
CAPITAL
EXPENDITURE
• n Russia, we purchased United Bakers, gaining manufacturing and distribution
I
capabilities in cookies, crackers and cereal.
• n China, we purchased Navigable Foods, an established biscuit manufacturer.
I
• n Australia, we purchased Specialty Cereals Pty. Limited, a natural foods company.
I
• n the U.S., we made several acquisitions, including Bear Naked, Inc. and its granolas
I
and trail mixes; the assets of IndyBake Products LLC and Brownie Products Co.,
including two snacks manufacturing facilities; and the trademarks and recipes of
Mother’s Cake & Cookie Co., a regional brand with a loyal consumer following
in the western U.S.
We also reinforced our commitment to corporate responsibility by publishing our first
global Corporate Responsibility Report. This report provides an overview of Kellogg
Company’s deep commitment to preserving the environment, improving our market-
place and our workplace, and making positive contributions to the global community.
The credit for these and all of our 2008 accomplishments belongs to our employees,
whose passion for our business and commitment to our K Values is the core of our culture
at Kellogg. We’d like to thank every member of the Kellogg family for their loyalty,
hard work and dedication.
fueling ProDuctivity
Driving strong and consistent cost efficiency is fundamental to our ability to deliver
sustainable and dependable growth. During 2008, we invested $0.14 of earnings per
share into up-front costs for savings initiatives. We regularly make such investments,
and we account for them as a part of our normal operations. In addition, we continually
identify new cost-saving programs. We have targeted efficiencies that will deliver
$1 billion of annual cost savings by 2011.
In 2008, we began reviewing $2 billion of indirect spending to identify efficiencies
through centralized purchasing. In addition, we initiated the K-LEAN manufacturing
initiative—lean, efficient, agile, network. This initiative ensures our manufacturing
culture will continue to foster improvement, drive waste reduction, optimize manufac-
turing operations, uphold exemplary quality and safety standards, and maintain high
8. In 2008, we met or exceeded our goals
while continuing to invest in our brands,
our people and our future.
fellow kellogg ShareownerS :
continueD
organizational effectiveness. During the year, we began implementing K-LEAN in sev-
eral North America plants. The initial results were so impressive that we are now in
the process of introducing K-LEAN across North America, Latin America and Europe,
with the goal of increasing our productivity savings to as high as 4 percent of cost of
goods in 2009.
moving forwarD
We expect 2009 to be another challenging year. The weak global economic environment
will likely persist, increasing the strain on consumers and companies around the world.
Yet, this climate is also creating opportunities for our Company. Consumers are respond-
ing to the economic pinch by eating more meals at home. They are also becoming more
selective in their food purchases, choosing products that they feel good about eating,
are priced well, and that they know and trust. Our categories and strong brands place
Kellogg in a solid position in this marketplace.
At the same time, we recognize the economy will impact consumers everywhere, creating
a degree of uncertainty surrounding the coming year. Our Company must be highly
sensitive to this volatile environment, and we must take decisive action to reflect and
adapt to the pressure affecting our consumer base. As in the past, we will leverage our
strategy and business model to increase our visibility and sharpen our already deep
understanding of consumer preferences. With this in mind, our innovation activities
for the year ahead will focus on fewer, bigger and better initiatives that anticipate
c
onsumer needs. We will continue to invest in advertising and to focus on our strong
categories. We will intensify our emphasis on cost savings and cost effectiveness, as
well as on productivity and efficiency gains.
As we move forward, we thank you—our shareowners—for your confidence and support.
Rest assured that our efforts will help Kellogg Company thrive despite the current
e
conomic environment and we remain committed to delivering sustainable and depend-
able growth into the future.
David Mackay Jim Jenness
President and Chief Executive Officer Chairman of the Board
9. KelloGG CompAny se v en
Net Sales Operating Profit
(million $) (million $)
5-year CAGR 7%(2)
1,953
5-year CAGR 4% $
12,822
2000
$
1,868
11,776 1875
10,907
1,766
1,750
10,177
9,614 1750
1,681
1625
1500
2004 2005 2006 2007 2008 2004 2005 2006 2007 2008
Net sales increased again in 2008, the 8th Operating profit increased despite significant
consecutive year of growth. cost inflation and continued reinvestment
into our business.
3.5%
Cash Flow (3) Dividends
(million $) ($ per share)
5-year CAGR 7% Productivity
1.30
$ 1.5
savings (1)
1,031
806
$
957
950
1.3
1.20
769 1.14
1.06 1.1
1.01
0.9
0.7
Cash returned
0.5
to shareowners
2004 2005 2006 2007 2008 2004 2005 2006 2007 2008
1.1 billion
$
Cash flow for 2008 was $1.1 billion before Dividends per share have increased 29%
the impact of our $300 million discretionary over the past 4 years.
pension contribution, resulting in net cash
flow of $806 million.
Net Earnings Per Share ($) (diluted)
5-year CAGR 9%
2.99
$ 3.5
3.0
2.76
2.51
® 2.36 2.5
2.14
2.0
1.5
At Kellogg Company, our goal is to drive 1.0
2004 2005 2006 2007 2008 ™
sustainable and dependable growth by
2008 EPS increased 8% over 2007,
the 7th consecutive year of growth.
leveraging the talents of our people and
the power of our brands, and by fulfilling
the needs of our consumers, customers
and communities.
(1) Percent of cost of goods sold
(2) CAGR = compounded annual growth rate
(3) Cash flow as defined on page 2 of this report.
10. ei Gh t 2008 AnnuAl report
An unwavering commitment to
our FOCuseD strAteGy
™
Grow Cereal and Expand Snacks
Our focused strategy concentrates Ready-to-eat cereal provides today’s busy con-
sumers with a convenient, nutritious and great-
on growing our Cereal business
tasting meal that can be eaten any time of the
and expanding our snacks business.
day or night and is a good value. We are focused
Since we developed this strategy in 2001, we
on growing this business around the world, and
have driven sustainable and dependable growth
in 2008, we realized internal sales growth of 3
in a range of economic environments, and main-
percent in North America and 4 percent in our
tained Kellogg Company’s market position as
International business.
either the number one or number two player in
In North America, our Snacks business grew
our key categories. Because our strategy is focused
internal sales by 6 percent during 2008, outpacing
and consistent, our employees around the world
our long-term target of low single-digit growth.
understand it, know what they are expected to
A major catalyst for this growth was the contin-
contribute, and hold themselves accountable
ued success of our award-winning “direct-store-
for executing it successfully. Our business model
door” (DSD) delivery system, which expands
supports these efforts by guiding us to take a
our distribution reach, allows us to secure prime
long-term approach to our business that serves
placement within stores, and enables us to influ-
the best interests of our shareowners. This includes
ence consumer decisions at the point of sale.
setting realistic growth targets that encourage
During the year, we increased our investments
long-term thinking, emphasizing innovation and
in our DSD system by adding more products,
keeping a sharp focus on cost savings. We believe
including fruit snacks and Kashi crackers, whole-
that this is the right way to run our business, and
some snacks and cookies. As a result, we posted
we ensure consistent progress by regularly track-
double-digit increases in distribution and sales
ing our advances in each area.
of these Kashi items. In International, the Snacks
business remains our fastest growing segment,
and in 2008, it grew by over 9 percent, fueled
by rising sales of European snack bars, including
Special K and Nutri-Grain Soft Oaties.
11. 12.8
$
2008 Net Sales: Billion
North America Frozen
& Specialty Channels
North America
Retail Cereal
North America
Retail Snacks
International
Cereal
International
Snacks
12. t en 2008 AnnuAl report
sPAnnInG the GlObe
we have a passion for providing great-tasting, high-quality foods that
satisfy a wide range of consumer tastes and preferences. our extensive
array of food choices includes more than 1,500 products that meet the
diverse needs of consumers in over 180 countries around the world.
we manufacture our products in 59 facilities located in 19 countries.
2008
European Sales
™
$2.6 billion
2008 ™
™
Russia
North American Canada Great ™
Sales Britain
Germany
$8.5 billion United ™
™ ™
Spain
Battle Creek, MI
States Japan
™
China ™
™
Mexico South
™
™
Korea
™
India
Guatemala ™
™
Thailand
Venezuela
Colombia
™
Ecuador ™
Brazil
™
2008
2008 Australia
™
South Asia Pacific
Latin American Africa Sales
Sales
$716 million
$1 billion
™
32,000 employees worldwide = countries with manufacturing facilities
180 countries where our products are marketed
19 countries where our products are manufactured
59 manufacturing facilities
$12.8 billion 2008 net sales
$1.1 billion 2008 net earnings
$495 million dividends paid to shareowners in 2008
$650 million amount of share repurchases in 2008
13. KelloGG CompAny ele v en
Strengthening our platform for growth
Our unwavering focus on the In Australia, we purchased Specialty Cereals Pty.
Limited, a natural foods company with a strong
long-term health of our business
performance record. We also continued to develop
includes investing in future growth by
our joint venture with Ülker in Turkey. Since
expanding our business platform where entering this agreement, we have steadily increased
our market share from 2 percent in 2006 to 25
it makes sense. In recent years, we have
percent at the end of 2008. In 2008, we set the
acquired several companies that have added to
stage to take this business to the next level by
our stable of strong brands and operational assets,
beginning to manufacture products locally.
or built our presence in high-growth regions.
We integrate these acquired companies into our In the U.S., we made a series of small acquisitions
portfolio and drive their value by applying our that offer exciting potential for the future. We
brand-building and innovation expertise. purchased Bear Naked, Inc. and its granolas and
trail mixes, positioning us to expand our strength
In 2008, we made several acquisitions that
in natural foods to a younger demographic. We
strengthened our global growth platform. We
acquired the assets of IndyBake Products LLC
acquired United Bakers, one of Russia’s largest
and Brownie Products Co., adding two snacks
makers of cookies, crackers and cereals, gaining
manufacturing facilities to our network. We pur-
distribution and manufacturing capabilities
chased the trademarks and recipes of Mother’s
throughout the country.
Cake & Cookie Co., a regional brand with a loyal
We also purchased Navigable Foods, an estab- consumer following that extends our reach in the
lished biscuit manufacturer in north and north- western U.S. We also continued to leverage our
east China. This acquisition gave Kellogg two popular Kashi brand, extending its all-natural,
new manufacturing facilities and a distribution seven-grain foods into new categories, including
network, strengthening our presence in a market crispy thin crust pizza.
within a $3.3 trillion economy.
14. t w elv e 2008 AnnuAl report
A passion for
building our brAnDs
™
Our passion for brand building began more than 100 years ago
with the creation of the Kellogg’s trademark, which has become
one of the world’s most beloved brands.
Our strong brands are a current economic environment. In 2008, we
explored new ways to increase our return on
competitive advantage for Kellogg.
investment and drive efficiency. We continued to
Because they are instantly recognizable to con-
strengthen our marketing organization by imple-
sumers around the world, our brands provide a
menting best practices on a global basis. This
solid platform for our marketing activities and
revealed opportunities for efficiency, including
enable us to efficiently introduce new products
the potential to leverage commonalities among
and ideas into our categories. We ensure our
our brands to increase message consistency and
brands remain strong by making substantial
effectiveness while reducing costs.
investments in brand building. In fact, we have
repeatedly increased our advertising investment We are also aggressively exploring digital avenues
since 2000, investing more than $1 billion each of reaching consumers, which offer better target-
year in 2007 and 2008. We advertise across a ing, engagement and dialog capabilities than
broad range of media, and we capitalize on our many other media channels. The digital environ-
global scale to execute consumer promotions ment provides a fresh, cost-effective way to
across our categories and businesses. Over the commercialize new and existing brands. Over the
years, we have forged promotional agreements past 18 months, our online media program for
related to blockbuster movies, such as the Indiana our Special K brand has generated strong results, ™
Jones series, as well as pop-culture trends, like and marketing initiatives that integrate con-
Guitar Hero games. Our ability to modify ideas sumers’ online experiences with television and
that work in one geography or business unit to print exposure, such as the Pop-Tarts Hide and
be successful in others is a key edge for Kellogg. Seek program, have generated record-breaking
site visits and consumer engagement. We are
Our major categories are highly responsive to
now applying this strategy to our other brands
strong advertising, and we continue to fund
where appropriate and will leverage these
value-added promotional activities despite the
globally as well.
15. KelloGG CompAny t h i rt een
Innovating products that consumers love
Innovation is fundamental to our Sustainable Growth
model. The successful introduction of new products helps
reinforce brand awareness, drive sales, and strengthen
both our product and price/mix. We consistently develop
products that are differentiated in the marketplace and
respond to the changing tastes and lifestyle needs of
consumers around the globe. Over the years, we’ve helped
promote shape management through Special K products,
heart health through Smart Start, Optivita, and Kashi
Heart to Heart, and digestive health through All-Bran.
We’ve met consumer demand for snack products through
our Cheez-It and Townhouse brands, developed a selec-
tion of seven-grain natural foods under our Kashi brand,
and introduced a wide assortment of healthy snack bars
for consumers on-the-go. In 2008, we announced the
expansion of our primary research and development
engine, the W.K. Kellogg Institute for Food and Nutrition
Research. We also drew on our innovation teams around
the world to introduce 151 new products or new versions
of existing products. We continued to demonstrate that
we are developing products that consumers want by
generating about $2 billion, or 15 percent of our total
sales, from products we have launched during the
past three years.
16. ®
®
®
®
A portfolio of strong brands,
reCOGnIZeD and lOveD
™
around the world
®
DIsCOver the KellOGG FAMIly OF br AnDs
reADy-tO-eAt CereAl Our commitment to brand building and innovation has
made Kellogg the world’s leading cereal maker, with a large family of beloved ®
brands that includes Kellogg’s, Kellogg’s Corn Flakes, Froot Loops, Kellogg’s
Frosted Flakes, Kashi, Frosted Mini-Wheats, Frosties, Special K, Crispix, Zucaritas,
Kellogg’s Raisin Bran and Rice Krispies.
tOAster PAstrIes AnD WhOlesOMe POrtAble breAKFAst snACKs
Today’s busy consumers want a broad selection of foods that are tasty, nutritious
and compatible with an on-the-go lifestyle. Kellogg fulfills these needs through
an assortment of breakfast bars, healthy snacks and other non-meal options from
a variety of our brands, including Nutri-Grain, Special K, Kashi and Pop-Tarts. ®
™
®
COOKIes AnD CrACKers Our cookie and cracker business offers a growing
assortment of great-tasting products for snacking and entertaining from a host
of well-known brands, including Club, Townhouse, Cheez-It, Sandies, Famous
Amos and Fudge Shoppe.
nAturAl, OrGAnIC AnD FrOZen Our natural, organic and frozen food lines
™
offer an extensive selection of quick, delicious and health-conscious meal solu-
tions for any time of day. Eggo leads the frozen breakfast category
by offering hot breakfast solutions that are ready in minutes,
while Morningstar Farms leads the meat-alternative category,
offering a variety of great-tasting veggie foods. Our Kashi
line of natural frozen entrees and crispy crust pizzas
is one of our fastest growing businesses.
®
®
®
®
®
®
18. si x t een 2008 AnnuAl report
All DAy. every DAy.
7:15 a.m. getting the right start with the most important meal of the day…
19. KelloGG CompAny se v en t een
12:30 p.m. ....entertaining friends
with savory snacks...
9:30 a.m. …or grabbing a quick,
healthy bite…
Consumers around
the globe count on
our brands to deliver
high-quality, great-
tasting foods that
offer nutrition, value
and convenience.
3:45 p.m. …or fueling up with a favorite snack…
6:00 p.m. ...enjoying a
nutritious meal...
7:00 p.m. ...a luscious morsel
after dinner...
9:30 p.m. …or savoring those moments just before bedtime.
20. ei Gh t een 2008 AnnuAl report
Dedication to investing
in our PeOPle
™
The passion of Kellogg Company employees shines through in
every aspect of our business. we encourage and reward this
passion by continuously investing in our people.
Our founder, W.K. Kellogg, Kellogg employees around the world continually
demonstrate that they are our Company’s greatest
recognized that dedicated
competitive advantage. A sense of accountability
employees were our Company’s greatest
drives them to view “doing the right thing” as
competitive advantage, and he was known their personal responsibility. A strong allegiance
to colleagues promotes teamwork and drives
to say, “I’ll invest my money in people.”
progress. A passion for our products fuels inno-
He offered work incentives that allowed employees
vation and continuous improvement. Their pride
to share in the Company’s success and profes-
in our Company fosters enthusiasm for our goals,
sional development opportunities that helped
as well as commitment to our strategy and busi-
them build lasting careers. As a result, Mr. Kellogg
ness model.
created a culture that is rooted in genuine com-
mitment to our company goals, mutual respect As a result, Kellogg employees take a long-term
and a true passion for our products. Today we view of our business, focusing on activities and
express this legacy of Mr. Kellogg as ”People. decisions that promote sustainable growth into
Passion. Pride.” the future while delivering sound short-term per-
formance. Kellogg supports this by setting realistic
Passion, dedication and respect remain the basis
long-term growth targets of low single-digit
of Kellogg’s commitment to our people and our
internal net sales growth, mid single-digit inter-
culture. Our people programs focus on cultivating
nal operating profit growth and high single-digit
high-performance teams, rewarding significant
earnings-per-share growth on a currency-neutral
contributions, building skills and developing lead-
basis. These targets encourage our people to
ership excellence. Our K Values and emphasis on
make forward-thinking business decisions that
diversity and inclusion guide the manner in which
are in the best interests of our shareowners.
we achieve business results and work together
as a global team. Our employee affinity groups Our employees’ passion and commitment enable
promote cultural and generational awareness our Company to maintain exceptional standards,
and provide development opportunities and and to drive growth in a range of market envi-
professional mentoring. ronments. Moreover, they give Kellogg a firm
foundation for continuing to deliver sustainable
and dependable results in the future.
22. t w en t y 2008 AnnuAl report
A PAssIOnAte family of
employees dedicated to exCellenCe
brands and characters that have been loved for
The Kellogg family is quite diverse—our 32,000
generations, a commitment to creating high-
employees work in different countries, speak
quality foods and delivering dependable results,
different languages, come from different cultures,
and a genuine sense of pride in being part of
maintain different lifestyles, perform different
the Kellogg team. Our passion, pride and com-
job functions and have diverse backgrounds and
mitment bond us to each other across our vast,
experiences.
global network, and connect us to our customers
Kellogg employees also have much in common.
and consumers around the world.
We share a dedication to excellence in manufac-
turing and service, a passion for the Kellogg
I am proud to work at Kellogg
because we have a great history,
Kellogg is an excellent terrific brands and the company
corporate citizen. invests in people.
Keith F. nicole r.
23. KelloGG CompAny t w en t y- o n e
People. Passion. Pride.
the passion of the people
at Kellogg makes me
I can honestly say that
proud to work here.
Kellogg people have
Andrea G.
a passion for providing
superior food products
to the consumer.
W.K. Kellogg’s commitment to nutrition,
Jeri r.
health and quality still continues today
after more than 100 years.
lori C.
Kellogg people are not afraid of
embracing new challenges.
Gladys r.
Pictured from left to right: renee r., Carol e., nancy F., Crystal h., mark s., victor m., partho G., salvina m., Claude B., ed r., edna r., hang Kyu l. and Demetrius B.
[note: to protect their privacy, this report uses first names and last initials only for non-executive employees.]
24. t w en t y-t wo 2008 AnnuAl report
our global
leADershIP team
left to right: B. Davidson, K. wilson-thompson, m. Baynes, G. pilnick, J. Jenness, J. Boromisa, C. Clark, D. mackay,
t. mobsby, m. Bath, J.p. villalobos, B. rice, J. Bryant, t. penegor, p. norman, D. pfanzelter and C. mejia.
Corporate Officers
Alan r. Andrews
margaret r. Bath* Carlos e. mejia*
Vice President Vice President
Vice President
President, Kellogg Latin America Corporate Controller
Corporate Research, Quality and
Technology
timothy p. mobsby* ronald l. Dissinger
Senior Vice President
mark r. Baynes* Vice President
Executive Vice President, Chief Financial Officer,
Vice President
Kellogg International Kellogg North America
Global Chief Marketing Officer
President, Kellogg Europe
elisabeth Fleuriot
Jeffrey m. Boromisa*
paul t. norman* Vice President
(Retired)
Senior Vice President Regional Vice President,
Senior Vice President
President, Kellogg International France/Benelux/Emerging Markets
Executive Vice President,
Kellogg International todd A. penegor* michael J. libbing
President, Latin America Vice President Vice President
President, U.S. Snacks
John A. Bryant* Corporate Development
Executive Vice President David J. pfanzelter* Gregory D. peterson
Chief Operating Officer Senior Vice President Vice President
Chief Financial Officer President, Kellogg Specialty Channels Regional Vice President,
Celeste A. Clark* United Kingdom/Mediterranean/
Gary h. pilnick*
Middle East
Senior Vice President Senior Vice President
Global Nutrition, Corporate Affairs and General Counsel, Corporate
James K. sholl
Chief Sustainability Officer Development & Secretary
Vice President
Bradford J. Davidson* Internal Audit
Brian s. rice*
Senior Vice President Senior Vice President
Joel r. wittenberg
President, Kellogg North America Global Information Technology
Vice President
Chief Information Officer
James m. Jenness* Treasury and Investor Relations
Juan pablo villalobos*
Chairman of the Board
Senior Vice President
A. D. David mackay* President, U.S. Morning Foods
President and
Kathleen wilson-thompson*
Chief Executive Officer
Senior Vice President
Global Human Resources
*Members of Global Leadership Team
25. KelloGG CompAny t w en t y-t h ree
our
bOArD of directors
left to right: J. Zabriskie, D. Johnson, G. Gund, r. rebolledo, B. Carson, J. Jenness, r. steele,
D. Knauss, s. speirn, D. mackay, A. mclaughlin Korologos and J. Dillon.
rogelio m. rebolledo
Benjamin s. Carson, sr., m.D. Dorothy A. Johnson
Retired President and CEO,
Professor and Director of President, Ahlburg Company
Frito-Lay International
Pediatric Neurosurgery, President Emeritus,
Elected 2008
The Johns Hopkins Medical Institutions Council of Michigan Foundations
Elected 1997 Elected 1998
sterling K. speirn
John t. Dillon Donald r. Knauss President and CEO,
W.K. Kellogg Foundation
Retired Chairman and Chairman and Chief Executive Officer,
Elected 2007
Chief Executive Officer, The Clorox Company
International Paper Company Elected 2007
robert A. steele
Elected 2000
A. D. David mackay Vice Chairman, Global Health and
Gordon Gund Well-Being,
President and Chief Executive Officer,
Procter and Gamble
Chairman and Chief Executive Officer, Kellogg Company
Elected 2007
Gund Investment Corporation Elected 2005
Elected 1986
John l. Zabriskie, ph.D.
Ann mclaughlin Korologos
James m. Jenness Co-Founder and President,
Chairman of Board of Trustees,
Lansing Brown Investments, L.L.C.
Chairman of the Board, RAND Corporation
Elected 1995
Kellogg Company Elected 1989
Elected 2000
os do ie
on og y le
s
s
n isk
ka
s
s
ol
l
s e
rn
d el
o ne
on au ro
hn
rs i
ac r
un b
ill pe ab
e
o
Kn
en re
Ca st
Jo .K
.G m s
D J Z
D. D. D. r. r.
B. s.
Committees J. J. J.
G A
• • • •
Audit Chair
• • •
Compensation Chair
• • • • • •
Consumer marketing Chair
• • • • • •
executive Chair
• • • •
nominating & Governance Chair
• • •
social responsibility Chair
26. t w en t y- Fou r 2008 AnnuAl report
Y • PASSION
LIT
BI •
A
HU
NT
K VAluES
• ACCOU
MIL
living our
ITY •
VALUES
TS
SI M
UL
PL
CI
ES
R
TY
I
•
• IN Y
TEGR I T
Kellogg Company’s K Values shape our culture, guiding the way we run our business, interact with our 32,000
colleagues, and build relationships with our customers and consumers. We instill a strong appreciation of K Values
across our entire organization, from incorporating them into our employee orientation programs, to linking them
to our performance reviews. Every employee is evaluated both on what they accomplish, as well as how they
accomplish it. By living our K Values every day, our employees create a positive work environment that fosters
mutual respect and delivers results with integrity.
We ACt WIth InteGrIty AnD We hAve the huMIlIty AnD hunGer
shOW resPeCt tO leArn
• Demonstrate a commitment to integrity and ethics • Display openness and curiosity to learn from
anyone, anywhere
• Show respect for and value all individuals for their
diverse backgrounds, experience, styles, approaches • Solicit and provide honest feedback without
and ideas regard to position
• Speak positively and supportively about team • Personally commit to continuous improvement
members when apart and be willing to change
• Listen to others for understanding • Admit our mistakes and learn from them
• Assume positive intent • Never underestimate our competition
We Are All ACCOuntAble We strIve FOr sIMPlICIty
• Accept personal accountability for our own • Stop processes, procedures and activities that
actions and results slow us down or do not add value
• Focus on finding solutions and achieving results, • Work across organizational boundaries/levels
rather than making excuses or placing blame and break down internal barriers
• Actively engage in discussions and support • Deal with people and issues directly and avoid
decisions once they are made hidden agendas
• Involve others in decisions and plans that affect them • Prize results over form
• Keep promises and commitments made to others
We lOve suCCess
• Personally commit to the success and well-being
• Achieve results and celebrate when we do
of teammates
• Help people to be their best by providing
• Improve safety and health for employees, and
coaching and feedback
embrace the belief that all injuries are preventable
• Work with others as a team to
We Are PAssIOnAte AbOut Our ™
accomplish results and win
busIness, Our brAnDs, AnD Our FOOD • Have a “can-do” attitude and
• Show pride in our brands and heritage drive to get the job done
• Promote a positive, energizing, optimistic and • Make people feel valued
fun environment and appreciated
• Serve our customers and delight our consumers • Make the tough calls
through the quality of our products and services
• Promote and implement creative and innovative
ideas and solutions
• Aggressively promote and protect our reputation
27. KELLOGG COMPANY
T WO THOUSAND AND EIGHT ANNUAL REPORT
FORM 10 - K
FO R T HE FI SC A L Y E A R EN DED JA NUA RY 3 , 20 0 9
®
29. UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
¥ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT of 1934
For the Fiscal Year Ended January 3, 2009
n TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For The Transition Period From To
Commission file number 1-4171
Kellogg Company
(Exact name of registrant as specified in its charter)
Delaware 38-0710690
(State or other jurisdiction of incorporation (I.R.S. Employer Identification No.)
or organization)
One Kellogg Square
Battle Creek, Michigan 49016-3599
(Address of Principal Executive Offices)
Registrant’s telephone number: (269) 961-2000
Securities registered pursuant to Section 12(b) of the Securities Act:
Title of each class: Name of each exchange on which registered:
Common Stock, $.25 par value per share New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Securities Act: None
Yes ¥ No n
Indicate by a check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15 (d) of the Act. Yes n No ¥
Note — Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Exchange Act from
their obligations under those Sections.
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes ¥ No n
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of the registrant’s knowledge in definitive proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. n
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting
company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
(Check one)
Large accelerated filer ¥ Accelerated filer n Non-accelerated filer n Smaller reporting company n
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes n No ¥
The aggregate market value of the common stock held by non-affiliates of the registrant (assuming only for purposes of this computation that
the W. K. Kellogg Foundation Trust, directors and executive officers may be affiliates) as of the close of business on June 27, 2008 was approximately
$13.8 billion based on the closing price of $47.96 for one share of common stock, as reported for the New York Stock Exchange on that date.
As of January 30, 2009, 381,939,149 shares of the common stock of the registrant were issued and outstanding.
Parts of the registrant’s Proxy Statement for the Annual Meeting of Shareowners to be held on April 24, 2009 are incorporated by reference into
Part III of this Report.