SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to
Section 13 or 15(d) of the
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 4, 2005
KRAFT FOODS INC.
(Exact name of registrant as specified in its charter)
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Virginia |
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001-16483 |
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52-2284372 |
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(State or other jurisdiction |
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(Commission |
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(I.R.S. Employer |
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Three Lake Drive, Northfield, Illinois |
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60093-2753 |
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(Address of Principal executive offices) |
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(Zip Code) |
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Registrant’s Telephone number, including area code: (847) 646-2000
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01. Regulation FD Disclosure.
Attached as Exhibit 99.1 to this Current Report on Form 8-K are financial schedules of Kraft Foods Inc., which provide further detail regarding volume, net revenues and operating companies income for each of the four quarters of 2004.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits
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99.1 |
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Financial Schedules |
The information in this Current Report on Form 8-K is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report on Form 8-K shall not be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, except as set forth by specific reference therein.
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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KRAFT FOODS INC. |
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/s/ Jim P. Dollive |
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Name: |
Jim P. Dollive |
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Title: |
Executive
Vice President and |
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Date: March 4, 2005 |
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3
EXHIBIT INDEX
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Exhibit |
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Description |
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99.1 |
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Financial Schedules |
4
EXHIBIT 99.1
KRAFT FOODS INC.
and Subsidiaries
Volume by Business Segments
For the Quarters Ended March 31, (*)
(pounds in millions)
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U.S. |
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U.S.
Cheese, |
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U.S. |
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U.S. |
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U.S. |
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Kraft |
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Europe |
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Latin |
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Kraft |
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Total |
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||||||
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Volume |
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2004 Volume |
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666 |
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1,079 |
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555 |
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404 |
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582 |
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3,286 |
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654 |
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501 |
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1,155 |
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4,441 |
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2003 Volume |
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670 |
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1,038 |
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560 |
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388 |
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597 |
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3,253 |
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666 |
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499 |
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1,165 |
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4,418 |
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% Change |
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(0.6 |
)% |
3.9 |
% |
(0.9 |
)% |
4.1 |
% |
(2.5 |
)% |
1.0 |
% |
(1.8 |
)% |
0.4 |
% |
(0.9 |
)% |
0.5 |
% |
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Divested Businesses: |
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||||||
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- Divested Businesses - 2003 |
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— |
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— |
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— |
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— |
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— |
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— |
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(15 |
) |
— |
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(15 |
) |
(15 |
) |
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Ongoing Volume - Including Acquisitions |
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2004 Volume |
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666 |
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1,079 |
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555 |
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404 |
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582 |
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3,286 |
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654 |
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501 |
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1,155 |
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4,441 |
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2003 Volume |
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670 |
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1,038 |
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560 |
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388 |
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597 |
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3,253 |
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651 |
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499 |
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1,150 |
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4,403 |
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% Change |
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(0.6 |
)% |
3.9 |
% |
(0.9 |
)% |
4.1 |
% |
(2.5 |
)% |
1.0 |
% |
0.5 |
% |
0.4 |
% |
0.4 |
% |
0.9 |
% |
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Memo: Acquired Businesses |
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Volume |
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— |
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— |
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1 |
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— |
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— |
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1 |
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23 |
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— |
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23 |
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24 |
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(*) Due to a change for Discontinued Operations, results have been restated.
KRAFT FOODS INC.
and Subsidiaries
Net Revenues by Business Segment
For the Quarters Ended March 31, (*)
($ in millions)
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U.S. |
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U.S. Cheese, |
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U.S. |
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U.S. |
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U.S. |
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Kraft |
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Europe |
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Latin |
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Kraft |
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Total |
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2004 Net Revenues |
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$ |
671 |
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$ |
1,708 |
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$ |
1,048 |
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$ |
591 |
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$ |
1,274 |
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$ |
5,292 |
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$ |
1,713 |
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$ |
570 |
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$ |
2,283 |
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$ |
7,575 |
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2003 Net Revenues |
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701 |
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1,551 |
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1,041 |
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552 |
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1,305 |
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5,150 |
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1,548 |
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537 |
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2,085 |
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7,235 |
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% Change |
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(4.3 |
)% |
10.1 |
% |
0.7 |
% |
7.1 |
% |
(2.4 |
)% |
2.8 |
% |
10.7 |
% |
6.1 |
% |
9.5 |
% |
4.7 |
% |
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|||||||||||
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Reconciliation: |
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2003 Net Revenues |
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$ |
701 |
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$ |
1,551 |
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$ |
1,041 |
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$ |
552 |
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$ |
1,305 |
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$ |
5,150 |
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$ |
1,548 |
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$ |
537 |
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$ |
2,085 |
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$ |
7,235 |
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- Divested Businesses - 2004 |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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7 |
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7 |
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7 |
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|||||||||||
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- Divested Businesses - 2003 |
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— |
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— |
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— |
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— |
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— |
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— |
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(31 |
) |
(9 |
) |
(40 |
) |
(40 |
) |
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- Acquired Businesses |
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— |
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— |
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1 |
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— |
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— |
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1 |
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12 |
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— |
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12 |
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13 |
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- Currency |
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— |
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72 |
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— |
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— |
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— |
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72 |
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207 |
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26 |
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233 |
|
305 |
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- Operations |
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(30 |
) |
85 |
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6 |
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39 |
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(31 |
) |
69 |
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(23 |
) |
9 |
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(14 |
) |
55 |
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2004 Net Revenues |
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$ |
671 |
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$ |
1,708 |
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$ |
1,048 |
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$ |
591 |
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$ |
1,274 |
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$ |
5,292 |
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$ |
1,713 |
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$ |
570 |
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$ |
2,283 |
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$ |
7,575 |
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Memo: Ongoing, Constant Currency Revenues (1) |
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|||||||||||
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% Change |
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(4.3 |
)% |
5.5 |
% |
0.7 |
% |
7.1 |
% |
(2.4 |
)% |
1.4 |
% |
(0.7 |
)% |
1.7 |
% |
(0.1 |
)% |
0.9 |
% |
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(1) The company’s top-line guidance measure is ongoing, constant currency revenue growth, which includes acquisitions and excludes divestitures and implementation costs associated with the company’s restructuring program. The company believes this measure better represents the growth prospects of the business on a go-forward basis, and provides improved comparability of results.
(*) Due to a change for Discontinued Operations, results have been restated.
KRAFT FOODS INC.
and Subsidiaries
Operating Companies Income by Business Segment
For the Quarters Ended March 31, (*)
($ in millions)
|
|
|
U.S. |
|
U.S.
Cheese, |
|
U.S. |
|
U.S. |
|
U.S. |
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Kraft |
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Europe, |
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Latin |
|
Kraft |
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Total |
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||||||||||||||||||
|
2004 Operating Companies Income |
|
$ |
169 |
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$ |
203 |
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$ |
197 |
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$ |
212 |
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$ |
52 |
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$ |
833 |
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$ |
155 |
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$ |
33 |
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$ |
188 |
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$ |
1,021 |
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||||||||
|
2003 Operating Companies Income |
|
223 |
|
309 |
|
225 |
|
213 |
|
268 |
|
1,238 |
|
194 |
|
65 |
|
259 |
|
1,497 |
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||||||||||||||||||
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% Change |
|
(24.2 |
)% |
(34.3 |
)% |
(12.4 |
)% |
(0.5 |
)% |
(80.6 |
)% |
(32.7 |
)% |
(20.1 |
)% |
(49.2 |
)% |
(27.4 |
)% |
(31.8 |
)% |
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||||||||||||||||||
|
Reconciliation: |
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|
2003 Operating Companies Income |
|
$ |
223 |
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$ |
309 |
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$ |
225 |
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$ |
213 |
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$ |
268 |
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$ |
1,238 |
|
$ |
194 |
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$ |
65 |
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$ |
259 |
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$ |
1,497 |
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||||||||
|
- Divested Businesses - 2003 |
|
— |
|
— |
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— |
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— |
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— |
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— |
|
(5 |
) |
(2 |
) |
(7 |
) |
(7 |
) |
||||||||||||||||||
|
- Asset Impairment and Exit Costs - 2004 |
|
(6 |
) |
(62 |
) |
(9 |
) |
(9 |
) |
(159 |
) |
(245 |
) |
(32 |
) |
(14 |
) |
(46 |
) |
(291 |
) |
||||||||||||||||||
|
- Implementation Costs - 2004 |
|
— |
|
— |
|
— |
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— |
|
— |
|
— |
|
(1 |
) |
— |
|
(1 |
) |
(1 |
) |
||||||||||||||||||
|
- Currency |
|
— |
|
11 |
|
— |
|
— |
|
— |
|
11 |
|
26 |
|
(1 |
) |
25 |
|
36 |
|
||||||||||||||||||
|
- Operations |
|
(48 |
) |
(55 |
) |
(19 |
) |
8 |
|
(57 |
) |
(171 |
) |
(27 |
) |
(15 |
) |
(42 |
) |
(213 |
) |
||||||||||||||||||
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||||||||||||||||||
|
2004 Operating Companies Income |
|
$ |
169 |
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$ |
203 |
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$ |
197 |
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$ |
212 |
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$ |
52 |
|
$ |
833 |
|
$ |
155 |
|
$ |
33 |
|
$ |
188 |
|
$ |
1,021 |
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(*) Due to a change for Discontinued Operations, results have been restated.
KRAFT FOODS INC.
and Subsidiaries
Volume by Business Segments
For the Quarters Ended June 30, (*)
(pounds in millions)
|
|
|
U.S. |
|
U.S. Cheese, |
|
U.S. |
|
U.S. |
|
U.S. |
|
Kraft |
|
Europe, |
|
Latin |
|
Kraft |
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Total |
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Volume |
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2004 Volume |
|
907 |
|
1,147 |
|
562 |
|
510 |
|
597 |
|
3,723 |
|
729 |
|
589 |
|
1,318 |
|
5,041 |
|
|
2003 Volume |
|
757 |
|
1,110 |
|
561 |
|
509 |
|
600 |
|
3,537 |
|
735 |
|
584 |
|
1,319 |
|
4,856 |
|
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% Change |
|
19.8 |
% |
3.3 |
% |
0.2 |
% |
0.2 |
% |
(0.5 |
)% |
5.3 |
% |
(0.8 |
)% |
0.9 |
% |
(0.1 |
)% |
3.8 |
% |
|
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|
Divested Businesses: |
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|
- Divested Businesses - 2004 |
|
— |
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— |
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— |
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— |
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— |
|
— |
|
— |
|
(1 |
) |
(1 |
) |
(1 |
) |
|
- Divested Businesses - 2003 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(16 |
) |
(1 |
) |
(17 |
) |
(17 |
) |
|
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|
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|
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|
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|
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|
|
|
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|
|
Ongoing Volume - Including Acquisitions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2004 Volume |
|
907 |
|
1,147 |
|
562 |
|
510 |
|
597 |
|
3,723 |
|
729 |
|
588 |
|
1,317 |
|
5,040 |
|
|
2003 Volume |
|
757 |
|
1,110 |
|
561 |
|
509 |
|
600 |
|
3,537 |
|
719 |
|
583 |
|
1,302 |
|
4,839 |
|
|
% Change |
|
19.8 |
% |
3.3 |
% |
0.2 |
% |
0.2 |
% |
(0.5 |
)% |
5.3 |
% |
1.4 |
% |
0.9 |
% |
1.2 |
% |
4.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo: Acquired Businesses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume |
|
117 |
|
18 |
|
1 |
|
— |
|
— |
|
136 |
|
17 |
|
— |
|
17 |
|
153 |
|
(*) Due to a change for Discontinued Operations, results have been restated.
KRAFT FOODS INC.
and Subsidiaries
Net Revenues by Business Segment
For the Quarters Ended June 30, (*)
($ in millions)
|
|
|
U.S. |
|
U.S.
Cheese, |
|
U.S. |
|
U.S. |
|
U.S. |
|
Kraft |
|
Europe, |
|
Latin |
|
Kraft |
|
Total |
|
|||||||||||
|
2004 Net Revenues |
|
$ |
683 |
|
$ |
1,838 |
|
$ |
1,053 |
|
$ |
689 |
|
$ |
1,333 |
|
$ |
5,596 |
|
$ |
1,812 |
|
$ |
683 |
|
$ |
2,495 |
|
$ |
8,091 |
|
|
|
2003 Net Revenues |
|
635 |
|
1,665 |
|
1,014 |
|
699 |
|
1,356 |
|
5,369 |
|
1,677 |
|
660 |
|
2,337 |
|
7,706 |
|
|||||||||||
|
% Change |
|
7.6 |
% |
10.4 |
% |
3.8 |
% |
(1.4 |
)% |
(1.7 |
)% |
4.2 |
% |
8.1 |
% |
3.5 |
% |
6.8 |
% |
5.0 |
% |
|||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
2003 Net Revenues |
|
$ |
635 |
|
$ |
1,665 |
|
$ |
1,014 |
|
$ |
699 |
|
$ |
1,356 |
|
$ |
5,369 |
|
$ |
1,677 |
|
$ |
660 |
|
$ |
2,337 |
|
$ |
7,706 |
|
|
|
- Divested Businesses - 2004 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
8 |
|
8 |
|
8 |
|
|||||||||||
|
- Divested Businesses - 2003 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(33 |
) |
(8 |
) |
(41 |
) |
(41 |
) |
|||||||||||
|
- Acquired Businesses |
|
39 |
|
7 |
|
1 |
|
— |
|
— |
|
47 |
|
9 |
|
— |
|
9 |
|
56 |
|
|||||||||||
|
- Currency |
|
— |
|
40 |
|
— |
|
— |
|
— |
|
40 |
|
169 |
|
28 |
|
197 |
|
237 |
|
|||||||||||
|
- Operations |
|
9 |
|
126 |
|
38 |
|
(10 |
) |
(23 |
) |
140 |
|
(10 |
) |
(5 |
) |
(15 |
) |
125 |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
2004 Net Revenues |
|
$ |
683 |
|
$ |
1,838 |
|
$ |
1,053 |
|
$ |
689 |
|
$ |
1,333 |
|
$ |
5,596 |
|
$ |
1,812 |
|
$ |
683 |
|
$ |
2,495 |
|
$ |
8,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Memo: Ongoing, Constant Currency Revenues (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
% Change |
|
7.6 |
% |
8.0 |
% |
3.8 |
% |
(1.4 |
)% |
(1.7 |
)% |
3.5 |
% |
(0.1 |
)% |
(0.8 |
)% |
(0.3 |
)% |
2.4 |
% |
|||||||||||
(1) The company’s top-line guidance measure is ongoing, constant currency revenue growth, which includes acquisitions and excludes divestitures and implementation costs associated with the company’s restructuring program. The company believes this measure better represents the growth prospects of the business on a go-forward basis, and provides improved comparability of results.
(*) Due to a change for Discontinued Operations, results have been restated.
KRAFT FOODS INC.
and Subsidiaries
Operating Companies Income by Business Segment
For the Quarters Ended June 30, (*)
($ in millions)
|
|
|
U.S. |
|
U.S.
Cheese, |
|
U.S. |
|
U.S. |
|
U.S. |
|
Kraft |
|
Europe, |
|
Latin |
|
Kraft |
|
Total |
|
||||||||||
|
2004 Operating Companies Income |
|
$ |
139 |
|
$ |
215 |
|
$ |
187 |
|
$ |
268 |
|
$ |
225 |
|
$ |
1,034 |
|
$ |
140 |
|
$ |
81 |
|
$ |
221 |
|
$ |
1,255 |
|
|
2003 Operating Companies Income |
|
170 |
|
335 |
|
199 |
|
295 |
|
297 |
|
1,296 |
|
229 |
|
106 |
|
335 |
|
1,631 |
|
||||||||||
|
% Change |
|
(18.2 |
)% |
(35.8 |
)% |
(6.0 |
)% |
(9.2 |
)% |
(24.2 |
)% |
(20.2 |
)% |
(38.9 |
)% |
(23.6 |
)% |
(34.0 |
)% |
(23.1 |
)% |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
2003 Operating Companies Income |
|
$ |
170 |
|
$ |
335 |
|
$ |
199 |
|
$ |
295 |
|
$ |
297 |
|
$ |
1,296 |
|
$ |
229 |
|
$ |
106 |
|
$ |
335 |
|
$ |
1,631 |
|
|
- Divested Businesses - 2004 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
2 |
|
2 |
|
2 |
|
||||||||||
|
- Divested Businesses - 2003 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(7 |
) |
— |
|
(7 |
) |
(7 |
) |
||||||||||
|
- Asset Impairment and Exit Costs - 2004 |
|
(4 |
) |
(27 |
) |
1 |
|
— |
|
(9 |
) |
(39 |
) |
(81 |
) |
(9 |
) |
(90 |
) |
(129 |
) |
||||||||||
|
- Implementation Costs - 2004 |
|
— |
|
(1 |
) |
— |
|
(2 |
) |
(6 |
) |
(9 |
) |
— |
|
— |
|
— |
|
(9 |
) |
||||||||||
|
- Currency |
|
— |
|
7 |
|
— |
|
— |
|
— |
|
7 |
|
19 |
|
(1 |
) |
18 |
|
25 |
|
||||||||||
|
- Operations |
|
(27 |
) |
(99 |
) |
(13 |
) |
(25 |
) |
(57 |
) |
(221 |
) |
(20 |
) |
(17 |
) |
(37 |
) |
(258 |
) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
2004 Operating Companies Income |
|
$ |
139 |
|
$ |
215 |
|
$ |
187 |
|
$ |
268 |
|
$ |
225 |
|
$ |
1,034 |
|
$ |
140 |
|
$ |
81 |
|
$ |
221 |
|
$ |
1,255 |
|
(*) Due to a change for Discontinued Operations, results have been restated.
KRAFT FOODS INC.
and Subsidiaries
Volume by Business Segments
For the Quarters Ended September 30, (*)
(pounds in millions)
|
|
|
U.S. |
|
U.S. Cheese, |
|
U.S. |
|
U.S. |
|
U.S. |
|
Kraft |
|
Europe, |
|
Latin |
|
Kraft |
|
Total |
|
|
Volume |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2004 Volume |
|
738 |
|
1,069 |
|
558 |
|
364 |
|
613 |
|
3,342 |
|
695 |
|
542 |
|
1,237 |
|
4,579 |
|
|
2003 Volume |
|
655 |
|
1,036 |
|
544 |
|
370 |
|
590 |
|
3,195 |
|
685 |
|
559 |
|
1,244 |
|
4,439 |
|
|
% Change |
|
12.7 |
% |
3.2 |
% |
2.6 |
% |
(1.6 |
)% |
3.9 |
% |
4.6 |
% |
1.5 |
% |
(3.0 |
)% |
(0.6 |
)% |
3.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Divested Businesses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Divested Businesses - 2003 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(9 |
) |
— |
|
(9 |
) |
(9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ongoing Volume - Including Acquisitions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2004 Volume |
|
738 |
|
1,069 |
|
558 |
|
364 |
|
613 |
|
3,342 |
|
695 |
|
542 |
|
1,237 |
|
4,579 |
|
|
2003 Volume |
|
655 |
|
1,036 |
|
544 |
|
370 |
|
590 |
|
3,195 |
|
676 |
|
559 |
|
1,235 |
|
4,430 |
|
|
% Change |
|
12.7 |
% |
3.2 |
% |
2.6 |
% |
(1.6 |
) % |
3.9 |
% |
4.6 |
% |
2.8 |
% |
(3.0 |
) % |
0.2 |
% |
3.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo: Acquired Businesses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume |
|
96 |
|
14 |
|
1 |
|
— |
|
— |
|
111 |
|
— |
|
— |
|
— |
|
111 |
|
(*) Due to a change for Discontinued Operations, results have been restated.
KRAFT FOODS INC.
and Subsidiaries
Net Revenues by Business Segment
For the Quarters Ended September 30, (*)
($ in millions)
|
|
|
U.S. |
|
U.S. Cheese, |
|
U.S. |
|
U.S. |
|
U.S. |
|
Kraft |
|
Europe, |
|
Latin |
|
Kraft |
|
Total |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
2004 Net Revenues |
|
$ |
607 |
|
$ |
1,788 |
|
$ |
1,088 |
|
$ |
520 |
|
$ |
1,368 |
|
$ |
5,371 |
|
$ |
1,736 |
|
$ |
611 |
|
$ |
2,347 |
|
$ |
7,718 |
|
|
2003 Net Revenues |
|
562 |
|
1,621 |
|
1,038 |
|
531 |
|
1,333 |
|
5,085 |
|
1,637 |
|
628 |
|
2,265 |
|
7,350 |
|
||||||||||
|
% Change |
|
8.0 |
% |
10.3 |
% |
4.8 |
% |
(2.1 |
)% |
2.6 |
% |
5.6 |
% |
6.0 |
% |
(2.7 |
)% |
3.6 |
% |
5.0 |
% |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
2003 Net Revenues |
|
$ |
562 |
|
$ |
1,621 |
|
$ |
1,038 |
|
$ |
531 |
|
$ |
1,333 |
|
$ |
5,085 |
|
$ |
1,637 |
|
$ |
628 |
|
$ |
2,265 |
|
$ |
7,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Divested Businesses - 2004 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
4 |
|
4 |
|
4 |
|
||||||||||
|
- Divested Businesses - 2003 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(27 |
) |
(3 |
) |
(30 |
) |
(30 |
) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Acquired Businesses |
|
31 |
|
5 |
|
1 |
|
— |
|
— |
|
37 |
|
— |
|
— |
|
— |
|
37 |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Implementation Costs |
|
— |
|
— |
|
— |
|
— |
|
(5 |
) |
(5 |
) |
— |
|
— |
|
— |
|
(5 |
) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Currency |
|
— |
|
13 |
|
— |
|
— |
|
— |
|
13 |
|
91 |
|
(21 |
) |
70 |
|
83 |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Operations |
|
14 |
|
149 |
|
49 |
|
(11 |
) |
40 |
|
241 |
|
35 |
|
3 |
|
38 |
|
279 |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
2004 Net Revenues |
|
$ |
607 |
|
$ |
1,788 |
|
$ |
1,088 |
|
$ |
520 |
|
$ |
1,368 |
|
$ |
5,371 |
|
$ |
1,736 |
|
$ |
611 |
|
$ |
2,347 |
|
$ |
7,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Memo: Ongoing, Constant Currency Revenues (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
% Change |
|
8.0 |
% |
9.5 |
% |
4.8 |
% |
(2.1 |
)% |
3.0 |
% |
5.5 |
% |
2.2 |
% |
0.5 |
% |
1.7 |
% |
4.3 |
% |
||||||||||
(1) The company’s top-line guidance measure is ongoing, constant currency revenue growth, which includes acquisitions and excludes divestitures and implementation costs associated with the company’s restructuring program. The company believes this measure better represents the growth prospects of the business on a go-forward basis, and provides improved comparability of results.
(*) Due to a change for Discontinued Operations, results have been restated.
KRAFT FOODS INC.
and Subsidiaries
Operating Companies Income by Business Segment
For the Quarters Ended September 30, (*)
($ in millions)
|
|
|
U.S. |
|
U.S. Cheese, |
|
U.S. |
|
U.S. |
|
U.S. |
|
Kraft |
|
Europe, |
|
Latin |
|
Kraft |
|
Total |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
2004 Operating Companies Income |
|
$ |
118 |
|
$ |
279 |
|
$ |
209 |
|
$ |
196 |
|
$ |
254 |
|
$ |
1,056 |
|
$ |
167 |
|
$ |
57 |
|
$ |
224 |
|
$ |
1,280 |
|
|
2003 Operating Companies Income |
|
133 |
|
282 |
|
222 |
|
187 |
|
261 |
|
1,085 |
|
235 |
|
97 |
|
332 |
|
1,417 |
|
||||||||||
|
% Change |
|
(11.3 |
)% |
(1.1 |
)% |
(5.9 |
)% |
4.8 |
% |
(2.7 |
)% |
(2.7 |
)% |
(28.9 |
)% |
(41.2 |
)% |
(32.5 |
)% |
(9.7 |
)% |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
2003 Operating Companies Income |
|
$ |
133 |
|
$ |
282 |
|
$ |
222 |
|
$ |
187 |
|
$ |
261 |
|
$ |
1,085 |
|
$ |
235 |
|
$ |
97 |
|
$ |
332 |
|
$ |
1,417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Divested Businesses - 2004 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(1 |
) |
(1 |
) |
(1 |
) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Divested Businesses - 2003 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(3 |
) |
— |
|
(3 |
) |
(3 |
) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Asset Impairment and Exit Costs - 2004 |
|
— |
|
(1 |
) |
— |
|
— |
|
(4 |
) |
(5 |
) |
(36 |
) |
(3 |
) |
(39 |
) |
(44 |
) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Asset Impairment and Exit Costs - 2003 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
6 |
|
— |
|
6 |
|
6 |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Implementation Costs - 2004 |
|
— |
|
(1 |
) |
— |
|
— |
|
(3 |
) |
(4 |
) |
(3 |
) |
— |
|
(3 |
) |
(7 |
) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Gains/(Losses) on Sales of Businesses - 2004 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(8 |
) |
(8 |
) |
(8 |
) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- (Gains)/Losses on Sales of Businesses - 2003 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(23 |
) |
— |
|
(23 |
) |
(23 |
) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Currency |
|
— |
|
3 |
|
— |
|
— |
|
— |
|
3 |
|
11 |
|
(4 |
) |
7 |
|
10 |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Operations |
|
(15 |
) |
(4 |
) |
(13 |
) |
9 |
|
— |
|
(23 |
) |
(20 |
) |
(24 |
) |
(44 |
) |
(67 |
) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
2004 Operating Companies Income |
|
$ |
118 |
|
$ |
279 |
|
$ |
209 |
|
$ |
196 |
|
$ |
254 |
|
$ |
1,056 |
|
$ |
167 |
|
$ |
57 |
|
$ |
224 |
|
$ |
1,280 |
|
(*) Due to a change for Discontinued Operations, results have been restated.
KRAFT FOODS INC.
and Subsidiaries
Volume by Business Segments
For the Quarters Ended December 31, (*)
(pounds in millions)
|
|
|
U.S. |
|
U.S. Cheese, |
|
U.S. |
|
U.S. |
|
U.S. |
|
Kraft |
|
Europe, |
|
Latin |
|
Kraft |
|
Total |
|
|
Volume |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2004 Volume |
|
657 |
|
1,232 |
|
530 |
|
412 |
|
632 |
|
3,463 |
|
837 |
|
641 |
|
1,478 |
|
4,941 |
|
|
2003 Volume |
|
552 |
|
1,189 |
|
506 |
|
411 |
|
602 |
|
3,260 |
|
867 |
|
653 |
|
1,520 |
|
4,780 |
|
|
% Change |
|
19.0 |
% |
3.6 |
% |
4.7 |
% |
0.2 |
% |
5.0 |
% |
6.2 |
% |
(3.5 |
)% |
(1.8 |
)% |
(2.8 |
)% |
3.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Divested Businesses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Divested Businesses - 2003 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(9 |
) |
— |
|
(9 |
) |
(9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ongoing Volume - Including Acquisitions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2004 Volume |
|
657 |
|
1,232 |
|
530 |
|
412 |
|
632 |
|
3,463 |
|
837 |
|
641 |
|
1,478 |
|
4,941 |
|
|
2003 Volume |
|
552 |
|
1,189 |
|
506 |
|
411 |
|
602 |
|
3,260 |
|
858 |
|
653 |
|
1,511 |
|
4,771 |
|
|
% Change |
|
19.0 |
% |
3.6 |
% |
4.7 |
% |
0.2 |
% |
5.0 |
% |
6.2 |
% |
(2.4 |
)% |
(1.8 |
)% |
(2.2 |
)% |
3.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo: Acquired Businesses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume |
|
86 |
|
15 |
|
— |
|
— |
|
— |
|
101 |
|
— |
|
4 |
|
4 |
|
105 |
|
(*) Due to a change for Discontinued Operations, prior period results have been restated.
KRAFT FOODS INC.
and Subsidiaries
Net Revenues by Business Segment
For the Quarters Ended December 31, (*)
($ in millions)
|
|
|
U.S. |
|
U.S. Cheese, |
|
U.S. |
|
U.S. |
|
U.S. |
|
Kraft |
|
Europe, |
|
Latin |
|
Kraft |
|
Total |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
2004 Net Revenues |
|
$ |
594 |
|
$ |
2,086 |
|
$ |
1,061 |
|
$ |
625 |
|
$ |
1,435 |
|
$ |
5,801 |
|
$ |
2,261 |
|
$ |
722 |
|
$ |
2,983 |
|
$ |
8,784 |
|
|
2003 Net Revenues |
|
535 |
|
1,879 |
|
965 |
|
606 |
|
1,348 |
|
5,333 |
|
2,152 |
|
722 |
|
2,874 |
|
8,207 |
|
||||||||||
|
% Change |
|
11.0 |
% |
11.0 |
% |
9.9 |
% |
3.1 |
% |
6.5 |
% |
8.8 |
% |
5.1 |
% |
0.0 |
% |
3.8 |
% |
7.0 |
% |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
2003 Net Revenues |
|
$ |
535 |
|
$ |
1,879 |
|
$ |
965 |
|
$ |
606 |
|
$ |
1,348 |
|
$ |
5,333 |
|
$ |
2,152 |
|
$ |
722 |
|
$ |
2,874 |
|
$ |
8,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Divested Businesses - 2003 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(24 |
) |
(10 |
) |
(34 |
) |
(34 |
) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Acquired Businesses |
|
24 |
|
8 |
|
— |
|
— |
|
— |
|
32 |
|
— |
|
2 |
|
2 |
|
34 |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Implementation Costs |
|
(1 |
) |
— |
|
— |
|
(1 |
) |
— |
|
(2 |
) |
— |
|
— |
|
— |
|
(2 |
) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Currency |
|
— |
|
39 |
|
— |
|
— |
|
— |
|
39 |
|
182 |
|
(8 |
) |
174 |
|
213 |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Operations |
|
36 |
|
160 |
|
96 |
|
20 |
|
87 |
|
399 |
|
(49 |
) |
16 |
|
(33 |
) |
366 |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
2004 Net Revenues |
|
$ |
594 |
|
$ |
2,086 |
|
$ |
1,061 |
|
$ |
625 |
|
$ |
1,435 |
|
$ |
5,801 |
|
$ |
2,261 |
|
$ |
722 |
|
$ |
2,983 |
|
$ |
8,784 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Memo: Ongoing, Constant Currency Revenues (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
% Change |
|
11.2 |
% |
8.9 |
% |
9.9 |
% |
3.3 |
% |
6.5 |
% |
8.1 |
% |
(2.3 |
)% |
2.5 |
% |
(1.1 |
)% |
4.9 |
% |
||||||||||
(1) The company’s top-line guidance measure is ongoing, constant currency revenue growth, which includes acquisitions and excludes divestitures and implementation costs associated with the company’s restructuring program. The company believes this measure better represents the growth prospects of the business on a go-forward basis, and provides improved comparability of results.
(*) Due to a change for Discontinued Operations, prior period results have been restated.
KRAFT FOODS INC.
and Subsidiaries
Operating Companies Income by Business Segment
For the Quarters Ended December 31, (*)
($ in millions)
|
|
|
U.S. |
|
U.S. Cheese, |
|
U.S. |
|
U.S. |
|
U.S. |
|
Kraft |
|
Europe, |
|
Latin |
|
Kraft |
|
Total |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
2004 Operating Companies Income |
|
$ |
53 |
|
$ |
292 |
|
$ |
178 |
|
$ |
218 |
|
$ |
206 |
|
$ |
947 |
|
$ |
221 |
|
$ |
79 |
|
$ |
300 |
|
$ |
1,247 |
|
|
2003 Operating Companies Income |
|
104 |
|
345 |
|
171 |
|
199 |
|
220 |
|
1,039 |
|
344 |
|
123 |
|
467 |
|
1,506 |
|
||||||||||
|
% Change |
|
(49.0 |
)% |
(15.4 |
)% |
4.1 |
% |
9.5 |
% |
(6.4 |
)% |
(8.9 |
)% |
(35.8 |
)% |
(35.8 |
)% |
(35.8 |
)% |
(17.2 |
)% |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
2003 Operating Companies Income |
|
$ |
104 |
|
$ |
345 |
|
$ |
171 |
|
$ |
199 |
|
$ |
220 |
|
$ |
1,039 |
|
$ |
344 |
|
$ |
123 |
|
$ |
467 |
|
$ |
1,506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Divested Businesses - 2003 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(2 |
) |
— |
|
(2 |
) |
(2 |
) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Asset Impairment and Exit Costs - 2004 |
|
1 |
|
(21 |
) |
(33 |
) |
1 |
|
(50 |
) |
(102 |
) |
(31 |
) |
(6 |
) |
(37 |
) |
(139 |
) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Integration Costs - 2003 |
|
(3 |
) |
(1 |
) |
(2 |
) |
(7 |
) |
— |
|
(13 |
) |
— |
|
— |
|
— |
|
(13 |
) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Implementation Costs - 2004 |
|
(4 |
) |
(6 |
) |
(4 |
) |
(4 |
) |
(9 |
) |
(27 |
) |
(5 |
) |
(1 |
) |
(6 |
) |
(33 |
) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Gains/(Losses) on Sales of Businesses - 2004 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
5 |
|
— |
|
5 |
|
5 |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- (Gains)/Losses on Sales of Businesses - 2003 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(8 |
) |
— |
|
(8 |
) |
(8 |
) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Investment Impairment |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(47 |
) |
— |
|
(47 |
) |
(47 |
) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Currency |
|
— |
|
8 |
|
— |
|
— |
|
— |
|
8 |
|
22 |
|
(3 |
) |
19 |
|
27 |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Operations |
|
(45 |
) |
(33 |
) |
46 |
|
29 |
|
45 |
|
42 |
|
(57 |
) |
(34 |
) |
(91 |
) |
(49 |
) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
2004 Operating Companies Income |
|
$ |
53 |
|
$ |
292 |
|
$ |
178 |
|
$ |
218 |
|
$ |
206 |
|
$ |
947 |
|
$ |
221 |
|
$ |
79 |
|
$ |
300 |
|
$ |
1,247 |
|
(*) Due to a change for Discontinued Operations, prior period results have been restated.
KRAFT FOODS INC.
and Subsidiaries
Volume by Business Segments
For the Years Ended December 31, (*)
(pounds in millions)
|
|
|
U.S. |
|
U.S. Cheese, |
|
U.S. |
|
U.S. |
|
U.S. |
|
Kraft |
|
Europe, |
|
Latin |
|
Kraft |
|
Total |
|
|
Volume |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2004 Volume |
|
2,968 |
|
4,527 |
|
2,205 |
|
1,690 |
|
2,424 |
|
13,814 |
|
2,915 |
|
2,273 |
|
5,188 |
|
19,002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2003 Volume |
|
2,634 |
|
4,373 |
|
2,171 |
|
1,678 |
|
2,389 |
|
13,245 |
|
2,953 |
|
2,295 |
|
5,248 |
|
18,493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change |
|
12.7 |
% |
3.5 |
% |
1.6 |
% |
0.7 |
% |
1.5 |
% |
4.3 |
% |
(1.3 |
)% |
(1.0 |
)% |
(1.1 |
)% |
2.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Divested Businesses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Divested Businesses - 2004 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(1 |
) |
(1 |
) |
(1 |
) |
|
- Divested Businesses - 2003 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(49 |
) |
(1 |
) |
(50 |
) |
(50 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ongoing Volume - Including Acquisitions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2004 Volume |
|
2,968 |
|
4,527 |
|
2,205 |
|
1,690 |
|
2,424 |
|
13,814 |
|
2,915 |
|
2,272 |
|
5,187 |
|
19,001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2003 Volume |
|
2,634 |
|
4,373 |
|
2,171 |
|
1,678 |
|
2,389 |
|
13,245 |
|
2,904 |
|
2,294 |
|
5,198 |
|
18,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change |
|
12.7 |
% |
3.5 |
% |
1.6 |
% |
0.7 |
% |
1.5 |
% |
4.3 |
% |
0.4 |
% |
(1.0 |
)% |
(0.2 |
)% |
3.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memo: Acquired Businesses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume |
|
299 |
|
47 |
|
3 |
|
— |
|
— |
|
349 |
|
40 |
|
4 |
|
44 |
|
393 |
|
(*) Due to a change for Discontinued Operations, prior year results have been restated.
KRAFT FOODS INC.
and Subsidiaries
Net Revenues by Business Segment
For the Years Ended December 31, (*)
($ in millions)
|
|
|
U.S. |
|
U.S. Cheese, |
|
U.S. |
|
U.S. |
|
U.S. |
|
Kraft |
|
Europe, |
|
Latin |
|
Kraft |
|
Total |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
2004 Net Revenues |
|
$ |
2,555 |
|
$ |
7,420 |
|
$ |
4,250 |
|
$ |
2,425 |
|
$ |
5,410 |
|
$ |
22,060 |
|
$ |
7,522 |
|
$ |
2,586 |
|
$ |
10,108 |
|
$ |
32,168 |
|
|
2003 Net Revenues |
|
2,433 |
|
6,716 |
|
4,058 |
|
2,388 |
|
5,342 |
|
20,937 |
|
7,014 |
|
2,547 |
|
9,561 |
|
30,498 |
|
||||||||||
|
% Change |
|
5.0 |
% |
10.5 |
% |
4.7 |
% |
1.5 |
% |
1.3 |
% |
5.4 |
% |
7.2 |
% |
1.5 |
% |
5.7 |
% |
5.5 |
% |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
2003 Net Revenues |
|
$ |
2,433 |
|
$ |
6,716 |
|
$ |
4,058 |
|
$ |
2,388 |
|
$ |
5,342 |
|
$ |
20,937 |
|
$ |
7,014 |
|
$ |
2,547 |
|
$ |
9,561 |
|
$ |
30,498 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Divested Businesses - 2004 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
19 |
|
19 |
|
19 |
|
||||||||||
|
- Divested Businesses - 2003 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(115 |
) |
(30 |
) |
(145 |
) |
(145 |
) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Acquired Businesses |
|
94 |
|
20 |
|
3 |
|
— |
|
— |
|
117 |
|
21 |
|
2 |
|
23 |
|
140 |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Implementation Costs |
|
(1 |
) |
— |
|
— |
|
(1 |
) |
(5 |
) |
(7 |
) |
— |
|
— |
|
— |
|
(7 |
) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Currency |
|
— |
|
164 |
|
— |
|
— |
|
— |
|
164 |
|
649 |
|
25 |
|
674 |
|
838 |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Operations |
|
29 |
|
520 |
|
189 |
|
38 |
|
73 |
|
849 |
|
(47 |
) |
23 |
|
(24 |
) |
825 |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
2004 Net Revenues |
|
$ |
2,555 |
|
$ |
7,420 |
|
$ |
4,250 |
|
$ |
2,425 |
|
$ |
5,410 |
|
$ |
22,060 |
|
$ |
7,522 |
|
$ |
2,586 |
|
$ |
10,108 |
|
$ |
32,168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Memo: Ongoing, Constant Currency Revenues (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
% Change |
|
5.1 |
% |
8.0 |
% |
4.7 |
% |
1.6 |
% |
1.4 |
% |
4.6 |
% |
(0.4 |
)% |
1.0 |
% |
(0.0 |
)% |
3.2 |
% |
||||||||||
(1) The company’s top-line guidance measure is ongoing, constant currency revenue growth, which includes acquisitions and excludes divestitures and implementation costs associated with the company’s restructuring program. The company believes this measure
(*) Due to a change for Discontinued Operations, prior year results have been restated.
KRAFT FOODS INC.
and Subsidiaries
Operating Companies Income by Business Segment
For the Years Ended December 31, (*)
($ in millions)
|
|
|
U.S. |
|
U.S. Cheese, |
|
U.S. |
|
U.S. |
|
U.S. |
|
Kraft |
|
Europe, |
|
Latin |
|
Kraft |
|
Total |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
2004 Operating Companies Income |
|
$ |
479 |
|
$ |
989 |
|
$ |
771 |
|
$ |
894 |
|
$ |
737 |
|
$ |
3,870 |
|
$ |
683 |
|
$ |
250 |
|
$ |
933 |
|
$ |
4,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
2003 Operating Companies Income |
|
630 |
|
1,271 |
|
817 |
|
894 |
|
1,046 |
|
4,658 |
|
1,002 |
|
391 |
|
1,393 |
|
6,051 |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
% Change |
|
(24.0 |
)% |
(22.2 |
)% |
(5.6 |
)% |
0.0 |
% |
(29.5 |
)% |
(16.9 |
)% |
(31.8 |
)% |
(36.1 |
)% |
(33.0 |
)% |
(20.6 |
)% |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
2003 Operating Companies Income |
|
$ |
630 |
|
$ |
1,271 |
|
$ |
817 |
|
$ |
894 |
|
$ |
1,046 |
|
$ |
4,658 |
|
$ |
1,002 |
|
$ |
391 |
|
$ |
1,393 |
|
$ |
6,051 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Divested Businesses - 2004 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
1 |
|
1 |
|
1 |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Divested Businesses - 2003 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(17 |
) |
(2 |
) |
(19 |
) |
(19 |
) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Asset Impairment and Exit Costs - 2004 |
|
(9 |
) |
(111 |
) |
(41 |
) |
(8 |
) |
(222 |
) |
(391 |
) |
(180 |
) |
(32 |
) |
(212 |
) |
(603 |
) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Asset Impairment and Exit Costs - 2003 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
6 |
|
— |
|
6 |
|
6 |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Integration Costs - 2003 |
|
(3 |
) |
(1 |
) |
(2 |
) |
(7 |
) |
— |
|
(13 |
) |
— |
|
— |
|
— |
|
(13 |
) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Implementation Costs - 2004 |
|
(4 |
) |
(8 |
) |
(4 |
) |
(6 |
) |
(18 |
) |
(40 |
) |
(9 |
) |
(1 |
) |
(10 |
) |
(50 |
) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Gains/(Losses) on Sales of Businesses - 2004 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
5 |
|
(8 |
) |
(3 |
) |
(3 |
) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- (Gains)/Losses on Sales of Businesses - 2003 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(31 |
) |
— |
|
(31 |
) |
(31 |
) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Investment Impairment |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(47 |
) |
— |
|
(47 |
) |
(47 |
) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Currency |
|
— |
|
29 |
|
— |
|
— |
|
— |
|
29 |
|
78 |
|
(9 |
) |
69 |
|
98 |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
- Operations |
|
(135 |
) |
(191 |
) |
1 |
|
21 |
|
(69 |
) |
(373 |
) |
(124 |
) |
(90 |
) |
(214 |
) |
(587 |
) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
2004 Operating Companies Income |
|
$ |
479 |
|
$ |
989 |
|
$ |
771 |
|
$ |
894 |
|
$ |
737 |
|
$ |
3,870 |
|
$ |
683 |
|
$ |
250 |
|
$ |
933 |
|
$ |
4,803 |
|
(*) Due to a change for Discontinued Operations, prior year results have been restated.