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Mondelez Presentation at CAGNY 2019

Dirk Van de Put, CEO of Mondelēz International, presented at CAGNY 2019. He outlined the company's strategy to drive accelerated growth by adopting a more consumer-centric approach, focusing on operational excellence, and building a winning culture. Van de Put projected 3%+ organic net revenue growth, high single-digit adjusted EPS growth at constant currency, dividend growth above adjusted EPS growth, and over $3 billion in annual free cash flow as part of an attractive long-term financial outlook. He also highlighted strategic initiatives around global and local brands, new marketing approaches, agile innovation, expanding channels and key markets, and partnerships and M&A to support continued growth.

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CAGNY 2019 Dirk Van de Put Chief Executive Officer
This presentation contains a number of forward-looking statements. Words, and variations of words, such as “will,” “expect,” “may,” “believe,” “should,” “plan,” “estimate,” “deliver,” “position,” “potential,” “opportunity,” “target,” “commitment,” “outlook” and similar expressions are intended to identify our forward-looking statements, including, but not limited to, statements about: our future performance, including our future revenue growth, earnings per share, interest expense and cash flow; currency and the effect of foreign exchange translation on our results of operations; the company’s strategic plan to drive accelerated growth by adopting a more consumer-centric commercial approach, focusing on operational excellence and building a winning growth culture; our ability to lead the future of snacking; snacks category growth, including in emerging markets; volume growth; market share gains; innovation; investments and the results of and return on those investments; our structural advantages; cost discipline including the impact of our procurement capabilities, operational efficiency, factory design and overhead savings; the sustainability of our growth algorithm; restructuring spending; capital expenditures; working capital; strategic transactions; share repurchases; dividends; value creation and returns for shareholders; our long-term financial targets; and our outlook, including Organic Net Revenue growth, Adjusted EPS growth, Adjusted Effective Tax Rate and Free Cash Flow for full- year 2019. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from those indicated in our forward-looking statements. Such factors include, but are not limited to, risks from operating globally including in emerging markets; changes in currency exchange rates, controls and restrictions; continued volatility of commodity and other input costs; weakness in economic conditions; weakness in consumer spending; pricing actions; tax matters including changes in tax rates and laws, disagreements with taxing authorities and imposition of new taxes; use of information technology and third party service providers; unanticipated disruptions to our business, such as the malware incident, cyberattacks or other security breaches; competition; protection of our reputation and brand image; our ability to innovate and differentiate our products; the restructuring program and our other transformation initiatives not yielding the anticipated benefits; and changes in the assumptions on which the restructuring program is based. Please also see our risk factors, as they may be amended from time to time, set forth in our filings with the SEC, including our most recently filed Annual Report on Form 10-K. Mondelēz International disclaims and does not undertake any obligation to update or revise any forward-looking statement in this presentation, except as required by applicable law or regulation. All results contained within this presentation are non-GAAP unless otherwise noted. Please see GAAP to non-GAAP reconciliations at the end of this presentation for comparable GAAP measures. Refer to the definitions of these measures in our earnings release for Q4 2018 located at www.mondelezinternational.com/investors. 2
CAGNY 2019 Dirk Van de Put Chief Executive Officer
4 Our Strategy to Drive Growth Global Snacking Leadership Strong Financial Outlook
5 Large Market $1.2T Consumer Behavior Well Positioned Core categories are ~45% of packaged snacks Leadership We are the global packaged snacks leader On Trend Growing faster than food across the world
6
7 Snacking Made Right – We are leading the future of snacking by offering the right snack, for the right moment, made the right way
8 Source: Based on available Nielsen Global Data through Jan 2019. Category growth from measured channels in key markets where the company competes. This includes biscuits, chocolate, gum and candy categories in key markets and is weighted based on prior year Mondelēz International net revenues. MDLZ MDLZ Snacks Category Growth 2016 2017 2018
A leader in high-growth categories Powerful global brands and local jewels Global presence and scale Strong value chain 9 Our committed people
10 Chocolate #1 (TIED) Biscuits #1 Candy #1 Gum #2 $26B in Net Revenue Biscuits 43% Chocolate 32% Beverages 5% Gum & Candy 13% Cheese & Grocery 7% Market Position Source: Nielsen Global Data
11 ~65 Local Jewels ~ 47% of Total Revenue 9 Leading Global Brands 65 Local JewelsGlobal Brands 9 Global Leaders ~ 43% of Total Revenue Local Jewels
Extending our iconic chocolate brands into biscuits and cakes Building a global savory snacks platform Expanding the world’s favorite cookie across snacking Chocobakery
13 United States UK France Brazil China Germany India Australia Canada Russia Source: 2018 FY Nielsen Size of Market Biscuits Choc Gum Candy #1/#2 Position
14 +5.7% Emerging Market Organic Net Revenue Growth in 2018 Emerging Markets ~37% International ~75% 2018 Net Revenue
15
16 Cost ExcellenceRoute-to-Market Supply Chain
17 2012 LAUNCH COMPANY • Establish standalone snacks business • Strong emerging market exposure 2013-2018 MARGIN FOCUS • Cost-focused playbook • Portfolio optimization to focus on snacking 2019-2023 GROWTH FOCUS • Consumer-centric and agile mindset • Top-line growth & share gain • Profit dollar emphasis
18 Source: Based on available Nielsen Global Data through January 2019. Category growth from measured channels in key markets where the company competes. This includes biscuits, chocolate, gum and candy categories in key markets and is weighted based on prior year Mondelēz International net revenues. MDLZ 2018 Category Growth MDLZ LT Organic Net Revenue Growth Target White Space Share Gains Adjacencies
19 Our Strategy to Drive Growth Global Snacking Leadership Strong Financial Outlook
20 GROWTH Accelerating Consumer-Centric Growth EXECUTION Driving Operational Excellence CULTURE Build winning growth culture • 3%+ Organic Net Revenue growth • HSD Adjusted EPS growth1 • Dividend growth > Adj. EPS growth • FCF $3B+ per year Attractive Long-term Total Returns 1 2 3 1 at cst FX
21 Focus on Broader Snacking Investment in Global and Local Brands Activation of New Marketing Playbook Agile Innovation Approach Expansion of Channels & Key Markets Leverage of Partnerships and M&A Strategic Initiatives Growth
~$4B 2018 Net Revenues Across 40+ CountriesMSD 2018 Organic Net Revenue Growth Global Chocolate Brand Source: Euromonitor 22
Award-Winning Campaign Chocobakery & Soft Cakes MSD 2018 Organic Net Revenue Growth Reduced Sugar, Freddo Treasures 23
The New Generosity Campaign +200K Outlets +70K Visi-Coolers Cadbury Fuse, Crispello & Spready DD 2018 Organic Net Revenue Growth 24
25 23% +1.0 pp 39% +0.5 pp 40% +2.8 pp Leverage Cadbury Dairy Milk equity by introducing local flavors & activating local-market occasions Source: AC Nielsen
~$3B 2018 Net Revenues HSD 2018 Organic Net Revenue Growth Global Cookie Brand Source: AC Nielsen
New Pack SizesNew Products Expanding in C-StoresLeveraging DSD Expanding ReachPlayful Moments XX% Growth in 2018 80% OF CATEGORY GROWTH HSD 2018 Organic Net Revenue Growth 27
28 “Oreo People” Campaign Augmented Reality Oreo Rainbow for Alibaba 2nd Gen Music Box for Tmall New Formulation DD 2018 Organic Net Revenue Growth New Packaging
+DD 2018 Organic Net Revenue Growth +DD 2018 Organic Net Revenue Growth +DD 2018 Organic Net Revenue Growth Western Andean1 France Indonesia 29 1 Western Andean region includes Western Andean, Central America, Caribbean and Chile
30 CHINA INDIA RUSSIA USA BRAZIL VIETNAM DD Consumption Growth HSD Cons. Growth DD Consumption Growth DD Consumption Growth MSD Consumption Growth Record MoonCake Season DD Cons. Growth
Source: AC Nielsen, latest YTD Nov’2018 & Fact 2018, Chocolate + Biscuits31 1Packaged Snacks Brand #Market Share Revenue 22% Accelerating Growth in Russia +2.1pp ~$700M +DD 2018 Organic Net Revenue Growth DD Operating Income Dollar Growth Profitability Biscuits 30% +2.5pp Chocolate
32 GROWTH Accelerating Consumer-Centric Growth EXECUTION Driving Operational Excellence CULTURE Build winning growth culture Attractive Long-term Total Returns 1 2 3 • 3%+ Organic Net Revenue growth • HSD Adjusted EPS growth1 • Dividend growth > Adj. EPS growth • FCF $3B+ per year 1 at cst FX
33 Supply Chain, ZBB and MBS Continuous Cost Improvement Net Revenue Management, DSD, In-store Execution Sales Execution Digital Marketing and Maximizing ROI Marketing Excellence Digitalization, Operational Efficiency World Class Supply Chain
34 2014-2018 2019-2022 Fewer Suppliers Less Specs Gross Productivity Days Payable Digitalization Parametric Bidding Automation Tools Robotics World Class Procurement    
35 • Flexible smart factory • Real time analytics • Robots, Cobots and cognitive automations • Industry-leading cyber security Gross Margin +600bp Gross Productivity +260% Global Efficiency +18pp Gross tons per employee +4X Disruptive Solutions to Increase Competitiveness Curitiba KPIs - 5-Year Evolution
MSD 2018 Organic Net Revenue Growth Seasonals 36
1 at cst FX37 GROWTH Accelerating Consumer-Centric Growth EXECUTION Driving Operational Excellence CULTURE Build winning growth culture Attractive Long-term Total Returns 1 2 3 • 3%+ Organic Net Revenue growth • HSD Adjusted EPS growth1 • Dividend growth > Adj. EPS • FCF $3B+ per year
38 Investing in BreakthroughsApplying Test, Learn & Scale 40+ Test and Learns in 2019 11 Global Innovation Centers
Local-First Commercial Model 39 Performance-Based Incentive Structure [Add graphic showing new structure] Volume Growth Adj Gross Profit Dollars Adj OI Dollars Market Share Org Net Revenue Growth Free Cash Flow
40 Our Strategy to Drive Growth Global Snacking Leadership Strong Financial Outlook
CAGNY 2019 Luca Zaramella Chief Financial Officer
42 Our growth model Continued focus on cost excellence Free cash flow and capital allocation Building on a strong foundation and performance record Growth algorithm and outlook 1 2 3 4 5
43 • Building on a strong foundation of margin expansion and capabilities • Pivoting to accelerated top-line growth with investments funded by next wave of savings opportunities • Targeting strong FCF generation of $3B+ annually powered by a better growth model • New MDLZ expects high quality, 3%+ Organic Net Revenue growth & HSD Adjusted EPS growth THE FOUNDATION THE PIVOT THE CASH FLOW THE OUTLOOK
44 $1.37 $2.43 2013 2018 10.6 16.7 2013 2018 2.4% 2014 2018 Organic Net Revenue Growth % Adjusted OI Margin % Adjusted EPS $ +18% cst fx 2013-18 +610 bps 2013-18 +1.6% CAGR 2014-18 Free Cash Flow $ $2.2 $2.9 2015 2018 -61 CCC days 2013-18
1. Adjusted EPS growth at cst fx 2. Quarterly Dividend Rate increase 45 2.4%Organic Net Revenue Growth ~2% Adjusted EPS Growth1 Double-digit Free Cash Flow ~$2.8B $2.9B 15% Dividend Growth2 > Adj EPS Growth Capital Return N/A $3.4B +18% Commitment Actual Met Target
- • Unique and scalable assets in all major developing markets • Efficient and scalable assets in mature markets • Simplified and modernized Supply Chain with state of the art plants • Procurement competitive advantage • Established ZBB • Created MDLZ Business Services 46
1. Category growth based on available Nielsen Global Data through Jan 2019 for measured channels in key markets where the company competes. This includes biscuits, chocolate, gum and candy categories in key markets and is weighted based on prior year Mondelēz International net revenues. Long-term estimate based on company projections. 47 Organic Net Revenue Growth % Core Snacks Category Growth % 2.3% 2.1% 2.8% ~3% 2016 2017 2018 LT 1.6% 1.5% 1.5% 0.9% 2.4% 3%+ 2014 2018 LT Improved categories $ Focus Global & local brands Higher growth geographies Channel expansion Selective adjacencies
48 Build next generation of capabilities through digital Drive best in class service levels and optimize cost & network Continue to upgrade production network Most efficient and effective organization
49 HSD Adjusted EPS Growth1 Profit Dollar Focus Volume Growth Operating Leverage Reinvested Savings Continuous Productivity & ZBB Accelerating Growth Cost Excellence High Quality Earnings 1 at cst FX
• Improved earnings, MSD growth • Continue driving working capital improvements • Lower capex spend, ~3.5% net revenue • Lower Restructuring Free Cash Flow $ billions 2.2 1.6 1.6 2.9 2015 2016 2017 2018 LT Key Drivers $3B+ ~90% FCF conversion* (based on Net Income) 50
51 Debt Repayment • Solid investment grade, access to tier 2 CP • Maintain flexibility for M&A Dividend & Share Repurchase • Dividend growth > Adj EPS growth • Opportunistic and programmatic share repurchases • Balance share repurchases with M&A Targeted M&A • High-growth markets, adjacencies, new capabilities • Efficiency synergies • Strong strategic and cultural fit • Financial discipline Invest for Growth • A&C, sales, quality, R&D • High return restructuring • Disciplined capex
1. MDLZ book value for JDE represents book value as of Dec 31, 2018 2. Represents market value of MDLZ stake in KDP, based on KDP closing share price as of February 15, 2019  26.4% stake – MDLZ book value of ~$3.4B(1) – Significant value created  Innovation and strategic M&A  13.8% stake – MDLZ stake worth $5.4B(2)  Significant revenue and cost synergies  NYSE listed company 52
53 Dividend Growth1 % Share Repurchase ($B) 10.3% 12.5% 13.9% 17.1% 2015 2016 2017 2018 LT $3.6 $2.6 $2.2 $2.0 2015 2016 2017 2018 LT ++> Adj EPS2 1. Dividends declared growth. 2. Adjusted EPS Growth
1. Please see slide at end of deck regarding GAAP to Non-GAAP reconciliations on our 2019 outlook 2. 2019 Currency Impact on Revenue of (3)% and Adjusted EPS of $(0.07), based on Jan 25, 2019 published FX rates (source: XE.com) 3%+Organic Net Revenue growth2 2-3% Adj. EPS growth2 (cst fx) 3-5% Free Cash Flow ~$2.8B $3B+ HSD Interest expense, net ~$450 million Adj. Effective Tax Rate % Low 20s Share repurchase ~$2B 20191 Long Term Targets 54
55 Accelerating Growth Driving Savings Improving Capital Efficiency • Building off strong foundation, new strategy and growth priorities beginning to deliver results • Leveraging cost excellence capabilities to deliver next wave of savings for margin and reinvestment • Improving net income conversion, reducing capital intensity and clear capital allocation priorities
GROWTH Accelerate consumer-centric growth EXECUTION Drive operational excellence CULTURE Build winning growth culture • 3%+ Organic Net Revenue growth • HSD Adjusted EPS growth1 • Dividend growth > Adj. EPS growth • FCF $3B+ per year 56 1 at cst FX
58 Source: XE.com Full Year 2018 1 Jan. 25th Rate 2 Impact vs 2018 Mexican Peso Indian Rupee Chinese Yuan Euro Brazilian Real Australian Dollar Russian Ruble 62.80 / $US 19.23 / $US US$1.18 / € 68.41 / $US 3.66 / $US US$1.33 / £ US$0.75 / AUD US$1.14 / € 3.77 / $US US$0.72 / AUD 65.75 / $US 18.98 / $US 70.89 / $US US$1.32 / £ 6.79 / $US Argentine Peso 28.12 / $US 37.05 / $US 6.62 / $US Pound Sterling Canadian Dollar US$0.77 / CAD US$0.75 / CAD 1. Average of 2018 monthly fx rates 2. January 25, 2019 published fx rates were used to estimate $(0.07) impact to 2019 Adjusted EPS
Our outlook for Organic Net Revenue growth, Adjusted EPS growth on a constant currency basis, Adjusted Effective Tax Rate and Free Cash Flow for full- year 2019 are non-GAAP financial measures that exclude or otherwise adjust for items impacting comparability of financial results such as the impact of changes in foreign currency exchange rates, restructuring activities, acquisitions and divestitures. Because GAAP financial measures on a forward-looking basis are not accessible and reconciling information is not available without unreasonable effort, we have not provided that information with regard to the non-GAAP financial measures in our outlook. We are not able to reconcile our projected Organic Net Revenue growth to our projected reported net revenue growth for full-year 2019 because we are unable to predict during those periods the impacts from potential acquisitions or divestitures as well as the impact of foreign exchange due to the unpredictability of future changes in foreign exchange rates, which could be material as a significant portion of our operations are outside the U.S. We are not able to reconcile our projected Adjusted EPS growth on a constant currency basis and Adjusted Effective Tax Rate to our projected reported diluted EPS growth and reported effective tax rate, respectively, for full-year 2019 because we are unable to predict during those periods the timing of our restructuring program costs, mark-to-market impacts from commodity and forecasted currency derivative contracts, impacts from potential acquisitions or divestitures as well as the impact of foreign exchange due to the unpredictability of future changes in foreign exchange rates, which could be material as a significant portion of our operations are outside the U.S. We are not able to reconcile our projected Free Cash Flow to our projected net cash from operating activities for full-year 2019 because we are unable to predict the timing and amount of capital expenditures impacting cash flow. Therefore, because of the uncertainty and variability of the nature and amount of future adjustments, which could be significant, we are unable to provide a reconciliation of these measures without unreasonable effort. 59
60 Emerging Markets Developed Markets Mondelēz International For the Twelve Months Ended December 31, 2018 Reported (GAAP) 9,659$ 16,279$ 25,938$ Acquisition - (52) (52) Currency 604 (261) 343 Organic (Non-GAAP) 10,263$ 15,966$ 26,229$ For the Twelve Months Ended December 31, 2017 Reported (GAAP) 9,707$ 16,189$ 25,896$ Divestitures - (270) (270) Organic (Non-GAAP) 9,707$ 15,919$ 25,626$ % Change Reported (GAAP) (0.5)% 0.6 % 0.2 % Divestitures - pp 1.7 pp 1.0 pp Acquisition - (0.3) (0.2) Currency 6.2 (1.7) 1.4 Organic (Non-GAAP) 5.7 % 0.3 % 2.4 % Net Revenues to Organic Net Revenue (in millions of U.S. dollars) (Unaudited)
61 5 Year CAGR For the Twelve Months Ended December 31, 2014 2013 % Change 2015 2014 % Change 2016 2015 % Change 2017 2016 % Change 2018 2017 % Change 2014-2018 Mondelēz International, Inc. and Subsidiaries Reported (GAAP) 34,244$ 35,299$ (3.0)% 29,636$ 34,244$ (13.5)% 25,923$ 29,636$ (12.5)% 25,896$ 25,923$ (0.1)% 25,938$ 25,896$ 0.2 % (6.0)% Divestitures (831) (1,006) (695) (831) (653) (695) (270) (653) - (270) Historical Venezuelan operations (760) (795) (1,217) (760) - (1,217) - - - - Historical coffee business (3,776) (3,904) (1,627) (3,776) - (1,627) - - - - Acquisitions (14) - (165) - (92) - (59) - (52) - Accounting calendar change - (28) (78) - - (76) - - - - Currency 1,170 - 3,445 - 1,233 - (77) - 343 - Organic (Non-GAAP) 30,033$ 29,566$ 1.6 % 29,299$ 28,877$ 1.5 % 26,411$ 26,021$ 1.5 % 25,490$ 25,270$ 0.9 % 26,229$ 25,626$ 2.4 % 1.6 % Net Revenues to Organic Net Revenue (in millions of U.S. dollars) (Unaudited)
62 Net Revenues Operating Income Operating Income Margin Net Revenues Operating Income Operating Income Margin Net Revenues Operating Income Operating Income Margin Net Revenues Operating Income Operating Income Margin Net Revenues Operating Income Operating Income Margin Net Revenues Operating Income Operating Income Margin Mondelēz International, Inc. and Subsidiaries Reported (GAAP) 35,299$ 4,107$ 11.6 % 34,244$ 3,332$ 9.7 % 29,636$ 8,954$ 30.2 % 25,923$ 2,554$ 9.9 % 25,896$ 3,462$ 13.4 % 25,938$ 3,312$ 12.8 % Spin-Off Costs - 62 - 35 - - - - - - - - 2012-2014 Restructuring Program costs - 315 - 456 - (4) - - - - - - Simplify to Grow Program - - - 376 - 994 - 1,072 - 777 - 626 Intangible asset impairment charges - - - 57 - 71 - 137 - 109 - 68 Mark-to-market (gains)/losses from derivatives - (43) - 73 - (56) - 94 - 96 - (141) Integration Program and other acquisition integration costs - 220 - (4) - 9 - 7 - 3 - 3 Net benefit from indemnification resolution - (336) - - - - - - - - - - Malware incident incremental expenses - - - - - - - - - 84 - - Acquisition-related costs - 2 - 2 - 8 - 1 - - - 13 Divestiture-related costs - - - - - - - 86 - 31 - (1) Operating income from divestitures (1,006) (198) (831) (204) (695) (182) (653) (153) (270) (61) - - Historical Venezuelan operations (795) (192) (760) (175) (1,217) (281) - - - - - - Historical coffee business (3,904) (729) (3,776) (670) (1,627) (357) - - - - - - (Gains)/losses on acquisition and divestitures, net - (30) - - - (13) - (9) - (186) - - Loss on deconsolidation of Venezuela - - - - - 778 - - - - - - Gain on the JDE coffee business transactions - - - - - (6,809) - - - - - - (Income)/costs associated with the JDE coffee business transactions - - - 77 - 278 - (2) - - - - Gain on sale of intangible asset - - - - - - - (15) - - - - Remeasurement of net monetary assets in Venezuela - 54 - 167 - 11 - - - - - - Remeasurement of net monetary position - - - - - - - - - - - 11 Impact of pension participation changes - - - - - - - - - - - 423 Impacts from resolution of tax matters - - - - - - - - - (209) - (15) CEO transition remuneration - - - - - - - - - 14 - 22 Reclassification of equity method investment earnings - (101) - (104) - (51) - - - - - - Rounding - - - - - - - 1 - (1) - - Adjusted (Non-GAAP) 29,594$ 3,131$ 10.6 % 28,877$ 3,418$ 11.8 % 26,097$ 3,350$ 12.8 % 25,270$ 3,773$ 14.9 % 25,626$ 4,119$ 16.1 % 25,938$ 4,321$ 16.7 % Operating Income to Adjusted Operating Income (in millions of U.S. dollars) (Unaudited) For the Twelve Months Ended December 31, 2013 For the Twelve Months Ended December 31, 2014 For the Twelve Months Ended December 31, 2015 For the Twelve Months Ended December 31, 2016 For the Twelve Months Ended December 31, 2018 For the Twelve Months Ended December 31, 2017
63 5 Year CAGR For the Twelve Months Ended December 31, 2014 2013 % Change 2015 2014 % Change 2016 2015 % Change 2017 2016 % Change 2018 2017 % Change 2014-2018 Diluted EPS attributable to Mondelēz International (GAAP) 1.28$ 2.19$ (41.6)% 4.44$ 1.28$ 246.9 % 1.04$ 4.44$ (76.6)% 1.85$ 1.04$ 77.9 % 2.28$ 1.85$ 23.2 % 0.8 % Discontinued operations - 0.90 - - - - - - - - Diluted EPS attributable to Mondelēz International from continuing operations 1.28$ 1.29$ (0.8)% 4.44$ 1.28$ 246.9 % 1.04$ 4.44$ (76.6)% 1.85$ 1.04$ 77.9 % 2.28$ 1.85$ 23.2 % 12.1 % Spin-Off Costs 0.01 0.02 - 0.01 - - - - - - 2012-2014 Restructuring Program costs 0.21 0.14 - 0.21 - - - - - - Simplify to Grow Program 0.16 - 0.45 0.16 0.51 0.45 0.39 0.51 0.32 0.39 Intangible asset impairment charges 0.02 - 0.03 0.02 0.06 0.03 0.05 0.06 0.03 0.05 Mark-to-market (gains)/losses from derivatives 0.03 (0.02) (0.03) 0.03 0.05 (0.03) 0.06 0.05 (0.09) 0.06 Integration Program and other acquisition integration costs - 0.10 - - 0.01 - - 0.01 - - Net Benefit from Indemnification Resolution - (0.20) - - - - - - - - Residual Tax Associated with Starbucks Arbitration - (0.02) - - - - - - - - Malware incident incremental expenses - - - - - - 0.04 - - 0.04 Acquistion-related costs - 0.01 - - - - - - 0.01 - Divestiture-related costs - - - - 0.05 - 0.02 0.05 - 0.02 Net earnings from divestitures (0.10) (0.09) (0.07) (0.10) (0.08) (0.07) (0.03) (0.08) - (0.03) Net earnings from Venezuelan subsidiaries (0.05) (0.07) (0.10) (0.05) - (0.10) - - - - (Gains)/losses on acquisition and divestitures, net - (0.04) 0.01 - - 0.01 (0.11) - - (0.11) Loss on deconsolidation of Venezuela - - 0.48 - - 0.48 - - - - Gain on the JDE coffee business transactions - - (4.05) - - (4.05) - - - - (Income)/costs associated with the JDE coffee business transactions (0.19) - (0.01) (0.19) - (0.01) - - - - Gain on sale of intangible asset - - - - (0.01) - - (0.01) - - Remeasurement of net monetary assets in Venezuela 0.09 0.03 0.01 0.09 - 0.01 - - - - Remeasurement of net monetary position - - - - - - - - 0.01 - Impact of pension participation changes - - - - - - - - 0.22 - Impacts from resolution of tax matters - - - - - - (0.13) - (0.01) (0.13) CEO transition renumeration - - - - - - 0.01 - 0.01 0.01 (Gain)/loss related to interest rate swaps - - 0.01 - 0.04 0.01 - 0.04 (0.01) - Loss on debt extinguishment and related expenses 0.18 0.22 0.29 0.18 0.17 0.29 - 0.17 0.07 - U.S. tax reform discrete net tax (benefit)/expense - - - - - - (0.03) - 0.01 (0.03) Gain on equity method investment transactions - - - - (0.03) - (0.02) (0.03) (0.39) (0.02) Equity method investee acquisition-related and other adjustments - - 0.07 - 0.03 0.07 0.04 0.03 (0.03) 0.04 Adjusted EPS (Non-GAAP) 1.64$ 1.37$ 19.7 % 1.53$ 1.64$ (6.7)% 1.84$ 1.53$ 20.3 % 2.14$ 1.84$ 16.3 % 2.43$ 2.14$ 13.6 % 12.1 % Impact of currency 0.07 - 0.27 - 0.06 - (0.01) - 0.03 - Adjusted EPS @ Constant FX (Non-GAAP) 1.71$ 1.37$ 24.8 % 1.80$ 1.64$ 9.8 % 1.90$ 1.53$ 24.2 % 2.13$ 1.84$ 15.8 % 2.46$ 2.14$ 15.0 % 17.8 % Diluted EPS to Adjusted EPS (Unaudited)
64 For the Twelve Months Ended December 31, 2015 2016 2017 2018 Mondelēz International, Inc. and Subsidiaries Net Cash Provided by Operating Activities (GAAP) 3,728$ 2,838$ 2,593$ 3,948$ Capital Expenditures (1,514) (1,224) (1,014) (1,095) Free Cash Flow (Non-GAAP) 2,214$ 1,614$ 1,579$ 2,853$ Net Cash Provided by Operating Activities to Free Cash Flow (in millions of U.S. dollars) (Unaudited)

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Mondelez Presentation at CAGNY 2019

  • 1.
    CAGNY 2019 Dirk Vande Put Chief Executive Officer
  • 2.
    This presentation containsa number of forward-looking statements. Words, and variations of words, such as “will,” “expect,” “may,” “believe,” “should,” “plan,” “estimate,” “deliver,” “position,” “potential,” “opportunity,” “target,” “commitment,” “outlook” and similar expressions are intended to identify our forward-looking statements, including, but not limited to, statements about: our future performance, including our future revenue growth, earnings per share, interest expense and cash flow; currency and the effect of foreign exchange translation on our results of operations; the company’s strategic plan to drive accelerated growth by adopting a more consumer-centric commercial approach, focusing on operational excellence and building a winning growth culture; our ability to lead the future of snacking; snacks category growth, including in emerging markets; volume growth; market share gains; innovation; investments and the results of and return on those investments; our structural advantages; cost discipline including the impact of our procurement capabilities, operational efficiency, factory design and overhead savings; the sustainability of our growth algorithm; restructuring spending; capital expenditures; working capital; strategic transactions; share repurchases; dividends; value creation and returns for shareholders; our long-term financial targets; and our outlook, including Organic Net Revenue growth, Adjusted EPS growth, Adjusted Effective Tax Rate and Free Cash Flow for full- year 2019. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from those indicated in our forward-looking statements. Such factors include, but are not limited to, risks from operating globally including in emerging markets; changes in currency exchange rates, controls and restrictions; continued volatility of commodity and other input costs; weakness in economic conditions; weakness in consumer spending; pricing actions; tax matters including changes in tax rates and laws, disagreements with taxing authorities and imposition of new taxes; use of information technology and third party service providers; unanticipated disruptions to our business, such as the malware incident, cyberattacks or other security breaches; competition; protection of our reputation and brand image; our ability to innovate and differentiate our products; the restructuring program and our other transformation initiatives not yielding the anticipated benefits; and changes in the assumptions on which the restructuring program is based. Please also see our risk factors, as they may be amended from time to time, set forth in our filings with the SEC, including our most recently filed Annual Report on Form 10-K. Mondelēz International disclaims and does not undertake any obligation to update or revise any forward-looking statement in this presentation, except as required by applicable law or regulation. All results contained within this presentation are non-GAAP unless otherwise noted. Please see GAAP to non-GAAP reconciliations at the end of this presentation for comparable GAAP measures. Refer to the definitions of these measures in our earnings release for Q4 2018 located at www.mondelezinternational.com/investors. 2
  • 3.
    CAGNY 2019 Dirk Vande Put Chief Executive Officer
  • 4.
    4 Our Strategy toDrive Growth Global Snacking Leadership Strong Financial Outlook
  • 5.
    5 Large Market $1.2T Consumer Behavior WellPositioned Core categories are ~45% of packaged snacks Leadership We are the global packaged snacks leader On Trend Growing faster than food across the world
  • 6.
  • 7.
    7 Snacking Made Right– We are leading the future of snacking by offering the right snack, for the right moment, made the right way
  • 8.
    8 Source: Based onavailable Nielsen Global Data through Jan 2019. Category growth from measured channels in key markets where the company competes. This includes biscuits, chocolate, gum and candy categories in key markets and is weighted based on prior year Mondelēz International net revenues. MDLZ MDLZ Snacks Category Growth 2016 2017 2018
  • 9.
    A leader inhigh-growth categories Powerful global brands and local jewels Global presence and scale Strong value chain 9 Our committed people
  • 10.
    10 Chocolate #1 (TIED) Biscuits #1 Candy #1 Gum #2 $26B inNet Revenue Biscuits 43% Chocolate 32% Beverages 5% Gum & Candy 13% Cheese & Grocery 7% Market Position Source: Nielsen Global Data
  • 11.
    11 ~65 Local Jewels ~ 47%of Total Revenue 9 Leading Global Brands 65 Local JewelsGlobal Brands 9 Global Leaders ~ 43% of Total Revenue Local Jewels
  • 12.
    Extending our iconicchocolate brands into biscuits and cakes Building a global savory snacks platform Expanding the world’s favorite cookie across snacking Chocobakery
  • 13.
    13 United States UK France Brazil China Germany India Australia Canada Russia Source: 2018FY Nielsen Size of Market Biscuits Choc Gum Candy #1/#2 Position
  • 14.
    14 +5.7% Emerging Market Organic Net Revenue Growth in2018 Emerging Markets ~37% International ~75% 2018 Net Revenue
  • 15.
  • 16.
  • 17.
    17 2012 LAUNCH COMPANY • Establishstandalone snacks business • Strong emerging market exposure 2013-2018 MARGIN FOCUS • Cost-focused playbook • Portfolio optimization to focus on snacking 2019-2023 GROWTH FOCUS • Consumer-centric and agile mindset • Top-line growth & share gain • Profit dollar emphasis
  • 18.
    18 Source: Based onavailable Nielsen Global Data through January 2019. Category growth from measured channels in key markets where the company competes. This includes biscuits, chocolate, gum and candy categories in key markets and is weighted based on prior year Mondelēz International net revenues. MDLZ 2018 Category Growth MDLZ LT Organic Net Revenue Growth Target White Space Share Gains Adjacencies
  • 19.
    19 Our Strategy toDrive Growth Global Snacking Leadership Strong Financial Outlook
  • 20.
    20 GROWTH Accelerating Consumer-Centric Growth EXECUTION DrivingOperational Excellence CULTURE Build winning growth culture • 3%+ Organic Net Revenue growth • HSD Adjusted EPS growth1 • Dividend growth > Adj. EPS growth • FCF $3B+ per year Attractive Long-term Total Returns 1 2 3 1 at cst FX
  • 21.
    21 Focus on Broader Snacking Investment in Globaland Local Brands Activation of New Marketing Playbook Agile Innovation Approach Expansion of Channels & Key Markets Leverage of Partnerships and M&A Strategic Initiatives Growth
  • 22.
    ~$4B 2018 Net Revenues Across 40+CountriesMSD 2018 Organic Net Revenue Growth Global Chocolate Brand Source: Euromonitor 22
  • 23.
    Award-Winning Campaign Chocobakery &Soft Cakes MSD 2018 Organic Net Revenue Growth Reduced Sugar, Freddo Treasures 23
  • 24.
    The New GenerosityCampaign +200K Outlets +70K Visi-Coolers Cadbury Fuse, Crispello & Spready DD 2018 Organic Net Revenue Growth 24
  • 25.
    25 23% +1.0 pp 39% +0.5 pp 40% +2.8pp Leverage Cadbury Dairy Milk equity by introducing local flavors & activating local-market occasions Source: AC Nielsen
  • 26.
    ~$3B 2018 Net Revenues HSD 2018 Organic NetRevenue Growth Global Cookie Brand Source: AC Nielsen
  • 27.
    New Pack SizesNewProducts Expanding in C-StoresLeveraging DSD Expanding ReachPlayful Moments XX% Growth in 2018 80% OF CATEGORY GROWTH HSD 2018 Organic Net Revenue Growth 27
  • 28.
    28 “Oreo People” CampaignAugmented Reality Oreo Rainbow for Alibaba 2nd Gen Music Box for Tmall New Formulation DD 2018 Organic Net Revenue Growth New Packaging
  • 29.
    +DD 2018 Organic Net Revenue Growth +DD 2018 Organic Net Revenue Growth +DD 2018 OrganicNet Revenue Growth Western Andean1 France Indonesia 29 1 Western Andean region includes Western Andean, Central America, Caribbean and Chile
  • 30.
    30 CHINA INDIA RUSSIA USABRAZIL VIETNAM DD Consumption Growth HSD Cons. Growth DD Consumption Growth DD Consumption Growth MSD Consumption Growth Record MoonCake Season DD Cons. Growth
  • 31.
    Source: AC Nielsen,latest YTD Nov’2018 & Fact 2018, Chocolate + Biscuits31 1Packaged Snacks Brand #Market Share Revenue 22% Accelerating Growth in Russia +2.1pp ~$700M +DD 2018 Organic Net Revenue Growth DD Operating Income Dollar Growth Profitability Biscuits 30% +2.5pp Chocolate
  • 32.
    32 GROWTH Accelerating Consumer-Centric Growth EXECUTION DrivingOperational Excellence CULTURE Build winning growth culture Attractive Long-term Total Returns 1 2 3 • 3%+ Organic Net Revenue growth • HSD Adjusted EPS growth1 • Dividend growth > Adj. EPS growth • FCF $3B+ per year 1 at cst FX
  • 33.
    33 Supply Chain, ZBB andMBS Continuous Cost Improvement Net Revenue Management, DSD, In-store Execution Sales Execution Digital Marketing and Maximizing ROI Marketing Excellence Digitalization, Operational Efficiency World Class Supply Chain
  • 34.
    34 2014-2018 2019-2022 Fewer Suppliers LessSpecs Gross Productivity Days Payable Digitalization Parametric Bidding Automation Tools Robotics World Class Procurement    
  • 35.
    35 • Flexible smartfactory • Real time analytics • Robots, Cobots and cognitive automations • Industry-leading cyber security Gross Margin +600bp Gross Productivity +260% Global Efficiency +18pp Gross tons per employee +4X Disruptive Solutions to Increase Competitiveness Curitiba KPIs - 5-Year Evolution
  • 36.
  • 37.
    1 at cstFX37 GROWTH Accelerating Consumer-Centric Growth EXECUTION Driving Operational Excellence CULTURE Build winning growth culture Attractive Long-term Total Returns 1 2 3 • 3%+ Organic Net Revenue growth • HSD Adjusted EPS growth1 • Dividend growth > Adj. EPS • FCF $3B+ per year
  • 38.
    38 Investing in BreakthroughsApplyingTest, Learn & Scale 40+ Test and Learns in 2019 11 Global Innovation Centers
  • 39.
    Local-First Commercial Model 39 Performance-Based Incentive Structure [Addgraphic showing new structure] Volume Growth Adj Gross Profit Dollars Adj OI Dollars Market Share Org Net Revenue Growth Free Cash Flow
  • 40.
    40 Our Strategy toDrive Growth Global Snacking Leadership Strong Financial Outlook
  • 41.
  • 42.
    42 Our growth model Continuedfocus on cost excellence Free cash flow and capital allocation Building on a strong foundation and performance record Growth algorithm and outlook 1 2 3 4 5
  • 43.
    43 • Building ona strong foundation of margin expansion and capabilities • Pivoting to accelerated top-line growth with investments funded by next wave of savings opportunities • Targeting strong FCF generation of $3B+ annually powered by a better growth model • New MDLZ expects high quality, 3%+ Organic Net Revenue growth & HSD Adjusted EPS growth THE FOUNDATION THE PIVOT THE CASH FLOW THE OUTLOOK
  • 44.
    44 $1.37 $2.43 2013 2018 10.6 16.7 2013 2018 2.4% 20142018 Organic Net Revenue Growth % Adjusted OI Margin % Adjusted EPS $ +18% cst fx 2013-18 +610 bps 2013-18 +1.6% CAGR 2014-18 Free Cash Flow $ $2.2 $2.9 2015 2018 -61 CCC days 2013-18
  • 45.
    1. Adjusted EPSgrowth at cst fx 2. Quarterly Dividend Rate increase 45 2.4%Organic Net Revenue Growth ~2% Adjusted EPS Growth1 Double-digit Free Cash Flow ~$2.8B $2.9B 15% Dividend Growth2 > Adj EPS Growth Capital Return N/A $3.4B +18% Commitment Actual Met Target
  • 46.
    - • Unique andscalable assets in all major developing markets • Efficient and scalable assets in mature markets • Simplified and modernized Supply Chain with state of the art plants • Procurement competitive advantage • Established ZBB • Created MDLZ Business Services 46
  • 47.
    1. Category growthbased on available Nielsen Global Data through Jan 2019 for measured channels in key markets where the company competes. This includes biscuits, chocolate, gum and candy categories in key markets and is weighted based on prior year Mondelēz International net revenues. Long-term estimate based on company projections. 47 Organic Net Revenue Growth % Core Snacks Category Growth % 2.3% 2.1% 2.8% ~3% 2016 2017 2018 LT 1.6% 1.5% 1.5% 0.9% 2.4% 3%+ 2014 2018 LT Improved categories $ Focus Global & local brands Higher growth geographies Channel expansion Selective adjacencies
  • 48.
    48 Build next generation of capabilities throughdigital Drive best in class service levels and optimize cost & network Continue to upgrade production network Most efficient and effective organization
  • 49.
    49 HSD Adjusted EPS Growth1 Profit DollarFocus Volume Growth Operating Leverage Reinvested Savings Continuous Productivity & ZBB Accelerating Growth Cost Excellence High Quality Earnings 1 at cst FX
  • 50.
    • Improved earnings,MSD growth • Continue driving working capital improvements • Lower capex spend, ~3.5% net revenue • Lower Restructuring Free Cash Flow $ billions 2.2 1.6 1.6 2.9 2015 2016 2017 2018 LT Key Drivers $3B+ ~90% FCF conversion* (based on Net Income) 50
  • 51.
    51 Debt Repayment • Solidinvestment grade, access to tier 2 CP • Maintain flexibility for M&A Dividend & Share Repurchase • Dividend growth > Adj EPS growth • Opportunistic and programmatic share repurchases • Balance share repurchases with M&A Targeted M&A • High-growth markets, adjacencies, new capabilities • Efficiency synergies • Strong strategic and cultural fit • Financial discipline Invest for Growth • A&C, sales, quality, R&D • High return restructuring • Disciplined capex
  • 52.
    1. MDLZ bookvalue for JDE represents book value as of Dec 31, 2018 2. Represents market value of MDLZ stake in KDP, based on KDP closing share price as of February 15, 2019  26.4% stake – MDLZ book value of ~$3.4B(1) – Significant value created  Innovation and strategic M&A  13.8% stake – MDLZ stake worth $5.4B(2)  Significant revenue and cost synergies  NYSE listed company 52
  • 53.
    53 Dividend Growth1 % Share Repurchase ($B) 10.3% 12.5% 13.9% 17.1% 20152016 2017 2018 LT $3.6 $2.6 $2.2 $2.0 2015 2016 2017 2018 LT ++> Adj EPS2 1. Dividends declared growth. 2. Adjusted EPS Growth
  • 54.
    1. Please seeslide at end of deck regarding GAAP to Non-GAAP reconciliations on our 2019 outlook 2. 2019 Currency Impact on Revenue of (3)% and Adjusted EPS of $(0.07), based on Jan 25, 2019 published FX rates (source: XE.com) 3%+Organic Net Revenue growth2 2-3% Adj. EPS growth2 (cst fx) 3-5% Free Cash Flow ~$2.8B $3B+ HSD Interest expense, net ~$450 million Adj. Effective Tax Rate % Low 20s Share repurchase ~$2B 20191 Long Term Targets 54
  • 55.
    55 Accelerating Growth Driving Savings Improving Capital Efficiency •Building off strong foundation, new strategy and growth priorities beginning to deliver results • Leveraging cost excellence capabilities to deliver next wave of savings for margin and reinvestment • Improving net income conversion, reducing capital intensity and clear capital allocation priorities
  • 56.
    GROWTH Accelerate consumer-centric growth EXECUTION Driveoperational excellence CULTURE Build winning growth culture • 3%+ Organic Net Revenue growth • HSD Adjusted EPS growth1 • Dividend growth > Adj. EPS growth • FCF $3B+ per year 56 1 at cst FX
  • 58.
    58 Source: XE.com FullYear 2018 1 Jan. 25th Rate 2 Impact vs 2018 Mexican Peso Indian Rupee Chinese Yuan Euro Brazilian Real Australian Dollar Russian Ruble 62.80 / $US 19.23 / $US US$1.18 / € 68.41 / $US 3.66 / $US US$1.33 / £ US$0.75 / AUD US$1.14 / € 3.77 / $US US$0.72 / AUD 65.75 / $US 18.98 / $US 70.89 / $US US$1.32 / £ 6.79 / $US Argentine Peso 28.12 / $US 37.05 / $US 6.62 / $US Pound Sterling Canadian Dollar US$0.77 / CAD US$0.75 / CAD 1. Average of 2018 monthly fx rates 2. January 25, 2019 published fx rates were used to estimate $(0.07) impact to 2019 Adjusted EPS
  • 59.
    Our outlook forOrganic Net Revenue growth, Adjusted EPS growth on a constant currency basis, Adjusted Effective Tax Rate and Free Cash Flow for full- year 2019 are non-GAAP financial measures that exclude or otherwise adjust for items impacting comparability of financial results such as the impact of changes in foreign currency exchange rates, restructuring activities, acquisitions and divestitures. Because GAAP financial measures on a forward-looking basis are not accessible and reconciling information is not available without unreasonable effort, we have not provided that information with regard to the non-GAAP financial measures in our outlook. We are not able to reconcile our projected Organic Net Revenue growth to our projected reported net revenue growth for full-year 2019 because we are unable to predict during those periods the impacts from potential acquisitions or divestitures as well as the impact of foreign exchange due to the unpredictability of future changes in foreign exchange rates, which could be material as a significant portion of our operations are outside the U.S. We are not able to reconcile our projected Adjusted EPS growth on a constant currency basis and Adjusted Effective Tax Rate to our projected reported diluted EPS growth and reported effective tax rate, respectively, for full-year 2019 because we are unable to predict during those periods the timing of our restructuring program costs, mark-to-market impacts from commodity and forecasted currency derivative contracts, impacts from potential acquisitions or divestitures as well as the impact of foreign exchange due to the unpredictability of future changes in foreign exchange rates, which could be material as a significant portion of our operations are outside the U.S. We are not able to reconcile our projected Free Cash Flow to our projected net cash from operating activities for full-year 2019 because we are unable to predict the timing and amount of capital expenditures impacting cash flow. Therefore, because of the uncertainty and variability of the nature and amount of future adjustments, which could be significant, we are unable to provide a reconciliation of these measures without unreasonable effort. 59
  • 60.
    60 Emerging Markets Developed Markets Mondelēz International For the TwelveMonths Ended December 31, 2018 Reported (GAAP) 9,659$ 16,279$ 25,938$ Acquisition - (52) (52) Currency 604 (261) 343 Organic (Non-GAAP) 10,263$ 15,966$ 26,229$ For the Twelve Months Ended December 31, 2017 Reported (GAAP) 9,707$ 16,189$ 25,896$ Divestitures - (270) (270) Organic (Non-GAAP) 9,707$ 15,919$ 25,626$ % Change Reported (GAAP) (0.5)% 0.6 % 0.2 % Divestitures - pp 1.7 pp 1.0 pp Acquisition - (0.3) (0.2) Currency 6.2 (1.7) 1.4 Organic (Non-GAAP) 5.7 % 0.3 % 2.4 % Net Revenues to Organic Net Revenue (in millions of U.S. dollars) (Unaudited)
  • 61.
    61 5 Year CAGR For theTwelve Months Ended December 31, 2014 2013 % Change 2015 2014 % Change 2016 2015 % Change 2017 2016 % Change 2018 2017 % Change 2014-2018 Mondelēz International, Inc. and Subsidiaries Reported (GAAP) 34,244$ 35,299$ (3.0)% 29,636$ 34,244$ (13.5)% 25,923$ 29,636$ (12.5)% 25,896$ 25,923$ (0.1)% 25,938$ 25,896$ 0.2 % (6.0)% Divestitures (831) (1,006) (695) (831) (653) (695) (270) (653) - (270) Historical Venezuelan operations (760) (795) (1,217) (760) - (1,217) - - - - Historical coffee business (3,776) (3,904) (1,627) (3,776) - (1,627) - - - - Acquisitions (14) - (165) - (92) - (59) - (52) - Accounting calendar change - (28) (78) - - (76) - - - - Currency 1,170 - 3,445 - 1,233 - (77) - 343 - Organic (Non-GAAP) 30,033$ 29,566$ 1.6 % 29,299$ 28,877$ 1.5 % 26,411$ 26,021$ 1.5 % 25,490$ 25,270$ 0.9 % 26,229$ 25,626$ 2.4 % 1.6 % Net Revenues to Organic Net Revenue (in millions of U.S. dollars) (Unaudited)
  • 62.
    62 Net Revenues Operating Income Operating Income Margin Net Revenues Operating Income Operating Income Margin Net Revenues Operating Income Operating Income Margin Net Revenues Operating Income Operating Income Margin Net Revenues Operating Income Operating Income Margin Net Revenues Operating Income Operating Income Margin Mondelēz International, Inc.and Subsidiaries Reported (GAAP) 35,299$ 4,107$ 11.6 % 34,244$ 3,332$ 9.7 % 29,636$ 8,954$ 30.2 % 25,923$ 2,554$ 9.9 % 25,896$ 3,462$ 13.4 % 25,938$ 3,312$ 12.8 % Spin-Off Costs - 62 - 35 - - - - - - - - 2012-2014 Restructuring Program costs - 315 - 456 - (4) - - - - - - Simplify to Grow Program - - - 376 - 994 - 1,072 - 777 - 626 Intangible asset impairment charges - - - 57 - 71 - 137 - 109 - 68 Mark-to-market (gains)/losses from derivatives - (43) - 73 - (56) - 94 - 96 - (141) Integration Program and other acquisition integration costs - 220 - (4) - 9 - 7 - 3 - 3 Net benefit from indemnification resolution - (336) - - - - - - - - - - Malware incident incremental expenses - - - - - - - - - 84 - - Acquisition-related costs - 2 - 2 - 8 - 1 - - - 13 Divestiture-related costs - - - - - - - 86 - 31 - (1) Operating income from divestitures (1,006) (198) (831) (204) (695) (182) (653) (153) (270) (61) - - Historical Venezuelan operations (795) (192) (760) (175) (1,217) (281) - - - - - - Historical coffee business (3,904) (729) (3,776) (670) (1,627) (357) - - - - - - (Gains)/losses on acquisition and divestitures, net - (30) - - - (13) - (9) - (186) - - Loss on deconsolidation of Venezuela - - - - - 778 - - - - - - Gain on the JDE coffee business transactions - - - - - (6,809) - - - - - - (Income)/costs associated with the JDE coffee business transactions - - - 77 - 278 - (2) - - - - Gain on sale of intangible asset - - - - - - - (15) - - - - Remeasurement of net monetary assets in Venezuela - 54 - 167 - 11 - - - - - - Remeasurement of net monetary position - - - - - - - - - - - 11 Impact of pension participation changes - - - - - - - - - - - 423 Impacts from resolution of tax matters - - - - - - - - - (209) - (15) CEO transition remuneration - - - - - - - - - 14 - 22 Reclassification of equity method investment earnings - (101) - (104) - (51) - - - - - - Rounding - - - - - - - 1 - (1) - - Adjusted (Non-GAAP) 29,594$ 3,131$ 10.6 % 28,877$ 3,418$ 11.8 % 26,097$ 3,350$ 12.8 % 25,270$ 3,773$ 14.9 % 25,626$ 4,119$ 16.1 % 25,938$ 4,321$ 16.7 % Operating Income to Adjusted Operating Income (in millions of U.S. dollars) (Unaudited) For the Twelve Months Ended December 31, 2013 For the Twelve Months Ended December 31, 2014 For the Twelve Months Ended December 31, 2015 For the Twelve Months Ended December 31, 2016 For the Twelve Months Ended December 31, 2018 For the Twelve Months Ended December 31, 2017
  • 63.
    63 5 Year CAGR For theTwelve Months Ended December 31, 2014 2013 % Change 2015 2014 % Change 2016 2015 % Change 2017 2016 % Change 2018 2017 % Change 2014-2018 Diluted EPS attributable to Mondelēz International (GAAP) 1.28$ 2.19$ (41.6)% 4.44$ 1.28$ 246.9 % 1.04$ 4.44$ (76.6)% 1.85$ 1.04$ 77.9 % 2.28$ 1.85$ 23.2 % 0.8 % Discontinued operations - 0.90 - - - - - - - - Diluted EPS attributable to Mondelēz International from continuing operations 1.28$ 1.29$ (0.8)% 4.44$ 1.28$ 246.9 % 1.04$ 4.44$ (76.6)% 1.85$ 1.04$ 77.9 % 2.28$ 1.85$ 23.2 % 12.1 % Spin-Off Costs 0.01 0.02 - 0.01 - - - - - - 2012-2014 Restructuring Program costs 0.21 0.14 - 0.21 - - - - - - Simplify to Grow Program 0.16 - 0.45 0.16 0.51 0.45 0.39 0.51 0.32 0.39 Intangible asset impairment charges 0.02 - 0.03 0.02 0.06 0.03 0.05 0.06 0.03 0.05 Mark-to-market (gains)/losses from derivatives 0.03 (0.02) (0.03) 0.03 0.05 (0.03) 0.06 0.05 (0.09) 0.06 Integration Program and other acquisition integration costs - 0.10 - - 0.01 - - 0.01 - - Net Benefit from Indemnification Resolution - (0.20) - - - - - - - - Residual Tax Associated with Starbucks Arbitration - (0.02) - - - - - - - - Malware incident incremental expenses - - - - - - 0.04 - - 0.04 Acquistion-related costs - 0.01 - - - - - - 0.01 - Divestiture-related costs - - - - 0.05 - 0.02 0.05 - 0.02 Net earnings from divestitures (0.10) (0.09) (0.07) (0.10) (0.08) (0.07) (0.03) (0.08) - (0.03) Net earnings from Venezuelan subsidiaries (0.05) (0.07) (0.10) (0.05) - (0.10) - - - - (Gains)/losses on acquisition and divestitures, net - (0.04) 0.01 - - 0.01 (0.11) - - (0.11) Loss on deconsolidation of Venezuela - - 0.48 - - 0.48 - - - - Gain on the JDE coffee business transactions - - (4.05) - - (4.05) - - - - (Income)/costs associated with the JDE coffee business transactions (0.19) - (0.01) (0.19) - (0.01) - - - - Gain on sale of intangible asset - - - - (0.01) - - (0.01) - - Remeasurement of net monetary assets in Venezuela 0.09 0.03 0.01 0.09 - 0.01 - - - - Remeasurement of net monetary position - - - - - - - - 0.01 - Impact of pension participation changes - - - - - - - - 0.22 - Impacts from resolution of tax matters - - - - - - (0.13) - (0.01) (0.13) CEO transition renumeration - - - - - - 0.01 - 0.01 0.01 (Gain)/loss related to interest rate swaps - - 0.01 - 0.04 0.01 - 0.04 (0.01) - Loss on debt extinguishment and related expenses 0.18 0.22 0.29 0.18 0.17 0.29 - 0.17 0.07 - U.S. tax reform discrete net tax (benefit)/expense - - - - - - (0.03) - 0.01 (0.03) Gain on equity method investment transactions - - - - (0.03) - (0.02) (0.03) (0.39) (0.02) Equity method investee acquisition-related and other adjustments - - 0.07 - 0.03 0.07 0.04 0.03 (0.03) 0.04 Adjusted EPS (Non-GAAP) 1.64$ 1.37$ 19.7 % 1.53$ 1.64$ (6.7)% 1.84$ 1.53$ 20.3 % 2.14$ 1.84$ 16.3 % 2.43$ 2.14$ 13.6 % 12.1 % Impact of currency 0.07 - 0.27 - 0.06 - (0.01) - 0.03 - Adjusted EPS @ Constant FX (Non-GAAP) 1.71$ 1.37$ 24.8 % 1.80$ 1.64$ 9.8 % 1.90$ 1.53$ 24.2 % 2.13$ 1.84$ 15.8 % 2.46$ 2.14$ 15.0 % 17.8 % Diluted EPS to Adjusted EPS (Unaudited)
  • 64.
    64 For the TwelveMonths Ended December 31, 2015 2016 2017 2018 Mondelēz International, Inc. and Subsidiaries Net Cash Provided by Operating Activities (GAAP) 3,728$ 2,838$ 2,593$ 3,948$ Capital Expenditures (1,514) (1,224) (1,014) (1,095) Free Cash Flow (Non-GAAP) 2,214$ 1,614$ 1,579$ 2,853$ Net Cash Provided by Operating Activities to Free Cash Flow (in millions of U.S. dollars) (Unaudited)