The document summarizes the company's financial results for the third quarter of 2007. It reported 6% revenue growth and 1% growth in operating profit. Earnings per share were up 9%. The company also saw a 13% increase in cash flow. For full-year 2007, the company is projecting mid-single digit growth in internal net sales and low single-digit growth in internal operating profit. It is raising its earnings per share guidance. For 2008, the company expects more sustainable growth.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
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How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
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Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
2. Forward-Looking Statements
This presentation contains, or incorporates by reference, “forward-looking statements” with
projections concerning, among other things, the Company’s strategy, and the Company’s sales,
earnings, margin, operating profit, costs and expenditures, interest expense, tax rate, capital
expenditure, dividends, cash flow, debt reduction, share repurchases, costs, brand building, ROIC,
working capital, growth, new products, innovation, cost reduction projects, and competitive pressures.
Forward-looking statements include predictions of future results or activities and may contain the words
“expects,” “believes,” “should,” “will,” “will deliver,” “anticipates,” “projects,” or words or phrases of similar
meaning.
The Company’s actual results or activities may differ materially from these predictions. The Company’s
future results could also be affected by a variety of other factors, including competitive conditions and
their impact; the effectiveness of pricing, advertising, and promotional spending programs; the success
of productivity improvements and business transitions; the success of innovation and new product
introductions; the recoverability of carrying amounts of goodwill and other intangibles; the availability of
and interest rates on short-term financing; changes in consumer behavior and preferences; commodity
and energy prices and labor costs; actual market performance of benefit plan trust investments; the
levels of spending on systems initiatives, properties, business opportunities, integration of acquired
businesses, and other general and administrative costs; U.S. and foreign economic conditions including
interest rates, taxes and tariffs, and currency rate translations or unavailability; legal and regulatory
factors; the underlying price and volatility of the Company’s common stock and the impact of equity-
based employee awards; business disruption or other losses from terrorist acts or political unrest; and
other items.
Forward-looking statements speak only as of the date they were made, and the Company undertakes no
obligation to publicly update them.
2
3. Third Quarter 2007 Highlights
• Solid Revenue Growth
• Increased Levels of Investment
• 9% Higher Earnings Per Share
• Raising 2007 Earnings Guidance
• 2008 Outlook
3
4. Summary of Financial Results
Millions, except EPS
Third Quarter Growth
2007 2006 Reported Internal
Net Sales (1) $ 3,004 $ 2,823 6% 4%
Operating Profit (1) $ 492 $ 487 1% -2%
Earnings Per Share $ 0.76 $ 0.70 9%
(2)
Cash Flow $ 961 $ 850 13%
1) Internal sales and operating profit growth exclude the impact of foreign currency translation and if applicable,
acquisitions, dispositions, and differences in the number of shipping days.
2) Year-to-date cash flow, defined as cash from operating activities less capital expenditures, is reconciled to the
comparable GAAP measure at the end of this presentation.
4
5. Third Quarter 2007: Net Sales Growth Components
Year-Over-Year % Change
6.4%
+3.8%
Internal*
3.1%
2.6%
0.7%
0.0%
Net Sales Tonnage Price/Mix Currency Acq./ Divest
YTD 7.9% 2.0% 3.6% 2.3% 0.0
* Internal net sales and operating profit growth exclude the impact of foreign currency translation
and if applicable, acquisitions, dispositions, and difference in the number of shipping days.
5
6. Reinvestment for the Future: Growth in Advertising
% Change, Net Sales and Advertising
Net Sales
Advertising + DD
+ DD
+8%
+6%
Net Sales Brand Building Net Sales
YTD 2007 Building
Brand
Third Quarter 2007
6
7. Gross Profit and Margin*
+ Operating leverage
- Energy and fuel
+ Productivity savings
- Commodities
+ Price/Mix
$ Millions
$1,342
$1,274
5%
$1,186
Growth
Q3 2005 Q3 2006 Q3 2007
YTD Margin* 45.2% 44.5% 44.3%
* % of net sales
7
8. Third Quarter 2007:
Internal Operating Profit Growth by Area
Year-Over-Year % Change, Internal Growth (1)
1%
(2)% (4)% (2)% (26)%
Total North Latin Asia
Pacific(2)
Company America Europe America
YTD 3% 3% 11% (7)% (15)%
1) Internal operating profit growth excludes the impact of foreign currency translation and if applicable,
acquisitions, dispositions, and shipping day differences.
2) Includes Australia, Asia, and South Africa.
8
9. 2007: Sixth Consecutive Year of Sustainable Growth
2007 Year-To-Date
Grow Gross Profit
• Decreased (20) basis pts
• Dollars up about $280 million
Increase Brand Building
High Single Digit Increases
Grow Internal
Net Sales
Sustainable
2007: +5.6%
Growth Drive Innovation
(V2V)
Increase Price / Mix
2007: +3.6%
9
10. Year-To-Date 2007: Higher Cash Flow*
$ Millions
$961
13%
$850
Growth
YTD 2006 YTD 2007
* Kellogg defines Cash Flow as cash from operating activities, less capital expenditure;
10 see reconciliation to GAAP cash flow at the end of this presentation.
11. 2007 Outlook:
Greater Confidence In Another Strong Year
Full Year 2007
Internal Net Sales* +Mid SD Growth
Greater than our long-term target of low single-digit growth
19¢ of
Internal Operating Profit* +Low SD
Up-front
Includes significant investment in innovation, Costs
increased advertising, additional investment in
up-front costs as well as higher commodity inflation
Earnings Per Share
Raising Guidance to $2.72 to $2.75
Increased up-front costs offset by lower tax rate
* Internal sales and operating profit growth exclude the impact of foreign currency translation
and if applicable, acquisitions, dispositions, and differences in the number of shipping days.
11
12. 2008 Outlook:
Another Year of Long-Term, Sustainable Growth
Full Year 2008
Internal Net Sales* +Mid SD
Greater than our long-term target
Internal Operating Profit* +Mid SD
Significant investment in innovation
Increased advertising
Additional inflation headwinds
Continued up-front cost investment
Earnings Per Share
Guidance Range of $2.92 to $2.97
Higher tax rate of 31%
* Internal sales and operating profit growth exclude the impact of foreign currency translation
and if applicable, acquisitions, dispositions, and differences in the number of shipping days.
12
13. Third Quarter 2007:North America Growth
Year-Over-Year %, Internal Net Sales Growth (1)
6%
5%
3%
0%
(2)
Retail Snacks (3)
Total North Retail Cereal Frozen and
Specialty Channels(4)
America
YTD 6% 2% 8% 6%
1) Internal sales growth excludes the impact of foreign currency translation and if applicable,
acquisitions, dispositions, and differences in the number of shipping days.
2) Includes U.S. and Canada retail cereal.
3) Includes biscuits, wholesome snacks, Pop-Tarts, and fruit snacks.
13 4) Includes frozen foods, Food Away From Home, and custom manufacturing.
14. North America Retail Cereal: Internal Net Sales Growth*
Year-Over-Year % Change
6%
4% 4%
3% 3%
0%
-2%
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2006 2007
* Internal sales and operating profit growth exclude the impact of foreign currency translation
and if applicable, acquisitions, dispositions, and differences in the number of shipping days.
14
15. North America Retail Snacks: Internal Net Sales Growth*
Year-Over-Year % Change
12% 12% 11%
11% 11%
9%
5%
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2006 2007
*Internal sales growth excludes the impact of foreign currency translation and if
applicable, acquisitions, dispositions, and differences in the number of shipping days.
15
16. Third Quarter 2007: North America Retail Snacks
Year-Over-Year Change, Net Sales
Sales
Toaster Pastries
Crackers
Cookies
Wholesome Snacks
Portfolio +5%
16
17. North America Frozen & Specialty Channels(1):
Internal Net Sales Growth(2)
Year-Over-Year % Change
9%
8% 8%
8%
6%
5% 5%
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2007
2006
1) Includes Frozen Foods, Food Away From Home, and custom manufacturing.
2) Internal sales growth excludes the impact of foreign currency translation and if applicable,
acquisitions, dispositions and differences in the number of shipping days.
17
18. Kellogg International: Internal Net Sales Growth*
Year-Over-Year % Change
6% 6%
5%
5% 5%
5% 5%
Q1 Q2 Q3 Q4 Q1 Q2 Q3
2006 2007
* Internal sales growth excludes the impact of foreign currency translation and if applicable,
acquisitions, dispositions, and differences in the number of shipping days.
18
19. Third Quarter International 2007: Internal Sales Growth
Year-Over-Year % Change, Internal Sales Growth (1)
12%
5%
3%
-1%
Total Asia (2)
Latin
Europe
International Pacific
America
YTD 5% 6% 10% (1)%
1) Internal sales growth excludes the impact of foreign currency translation and if applicable,
acquisitions, dispositions, and differences in the number of shipping days.
2) Includes Australia, Asia, and South Africa.
19
20. Outlook for 2008
• Commodity inflation and
volatility
• Drive initiatives to help offset
inflation
• Strong innovation and
advertising support
• Investment in geographic
expansion
• Continued efficiency gains
Confidence and visibility for another year of
sustainable, dependable growth
20
21. Appendix 1
Reconciliation of Kellogg-Defined Cash Flow to GAAP Cash Flow
Year-to-date period ended
September 29, September 30,
2007 2006
(unaudited)
Operating activities
Net earnings $822
$927
Adjustments to reconcile net earnings to
operating cash flows:
Depreciation and amortization 258
275
Deferred income taxes 2
(114)
Other 140
138
Postretirement benefit plan contributions (38)
(42)
Changes in operating assets and liabilities (72)
69
1,112
Net cash provided by operating activities 1,253
Less:
Additions to properties (262)
(292)
$850
Cash flow $961
We use this non-GAAP measure of cash flow to focus management and investors on the amount of cash available
for debt reduction, dividend distributions, acquisition opportunities, and share repurchases.
21